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May 21, 2021

Iberdrola and Mitsubishi Power partner for renewable technologies

Spanish utility company Iberdrola and Japanese Mitsubishi Power have signed an agreement to jointly develop competitive, clean, and safe renewable energy technologies that promote the decarbonisation of industrial production in different regions around the world.

By Yoana Cholteeva

Mitsubishi Power and Iberdrola leaders have signed the co-operation agreement to identify opportunities for large-scale carbon-free renewable energy generation and storage projects for industrial use, one of the trickiest sectors to decarbonise.

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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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The partners will form teams of experts to identify industrial-scale, carbon-free renewable energy generation and storage projects to drive the development of green hydrogen projects, battery storage systems, and heat electrification solutions in various regions.

Mitsubishi Power president and CEO Ken Kawai said: “Iberdrola and Mitsubishi Power have been collaborating in supporting decarbonisation in power generation sector by providing high-efficiency GTCC projects. With using this collaborating experience in GTCC projects, we will jointly develop and deploy the necessary hydrogen infrastructure, battery energy storage systems, and electrified heat production systems to decarbonise the power and industrial sectors.

“This joint development with Iberdrola fulfils our mission to create a future that works for people and the planet by developing innovative power and storage solutions to realise a carbon-neutral future.”

Iberdrola director of Liberalized Business Aitor Moso said: “With the expansion of renewable solutions, such as the electrification of heat, battery storage, and green hydrogen in industrial manufacturing processes, we are putting our capabilities at the service of an urgent and common goal: to build a more sustainable and emissions-free economic model, offering development opportunities for industry and employment.”

With nearly 35,000MW of installed capacity, Iberdrola already has more than 20 years of experience in renewable energy. The company recently launched a major €150bn investment plan aimed to double network assets and triple renewable capacity.

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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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