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DNV Certifies ADNOC’s CO₂ Storage Site in UAE, a Middle East First
TotalEnergies Partners with Air Liquide for Renewable Hydrogen at La Mède
Ørsted Launches $500mm Solar Project and Land Conservation Initiative
RWE and Peabody Develop 5.5 GW Solar and Storage Projects on Reclaimed Mines
TotalEnergies’ Statement on its Investments Related to Adani Group in India
EQT and Blackstone Partner in $3.5 Billion Midstream Venture
ONEOK to Acquire Remaining EnLink Midstream Units in $4.3 Billion Deal
The almost headlines
In case you missed
Certification milestone: DNV certified the feasibility of ADNOC’s West Aquifer CO₂ storage site, the first in the Middle East, advancing regional carbon capture and storage (CCS) efforts.
Strategic alignment: This supports ADNOC’s target of net zero by 2045 and the UAE’s Net Zero 2050 Strategy, reinforcing broader climate goals.
Project scope: Certification validates the Simsima and UER saline reservoirs under DNV-SE-0473 guidelines, based on ISO 27914 standards for long-term CO₂ storage.
Expansion plans: ADNOC aims to increase CCS capacity to 10 million tonnes annually by 2030 as part of its strategy to reduce industrial CO₂ emissions.
The agreement: IAG (International Airlines Group) will purchase commercial volumes of e-SAF from Infinium over the next 10 years, with deliveries starting in 2026.
E-SAF benefits: Produced from water, waste CO2, and renewable energy, e-SAF reduces lifecycle greenhouse gas emissions by 90% compared to conventional jet fuel.
Production hub: Infinium’s Project Roadrunner facility in West Texas will supply the fuel and is expected to be the world’s largest e-SAF producer when fully operational.
Investor backing: Infinium’s project has received funding from Brookfield Asset Management and Breakthrough Energy Catalyst.
Market reach: IAG’s five airlines—Aer Lingus, British Airways, Iberia, LEVEL, and Vueling—will have access to e-SAF, supporting the group’s broader sustainability initiatives.
Global leadership: IAG currently accounts for 12% of global SAF usage and continues to prioritize decarbonization through new aircraft investments, fuel efficiency, and carbon removal.
Decarbonization focus: TotalEnergies is collaborating with Air Liquide to produce 25,000 tons of renewable hydrogen annually at the La Mède platform in France.
CO₂ impact: Combined with the existing Masshylia project (with ENGIE), this initiative is projected to cut 130,000 tons of CO₂ emissions annually at the biorefinery.
Investment: The project represents a €150 million investment, with production expected to commence in 2028.
Broader goals: The hydrogen produced will support biodiesel and sustainable aviation fuel (SAF) production, advancing TotalEnergies’ goal of reducing 3 million tons of CO₂ emissions per year by 2030.
The deal: Rivian received a conditional loan commitment of up to $6.6 billion from the U.S. Department of Energy’s Advanced Technology Vehicle Manufacturing (ATVM) Program.
Key purpose: Funds will support the construction of a new manufacturing facility in Stanton Springs North, Georgia.
Production boost: The plant aims to deliver 400,000 EVs annually, with Phase 1 production starting in 2028.
Investors involved: Financing was led by First Citizens Bank, with support from ATLAS SP Partners and HASI.
Portfolio scale: Funds will support 300 MW of community solar projects across nine states, including California, Colorado, and New York.
Operational timeline: Projects, totaling 96 installations, are expected to come online by 2026.
Significance: The deal represents one of the largest financing agreements for distributed generation solar, aimed at enhancing clean energy access.
Project launch: Ørsted’s 468 MW Mockingbird Solar Center in Texas is its largest solar initiative, expected to power 80,000 homes.
Conservation milestone: Ørsted donated 953 acres to The Nature Conservancy, creating the Smiley Meadow Preserve to protect rare tallgrass prairie.
Long-term goals: Ørsted continues to expand its U.S. portfolio, targeting 6 GW of clean energy capacity.
Partnership scope: RWE is acquiring a majority stake in R3 Renewables LLC, with Peabody retaining 25% equity interest.
Capacity: The initiative includes 10 solar and storage projects, expected to generate enough energy for 850,000 homes.
Economic benefits: Projects will create local jobs, boost tax revenue, and support agricultural land preservation.
Geography: Reclaimed mine sites in Indiana and Illinois serve as development hubs.
Funding details: Vast Renewable Limited was awarded $30 million by the Australian Renewable Energy Agency (ARENA) to advance concentrated solar thermal power (CSP) technology.
CSP advantage: Technology stores solar energy as heat, providing dispatchable and reliable power for Australia’s high solar exposure.
Applications: The Vast Solar 1 project in South Australia will generate clean electricity for the grid and support a co-located green methanol facility.
Performance: Vast’s proprietary CSP solution is positioned to deliver lower costs and higher efficiency compared to legacy systems.
Validation: A New South Wales pilot project confirmed technology viability, with commercial-scale deployment underway.
Indictment update: TotalEnergies has been informed of the indictment of certain Adani group executives for alleged corruption involving Adani Green Energy Limited (AGEL).
Key clarification: The indictment does not implicate AGEL or its related companies.
Zero tolerance: TotalEnergies rejects corruption in any form and is not involved with the issues described in the indictment.
Joint ventures: TotalEnergies holds a 50% stake in three joint ventures with AGEL, focusing on renewable energy development.
Shareholding: TotalEnergies is a 19.75% minority shareholder in AGEL.
Investment freeze: TotalEnergies will not make additional financial contributions to Adani Group until the allegations are clarified.
Deal terms: Blackstone Credit invested $3.5 billion for a non-controlling equity stake in EQT’s midstream assets, valuing the venture at $8.8 billion.
Use of proceeds: EQT plans to reduce its net debt to approximately $9 billion by the end of 2024 while maintaining growth rights for future projects.
Assets included: Infrastructure like the Mountain Valley Pipeline and other regulated transmission systems.
Deal structure: ONEOK is set to acquire all publicly held common units of EnLink Midstream in a tax-free merger valued at $4.3 billion in ONEOK stock.
Share issuance: ONEOK will issue approximately 37 million shares, increasing its total outstanding shares by 6% post-transaction.
Previous investments: ONEOK previously acquired Global Infrastructure Partners’ stake in EnLink for $3.3 billion, signaling a broader consolidation strategy.
Focus: Hanwha and TC Energy will commercialize super-critical CO₂ (sCO₂) power generation, capturing waste heat to generate carbon-free electricity.
Pilot project: The system will be tested at a TC Energy compressor station in West Virginia.
Market potential: Success could pave the way for sCO₂ systems across North America, reducing energy costs and emissions.
The situation: Northvolt AB and select subsidiaries filed for Chapter 11 in the U.S., citing restructuring needs to address short-term challenges.
Financing: Access to $245 million in debtor-in-possession funding will sustain operations during the reorganization.
Operational continuity: Flagship facilities in Sweden, such as Northvolt Ett, remain active, and the restructuring is expected to conclude by Q1 2025.
Strategic aim: Northvolt intends to secure additional investments and maintain its mission of building a European base for battery production.
New Fortress Energy Financing Update: Completed $1.2B of a $2.7B bond issuance, refinancing $2.4B in debt and raising $325M for liquidity. Second phase closes in December.
TOYO Co., Ltd Secures $150M Solar Cell Contract: TOYO will supply solar cells to a leading module manufacturer, aiming to scale production and meet growing market demand.
eSmart Systems Raises €30M: The funding will accelerate the development of AI solutions for inspecting and maintaining energy infrastructure, addressing challenges like aging grids and increased consumption.
Duke Energy Unveils Carbon-Free Microgrid: The new microgrid supports emissions-free charging for commercial vehicle fleets, promoting sustainable transportation solutions.
California Resources Corporation Appoints CFO: Clio Crespy, previously Senior Managing Director in Energy and Sustainability Investment Banking at Guggenheim Securities, will assume the role of CFO effective January 1, 2025
LanzaTech Adds Thierry Pilenko to Board: The former TechnipFMC executive brings over 40 years of energy industry expertise to support the growth of LanzaTech's carbon recycling technology.
Scout Clean Energy Celebrates Solar Milestone: The 209 MWdc Markum Solar Farm in Texas is now operational, generating enough electricity to power approximately 32,000 homes annually.
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.
