[WATCH]: The Evolving Financial Landscape for Renewable Energy
The way we think about renewable energy investing is changing, as costs are falling and demand is rising. In this panel from NYU's School of Law, a group of professionals discuss the issues surrounding renewable energy financing and how the landscape is currently changing. Speakers at the panel include:
- Neil Auerbach (LLM ’84), CEO, Hudson Clean Energy Partners
- Steve Corneli, SVP, Policy & Strategy at NRG Energy
- Eli Katz (LLM ’04), Partner, Chadbourne & Parke LLP
- Dana Sands, Managing Director at TAG Energy Partners
- Jason Segal, Managing Director, Aldwych Capital Partners and Managing Partner, Environment and Renewables Group
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.