Sembcorp mandated to build, own, and operate Oman’s first greenfield renewables project

Key Insights and Signals in Energy & Utilities

ACWA Power signs power purchase and investment agreements for projects in Uzbekistan
ACWA Power signed agreements with Uzbekistan’s NEGU and Ministry of Investment, Industry, and Trade to develop solar projects and battery energy storage systems. The projects will include a 400 MW PV plant and 500 MWh BESS in Tashkent, two 500 MW PV projects, and a 500 MWh BESS in Samarkand. Read More>>
New Fortress Energy signs contract to provide 150 MW Of fast power in Puerto Rico
New Fortress Energy agreed to install and operate 150 MW of power generation at the Palo Seco Power Plant alongside natural gas supply. This move will allow maintenance and repair work to be carried out on Puerto Rico’s power system and grid, enabling a transition to a cleaner, more reliable energy system. Read More>>
Vestas gets 50-Megawatt order in Finland
Vestas received a 50MW order from Prime Capital AG for the Lappfjard Extension project in Kristinestad, Finland. The order comprises eight V162-6.2 MW turbines, which include installation and commissioning and a 20-year service agreement. Read More>>
Sembcorp-led JV wins 500MW Manah II solar power project
Sembcorp announced a joint venture with Jinko Power Technology Company to build Oman’s Manah II Solar Independent Power Project. The 500MW solar plant is expected to be operational by 2025, with a 20-year power purchase agreement with Oman Power and Water Procurement Company. Read More>>
NTPC Green Energy inks pact with IOCL
NTPC signed a Joint Venture Agreement with Indian Oil Corporation to establish renewable energy projects that will meet the round-the-clock power requirements of IOCL Refineries. The joint venture will allow both companies to achieve the Indian government’s Clean Energy Targets in their core businesses. Read More>>
QScale and Energir Development join forces to drive decarbonization
QScale is teaming up with QScale to maximize waste heat recovery in Quebec, focusing on the QScale Q01 campus in Lvis. The collaboration aims to Waste heat recovery involves reusing excess heat generated by a company in its surrounding area, making it an important tool in reducing carbon emissions. Read More>>
Centre Setup and Expansion
PowerCo begins construction of Valencia gigafactory
The company started constructing its second European gigafactory near Valencia in Spain. Production of unified cells at the EUR 3 Bn (USD 3.2 Bn) facility is set to begin in 2026. It expands the company’s global presence, and these developments reflect its commitment to accelerating growth and innovation. Read More>>
Merger and Acquisition
Vistra Energy expands nuclear capacity with USD 3.43 Bn acquisition of Energy Harbor
The company is set to acquire Energy Harbor for $3.43 billion, adding approximately 4,000 megawatts of nuclear capacity and a million retail customers to its portfolio. Through the acquisition, Vistra will launch a new nuclear vertical called Vistra Vision, which will own all Vistras nuclear and retail businesses. Read More>>
Executive Movements
Vitol creates a new Head of Transition role
Vitol appointed Eduard Ruijs to the newly created role of Head of Transition. Ruijs, who previously served as Managing Director and Head of EMEA BlackRock Global Infrastructure Funds, will oversee Vitol’s expanding portfolio of transitional and sustainable investments. Read More>>
Portland General Electric Co announced changes in its Board of Directors and executive leadership
The company appointed Benjamin Felton as their new Executive Vice President and Chief Operating Officer. Mr. Felton has previously served as the Senior Vice President of Energy Supply at DTE Energy and Senior Vice President of Electric Operations at Northern Indiana Public Service Company. Read More>>
Clean Harbors appoints Karyn Polito to the Board of Directors
Clean Harbors appointed Karyn Polito to its Board of Directors, effective immediately. Ms. Polito served as Lieutenant Governor of Massachusetts from 2015 to 2023 alongside Governor Charlie Baker. With this appointment, the Clean Harbors Board now has 13 members, 12 of whom are independent. Read More>>
Product Launch
JinkoSolar launches SunGiga liquid-cooling ESS for C&I in PV Japan
The liquid cooling system for more even heat dissipation and highly intelligent auto control system results in temperature difference between individual batteries within 2 degrees Celsius, thereby extending the lifetime of batteries which can increase capacity by 10%. Read More>>
Financial and Market Activity
A2A will double revenues in 2022 and confirm dividend
The company announced the financial report. The revenues doubled to EUR 23.17 Bn (USD 25.27 Bn) from EUR 11.55 Bn (USD 12.59 Bn) last year. Additionally, Ebitda increased by 5.4% YoY to EUR 1.51 Bn (USD 1.64 Bn), while Ebit also showed a positive trend. Read More>>
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Latest Industry Insights from Draup Braindesk

Renewable Energy Industry
  • The drive for energy security and reduction of greenhouse gas emissions, coupled with reluctance towards traditional nuclear power and limited progress in its application, is expected to boost demand. 
  • Governments of various developing and developed countries have focused on promoting renewable energy sources due to increased output efficiency, less pollution, and low maintenance costs. 
  • All these factors collectively surge the demand for renewable energy 
  • The industry is expected to grow at a CAGR of 8.4% over the next five years to reach a USD 1682.31 Bn market size.
Energy Management Industry
  • Energy use across commercial, industrial, and public sector organizations has fueled the demand for energy management systems. 
  • The pace of digitization and the paradigm shift in electrification has fostered the demand for energy management system software. 
  • With fluctuating production rates for renewable energy, the demand must be accurately forecasted and energy production and distribution systems sustainably managed.
Biogas Recovery
  • AgStar promotes biogas recovery systems to reduce methane emissions from livestock waste. In addition to producing biogas, anaerobic digestion systems can help achieve other social, environmental, agricultural, and economic benefits.
Mitigate Power Generation Effect on the Environment
  • The Combined Heat and Power Partnership is a voluntary program seeking to reduce the environmental impact of power generation by promoting the use of CHP. The Partnership works closely with energy users, the CHP industry, state and local governments, and other clean energy stakeholders to facilitate the development of new projects and to promote their environmental and economic benefits.

Key Funding Alert

ExxonMobil Corporation explains it planned USD 15 Bn investments in Namibe Basin Independent Newspaper Nigeria
The ANPG, Exxon, and state-owned Sonangol signed an addendum to blocks 30, 44, and 45 in the Namibe Basin to make exploration in the area more competitive. This move is part of the Angolan government’s effort to attract investment into the oil sector. Read more>>

Startup Spotlight

Company – Summit Nanotech
Total Funding  USD 65.83 Mn
About: Summit Nanotech is changing Lithium access for the energy transition. It helps mining firms and lithium asset owners in Chile and Argentina conserve natural resources and optimize operations with unique and sustainable direct lithium extraction (DLE) technology. Read more>>
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