Xcel Energy Retires Coal, €16B for EU Wind Projects

On News Flash this week, substantial investment for renewables across Europe by the European Investment Bank, Octopus Energy’s “The Collective” proves a success in the UK, and Xcel Energy plans to eliminate their coal power plants in the US Midwest by 2030.

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Allen Hall: Starting off the week, the European Investment Bank is making bold moves to accelerate wind energy development across Europe, signing significant agreements with both BNP Paribas and Banco Satandier. These partnerships will generate up to 16 billion euros in wind energy investments through innovative counter guarantee agreements.

The initiatives are part of the EIB’s broader 5 billion euro wind power package, demonstrating Europe’s commitment to renewable energy expansion and industrial competitiveness.

The deals will enable manufacturers to receive advanced payments and provide performance guarantees for new wind projects, while also supporting supply chain efficiency and grid interconnections. This financing structure is backed by Invest eu, the eus ambitious program aiming to mobilize over 372 billion euros in investments by 2027. 2400 onshore wind turbines representing 14 gigawatts

of capacity. While the upcoming election has introduced some uncertainty with skepticism from leading parties, Industry experts still remain optimistic. The CDU, likely to lead the next government, is expected to maintain support for wind energy given its reliability and cost effectiveness in producing clean energy. Over in the UK, Octopus Energy’s groundbreaking investment platform, The Collective, has demonstrated remarkable success with its first two wind projects selling out within just one week.

The platform democratizes renewable energy investment by allowing public participation with investments ranging from 25 to 20, 000 with no fees. Located in Yorkshire and Wales, these projects attracted hundreds of investors. And the company is now expanding to expand the platform through its Pass the Power campaign, inviting more renewable energy projects to list on the platform.

And in the United States, despite challenging political headwinds, Xcel Energy is making significant progress in renewable energy deployment in the Upper Midwest. Their ambitious plan includes adding 3, 400 megawatts of wind energy and 550 megawatts of solar power.

The company aims to retire all coal plants in the region by 2030 and potentially reduce emissions by up to 88 percent compared to 2005 levels. The plan also includes innovative energy storage solutions including testing new iron air battery technology at their Becker site.

That’s this week’s top news stories. Stay tuned tomorrow for the Uptime Wind Energy podcast with Rosemary Barnes, Joel Saxum, Phil Totaro, and me.