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While the Inflation Reduction Act (IRA) has spurred the green energy industry since its inception in August 2022, the legislation has not come without its own difficulties and may even be causing some developers to hit pause, according to speakers at REFF Wall Street 2023.

The exhaustive push to deploy the 468MW Cape Wind project off the coast of Massachusetts came to a halt in early January 2015. Power purchase agreements (PPAs) fell through; banks fell away (PFR, 1/7/15). The $1.95 billion deal, the first offshore wind farm to be fully permitted by the BOEM, died after 14 years.

Petrobras is planning to develop 23GW of offshore wind projects along the Brazilian coastline.

Clean power producer, developer, and energy storage company FirstLight Power has finalized its agreement to acquire Hydroméga Services, including ownership interest in five hydropower generating stations in Québec and five in northeastern Ontario.

Described as “transformative legislation” and a “fantastic opportunity” the Inflation Reduction Act (IRA) has bolstered investment into US renewable energy at breakneck speed. Yet, one year on from its historic enactment many hurdles remain for financing renewables projects in the US. Chiefly, the permitting system.

Enbridge has agreed to acquire three Dominion Energy assets for $14 billion in a merger creating North America’s largest natural gas utility platform by volume.

The Bureau of Ocean Energy Management (BOEM) closed its first-ever offshore wind energy auction in the Gulf of Mexico with only one lease awarded: RWE Offshore US Gulf won with a bid of $5.6 million for a 1.24GW project.

The Department of Commerce made a final decision in its long-running investigation into whether Southeast Asian solar manufacturers are using parts made in China that should be subject to a tariff, potentially harming solar projects that rely on these overseas imports.

Clean energy platform Peregrine Energy Solutions has entered into an agreement with AB CarVal for $700 million in financing for Peregrine Energy's 7GW pipeline of solar, wind, and battery projects.

American Electric Power (AEP) has completed the sale of its 1,365MW unregulated and contracted renewables business to IRG Acquisition Holdings, a consortium owned by Invenergy, CDPQ, and funds managed by Blackstone Infrastructure.