Aviva Investors has agreed to buy 35% of Italian developer Innovo Renewables, with the option to increase its stake to 50% in the next two years.
Innovo has a 2.8GW pipeline of wind, solar and storage developments in its core European markets of Italy, Spain and the UK. Aviva said the deal would help Innovo to grow its business and increase its development capabilities.
US interconnection waiting times are on the increase, with 680GW of storage queued, what can be done to increase the prospects of securing grid connections?
The battle to secure grid connections for US renewable energy projects is becoming fiercer. The annual data on interconnection queues published by Berkeley Lab – a US Department of Energy Office of Science national laboratory managed by the University of California – show that total capacity in the queues is growing year-on-year. More than 1,350 GW of generation (of which 1,250 GW constitutes renewables), as well as an estimated 680 GW of storage capacity, was left waiting in queues as of the end of 2022. Worse still, the wait for interconnection is increasing. The figures showed that the typical duration “from connection request to commercial operation” increased from around two years for projects built in 2000-2007 to nearly four years for those built in 2018-2022, with a median of five years for projects built in 2022.
Indeed, getting stuck in an interconnection queue proves fatal for the majority of renewable energy projects. Berkeley Lab said that “among a subset of queues for which data are available”, only 21% of the projects (and 14% of capacity) seeking connection from 2000 to 2017 have been built as of the end of 2022”.
Of the zero-carbon generation capacity seeking transmission access, solar accounts for the biggest share (947GW), with wind accounting for 300GW (of which 113GW, or 38% is offshore). The data also shows the growing popularity of hybrid solar-storage projects – this is the fastest growing resource in interconnection queues, accounting for 80% of new capacity entering the queues in 2022. In fact, over half of the battery storage capacity in the queues is paired with some form of generation, most commonly solar.
With regard to the geographical breakdown of queued capacity, Berkeley Lab said that there was substantial proposed solar capacity in most regions of the US, while queued wind capacity was highest in the NYISO [New York Independent System Operator] region, the non-ISO West, PJM, and SPP [Southwest Power Pool], with a growing proportion of that capacity taking the form of offshore projects. Meanwhile, queued storage is primarily in the West and the CAISO [California Independent System Operator] region, but also strong in the ERCOT [Electric Reliability Council of Texas] area, the MISO [Midcontinent Independent System Operator] region, and PJM. As Berkeley Lab pointed out, much of this storage is part of hybrid configurations.
The majority (73% or 695GW) of the queued solar is scheduled to come online by the end of 2025, compared to 69% (472GW) of the storage and 48% (145GW) of the wind capacity.
The figures indicate that hybrid solar and storage projects are becoming increasingly popular. A total of 52.4% (358GW) of queued storage projects are in hybrid configurations, as are 48.2% (457GW) of queued solar projects. However, only 8.1% (24GW) of queued wind projects are in hybrid configurations.
Interconnection is clearly a challenge for all US renewable energy projects, but energy storage schemes face unique challenges. They include a lack of clarity on how interconnection rules apply to storage in states interconnection rules. Meanwhile, BATRIES (Building A Technically Reliable Interconnection Evolution for Storage) – a project that is supported by the Department of Energy’s Solar Energy Technologies Office and led by the Interstate Renewable Energy Council – has claimed the evaluation of non- and limited-export systems is based on unrealistic operating assumptions that lead to overestimated grid impacts.
BATRIES argues that the clear identification of standardised methods of controlling export in interconnection rules would provide interconnection customers with the information they need to properly design energy storage system projects prior to submitting interconnection applications. “This regulatory certainty reduces the time and costs associated with ESS interconnection by minimising the amount of customised review needed and by empowering customers to design projects that avoid the need for distribution upgrades,” BATRIES says. “Today, many state interconnection procedures do not yet recognise export-limiting capabilities at all, and even fewer concretely identify the acceptable methods of control.” In addition, storage developers also suffer from a lack of information about the distribution grid and its constraints, which can inform where and how to interconnect storage.
So what should be done to improve the interconnection prospects for energy storage in the US? Here are ten steps that should be taken:
1. Energy storage should be more clearly defined in interconnection procedures, which should also “clearly state” that the procedures apply to the interconnection of new standalone energy storage, and storage paired with other generation, such as solar, according to BATRIES.
2. Interconnection procedures should also define and describe the requirements and use of power control systems (PCS), a vital tool for capturing the advanced capabilities of storage.
3. Because relying on a customised review of the export controls for every interconnection application is a significant barrier for ESS deployment, interconnection procedures should be updated to identify a list of acceptable methods that can be trusted and relied upon by both the interconnection customer and the utility.
4. When an interconnection application is submitted, interconnection rules provide the utility with a period of time to review the application for completeness and verify the screening or study process that the application will be first reviewed under. Interconnection application forms should be updated to include information about the energy storage system and, where export controls are used, the type of export control and the equipment type and settings that will be used, BATRIES says. During its completeness review, and once screening begins, the utility should verify that the equipment used is certified, where necessary, and/or is otherwise acceptable for the intended use.
5. In determining eligibility limits for simplified and fast track processes, interconnection procedures should reflect export capacity, not just nameplate rating, in the screening thresholds.
6. Interconnection applicants should be permitted to use the simplified process for screening purposes for certain inverter-based projects if the nameplate rating does not exceed 50kW and the export capacity does not exceed 25 kW.
7. Utilities should provide data on the state of the distribution system at the point of interconnection via pre-application reports and basic distribution system maps. This information should include existing and queued generation, load profiles, and distribution system lines maps. Interconnection applicants can use distribution system data to help inform project site selection and energy storage system design and installation.
8. Interconnection procedures should provide more information about why a project has failed screening. To ensure customers have sufficient information to make design decisions, interconnection procedures should provide specific guidance on what information results should convey to the interconnection applicant, including the specific screens that the project failed and the technical reasons for failure, “as well as details about the specific system threshold or limitation causing the failure”, according to BATRIES.
9. Standards should be developed that describe the scheduling of energy storage operations, especially time-specific import and export limitations. UL 1741, the primary standard for the certification of inverter functionality, should be updated to address scheduled operations, BATRIES argues.
10. While regulators do not have direct control or authority over standards development bodies or processes, they can create a sense of urgency and expectation by incorporating scheduling functionality into interconnection rules.
Renewable energy producer Neoen has announced plans to expand its Western Downs Battery in Queensland, Australia to 270 MW / 540 MWh.
The battery was initially supposed to have a capacity of 200 MW / 400 MWh.
The extension will be delivered by Tesla and construction contractor UGL, which began construction of the initial stage of the project in January 2023.
“With its greater capacity, the battery intends to play an even more central role in Queensland’s rapidly accelerating energy transition which is resulting in a growing need for storage and related network services,” a statement said.
Western Downs Battery, consisting of Tesla Megapack 2XL units, leverages the existing infrastructure of Neoen’s Western Downs Green Power Hub. The Hub includes Australia’s largest solar farm - with a 460 MWp capacity - which has recently been commissioned. Queensland’s transmission network operator Powerlink will be delivering the project’s connection works and a dedicated high-voltage line into the Western Downs substation. The battery is expected to start operating in the Australian summer of 2024/25.
Louis de Sambucy, Neoen Australia’s CEO, said: “We are delighted to be expanding the Western Downs Battery, demonstrating our willingness to play an increasingly central role in Queensland’s rapid decarbonisation. We would like to thank Tesla, UGL and Powerlink for their hard work and ongoing commitment to delivering this project. We are thrilled to have big batteries operating or under construction in 5 Australian states and territories.”
Paul Simshauser, Powerlink Queensland’s CEO, commented: “Batteries will continue to play a critical role in the changing generation mix as we work towards a low emissions future. Increasing the capacity of Neoen’s Western Downs Battery to store Queensland’s valuable wind and solar resources will help keep the grid in a secure operating state and offer greater stability to Queenslanders.”
Clearway Energy Group has closed $421 million in financing for Rosamond Central Battery Energy Storage System (BESS), a 147 MW/588 MWh capacity battery storage facility being paired with the operating 192 MW Rosamond Central solar farm in Kern County, California.
Clearway assembled a bank consortium comprising NordLB as the coordinating lead arranger, with CoBank, Commerzbank, DNB, Societe Generale and Zions Capital Markets as joint lead arrangers. Clearway also closed cash equity with climate investment firm HASI and Clearway Energy Inc. and arranged committed tax equity investment.
Construction of Rosamond Central BESS began in April 2023 and the facility is expected to reach commercial operation in 2024.
The Rosamond Central BESS project is expected to create 50 construction jobs.
Southern California Edison will purchase the energy storage capacity under a long-term resource adequacy contract.
Battery storage systems for the project will be supplied by Wärtsilä and construction is being led by Rosendin.
“Scaling up battery storage is the crucial next step for California’s clean energy transition,” said Steve Ryder, chief financial officer of Clearway Energy Group. “With the successful financing of Rosamond Central BESS, we’re excited to play a role in helping ensure that California’s grid remains reliable and resilient for homes and businesses.”
The Albanian government has awarded support to three projects totalling 222.5MW in the country's first utility-scale onshore wind tender.
The country's Ministry of Infrastructure & Energy has awarded a power purchase agreement to Total Eren for a 75MW project at a price of €44.88/MWh; to Guris for a 74.9MW project at €74/MWh; and to Verbund for a 72.6MW project at €74.95/MWh.
Polish utility Orlen Group is buying three wind farms totalling 142MW in Poland's Wielkopolska region from EDP Renewables.
The projects are a 62.4MW scheme near Dominowo, a 49.9MW scheme near the town of Dobrzyca, and a 30MW scheme near the villages of Ujazd. They were all commissioned in 2021 or 2022. The deal will grow Orlen's renewables capacity to around 900MW.
The German government has doubled its target for domestic green hydrogen production in 2030 to 10GW.
The government has updated the National Hydrogen Strategy that it originally set in 2020 with accelerated targets, including support for the use of green hydrogen in sectors including heavy industry and transport. Germany is also working with other countries to be a major importer of green hydrogen.
German hydrogen developer Apex Group has bought three sites in Germany for 600MW of green hydrogen projects from EWN Entsorgungswerk für Nuklearanlagen.
The sites are in Lubmin municipality and the first phase of development is due to be commissioned in 2027. In total, Apex said the sites could accommodate facilities producing 43,000 metric tonnes of hydrogen annually.
The Swedish government has rejected Vattenfall's planned 864MW Stora Middelgrund offshore wind project due to its potential environmental impacts.
The government said it would not support the 50-turbine project in Swedish waters near Halmstad, and also cited potential negative impacts on shipping. Vattenfall said it would analyse the impact of the ruling.
On Thursday 20th July, Tamarindo was honoured to host a meeting between Dr Alan Whitehead MP, the UK's Shadow Minister for Climate Change and Net Zero, and our community of green hydrogen developers. This allowed developers to share the challenges they are facing in getting green hydrogen projects underway and indicate how a future Labour government could help navigate these growing pains.
Indecision and uncertainty hamper green hydrogen projects say UK developers
On Thursday 20th July, Tamarindo was honoured to host a meeting between Dr Alan Whitehead MP, the UK's Shadow Minister for Climate Change and Net Zero, and our community of green hydrogen developers. This allowed developers to share the challenges they are facing in getting green hydrogen projects underway and indicate how a future Labour government could help navigate these growing pains.
The conversation highlighted that while several early projects are ready to be constructed in the UK utilising existing infrastructure, their deployment is threatened by delays caused by political indecision, policy uncertainty and technical bottlenecks.
Here’s a summary of the key points from the meeting:
Developers said they were broadly supportive of the current UK government’s Hydrogen Business Model and Net Zero Hydrogen Fund (HBM/NZHF), but want to see the process sped up, scaled and simplified to get the first wave of projects up and running as soon as possible. Developers shortlisted for the UK government's first HBM/NZHF funding round, which will support 250MW of green hydrogen projects, said they have no idea when the final selection will be announced. This impacts those waiting on a decision in the first round and delays those applying in round two.
As with pure wind and solar projects, limited capacity on the electricity grid has the potential to hamper or delay green hydrogen projects. Developers noted that they have been able to secure grid connections for initial projects, which are on a smaller scale, but suggested that it won’t be as easy as projects grow in scale. As a key component in delivering net zero, it is essential that the grid be fit for purpose.
Offshore wind developers shared that they plan to use dedicated pipelines on the seabed to transport hydrogen to shore, allowing them to bypass the grid entirely. They indicated, however, that grid constraints are impacting offshore hydrogen production. This is because the Crown Estate has scaled back seabed lease auctions for offshore wind sites in England and Wales to reflect grid capacity. Offshore developers stated that a dedicated offshore hydrogen strategy from government could help tackle this issue.
Developers noted that hydrogen off-takers are concerned about natural gas being used as the reference price for green hydrogen because of the variability in gas prices over recent years. Potential green hydrogen customers worry that committing to a 15-year off-take contract, with the price linked to natural gas, will leave them exposed to high prices. Developers stated that the UK government has not yet announced what the actual price will be and off-takers want certainty before making substantial decisions on capital expenditure. Developers suggested that they would like to see the price metric for hydrogen linked to the electricity price, not the natural gas price.
Developers touched on the ongoing debate around the hydrogen levy and the lack of clarity from the government on how the Hydrogen Business Model will be financed in the long term. Developers noted that delays in decision-making are creating uncertainty across projects and the supply chain, from investors to off-takers. One developer suggested that continued indecision could prompt investors to look toward other markets.
The underlying message from developers was clear: it’s time to get on with it. UK developers have green hydrogen projects ready to be constructed and need government funding to be released and final decisions made in order to move forward. As one developer noted, getting the first wave of projects underway will likely provide a sense of impetus and incentive to the rest of the industry. The collective concern, however, is that ongoing indecision will not only push back the start point for project execution but spread doubt across the supply chain.
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Thermal energy storage (TES) system provider Brenmiller Energy has signed a memorandum of understanding (MoU) with Waaree Energies, India’s largest manufacturer of solar panels, to install energy storage systems in India.
The announcement marks Brenmiller’s entrance into the Indian market.
Under the terms of the MoU, Brenmiller and Waaree will jointly “explore, develop, and deploy solar-powered TES systems in India, subject to entry into a definitive agreement”, a statement said.
Brenmiller’s ‘bGen’ TES system can store energy in the form of heat for minutes, hours, or days, and produce steam, hot water, or hot air on demand.
“We’ve seen a massive uptick in demand for our TES systems in response to climate-forward policies, rising energy costs, and challenges to reliability,” said Avi Brenmiller, president and CEO of Brenmiller. “Our team is thrilled to collaborate with Waaree to bring bGen TES to India’s industrial and utility markets.”
Hitesh Doshi, chairman of Waaree, said: "In India, steam and other high-temperature processes for industrials are primarily powered by coal, accounting for roughly 25 percent of India's carbon emissions. We are focused on helping large industrial corporations, including beverage, pharmaceutical, chemical, paper manufacturers, and more, to help them meet ambitious ESG goals. Partnering with Brenmiller to deploy its innovative thermal energy storage technology will enable us to significantly reduce dependence on fossil fuels."
Renewable energy company Drax Group has secured development consent from the Scottish Government for its plans to build a £500 million underground pumped storage hydro plant at its existing Cruachan facility in Argyll, Scotland.
The new 600 MW plant at Cruachan is part of a wider £7 billion strategic investment plan by Drax in clean energy technologies between 2024 and 2030, including long duration storage and bioenergy with carbon capture and storage (BECCS).
Constructed next to the existing underground facility, the plant would effectively more than double the site’s total generation capacity to more than 1 GW.
The decision, made through the ‘Section 36’ infrastructure planning process, is a “significant moment in Scotland’s journey to net zero, with new long-duration storage plants critical to enabling more wind and solar power to come online in the next decade”, a Drax statement said.
The statement added that the expansion of Cruachan requires an updated financial stabilisation mechanism from the UK Government. “The current absence of a framework for large-scale, long-duration storage technologies has resulted in no new plants being constructed in the UK since 1984, despite their critical role in the decarbonisation process,” it continued.
Will Gardiner, Drax Group CEO, said: “This is a major milestone in Drax’s plans to build Britain’s first new pumped storage hydro plant in a generation.
“These plants play a critical role in stabilising the electricity system, helping to balance supply and demand through storing excess power from the national grid. When Scotland’s wind turbines are generating more power than we need, Cruachan steps in to store the renewable electricity so it doesn’t go to waste.
Wind will play a vital role in the energy transition as a standalone electricity source and an enabler of green fuel production. We caught up with Jeroen van Hoof, Vice Chair for the World Energy Congress in Rotterdam in April 2024, to discuss the big challenges for the energy transition.
What are the biggest obstacles for the global energy transition?
JvH: First, it’s not one transition. The energy transition is different depending on where in the world you are; the natural resources a country has; the number of inhabitants; and how it has developed. It’s important that we understand this.
Second, there’s a challenge with energy literacy. Do the public, policymakers and others have a proper understanding of the size and complexity of what a transition entails? It’s easy to think that it’s done because we have onshore wind, offshore wind, and solar, but it isn’t as simple as that. At most, one third of the electricity system uses renewable power, which means two thirds doesn’t. We must decarbonise the energy used in chemical processes, mobility, steel manufacturing and fertiliser production too.
This means we need to electrify using green power, and also create a system where we can make green molecules. We need to work together to solve this problem. It will need huge investment in infrastructure, as well as financing and regulation, and it all needs to happen in sync.
How important will wind be in those hard-to-decarbonise sectors?
JvH: I think wind-powered green electrons are in the money as it’s a proven technology, and the green molecules we need – green hydrogen and ammonia – can create even more demand for wind onshore and offshore globally.
There will be challenges in terms of the available capacity and resources to keep them competitive, as they are today, which is not something that happens automatically. However, if you look at the end goal, there’s an important role for wind to play in the overall chart of energy consumption.
Also, as I said earlier, it depends on the geography you’re looking at. In Rotterdam, we have the largest harbour in Europe with an industrial cluster sitting on top of it. There’s good infrastructure and a smart city with a lot of people in an open society sitting on top of it. Those are excellent ingredients to start to experiment, and that’s exactly what’s happening with building a green hydrogen plant in the harbour in Rotterdam, to see how far we can use the hydrogen produced in the chemical cluster next to it.
It makes sense to start off by building on the assets you have around you, because you can bring forward existing technologies and create markets.
Is inflation making a global energy transition more difficult?
JvH: Yes, inflation is having an effect, and so are disturbed supply chains post-Covid.
We also need to understand the sheer amount of material this transition will need. For example, in Germany, there’s a programme to reinforce grids and connect the north of the country to the south. This will help wind farms, because it will transport renewable power from where it is generated to where it’ll be used. But that is using almost the full global capacity of cable manufacturing. It is just one example, but it illustrates that the availability of resources, materials and capacity is one of the challenges we face.
How can we respond to that instability?
JvH: Companies, policymakers and society need to work together to get this transformation addressed; and governments will need the input of companies to set the right policies.
Also, companies in all sectors will need to collaborate with other sectors. They need human capital and their resources to work with them to make it happen. Then, in the end, we consumers need to be conscious of the fact that our carbon footprint is quite dramatic in everything we do. If we are not willing to think about our own way of living then we cannot collectively solve the issue, and it won’t be easy.
It we had to stop today using coal and fossil fuels then, as you saw in Europe with what happened with the gas shortage last year, prices went ballistic and governments had to step in to support the public to keep energy available and affordable.
Is there enough momentum in society to make the changes we need?
JvH: There’s definitely a lot of understanding that we need to address this, especially in the younger generations, and that it will probably need to happen quicker not slower. That won’t be reversed. But perhaps the missing piece is a sense of realism about how complex it is, and that it will be really hard work to get it done.
Maybe we also need to be a little more realistic on the ambitions and targets. If you look at the lead time for infrastructure projects, 2030 is like tomorrow. We need to question how we can come up with realistic measures to get from A to B.
Wind and solar power producer EDP Renewables (EDPR) is to install a standalone battery energy storage system in Kent in the UK, the company’s first such project in Europe.
The 50MW project - which will provide two hours of storage capacity - has been acquired from Tupa Energy, a British company specialising in utility-scale battery storage. This project is expected to become operational by the end of 2024.
Miguel Stilwell d’Andrade, CEO of EDPR, said: “The integration of storage systems will play a crucial role in the renewable energy mix of the future, as it will contribute to address the challenge of intermittency. By mitigating the impact of external factors that can affect availability, these systems are key in overcoming one of the main limitations faced by renewables across Europe, while producing no emissions.”
Corre Energy has entered an exclusivity agreement to acquire a 280MW compressed air energy storage (CAES) project in the West Texas region of ERCOT comprising three pre-constructed salt caverns.
Corre said it is aiming for a final investment decision in 2025.
The exclusivity agreement to acquire 100% of the project assets has been signed with Contour Energy LLC, a Texas-based energy storage developer. Contour Energy will provide an “experienced on-the-ground team and work closely with Corre Energy to complete the project”, a Corre statement said.
“The Texas project is supported by a positive economic environment, including the Inflation Reduction Act and extended Investment Tax Credit offered by the US government, representing an attractive entry point into the US market for Corre Energy,” the statement added.
Confirmatory diligence and project finance arrangements for the acquisition are now underway, the company said. The transaction is expected to close later this year.
Keith McGrane, CEO of Corre Energy, said: “This maiden US project fits squarely with our strategy to build a high-quality portfolio of compressed air energy storage assets, deliver high teen returns and provide timely equity sell-down opportunities at project level. Our track record and ambitious plans have translated into demand from institutional investors seeking to fund our portfolio and we look forward to choosing the optimal solution to power our future plans.”
DIF Capital Partners, via its DIF Infrastructure VII fund, has made a £200m investment in Field, a London-headquartered developer and operator of battery energy storage systems.
The investment will allow Field to accelerate the development and buildout of its 4.5 GWh pipeline of grid-scale battery energy storage projects in the UK and Western Europe.
Field is already operating its first site in the UK, a 20 MWh battery project in Oldham, Greater Manchester. It has another four sites totalling 210 MWh in construction in the UK: Newport in South Wales, Blackburn in Lancashire, Gerrards Cross in Buckinghamshire and Auchteraw in the Scottish Highlands.
Gijs Voskuyl, deputy CEO of DIF, said: “We’re very excited to make a second investment in the battery storage sector which we see as a critical component for the UK energy industry to reach Net Zero and which we see as highly complementary to DIF’s extensive renewable energy portfolio. We are looking forward to working with the Field management team.”
Amit Gudka, Field CEO, added: “We will not be able to meet net zero targets without significant investment in new energy infrastructure. Battery storage is a critical part of that infrastructure. The more we can build, the more effective mass-usage of wind and solar power will become.
DIF was advised by PwC (financial) and Herbert Smith Freehills (legal). Field was advised by Nomura Greentech (financial) and Dentons (legal adviser).
Australian indigenous communities developer Aboriginal Clean Energy is partnering with investor Pollination on the East Kimberley green fuels hub in Australia.
The first phase of the East Kimberley Clean Energy Project is set to include a 900MW solar farm and a facility that can produce 50,000 tonnes of green hydrogen each year on land in Kununurra, Western Australia. The project is also intended to include a hydropower and green ammonia production capacity.
Construction is scheduled to start by late 2025 and first production is due by the end of 2028.
Developer H2U is partnering with fuel tank storage firm Vopak Terminals Australia on a major green hydrogen and ammonia production facility in Queensland, Australia.
The companies are developing the H2-Hub Gladstone project, which is set to include 3GW of electrolyser capacity and produce over 1.7million tonnes of green ammonia annually.
EDP Renewables has concluded the sale of a 257MW portfolio of nine wind farms in Spain to Verbund for around €460m.
The projects are on average 14 years old and have the potential to be repowered or have solar capacity added. EDPR has sold the projects as part of its €7bn asset rotation programme.
Abu Dhabi investor Masdar Clean Energy has bought a 49% stake in Iberdrola's 476MW Baltic Eagle offshore wind project in the German Baltic Sea.
Baltic Eagle is due to be commissioned in 2024 and the deal values the project at around €1.6bn.
Renewables investor Low Carbon has secured £400m backing from Massachusetts Mutual Life Insurance to support new generation projects.
Low Carbon said it would direct the investment towards large renewables projects in the UK, Europe and North America. The company is looking to develop 20GW of new renewables capacity, including wind and solar projects, by 2030.
General Electric made a $359m loss in its renewables division in the second quarter of 2023 despite a 24% year-on-year increase in revenues.
The company today reported its results for the three months ending on 30th June. This showed that it increased second-quarter renewables sales from $3.1bn in 2022 to over $3.8bn in 2023, and its quarterly loss narrowed from $419m to $359m over the same period.
In addition, the company announced nearly $8.3bn of orders in the quarter, driven by its offshore wind and grid operations.
Iberdrola has secured a €500m loan from Citi to support the development and construction of the 1.4GW East Anglia 3 offshore wind farm in UK waters.
The loan is partly backed by Norwegian export credit agency Eksfin. Iberdrola said the facility made it possible for the company to extend its debt funding at a competitive price.
Total Energies is taking full ownership of developer Total Eren in a €1.5bn deal and plans to integrate the company into its renewables division.
The French group announced that it is growing its stake in Total Eren from the current 29.2% to 100%, under the terms of a deal agreed in 2017. Total Eren has 3.5GW of operational renewables assets and a further 10GW in its development pipeline.