According to the International Energy Agency (IEA), worldwide spending on clean energy technologies, infrastructure, and startups is set to nearly double the amount funneled to fossil fuels in 2024. This trend is happening in the public and private sectors, among governments, multinational corporations, startups, and nonprofits. Clean energy is seeing a rise in demand, funding, innovation, and competition, making it nearly impossible to keep up-to-date on all its new investments, projects, and technologies.
So keep reading to learn more about two noteworthy, multi-million dollar investments in clean energy.
Maine’s Massive Clean Energy Project
The United States Department of Energy (DOE) has announced a capacity contract worth up to $425 million to Avangrid, the parent company of Central Maine Power, to develop the Aroostook Renewable Project. The proposed project will construct two different but related pieces of infrastructure: a substation in Haynesville and a 111-mile transmission line with a capacity of 1,200 megawatts that connects the new substation to an existing system in Pittsfield.
According to a DOE news release, the Aroostook Renewable Project is expected to create more than 4,200 construction jobs and 30 permanent operation jobs.
Once completed, the initiative will generate low-cost clean energy across much of northern Maine, but a few hurdles remain. The project needs to pass approval from the state’s Public Utilities Commission and then get through permitting processes from the state and federal governments.
Photo Courtesy Rgoehl
Still, the most difficult part — being awarded the funding in the first place — is already accomplished, and the project also has some strong backing. Gov. Janet Mills supported the proposed capacity contract, which, according to her office, is one of the largest federal investments toward energy development in the history of Maine.
“By expanding our transmission infrastructure, this investment can make the electric grid more stable and reliable and allow us to harness affordable, clean energy generated right here in our own backyard instead of having to import expensive and harmful fossil fuels from out-of-state,” Gov. Mills said in an official statement.
“Investments like these bring us closer to the energy independence that can help stabilize costs for people and strengthen our economy, which is all the more important to me for rural Maine,” the Governor continued. “While there are many important steps ahead, this is an exciting step forward and a testament to the tremendous energy opportunity available in northern Maine.”
Goldman Sachs Invests $440M In BrightNight
BrightNight, a next-generation renewable power company founded in 2019, recently closed a $440 million strategic equity investment from Goldman Sachs Alternatives. The funding will support the Florida-based energy firm in developing its utility-scale portfolio and independent power producer (IPP) business model.
According to Goldman Sachs research from earlier this year, data centers in the U.S. are expected to increase power consumption growth by 30% from 2023 to 2030.
IPPs, or entities that are not public utilities but own electricity-generating facilities, are the exact type of business that would benefit from rising power demand.
Photo Courtesy Samuel Faber
This investment and existing capital commitments are predicted to fulfill the funding needs for BrightNight’s five-year business plan and implementation of its renewable power project portfolio. The 31-gigawatt portfolio also incorporates the firm’s proprietary artificial intelligence software platform — PowerAlpha®.
Teresa Mattamouros, the managing director of infrastructure at Goldman Sachs Alternatives, offered more details on the reasoning behind the nearly half-a-billion-dollar investment in BrightNight.
“Demand for renewable energy continues to benefit from strong secular energy transition tailwinds, including substantial corporate decarbonization goals and both federal and state-level policy support,” Mattamouros said in a press release. “We have been impressed by BrightNight’s unique development approach, focusing on markets with attractive commercial dynamics and targeting high-value interconnection positions.”
