Avantus completes acquisition by KKR and closing of $522M development facility fuelling company’s growth
Avantis have announced the completion of acquisition by KKR and closing at $522 million development facility. The facility provides Avantis with the financial backing to fuel the company's growth and execute on its development portfolio, which now spans more than 30GW of solar and 94GW hours of energy storage across the Western United States.
Vineyard Wind to resume installation at the 806MW offshore project in Massachusetts following suspension order
Vineyard Wind, a joint venture between Avangrid and Copenhagen Infrastructure Partners announced that some installation is resuming at the 806MW Vineyard Wind project offshore from Massachusetts following the issuance of an updated suspension order. The project suffered blade damage at one of its turbines on July 13th. Vineyard Wind and turbine manufacturer GE Vernova presented an action plan in response to the incident. The developer said the Bureau of Safety and Environmental Enforcement has issued an updated suspension order that enables it to resume the installation of towers and nacelles. While further blade installation or power production is not allowed at this time, GE Vernova, in the meantime, is continuing with blade inspections.
Northland Power reports robust financial results with 1,100% YoY net income to $191.2M in H2 and 12% sales growth to $388M
Northland Power reported robust financial results for the second quarter and first half of 2024. These were primarily driven by exceptional performance from it's offshore wind farms. Their net income soared by 1100% year-on-year to $191.2 million in the second quarter with sales rising by 12% to $388 million. Northland attributed the strong performance to higher wind resource across it's offshore wind portfolio, contributions from operational wind farms in New York and improved revenue from its Colombian regulated EBSA due to higher market demand rate escalations and foreign exchange gains against the Colombian Peso.
Tucson Electric Power to construct 200MW BESS in southeast Tucson, Arizona
Arizona utility company Tucson Electric Power announced plans to construct a second 200MW battery energy storage system in Southeast Tucson, selecting the same site that will next year host a similar sized facility. The Roadrunner Reserve II will complement TEP's previously announced Roadrunner Reserve BESS project, which is currently under construction and create one of the largest energy storage facilities in the state of Arizona.