Odin Global

Ørsted has secured $680 million in tax equity financing from J.P. Morgan to support the construction of solar and storage projects in Texas and Arizona. This investment, one of the largest of its kind since the Inflation Reduction Act (IRA) was passed in 2022, utilizes a combined production tax credit (PTC) and investment tax credit (ITC) structure. The IRA, signed by President Biden, introduced transferable tax credits, facilitating new funding mechanisms for renewable energy projects. The financing will fund Ørsted's 300 MW Eleven Mile Solar Center in Arizona, which includes a solar farm and a storage system, and the 250 MW Sparta Solar project in Texas. The Eleven Mile Solar Center will receive an ITC for its storage system and generate PTCs for the solar farm over ten years. Both projects are expected to commence commercial operations this year. This deal adds to J.P. Morgan’s existing investments in Ørsted’s U.S. onshore portfolio. Ørsted has also partnered with Meta to supply solar energy from the Eleven Mile Solar Center to Meta’s Mesa data center. https://lnkd.in/gTbi7sh9 #Orsted #ProjectFinance #OdinGlobal

Homecoming Capital has invested USD 50 million in Clean Energy Terminals (CET) for developing offshore wind port infrastructure in the US. This investment will help CET in the early-stage development of new and redeveloped ports along the east and west coasts, addressing the infrastructure gap in the US offshore wind industry. The US aims to achieve 110 GW of offshore wind capacity by 2050, increasing the demand for port infrastructure. CET, led by CEO Brian Sabina and Chief Development Officer Jonathan Kennedy, focuses on developing offshore wind ports to promote clean energy, economic growth, and job creation. Both executives previously worked at the New Jersey Economic Development Authority (NJEDA) and were involved in the development of the New Jersey Wind Port. CET plans to collaborate with public port authorities and municipalities to develop environmentally responsible and community-oriented port projects. Homecoming Capital's long-term investment approach and experience in scaling development platforms make them a strategic partner for CET. https://lnkd.in/dMZj3rxu #OffshoreWind #ProjectFinance #OdinGlobal

The Cowboy Solar Project, a $1.2 billion initiative by Enbridge, has been approved by Wyoming's Industrial Siting Council. Expected to be fully operational by 2027, this project will significantly boost Wyoming's solar capacity with 771 MW of solar power and 268 MW of battery energy storage. Construction will begin in March 2025, with Phase 1 (400 MW solar and 136 MW storage) operational by January 2027 and Phase 2 (371 MW solar and 133 MW storage) by August 2027. Currently, Wyoming ranks last in installed solar capacity, with only 124 MW as of 2023. However, the Cowboy Solar Project alone will elevate the state's ranking considerably, surpassing Solar Energy Industries Association's projection of 685 MW over the next five years. Once completed, the project will provide enough energy to power 771,000 homes, significantly more than the total number of homes in Wyoming. The Cowboy Solar Project will be the third utility-scale solar installation in the state. The largest existing installation is the 150 MW South Cheyenne Solar Facility, which began operations in April 2023. Before that, the largest was the 98 MW Sweetwater Solar Project. Enbridge has not yet announced an offtake agreement for the Cowboy Solar Project's electricity. https://lnkd.in/ejkA2_Qi #SolarEnergy #Wyoming #OdinGlobal

The Federal-State Modern Grid Deployment Initiative has secured commitments from 21 states to modernize the U.S. power grid. This initiative aims to update the aging infrastructure to handle current and future challenges, particularly with renewable energy integration and climate change impacts. The program focuses on upgrading existing transmission and distribution lines with modern technologies like high-performance conductors and grid-enhancing technologies, which can significantly increase the grid's capacity more quickly and cost-effectively than building new lines. Funding and technical support are provided through the Inflation Reduction Act (IRA) and Bipartisan Infrastructure Law (BIL), with the U.S. Department of Energy (DOE) offering substantial grants and low-interest loans. Notably, the Grid Resilience and Innovation Partnerships (GRIP) Program is providing $10.5 billion in competitive grants, and the DOE Loan Programs Office has $250 billion in loan guarantees. The initiative is crucial as 70% of U.S. transmission lines are over 25 years old, struggling to cope with extreme weather and renewable energy demands. Additionally, the Federal Energy Regulatory Commission (FERC) has introduced new rules to enhance long-term regional transmission planning and the use of advanced grid technologies, supporting the clean energy transition and improving grid reliability. https://lnkd.in/eYb5-scc #Transmission #EnergyTransition #OdinGlobal

Brookfield Asset Management, along with Brookfield Renewable and Temasek, is in exclusive negotiations to acquire a 53.2% stake in French renewables developer Neoen. This acquisition, priced at €39.85 per share, involves purchasing shares from shareholders including Impala, Fonds Stratégique de Participations (FSP), Cartusia, and Xavier Barbaro. Post-acquisition, Brookfield Renewable Holdings plans to file a mandatory cash tender offer for the remaining shares and OCEANEs at the same price. Brookfield aims to leverage its expertise and capital to accelerate Neoen's growth while maintaining its culture and identity. IMPALA SAS, which founded Neoen 15 years ago, supports this transaction, seeing it as a step forward for Neoen's continued success. Neoen’s chairman, Xavier Barbaro, also expressed enthusiasm for this new partnership. Brookfield is funding this transaction through the Brookfield Global Transition Fund II, with Brookfield Renewable investing up to €500 million. The deal is expected to receive regulatory approval by Q4 2024, with the tender offer launching in Q1 2025. Neoen’s Board of Directors has welcomed the proposed transaction. https://lnkd.in/dMi7eeNp #Acquisition #Neoen #OdinGlobal

The New Jersey Board of Public Utilities (NJBPU) is expediting the state's fifth offshore wind solicitation, moving it from the third quarter of 2026 to the second quarter of 2025. This acceleration, announced on May 28, 2024, aims to capitalize on the significant economic and environmental opportunities presented by offshore wind development, according to Governor Phil Murphy. New Jersey has already conducted three offshore wind auctions. The first, in 2019, awarded Ørsted’s 1.1 GW Ocean Wind project, which was later canceled due to supplier delays. The second, in 2021, awarded 2.6 GW combined to EDF/Shell’s Atlantic Shores and Ørsted’s Ocean Wind 2 projects. The third, earlier this year, awarded the 1,342 MW Attentive Energy Two project developed by a joint venture between TotalEnergies and Corio Generation and the 2,400 MW Leading Light Wind project developed by Invenergy and energyRe. The fourth solicitation, for 1.2 GW to 4 GW of capacity, is currently open until July 10. https://lnkd.in/enCueXNE #OffshoreWind #NewJersey #OdinGlobal

RWE approves first 8-hour big battery in Australia and has signed key contracts for the Limondale eight-hour battery storage project, which is now under development. This 50 MW/400 MWh system will be built near the existing 249 MW Limondale Solar Farm in New South Wales (NSW). Tesla will supply the Megapack batteries, and Beon Energy Solutions will handle the project’s civil, structural, electrical, and control works. Construction is set to begin in late 2024, with commissioning expected in late 2025. The project aligns with New South Wales’ energy transition goals by storing excess renewable energy and releasing it when needed. It marks RWE's first eight-hour battery project to reach this stage and is part of RWE's broader strategy to expand its global battery portfolio to 6 GW by 2030. RWE plans to invest approximately AUD 6 billion in solar, battery storage, and wind power in Australia, emphasizing the country as a key growth market for renewable energy. https://lnkd.in/erm_HZUw #RWE #EnergyStorage #OdinGlobal

Innergex has commenced operations of its second large-scale battery energy storage system (BESS) in Chile, a 35MW/175MWh facility located in the Atacama Desert. This BESS, associated with the San Andres solar PV plant, shifts solar generation from daytime to evening and participates in energy trading in Chile's highly volatile electricity market. The project is expected to generate annual revenues between $6-8 million. This follows Innergex's first large-scale BESS in Chile, the 50MW/250MWh Salvador project, operational since October 2023. Both projects utilize equipment from Prevalon, a system integrator. BESS are being added to solar PV projects in Chile in order to reduce curtailment and negative prices due to over-production, while standalone projects are being built to capitalise on energy market volatility. The government passed a bill in late 2022 allowing standalone projects to operate in the market, and gigawatts of both co-located and standalone projects are coming online in the next few years. https://lnkd.in/ecGWtunp #EnergyStorage #Chile #OdinGlobal

Recurrent Energy, a subsidiary of Canadian Solar Inc., has secured a €1.3 billion financing deal to support the development and construction of solar and battery energy storage projects across several European countries, including Spain, Italy, the UK, the Netherlands, France, and Germany. This multi-currency revolving credit facility, which has an initial size of €674 million and can be upsized to €1.3 billion, will be available for three years with optional extensions. The financing will first support the near-term construction of nearly 1 GW of solar capacity, mainly in Spain and the UK. Recurrent Energy has a global project pipeline of 26 GW of solar and 56 GWh of battery energy storage. The financing agreement was supported by several financial institutions, including Santander Corporate & Investment Banking (CIB) and ING, among others. This deal marks a significant step in Recurrent Energy's growth and transformation into a leading independent renewable energy producer. https://lnkd.in/eFuF7FHn #ProjectFinance #EnergyTransition #OdinGlobal