The Guam Power Authority (GPA) has agreed to enter two separate renewable energy contracts with Hanwha Energy and KEPCO-LG CNS Consortium for the construction of two 60MW solar farms.
A part of GPA’s phase II renewable acquisition bid, the contracts are expected to help GPA achieve its target of sourcing 25% of its energy needs through renewable technologies by 2035.
GPA’s customers are expected to save more than $43m in the first five years, following the successful start-up of the solar farms.
GPA is a public corporation and an enterprise fund of the Government of Guam, while South Korea-based Hanwha Energy is engaged in electricity generation.
Also based in South Korea, KEPCO-LG CNS provides comprehensive IT services to Korean and overseas customers, while Korea Electric Power Corporation (KEPCO) is engaged in power generation.
Grimm Renewable Power 2 will acquire 80% of ordinary shares in Phu Yen TTP Joint Stock Company from Truong Thanh Viet Nam Group (TTVN) for $35.2m under a share purchase agreement.
TTVN will hold the remaining 20% stake in Phu Yen TTP, which is currently developing a 257MW solar power plant in Vietnam.
B. Grimm Renewable Power 2 is a Thai subsidiary of energy firm B. Grimm Power, while Truong Thanh Viet Nam Group is multi-disciplinary business enterprise based in Vietnam.
Engie North America has secured $147m in construction financing and $155m in tax equity financing for the 200MW Live Oak wind project planned to be developed in Schleicher County, San Angelo, Texas, US.
Engie secured the financing through Bank of America Merrill Lynch (BofAML), while Rabobank provided letter of credit for the transaction. Power hedge for the project is provided by BofAML Global Commodities.
The wind project is a part of Infinity Renewables portfolio, which was recently acquired by Engie North America.
BofAML Global Commodities has entered an offtake agreement with Engie Energy Marketing NA, an affiliate of Engie North America, for the supply of 50% of the hedged power from the wind project to serve commercial and industrial customers.
Based in the US, Engie North America is engaged in managing energy businesses such as retail energy sales and providing energy services to commercial, industrial and residential customers, natural gas and LNG distribution and sales, as well as electricity generation and co-generation.
Carnegie Clean Energy has signed three key binding documents with Tag Pacific as part of its plans to merge its 100% owned subsidiary Energy Made Clean (EMC) with the latter.
The combined business will be named MPower and is expected to become one of the leading renewables, battery storage and microgrid developer, designer and constructor in the region.
Carnegie Clean Energy is engaged in developing solar energy, battery storage, and wave energy projects, while Tag Pacific is an investment company focused on the power industry.
EMC is a battery/solar microgrid engineering procurement and construction company that is engaged in providing mixed renewable energy microgrid projects to islands and remote communities.
All companies involved are based in Australia.