Energy Absolute to Invest $1.4 Billion in Renewable Energy Over Next Three Years
Energy Absolute announced it will be investing $1.4 billion in wind and solar projects over the next three years to boost its generation capacity. The company’s shares have already tripled this year and this move could seem them increasing further.
Its generating capacity is expected to increase to 570 MW in 2017 from its current 100, according to Chief Financial Officer Amorn Sapthaweekul.
The company is currently spending 17 billion baht on two solar projects that will have a combined generating capacity of 180 MW. The company also plans to invest 29 billion baht on wind farms that would generate up to 390 MW.
Traditionally a biodiesel company, Energy Absolute is looking to take advantage of increased ease of access to Thailand’s national grid to ramp up its generating capacity. In 1992, Thailand began providing incentives to reduce the country’s reliance on imported power, prompting the shift toward new forms of energy. According to the Thai Energy Ministry, solar and wind capacity is expected to rise to 4,800 MW by 2021 from 1,046 MW currently.
“The company has a strong ambition to become the leading operator of renewable energy in Thailand and the region,” Sapthaweekul said in an interview. “Revenue from solar and wind power plants will outstrip the company’s traditional biodiesel business after the completion of those new plants in the next few years.”
The company is currently on the rise and is developing several of Thailand’s biggest solar farms. Also, the company’s founder Somphote Ahunai became a billion recently with the tripling of its stock. Q2 earnings exploded with a six-fold increase to a total of 408.4 million baht.
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.