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Eaton Agrees To Acquire Fibrebond For $1.4BnPower management company Eaton has agreed to acquire Fibrebond, a US-based company that designs and builds modular power enclosures for data centres, industry, utilities and communications.
Eaton will pay $1.4bn to acquire Fibrebond, which will generate an estimated adjusted EBITDA [earnings before interest, taxation, deprecation and amortisation] of $110m in 2025.
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Fibrebond, located in Minden in the US state of Louisiana, manufactures innovative and reliable structures designed to safeguard people and vital equipment for the data centre, fibre, industrial and utility sectors.
The company anticipates revenues of $378m for the 12 months ending 28 February 2025.
The transaction will be finalised in the third quarter of 2025.
Eaton anticipates that the deal will have a neutral impact on earnings per share in 2025.
Eaton Americas region electrical sector president Mike Yelton stated: “Fibrebond is known for its engineering capabilities and customer focus in the industries they serve, including the multi-tenant data centre market.
“Its engineered-to-order power enclosures, in which equipment installation and testing procedures are performed off-site, enable customers to get up and running in less time and at a lower cost.
“This full-service offering allows us to better serve our customers amid accelerating demand.”
Eaton, established in 1911, serves clients in 160 countries. The company had revenue of $25bn in 2024.powerplant
Mar 12, 2025
Power Technology
Latvenergo And H2Pro To Advance Green Hydrogen Commercialisation In LatviaLatvenergo, Latvia’s national electricity company, and H2Pro, an Israeli innovator in green hydrogen production, have signed a memorandum of understanding (MoU) to explore the potential of deploying H2Pro’s decoupled electrolysis technology in Latvia.
The MOU formalises a joint commitment to clean energy leadership and highlights the importance of technological innovation in advancing the use of green hydrogen as a key solution for industrial decarbonisation and energy security.
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In the first phase of the agreement, Latvenergo and H2Pro will assess the feasibility of testing an electrolyser in the 5MW range within Latvenergo’s energy infrastructure and explore potential opportunities for commercial deployment in future projects.
The collaboration aims to integrate H2Pro’s technology with Latvia’s renewable resources, such as wind and solar, ensuring the long-term economic sustainability of green hydrogen production.
H2Pro CEO Tzahi Rodrig stated: “Latvenergo presents an excellent environment for demonstrating the unique advantages of our technology.
“Latvenergo’s diverse renewable energy portfolio provides the perfect testing ground to validate our electrolyser’s high efficiency across multiple load scenarios, as well as our technology’s seamless integration with renewables thanks to the hyper-flexibility of our system.
“This project is not just about proving technical feasibility — it’s about laying the groundwork for a cost-effective, scaleable green hydrogen economy.”
For Latvenergo, the partnership supports its broader commitment to clean energy innovation, energy independence and decarbonisation.
Latvenergo CEO Dr Mārtiņš Čakste stated: “Public support mechanisms like EU funding play an important role in enabling the green hydrogen transition. Nonetheless, we aim for the economics of any endeavour to stand on its own.
“That’s why we are particularly interested in breakthrough technologies like H2Pro’s decoupled electrolysis, which can reduce capital costs while maintaining high efficiency. Achieving a competitive cost structure is key to unlocking the full potential of green hydrogen in Europe.”powerplant
Mar 12, 2025
Power Technology
Nel Partners With Samsung E&A To Enhance Hydrogen Plant SolutionsHydrogen electrolyser technology company Nel has entered an engineering, procurement and construction (EPC) collaboration agreement with SAMSUNG E&A, allowing the latter to offer complete hydrogen plants using Nel’s electrolysers.
The partnership enhances Nel’s global delivery capabilities and competitiveness in the hydrogen sector – a significant step in expanding its reach and influence.
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SAMSUNG E&A, formerly Samsung Engineering, is a South Korea-based total solutions provider in the global energy industry.
The collaboration will enable SAMSUNG E&A to develop and offer complete design packages for hydrogen plants based on Nel’s alkaline and proton exchange membrane (PEM) electrolysers.
Nel president and CEO Håkon Volldal stated: “Our strategy is to focus on electrolyser stack and balance of stack technology. Therefore, we need to work with EPC companies who can provide balance-of-plant solutions and increase our global market reach.
“It is an honour that a highly reputable and solid company like SAMSUNG E&A has decided to partner with Nel because of our technology and manufacturing leadership.”
The two companies will also work on a larger consolidated balance of stack (BoS) system for Nel’s Alkaline electrolysers, further enhancing their technological offerings.
SAMSUNG E&A CEO Hong Namkoong stated: “SAMSUNG E&A will provide integrated electrolyser solutions with competitive value and bankability to green hydrogen project owners with Nel.
“Green hydrogen is a core technology in clean tech with carbon-neutral technologies and has a high value not only as itself but also as a basic ingredient for green ammonia, green methanol, SAF [sustainable aviation fuel] and e-fuel.”
In a separate transaction, SAMSUNG E&A will acquire a 10% stake in newly issued Nel shares through direct placement, resulting in a 9.1% post-transaction ownership.
This transaction will make SAMSUNG E&A the largest single shareholder in Nel, strengthening the partnership and its influence within the company.
Nel will issue 167,132,530 shares to SAMSUNG E&A at Nkr2.1125 ($0.1975) per share – a total of Nkr353m.
The transaction is subject to approval by the board of directors, following an authorisation to increase share capital granted by Nel’s annual general meeting on 23 April 2024.
SAMSUNG E&A has agreed to a two-year lock-up and standstill arrangement with customary exceptions.
Morgan Stanley & Co International acted as financial advisor to Nel for the private placement.powerplant
Mar 12, 2025
Power Technology
Hydro Energi Signs 660Gwh Ppa With Nte In NorwayNorway-based aluminium and energy company Hydro Energi has entered a long-term power purchase agreement (PPA) with NTE to secure 660 gigawatt hours (GWh) from 2027 to 2029.
NTE, which focuses on the production and distribution of renewable energy, will begin delivering power to Hydro Energi from January 2027 through to December 2029 under the PPA.
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The PPA will be included in Hydro Energi’s total power portfolio, which comprises 9.4 terawatt hours (TWh) of captive power generation annually and a long-term contract portfolio of 10TWh.
In addition to its role in the Nordic power market, Hydro Energi is responsible for procuring power for Hydro’s aluminium production.
NTE has established its presence in Trøndelag and northern Norway, where it generates 4.8TWh of clean energy annually.
NTE is also engaged in the development and management of energy infrastructure, while providing solutions that aid in the shift from fossil fuels to renewable energy sources.
Renewable power is vital for aluminium production in Norway, with a carbon footprint 75% lower than the global average, and key to Hydro’s net zero emissions target by 2050, according to the press release.
In December 2024, Axpo Nordic and Hydro Energi signed a ten-year contract to supply 2.63TWh of electricity to Hydro.
The long-term agreement, from 2026 to 2035, will see Axpo supply electricity in the SE2 price area, strengthening Hydro’s renewable energy portfolio.
Axpo Nordic had previously signed a power purchase agreement with Stegra to supply electricity to its integrated green hydrogen, green iron and green steel plant in Boden, Sweden.powerplant
Mar 11, 2025
Power Technology
Hei Divests Pacific Current’S Power Plant To Harbert In HawaiʻIHawaiian Electric Industries (HEI), the parent organisation of Pacific Current, has sold Pacific Current’s 60MW Hamakua energy plant in Hawaiʻi to a subsidiary of Harbert Management.
Financial details of the deal have not been disclosed.
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Harbert has been a long-time proprietor and operator of electricity generating plants, including in Hawaiʻi, where it has possessed a stake in the 208MW Kalaeloa Partners co-generation facility on O’ahu since 1997.
Harbert senior managing director and infrastructure head Claude Estes stated: “Harbert has enjoyed a long relationship with Hawaiian Electric and looks to build on that through this acquisition.
“We are excited to be a part of the state’s energy future and to serve the residents of the Island of Hawaiʻi.”
The disposal of the facility represents a significant move in HEI’s earlier communicated assessment of strategic alternatives for Pacific Current.
The evaluation process for other Pacific Current assets is still underway.
HEI CEO Scott Seu said: “We believe Harbert’s depth of experience in owning and operating power plants and being a good partner with utilities, including in our state, will serve the Hamakua Energy Plant and Hawaiian Electric well in their missions to supply power for the people of Hawaiʻi island and support the island’s transition to an increasingly renewable energy future.
“This sale is a further step toward simplifying HEI’s strategy and regulatory position as we focus on our core utility business.”powerplant
Mar 11, 2025
Power Technology
Automation ‘A Critical Area Of Investment’ Across The Power IndustryInvestment in automation is crucial across all segments of the power industry except end users, according to a new report.
GlobalData’s The Future of Work in Power report states that automation technologies – which can include the likes of robotics, drones and 3D printing – will help solve a range of industry challenges. It adds that power companies that fail to invest in automation will get left behind.
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Most notable among the uses of automation technologies will be improving productivity and efficiency by having them handle operations and maintenance tasks, the report says.
“Robotic process automation will streamline administrative workflows by automating back-office tasks like compliance reporting and billing, eliminating inefficiencies and manual errors,” according to the report. “This will free up staff for higher revenue-generating activities like customer engagement.”
In addition, the report states that automation technologies will be pivotal for the installation and maintenance of millions of connected assets within the smart grid.
“Robots will expedite the deployment of these assets at scale, enhancing efficiency and reducing human labour,” it explains. “Autonomous drones will monitor widely dispersed renewable infrastructure, providing real-time data and facilitating rapid response to issues.”
The report also notes that automation technologies will help to reduce reliance on human labour across the power industry, alleviating skilled labour shortages by freeing up workers for higher-value tasks.
“Autonomous robots, drones and vehicles will take over various routine and non-routine menial tasks previously completed by human workers,” it says. “Automation technologies can perform these tasks more efficiently and accurately, boosting productivity while reducing the burden on a stretched labour force.
“As companies transition toward automation, they must address inevitable concerns about job displacement. While some functions will be entirely automated, power companies should invest in reskilling and upskilling existing workforces where possible to minimise redundancies and ensure a smooth transition to a new digital age.”
Elsewhere, the report says that automation technologies will help to improve health and safety in an industry that is “inherently high-risk”.
It explains: “Automation technologies will enhance health and safety across the power industry by displacing human workers from hazardous conditions. Autonomous robots can perform high-risk maintenance and inspection tasks like repairing power lines and monitoring equipment in confined spaces, reducing the exposure of human workers to risks like electric shocks, high temperatures, hazardous gases and falls from heights.”
Finally, the report indicates that automation technologies have a role to play for the energy security of countries.
“Autonomation technologies like robots, drones and autonomous vehicles will become important in securing critical energy infrastructure,” it says. “These technologies will be deployed to inspect pipelines, substations and wind turbines, reducing the risk of undetected vulnerabilities that could cause outages.”powerplant
Mar 10, 2025
Power Technology
Ocean Winds Gains Ebl Permit For 1.1Gw Offshore Wind In South KoreaOcean Winds (OW) has secured a crucial permit for its 1,125MW Hanbando offshore wind project in South Korea.
The bottom-fixed project, situated in the exclusive economic zone, has been awarded the electricity business licence (EBL) by the Electricity Regulatory Commission, which operates under the Ministry of Trade, Industry and Energy.
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The EBL marks a key step forward in the project’s development, granting exclusive development rights and reserving interconnection capacity.
The Hanbando offshore wind project will now proceed with an environmental impact assessment, secure additional permits, conduct site investigations and commence key engineering studies.
Ocean Winds aims to enhance its contribution to South Korea’s renewable energy goals, as set out in the country’s 11th Electricity Supply and Demand Plan, which targets 125.9GW by 2038.
The company also intends to support Incheon Metropolitan City’s goal of developing 6.2GW of offshore wind power capacity by 2030.
Ocean Winds South Korea country manager Guzman Figar stated: “We are seeing substantial progress for offshore wind in South Korea in the last weeks, with the publication of the 11th Energy Basic Plan which increases the long-term renewable energy targets for the country, and with the approval of the Special Act on Offshore Wind.
“At OW, we believe that our Hanbando project, which connects directly to the Seoul – Incheon metropolitan area, one of the largest load centres in the world, will play a key role in supporting South Korea achieve these objectives.”
In November 2024, Ocean Winds installed the final Siemens Gamesa SG 14-222 DD turbine at the Moray West offshore wind farm in northern Scotland’s Moray Firth.powerplant
Mar 10, 2025
Power Technology
Freja Offshore Gains Key Permit For 2.5Gw Offshore Wind Farm In SwedenFreja Offshore has obtained a crucial Natura 2000 permit from the County Administrative Board of Västra Götaland for its 2.5GW Mareld offshore wind farm in Sweden, planned 40km west of Lysekil, offshore Bohuslän in the Swedish Economic Zone (SEZ).
The permit is one of three required for construction.
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The next steps involve obtaining government approval for the remaining permits under the SEZ Act and the Continental Shelf Act.
The company has stated in a press release that these permits have already been recommended by the County Administrative Board and SGU.
Mareld will generate 12 terawatt hours (TWh) annually, supplying electricity to two million households.
With electricity demand in western Sweden projected to double by 2030 due to industrial energy transitions, Mareld will play a vital role in meeting the region’s renewable energy needs.
Natura 2000 is a network of protected areas across the EU aimed at achieving biodiversity objectives.
The Bratten sea area, adjacent to Mareld’s permit location, offers an ecosystem crucial for marine species and habitats.
The permit indicates that the project can proceed while considering the area’s high conservation values, demonstrating that offshore wind power can coexist with protected environments.
Freja Offshore board chairman Marcus Thor stated: “The Natura 2000 permit is welcome news and confirms our commitment to creating a sustainable wind farm that respects sensitive natural values. We are now working carefully to review the additional conditions that the permit entails for us.
“Mareld, which will be one of Sweden’s largest offshore wind farms, is a crucial piece of the puzzle to meet West Sweden’s growing electricity needs.
“Now we look forward to receiving a positive message from the government about the remaining permit applications in order to be able to deliver electricity on time when the need is realised.”powerplant
Mar 10, 2025
Power Technology
Tata Power And Andhra Pradesh State To Develop 7Gw Of Indian RenewablesTata Power Renewable Energy Limited (TPREL) has entered a memorandum of understanding (MoU) with the state government of Andhra Pradesh (AP) in India to explore the development of 7GW of renewable energy projects.
The collaboration underscores the state’s plans to expand its renewable energy capacity and aligns with its vision for a sustainable energy future.
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TPREL and AP will jointly explore the development of solar, wind and hybrid projects, with or without storage solutions.
The estimated investment will be Rs490bn ($5.63bn) – among the largest renewable energy investments in the state.
TPREL CEO and managing director Deepesh Nanda stated: “We are delighted to partner with the government of Andhra Pradesh in advancing the state’s clean energy journey. By leveraging our expertise and cutting-edge technology, this partnership will drive large-scale renewable adoption and contribute to India’s sustainability goals.
“Developing up to 7GW of clean energy projects will further strengthen Andhra Pradesh’s position as a renewable energy hub and accelerate its transition towards a low-carbon economy.”
TPREL will carry out initial assessments, feasibility studies and development activities to assess the viability of the projects.
The New and Renewable Energy Development Corporation of Andhra Pradesh will provide support in facilitation, site identification and evacuation infrastructure.
Andhra Pradesh’s Minister for Information Technology, Electronics and Communications, and Human Resources Development Shri Nara Lokesh stated: “We are pleased to welcome Tata Power Renewable Energy Limited in advancing Andhra Pradesh’s renewable energy landscape. This collaboration marks a deepening of the long-standing relationship between the state and the Tata group.
“By fostering investments and innovation, we aim to accelerate clean energy deployment while ensuring long-term economic and environmental benefits for the state. We expect our landmark clean energy policy to generate investments of Rs100tn and 750,000 jobs for the people of AP.”
This initiative not only supports Andhra Pradesh’s clean energy targets but also aims to boost the local economy, foster skill development and support livelihoods, contributing to the socio-economic growth of the region.
The projects will be developed under Andhra Pradesh’s integrated clean energy policy – a landmark framework aiming to develop more than 160GW of renewable energy in the state, with an investment potential of Rs100tn.
Tata Power also recently entered a MoU with Druk Green Power in Bhutan for the development of 5GW of clean energy in the country. The development involves 4.5GW of hydropower and 500MW in solar projects.powerplant
Mar 10, 2025
Power Technology
Elia Group To Raise €850M Equity Package For Infrastructure InvestmentsElia Group has signed agreements to raise an €850m ($922m) equity package through a private placement (PIPE) of new shares to fund infrastructure investments, ensuring grid reliability and driving clean energy competitiveness.
The PIPE is part of a broader plan to raise €2.2bn ($2.3bn), with a rights issue to follow the close of the PIPE.
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Beyond this, the plan includes a rights issue of €1.35bn, expected to be completed by the end of April 2025.
The private placement involves key investors such as ATLAS Infrastructure with The Future Fund, BlackRock, the Canada Pension Plan Investment Board (CPP Investments), and Elia Group’s reference shareholder, Publi-T/NextGrid Holding.
The proceeds will be channelled into Elia’s infrastructure to support its growth strategy.
ATLAS with The Future Fund will subscribe to €234.6m, and BlackRock and CPP Investments €117.3m each.
Publi-T/NextGrid will invest €380.7m, maintaining its 44.79% ownership through a pro-rata investment.
This private placement is crucial to secure Elia Group’s equity funding requirements, enabling the execution of its 2025 to 2028 investment plan.
The PIPE will result in the issuance of 7.6 million new Class B shares to ATLAS with The Future Fund, BlackRock and CPP Investments, and 6.2 million new shares to Publi-T/NextGrid.
The shares issued to Publi-T/NextGrid will consist of 16.9 thousand new Class B shares and 6.1 million new Class C shares.
The new shares under the PIPE will be issued at €61.88 per share, corresponding to the 30-day volume weighted average price, adjusted for the 2024 dividend entitlement detachment.
The PIPE’s closing and the issuance of new shares are conditional upon certain requirements, particularly the effective launch of the rights issue.
Elia Group has received irrevocable commitment subscriptions representing more than 55% of the contemplated rights issue size.
The non-committed portion is expected to be underwritten by a syndicate of banks.
ATLAS, BlackRock and CPP Investments have committed to exercising any subscription rights attached to the shares received in the PIPE.
Similarly, Publi-T/NextGrid has committed to subscribe to all rights it will receive on both its existing and newly issued PIPE shares.
Publi-T/NextGrid will acquire Publipart’s rights corresponding to their ownership of Class A shares (2.5%), intending to exercise them and subscribe to the corresponding number of new Class C shares.powerplant
Mar 10, 2025