November’s top new stories

7 December 2018 (Last Updated July 9th, 2020 13:21)

Johnson Controls International signed an $13.2bn agreement to sell its power solutions business to Brookfield Business Partners, and France to increase its renewables budget to €71bn from 2019-28. Power-technology.com wraps up the key news stories from November 2018.

November’s top new stories
Johnson Controls International has entered a definitive agreement to sell its power solutions business to Brookfield Business Partners for $13.2bn. Credit: Herzi Pinki.

Johnson Controls to sell power solutions business for $13.2bn

Ireland-based Johnson Controls International entered a definitive $13.2bn agreement to sell its power solutions business to Brookfield Business Partners together with institutional partners that include Caisse de dépôt et placement du Québec.

The divestment is reported to be part of the on-going transformation of the Johnson Controls portfolio.


France to increase renewables budget, triple wind capacity by 2030

The French Government pledged to increase its renewables budget to €71bn from 2019-28 and plans to triple onshore wind power capacity by 2030.

President Emmanuel Macron announced that the renewables budget would increase from €5bn to €8bn annually, according to France’s energy plan released on 27 November.

Macron said in a televised speech: “By 2030, the production of the onshore wind farm will be tripled and the amount of energy produced from solar photovoltaic multiplied by five.”


Emera to sell three US natural gas plants to Carlyle for $590m

Energy utility company Emera agreed to sell its three natural gas plants in New England for $590m.

The three facilities will be acquired by Cogentrix, an affiliate of US-based private equity firm Carlyle Group.

The natural gas plants include Bridgeport Energy, Tiverton Power, and Rumford Power, which together have the capacity to generate approximately 1,100MW of energy.


Enel to develop 11.6GW renewable energy projects by 2021

Italian energy company Enel announced plans to invest €10.6bn ($12.1bn) in renewable energy projects by 2021, totalling a generation capacity of 11.6GW. This includes 6.1GW of wind power.

At a Capital Markets Day investment event on 20 November, Enel laid out its carbon-free production strategy, in which it aimed for a rise from 48% to 62% of carbon-free production over the period 2019-21.

Enel CEO Francesco Starace said: “In this plan, we are pushing the development of increasing quantities of renewables, leveraging on our geographical and technological presence and our know-how.”


ACWA Power signs deal to build $2.3bn power plant in Egypt

Saudi Arabian energy company ACWA Power reportedly signed a deal to build a $2.3bn power plant in Egypt, according to Egyptian electricity minister Mohamed Shaker.

With a capacity of 2,250MW, the power plant will be based in Nagaa Hamadi, Al Hanadi, Esna, in the Luxor Governate in southern Egypt. The Dairut IPP project site is expected to cover an area of approximately 433,000m², according to the ACWA Power website.


NextEra Energy Transmission to acquire TBC for nearly $1bn

NextEra Energy Transmission agreed to purchase Trans Bay Cable (TBC) for approximately $1bn, including the assumption of debt.

The company has entered definitive agreements with SteelRiver Infrastructure Fund North America and partners for the acquisition.

TBC is a high-voltage direct current (HVDC) submarine cable system that runs 53 miles under the San Francisco Bay.


TBC and AC Energy to build 1.5GW wind projects in South East Asia

Singapore’s renewable energy developer and operator The Blue Circle (TBC) signed a strategic partnership agreement with Ayala Corporation’s power subsidiary AC Energy.

The two companies will jointly develop and construct TBC’s pipeline of nearly 1,500MW of wind projects across South East Asia, more than 700MW of which will be built in Vietnam.


Ørsted concludes Deepwater Wind acquisition for $510m

Ørsted completed its acquisition of Deepwater Wind from DE Shaw group in a $510m deal.

The company closed the transaction after securing approval from US competition authorities. The deal was initially announced last month.

The new combined company Ørsted US Offshore Wind is set to have a comprehensive geographic coverage and will be able to deliver clean energy to every coastal state in the east coast corridor between Massachusetts and Virginia in the US.


EDF Group to build €1.2bn hydropower plant in Cameroon

EDF Group entered a deal with International Finance Corporation (IFC) and the Republic of Cameroon to construct a €1.2bn hydropower plant in the country.

The project will include a 420MW plant with seven generating units, a generation substation, and a 50km power transmission line, as well as dams and a headrace channel.

It will be located at the Sanaga River near the Nachtigal Falls, 65km north-east of Yaoundé.


Xcel Energy agrees to buy Mankato Energy Center for $650m

Renewable energy company Xcel Energy signed a $650m agreement to acquire Mankato Energy Center from US wholesale energy firm Southern Power.

Mankato is a natural gas-fired, combined-cycle generation facility with a 375MW unit, Mankato Energy Center I and a separate 345MW unit, Mankato Energy Center II, which is currently being added to the plant.

Southern Power entered a deal to purchase the Mankato Energy Center from Calpine for $395.5m in September 2016, and closed the transaction in October the same year.