Energy Transition in Motion (Week of April 11, 2025)

Norway’s Equinor will combine its renewables, energy storage and gas-to-power portfolios into one power-focused business unit as it looks to capitalize on rising electricity demand.

“By combining our renewables portfolio with our flexible power offering, we strengthen our competitiveness and value creation in the power market,” Equinor CEO Anders Opedal said April 10. “This reinforces our capability to deliver high returns and the continued disciplined growth in power production.”

Energy companies such as Equinor are gearing up to meet an expected surge in power needs driven by data center expansions, increased electrification and growing electricity in the industrial sector.

The world’s electricity consumption is forecast to rise 4% annually through 2027, according to the International Energy Agency. About 85% of the growth is expected to come from emerging and developing economies.

Equinor’s new power business area, called PWR, combines the existing renewables business area and flexible power assets from its Marketing, Midstream and Processing (MMP) business area, while the gas and power trading and market analysis group will remain part of MMP, Equinor said.

Helge Haugane will serve as executive vice president of PWR when the changes take effect in September. Haugane currently leads gas and power in the MMP business area.

“By integrating our power business, we can look across technologies, markets and ownership structures,” said Haugane. “This will be important for further profitable growth in the rapidly changing world of power.”

Equinor’s current renewable portfolio includes three large offshore wind projects under development in the U.K, Poland and the U.S., including its 810-megawatt (MW) Empire Wind project offshore New York. The company has also made investments into battery energy storage and power projects, including Triton Power with partner SSE Thermal.

Despite making progress on projects, the company like others faces headwinds to developing renewable energy and power projects to meet growing demand. These include political and regulatory uncertainty, insufficient grid capacity and long interconnection queues, interest rates, lingering supply chain challenges and profitability pressure from investors.

Here’s a roundup of some other renewable energy news.

Energy storage

Matrix Renewables Enters UK Battery Storage Market

TPG Rise-backed Matrix Renewables has entered the U.K. market with a partnership with Green BESS Development (UK) Ltd. to develop two battery energy storage system projects with a combined capacity of 1 gigawatt (GW), the company said April 10.

Eyeing multi-gigawatt opportunities, the Madrid-based company said it plans to invest more than £1 billion (US$1.3 billion) to develop more than 2 GW of additional generation and storage capacity over the next three years.

“The U.K. is the most advanced market in Europe for standalone battery storage, and these projects anchor our in-country operations and development capabilities with a meaningful presence in the flexible generation space,” said Sergio Arbeláez, managing director for Europe and Latin America, at Matrix Renewables.

Called Eccles and Kilmarnock, the projects are located at two sites along the electricity corridors between Scotland and England, Matrix said in a news release.

The company said it is in advanced negotiations with an engineering, procurement and construction provided. Efforts are also underway to finalize technical configuration, offtake strategy and financing structure.

The projects are expected to be connected to the grid in 2027.

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Hydrogen

Nel Hydrgen, HydePoint Partner to Advance Offshore, Near-Shore Hydrogen Projects

Electrolyzer provider Nel Hydrogen and HydePoint, a hydrogen production system developer, have agreed to work together to scale green hydrogen production in offshore, nearshore and other harsh environments, according to an April 9 news release.

The partnership will focus integrating Nel’s proton exchange membrane electrolyzer stacks into HydePoint’s modular hydrogen production systems.

The aim is to co-develop configurations capable of delivering reliable performance under demanding conditions at industrial scale, while improving the levelized cost of hydrogen, HydePoint said.

Honeywell Launches AI-Enabled Tech to Optimize Green Hydrogen Plants

Honeywell announced on April 8 the launch of a suite of technologies designed to improve the efficiency, cost-effectiveness and scalability of green hydrogen production.

Called Honeywell Protonium, the technology suite is enabled by artificial intelligence and powered by machine learning.

“To help meet industries’ growing energy demands and support a broader range of sources, Honeywell Protonium helps scale green hydrogen production by tackling key challenges such as power intermittency, carbon intensity reduction, and high production costs,” Honeywell said. “The new solution enhances electrolysis efficiency and optimizes plant design and operations by integrating predictive control algorithms, making hydrogen production more sustainable and cost-effective.”

The technologies are set to be first deployed by U.S.-based clean hydrogen producer Aternium, which is part of the planned Mid-Atlantic Clean Hydrogen Hub.

Protonium’s offerings include a concept design optimizer, hydrogen electrolyzer control system and a hydrogen unified control and optimizer, Honeywell said.

Sembcorp, BPCL Form Hydrogen, Renewable Energy Partnership

Sembcorp Green Hydrogen India and Bharat Petroleum Corp. Ltd. (BPCL) have teamed up to explore renewable energy and green hydrogen projects in India, Sembcorp said April 9 in a news release.

The joint venture agreement aims to leverage Sembcorp’s renewables experience with BPCL’s petroleum sector and infrastructure expertise.

In addition to renewables and hydrogen, the duo also will consider projects in green ammonia production and bunkering, emissions reduction for port operations and other emerging green fuel technologies, according to the release.

Both companies are pursuing decarbonization targets. BPCL is targeting a 10 GW renewable portfolio and obtaining net-zero Scope 1 and Scope 2 emissions by 2040. Among Sembcorp’s decarbonization goals is growing installed renewables capacity to 25 GW by 2028 and delivering net-zero emissions by 2050, according to the company’s website.

Solar

Waaree Gears Up for 1.6GW Capacity Boost at Texas Facility

Solar module maker Waaree Energies on April 9 said it plans to add 1.6 GW of capacity at its solar module manufacturing facility in Brookshire, Texas, further strengthening the U.S. supply chain.

The expansion will lift the company’s total capacity in the U.S. to 3.2 GW.

“At a time when the world is redefining the rules of global trade, we’re not waiting for the dust to settle—we’re building through it,” said Amit Paithankar, whole-time director and CEO of Waaree Energies. “The United States is not just a key market for us; it’s a cornerstone of the next energy order. By doubling our module capacity to 3.2 GW in Texas, we’re reaffirming a belief that goes beyond business—it’s about trust, resilience and shared ambition.”

News of the expansion plans was delivered as the solar industry in the U.S. continues to grow and costs fall, despite policy and regulatory shifts involving tariffs among other headwinds.

The India-headquartered company manufactures solar modules that are used for ground-mount utility-scale photovoltaic (PV) plants, rooftops and floating PV applications. Waaree is the largest solar module manufacturer in India and has one facility in the U.S.

Soluna Targets Bitcoin Mining, AI with New Wind-Powered Data Center

Data center developer Soluna Holdings has signed a term sheet for power for a new 120-MW data center co-located with a 200-MW wind farm in South Texas, according to an April 8 news release.

The data center project, called Project Hedy, will be developed in two 60-MW phases to leverage wind energy to power bitcoin mining, artificial intelligence and machine learning while providing grid stability in the Electric Reliability Council of Texas (ERCOT) region, Soluna said in a news release. The wind farm is owned by a multinational conglomerate.

“This is another step forward in proving that flexible, large-scale computing can help renewable energy assets reach their full potential,” said Soluna Holdings CEO John Belizaire. “We’re excited to partner with and leverage the exceptional wind resources of Cameron County to power sustainable AI and Bitcoin mining at scale.”

With Project Hedy, Soluna lifts its data center capacity in operation, construction or development to more than 598 MW, the company said.

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Wind

Dogger Bank Wind Farm Lines Up Second Turbine Installation Vessel

Dogger Bank Wind Farm, a joint development between SSE Renewables, Equinor and Vårgrønn, has signed a contract with Subsea7 Group’s Seaway7 to charter a second turbine installation vessel for the U.K. North Sea wind project.

As part of the contract, the Seaway Ventus jackup installation vessel is expected to begin work in mid-2026 to transport and install the GE Vernova Haliade-X offshore wind turbines, Dogger Bank Wind Farm said in an April 11 news release.

Seaway7 already has contracts in place for the transport and installation of the monopile foundations and transition pieces for the project’s three phases. Each phase will have an installed generation capacity of 1.2 GW.

“Turbine installation and commissioning work is continuing at Dogger Bank A, with completion of the first phase of the offshore wind farm expected in the second half of calendar year 2025,” according to the release. “When fully complete, Dogger Bank will be the world’s largest offshore wind farm, capable of powering around 6 million U.K. homes annually.”

DEME To Acquire Havfram in $985MM Deal

Belgium-based marine contractor DEME has agreed to acquire Norwegian offshore wind infrastructure company Havfram for $985 million, the companies said April 9.

Havfram is primarily owned by climate-focused private investment firm Sandbrook Capital and Canadian pension investor Public Sector Pension Investment Board.

“DEME’s investment in Havfram underscores our unwavering belief in the immense potential of offshore wind infrastructure as a key element in the global energy transition,” said DEME CEO Luc Vandenbulcke. “This acquisition complements our fleet and will bolster our competitive edge in both turbine and foundation installations, enhancing our operational flexibility and interchangeability, and strengthening DEME’s leadership position in the industry.”

Havfram is in the process of building two next-generation wind turbine installations that are expected to be delivered in fourth-quarter 2025 and early 2026. Its order book of about $680 million includes support for some of the largest offshore wind farms being developed.

Under the terms of the agreement, DEME subsidiary DEME Offshore Holding NV will acquire all of the shares in Havfram Wind Holdco AS, according to the news release. Subject to customary closing conditions, the transaction is expected to close by the end of April 2025. Following completion, Havfram will be integrated into DEME’s Offshore Energy segment, DEME said.

Sources: Macquarie Halts Offshore Wind Company Sale Due to Lack of Interest

Australia’s Macquarie has cancelled the sale of one of the world’s largest offshore wind power developers, due to lack of interest, two people with knowledge of the process said.

The cancellation comes amid opposition of the renewable energy source by the Trump administration and as dealmaking has been shuttered by the global tariff war that has roiled markets.

Macquarie engaged advisers in 2024 to find a buyer for Corio Generation, which oversees a 25-GW pipeline of offshore wind projects spanning Europe, Asia-Pacific, and the Americas, Reuters reported in October. The sources spoke on condition of anonymity because they were not authorized to speak publicly.

Instead it will downsize the project. “Given challenging market conditions in the offshore wind sector, Corio Generation is refocusing its global operations to prioritize the development of a smaller portfolio of projects which have the clearest route through to construction,” a Corio spokesperson told Reuters.

“This will also require a restructure of the organization to reflect that change in strategy. We are discussing this with our project partners and staff who may be affected by these changes,” the spokesperson added.

A spokesperson for Macquarie declined to comment.

The offshore wind market has become increasingly challenging with many projects having to be reevaluated due to rocketing construction costs, higher interest rates and supply chain snags.

Hart Energy Staff and Reuters contributed to this report.