STRATEGY AND BEST PRACTICES,ENERGY

Cube Green Energy Acquires Maiden Onshore Wind Assets in Germany

Cube Green Energy | December 01, 2022 | Read time : 02:32 min

Cube Green Energy Acquires Maiden
Cube Green Energy, a renewable energy transition platform recently established by I Squared Capital, has made three strategic investments in operating onshore wind projects across two states in Germany, totalling 28 MW.

The acquired wind farms consist of 17 WTGs and an average operating life of 21 years. Cube Green Energy will work on increasing the energy generation at the sites through upgrading and repowering the existing technology, contributing to Germany’s net zero goals. To address the challenges of renewable energy intermittency, Cube Green Energy will work with local stakeholders to optimise the sites for potential storage solutions, including utility-scale batteries. When fully realised, energy capacity and generation at the sites is expected to more than triple, with storage solutions making renewable energy a viable alternative for local consumers and industrial users who require a 24/7 uninterrupted electricity supply.

The acquisitions follow the launch of Cube Green Energy in Oct 2021 and build on the stated ambition to initially commit US$500 million over the coming years to build Cube Green Energy into a leading renewables IPP (independent power producer) that can help enable Europe’s transition to a zero-carbon economy. Deploying the team’s strong financial capabilities and energy expertise, Cube Green Energy continues to evaluate additional acquisition opportunities in continental Europe, including in Germany.

“These acquisitions sit squarely within Cube Green Energy’s ambition to acquire and upgrade aging renewable energy facilities and to supplement with energy storage and hybrid solutions At Cube Green Energy, we see enormous opportunities in Germany and other countries in Continental Europe to improve the efficiency of the renewable energy fleet and we aim to be at the forefront in implementing innovative solutions to enable the replacement of existing base load power with renewable sources.”

-Raghuveer Kurada, Chief Executive Officer at Cube Green Energy

The team at Cube Green Energy has drawn on its strong partner network to source these opportunities and exhibited incredible resilience and disciplined underwriting to close these transactions during an unprecedented year of volatility in the European energy markets. Cube Green Energy expects these early acquisitions to be the template for future deals as we ramp up our capital deployment and hasten the pace of project acquisitions.

About Cube Green Energy
Established in late 2021 by I Squared Capital, Cube Green Energy is a pan-European renewable energy IPP dedicated to improving renewable energy efficiency and availability by upgrading and repowering aging renewable energy farms and optimising sites with the deployment of storage and hybrid solutions. The management of Cube Green Energy has 75+ years of experience in energy investments and managed portfolios of 10+GW in renewable technology globally. Cube Green Energy currently operates 28 MW of onshore wind assets and has a development pipeline of 70+ MW expected to be ready to build over the next 3-4 years.

Spotlight

Electricity+ is a new framework that highlights the opportunities to create and optimize integrations between the electricity sector and other infrastructure to enable a transition to a net-zero economy. The framework has been developed
during a series of dialogues with executives from the electricity industry and other sectors. It will serve as thought leadership to kick-start further planning and collaboration across sectors.


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STRATEGY AND BEST PRACTICES,ENERGY

Product launch: the Rondo Heat Battery (RHB), providing the world’s lowest-cost, zero-carbon industrial heat

Rondo Energy | November 17, 2022

Rondo Energy, a leading provider of zero-carbon industrial heat, announced commercial availability of two models of its revolutionary Rondo Heat Battery (RHB), the RHB100 and RHB300. The Rondo Heat Battery (RHB) captures intermittent electricity, stores the energy from that electricity as high-temperature heat in brick materials, and delivers the stored energy on demand as high-temperature heat and/or electricity. The RHB stores heat energy at temperatures up to 1500°C for hours or days — delivering zero-carbon heat for processes ranging from steel, cement, chemical manufacturing, and all the way to low-temperature food processing. The RHB meets the demanding needs of industry for safe, simple, low-cost energy and economically replaces fuel-fired furnaces and boilers—unlocking energy prices for America’s industries that are both affordable and more predictable. When connected to the grid, the RHB can make use of otherwise curtailed solar and wind energy, cut the cost of clean energy, and strengthen grid stability and security. Rondo is manufacturing its heat batteries in its facilities in California and has begun commercial deliveries. RHBs are easily integrated into facilities alongside existing process heating equipment, delivering large-scale emissions reductions without a facility overhaul. The heat battery models available today are designed for a wide range of industrial uses and directly replace the operation of fuel-fired boilers, furnaces and kilns. Both models are fully automatic, charge intermittently either from local wind or solar facilities or from the grid, and deliver heat on demand 24 hours a day. Rondo’s unique thermal core uses brick materials that have been producing steel for over a century in a new patented configuration. Charging in as little as four hours, Rondo’s patented “brick toaster” rapidly and uniformly heats these brick materials to deliver continuous, constant temperature heat, 24 hours a day. Applications and Industries From food processing to fuel production, from cogeneration to calcination, the RHB delivers energy in the form needed for more than 90% of the world’s industrial process heat. RHBs are easily configured to serve the unique capacity and temperature requirements of each facility. The RHB units announced today are direct drop-in replacements for large industrial boilers. Rondo’s simple, low-cost technology delivers unique value in these key areas: Fast charging. Rondo heat batteries charge in as little as four hours, capturing zero-carbon energy at the absolutely lowest costs, when the wind is blowing and sun is shining. High temperature. RHBs deliver heat at up to 1500°C. Long service life. With fully automatic operation using proven subsystems and materials, RHBs offer a 40+ year life without performance degradation. Safety. RHBs are intrinsically safe, made of completely inert materials, and fail-safe in all loss of power or process upset conditions. Made of only brick and iron, the hazards of other energy storage technologies are eliminated. Site efficiency. RHBs store more than 1 MWh per square meter, far denser than any other storage technology, and preserve critical plant area. Rondo Heat Batteries enable a simple, practical switch to zero-emission electricity as the source of continuous high-temperature heat for processes across a range of industries, including steel, cement, chemical, pharmaceutical, low-carbon fuels, food and beverage, and mining industries. Unlike electric furnaces or electric boilers, Rondo Heat Batteries are a load that follows the available renewable generation, being dispatched by the grid operator or the renewable energy fields to charge but delivering consistent firm heat to the industrial facilities. As a result, RHBs deliver electrification at the absolute lowest cost and create no additional peak loads on the electricity grid, while enabling the integration of more renewable electricity generation. Rondo Heat Batteries maintain continuous output power (95% annual capacity factor) while operating on input power as low as 15% capacity factor (4 hours a day). Beyond direct industrial heat supply, the RHB is a least-cost source of energy for other applications, including district heating and combined heat and power, providing 24/7 clean heat and power. Rondo SVP Jeremy Keller said, “Rondo’s mission is simple: lower cost heat and energy for large industrial processes. We’ve been excited by the work now underway with key customers. We’re finding that deep emission reductions are now both practical and affordable for many of the world’s most energy-intensive facilities. Our studies of customer facilities are showing 50% to 90% reductions in emissions and reductions in operating costs of 30% or more.” Rondo Heat Batteries deliver large, concentrated, permanent emissions reductions and provide an immediate, low-cost, practical way to repower the giant industrial heat market. A single RHB300 eliminates more than 40,000 tons CO2 per year-- more than is eliminated by 8,700 electric vehicles. Replacing just the industrial heat used today in California with RHB zero-carbon heat would eliminate five times more CO2 than all of the EVs on the road in the US today (13.6M EVs). “With early manufacturing now underway, Rondo is open for business. We’re thrilled to be announcing the launch of the RHB100 and RHB300 and look forward to serving our customers with first installations in 2023,” said Rondo CEO John O’Donnell. “The Rondo Heat Battery could prove critical to eliminating emissions, and its commercial availability will help companies turn to its zero carbon heat for their processes, The Rondo Heat Battery will help companies in industries such as cement, fuels, food and water desalination to begin leveraging the falling costs of renewables without modifying their facilities.” -Carmichael Roberts, Breakthrough Energy Ventures To download the RHB datasheet or to configure and purchase an RHB for your facility, get started on our website at rondo.com/products. Rondo Energy is backed by Bill Gates-founded Breakthrough Energy Ventures and utility-backed Energy Impact Partners. About Rondo Energy: Rondo Energy, the leading provider of zero-carbon industrial heat, makes industrial decarbonization possible — and profitable — today. The Rondo Heat Battery captures low-cost renewable electricity and delivers continuous high-temperature heat, enabling customers to power their operations with zero-carbon energy. Learn more at rondo.com/products. About Breakthrough Energy Ventures: Founded by Bill Gates and backed by many of the world’s top business leaders, BEV has raised more than $2 billion in committed capital to support cutting-edge companies that are leading the world to net-zero emissions. BEV is a purpose-built investment firm that is seeking to invest, launch and scale global companies that will eliminate GHG emissions throughout the economy as soon as possible. BEV seeks true breakthroughs and is committed to supporting these entrepreneurs and companies by bringing to bear a unique combination of technical, operational, market and policy expertise.BEV is a part of Breakthrough Energy, a network of investment vehicles, philanthropic programs, policy advocacy and other activities committed to scaling the technologies we need to reach net-zero emissions by 2050. Visit www.breakthroughenergy.org to learn more. About Energy Impact Partners: Energy Impact Partners, LP (EIP) is a global venture capital firm leading the transition to a sustainable future. EIP brings together entrepreneurs and the world's most forward-looking energy and industrial companies to advance innovation. With over $2 billion in assets under management, EIP invests globally across venture, growth, credit, and infrastructure – and has a team of nearly 60 professionals based in its offices in New York, San Francisco, Palm Beach, London, Cologne, and Oslo. For more information about Energy Impact Partners, please visit www.energyimpactpartners.com.

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SOLAR+STORAGE,STRATEGY AND BEST PRACTICES

Altus Power, Inc. Announces Closing of 88 MW of Assets

Altus Power, Inc. | November 15, 2022

Altus Power, Inc. (“Altus Power” or the “Company”) (NYSE: AMPS), the premier independent developer, owner and operator of commercial-scale solar facilities, today announced that it has closed on the acquisition of approximately 88 megawatts (MW) of operating solar assets. These assets were purchased from D. E. Shaw Renewable Investments (DESRI), under definitive agreements that were previously announced on September 27, 2022Gregg Felton, Co-CEO of Altus Power, said “We were pleased to be able to partner with DESRI’s talented team to execute this transaction. With closing now complete, we’re excited to incorporate these new long-term assets and customer relationships into our portfolio. “We were impressed by the Altus Power team’s ability to transact with efficiency, notwithstanding the complexity of a portfolio spanning several states with multiple stakeholders,We expect that Altus Power will continue to operate these projects with the same thought and care that DESRI has.” -Bryan Martin, Executive Chairman of DESRI These commercial and industrial scale assets include rooftop, ground and carport-mounted solar arrays which deliver clean electricity under long-term contracts to predominantly investment-grade customers. Altus Power owns, operates and services customers across its portfolio of 469 MW of long-term contracted solar assets with the potential to offer additional electrification solutions, including battery storage, as well as electric vehicle or fleet charging stations. About Altus Power, Inc. Altus Power, based in Stamford, Connecticut, is the premier commercial-scale clean electrification company serving commercial, industrial, public sector and community solar customers with an end-to-end solution. Altus Power originates, develops, owns and operates locally-sited solar generation, energy storage and charging infrastructure across the nation. Visit www.altuspower.com to learn more. About D.E. Shaw Renewable Investments D. E. Shaw Renewable Investments (DESRI) and its affiliates develop, acquire, own, and operate long-term contracted renewable energy assets in the U.S. DESRI's portfolio of contracted, operating, and in-construction renewable energy projects currently includes more than 65 solar and wind projects representing more than 6 gigawatts of aggregate capacity. DESRI is a member of the D. E. Shaw group, a global investment and technology development firm with more than $60 billion in investment and committed capital as of September 1, 2022, and offices in North America, Europe, and Asia. For more information, visit www.desri.com.

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STRATEGY AND BEST PRACTICES,ENERGY

AEP energy partners seeks solar and wind projects in PJM, solar projects in Ercot

AEP Energy | December 20, 2022

AEP Energy Partners (AEPEP), a wholly owned subsidiary of American Electric Power (Nasdaq: AEP), seeks proposals for off-take from new and existing solar and wind facilities located in the PJM service region and new solar facilities located in ERCOT to support the company's growing retail and wholesale loads in Texas and Ohio, including the city of Columbus community choice aggregation program.AEPEP is seeking renewable energy purchase agreements of 10, 12 or 15 years for new solar or wind projects and 5 to 15 years for existing projects (including incremental power from re-powering wind sites) in PJM. AEPEP is also seeking renewable energy purchase agreements of 12 years or fewer for new solar projects in ERCOT. View full details about the Request for Proposal. Notice of intent to bid must be received by AEPEP on or before Dec. 30, 2022. Proposal packages are due no later than 5 p.m. EST, Jan. 13, 2023 and should be submitted by email to jewilliams@aepes.com and sthandel@aepes.com. Complete details about the Requests for Proposals are available at http://aep.com/rfp or by calling Jennifer Williams at (614) 716-2426 or Sean Handel at (419) 345-9634. About AEP and AEP Energy Partners American Electric Power (Nasdaq: AEP) subsidiaries AEP Renewables, AEP Energy, OnSite Partners, and AEP Energy Partners, deliver a wide array of innovative competitive energy solutions nationwide. As one of the largest wholesale suppliers in the country, AEP Energy Partners specializes in offering customized wholesale power supply products based on the specific needs of customers' electric systems within ERCOT, MISO, PJM and SPP. AEP Energy Partners also sells renewable energy through long-term contracts with utilities, electric cooperatives, municipalities and corporate customers. With a commitment to a clean energy future, AEP's competitive businesses currently own over 1,900 megawatts of wind, solar and energy storage on both a utility scale and distributed scale basis. Solving energy problems for customers, AEP Energy Partners and its competitive affiliates own and operate over 90 behind-the-meter projects in 26 different states and have an active development pipeline across the U.S. As a competitive retail electricity and natural gas supplier, AEP Energy serves over 700,000 residential and business customers in 28 service territories in six states and Washington, D.C. Based in Columbus, Ohio, Chicago, Illinois and San Diego, California, AEP's family of competitive companies takes pride in making it easy for customers and partners to buy, manage and use energy. Learn more about AEP Energy Partners.

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SUSTAINABILITY

Enel announces intentions to build solar pv cell & panel manufacturing facility in u.s.

Enel North America | November 18, 2022

Enel North America, through its affiliate 3Sun USA, LLC, announced its intention to build an industrial-scale production facility in the US for the manufacturing of innovative, sustainable and American-made photovoltaic (PV) modules. The proposed facility is expected to have a minimum production capacity of 3 GW with the possibility to scale production to 6 GW annually and is anticipated to create up to 1,500 new direct jobs by 2025. The facility is expected to be among the first in the United States to produce solar cells, the fundamental building block of PV modules. "Recent policy tailwinds from the Inflation Reduction Act have served as a catalyst for our solar manufacturing ambitions in the US, ushering in a new era of made-in-America energy, With this announcement, it is our intention to bolster a robust domestic solar supply chain that accelerates and strengthens the US's transition to clean energy. In doing so, we are creating thousands of new jobs, supporting local economies and providing stability to the solar industry." -Enrico Viale, head of Enel North America. Currently, Enel is evaluating possible sites for the new factory and expects to begin construction in mid-2023. It's anticipated that the first panels will be available to the market by the end of 2024. Fewer than five large-scale solar module manufacturing facilities (over 1 GW) are currently operating in the US, while annual US solar PV installations are projected to grow from 16 GW in 2022 to 41 GW by the end of 2025, according to Wood Mackenzie. Enel will leverage its expertise and experience from its 3Sun Gigafactory in Catania, Italy, which is set to become Europe's largest factory producing high-performance bifacial photovoltaic modules. Enel intends to replicate the Gigafactory factory in the US to produce bifacial heterojunction (B-HJT) PV cells that capture more sunlight as the cells can respond to light on both front and rear surfaces. 3Sun is already a market leader in producing high-efficiency cells, breaking a record in 2020 by achieving 24.63% efficiency. Through an ambitious R&D program, the PV panels will be further developed to also incorporate a tandem structure, which utilizes two stacked cells that allows for more light to be captured compared to single-cell structures, yielding higher overall cell efficiency. The combination of bifacial PV panels and tandem cell structure offers significant efficiency improvements, which will enable PV modules to exceed 30% efficiency, securing higher average energy production. The technology's lower degradation ensures a longer useful life for modules, and the cells' high density is conducive to a variety of applications, including land-constrained utility-scale installations or rooftops. About Enel North America Enel North America, part of the Enel Group, is a clean energy leader in North America and is working to electrify the economy and build a net-zero carbon future by decarbonizing energy supply, electrifying transportation, creating resilient grids, and promoting a just, equitable transition. Enel North America serves over 4,500 businesses, utilities, and cities through renewable power generation, demand response, distributed energy resources, smart e-mobility solutions and services, energy trading, advisory and consulting services, and more. Its portfolio includes over 8 GW of utility-scale renewable capacity, 606.8 MW of utility-scale energy storage and 63 MW of distributed energy storage capacity, 4.7 GW of demand response capacity, and 110,000 electric vehicle charging stations. Visit enelnorthamerica.com and follow us on LinkedIn, Twitter, and YouTube to learn more.

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Spotlight

Electricity+ is a new framework that highlights the opportunities to create and optimize integrations between the electricity sector and other infrastructure to enable a transition to a net-zero economy. The framework has been developed
during a series of dialogues with executives from the electricity industry and other sectors. It will serve as thought leadership to kick-start further planning and collaboration across sectors.

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