California Takes the Lead in Electric Vehicle and Charging Station Adoption

AP Renewables Inc. Climate Bond Award recognizes Asia-Pacific project finance, with ADB and CNBC citing the first Climate Bond, geothermal refinancing in local currency, and CGIF-backed credit enhancement for emerging markets.

Key Points

An award for APRI's certified Climate Bond, highlighting ADB-backed financing and geothermal assets across Asia-Pacific.

✅ First Climate Bond for a single project in an emerging market

✅ ADB credit enhancement and CGIF risk participation

✅ Refinanced Tiwi and MakBan geothermal assets via local currency

The Asian Development Bank (ADB) and CNBC report having given the Best Project For Corporate Finance Transaction award to a the renewable energy arm of Aboitiz Power, AP Renewables Inc. (APRI), for its innovative and impactful solutions to key development challenges.

In March 2016, APRI issued a local currency bond equivalent to $225 million to refinance sponsor equity in Tiwi and MakBan. ADB said it provided a partial credit enhancement for the bond as well as a direct loan of $37.7 million, a model also seen in EIB long-term financing for Indian solar projects.

The bond issuance was the first Climate Bond—certified by the Climate Bond Initiative—in Asia and the Pacific and the first ever Climate Bond for a single project in an emerging market.

“The project reflects APRI’s commitment to renewable energy, as outlined in the IRENA report on decarbonising energy in the region,” ADB said in a statement posted on its website.

The project also received the 2016 Bond Deal of the Year by the Project Finance International magazine of Thomson Reuters, Asia Pacific Bond Deal of the Year from IJGlobal and the Best Renewable Deal of the Year by Alpha Southeast Asia, reflecting momentum alongside large-scale energy projects in New York reported elsewhere.

ADB’s credit enhancement was risk-participated by the Credit Guarantee Investment Facility (CGIF), a multilateral facility established by Asean + 3 governments and ADB to develop bond markets in the region.

APRI is a subsidiary of AboitizPower, one of Philippines’ biggest geothermal energy producers, and the IRENA study on the Philippines' electricity crisis provides broader context as it owns and operates the Tiwi and Makiling Banahaw (MakBan) geothermal facilities, the seventh and fourth largest geothermal power stations in the world, respectively.

“The awards exemplify the ever-growing importance of the private sector in implementing development work in the region,” ADB’s Private Sector Operations Department Director General Michael Barrow said.

“Our partners in the private sector provide unique solutions to development challenges — from financing to technical expertise — and today’s winners are perfect examples of that,” he added.

The awarding ceremony took place in Yokohama, Japan during an event co-hosted by CNBC and ADB at the 50th Annual Meeting of ADB’s Board of Governors.

The awards focus on highly developmental transactions and underline the important work ADB clients undertake in developing countries in Asia and the Pacific.

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US Renewable Energy Capacity 2023 leads new utility-scale additions, with solar, wind, and battery storage surging; EIA data cite tax incentives, lower costs, and smart grid upgrades driving grid reliability and decarbonization.

Key Points

In 2023, renewables dominate new US utility-scale capacity: 54% solar, 7.1 GW wind, 8.6 GW battery storage, per EIA.

✅ 54% of 2023 US additions are solar, a record year

✅ 7.1 GW wind and 8.6 GW batteries expand grid resources

✅ Storage, smart grids, incentives boost reliability and growth

Wind, solar, and batteries make up 82% of 2023’s expected new utility-scale power capacity in the US, highlighting wind power's surge alongside solar and storage, according to the US Energy Information Administration’s (EIA) “Preliminary Monthly Electric Generator Inventory.”

As of January 2023, the US was operating 73.5 gigawatts (GW) of utility-scale solar capacity, which aligns with rising solar generation trends across the US – about 6% of the country’s total.

But solar makes up just over half of new US generating capacity expected to come online in 2023, supported by favourable government plans across key markets. And if it all goes as expected, it will be the most solar capacity added in a single year in the US. It will also be the first year that more than half of US capacity additions are solar, underscoring solar's No. 3 renewable ranking in the U.S. mix.

As of January 2023, 141.3 GW of wind capacity was operating in the US, reflecting wind's status as the most-used renewable nationwide – about 12% of the US total. Another 7.1 GW are planned for 2023. Tax incentives, lower wind turbine construction costs, and new renewable energy targets are spurring the growth. 

And developers also plan to add 8.6 GW of battery storage power capacity to the grid this year, supporting record solar and storage buildouts across the market, and that’s going to double total US battery power capacity.

However, differences in the amount of electricity that different types of power plants can produce mean that wind and solar made up about 17% of the US’s utility-scale capacity in 2021, but produced 12% of electricity, even as renewables surpassed coal nationally in 2022. Solutions such as energy storage, smart grids, and infrastructure development will help bridge that gap.

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EV Charging Infrastructure accelerates with federal funding, NEVI corridors, and Level 2/3 DC fast charging to cut range anxiety, support apartment dwellers, and scale to 500,000 public chargers alongside tax credits and state mandates.

Key Points

The network of public and private hardware, software, and policies enabling reliable Level 2/3 EV charging at scale.

✅ $7,500/$4,000 tax credits spur adoption and charger demand

✅ NEVI funding builds 500,000 public, reliable DC fast chargers

✅ Equity focus: apartment, curbside, bidirectional and inductive tech

Speaking in front of a line of the latest electric vehicles (EVs) at this month’s North American International Auto Show, President Joe Biden declared: “The great American road trip is going to be fully electrified.”

Most vehicles on the road are still gas guzzlers, but Washington is betting big on change, with EV charging networks competing to expand as it hopes that major federal investment will help reach a target set by the White House for 50% of new cars to be electric by 2030. But there are roadblocks – specifically when it comes to charging them all. “Range anxiety,” or how far one can travel before needing to charge, is still cited as a major deterrent for potential EV buyers.

The auto industry recently passed the 5% mark of EV market share – a watershed moment, arriving ahead of schedule according to analysts, before rapid growth. New policies at the state and local level could very well spur that growth: the Inflation Reduction Act, which passed this summer, offers tax credits of $4,000 to purchase a used EV and up to $7,500 for certain new ones. In August, California, the nation’s largest state and economy, announced rules that would ban all new gas-powered cars by 2035, as part of broader grid stability efforts in the state. New York plans to follow.

So now, the race is on to provide chargers to power all those new EVs.

The administration’s target of 500,000 public charging units by 2030 is a far cry from the current count of nearly 50,000, according to the Department of Energy’s estimate. And those new chargers will have to be fast – what’s known as Level 2 or 3 charging – and functional in order to create a truly reliable system, even as state power grids face added demands across regions. Today, many are not.

Last week, the White House approved plans for all 50 states, along with Washington DC, and Puerto Rico, to set up chargers along highways, unlocking $1.5bn in federal funding to that end, as US automakers’ charger buildout to complement public funds. The money comes from the landmark infrastructure bill passed last year, which invests $7.5bn for EV charging in total.

But how much of that money is spent is largely going to be determined at the local level, amid control over charging debates among stakeholders. “It’s a difference between policy and practice,” said Drew Lipsher, the chief development officer at Volta, an EV charging provider. “Now that the federal government has these policies, the question becomes, OK, how does this actually get implemented?” The practice, he said, is up to states and municipalities.

As EV demand spikes, a growing number of cities are adopting policies for EV charging construction. In July, the city of Columbus passed an “EV readiness” ordinance, which will require new parking structures to host charging stations proportionate to the number of total parking spots, with at least one that is ADA-accessible. Honolulu and Atlanta have passed similar measures.

One major challenge is creating a distribution model that can meet a diversity of needs.

At the moment, most EV owners charge their cars at home with a built-in unit, which governments can help subsidize. But for apartment dwellers or those living in multi-family homes, that’s less feasible. “When we’re thinking about the largest pieces of the population, that’s where we need to really be focusing our attention. This is a major equity issue,” said Alexia Melendez Martineau, the policy manager at Plug-In America, an EV consumer advocacy group.

Bringing power to people is one such solution. In Hoboken, New Jersey, Volta is working with the city to create a streetside charging network. “The network will be within a five-minute walk of every resident,” said Lipsher. “Hopefully this is a way for us to really import it to cities who believe public EV charging infrastructure on the street is important.” Similarly, in parts of Los Angeles – as in Berlin and London – drivers can get a charge from a street lamp.

And there may be new technologies that could help, exciting experts and EV enthusiasts alike. That could include the roads themselves charging EVs through a magnetizable concrete technology being piloted in Indiana and Detroit. And bidirectional charging, where, similar to solar panels, drivers can put their electricity back into the grid – or perhaps even to another EV, through what’s known as electric vehicle supply equipment (EVSE). Nissan approved the technology for their Leaf model this month.

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North Central Energy Facilities deliver 1,484 MW of renewable power in Oklahoma, uniting Invenergy, GE Renewable Energy, and AEP with the Traverse, Maverick, and Sundance wind farms, 531 turbines, grid-scale clean energy, and regional decarbonization.

Key Points

A 1,484 MW trio of Oklahoma wind farms by Invenergy with GE turbines, owned by AEP to supply regional customers.

✅ 1,484 MW capacity from 531 GE 2 MW platform turbines

✅ Largest single-phase wind farm: 998 MW Traverse

✅ Owned by AEP subsidiaries SWEPCO and PSO

Invenergy, the largest privately held global developer, owner and operator of sustainable energy solutions and GE Renewable Energy, today announced commercial operations for the 998-megawatt Traverse Wind Energy Center, the largest wind farm constructed in a single phase in North America, reflecting broader growth such as Enel's 450 MW project announced recently.

Located in north central Oklahoma, Traverse joins the operational 199-megawatt Sundance Wind Energy Center and the 287-megawatt Maverick Wind Energy Center, as the last of three projects developed by Invenergy for American Electric Power (AEP) to reach commercial operation, amid investor activity like WEC Energy's Illinois stake in wind assets this year. These projects make up the North Central Energy Facilities and have 531 GE turbines with a combined capacity of 1,484 megawatts, making them collectively among the largest wind energy facilities globally, even as new capacity comes online such as TransAlta's 119 MW addition in the US.

"This is a moment that Invenergy and our valued partners at AEP, GE Renewable Energy, and the gracious members of our home communities in Oklahoma have been looking forward to," said Jim Shield, Senior Executive Vice President and Development Business Leader at Invenergy, reflecting broader momentum as projects like Building Energy project begin operations nationwide. "With the completion of Traverse and with it the North Central Energy Facilities, we're proud to further our commitment to responsible, clean energy development and to advance our mission to build a sustainable world."

The North Central Energy Facilities represent a $2 billion capital investment in north central Oklahoma, mirroring Iowa wind investments that spur growth, directly investing in the local economy through new tax revenues and lease payments to participating landowners and will generate enough electricity to power 440,000 American homes.

"GE was honored to work with Invenergy on this milestone wind project, continuing our long-standing partnership," said Steve Swift, Global Commercial Leader for GE's Onshore Wind business, a view reinforced by projects like North Carolina's first wind farm coming online. "Wind power is a key element of driving decarbonization, and a dependable and affordable energy option here in the US and around the world. GE's 2 MW platform turbines are ideally suited to bring reliable and sustainable renewable energy to the region for many years to come."

AEP's subsidiaries Southwestern Electric Power Company (SWEPCO) and Public Service Company of Oklahoma (PSO) assumed ownership of the three wind farms upon start of commercial operations, alongside emerging interstate delivery efforts like Wyoming-to-California wind plans, to serve their customers in Arkansas, Louisiana and Oklahoma.

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U.S. 2023 Utility-Scale Capacity Additions highlight surging solar power, expanding battery storage, wind projects, natural gas plants, and new nuclear reactors, boosting grid reliability in Texas and California with record planned installations.

Key Points

Planned grid expansions led by solar and battery storage, with wind, natural gas, and nuclear increasing U.S. capacity.

✅ 29.1 GW solar planned; Texas and California lead installations.

✅ 9.4 GW battery storage to more than double current capacity.

✅ Natural gas, wind, and 2.2 GW nuclear round out additions.

Developers plan to add 54.5 gigawatts (GW) of new utility-scale electric-generating capacity to the U.S. power grid in 2023, according to our Preliminary Monthly Electric Generator Inventory. More than half of this capacity will be solar power (54%), even as coal generation increase has been reported, followed by battery storage (17%).

Solar

U.S. utility-scale solar capacity has been rising rapidly EIA summer outlook since 2010. Despite its upward trend over the past decade 2018 milestone, additions of utility-scale solar capacity declined by 23% in 2022 compared with 2021. This drop in solar capacity additions was the result of supply chain disruptions and other pandemic-related challenges. We expect that some of those delayed 2022 projects will begin operating in 2023, when developers plan to install 29.1 GW of solar power in the United States. If all of this capacity comes online as planned, 2023 will have the most new utility-scale solar capacity added in a single year, more than doubling the current record (13.4 GW in 2021).

In 2023, the most new solar capacity, by far, will be in Texas (7.7 GW) and California (4.2 GW), together accounting for 41% of planned new solar capacity.

Battery storage

U.S. battery storage capacity has grown rapidly January generation jump over the past couple of years. In 2023, U.S. battery capacity will likely more than double. Developers have reported plans to add 9.4 GW of battery storage to the existing 8.8 GW of battery storage capacity.

Battery storage systems are increasingly installed with wind and solar power projects. Wind and solar are intermittent sources of generation; they only produce electricity when the wind is blowing or the sun is shining. Batteries can store excess electricity from wind and solar generators for later use. In 2023, we expect 71% of the new battery storage capacity will be in California and Texas, states with significant solar and wind capacity.

Natural gas

Developers plan to build 7.5 GW of new natural-gas fired capacity record natural gas output in 2023, 83% of which is from combined-cycle plants. The two largest natural gas plants expected to come online in 2023 are the 1,836 megawatt (MW) Guernsey Power Station in Ohio and the 1,214 MW CPV Three Rivers Energy Center in Illinois.

Wind

In 2023, developers plan to add 6.0 GW of utility-scale wind capacity, as renewables poised to eclipse coal in global power generation. Annual U.S. wind capacity additions have begun to slow, following record additions of more than 14 GW in both 2020 and 2021.

The most wind capacity will be added in Texas in 2023, at 2.0 GW. The only offshore wind capacity expected to come online this year is a 130.0 MW offshore windfarm in New York called South Fork Wind.

Nuclear

Two new nuclear reactors at the Vogtle nuclear power plant in Georgia nuclear and net-zero are scheduled to come online in 2023, several years later than originally planned. The reactors, with a combined 2.2 GW of capacity, are the first new nuclear units built in the United States in more than 30 years.

Developers and power plant owners report planned additions to us in our annual and monthly electric generator surveys. In the annual survey, we ask respondents to provide planned online dates for generators coming online in the next five years. The monthly survey tracks the status of generators coming online based on reported in-service dates.

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Ukraine Wind Energy Resilience shields the grid with wind power along the Black Sea, dispersing turbines to withstand missile attacks, accelerate clean energy transition, aid EU integration, and strengthen energy security and rapid recovery.

Key Points

A strategy in Ukraine using wind farms to harden the grid, ensure clean power, and speed recovery from missile strikes.

✅ Distributed turbines reduce single-point-of-failure risk

✅ Faster repair of substations and lines than power plants

✅ Supports EU-aligned clean energy and grid security goals

The giants catch the wind with their huge arms, helping to keep the lights on in Ukraine — newly built windmills, on plains along the Black Sea.

In 15 months of war, Russia has launched countless missiles and exploding drones at power plants, hydroelectric dams and substations, trying to black out as much of Ukraine as it can, as often as it can, even amid talk of limiting attacks on energy sites that has surfaced, in its campaign to pound the country into submission.

The new Tyligulska wind farm stands only a few dozen miles from Russian artillery, but Ukrainians say it has a crucial advantage over most of the country’s grid, helping stabilize the system even as electricity exports have occasionally resumed under fire.

A single, well-placed missile can damage a power plant severely enough to take it out of action, but Ukrainian officials say that doing the same to a set of windmills — each one tens of meters apart from any other — would require dozens of missiles. A wind farm can be temporarily disabled by striking a transformer substation or transmission lines, but these are much easier to repair than power plants.

“It is our response to Russians,” said Maksym Timchenko, CEO of DTEK Group, the company that built the turbines in the southern Mykolaiv region — the first phase of what is planned as Eastern Europe’s largest wind farm. “It is the most profitable and, as we know now, most secure form of energy.”

Ukraine has had laws in place since 2014 to promote a transition to renewable energy, both to lower dependence on Russian energy imports, with periods when electricity exports resumed to neighbors, and because it was profitable. But that transition still has a long way to go, and the war makes its prospects, like everything else about Ukraine’s future, murky.

In 2020, 12% of Ukraine’s electricity came from renewable sources — barely half the percentage for the European Union. Plans for the Tyligulska project call for 85 turbines producing up to 500 megawatts of electricity. That’s enough for 500,000 apartments — an impressive output for a wind farm, but less than 1% of the country’s prewar generating capacity.

After the Kremlin began its full-scale invasion of Ukraine in February 2022, the need for new power sources became acute, prompting deliveries such as a mobile gas turbine power plant to bolster capacity. Russia has bombarded Ukraine’s power plants and cut off delivery of the natural gas that fueled some of them.

Russian occupation forces have seized a large part of the country’s power supply, and Russia has built power lines to reactivate the Zaporizhzhia plant in occupied territory, ensuring that its output does not reach territory still held by Ukraine. They hold the single largest generator, the 5,700-megawatt Zaporizhzhia Nuclear Power Plant, which has been damaged repeatedly in fighting and has stopped transmitting energy to the grid, with UN inspectors warning of mines at the site during recent visits. They also control 90% of Ukraine’s renewable energy plants, which are concentrated in the southeast.

The postwar recovery plans Ukraine has presented to supporters including the European Union, which it hopes to join, feature a major new commitment to clean energy, even as a controversial proposal on Ukraine’s nuclear plants continues to stir debate.

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