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Crescent Midstream to develop carbon capture for Entergy nat gas power plant
Air France-KLM ramps up its SAF offtake agreement with TotalEnergies
Twelve raises $645 mm led by TPG for CO2 to jet fuel and electrochemicals
Norway's Equinor scraps plans to export blue hydrogen to Germany
Brookfield raises $2.4 billion for Catalytic Transition Fund with ALTÉRRA as anchor
Ara Partners launches strategy to decarbonize energy value chain with HF Capital
Google introduces renewable power procurement framework in Nebraska
DOE announces $3 billion to support battery manufacturing sector
The almost headlines
In case you missed
Constellation has signed its largest-ever power purchase agreement with Microsoft to launch the Crane Clean Energy Center and restore Three Mile Island Unit 1.
The deal will add approximately 835 megawatts of carbon-free energy to the grid and create around 3,400 direct and indirect jobs.
Microsoft aims to use energy from the renewed plant to power its data centers with carbon-free energy as part of its sustainability efforts.
Significant investments will be made to restore the plant's infrastructure in preparation for its restart, including the turbine and cooling systems.
The restart of the reactor requires approval from the U.S. Nuclear Regulatory Commission and relevant state and local agencies.
The Crane Clean Energy Center is expected to be operational by 2028 and plans to extend plant operations to at least 2054.
Constellation purchased TMI Unit 1 in 1999 and operated it before it was shut down in 2019 due to economic reasons, having maintained high reliability during its operation.
Crescent Midstream will lead the development of a carbon capture and sequestration project for Entergy Corporation's 994 MW Lake Charles Power Station in Westlake, Louisiana.
The completed project would be one of the largest CCS projects in the United States, capturing annual commercial carbon dioxide emissions equivalent to 600,000 motor vehicles.
This project, in partnership with SAMSUNG E&A and utilizing Honeywell capture technology, aims to construct a carbon capture facility and pipeline capable of capturing and transporting 3 million tons of CO2 per year.
The project represents a collaboration between Entergy, Crescent, SAMSUNG E&A, and Honeywell, with an estimated cost of around $1 billion.
Crescent Midstream is supported by The Carlyle Group.
TotalEnergies signed an agreement with Air France-KLM to supply up to 1.5 million tons of sustainable aviation fuel over a 10-year period until 2035.
This agreement is one of the largest SAF purchase contracts signed by Air France-KLM to date, with the group being a leading SAF user globally.
The contract builds on a prior memorandum of understanding signed in 2022 for the supply of 800,000 tons of SAF.
Air France-KLM aims to reduce its CO2 emissions per passenger/km by 30% by 2030 compared to 2019 levels, incorporating at least 10% sustainable aviation fuel on all flights.
TotalEnergies plans to produce 210,000 tons of SAF by 2025 at Grandpuits and increase production at the Gonfreville refinery to 160,000 tons annually by 2025.
Twelve announced $645 million in funding to transform CO2 into valuable chemicals and fuels.
The funding includes $400 million in project equity from TPG Rise Climate, $200 million in Series C financing, and $45 million in credit facilities.
Twelve aims to decarbonize manufacturing processes, starting with emissions from aviation.
The company plans to complete AirPlant One, its first sustainable aviation fuel plant in Moses Lake, Washington, expected to begin production in 2025.
AirPlant One will produce E-Jet fuel using patented technology that leverages biogenic CO2, water, and renewable energy, achieving lifecycle emissions up to 90% lower than conventional jet fuel.
TPG Rise Climate has committed up to $400 million in project equity to support future AirPlants for supplying E-Jet fuel to customers like Alaska Airlines and International Aviation Group.
Several investors participated in the Series C round, raising approximately $200 million, including Fifth Wall, northstar.vc, TGVP, and Alaska Airlines' investment arm.
Twelve also secured $45 million in loans to support its carbon transformation technology.
Norway's Equinor has canceled plans to export blue hydrogen to Germany due to high costs and low demand.
Equinor and Germany's RWE had previously signed a MOU to establish a hydrogen supply chain for German power plants.
The initiative involved producing hydrogen from natural gas with carbon capture and storage in Norway, delivered to Germany via an offshore hydrogen pipeline.
Equinor CEO Anders Opedal mentioned that costs could reach tens of billions of euros.
Equinor cannot advance the projects without long-term commitments from European buyers for hydrogen imports.
While plans for hydrogen-ready gas power plants in Germany with RWE will continue, hydrogen will now be procured locally rather than exported from Norway.
Discussions are ongoing between the German government and Norway regarding a new plan to convert Norwegian gas into blue hydrogen in the Netherlands.
RWE indicated that hydrogen-ready gas power plants could start production by 2030 if the German government supports them.
Equinor will pursue other early-phase hydrogen projects in Britain and the Netherlands.
Brookfield Asset Management announced an initial closing of $2.4 billion for the Catalytic Transition Fund.
The Fund aims to raise up to $5 billion for clean energy and transition assets in emerging markets.
ALTÉRRA provides a $1 billion catalytic capital investment to anchor the Fund.
Additional capital was raised from institutional investors including CDPQ, GIC, Prudential, and Temasek.
CTF has raised approximately half of its targeted total capital.
The Fund will invest in clean energy and transition assets in regions such as South America and Eastern Europe.
Ara Partners has launched a new strategy called Ara Energy Decarbonization to decarbonize conventional energy assets across North America.
This initiative is in partnership with HF Capital, which has committed up to $725 million to support these strategies.
Ara will apply its proven decarbonization capabilities to reduce carbon emissions at facilities like ethanol plants and natural gas power plants.
Shameek Konar, former CEO of Pilot, will lead the new strategy alongside a team of energy and commodities experts.
Masdar is set to acquire Saeta from Brookfield for an implied enterprise value of approximately US$1.4 billion.
The acquisition strengthens Masdar's presence in the Iberian Peninsula with a portfolio of 745MW of predominantly wind assets and a 1.6GW development pipeline in Spain and Portugal.
The transaction is expected to close around the end of 2024, pending customary approvals.
The deal advances Masdar’s growth strategy in one of the largest renewable markets in Spain and Portugal, contributing to its goal of reaching global capacity of 100GW by 2030.
The agreement includes a partnership with Endesa for 2.5GW of renewable energy assets in Spain, pending regulatory approvals.
Google has partnered with Omaha Public Power District to supply carbon-free energy resources and execute clean energy deals.
The Pierce County Energy Center, a 420-megawatt solar system with a 680MWh battery storage system, is expected to come online in 2027.
The agreement with OPPD allows sharing of clean energy capacity, benefiting all energy customers in the region.
The collaboration with NextEra Energy Resources includes access to capacity rights from the High Banks Wind Energy Center.
Google's infrastructure growth aims to add 3,200 megawatts of power by the end of the decade, primarily from renewable sources.
The DOE announced over $3 billion for 25 projects across 14 states to support domestic battery production.
The investments aim to strengthen the U.S. grid, electrify transportation, and support economic competitiveness.
The funding will retrofit, expand, and build new facilities for battery-grade processed critical minerals and components.
The initiative is part of a broader strategy to enhance America's energy security and manufacturing capacity.
The private sector has invested a historic $120 billion in the electric vehicle supply chain under this administration.
The projects will address supply chain challenges and promote a diverse portfolio of domestic battery technologies.
OPAL Fuels Announces Agreement for $11.1 Million Sale of IRA Investment Tax Credits
Holcim invests in Sublime Systems to scale up innovative low-carbon technology
Tidal Metals raises $8.5 mm Seed led by DCVC for technology to extract magnesium metal from seawater
Frontier buyers sign world’s first river liming carbon removal deal with CarbonRun
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.
