THE FRIDAY NOTE: Renewables share in Europe's power to hit 60% in 2030 and the rest of the week's top picks
Jul 4, 2014 - This week Bloomberg New Energy Finance (BNEF) said that renewables will account for 60% of all European power generation in 2030, the US Interior Department (DOI) scheduled for August a commercial wind lease auction offshore Maryland and two Norwegian groups started work on the 400-MW Dudgeon offshore wind scheme in the UK.
BNEF said on Tuesday in its "BNEF 2030 Market Outlook" report, that the renewable energy share in Europe will rise thanks to investments amounting to almost USD 1 trillion (EUR 735.7bn) by 2030. The researcher expects that some 557 GW of new renewable power capacity on the continent by then.
Meanwhile, the Americas region is forecast to attract USD 816 billion in renewables investments during the next decade and a half, while for the Asia-Pacific the figure is the most impressive -- USD 2.5 trillion for 1.7 TW of new green capacity.
STATOIL, STATKRAFT START BUILDING 400-MW OFFSHORE WIND COMPLEX, JAPAN’S SB ENERGY BETS ON 100-MW
Taking a look at project development in the offshore wind segment, Norwegian firms Statoil ASA (NYSE:STO) and Statkraft AS on Tuesday said they had taken a final investment decision on the 400-MW Dudgeon offshore wind scheme. The partners will now initiate onshore construction works, while they are targeting commercial operations at the end of 2017. According to the plan, Statoil will invest USD 892m in the USD-2.6-billion project.
Meanwhile in Japan, renewable energy firm SB Energy said it will construct a 100-MW wind park off the eastern Japanese coast together with domestic developer Komatsuzaki Group. The plant will be powered by 20 turbines of 5 MW each.
US TO HOLD 1.45-GW WIND LEASE SALE OFF MARYLAND IN AUGUST
Moving from Asia to North America, the US Interior Department (DOI) said on Wednesday it would hold a commercial wind lease auction on August 19 for almost 80,000 acres (32,000 ha) offshore Maryland for wind farm development. The area can accommodate between 850 MW and 1,450 MW of wind power capacity, according to calculations by the National Renewable Energy Laboratory.
DOE TO PROVIDE USD 4BN IN RENEWABLES LOAN GUARANTEES, TO BACK 360 MW of CAPE WIND
Keeping the positive note, the US Department of Energy (DOE) said Thursday it is ready to provide USD 4 billion in loan guarantees for renewable energy and energy efficiency projects. Solicitation was opened on July 3, while the last phase will close on March 2, 2016. A day earlier, the DOE announced a USD-150-million conditional loan guarantee commitment for over 360 MW of capacity at the 468-MW Cape Wind wind farm off Massachusetts.
INDIA TO SPEND USD 33.5BN ON DESERT SOLAR, WIND PARKS
Last but not least this week, daily the Business Standard said Friday that the Indian government plans to pour more than USD 33.5 billion by 2022 to make use of the country’s wind and solar power potential in desert areas. The plants and related transmission infrastructure will be built in the Thar, Rann of Kutch, Lahul & Spiti and Ladakh deserts. Some 10,400 MW of solar and 700 MW of wind farms can be installed there, according to initial calculations.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.