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Neoen and Prokon begin construction of two wind farms in Finland
Neoen and Prokon have commenced the construction of two wind farms in Finland, Storbötet (105.4 MW) and Lumivaara (55.8 MW). The wind farms are expected to be operational by 2025 and are supported by 10-year PPA with Equinix, ensuring 60% and 80% coverage for the energy generated by Storbötet and Lumivaara, respectively. With these projects, Neoen’s renewable energy capacity in Finland reaches over 700 MW.
Ikea acquires French solar park from Danish company Obton
Ingka Investments, the investment arm of Ikea, has entered into an agreement with Danish company Obton to purchase a future solar park in France. Obton has developed the rights to the solar park and will continue to provide advisory services during the construction phase. The acquisition aligns with Ingka Investment’s goal of being climate positive by 2050 and their strategic focus on renewable energy and the circular economy. The Langeron solar project will have a capacity of 19.6 MW and an estimated annual production of 23 GWh, equivalent to the energy consumption of 6,000 households. The park is expected to be operational by mid-2024.
France to offer new tax credit for investments in green technologies
The French government plans to budget half a billion euros annually for a new tax credit for environmentally-friendly investments as part of a bill presented to green the industrial sector, finance minister Bruno Le Maire said. The tax credit makes France the first EU country to take advantage of a loosening of European state aid rules in recent months in response to new tax subsidies in the US via the Inflation Reduction Act. Le Maire’s ministry said the tax credit, which will be available on a temporary basis in line with the new EU rules until 2025 with the possibility of an extension to 2029, was expected to generate private investments totalling €23 bln by 2030 and directly create 40,000 jobs.
France lures €5.2bn Taiwanese battery plant
Taiwanese battery maker ProLogium has chosen to build its first gigafactory in Dunkirk, France. The group said it will invest €5.2bn in the facility in an attempt to “put down roots in Europe” and “facilitate supply chain localisation.”
The project is expected to create 3000 direct and 12,000 indirect jobs and is scheduled to start production by the end of 2026. ProLogium also plans to establish a research and development centre in France as part of its localisation efforts.
France to host pro-nuclear meet to push for EU recognition of climate benefits
France will host a meeting of ministers from 16 pro-nuclear European states on Tuesday aimed at coordinating expansion of atomic power and urging the EU to recognise its role in meeting climate goals for 2050, documents seen by Reuters showed. The meeting in Paris will include EU Energy Commissioner Kadri Simson and representatives from 14 EU countries including France, Belgium and the Netherlands, plus Italy as an observer and the United Kingdom as a non-EU invitee. A draft of the post-meeting statement seen by Reuters said the countries would encourage the commissioner to integrate nuclear energy into the EU’s energy policy by recognizing nuclear alongside other green energy technologies in EU decarbonisation goals. They also called for the publication of an EU communication on small modular reactors. The statement, which could still change before it is adopted on Tuesday, said participants planned to boost EU nuclear capacity to 150 gigawatts by 2050 from 100GW today by building 30 to 45 new reactors, both small- and large-scale. Strengthening the supply chain and reducing dependence on Russia is also listed as a goal for coordination.
(Reuters)
The largest photovoltaic gigafactory in Europe
Europe’s largest PV module gigafactory will be built in the French city of Moselle, EIT InnoEnergy’s daughter Holosolis announced on Tuesday. The new production site will see the capacity of Europe’s current largest factory bested by almost 70% and will be fully operational from 2027. The factory will start production in 2025 and at full capacity will have a production capacity of 5GW per year, producing 10 mln photovoltaic modules annually. Committed to supporting local content, it will employ 1,700 people. This will support Europe’s goal of reaching 600 GW of solar energy by 2030.
(ES Euro)
BNP Paribas: will no longer finance development of new oil and gas fields
No more money for fossil fuels – BNP Paribas will no longer invest in the development of new oil and gas fields, as it reiterated its target of an 80% cut of its oil exploration financing by 2030. Reuters reports that the new commitments, coming days ahead of BNP’s annual shareholder meeting, also included a complete phasing out of all financing to non-diversified oil companies. BNP Paribas had already announced plans in January to cut oil exploration financing by 80% by 2030, and on Thursday it confirmed it was on track with its climate change targets for the power generation, oil and gas and automotive sectors. The bank also said it had set new portfolio alignment targets for 2030 for the emissions-heavy steel, aluminium and cement sectors, saying it was looking to cut the “emissions intensity” of its investments by 10 to 25% from last year.
(Reuters)
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