Gamesa and Iberdrola, Spain's largest wind manufacturer and developer, have decided to part ways and terminate their strategic partnership for the development of wind farms. The two companies have states this development is the result of global economic downturn, and the core changes in both companies' strategies.
Timken Company announced the company, along with Stark State College and the Stark County Port Authority, broke ground at the new wind energy research facility in Ohio, USA. The new facility, representing a USD 11.8 million investment, will be the first of its kind in the US, according to the company. Its main research focus will be on the development of ultra-large bearings and seals aimed at the large multi-megawatt wind turbine industry.
GE Capital and Mitsui have entered into a strategic partnership. Mitsui will establish an investment management program, and co-invest with GE Capital in US commercial finance assets. What is of interest to us in this bit of news is the fact the companies will also explore opportunities in financing for original equipment manufacturers and renewable energy.
Enel is going to invest USD 127 million in El Salvador's energy sector next year, as part of the original plan from three years ago. The original investment was stalled due to arbitration proceedings against ENEL Investment Energy (INE) and the Lempa River Hydroelectric Executive (CEL), which wouldn't allow the funding to take place. This would have given Enel a 50% stake in LaGeo, a Salvadoran geothermal development company. Since the arbitration proceedings have been concluded, Enel is back to make the investment.
RWE has signed a long-term power purchase agreement with Deutsche Bahn. For the next 15 years RWE Innogy will supply Deutsche Bahn with electricity generated at the company's own hydropower plants at the rivers Mosel, Saar, Rhine, Ruhr and Rur.
India is reported to be setting up an indepentent environmenta regulatory body, in order to lessen the pressure of making unpopular decisions to protect the eco system by dissallowing development. So far, the Environment Ministry has been slowing down investments by putting a hold on major projects.
Siemens and Lynas Corporation (Australia) have signed a letter of intent to form a joint venture for rare earth neodymium based magnets. Magnets made from this kind of material are used by Siemens for the production of energy efficient drive applications and wind turbine generators. Lynas' part in the future JV is to supply Siemens with raw materials, mostly metals which contain neodymium through long-term supply contracts.
IRENA (International Renewable Energy Agency) is hosting high-level talks in Abu Dhabi for the next three days with the main topic being the acceleration of deployment of renewable energy projects in Africa. Forty-five African countries, including 30 ministers and assistant ministers have confirmed their participation. Other participants include representatives from the African Union, UNIDO, IPCC, UNEP, India, China, Germany, France, Japan and the UAE. This ministerial gathering is expected to help start the process of development, including scenarios and strategies for the African continent which deal with the constraints regarding the development of renewable energy.
Arizona is already a major investment area as far as renewable energy companies are concerned in the US market. This US state is alreadu home to more than a 100 solar energy companies, including two of a few of the biggest in the industry, Suntech and First Solar. The state har recently passed the Arizona Competitiveness Package, which will significantly enhance opportunities in this sector.
There had been reports that RWE may be planning to sell npower, its UK subsidiary, and one of the largest energy suppliers in the country, for about GBP 5 billion. RWE is trying to cut its debt, and is selling various assets, with a plan to raise about EUR 8 billion (USD 11 billion). The most likely buyer for npower is Spanish Iberdrola. If this turns out to be true, Iberdrola will have acquired a company which employs 11000 people, and supplies about 6.8 million homes in Britain with electricity. Additionally, npower has significant involvement in the renewable energy sector in the UK, including offshore wnid projects such as the Galloper wind farm project (Round 2) and Gwynt y Mor, but also in Round 3 offshore wind projects. It is not clear however, whether Iberdrola will get these projects as part of this acquisition, should it really happen.
