Bloomberg New Energy Finance

GEK TERNA, Elpedison close to decisions on gas-fueled units

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GEK TERNA and Elpedison are expected to announce finalized investment decisions for new gas-fueled power stations with total capacity over 1,400 MW within the next two months, energypress sources informed.

GEK TERNA plans to develop a 660-MW power station at the industrial zone of Komotini, northeastern Greece, while Elpedison, a joint venture involving Hellenic Petroleum ELPE and Italy’s Edison, intends to construct units with a total capacity of 826 MW at the ELPE facilities in Thessaloniki.

These project plans are estimated to be worth a total of at least 600 million euros.

The energy companies have already received energy production licenses as well as other licensing requirements, including environmental permits, for these prospective units, regarded as mature investment plans.

Both companies are awaiting new CAT mechanism details for gas-fueled power stations before finalizing their investment plans. The economic uncertainty caused by the pandemic, plus the anticipation of a second wave, are also crucial factors influencing the thinking behind these investment decisions.

Market capacity exists for new combined-cycle gas-fueled power stations during the energy transition over the next ten to 15 years, electricity market officials insist.

The planned withdrawal of power utility PPC’s lignite-fired power stations over the next three or so years combined with a lack of development in RES energy storage systems offers gas-fueled power generation an opportunity to cover capacity to be lost by lignite-fired power station closures.

A recent BloombergNEF report noted big natural gas-fueled power stations are not necessary. However, market officials point to the National Energy and Climate Plan as proof of the need for such units.

The Mytilineos group is developing an 826-MW CCGT in the Agios Nikolaos area of Boetia, northwest of Athens, with the aim of a launch in late-2021.

PPC turn to renewable energy backed by BNEF report findings

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Wind and solar energy production costs will be lower than those of existing natural gas-fueled power stations by 2025, according to a BloombergNEF analysis on Greece’s electricity market.

The projection vindicates the power utility PPC’s decision to turn to renewable energy, the corporation’s head has indicated.

“The conclusions of the BNEF report are in full agreement with the key pillars of our new strategy,” PPC’s chief executive Giorgos Stassis said.

Installed wind and solar energy capacity will have quadrupled by 2025 compared to present levels, and renewable energy sources will have captured an energy mix share of nearly 50 percent, toppling fossil fuel from its dominant position, even if RES subsidies are not offered for existing technologies such as solar and wind, according to the BNEF analysis.

“The ever-increasing competitiveness of renewable energy sources also confirms, from an economic point of view, our choice to restructure our portfolio and transition our production towards renewable energy sources,” Stassis noted. “By focusing on clean energy, we can achieve a decarbonization of our activities in electricity generation and also reduce the cost of electricity for consumers.”

In addition, the report highlights the important role of consumers as key players in the future energy system, the PPC chief noted.

This supports PPC’s decision to develop a new customer-oriented approach and offer a reinforced portfolio of products and services, using new technologies and digital systems, according to Stassis.

Utilizing lower generation costs offered by wind and solar energy production, PPC will be well positioned for leading roles in other energy sectors, beginning with electromobility, the PPC head supported.

According to the BNEF report, Greece can establish itself as one of the EU’s energy transition leaders.

Lower-cost solar and wind energy production, as well as storage systems, plus increased CO2 emission right costs, are all radically transforming the country’s energy system, the BNEF report noted.

Greece is expected to gain an additional 18 GW in generation capacity by 2030, 67 percent of this increased output represented by wind and solar energy.

JinkoSolar ranked as top solar brand in debt financed projects

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JinkoSolar, one of the largest and most innovative solar module manufacturers in the world, was ranked as a top solar brand in debt financed projects and named a most “bankable” PV manufacturer by Bloomberg New Energy Finance (BNEF), the company announced in a statement.

Forty-nine global solar module manufacturers were ranked based on BNEF’s global survey of key PV stakeholders assessing which module brands used in projects are most likely to obtain non-recourse debt financing from commercial banks.

Survey respondents included banks, funds, engineering, procurement, and construction firms (EPCs), independent power producers (IPPs) and technical advisers involved in solar projects around the world.

The survey addressed product quality, long term reliability, field deployment performance, and the manufacturer’s financial strength.

JinkoSolar was considered highly bankable by 100% of the survey respondents.

Further confirming JinkoSolar’s high bankability score, BNEF’s data also shows that projects using JinkoSolar modules have secured more term-loan financing than any other Chinese PV brand ever, the company statement noted.

“As one of the leading solar module manufacturers, we are proud to be recognized once again by BNEF as a most trusted solar brand by customers, investors, and banks all over the world. This is a testament to the outstanding research, stringent quality checks and world records we have set to revolutionize the solar industry with our advanced technology, reliability, and high-quality products,” said Mr. Kangping Chen, CEO of JinkoSolar. “We have invested heavily in R&D over the years and will continue to invest in the quality, proven reliability and long-term performance of our PV modules because we believe this will generate value and better returns for investors.”