Thai-listed Banpu acquires 78.5MW solar plants in eastern China
Thailand’s Banpu mining and power company has announced that it will expand into China with the acquisition of four solar PV parks with a combined capacity of 78.5MW.
All four parks are located in the Shandong province in eastern China. The purchase, valued at US $93 million, comes as the company’s power plant subsidiary, Banpu Power PCL (BPP), works toward generating 20 percent of its power from renewable sources by 2025.
The company’s CEO, Somruedee Chaimongkol, said: “Entry into solar power in China is part of BPP’s strategy to invest in markets with attractive growth fundamentals and strong government support.”
The deal remains subject to a successful connection to the grid in the middle of this year.
Banpu is reportedly looking to increase its PV portfolio in the Japanese market, as well. The company suffered losses in Q1 this year due to unfavourable coal market conditions globally.
Drax advances biomass strategy with Pinnacle acquisition
The Group’s enlarged supply chain will have access to 4.9 million tonnes of operational capacity from 2022. Of this total, 2.9 million tonnes are available for Drax’s self-supply requirements in 2022, which will rise to 3.4 million tonnes in 2027.
The £424 million acquisition of the Canadian biomass pellet producer supports Drax' ambition to be carbon negative by 2030, using bioenergy with carbon capture and storage (BECCS) and will make a "significant contribution" in the UK cutting emissions by 78% by 2035 (click here).
This summer Drax will undertake maintenance on its CfD(2) biomass unit, including a high-pressure turbine upgrade to reduce maintenance costs and improve thermal efficiency, contributing to lower generation costs for Drax Power Station.
In March, Drax secured Capacity Market agreements for its hydro and pumped storage assets worth around £10 million for delivery October 2024-September 2025.
The limitations on BECCS are not technology but supply, with every gigatonne of CO2 stored per year requiring approximately 30-40 million hectares of BECCS feedstock, according to the Global CCS Institute. Nonetheless, BECCS should be seen as an essential complement to the required, wide-scale deployment of CCS to meet climate change targets, it concludes.