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Intersect Power Teams with Google & TPG Rise Climate for Clean Energy-Data Center Synergy
Equinor and Shell to Create UK’s Largest Independent Oil & Gas Company
Kinetik Acquires Gas and Crude Gathering Systems in $180M Delaware Basin Deal
Energy Transfer’s Hugh Brinson Pipeline to Expand Permian Gas Capacity
Carbon TerraVault and Net Power Partner on Low-Carbon Power in California
J.P. Morgan’s Campbell Global Acquires 40,800 Acres of Timberland in Washington
Quaise Energy Partners with Nevada Gold Mines to Decarbonize Mining with Geothermal
Nation’s Largest Proposed Solar & Storage Project Gets Final Approval in Oregon
The almost headlines
In case you missed
Strategic partnership: Intersect Power, Google, and TPG Rise Climate have joined forces to co-locate data centers with renewable power and storage solutions.
Investment scale: The collaboration targets $20 billion in renewable energy infrastructure by 2030, with the first co-located project operational by 2026 and fully complete by 2027.
Power-first model: This innovative approach prioritizes renewable energy deployment, aiming to improve reliability, reduce costs, and minimize the need for long-distance transmission.
Google's role: Amanda Peterson Corio of Google highlights the importance of integrating clean power to support the tech giant’s expanding data center operations.
Funding secured: The initiative has raised over $800 million, led by TPG and Google, with support from Climate Adaptive Infrastructure and Greenbelt Capital Partners.
Portfolio expansion: Intersect Power currently operates 2.2 GW of solar PV and 2.4 GWh of battery storage, with plans to scale to 4 GW of solar and 10 GWh of storage by 2025.
Investment scale: $10B data center on 2,250 acres, with 4M sq. ft. of tech campus.
Economic boost: Will create 500+ direct jobs, 1,000+ indirect jobs, and involve 5,000 workers at construction peak.
Clean energy: Partnering with Entergy to run entirely on renewables, with investments in low-income programs and local infrastructure.
Timeline: Construction begins Dec 2024, continuing through 2030.
Joint venture: Equinor and Shell are merging UK offshore assets to form the largest independent oil and gas company in the UK.
Ownership & output: Equally owned by both companies, the venture aims for 140,000+ barrels of oil equivalent per day by 2025.
Strategic focus: The entity will extend field life, optimize UK Continental Shelf assets, and boost domestic energy security.
Self-funded: No additional investments planned; operations will be headquartered in Aberdeen.
Timeline: Deal takes effect January 1, 2025, pending regulatory approval.
Transaction details: Kinetik Holdings Inc. has entered into a definitive agreement to acquire natural gas and crude oil gathering systems from Permian Resources for $180 million.
Asset overview: The acquisition spans approximately 60,000 gross operated acres in Reeves County, Texas, under long-term, fixed-fee agreements.
Capacity boost: Kinetik gains over 250 MMcf/d of electric compression capacity and a private electric distribution system, enhancing operational control.
Volume expectations: By 2025, the systems are projected to deliver 150 MMcf/d of natural gas gathered volumes and 25,000 barrels/day of crude oil gathered volumes.
Phase I: 400 miles, 1.5 Bcf/day capacity, linking Waha to Maypearl, Texas; operational by 2026.
Phase II: Compression upgrades to reach 2.2 Bcf/day, contingent on demand.
Cost: $2.7B total investment, backed by long-term commitments.
Collaboration: Carbon TerraVault (a CRC subsidiary) and Net Power signed an MOU to develop ultra-low emission power plants in California.
Project scope: The partnership aims for 1 GW of capacity, with 3.6M metric tons of CO2 sequestered annually.
Tech footprint: Modular plants (<20 acres each) will generate up to 250 MW and offer multi-plant scalability.
Future impact: TerraVault’s projects could enable 7.8M metric tons of CO2 storage and 2.1 GW of low-carbon capacity.
Property: The Tyee timberland spans 40,800 acres on the Olympic Peninsula, managed for carbon capture and timber production.
Environmental focus: Certified by the Sustainable Forestry Initiative, it includes 165 miles of fish habitats and 6,500 acres of streamside preservation.
Wildlife: Hosts species like the northern spotted owl and bald eagle alongside 20 million trees of Western Hemlock and Douglas Fir.
Scale: Campbell Global, managing over 5M acres globally, continues to expand its sustainability-driven timberland portfolio.
Carbon impact: Credits represent 47,000+ tons of CO2 captured from methane at the Lunenburg Landfill in Virginia.
Sustainability: Supports landfill gas (LFG) systems for early methane destruction and emissions reductions.
Growth plans: Vision RNG is expanding LFG projects to generate more credits while helping partners maximize landfill gas benefits.
First-of-its-kind: Quaise Energy and NGM are piloting geothermal retrofitting at NGM’s TS Power Plant, targeting a 30% GHG reduction by 2030.
Hybrid approach: Combines geothermal heat with NGM’s existing 200 MW solar plant and cleaner-burning natural gas.
Tech breakthrough: Uses millimeter wave drilling to access deep geothermal heat, enabling decarbonization of heavy industries.
Strategic shift: Aims to reposition fossil-fired assets as renewable baseload power sources.
Funding: Series D round led by Congruent Ventures will scale AMP’s AI-driven recycling tech.
Deployment: AMP ONE systems will expand across municipal solid waste and single-stream recycling facilities.
Innovation: AI enables real-time sorting of recyclables and contaminants, reducing manual labor and boosting safety.
Operational scale: Over 400 AI systems deployed globally, including partnerships with Waste Connections in Colorado.
Leadership: New CEO Tim Stuart and CTO Matanya Horowitz steer the company’s ambitious growth.
Strategic partnership: Dow and Macquarie Asset Management are teaming up to create Diamond Infrastructure Solutions, focused on industrial infrastructure.
Initial stake: Macquarie to acquire 40% of Dow’s U.S. Gulf Coast assets, with an option to increase to 49% within six months.
Financial impact: Dow to receive $2.4B upfront, potentially $3.0B if the option is exercised, reinvesting proceeds into higher-growth opportunities.
Ownership: Dow retains majority control to ensure reliable operations.
Ambition: 13 GW capacity from existing and development projects, with up to $5.8B investment by 2030.
Geographic focus: North-West Europe, Australia, Japan.
Leadership: Joint HQ in London, with JERA appointing CEO and bp the CFO.
Timeline: Formation expected by Q3 2025, pending approvals.
Scale: The 2.4 GW Sunstone Solar Project by Pine Gate Renewables includes 1,200 MW of solar and 1,200 MW of storage capacity.
State support: Oregon’s Energy Facility Siting Council granted final approval
Timeline: Construction begins in 2026 after engineering and procurement kick off in early 2025.
Grid connection: Power will flow through Bonneville Power Administration via Umatilla Electric Cooperative.
Company vision: Pine Gate, operating 17 projects in Oregon, is scaling its 30 GW project pipeline to lead the clean energy transition.
Devon Energy CEO Rick Muncrief to Retire; COO Clay Gaspar to Take the Helm: Rick Muncrief, Devon Energy’s CEO, will retire on March 1, 2025
Kinder Morgan Projects 8% EPS Growth for 2025: $2.3B investment in Natural Gas Pipelines and Energy Transition Ventures
Arevon Launches Eland 1 Solar-Plus-Storage Project in California
Capacity: Eland 1, now operational in Kern County, combines 384 MW of solar with 150 MW of energy storage.
Expansion: Eland 2, under construction, will bring the combined project to 758 MW solar and 300 MW storage by Q1 2025.
Investment: Total capital costs exceed $2 billion
Canadian Nuclear Labs & CCC Partner to Expand Global Nuclear Energy
Avantus & APS Ink PPA for Kitt Solar-Plus-Storage Project: 100 MWac solar, 400 MWh storage, powering 32,000 homes
Chevron Announces $14.5–$15.5B Capex Budget for 2025: 2025 Capex: Organic spend set at $14.5–$15.5B, with an additional $1.7–$2.0B for affiliates—a $2B drop year-over-year.
Check out the latest Sunya Stories podcast with JP Morgan’s Rama Variankaval.
Rama Variankaval is Global Head of Corporate Advisory & Sustainable Solutions at J.P. Morgan. This group combines the capabilities of Corporate Finance Advisory, Center for Carbon Transition, Sustainable Solutions, and Infrastructure Finance Advisory.
We talk energy transition, carbon reduction, and the impact of AI on energy.
This episode is audio-only and you can find it on Spotify or Apple Podcasts as well.
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
