Siemens Support Alberta Decarbonization Drive Amid $5 Billion Nigeria Renewable Energy Investment

Going green is the new norm in the energy sector, given the tremendous opportunities up for grabs as the world comes to terms with climate change and global warming. Likewise, Siemens Energy and Kineiticor have affirmed their commitment to bolstering Canada’s decarbonization efforts.

Siemens Decarbonization Drive

Siemens Energy is poised to provide highly efficient gas turbine technology and long term services to the Cascade Power Plant in Alberta. The 900MW power plant is at the heart of supporting decarbonization of Alberta by enhancing a transition from coal use to natural gas.

Under the terms of a deal signed with Kineiticor, Siemens Energy is to supply Cascade Power plant with highly efficient gas turbines, steam turbines, and heat recovery steam generators valued at about €330 million. With the turbines, Cascade Power Plant is to produce low emissions and highly efficient electricity expected to address 8% of the province’s energy needs while cutting carbon emissions by up to 5%.

Goldman Sachs $275 Million Deal

In a bid to position itself for the future, Telos Clean Energy has confirmed it is rebranding to Teylon as it looks to solidify its industry standards and prospects in the commercial solar development business.

The rebranding drive follows the signing of a joint venture with several industry veterans and Alternative Energy Investing Group early in the year. The partnership, as well as the joint venture, paves the way for Goldman Sachs to invest up to $275 million into the group’s activities.

Teylon is tasked with the responsibility of providing development execution and ongoing management in the Joint venture and investment portfolio. Teylon is a renewable energy development company with operations in the commercial and industrial solar energy sector.

$5 Billion Nigeria Renewable Energy Investment

Separately a consortium of western investors is believed to be planning to inject $5 billion into Nigeria’s nascent renewable energy sector. A good chunk of the money is to go towards supporting the generation of 1000MW hybrid solar power over the next 24-months.

The investment group led by Mr. Ron Verraneault, has already pitched its proposal to the Minister of Power.

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