🌬️ Energy Futures #32

HolonIQ's energy futures coverage for the week ahead.

Our Climate Tech coverage has grown significantly, and due to popular demand, we're splitting it into weekly Energy Futures, Enviro Futures, Infra Futures, and Mobility Futures newsletters over the coming weeks.

This newsletter is 'Energy Futures,' and you can update your subscriptions to any of the other weekly newsletters here.

Questions we'll look to address in Energy Futures include those around global elections and what they mean for energy markets, how far and when is peak demand for fossil fuels, the roadmap for energy transition and supply chain risks for critical minerals, among others.

Happy Monday 👋

The Ukrainian government approved a $20B plan to scale up its renewable energy portfolio, aiming to increase the clean energy share in its energy mix to 27% by 2030 from its current 12%-13%. Chinese State Power Investment Corporation (SPIC) completed the construction of the world's largest pumped hydro storage plant with a capacity of 3.6GW this week as energy storage solutions become crucial to mitigating climate change and enhancing the energy transition to low-carbon sources. Similarly, Grenergy Renovables secured financing for the first phase of what is set to be the world's largest battery storage facility in northern Chile. Hanwha Q Cell, a division of Hanwha Solution, secured $1.6B in funding from the U.S. government to accelerate the construction of a solar panel factory in Georgia this week, aligning with the US government's goal of scaling up domestic production.

🔌 Power

🌞 Ukraine Boosts Renewable Energy Ambitions with $20 Billion Plan. The Ukrainian government approved a $20 billion plan to develop its renewable power sector and increase the share of renewables in its energy mix to 27% by 2030.

⚡ Karpowership to Invest $1 Billion in LNG-to-Power in South Africa. Karpowership, a major international energy company, announced plans to invest $1B in converting liquefied natural gas (LNG) into electricity as part of South Africa's energy pool.

🌱 India Extends Ethanol Blending Scheme to Boost Biofuel Usage. The Indian government extended the JI-VAN Yojana scheme, which aims to increase the blending of ethanol in petrol, until 2028-29 to achieve the target of 20 percent ethanol blending by 2025-26.

📦 Energy Storage

🌊 ️China Completes World's Biggest Pumped Hydro Plant. State Power Investment Corporation (SPIC), China's top utility company, completed the construction of the world's largest pumped hydro storage plant with a capacity of 3.6 gigawatts in Hebei province.

🔋 World's Largest Battery Storage Project Secures Financing in Chile. Grenergy Renovables, with support from DNV, secured financing for the first phase of the Oasis de Atacama project, which is set to be the world's largest battery storage facility in northern Chile.

⚡ UK to Build $5.5bn Electricity Transmission Line. The UK government plans to build a $5.5 billion electricity transmission line to address the issue of Scottish wind farms being paid to shut down while gas power plants in England operate due to insufficient North-South transmission capacity.

💰 Energy Deals

🌞 Hanwha Q Cell Secures $1.6 Billion Funding for Georgia Factory. Hanwha Q Cell, a division of Hanwha Solution, secured $1.6B in funding from the U.S. government to accelerate the construction of a solar panel factory in Georgia.

💰 Tourmaline Oil to Acquire Crew Energy for $948M. Tourmaline Oil, a Canadian company, agreed to acquire Crew Energy, a liquids-rich natural gas producer, in a $948M deal. 

☀️ Major Solar Power Project Secures $274M Loan in Türkiye. Kalyon Enerji, a Turkish renewable energy company, has obtained a $274M loan from UK and Polish export credit agencies to build a 390 MW solar power project across seven sites in Türkiye.

🔌 Portuguese EV Charging Firm Powerdot Secures $181.7M Green Financing. Powerdot, an EV charging point operator based in Lisbon, Portugal, announced on Friday that it secured $181M in green financing.

💰 HIF Global Secures $36M Investment for eFuels Expansion. HIF Global, a company involved in eFuels projects, received a $36M equity investment from JOGMEC to expand its eFuels initiatives in the U.S., Australia, Chile, and Uruguay.

Thank you for reading. Have a great week ahead!
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