U.S. Withdraws from Global Clean Energy Partnership. The U.S. has withdrawn from the Just Energy Transition Partnership (JETP), a 2021-launched financing cooperation mechanism, that seeks to help a selection of heavily coal-dependent emerging economies make a just energy transition. The JETP was designed to provide financial support and technical assistance to these countries, with significant commitments including $1.063 billion for South Africa and more than $3 billion for Indonesia and Vietnam combined. The move aligns with recent U.S. policies under President Donald Trump, who has emphasized fossil fuel development and reduced foreign aid. Despite the U.S.’s exit, other international partners remain committed to supporting the countries’ energy transitions, underscoring the importance of multilateral cooperation in addressing climate change. Indonesia’s JETP Secretariat noted that while the overall pledge remains unchanged, the U.S. withdrawal will affect transition studies and grant funding. Reactions to the withdrawal have been critical, with UK climate envoy Rachel Kyte calling it “regrettable,” while environmental groups emphasize that the U.S. remains morally obligated to support climate-vulnerable nations.
ACWA Power to Develop Egypt’s Largest Wind Farm. ACWA Power has signed a 25-year power purchase agreement with the Egyptian Electricity Transmission Co. for a 2-GW wind project, valued at $2.3 billion. The project is slated to be Egypt’s largest wind farm, surpassing ACWA’s existing 1.1-GW Suez facility. It will seek to support Egypt’s goal of achieving 42% renewable energy by 2030 and reduce carbon emissions by more than 3.5 million tonnes annually. In February, the company reported completing nine financial closes worth SAR 34.6 billion, and adding 14.3 GW of power and 0.4 million cubic meters per day of water to its portfolio. ACWA Power has a total capacity of 69.2 GW and is on track to triple its size by 2030, it said. Last year, the company expanded into China and launched its second green hydrogen project.
Ocean Winds Secures Approval for Major Offshore Wind Project in South Korea. Ocean Winds (OW), a joint venture between EDP Renewables and Engie, has received approval for its 1,125-MW Hanbando offshore wind project off South Korea’s Incheon coast. The electric business license (EBL), granted on March 7, 2025, by the Electricity Regulatory Commission under the Ministry of Trade, Industry, and Energy, secures exclusive development rights and interconnection capacity. With the license, OW will proceed with environmental impact assessments, site investigations, and engineering studies. The project supports South Korea’s goal to increase offshore wind capacity from less than 1% in 2023 to 12 GW by 2030. In addition, it aligns with Incheon City’s target of 6.2 GW by 2030.
India and France Strengthen Nuclear Cooperation. French President Emmanuel Macron and Indian Prime Minister Narendra Modi in February signed a declaration of intent to partner on small modular reactors (SMRs) and advanced modular reactors (AMRs). The agreement seems to enhance nuclear energy cooperation, framing it as crucial for both countries’ low-carbon transitions. The leaders also renewed a memorandum of understanding between India’s Department of Atomic Energy and France’s Commissariat à l’Energie Atomique et aux Energies Alternatives, focusing on research and capacity-building at the Global Centre for Nuclear Energy Partnership in India. The partnership supports India’s goal to develop 100 GW of nuclear energy by 2047 and aligns with the proposed Jaitapur Nuclear Power Plant, which could become the world’s most powerful nuclear plant.
COWI Wins Contract for Sigalda Hydropower Expansion in Iceland. COWI, a leading international engineering consultancy based in Denmark, has secured a contract to design a 65-MW expansion of the Sigalda Hydropower Station in Iceland. The project, which began in January 2025 and is expected to complete by late 2028, will increase the station’s capacity to 215 MW, enhancing energy supply flexibility and supporting key industries like seafood and manufacturing. COWI’s work includes engineering design, tender preparation, and integration with ongoing renovations. The project aligns with Iceland’s goal to maximize renewable energy resources, as the country already generates 100% of its electricity from renewable sources, with 70% coming from hydropower.
Brookfield Sells 1.6 GW of Renewable Assets in India to Gentari. U.S. firm Brookfield Asset Management on March 5 announced the sale of a 1.6-GW portfolio of solar and wind assets in India to Gentari Renewables India. The transaction is set to be structured in two phases, with the first phase, involving 1 GW of operational assets, already completed. The measure marks Brookfield’s first full-cycle portfolio monetization in India for its renewable power business. The deal reinforces investor confidence and unlocks new opportunities for capital allocation in India, where Brookfield manages approximately 40 GW of wind and solar assets. The company said the sale highlights the growing interest in India’s renewable energy sector as the country targets 500 GW of non-fossil fuel capacity by 2030.
In This Issue
Full issue—Sonal Patel is a POWER senior editor (@sonalcpatel, @POWERmagazine).
