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Renesola Investors - SOLA

Share Name	Share Symbol	Market	Stock Type
Renesola	SOLA	London	Ordinary Share

	Price Change	Price Change %	Share Price	Last Trade
	0.00	0.00%	281.50	01:00:00

Open Price	Low Price	High Price	Close Price	Previous Close
			281.50	281.50

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Posted at 17/3/2022 12:28 by waldron Is Climeworks publicly traded? Interested investors are searching for the company's IPO plans to buy its stock, however, there is no official information from Climeworks about its public debut plans. Retail investors are not able to invest in this stock as Climeworks is still a private firm.Dec 29, 2021 Read Full Thread Reply
Posted at 10/2/2022 08:24 by grupo guitarlumber TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) today announced it has signed a definitive agreement with SunPower Corp.'s (NASDAQ:SPWR) to purchase its Commercial & Industrial Solutions (CIS) business for $250 million, including $60 million of earn-out subject to regulatory evolution. TotalEnergies is the majority shareholder of SunPower, a leading solar technology and energy services provider. This acquisition is another step in TotalEnergies' roadmap to develop its distributed generation business, currently accounting to close to 500 MW in operation worldwide. It will allow TotalEnergies to extend its distributed generation business footprint to the U.S. and to develop over 100 MW of additional capacity per year. Beyond, this activity will also create synergies with TotalEnergies' large-scale solar energy portfolio in the U.S and enable B2B customers to benefit from more comprehensive energy solutions and new capabilities in financing and project ownership. As for SunPower, this operation follows a previous announcement it would focus on its high-growth residential business, offering a superior customer experience with a growing ecosystem of innovative products and services, hence exploring strategic options for the CIS business. All in all, this win-win operation fully fits TotalEnergies and SunPower's respective strategies to better serve industrial, commercial and residential customers. "With this acquisition, TotalEnergies is further investing to grow its distributed generation activity in the U.S. and support its B2B customers in meeting their sustainable development goals. It is a new milestone in our renewable development in the country, where we are targeting 4 gigawatts of solar capacity by 2025," said Vincent Stoquart, senior vice president Renewables for TotalEnergies. "This will also give SunPower additional resources to focus on the growing residential market. We look forward to welcoming the Commercial & Industrial teams and ensuring the continuity of TotalEnergies' commitment in this business as we integrate this high-quality portfolio of products and customers." "TotalEnergies is the ideal partner for our CIS business to take advantage of the growing commercial market and opportunities like community solar and front-of-meter storage," said Peter Faricy, CEO of SunPower. "The sale enables SunPower to focus on creating a superior residential experience, increase our investment in product and digital innovation, and reach more homeowners. The enhanced strategic clarity created by this transaction will help SunPower lead the industry and deliver maximum value to our investors, partners and customers." Following a thorough process involving discussions with a number of parties, and upon the unanimous recommendation of a special committee of SunPower's independent directors, the acquisition has been approved by both companies. The transaction is expected to close early Q2 subject to the satisfaction of customary closing conditions. This operation is not expected to reduce TotalEnergies' majority ownership stake (50.83%) in SunPower. About TotalEnergies TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our 105,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people. TotalEnergies in the U.S. Operating in the United States since 1957, TotalEnergies is focused on identifying opportunities in the evolving U.S. energy market to meet growing energy needs while reducing carbon emissions. The Company is developing a number of solar and energy storage projects in the U.S., targeting 4 gigawatts in cumulative capacity by 2025. It is also positioning itself in the high-potential U.S. offshore wind market. It has qualified to participate in the upcoming New York Bight offshore wind energy auction and launched a joint venture to explore floating offshore wind opportunities off the West Coast. TotalEnergies and renewables electricity As part of its ambition to get to net zero by 2050, TotalEnergies is building a portfolio of activities in renewables and electricity. At the end of September 2021, TotalEnergies' gross renewable electricity generation capacity is 10 GW. TotalEnergies will continue to expand this business to reach 35 GW of gross production capacity from renewable sources and storage by 2025, and then 100 GW by 2030 with the objective of being among the world's top 5 producers of electricity from wind and solar energy. About SunPower Headquartered in California's Silicon Valley, SunPower (NASDAQ:SPWR) is a leading Distributed Generation Storage and Energy Services provider in North America. SunPower offers the only solar + storage solution designed and warranted by one company that gives customers control over electricity consumption and resiliency during power outages while providing cost savings to homeowners, businesses, governments, schools and utilities. For more information, visit www.sunpower.com. Read Full Thread Reply
Posted at 20/12/2021 18:06 by waldron Engie, Hannon Armstrong complete 2.3-GW renewables portfolio in US Image by Engie North America December 20 (Renewables Now) - Engie North America Inc on Monday said it has brought online the final project in a 2.3-GW US wind and solar portfolio owned together with climate investor Hannon Armstrong Sustainable Infrastructure Capital Inc (NYSE:HASI). The portfolio's 13 projects are now online after a 50-MW solar farm in Virginia was commissioned and transferred into the portfolio partnership. Its nine onshore wind facilities totalling 1.8 GW and four solar projects with a combined capacity of 500 MW were built between late 2019 and the autumn of 2021, the Houston, Texas-based division of French utility Engie SA (EPA:ENGI) said. Located across five states, the installations are estimated to be generating enough power for more than 500,000 US homes. Each of them has off-take agreements, where they are contributing to the customers’ low-carbon commitments, Engie noted. The French company developed the portfolio and will operate the assets. It agreed to sell a 49% equity stake in the portfolio to Hannon Armstrong in 2020. The 2.3 GW of projects are part of Engie North Americas' US renewables generation fleet of over 3 GW. It also has a pipeline of 10 GW. Read Full Thread Reply
Posted at 14/12/2021 05:46 by waldron A consortium led by Keppel Corp. will pay up to US$150 million for a controlling stake in a Shell Eastern Petroleum (Ptd) Ltd. solar-energy platform, part of efforts to grow the Singaporean conglomerate's renewables business. The Keppel consortium, which includes Keppel Asia Infrastructure Fund LP and an investor via Cloud Alpha Pte. Ltd., will acquire a 51% stake in Singapore-based Cleantech Renewable Assets Pte. Ltd., Keppel said late Monday. Cleantech's existing shareholder, a unit of Netherlands-based Shell Petroleum NV, will hold the remaining stake in Cleantech. The Keppel consortium will pay US$130 million for its stake, plus up to US$20 million more based on performance milestones. Keppel said it will pay for its share of the deal, amounting to up to US$90 million, via internal cash resources, with Cleantech becoming a Keppel subsidiary. Cleantech is a solar energy platform with a focus on commercial and industrial segments in India, Thailand, Malaysia, Indonesia, Cambodia, Singapore and Vietnam. The company has total capacity of more than 600 megawatts in operation and development, and it targets achieving generation capacity of 3 gigawatts over the next five years, Keppel said. Cleantech's existing customers include Cargill Inc., Coca-Cola Co., Shell Lubricants and others. Keppel expects Cleantech to benefit from growing regional demand for renewable energy, and it said the deal will help accelerate its growth in renewables as it works to expand its portfolio of such energy assets to 7 gigawatts of capacity by 2030. It added that the acquisition marks KAIF's first renewable energy investment, forming the fund's "beachhead into the burgeoning solar-energy sector" in the Asia Pacific. The deal is expected to close in the first quarter of 2022. Write to Ben Otto at ben.otto@wsj.com (END) Dow Jones Newswires December 13, 2021 20:12 ET (01:12 GMT) Read Full Thread Reply
Posted at 18/11/2021 09:58 by waldron Source: ENGIE \| 4 hours ago ENGIE completes the acquisition of Xina Solar One a 100MW Concentrated Solar Power plant in South Africa ENGIE will now hold a 40% equity stake in the Xina Solar One 100 MW Concentrated Solar Power plant, as well as a 46% of the Xina Operations & Maintenance Company (Pty) Ltd JOHANNESBURG, South Africa, November 18, 2021/APO Group/ -- ENGIE (ENGIE.com) is pleased to announce that it has completed the acquisition of Abengoa’s indirect stake in Xina Solar One (Pty) Ltd. Following completion of the transaction, ENGIE will now hold a 40% equity stake in the Xina Solar One 100 MW Concentrated Solar Power (CSP) plant, as well as a 46% of the Xina Operations & Maintenance Company (Pty) Ltd. The Xina Solar One plant, located at Pofadder in the Northern Cape, provides approximately 400 GWh of clean, sustainable and dispatchable electrical energy to 95,000 South African households and prevents the emission into the atmosphere of approximately 348,000 tons of CO2 each year. The plant uses parabolic trough technology to generate renewable, sustainable and dispatchable power from the sun. Furthermore, this power plant features a thermal energy storage system that uses molten salts to store the necessary energy for a further 5½ hours supply, and thereby assists in meeting the South African peak demand. Xina Solar One, which started commercial operation in August 2017, is one of the country’s first solar thermal power plants designed with thermal storage which allows the plant to operate during peak hours when there is a higher demand for electrical energy. Through this acquisition, ENGIE is pleased to reinforce its commitment to be a reliable, responsible and ethical long-term investor in South Africa’s electricity supply industry With this acquisition, ENGIE will have a total installed capacity of 1,320 MW in South Africa and consolidates its position as a major IPP player. The Group is present in the country with around 520 employees in electricity production, engineering and energy solutions. “The acquisition of Xina Solar One supports our 2045 net zero carbon ambitions by contributing to a global target of 50 GW of installed renewable capacity by 2025 and 80 GW by 2030”, commented Mohamed Hoosen, ENGIE Managing Director, Renewables for Asia, Middle East & Africa. “Through this acquisition, ENGIE is pleased to reinforce its commitment to be a reliable, responsible and ethical long-term investor in South Africa’s electricity supply industry. The partnership with Abengoa will deepen our ability to expand local skills and expertise in solar thermal generation”, says Desnei Leaf-Camp, new CEO of Xina Solar One. In South Africa, in addition to Xina Solar One, ENGIE has interests in a CSP plant (100 MW Kathu), a wind farm (94 MW Aurora), 2 solar photovoltaic plants (21 MW) and 2 thermal power peaking plants (670 MW Avon and 335 MW Dedisa). Co-shareholders on Xina Solar One include the Public Investment Corporation, a pension fund manager and a shareholder on ENGIE’s Kathu solar thermal project (20%); Industrial Development Corporation, a development finance institution wholly-owned by the South African Government (20%); and Xina Community Trust, funded by the IDC (20%). “Abengoa along with the other partners IDC, PIC and the Community Trust are extremely proud of the technical achievements at Xina Solar One and considers ENGIE’s commitment the best fit for a long-term investor in South Africa”, says Javier Payan, Chief Financial Officer of Abengoa South Africa. Distributed by APO Group on behalf of ENGIE. Read Full Thread Reply
Posted at 10/11/2021 19:34 by grupo guitarlumber Engie Nears Deal to Buy Spanish Renewables Producer Eolia Francois de Beaupuy and Dinesh Nair, Bloomberg News (Bloomberg) -- A consortium led by French utility Engie SA is nearing a deal to acquire Eolia Renovables de Inversiones SCR SA, a Spanish renewable power producer owned by Alberta Investment Management Corp., said people with knowledge of the matter. An agreement is set to be announced as soon as Wednesday, the people said, asking not to be identified because the information is private. The sale price could be above 2 billion euros ($2.3 billion), local media including the Expansion newspaper have reported. A representative for Engie declined to comment, while spokespeople for AIMCo. and Eolia didn’t immediately respond to requests for comment. Demand for renewable energy assets has soared in recent years, with infrastructure funds and strategic investors spending billions of dollars to gain exposure to the sector as governments promote low-carbon energy and crack down on fossil fuels to fight global warming. The value of deals involving alternative energy companies has more than doubled this year to an annual record of $92 billion, according to data compiled by Bloomberg. Eolia develops, builds and operates wind farms and solar photovoltaic plants, with a portfolio of 824 megawatts in Spain, according to the company’s website. The acquisition fits Engie’s strategy of accelerating in renewables, and energy infrastructure such as district heating and electric-car charging networks. The transaction will also reinforce its presence in Spain, where Engie and financial partners bought a portfolio of hydropower assets from EDP-Energias de Portugal SA for 2.21 billion euros last year. To help fund its priorities, Engie announced last week that it that it agreed to sell its energy-services business Equans for 7.1 billion euros to French construction conglomerate Bouygues SA. The power and gas utility already sold most of its holding in French water company Suez SA a year ago, and an interest in its French gas-transmission network in July. Separately, Engie raised its guidance for full-year revenue and profit on Wednesday, citing a strong operational performance and “external tailwinds” amid a surge in gas and power prices. “We have maintained our focus on robust operational performance, notably for our nuclear generation, we have increased production from renewables, and recovered significantly from last year’s Covid impacts,” Chief Executive Officer Catherine MacGregor said in a the statement. (Updates with details of Eolia’s operations in sixth paragraph.) Read Full Thread Reply
Posted at 16/10/2021 00:01 by sarkasm rigzone Shell-Backed Co Buys Solar Startup by Bloomberg \| Naureen S. Malik \| Friday, October 15, 2021 Shell-Backed Co Buys Solar Startup Nashville, Tennessee-based Silicon Ranch bought Clearloop for an undisclosed amount. Silicon Ranch Corp., a solar developer backed by oil giant Royal Dutch Shell Plc, acquired a startup that funds its clean energy projects by selling carbon offsets. Nashville, Tennessee-based Silicon Ranch bought Clearloop for an undisclosed amount to build utility-scale solar projects in distressed communities that’ll be financed by selling emissions credits to companies seeking to cut their carbon footprints, Silicon Ranch Chief Executive Officer Reagan Farr said. Silicon Ranch can fill in the financing gaps with its investors, such as Shell, and other tax-equity partners. Clearloop recently broke ground on its first 1 megawatt project in the state with a company buying offsets for as little as $1,000, an idea inspired by crowdfunding, founder and CEO Laura Zapata said. The approach eliminates the need for long-term power sales contracts. “The Clearloop model democratizes the ability to participate in the energy transition,” Farr said in a telephone interview. This new model could make solar projects more accessible for companies that haven’t had the ability to commit to 20-year contracts to buy power such as Amazon.com Inc., WalMart Inc., Apple Inc. and other corporate giants. The goal is to target communities that haven’t seen investments in a long time or places where “the grid tends to be the dirtiest,” such as the Mississippi Delta and Appalachia, Clearloop’s Zapata said. Clearloop plans to announce three more projects in the next six months, with about 10 megawatts of capacity. For Shell, it’s another way to expand on its goal of becoming the world’s largest power producer. Last year, the company, like many of its peers, ramped up its climate ambitions with promises to cut emissions and diversify into cleaner sources of energy. Its $3 billion-a-year ceiling for spending on renewables and low-carbon technologies compares with the $8 billion it has set aside for oil and gas this year. Silicon Ranch has built almost 2 gigawatts of solar generation in about eight years and currently has 700 megawatts under construction. The next Clearloop projects will be at least 3 megawatts, Farr and Zapata said. --With assistance from Laura Hurst. Read Full Thread Reply
Posted at 20/12/2020 08:24 by the grumpy old men Engie Romania buys 9.3 MW solar park in Harghita county Wind power, turbine Source: SeeNews BUCHAREST (Romania), December 18 (SeeNews) - The Romanian arm of French electric utility company Engie said on Friday that it has completed the acquisition of a 9.3 MW photovoltaic park in the central county of Harghita. The acquisition is in line with Engie Romania's strategy focused on the development of renewable energies that have a key role in the energy transition, the company said in a press release. The value of the deal was not disclosed. Prior to the completion of the deal, the park was part of Ever Solar, a local company owned by German photovoltaic park developer Soventix and developer Alpin Solar. The photovoltaic farms were put into operation in 2015 and have so far produced approximately 55 GWh, the equivalent of annual electricity consumption of some 34,000 households. "This acquisition marks a new stage in achieving our goal of becoming a major investor in the field of renewable energy in Romania by 2030, thus contributing to the group's ambition to be the leader in energy transition," Engie Romania president and CEO Eric Stab said. "Locally, our goal is to occupy a leading position in the segment of centralised renewable energy - given that wind and solar energy will have an increasing share in the future energy mix of the country - and to provide green energy to our customers, either natural or legal persons," he added. "Romania has a high potential for solar energy, which will be capitalised more and more in the coming years. Therefore, our objective is to continue the development of the installed capacity portfolio of renewable energies, both through organic growth and acquisitions," Engie Romania said in the statement. Engie Romania currently operates 110 MW of renewable energy in wind and photovoltaic capacities. Prior to this acquisition, the company was active in renewable energy with two wind farms, with an installed capacity of approximately 100 MW, located in Braila and Galati counties . The Engie Group is present in Romania in natural gas, electricity and energy services. Engie Romania is the main subsidiary of the French group in Romania and owns the companies Distrigaz Sud Retele, ENGIE Servicii, ENGIE Building Solutions, Alizeu Eolian and Braila Winds, serving a total 1.9 million customers. Engie Romania and its subsidiaries operate a distribution network of about 20,000 km, own two wind farms with a total capacity of 110 MW and have 4,000 employees. More stories to explore RENEWABLESNOW Read Full Thread Reply
Posted at 11/12/2020 16:35 by waldron A decade ago, NextEra, Iberdrola and Enel were sleepy regional utilities with little name recognition. Now they are fast-growing giants with market values rivaling the likes of oil majors Exxon Mobil Corp. and BP PLC, thanks to their early all-in bets on wind and solar farms. And still, many people have never heard of them. Their early lead in the global transition away from oil has put these companies on track to become the major energy companies of the coming decades -- the "green energy majors." But they now face the threat of increased competition as some of the oil titans that have traditionally dominated the energy industry diversify into wind and solar power. If the green majors are nervous about a coming clash, they aren't showing it. NextEra Energy Inc. Chief Executive James Robo dismissed the idea that oil majors in the U.S. and Europe posed a competitive threat at an investor conference this fall, saying that the companies' green projects were among the worst he had seen. "I don't worry about the oil majors at all," he told the audience. "If I have 100 things I worry about at night, it's not even on the top 100." Mr. Robo declined to be interviewed. For now, NextEra, Enel SpA and Iberdrola SA are Wall Street darlings, after Spain's Iberdrola and Italy's Enel became global builders of green energy projects, while NextEra became America's largest generator of wind and solar power. Each of the companies has seen its share price soar in recent months as investors bet on their ability to lead the transition to a lower-carbon future with massive investments in renewable energy, battery storage and improvements to the electric grid. That transition is expected to accelerate in the U.S. under President-elect Joe Biden, who has promised to focus on climate change, and within the European Union and China, where ambitious carbon-reduction efforts are under way. Enel and Iberdrola have outlined plans to substantially expand their portfolios of renewable-energy projects over the next decade with about $170 billion in collective investments. NextEra, which hasn't disclosed a long-term spending plan, expects to have invested $60 billion in renewable energy projects between 2019 and 2022. Still, analysts caution that increased competition within the renewables industry could reduce profit margins for the most established players. "Oil companies entering the renewables market will need to accept lower returns on projects initially to gain market share, and this is going to result in a reduction in margins across the board," said Fernando Garcia of RBC Capital Markets. Already, Denmark's Ørsted A/S, a company formerly known as DONG Energy that focused on oil and gas, has transitioned into a leading player in offshore wind projects. BP is planning a big shift too: It says it will increase its clean-energy investments in coming years as it dramatically scales back oil and gas production. However, the coronavirus pandemic has decimated demand for fossil fuels this year, briefly turning U.S. crude prices negative and forcing the oil industry to lay off thousands of workers and slash spending. That has sapped the oil giants of much of their financial strength, making it harder for them to quickly transition into renewables projects, which require large upfront investment in order to reap steady returns over a longer period. While big oil companies once reported double-digit returns on invested capital -- in the heady days prior to 2014, when crude oil prices last topped $100 a barrel, some topped 20% annually, according to FactSet -- the big renewables players have been winning the race of late with slow and steady single-digit returns. "There is no better example than 2020 to show how extremely different the risk profiles are," said Bernstein analyst Meike Becker. Iberdrola, Enel and NextEra have taken different paths to morph from humdrum utilities into green growth companies. Originally an Italian utility, Enel was actually later than some others to home in on wind and solar. Two years after forming its renewable development arm, Enel Green Power, the company sold about a third of it in 2010 to pay down corporate debt. Enel then focused on trying to build nuclear plants in Italy before citizens there rejected that plan. But Enel's current chief executive, Francesco Starace, then the head of that green unit, said he recognized that wind and solar power had the potential to become competitive in the broader energy market as costs fell. The unit focused on developing projects in regions without large subsidies or incentives to show investors that they could stand on their own. "At the time, this sounded like blasphemy or idiocy," Mr. Starace said in an interview. "But we did it stubbornly, and kept doing it, and eventually this prediction of ours became true." Mr. Starace became Enel's CEO in 2014, and promptly repurchased the portion of Enel Green Power that had earlier been sold. He also reoriented Enel to pursue projects that could be completed within three years to account for the pace of technological change. That pretty much eliminated nuclear and coal plants, as well as large hydroelectric projects, leaving wind and solar farms in the mix. Enel is now the world's largest renewable energy producer outside China, with an EUR84 billion market value, equal to about $102 billion, and projects in 32 countries. The company has a large presence in the U.S. and has developed wind and solar farms in remote areas in countries including Zambia and Chile. The company plans to spend about EUR70 billion, equivalent to $85 billion, to nearly triple its generation capacity in the coming decade, which it expects will give it around 4% of the global market. Iberdrola, initially a domestic Spanish utility, was an early pioneer of renewables. It started in 2001, when the company unveiled a plan to expand internationally and invest in clean energy sources to help meet growing global demand for power. It tapped Ignacio Galán to spearhead the strategy as CEO at a time when wind and solar power were still hugely expensive relative to other electricity sources. The company had historically focused on building hydroelectric and nuclear plants, as well as some coal- and gas-fired ones. Iberdrola has expanded into renewables in part by aggressively buying up smaller players with attractive growth prospects. In October, it agreed to pay $4.3 billion for New Mexico-based electricity company PNM Resources Inc. -- its eighth deal this year. It plans to invest heavily in the U.S., where the company is third in renewables generation capacity behind NextEra and Berkshire Hathaway Energy, a unit of Warren Buffett's Berkshire Hathaway Inc. Mr. Galán said in an interview that Iberdrola at first faced skepticism about its decision to focus on renewables, but now the tide has turned: The company's value has multiplied by six on his watch to around EUR71 billion, or $86 billion, far exceeding his initial ambition to double its size. "All we have been fighting for for 20 years, every person recognizes that was the right decision," he said. Iberdrola is now the world's second largest renewable energy generator outside of China, with projects in 30 countries, including an offshore wind farm in the Baltic Sea and a wind and solar farm in Australia. It plans to spend EUR75 billion, equivalent to $91 billion, over the next five years to double its renewable power capacity. Florida-based NextEra grew into America's largest renewable energy producer by keeping debt levels low, capitalizing on federal tax subsidies available to help finance wind and solar projects around the country and reinvesting its profits to expand further. Over time, it developed the size and scale needed to consistently underbid other companies in auctions to develop projects. It operates two Florida utilities and sells renewable energy output to others. It also operates electric transmission lines in the U.S. and Canada, as well as natural gas pipelines. Despite its rapid growth, NextEra has largely flown under the radar. Some lawmakers in Washington and elsewhere didn't know much about it until recently. The company several years ago launched a targeted effort to introduce itself so that its representatives wouldn't have to start meetings with tedious explanations, according to a person familiar with the company's strategy. NextEra declined to comment. The company's executives still rarely speak to the press. Investors, however, have been eyeing NextEra for years. Its share price has roughly tripled over the past five years to reach a market value of $146 billion, and for the first time it briefly topped Exxon's value this year in a watershed moment for renewables producers. Its project backlog totals 15,000 megawatts -- an amount just larger than its current portfolio, built over two decades. BP Capital Fund Advisors, a Dallas-based investment adviser that has historically focused on oil and gas, bought shares in NextEra in March as part of an effort to diversify with investments in renewables. The firm was founded by the late T. Boone Pickens, the oil industry magnate who took an interest in wind and solar power late in his career. He died last year. "NextEra stands alone in terms of what it offers in exposure to the renewable theme," said portfolio manager Ben Cook. "If you're investing in energy now...that has to be part of the equation." Write to Katherine Blunt at Katherine.Blunt@wsj.com and Sarah McFarlane at sarah.mcfarlane@wsj.com (END) Dow Jones Newswires December 11, 2020 11:14 ET (16:14 GMT) Read Full Thread Reply
Posted at 15/9/2020 19:28 by sarkasm BP’s Clean Energy Push Starts With Five-Year Dash on Solar, Wind Laura Hurst and William Mathis, Bloomberg News Solar panels which form part of a Lightsource BP smart home solution sit on a flat roof at a residential property in Dorking, U.K., on Friday, May 3, 2019. Companies like Lightsource, in which British oil major BP Plc holds a stake, are trialing smart systems in people’s homes that will that will do everything from generating solar power, storing it and managing consumption. Photographer: Chris Ratcliffe/Bloomberg Solar panels which form part of a Lightsource BP smart home solution sit on a flat roof at a residential property in Dorking, U.K., on Friday, May 3, 2019. Companies like Lightsource, in which British oil major BP Plc holds a stake, are trialing smart systems in people’s homes that will that will do everything from generating solar power, storing it and managing consumption. Photographer: Chris Ratcliffe/Bloomberg , Bloomberg (Bloomberg) -- BP Plc’s journey from oil major to clean energy giant will start with a five-year sprint to dramatically boost wind and solar power. By 2025, the company intends to have approved more than 20 gigawatts of renewable energy projects, an eightfold increase from 2019, Dev Sanyal, BP’s executive vice president of gas and low-carbon energy, said in a online presentation on Tuesday. Most of that would be solar — putting BP on a par with today’s biggest generator of electricity from the sun. The company also plans big investments in wind, following on from last week’s $1.1 billion deal with Equinor ASA. “With falling costs comes real growth,” Sanyal said. “Renewables have become the fastest growing source of energy and we see this continuing over the next decade and beyond.” This rapid expansion would just be the start of the London-based oil giant‘s transformation into a low-carbon integrated energy company. Chief Executive Officer Bernard Looney has pledged to eliminate all net greenhouse gas emissions from BP and its customers by 2050. A series of presentations this week aims to show he can achieve this while still delivering competitive returns. Investors may need some convincing, after seeing their dividends cut in half last month. Trading Gains BP’s in-house trading operations are at the heart of Looney’s pledge to move away from fossil fuels without sacrificing profits. Renewable energy projects typically gives returns of 5% to 6%, Looney said, but the company’s expert traders can add about 2 percentage points to that. Lightsource BP, which currently manages about 2 gigawatts of solar plants, is already achieving returns of 8% to 10% and “we actually believe it can do better,” Looney said. Access to low-cost funds, and integration with the rest of BP and its project management experience can boost returns, said Sanyal and Looney. BP will gradually expand its electricity trading over the next five years, increasing the amount of power it buys and sells annually by about 40% to 350 terawatt hours. Of the 20 gigawatts of renewable energy capacity BP intends to begin developing over the next five years, 83% will be solar, 15% wind and 2% bio-energy, Sanyal said. That much solar would give BP about the same capacity as is currently owned by the world’s biggest operator, China’s State Power Investment Corp. Ltd, according to data from BloombergNEF. Solar power will be crucial for achieving the breakneck pace of growth BP laid out. It is relatively quick to install, taking as little as 18 months from concept to construction, Sanyal said. That’s much faster than massive offshore wind farms, which can take a decade to plan and construct. By 2030, BP plans to have taken the final investment decision on 50 gigawatts of low-carbon energy capacity, and be trading 500 terawatt hours of power each year. On bio-energy, the company says it will more than double its 2019 production to 50,000 barrels a day by 2025, and 100,000 by 2030. These fuels will help sectors that are hard to electrify, like aviation, marine and heavy goods vehicles, Sanyal said. BP currently makes biofuels in a joint venture with Bunge Ltd. in Brazil, produces biogas in the U.S. and processes some renewable fuels within its refining portfolio. “We see these businesses as generating returns of around 15% or higher,” Sanyal said. “It competes well within our disciplined financial framework.” (Adds comments on bio-energy in final three paragraphs.) Read Full Thread Reply

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