May News Update - What the RE Royalties Team is Reading
It's been another busy month for renewable energy with new technological advancements and several projects approaching completion. Read on for some of the top headlines in the industry this month!
Trump Administration Approves Largest U.S. Solar Project Ever
Australia’s Quinbrook Infrastructure Partners and California-based Arevia Power have been given approval to build and operate the Gemini Solar Project. This will be the largest solar project in the US with a capacity of 690 MW. The project will also include a battery storage facility. The project is expected to generate enough electricity to power 260,000 homes in Las Vegas. Check out the full article here.
Tesla's Secret Batteries Aim to Rework the Math for Electric Cars and the Grid
Tesla promises to introduce a new low-cost and long-life battery for its Model 3 sedan in China. This addition is expected to bring the cost of the electric vehicle down to the level of gasoline models. Once the battery is successfully launched in China, Tesla plans to improve and expand to markets in North America. With the rapid growth of the company and increasing number of electric vehicles that are able to connect and share power with the grid, Tesla is aiming to 'achieve the status of a power company, competing with such traditional energy providers as Pacific Gas & Electric and Tokyo Electric Power'. For more details, checkout the article here.
Croatia Introduces Provisions to Tender 1 GW of Solar
Croatia introduces a new tender scheme for renewable energy and co-generation projects. This will constitute an overall 2.26 GW of renewable energy out of which 1 GW will be dedicated to solar power. The government confirms that 'projects selected under the scheme will be awarded a feed-in price premium, which will be paid for by the power the projects generate, on top of spot market prices'. While this is a step forward in clean energy for Croatia, there's still a long way to go in terms of organizing projects and providing substantial grid capacity. Read the full article here.
Etrion Completes the Sale of its Last Non-Core Solar Asset
Etrion is an independent solar power producer holding a 70% ownership in PV Salvador, a solar power plant operating in Chile, which it recently sold to Innergex Renewable Energy Chile Spa. Checkout the full press release here.
Large-Scale Renewables-Plus-Storage Projects in US More Than Doubled from 2016-2019
With the storage industry rapidly expanding, the US Energy Information Administration (EIA) says that "the number of sites pairing renewable energy with energy storage in the US more than doubled from 2016 to 2019 and the trend is expected to continue". Despite such advancements there is still room for more growth; only 2% of total solar capacity is paired with battery storage and only 1% of wind is. Checkout the article here to learn more about the industry's growth prospects and how companies like the ENGIE EPS are taking up large projects of over 240MWh of battery storage this year.
Thanks for tuning in and see you next month with more news!