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July 31, 2020updated 23 Nov 2021 2:41pm

Chevron and Algonquin to co-develop renewable energy projects

Chevron USA has signed a four-year agreement with Algonquin Power and Utilities to co-develop renewable power projects.

Chevron USA has signed a four-year agreement with Algonquin Power and Utilities to co-develop renewable power projects.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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In a statement, the subsidiary of energy company Chevron Corporation said it intends to generate more than 500MW of clean energy to power some of Chevron’s global assets.

The renewable power projects will help the company meet its existing and future electricity demand through renewable sources.

Chevron pipeline and power president Allen Satterwhite said: “Chevron intends to lead in the future of energy by developing affordable, reliable and ever-cleaner energy.

“This agreement advances Chevron’s commitment to lower our carbon footprint by investing in renewable power solutions that are reliable, scalable, cost-efficient, and directly support our core business.”

Under the agreement, Algonquin will be responsible for the design, development and construction of the projects. Chevron will purchase the electricity from the jointly-owned projects using power purchase agreements.

The first construction works will begin from next year, using land owned by Chevron.

The energy generated by the renewable facilities will power Chevron facilities in Texas and New Mexico in the US, as well as its operations in Argentina, Kazakhstan, and Western Australia.

Algonquin CEO Arun Banskota said: “This partnership leverages Algonquin’s technical and operational expertise in renewable power with Chevron’s scale, land, and local knowledge to enable faster more cost-effective clean energy solutions.

“Continuing to invest in renewable energy solutions is fundamental to our business strategy. By working with sustainability champions like Chevron, we maximize the positive impact of the low carbon technologies we offer to communities across the U.S. and Canada, and internationally.”

In August 2016, Algonquin Power and Utilities commenced full commercial operation of the 200MW Odell Wind Project in Minnesota, the US.

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Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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