Independent power producer (IPP) Fu-Gen has secured €320 million (US$342 million) in financing for renewables, battery storage and green hydrogen projects across Europe.
Global solar installations are expected to increase five-fold, making up nearly half of all power generation by 2050 as renewables become the “new baseload”.
Spanish utility Iberdrola reported a €12 billion (US$13.6 billion) operating profit in 2021, which was 20% higher than 2020, and met its gross profit forecast for 2022 one year early, as its installed 3.5GW of renewables in 2021.
Spanish utility Iberdrola has expanded its investment in renewables and smart grid projects to €7.03 billion (US$8.15 billion) but its net profit suffered, falling 10.2% to €2.4 billion (US$2.78 billion), according to its recent financial results for 2021 release today.
Investors are turning away from fossil fuels and shifting into renewables because of falling costs and climate targets, with US banks lagging behind their European and Asian counterparts
Green energy investments in developing countries will need to reach US$1 trillion within the next nine years for the world to reach net zero emissions by 2050, according to the International Energy Agency (IEA).
Danish renewables developer Ørsted has said it plans to invest DKK 350 billion (US$57 billion) by 2027 to reach 50GW of installed clean energy capacity by the end of the decade.
Financial commitments for utility-scale renewables projects in Australia have slowed to the lowest level in the past five years, according to the Clean Energy Council (CEC), which revealed investment in large-scale batteries in the country is booming.
