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Private equity shifts its attention to renewable energy

private equity shifts its attention to renewable energy

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Private equity is watching the consolidation of the North American oil and gas sector from the sidelines, instead focusing its energy efforts on renewables.Driving the news: Cenovus Energy on Sunday agreed to buy Husky Energy for $3.8 billion in stock, in a deal that would create Canada’s third-largest oil and gas producer. Last week, ConocoPhillips agreed to pay $9.7 billion for Concho Resources, and Pioneer Natural Resources signed a $4.5 billion deal for Parsley Energy. In each case, the purchase price was well below what the target companies were worth pre-pandemic, due to the vicious confluence of oversupply and demand destruction. The basic idea is that consolidation could pull costs out of the system, thus letting companies maybe eke out a profit at $40 per barrel prices.Private equity helped drive the shale boom, buying up acreage and expanding oilfield services companies. But most of that activity has dried up, with new oil and gas investments focused more on propping up existing deals than on expanding production.”Everyone is getting into renewables,” a top energy private equity investor tells me. “It’s just a smarter long-term play, particularly as the macro economics of fossil fuels get worse and the macro economics of renewables …

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Kevin Killough: Renewable Energy Can’t Suspend The Laws Of Physics | Cowboy State Daily

kevin killough: renewable energy can’t suspend the laws of physics | cowboy state daily

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By Kevin Killough, guest column

During the heat waves this summer, Californians found themselves roasting in the dark when rolling blackouts left hundreds of thousands of residents without power. 

While the causes continue to be debated, some energy experts believe the state’s decade-long efforts to replace coal, nuclear and gas-powered plants with solar and wind was the main culprit.

As air conditioners sucked up power, there wasn’t enough wind or sunshine to power California’s wind and solar plants, nor was there enough energy from fossil fuel and nuclear plants to fill the void. 

While California’s renewable energy program has been especially ambitious, there’s a nationwide push toward wind and solar.

Hoping to tap into this demand and diversify Wyoming’s economy, wind and solar projects have been springing up here in the state. Park County recently approved special use permits for two proposed 20-megawatt solar facilities southwest of Frannie.

Renewable energy proponents are quick to point out how the price of wind and solar has become so low that it can now compete on the market with coal and natural gas.

Yet, 84% of the world’s …

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Modi says on track to meet renewable energy target

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BloombergApollo Investor Revolt Swells Over Black’s Epstein Ties(Bloomberg) — It keeps getting worse for Leon Black.Over the past week, Black’s giant investment firm, Apollo Global Management Inc., has confronted one question after another about his decades-long relationship with convicted sex offender Jeffrey Epstein.First, his own board ordered an external review prompted by Black himself. Then a Pennsylvania pension fund paused new investments — and the state of Connecticut has done the same. One major consultant — a gatekeeper to $160 billion of investor commitments — has urged clients to hold off, and another is considering taking similar action.Clients who for years enjoyed some of the best returns on Wall Street are reconsidering their ties to Apollo amid renewed scrutiny over Epstein, spurred by a New York Times report earlier this month and given fresh attention from an unsealed deposition of Epstein associate Ghislaine Maxwell.Investors distancing themselves from the firm show how serious the issue has become for Black and his general partners. Some clients aren’t convinced that the review, which will be handled by law firm Dechert LLP, will be enough to clear Black’s name, according to people familiar with the matter. …

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California Leading Push For Renewable Power

california leading push for renewable power

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Photo by Bill Morrow

Above: This undated photo shows the Interstate 5 freeway.

The use of renewable energy is surging in California. A new analysis shows there’s been a huge jump in the use of solar, wind and other renewable technologies in the last decade.

A new report from Environment California Research finds California ranks first in the nation for growth in solar energy production.

Electricity generation from solar power is up more than 2,000%.

The state has the most electric cars on the road and the most battery charging stations.

RELATED: California Regulators Want Enforcement Tools To Help Control Air Pollution Near Ports

California also leads the nation in the growth of battery storage capacity since 2010.

“Policies like the million solar roofs program accelerated solar energy growth starting in the mid-2000s,” said Environment California’s Elizabeth Nickerson.

Renewable energy advocates say the jump in solar and battery storage is helping wean the state off fossil fuels.

“The public health consequences and the consequences on our pocketbooks of relying on dirty fossil fuels for energy have actually resulted in real problems,” said Emily Rusch, the director of the California Public Interest Research Group. “In air pollution, in global warming pollution, …

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Atlas Renewable Energy executes first USD Project Financing in Brazil’s Renewable Sector with IDB Invest and DNB Bank

atlas renewable energy executes first usd project financing in brazil’s renewable sector with idb invest and dnb bank

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SÃO PAULO, Oct. 26, 2020 /PRNewswire/ — Atlas Renewable Energy, a leading renewable energy company in Latin America, announced today that it has obtained a USD 67 million loan from IDB Invest, member of IDB Group, and from DNB Bank ASA (Norway) to finance the construction of Jacaranda, a 187MWp solar project being developed by Atlas Renewable Energy in Brazil, marking the first time that a Brazilian solar project has been fully financed in US dollars.The loan was secured from IDB Invest, including the Clean Technology Fund and the Canadian Climate Fund for the Private Sector in the Americas – Phase II, both administered by IDB Invest which provided a portion of the loan, together with a participation from DNB Bank ASA. This loan will finance the construction of the Jacaranda solar project, located in the municipality of Juazeiro, State of Bahia. The plant will generate 440GWh per year, which is enough to supply power to a city of over 750,000 inhabitants and avoid approximately 35,000 metric tons of CO2 emissions per year based on the GHG (Green House Gases) Protocol, and is also the equivalent of removing 36,800 vehicles from the streets of São Paulo in the same period of time.Jacaranda …

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Japan to set 2050 net zero target

japan to set 2050 net zero target

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Japan is to set a new 2050 net zero target, Prime Minister Yoshihide Suga said in his first policy speech to the Japanese Diet today.
The goal is an increase on a previous target of 80% emissions reductions by 2050 and carbon neutrality “as soon as possible” following that.
In widely reported remarks Suga (pictured) said: “Responding to climate change is no longer a constraint on economic growth … We need to change our thinking to the view that taking assertive measures against climate change will lead to changes in industrial structure and the economy that will bring about growth.”

New solar cells and carbon recycling would be key to its goals and Japan would increase its R&D on those topics, he added.
Greenpeace Japan welcomed the announcement but said concrete actions were needed to realise the goal.
It noted that Japan’s Basic Energy Plan was scheduled to be revised next year and needed to reflect the net zero target.
“In other words, in order to achieve virtually zero by 2050, Japan should significantly increase the proportion of renewable energy and aim to supply 50% of its power generation with renewable energy by 2030,” said Greenpeace Japan secretary-general Sam Annesley.
“A target of 50% or less …

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Political veteran Fuller expands role at renewable energy firm Anbaric Development Partners | ROI-NJ

political veteran fuller expands role at renewable energy firm anbaric development partners | roi-nj

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Anbaric Development Partners, a leading developer of electric transmission projects, announced Friday that Janice Fuller, its president of New Jersey, will now serve in an expanded role as the company’s mid-Atlantic president.
In this role, Fuller will oversee Anbaric’s operations in both New York and New Jersey, driving the company’s mission of scaling renewable energy in the most advanced offshore wind markets in the nation.
The move comes at a time when offshore wind generation plans and goals are growing rapidly.
New Jersey and New York have two of the most ambitious offshore wind generation goals in the country: New Jersey has committed to 7,500 megawatts of offshore wind generation and New York has committed to developing 9,000 MW — each by 2035.
With opportunities across these two markets and an increasing recognition of the key economic and environmental benefits of planned transmission, Anbaric CEO Clarke Bruno said he feels the company is uniquely positioned to scale the offshore wind industry to meet these goals and that Fuller is the person to help company do just that.
“Since Janice joined Anbaric to lead our work in New Jersey, she has overseen our company’s work under an administration that doubled the …

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Renewable energy source in Malaysia preferred in electricity import

renewable energy source in malaysia preferred in electricity import

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SINGAPORE – A renewable energy source in Malaysia will be the preferred choice for Singapore under the upcoming electricity import pilot, said the Energy Market Authority (EMA).
“EMA prefers to import electricity from a renewable energy source,” the agency told The Straits Times on Monday (Oct 26). “Potential importers will need to specify the sources of their supply, which will be one of the factors that EMA will consider in evaluating the proposals.”
They will also have to demonstrate their supply reliability, credibility and track record, and ability to secure demand from Singapore consumers, as well as manage the carbon output of generation supply, said EMA.

One importer will be appointed through the selection process.
EMA’s comments come after Minister for Trade and Industry Chan Chun Sing announced at the start of the Singapore International Energy Week that Singapore will be importing 100 megawatts (MW) of electricity from Malaysia over a trial period of two years.
The amount will make up about 1.5 per cent of Singapore’s peak electricity demand.

“This will allow the region to share the green energy sources that different countries may have,” Mr Chan said in his opening speech.
The EMA, an agency under Mr Chan’s ministry, plans to …

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Australia’s 26 GW Asian Renewable Energy Hub plan gains momentum

australia’s 26 gw asian renewable energy hub plan gains momentum

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The proposed 26 GW Asian Renewable Energy Hub in Western Australia gained federal government support last week. Construction is expected to start in 2026. October 26, 2020 Natalie Filatoff Image: Asian Renewable Energy Hub From pv magazine AustraliaLate last week, the proposed 26 GW Asian Renewable Energy Hub (AREH), which is destined to establish Australia as a major global producer and exporter of green energy in the form of hydrogen, secured “major project status” from the federal government.The AUD 50 billion (US$35.6 billion) AREH will harness the world-class wind and solar resources of Western Australia’s East Pilbara region, dedicating up to 23 GW of capacity to the production of green hydrogen and green ammonia. It will also provide up to 3 GW of energy production to local users in Western Australia’s Pilbara region, such as mining and mineral processing businesses.“Major project status” recognizes the strategic significance of a project for Australia. In this case, AREH dovetails with the government’s Technology Investment Roadmap, which highlights hydrogen as a priority technology for development. The project is also set to support more than 20,000 direct and indirect jobs throughout its 10-year construction, followed by thousands of permanent jobs as operations come online from 2027.Popular content The Asian Renewable …

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Letter: Renewable energy projects will help resolve economic depression

letter: renewable energy projects will help resolve economic depression

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ORES is an acronym we should all know. It stands for the Office of Renewable Energy Siting, established under the Climate Leadership and Community Protection Act signed by Governor Cuomo in 2019. It is designed to unlock the jobs, tax and investment benefits of large-scale renewable energy projects in our community.Previously these projects were mired in a cumbersome, bureaucratic process. Only eight of these beneficial new solar and wind plants have survived it so far. ORES is designed to get shovels in the ground much faster, speeding our reaction to the profound climate change all around us, and meeting the goals of our state’s nation-leading climate policy.Even if you’re not worried about climate change — and you should be — large-scale renewable energy projects will help pull us out of our economic depression with millions of dollars of local tax payments and leases.I call upon Supervisor Pangrazio to help get ORES off the ground as quickly as possible, and for the community to get behind this public benefit.
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