Spanish Wind And Solar Developer To Sell $1 Billion Worth Of Assets
Spanish Wind And Solar Developer To Sell $1 Billion Worth Of Assets | OilPrice.com
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Low-carbon energy investment firm Capital Energy has put up some 4.3 GW worth of assets under construction for sale, Reuters has reported, citing sale-related documents.
The assets, according to the report, could be worth up to $1 billion.
Most of the assets are either in the planning or early construction phase, the report has revealed.
According to Capital Energy’s website, the firm has some 34 GW of wind and solar capacity in its portfolio. Some 8 GW of this has been licensed for grid access, most of it wind capacity, the firm says.
Spain is one of the most ambitious EU states with regard to the energy transition. Per its recently revised plans for wind and solar, the country will aim to boost its installed wind power capacity to 62 GW and solar capacity to 76 GW by 2030.
The Spanish government also has plans for green hydrogen: by 2030, there should be 11 GW of electrolyzer capacity operating in the country, per the revised plans. Battery storage is also on the agenda, with plans for 22 GW by 2030.
If Spain succeeds with these targets, it sees low-carbon energy sources generating 81% of its electricity in 2030.
The European Union as a whole eyes a reduction of carbon dioxide emissions of 55% from 1990 levels by 2030. As part of this plan, by 2030 the EU aims to be generating 42.5% of its electricity from wind, solar and other low-carbon technology such as green hydrogen.
Not everyone in the bloc is on the same page, however. Earlier this year, Euractiv reported that Eastern European EU members were more reluctant than their Western peers to sign up for the ambitious emission-reduction targets.
The report cited information from a climate campaign group, CEE Bankwatch Network, which warned that most Central and Eastern European members were not taking their national energy and climate plans seriously enough.
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By Irina Slav for Oilprice.com
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Related Knowledge Center: Offshore wind energy
Over the next decade, U.S. offshore wind power is expected to grow from a single 30-megawatt wind farm off Rhode Island to more than 2,000 MW of capacity along the Atlantic Seaboard. There are contracts for wind power off the coasts of Massachusetts, Connecticut, New York, Maryland, New Jersey, Rhode Island, and Virginia.
The National Renewable Energy Laboratory has estimated the United States has over 4,000 gigawatts (GW) of offshore wind potential, enough to power the country four times over.
The growth in part being spurred by state solicitations, including in New York, where then-Gov. Andrew Cuomo (D) set a commitment of 9,000 MW of offshore wind by 2035, and in Connecticut, where in June 2021, Gov. Ned Lamont (D) signed legislation authorizing the construction of 2,000 MW of offshore wind by 2030.
The offshore development is also being driven by an investment tax credit set to end in December 2019 and is equal to 12 percent of expenditures. U.S. Sens. Susan Collins (R-Maine) and Tom Carper (D-Del.) have introduced a bill to extend the tax credit for up to eight years.
The Interior Department has held eight competitive lease sales that resulted in 15 offshore wind leases over 1.7 million acres that has the potential for 21 GW of capacity. In February 2022, the Bureau of Ocean Energy Management completed a bidding process that realized $4.37 billion for 488,000 acres across six lease areas in federal waters off New York and New Jersey.
Projects have also been proposed off the Southeast coast, off California and Hawaii, and for the Great Lakes.