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industry investing in coastal communities and beyond.” The Marine Energy Council, advocating for
consistent support and ambitious targets, urges for at least 300MW of wave energy deployment by 2035. This call comes in the wake of the organization’s recent testimony to the UK Government’s Energy Security and Net Zero Select Committee, emphasizing the opportunity to embed UK content in marine energy projects. Anders Jansson, Head of Business Development at CorPower Ocean, hailed the recent progress as an inflection point for wave energy, signaling its readiness for widescale adoption. “We’ve taken giant leaps in recent years to prove wave energy technology at commercial scale. Our latest progression marks a crucial milestone for the sector addressing the two major obstacles which have hampered commercial adoption to date – survivability and efficient power generation in normal ocean conditions,” he said. LUT University’s research, as detailed in their
recent publication, underscores the economic attractiveness of wave power for the entire energy system. The report emphasizes the need for a comprehensive renewable energy mix, including wind, solar, wave, tidal, geothermal, biomass, and hydropower, to achieve 100% renewable energy. Researchers believe a fossil- nuclear approach with less sustainability and higher costs can be avoided.
Australia EDF to develop Dungowan pumped storage EDF has acquired the Dungowan pumped hydro energy storage project (Dungowan PHES) in New South Wales, Australia. It is set to co-develop the project with the assistance of Australian owned companies Mirus Energy and Energy Estate. Located in the New England Renewable
Energy Zone, the Dungowan PHES is proposed to have a capacity of 300MW for up to 10 hours of energy storage and will be located downstream of the existing Dungowan dam. “The acquisition and joint development of
the project is testimony to EDF’s continued commitment to develop critical, clean energy infrastructure in Australia,” commented James Katsikas, EDF Australia CEO. “We’re particularly looking forward to working with all local stakeholders to ensure the project is a model of sustainable development and a source of real pride for the region.”
Sweden Vattenfall and Borealis announce first long-term hydropower PPA in Sweden Vattenfall and Borealis have inked a deal for their first long-term renewable hydropower purchase agreement (PPA) in Sweden. Borealis, a provider of advanced polyolefins solutions
and a pioneer in polyolefins recycling, will now benefit from Vattenfall’s renewable energy supply, sourced from hydropower plants along the Lule River in northern Sweden. The agreement, which commenced in January 2024, will see Vattenfall supplying Borealis’ operations in Stenungsund with 175 GWh per year of clean, renewable hydropower. This collaboration underscores both companies’ commitment to sustainability and marks a significant stride towards reducing carbon emissions in the region. “We strive to support our customers in achieving their sustainability goals so we are pleased about the cooperation with Borealis and the opportunity to provide energy solutions that meet Borealis’ ambitious sustainability targets,” said Branislav Slavic, Head of Customers & Solutions Nordics Vattenfall. “The agreement makes it possible for Borealis to have a long-term power deal based on fossil free production. The partnership also underlines our ambition to become a leading provider of corporate PPAs.” This development represents a notable
move towards decarbonisation, as the renewable electricity generated through the new PPA is anticipated to result in a reduction of approximately 6,800 metric tons per year in Borealis’ Scope 2 emissions from its Stenungsund1 facility. Over the course of the ten-year PPA, this will amount to a total of 68,250 metric tonnes of prevented Scope 2 emissions.
“By partnering with Vattenfall for this ten-year Power Purchase Agreement, we are taking a major step towards achieving our ambitious Energy & Climate targets, showcasing our dedication to re-inventing essentials for sustainable living,” commented Wolfram Krenn, Executive Vice President Base Chemicals & Operations. ‘This long-term collaboration carries significant importance, catapulting Borealis beyond the critical milestone of securing over 40 per cent of our electricity for our Polyolefins and Base Chemicals operations from renewable sources well ahead of time.” This agreement moves Borealis closer to its goal of utilizing 100 percent renewable electricity in the production processes of its Polyolefins and Base Chemicals segments by 2030.
Ecuador
SolGold announces hydro-solar energy initiative at Cascabel Project SolGold PLC has signed a Memorandum of Understanding (MOU) with Grupo Empresarial Semaica (Semaica Business Group), Enerhydra, and Constructora Nacional S.A for the development of a hydro-solar initiative to power SolGold’s flagship Cascabel Project in Northern Ecuador. The MOU outlines the shared objectives and responsibilities of each party towards the
development of a sustainable power project that will deliver approximately 200MW of clean, renewable energy to the Cascabel site. Key considerations within the agreement include a potential Power Purchase Agreement (PPA), financing arrangements, construction responsibilities, technical aspects, project operation, and the ultimate end-user of generated energy. SolGold’s role in the partnership will focus
on leveraging its position as an end-user to qualify for discounted power rates upon project completion. Moreover, the company is committed to supporting its partners in fundraising efforts. Environmental stewardship and sustainable economic development are central to all terms of the agreement. Scott Caldwell, CEO and President of SolGold Ecuador, expressed his enthusiasm for the initiative, highlighting the potential for Cascabel to become one of the world’s largest copper-gold mines with a carbon-neutral footprint.
“Cascabel is already a remarkable project, but the prospect of harnessing clean hydroelectric and solar energy elevates its potential even further. When we speak of world-class mines, it is about more than tonnes of ore; it is about the impact and legacy of the project locally and globally,” Caldwell said. “This endeavour could position Cascabel as one of the world’s largest copper-gold mines aiming to achieve a carbon-neutral footprint. By embracing green energy to extract copper, we are actively contributing to the green revolution and leading the way for others to do the same. I am delighted to formalize this MOU with Semaica Business Group, Enerhydra, and Constructora Nacional, esteemed innovators and leaders in their fields.” Financing for the Project is expected to be
secured through various sources, including international financial institutions specializing in sustainable energy investments. The utilization of hydroelectric and solar power sources is anticipated to provide significant cost savings over traditional energy sources, ensuring long- term operational efficiency and sustainability. The initiative is poised to have a positive impact on local communities surrounding Cascabel, through job creation, skill development, and infrastructure improvements. Ing. Mauricio Martinez Fernández, President of Semaica Business Group, commented: “We are thrilled to embark on this partnership with SolGold. The world’s demand for copper is ever-growing, and Ecuador requires increased energy capacity. Semaica is honoured to address these global and local needs by collaborating on one of Ecuador’s largest private energy initiatives. We are dedicated to advancing this Project sustainably in cooperation with all stakeholders involved.” “This MOU marks an auspicious beginning for what we envision as a world-class renewable energy project in Ecuador,” added Bénard Torres, CEO of Enerhydra. “With our
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