ACWA Power, a leading global player in the power and water desalination sectors, has announced a 16% increase in net profit for the first nine months of 2024. The company’s strong financial performance is driven by robust operational performance and strategic investments. During the period, ACWA Power achieved a net profit of SR1.25 billion ($334 million), fueled by a 12.5% increase in operating income to SR2.36 billion. The company’s growth was primarily driven by an investment gain from project restructuring and capital recycling. ACWA Power’s CEO, Marco Arcelli, highlighted the company’s commitment to growth, noting that its portfolio now includes 26 projects — the largest in its 20-year history. “These projects reflect both the speed at which we are realizing our growth, through swift financial closes, and the scale of future cash flows from a diverse and young portfolio,” Arcelli said. He reiterated the company’s focus on providing reliable, cost-effective energy and water, aiming to create positive impacts across all its operations. The company has successfully secured and closed major projects, including the Taiba and Qassim Combined Cycle Gas Turbine projects in Saudi Arabia, the Tashkent Solar PV project in Uzbekistan, and the Hassyan Seawater Reverse Osmosis plant in the…
Latvia has taken a significant step towards a greener future with the commissioning of its first utility-scale battery energy storage system (BESS). The 10MW/20MWh BESS, located in Targale, Ventspils region, is integrated with the 58.8MW Targale Wind Park. Developed by Utilitas Wind, a subsidiary of Estonian energy company Utilitas, the BESS project is a €7 million investment. The system comprises six containerized BESS units, inverters, transformers, and a distribution point container. Hoymiles, a Chinese solar inverter manufacturer, provided the BESS enclosures and power conversion system inverters. The BESS will enable the storage of excess wind energy generated during periods of high production and its subsequent release to the grid during peak demand or low renewable generation. This will contribute to grid stability and enhance the overall reliability of the power supply. The opening event was attended by guests and dignitaries including Latvia’s climate and energy minister Kaspars Melnis, who said that hybrid energy parks that combine different clean energy technologies like wind and batteries “will become common practice in the future, ensuring a stable, minimally weather-dependent energy supply.” Melnis said the project set a high bar for wind farms in the country and noted their importance in the context of…
Ocean Sun, a Norwegian floating solar company, has secured NOK 4 million (approximately $359,000) from the Research Council of Norway and Brazil’s Finep agency to advance a 250 kWp floating solar pilot project near Rio de Janeiro in 2025. The project aims to develop and deploy Ocean Sun’s innovative membrane-based floating photovoltaic (PV) technology in collaboration with Brazilian partners UAPÊ Energias Solares and Sansuy S.A. Indústria de Plásticos. This partnership will allow the company to explore new fixation designs and materials engineering to enhance the performance and durability of its floating solar systems. Ocean Sun’s CEO, Kristian Tørvold, said: “This funding will enable us to push the boundaries of floating solar technology and allow us to build our first installation in South America, a strategically important market with our good partner Uapê.” The pilot project will demonstrate the viability and resilience of Ocean Sun’s membrane-based technology in Brazil’s coastal environment. This technology offers several advantages, including low material usage, simple installation, efficient water cooling, and robustness in challenging water conditions. This latest funding follows Ocean Sun’s recent acquisition of funding from Innovation Norway to advance key technology areas, including a freshwater collection system. The company has also strengthened its leadership team with…
SP Energy has received approval for a crucial substation project that forms part of a larger £1.6 billion initiative to create an underwater “superhighway” for offshore energy in the UK. The 400 kilovolt (kV) Gas Insulated Switchgear (GIS) substation, to be located in Branxton, will serve as a vital link in the Eastern Link project, connecting the Torness and County Durham sites via a 176km subsea cable. While the project is expected to significantly boost the UK’s renewable energy capacity, it has also faced opposition from local communities concerned about the cumulative impact of energy infrastructure in the area. Despite these concerns, the East Lothian Council approved the application, recognizing the project’s importance in transitioning to a low-carbon future. The substation is expected to take up to five years to construct and will require significant infrastructure development, including underground cables connecting the substation to the converter station and landfall sites. The approval of this substation marks a significant milestone for the Eastern Link project and highlights the growing importance of offshore wind energy in the UK’s energy mix.
Written by Ankit Patel, Senior Project Manager, Marie Cavanagh,Project Manager, and Doug Chisholm, Director, based in the Project and Programme Management, Energy Sector, Arup UK For this special feature article, PMG is welcoming the Energy team from the international sustainability firm Arup, as it opens it’s doors on the work that it is leading to create the infrastructure for a new generation of Energy technologies. We hear from those at the centre of a sector that will be delivering the Energy projects that will change our existence on this planet as we know it! The world in which projects are delivered is rapidly evolving. Technological advancements, changing climates, globalisations and geopolitical uncertainty are just some of the backdrops that projects will both emerge from and need to react to. Transition away from fossil fuels towards cleaner energy systems is a critical concern across society. This means that global, national and local energy systems of the future will be different to the past, but how exactly remains to be established. Pathways are being developed and electrification is key. Project management provides valuable and essential vehicles for making changes to our energy systems, putting project professionals at the centre of shaping the future….
Wood, a global leader in consulting and engineering, has been awarded a significant engineering services contract by Aramco for the Southern and Northern Areas gas increments project in Saudi Arabia. This multi-year project, which is expected to require approximately one million engineering hours, will support the country’s efforts to increase natural gas production. Wood will provide project management consultancy (PMC) services, including pre-FEED and FEED engineering for large-scale onshore gas production and processing facilities in Eastern Saudi Arabia. The company will also support EPC contracting for future phases of the project. Craig Shanaghey, Wood’s Executive President of Projects, commented, “Natural gas is a crucial transition fuel that can significantly reduce carbon emissions associated with energy production. We are proud to leverage our 30-year partnership with Aramco to support this important expansion project. The Southern and Northern Areas gas increments will help meet the growing global demand for energy and efficiency.” The seven-year project will involve a team of over 400 Wood employees based in Al-Khobar, Saudi Arabia, Reading, UK, and Chennai, India.
Air Liquide and Cementir Holding Group, through its fully owned subsidiary Aalborg Portland, have announced the launch of ACCSION, a groundbreaking carbon capture and storage (CCS) project. Located in Aalborg, Denmark, ACCSION aims to significantly reduce CO₂ emissions from the Aalborg Portland cement plant. The project will utilize Air Liquide’s proprietary CryocapTM technology to capture, purify, and liquefy approximately 95% of the CO₂ emitted by the cement kilns. The captured CO₂ will then be integrated into a new pipeline infrastructure and transported to onshore CO₂ storage facilities. By the end of 2029, ACCSION is expected to avoid 1.5 million tons of CO₂ emissions per year of operation. This will make it one of the first full onshore CCS value chains in Europe, demonstrating a significant step towards decarbonizing the cement industry. The European Commission has recognized the importance of this project by awarding it 220 million euros in project support under the EU Innovation Fund. This funding will be instrumental in making a final investment decision and initiating the project’s execution. This collaboration between Air Liquide and Cementir Holding Group highlights their commitment to driving innovation and sustainability in the industrial sector. By reducing CO₂ emissions from cement production, ACCSION…
Iberdrola, a global energy leader, has successfully issued a £500 million green bond in the UK market. This marks Iberdrola’s largest sterling bond issuance since 2009 and its first-ever green bond in sterling. The strong demand for the bond, exceeding £2.1 billion, allowed Iberdrola to reduce the spread over the reference interest rate to 95 basis points, a significant reduction from the initial 125 basis points. The coupon has been set at 5.25%, attracting the interest of over 140 investors, particularly those committed to Environmental, Social, and Governance (ESG) principles. The proceeds from the green bond will be used to finance future renewable energy investments in the United Kingdom. This issuance further solidifies Iberdrola’s position as a leading player in the global renewable energy sector. Iberdrola’s active presence in the capital markets has been evident in 2024, with six public transactions completed so far. These transactions have included bond issuances in euros, Swiss francs, and US dollars, demonstrating the company’s strong financial position and investor confidence. By diversifying its funding sources and accessing the UK market, Iberdrola aims to strengthen its financial flexibility and support its ongoing growth strategy.
Elevate Uranium Ltd (ASX: EL8) (“Elevate Uranium” or “the Company”) is pleased to announce that it has received binding commitments for a two-tranche placement of fully paid ordinary shares (“New Shares”) to raise $25 million (before costs) at $0.325 per New Share (“Placement”). Approximately 32.4 million New Shares will be issued immediately under Tranche 1 of the Placement utilising the Company’s existing placement capacity under ASX Listing Rules 7.1 and 7.1A. The issue of a further approximately 44.5 million New Shares under Tranche 2 of the Placement is subject to shareholder approval which will be sought at a general meeting expected to be held in early December 2024(“General Meeting”). The Company is also pleased to receive strong support from one of the strategies of leading Australian fund manager, Paradice Investment Management Pty Ltd (“Paradice”). Paradice has committed to subscribe for New Shares in the Placement resulting in a pro-forma holding of 9.9% (~$12.4M) in Elevate Uranium on completion of the Offer. The Placement also introduced a number of new, high quality institutional, sophisticated and professional investors to the share register, whilst also being well supported by existing significant shareholders of the Company. Discovery Capital Partners, Cumulus Wealth and Wallabi Group…
A pioneering project led by the University of Glasgow, University of Strathclyde, West of Scotland Housing Association, and Glasgow City Council is exploring the potential of electric wallpaper as a clean heat source for Scotland’s homes. Funded by Scotland Beyond Net Zero, the project aims to address the high carbon footprint of Scotland’s homes, which are among the oldest and worst insulated in Europe. Heating buildings accounts for a significant portion of Scotland’s carbon emissions, and gas central heating is the predominant heating system. The electric wallpaper technology, which utilizes Internet-of-Things and AI-enabled data analytics, is being piloted in 12 tenement properties managed by West of Scotland Housing Association. The technology collects information on efficiency, comfort, and tenant feedback to assess its viability as a replacement for traditional gas heating. “We have been trialling this technology for a few months now and have had excellent feedback from our tenants,” said Andrew Kubski, Director of Development and Asset Management for West of Scotland Housing Association. Councillor Ruairi Kelly, Convener for Neighbourhood Services and Assets at Glasgow City Council, emphasized the importance of finding new solutions to heat Glasgow’s tenement flats efficiently. “Innovative pilot projects like this are crucial for achieving a…
