France reports strongest year on record in 2024: France expanded its cumulative installed solar PV capacity to around 25 GW AC/30 GW DC with the addition of a record 6 GW of solar PV capacity. More than 2/3rds of this capacity was installed on rooftops across residential and commercial and industrial (C&I) segments, according to the National Survey Report of PV Power Applications in France 2024 by the International Energy Agency Photovoltaic Power System Programme (IEA PVPS). The demand for corporate power purchase agreements (PPAs) declined due to falling electricity market prices. Module prices, however, dropped by €0.2/W in the residential segment. According to the report writers, the country has over 6 GW in the grid-connection queue with signed DSO contracts, and another 19 GW with authorized urban planning and environmental permitting. Nevertheless, the market is expected to see a slowdown in the volume of new residential and C&I projects from 2025 due to changes in support mechanisms. This will likely impact commissioned volumes in 2026. The complete report is available on its website.
SOFAZ invests in Italian RE projects: The State Oil Fund of the Republic of Azerbaijan (SOFAZ) will acquire a 49% equity stake in a 402 MW solar PV plants portfolio of 14 projects in Italy, owned by Enfinity Global, which will continue to retain a majority stake. These are spread across Lazio and Emilia-Romagna regions as operational or under-construction projects. SOFAZ sees value in this deal as it seeks a stable and predictable income stream from the investment. Enfinity says this agreement brings in capital partners to support the deployment of its 2.6 GW solar and 5.3 GW storage portfolio in Italy.
Irish PPAs for 629 MW: Bord Gáis Energy has entered into multiple long-term PPAs with renewable energy developers in Ireland, totaling over 629 MW of combined capacity. These span both solar and wind projects, supported under the country’s Renewable Electricity Support Scheme (RESS). It has entered into offtake agreements for solar projects with Highfield Energy, BNRG, ILOS Energy, and Power Capital Renewable Energy. It says once the projects are operational, Bord Gáis Energy will become the largest offtaker of solar energy from the RESS scheme.
€2.5 billion for Iberdrola: Spain’s Iberdrola has raised a €2.5 billion credit line from 32 international banking institutions. With a term of 5 years and option to extend by another 2 years, Iberdrola plans to use the credit facility to strengthen its investments in networks, renewables, and storage. It will enable the country to meet the strong demand driven by electrification in the US and UK.
£10 million for Thrive: Tridos Bank UK has announced a £10 million ($13.5 million) loan for Thrive Renewables to build new wind farms, along with solar and community-owned projects. The financing will also support its longer-term initiatives, such as repowering existing assets to extend their operational life. Thrive says it is currently running a share offer through Triodos Bank’s crowdfunding platform. This will enable individual retail investors to take a stake in new clean energy projects. So far, it has raised £1.8 million ($2.4 million).
EBRD shells out over €100 million for RE: The European Bank for Reconstruction and Development (EBRD) will lend €90 million to ENGIE Romania to add at least 250 MW of renewable energy capacity in the country by 2028. ENGIE Romania CEO Nicolas Richard said the proceeds will enable the company to advance its decarbonization strategy and provide its customers with green energy. Separately, the bank has also approved a loan of €12.2 million for RP Global Energy GmbH for a 21 MW solar power plant in Croatia. RP Global will use the EBRD funds for the development and construction of the Novalja plant.
