Amazon boss Jeff Bezos commits 10 billion dollars to fight climate change

Amazon | February 17, 2020

Amazon founder Jeff Bezos says that he plans to spend 10 billion US dollars (£7.7 billion) of his own fortune to help fight climate change. Mr Bezos, the world’s richest man, said in an Instagram post that he will start giving grants this summer to scientists, activists and nonprofits working to protect the earth. “I want to work alongside others both to amplify known ways and to explore new ways of fighting the devastating impact of climate change,” Mr Bezos said in the post. Amazon, the company Mr Bezos runs, has an enormous carbon footprint. Last year, Amazon officials said the company would work to have 100% of its energy use come from solar panels and other renewable energy by 2030. The online retailer relies on fossil fuels to power planes, trucks and vans in order to ship billions of items all around the world.

Spotlight

World wind power generation capacity has reached 435 GW at the end of 2015, around 7% of total global power generation capacity. A record of 64 GW was added in 2015. The global growth rate of 17.2% was higher than in 2014 (16.4%). China has once more underpinned its role as the global wind power leader, adding 33 GW of new capacity. This represents a market share of 51.8%. The US market saw a good performance with 8.6 GW of added capacity, the strongest growth since 2012. Germany, in anticipation of changes in legislation, installed 4.9 GW. Brazil was the fourth largest market for new turbines with a market volume of 2.8 GW. India saw 2.3 GW of new installations by November 2015.

Spotlight

World wind power generation capacity has reached 435 GW at the end of 2015, around 7% of total global power generation capacity. A record of 64 GW was added in 2015. The global growth rate of 17.2% was higher than in 2014 (16.4%). China has once more underpinned its role as the global wind power leader, adding 33 GW of new capacity. This represents a market share of 51.8%. The US market saw a good performance with 8.6 GW of added capacity, the strongest growth since 2012. Germany, in anticipation of changes in legislation, installed 4.9 GW. Brazil was the fourth largest market for new turbines with a market volume of 2.8 GW. India saw 2.3 GW of new installations by November 2015.

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SOLAR+STORAGE

JA Solar Provides Photovoltaic Modules for the World's Largest Demonstration of Source-Grid-Load-Storage

JA Solar | April 25, 2022

Ulanqab, a location in Inner Mongolia famed for its attractive grassland natural landscape, has recently gained notice due to the region's construction of the world's largest source-grid-load-storage demonstration project. Additionally, it is China's largest wind-solar-storage hybrid project and its first renewable energy power plant to incorporate a GWh-scale energy storage technology. The project's projected capacity is 3.1GW, which includes 2.8GW of wind energy, 300MW of photovoltaic energy, and 1,760,000kWh of energy storage. The project's first phase, totaling 500,000 kW of wind and photovoltaic energy, has already been connected to the grid. And JA Solar supplied all of the modules for the 90,000 kW photovoltaic component. The total number of solar photovoltaic modules supplied by JA Solar for the project is DeepBlue 3.0, which incorporates several cost-cutting and profit-enhancing technologies that effectively reduce the levelized cost of power. DeepBlue 3.0 has been recognized by authoritative third-party institutions for its exceptional efficiency in power generation, receiving awards such as TÜV Rheinland's "Energy Yield Simulation AQM Award – Monofacial Mono Group" and TÜV Nord's "Outdoor Yield Performance Awards (High-efficiency PERC Module Group)." Furthermore, according to half-yearly data from an energy yield test conducted by JA Solar and TÜV Nord, DeepBlue 3.0's energy yield performance is among the highest in the PERC module market. By 2021, cumulative global DeepBlue 3.0 shipments would have surpassed 12GW, covering 86 countries and regions. "The innovative application of source-grid-load-storage integration strengthens the coordination of the integrated power system, alleviates pressure on the power grid, promotes renewable energy consumption, and therefore plays a significant role in developing new ways of using renewable energy, It is a great honour for JA Solar to participate in the construction of this project and supply all the PV modules for its first phase. The continuous development of the PV industry is inseparable from the continuous innovation of products and technologies, and also the upgrade in applications. Moving forward, JA Solar will maintain focus on technology research and product development, thereby continuing to provide customers with high-quality products that contribute to the development of the PV industry and the construction of a low-carbon society." -Li Dong, Vice President of JA Solar.

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ENERGY

Liberty and JPMorgan Chase collaborate on 108 MW wind project in Illinois

Algonquin Power & Utilities Corp. and Liberty | September 09, 2021

Liberty, a part of Algonquin Power & Utilities Corp., announced today its collaboration with JPMorgan Chase (NYSE: JPM) on the 108 MW Shady Oaks II wind project that is expected to bring almost 350,000 MWh of clean energy to the U.S. grid per year. JPMorgan Chase will purchase approximately 70% of the wind farm's energy output, which will serve as the largest contribution to date toward JPMorgan Chase's 100% renewable energy commitment, supplying the equivalent of about 14 percent of its global power needs. Located in Lee County, Illinois, the 22-wind turbine Shady Oaks II project represents a significant opportunity to offset greenhouse gas emissions, help advance a transition to a lower-carbon economy and contribute to the growth of Illinois' clean energy footprint. The wind farm is expected to generate enough energy to power the equivalent of 32,800 U.S. homes per year; inject capital into the community by supporting local landowners; and contribute up to $1.2 million per year in property tax revenue for the local county. "We're extremely pleased to partner with JPMorgan Chase, a global leader in the finance industry and a sustainability-focused company that is as passionate as we are about advancing renewable energy solutions," said Brenda Marshall, Senior Vice President, Renewable Generation – Wind for Algonquin. "Shady Oaks II is an important contributor to our goal of continuing to add low-cost renewable generation capacity into our supply mix and supports our commitment to leading the change to a greener, cleaner planet." "Climate change continues to present a growing set of challenges to businesses and communities around the world," said Brian DiMarino, Head of Operational Sustainability for JPMorgan Chase. "JPMorgan Chase is committed to facilitating the transition to a lower-carbon economy by advancing sustainable solutions for our clients and our own operations. Not only will this collaboration help us to meet our 100% renewable energy commitment and enable the construction of a new wind farm, but it also helps stabilize the future cost of our energy consumption in the region." Construction on Shady Oaks II, located approximately 50 miles west of Chicago, began in May of this year. About Algonquin Power & Utilities Corp. and Liberty Algonquin Power & Utilities Corp., parent company of Liberty, is a diversified international generation, transmission, and distribution utility with over $16 billion of total assets. Through its two business groups, the Regulated Services Group and the Renewable Energy Group, Algonquin is committed to providing safe, secure, reliable, cost-effective, and sustainable energy and water solutions through its portfolio of electric generation, transmission, and distribution utility investments to over one million customer connections, largely in the United States and Canada. Algonquin is a global leader in renewable energy through its portfolio of long-term contracted wind, solar, and hydroelectric generating facilities. Algonquin owns, operates, and/or has net interests in over 4 GW of installed renewable energy capacity. Algonquin is committed to delivering growth and the pursuit of operational excellence in a sustainable manner through an expanding global pipeline of renewable energy and electric transmission development projects, organic growth within its rate-regulated generation, distribution, and transmission businesses, and the pursuit of accretive acquisitions. Algonquin's common shares, Series A preferred shares, and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D, respectively. AQN's common shares, Series 2018-A subordinated notes, Series 2019-A subordinated notes and equity units are listed on the New York Stock Exchange under the symbols AQN, AQNA, AQNB, and AQNU, respectively. About JPMorgan Chase & Co. JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.7 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management.

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ENERGY

Taaleri SolarWind II fund invests in three wind farms in Lithuania with a combined capacity of 186 MW

Taaleri Energia | November 29, 2021

The Taaleri SolarWind II fund has together with an investment company, Atsinaujinančios Energetikos Investicijos, managed by Lords LB Asset Management, a leading investment management firm in the Baltics, acquired 100 percent ownership of the Anykščiai, Rokiškis, and Jonava wind farms from European Energy, a Danish renewable energy company. Lords LB is Taaleri Energia’s joint venture partner in the Baltics. The Anykščiai and Rokiškis wind farms are located in the counties of Utena and Panevėžys, around 100 km and 150 km north of the city of Vilnius respectively. The Jonava wind farm is located in the county of Kaunas, approximately 100 km northeast of the city of Vilnius. With a total of 34 General Electric 5.5 MW turbines, the wind farms will have a combined installed capacity of 186 MW and the combined annual production of electricity will be approximately 560 GWh. The wind farms will together produce enough electricity to supply around 270 000 households and will offset the equivalent of 170 000 tonnes of carbon dioxide during each year of operation. Construction works on the Anykščiai, Jonava and Rokiškis wind farms commenced in January, March and July 2021 respectively. All three wind farms are expected to be fully operational in 2022 with the Anykščiai wind farm reaching its commercial operations date by the end of the first quarter, the Jonava wind farm by the end of the second quarter and the Rokiškis wind farm by the end of the fourth quarter. The wind farms were developed by European Energy, who will also provide Construction Management services during the construction phase as well as Technical and Commercial Management services in the operational phase. General Electric will be responsible for maintaining the turbines under a 30-year contract. The three wind farms have entered into long-term power purchase agreements for a substantial proportion of the electricity generated with Axpo Nordic, which is part of the Axpo Group, the largest energy company in Switzerland. Long-term project financing for these investments has been provided by the Danish investment manager AIP Management on behalf of its investors. We are delighted with this deal, which brings the number of investments from the Taaleri SolarWind II fund to ten and represents its entry into a new market. Lithuania has excellent wind resources and a clear plan to increase the share of renewable energy in its power generation mix. Our joint venture with Lords LB paves the way for further investments in the Baltics and we look forward to continuing to build on this partnership.” Kai Rintala, Managing Director, Taaleri Energia “We are delighted to contribute to the region’s energy transition and security of supply by providing early-stage developers with the access to institutional capital. We believe that our joint venture with Taaleri Energia will be a significant driver for renewable energy capacity development in the region. Unlocking the renewable energy potential in the Baltics will lead to tremendous value creation for both the region and for our investors”, said Atsinaujinančios Energetikos investicijos’ Manager, Tomas Milašauskas. “We are excited to complete this investment in three onshore wind projects in Lithuania, which is an interesting new market for us with significant demand for renewable energy sources and also well-connected to the NordPool Nordic power market. We are delighted to partner with Lords LB and extend our partnership with Taaleri Energia. We are pleased to see Danish developer European Energy continuing to be play an important role in the projects”, said Kasper Hansen, Managing Partner of AIP. About the Taaleri SolarWind II fund The Taaleri SolarWind II fund invests in utility-scale wind and solar assets. The fund is investing in a diversified portfolio of ready-to-build assets in five key markets; the Nordics & Baltics, Poland, South East Europe, Iberia and Texas. It is estimated that the fund will finance approximately 850 MW of renewable energy capacity, which will offset over 1 million tonnes of CO2 annually throughout the 25-year lifetime of the assets. The fund’s investors include the European Investment Bank, Ilmarinen Mutual Pension Insurance Company, Varma Mutual Pension Insurance Company, the European Bank for Reconstruction and Development, Obligo Global Infrastuktur II Fund, the Finnish Church Pension Fund, the Nordic Environment Finance Corporation, the Taaleri Group, the Taaleri Energia team and a wide range of pension funds, foundations, endowments, and family offices. About Taaleri Energia Taaleri Energia is a renewable energy developer and fund manager. With 40 professionals, Taaleri Energia has one of the largest dedicated wind and solar investment teams in Europe. The team is currently investing its fifth renewable energy fund, the Taaleri SolarWind II fund, and has a 2.8 GW wind and solar portfolio in Europe, the US, and the Middle East. Taaleri Energia is ranked by Preqin as one of the most consistent top performing infrastructure fund managers. Taaleri Energia is part of the Taaleri Group, which is listed on the Nasdaq Helsinki stock exchange.

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