Masdar Acquires Stake in Terra-Gen, RWE Stock Price Drops, Maersk and Edison Chouest Partner in Offshore Installs

The Uptime Wind Energy Podcast

Masdar acquires stake in Terra-Gen, RWE's stock price drops 25%, Global Wind Service signs agreement with RWE, and Maersk Supply Service partners with Edison Chouest Offshore for U.S. offshore wind farm installations. Sign up now for Uptime Tech News, our weekly email update on all things wind technology. This episode is sponsored by Weather Guard Lightning Tech. Learn more about Weather Guard's StrikeTape Wind Turbine LPS retrofit. Follow the show on Facebook, YouTube, Twitter, Linkedin and visit Weather Guard on the web. And subscribe to Rosemary Barnes' YouTube channel here. Have a question we can answer on the show? Email us! Pardalote Consulting - https://www.pardaloteconsulting.comWeather Guard Lightning Tech - www.weatherguardwind.comIntelstor - https://www.intelstor.com Allen Hall: I'm Allen Hall, president of Weather Guard Lightning Tech, and I'm here with the founder and CEO of IntelStor, Phil Totaro, and the chief commercial officer of Weather Guard, Joel Saxum. And this is your News Flash. News Flash is brought to you by our friends at IntelStor. If you need actionable information about renewable projects or technologies, check out IntelStor at intelstor.com. Masdar has signed an agreement to acquire a 50 percent stake in Terra-Gen power holdings from Energy Capital Partners, who will exit its position. Terra-Gen operates approximately 2. 4 gigawatts of wind and solar and 5. 1 gigawatts of energy storage facilities across 32 countries. U. S. sites, mainly in California and Texas, the transaction is expected to close by the end of 2024, while Igneo infrastructure partners will retain its existing 50 percent stake in the company. So Phil, this is crazy because Mazdar is making big plays in Europe and now the United States. This is an impressive investment. Philip Totaro: Yeah. And we've talked in recent episodes about the fact that Masdar has been making moves back at COP 28, they had publicly announced they were going to spend something like a hundred billion dollars in the next, five or 10 years or something on projects. And I think it was like 42 different countries. This one's interesting because of the energy storage play. Energy storage not only has huge growth prospects in the United States, but a company that is as financially focused as Mazdar is. They want to get in on energy storage projects because it gives them the opportunity to do hedging and energy trading. This is exploding globally. And certainly, if you're in ERCOT and you've got energy storage, you are making bank right now. And California as well. There's all kinds of markets where, you know, especially if you can time shift power delivery away from negative pricing, which, again, you see sometimes in ERCOT or in CAISO. This is this is a big opportunity for them. So I like this deal. Allen Hall: New article from Reuters discussing the valuation of RWE, and if you've been following RWE lately, it has dropped 25 percent this year, its stock price has as it tries to transition to more renewable power generation. CEO Markus Krebber faces three main challenges, according to the article, depressed electricity prices due to low gas prices, falling green, Valuations due to rising interest rates and the company's legacy assets in coal. And if you, and Joel if, We, I've been watching RWE the last several weeks, even though they're making massive investments in renewable energy, they don't seem to be getting any credit for it from the stock market. Joel Saxum: Yeah, it's interesting because we talk about RWE doing big things all the time, right? They're always making some moves. I'm over here, Bilbao, they had a big sign on their side of their booth, 65 gigawatts of clean generation by 2030 is a goal. That's massive, right? That's, those are huge numbers, 65 gigawatts. So to me, when you actually, you brought this up and said, yeah, actually RWE stock price is not doing that well. That was very surprising to me.