OMNI Features｜Recurrent Energy Secures $513m for 1.2 GWh Energy Storage Project in the US．Elia Awards HVAC Contracts for World's First Energy Island．Japanese Consortium Forms Offshore Wind Technician Training Association to Address Industry Talent Shortage

Source: Recurrent Energy

｜Recurrent Energy Secures $513m for 1.2 GWh Energy Storage Project in the US
The financing includes a $249m construction and term loan, a $163m tax equity bridge loan and $101m letter of credit facility.

Recurrent Energy, a subsidiary of Canadian Solar, has closed $513m in project finance for its Papago energy storage project in Maricopa County, Arizona. The financial package comprises a $249m construction and term loan, a $163m tax equity bridge loan and a $101m letter of credit facility.

The Papago Storage project, with a capacity of 1.2GWh, is scheduled to break ground in the third quarter of 2024 and commence commercial operations by the second quarter of 2025. During the construction phase, the project will create 200 jobs, supporting the local economy. The energy storage system will have the capacity to dispatch power, which will be sufficient to supply 244,000 homes for 4 hours each day.

The project has secured a 20-year tolling agreement with the Arizona Public Service Company, ensuring its long-term viability and contribution to the local energy grid.

The transaction saw participation from joint lead arrangers Bank of America, CoBank, DNB, Rabobank, Siemens and Zions Bancorporation N.A . The project has secured a 20-year tolling agreement with the Arizona Public Service Company, ensuring its long-term viability and contribution to the local energy grid.

｜Elia Awards HVAC Contracts for World's First Energy Island
Belgium's transmission system operator (TSO) Elia has awarded contracts to several companies for high-voltage alternating current (HVAC) components of Princess Elisabeth Island, the world's first energy island. The HVAC cable contracts have been awarded to two consortia, one consisting of DEME and Hellenic Cables, and the second one comprising Jan De Nul and LS Cable & System, will be responsible for supplying the subsea cables.

The artificial energy island will be built some 45 kilometres off the Belgian coast, within the Princess Elisabeth offshore wind farm zone, and span about 5 hectares above water. The area that will house the electrical infrastructure will be built across approximately 6 hectares. Princess Elisabeth Island will be the first artificial energy island in the world to combine both direct current (HVDC) and alternating current (HVAC). The high-voltage infrastructure on the island will bundle together the export cables from the wind farms in the 3.5 GW Princess Elisabeth Zone while also serving as a hub for future interconnectors with the United Kingdom (Nautilus) and Denmark (TritonLink).

Hellenic Cables will manufacture the cables at its factory in Greece, with the transport and installation campaign planned for 2027. The contract that Jan De Nul and LS Cable & System consortium signed with the TSO includes works for three 220 kV high-voltage cables with a combined length of 165 kilometres. LS Cable is responsible for the design and production of the cables at its factory in South Korea. Jan De Nul will carry out the transport, installation, and protection of the cables between the island and the Belgian coast.

｜Japanese Consortium Forms Offshore Wind Technician Training Association to Address Industry Talent Shortage
On the 21st, 9 companies engaged in offshore wind energy jointly announced the formation of the "Offshore Wind Technician Training Council." As the offshore wind industry rapidly expands, the persistent shortage of skilled personnel for construction, operation, and maintenance has become a significant concern.

These nine companies include Green Power Investment Corporation (GPI), Marubeni Offshore Wind Development, Kyuden Mirai Energy Company, Incorporated, Mitsubishi Corporation Offshore Wind, ENEOS Renewable Energy Corporation, JERA, Mitsui & Co., Sumitomo Corporation, and Tokyo Electric Power Renewable Energy.

These companies will collaborate with academic institutions to cultivate specialized talent, offering offshore wind-related lectures and materials to universities and technical colleges to enhance understanding of the industry and promote it as a viable career option.

Reference: Energy Box｜offshorewind.biz｜nikkan.co.jp