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1、CHALLENGES AND OPPORTUNITIES IN THE US RENEWABLE ENERGY SECTORA great deal.Better.CHALLENGES AND OPPORTUNITIES IN THE US RENEWABLE ENERGY SECTOR2TABLE OF CONTENTSIntroduction1:Capacity2:Sectoral Shifts3:Policy landscape4:Mergers and acquisitionsConclusions461014182041.“The United States Power Market

2、:Outlook to 2035,”GlobalData report,January 2024.INTRODUCTIONThe energy transition is advancing across the globe;the US is one of its standard bearers.This report examines the technological,regulatory and commercial forces that are driving the worlds largest economy towards a greener future.In 2010,

3、5%of power in the USA grid came from renewable sources defined as the total of photovoltaic solar,thermal solar,wind,geothermal,small hydro and biopower.In 2035,this figure will hit 50%.1 While a small number of big hitters will battle it out to spearhead the energy transition in the coming decades

4、alongside the US,China,Germany,India and Australia are expected to account for nearly three-quarters of all renewable capacity added between 2022 and 2035 there is little doubt the US will play a leading role.A confluence of technological,regulatory and commercial forces means that,even amid geopoli

5、tical and economic instability,Americas renewable energy market remains one of the worlds most vibrant.This report puts the trends dominating US renewables under a microscope.It begins by examining overall capacity,drawing on the latest research to map the changing trajectory of American energy.It t

6、hen looks at the rapid evolution of those sectors most responsive to the rise of renewables,including hydrogen energy,electric vehicles and battery storage.An assessment of the political environment follows,evaluating support structures that have been put in place for the energy transition and their

7、 durability.Finally,analysis of mergers and acquisitions(M&A)activity sheds light on how the commercial world is responding to these trends.Altogether,it paints a picture of a dynamic sector but also one facing its fair share of challenges.There is little doubt that renewables will grow in America.B

8、ut whether it becomes a green superpower,or is forced to settle for the status of renewable also-ran,will depend on how far it can exploit the opportunities ahead and successfully navigate the pitfalls.CHALLENGES AND OPPORTUNITIES IN THE US RENEWABLE ENERGY SECTORCHALLENGES AND OPPORTUNITIES IN THE

9、US RENEWABLE ENERGY SECTOR5CHALLENGES AND OPPORTUNITIES IN THE US RENEWABLE ENERGY SECTOR6The renewable energy market in North America is undergoing constant transformation.The USA is the trailblazer;capacity has expanded rapidly thanks to a range of federal and state-level initiatives creating a fe

10、rtile environment for growth.These initiatives continue to spur expansion and more are on the way but so too are some potential stumbling blocks.The US governments commitment to renewable energy is reflected in several key policies and regulatory measures.The Energy Policy Act of 2005-specifically S

11、ection 203-mandates that the federal government consume at least 7.5%of its total electricity from renewable sources.Incentive programs such as the Production Tax Credit(PTC)and Investment Tax Credit(ITC)have been pivotal in driving investment in wind and solar power.At the state level,Renewable Por

12、tfolio Standards(RPS)require utilities to source a certain percentage of their power from renewable sources.Most states now have RPS on the statute books,and the standards are supplemented by Renewable Energy Certificates(RECs),allowing utilities to trade credits to meet their RPS obligations.1:CAPA

13、CITYThe third section of this report examines US policy in depth,including additional initiatives notably the Inflation Reduction Act(IRA)that have overhauled the energy landscape at both state and federal levels.But the headline is clear:US renewable energy policies have had the collective effect o

14、f precipitating a boom in renewable capacity.In 2010,solar photovoltaic(PV)capacity was a mere 2.1 GW.By 2022,it had surged to 141.4 GW,reflecting a compound annual growth rate(CAGR)of 41.7%.Projections indicate that solar PV capacity will continue to grow at a CAGR of 14.6%,reaching 923.1 GW by 203

15、5.Solar PVs share of the renewable energy mix is expected to increase from 45.1%in 2022 to 72.1%by 2035.Offshore wind is starting from a lower base,but is expected to grow at a staggering CAGR of 62%between 2023 and 2035.By 2035,renewables are forecast to account for 62%of North Americas power capac

16、ity mix,up from 36%in 2023.Solar PV and onshore wind will be the primary drivers,with CAGRs of 14.6%and 5.4%respectively.2Projections indicate that solar PV capacity will continue to grow at a CAGR of 14.3%,reaching 923.1 GW by 2035.2.“The United States Power Market:Outlook to 2035,”GlobalData repor

17、t,January 2024.The Energy Policy Act of 2005-specifically Section 203-mandates that the federal government consume at least 7.5%of its total electricity from renewable sources.8Balancing optimism and realismWhile the outlook for renewable energy across the US looks rosy,several challenges need to be

18、 addressed to turn bold capacity predictions into reality.Vyakaranam Pavan Kumar is an analyst in GlobalDatas power division.“Rising costs,inflationary pressures,supply chain limitations,and an expanding backlog of renewable energy projects awaiting grid connection represent significant obstacles to

19、 the growth of renewable energy in the US,”he says.“To mitigate the risks of cyberattacks and manage intricate networks and distribution systems,a digital transformation is imperative.”Continued policy aid and financial incentives for businesses big and small will be crucial in maintaining the momen

20、tum of renewable energy growth.And digital transformation of energy infrastructure is essential to help combat novel threats;grid management must be enhanced to both mitigate cyber risks and enable the efficient integration of renewable energy sources.The Federal government clearly recognizes these

21、challenges as a priority.The Department for Energy has,for instance,pledged$245 million to enhance the cybersecurity of clean energy technologies and the energy supply chain.Renewable energy capacity in North America is poised for substantial growth.Supportive policies,technological advancements and

22、 increasing investment will all help.With solar PV and wind power leading the charge,a significant shift in the regions energy mix is underway if the roadblocks to ramping up capacity can be avoided.If they are,it will have significant spillover effects for a whole range of new and growing industrie

23、s.It is to these the next section turns.To mitigate the risks of cyberattacks and manage intricate networks and distribution systems,a digital transformation is imperative.Figure 1:North America renewable fuel production capacity,2018-2030(millions of gallons per annum)Figure 1:Renewable fuel is poi

24、sed for massive expansion in North America in the run-up to 2030,with the US taking a commanding lead.Source:“North America Energy Transition:Sectors and Companies Driving Development,”GlobalData report,March 2024.United StatesCanada06,0008,0004,0002,00010,00012,00016,00014,0002019201820202021202220

25、232024202520262027202820292030Production(mmgy)CHALLENGES AND OPPORTUNITIES IN THE US RENEWABLE ENERGY SECTOR9 CHALLENGES AND OPPORTUNITIES IN THE US RENEWABLE ENERGY SECTOR10As the shift towards renewables gathers pace in North America,so too do a whole range of industries that will support and bene

26、fit from the energy transition.Examples of these sectors include carbon capture,utilisation and storage(CCUS),hydrogen,energy storage and electric vehicles(EVs).Incumbents and new businesses alike will benefit from the huge opportunities created by the growth of these nascent industries.CCUSNorth Am

27、erica is a global leader in CCUS technology.It accounted for 63%of the worlds CCUS capabilities in 2021,with the US playing a pivotal role;207 projects are currently in the pipeline across the country,and they are expected to add over 240 million tonnes per annum(mtpa)of capacity by 2030.Total North

28、 American CCUS capacity is projected to reach 278 mtpa by 2030,a significant increase from the 45 mtpa global capacity recorded at the end of 2021.With CO2 storage,power generation and blue hydrogen production all sub-sectors that will benefit from the rise of CCUS,it points to a bright future right

29、 across the renewable value chain.32:SECTORAL SHIFTSHydrogenHydrogen energys potential is more speculative compared to other renewables.But commercial and regulatory activity around hydrogen across North America suggests the rewards merit the risks.Canada has announced the worlds two largest green h

30、ydrogen projects,by Green Hydrogen International,each with a capacity of 43 mtpa.These projects will significantly bolster North Americas hydrogen market,facilitating the establishment of hydrogen export trade relationships and scaling regional electrolyser production capacity.Across the continent,h

31、ydrogen capacity is expected to grow at a CAGR of 84%between 2024 and 2030.The completion of a number of large-scale projects will be the main driver of this growth.Companies like Air Products and Chemicals Inc are emerging as significant contributors,with multiple projects in the pipeline.In the US

32、,the Department of Energy pledged$52.5 million in 2021 to fund 31 projects advancing next-generation clean hydrogen technologies and to support the Hydrogen Energy North Americas energy storage capacity is expected to exceed 29 GW by 2030,growing at a CAGR of 23%between 2021 and 2030.Total North Ame

33、rican CCUS capacity is projected to reach 278 mtpa by 2030.3.“North America Energy Transition:Sectors and Companies Driving Development,”GlobalData report,March 2024.11Earthshot initiative.The goal is that,by 2031,the cost of hydrogen will hit$1 per kilogram.If met,its potential to provide power acr

34、oss a whole range of areas where it has hitherto proved prohibitively expensive will considerably expand.4StorageOptimising energy storage is crucial for managing the intermittency of renewable energy sources;wind and solar power are at the mercy of the weather.North Americas energy storage capacity

35、 is expected to exceed 29 GW by 2030,growing at a CAGR of 23%between 2021 and 2030.Battery storage,particularly lithium-ion technology,will dominate this growth,accounting for 97%of storage capacity.The United States leads in lithium-ion pipeline capacity with 28 GW of upcoming projects.Investment i

36、n emerging battery chemistries and hydrogen energy storage is also expected to rise due to increasing demand and the incentive to secure raw material supplies.Additionally,investment in transmission infrastructure will be essential to connect distributed renewable resources to demand centres and red

37、uce energy losses.The investment growth rate is expected to hit a CAGR of 6.3%between 2022 and 2027.5EVsThe demand for EVs in the United States and Canada is set to increase due to higher petrol prices,growing environmental consciousness and improved battery performance.By 2035,EVs are expected to e

38、xceed 75%of the light vehicle market across North America.Battery electric vehicle(BEV)sales in the region are projected to reach 10.5 million units by 2035,growing at a CAGR of 17.3%between 2024 and 2035.The United States will remain the primary contributor to EV sales,accounting for 89%of the regi

39、ons BEV sales in 2023-also increasing its share of global BEV sales from 11%in 2023 to 17%by 2035.6The United States will increase its share of global BEV sales from 11%in 2023 to 17%by 2035.11Across the continent,hydrogen capacity is expected to grow at a compound annual growth rate(CAGR)of 84%betw

40、een 2024 and 2030.4.,5.,6.Ibid.CHALLENGES AND OPPORTUNITIES IN THE US RENEWABLE ENERGY SECTORCHALLENGES AND OPPORTUNITIES IN THE US RENEWABLE ENERGY SECTOR12The Sterling virtual data room is best in class.Excellent user functionality on both sides of the transaction,intuitive and efficient,great Q&A

41、 capability,and their features,which provide significant benefits over other providers,speed up the due diligence process.The 24/7/365 support function is responsive and customer service is second to none.Sean Slattery Director|Simmons EnergyPOWERING ENERGY DEALMAKINGA great deal.Better.Sterling Tec

42、hnology is the provider of premium virtual data room(VDR)solutions for secure sharing of content,business process automation and collaboration for the M&A,corporate development,capital markets,private capital,banking and legal communities engaged in energy dealmaking.Sterling Technology has been sup

43、porting the M&A and capital markets for over 30 years,initially with financial printing services.Since opening our first VDR in 2010,we have helped customers from 187 countries and 90 industries successfully complete thousands of deals.With offices in all major financial centers on six continents,St

44、erling Technology is trusted by its users to deliver exceptional levels of service on their most critical transactions.Experience supporting over 10,000 deals including mergers,acquisitions,asset sales,private and public equity and debt capital raisings,IPOs,carve-outs,JVs,licensings,bankruptcies an

45、d restructurings.24/7/365 support from deal preparation through due diligence to closing,continuous portfolio asset management and deal readiness.Highest document encryption and security standards,including ISO 27001 and Cyber Essentials Plus,compliant with UK and EU data privacy regulations,SOC 1,S

46、OC 2 and SOC 3,and choice of US,EU or UK data hosting.Online Q&A with advanced workflow configuration.Advanced AI-enabled document redaction tool.Built-in,automatic,side-by-side multi-lingual translation of content between 300 language-pairs.Secure online viewers for CAD files,videos and Microsoft O

47、ffice,incl.Excel,files in native format.Comprehensive audit trail and reports of deal activity.Optional custom-branded user interface.Platform localized in 11 languages.STERLING TECHNOLOGY:|Americas HQ:1250 Broadway,New York,NY 10001Europe HQ:33 Aldgate High Street,London,EC3N 1AHAsia HQ:33 Lockhart

48、 Road,19/F,Wan Chai,Hong KongCHALLENGES AND OPPORTUNITIES IN THE US RENEWABLE ENERGY SECTORA GREAT DEAL.BETTER.ENEL,the Italy-based multinational power producer and worlds largest renewables fi rm,used Sterling Technology for the sale of 50%of Gridspertise-a developer of smart grid technologies-to C

49、VC,valuing Gridspertise at 1,A GREAT DEAL.BETTER.Dogger Bank,the worlds largest offshore wind farm,used Sterling Technology for the sale of a 20%interest in the project to Eni from owners SSE and Equinor for a combined A GREAT DEAL.BETTER.Plenium Partners and Bankinter used Sterling Technology for t

50、he sale of the Spanish onshore wind and solar renewables portfolio of Helia Renovables FCR to Northland Power of Canadafor A GREAT DEAL.BETTER.Q-Energy,a Spanish renewable energy fund manager,used Sterling Technology for the sale of its solar energy portfolio to Verbund,Austrias largest electricity

51、company,for a value in excess of A GREAT DEAL.BETTER.Energie Baden-Wrttemberg,one of the largest energy companies in Europe,used Sterling Technology for a minority investment in a portfolio of 14 German onshore wind farms by the Klimavest impact fund of Commerz RA GREAT DEAL.BETTER.Pharos Energy,a L

52、ondon-listed oil and gas exploration company,used Sterling Technology for the farm-out and sale of a 55%interest in its onshore Egyptian assets to IPR Energy for US$A GREAT DEAL.BETTER.Enel,the Italy-based energy producer and worlds largest renewables fi rm,used Sterling Technology for the sale of a

53、 49.99%stake in its portfolio of Spanish solar power plants,owned by subsidiary Endesa,to UAE-based green energy fi rm Masdar for A GREAT DEAL.BETTER.EDP Renewables,a global leader in the renewable energy sector and the fourth largest producer worldwide,used Sterling Technology for the sale of seven

54、 Italian wind farms to ERG S.p.Afor 420m.A GREAT DEAL.BETTER.WE WORK WITH STERLINGCHALLENGES AND OPPORTUNITIES IN THE US RENEWABLE ENERGY SECTOR14The renewable energy policy landscape in the USA has witnessed significant shifts over recent years.A combination of federal and state-level initiatives n

55、ow exists to support the growth and integration of renewable energy technologies.Perhaps the most significant of these the Inflation Reduction Act has poured hundreds of billions of dollars into the energy transition so far.But,with a presidential and other elections due to be held in November,the l

56、ong-term viability of the current pro-renewables settlement is uncertain.3:POLICY LANDSCAPEThe impact of the IRA has fostered a favorable environment for investors and is anticipated to propel renewable energy projects within the USA.1515Inflation Reduction Act(IRA)According to Kumar,“the impact of

57、the IRA has fostered a favourable environment for investors and is anticipated to propel renewable energy projects within the USA.”Passed into law in 2022,the IRA is a cornerstone of US climate policy.It offers extensive tax credits,grants and investments aimed at promoting renewable energy.By Novem

58、ber 2023,IRA funding had channelled over$240 billion into 272 renewable energy projects,with projections suggesting this figure will surpass$1 trillion by 2032.The largest allocations have been for solar projects($80 billion),energy storage and battery manufacturing($45 billion each),and wind power(

59、$22 billion).There have been significant knock-on effects for job creation;estimates suggest the IRA boosted employment in renewables to the tune of nearly 300,000 jobs by February 2024.This figure is expected to rise to 1.5 million jobs by 2030.7What of fears that a second Trump administration coul

60、d derail investments dependent on IRA funding?Kumar is sanguine:“To repeal an act of Congress would necessitate the passage of new legislation that explicitly repeals the original act,which is highly improbable”,he argues.“Moreover,the Republican Party would need to gain sufficient control of Congre

61、ss to introduce a new act for the next presidents consideration,an event that is also unlikely.So,it is highly improbable that the IRA will be affected,given its positive momentum toward renewable energy projects.”7.Source:GlobalData figures.8.“The United States Power Market:Outlook to 2035,”GlobalD

62、ata report,January 2024.Budgetary stimulusThe US government has aimed to maintain IRA momentum with additional cash injections into renewable initiatives.The Fiscal Year 2024 budget includes$16.5 billion for the Department of Energy(DOE)to fund climate and clean energy research,development and deplo

63、yment.This budget marks a 20%increase over the previous fiscal year and supports a wide range of renewable initiatives,including:$3.5 billion for DOEs Office of Science and$1.6 billion for the National Science Foundation;$1 billion for fusion research under CHIPS and Science Act authorisations Ameri

64、cas largest investment in clean energy power of its kind to date;$1.2 billion for DOE industrial decarbonization activities;$245 million to enhance cybersecurity of clean energy technologies and the energy supply chain;$4.5 billion for clean energy infrastructure,including$1.8 billion to retrofit lo

65、w-income homes.8The Fiscal Year 2024 budget includes$16.5 billion for the Department of Energy(DOE)to fund climate and clean energy research,development and deployment.$CHALLENGES AND OPPORTUNITIES IN THE US RENEWABLE ENERGY SECTORCHALLENGES AND OPPORTUNITIES IN THE US RENEWABLE ENERGY SECTOR16Feder

66、al Programmes The Production Tax Credit(PTC)and Investment Tax Credit(ITC)have been vital in encouraging the development of renewable energy projects,enabling investors to reclaim a portion of their profits previously submitted to the government in tax.The PTC was phased down by 40%for wind faciliti

67、es in 2020 and the scheme was initially set to expire for all renewable energy technologies starting construction after December 31,2021.However,after the introduction of the IRA,the PTC was extended for eligible technologies until the end of 2023.It has since been extended again,and remains vital i

68、n government efforts to coax investment into renewable technologies.Launched in 2011,the SunShot Initiative aims to make solar energy cost-competitive with other power sources.By 2017,the initiative had successfully met its goal of reducing the cost of utility-scale solar power to$0.06/kWh.New targe

69、ts set in 2016 aim to further reduce the levelized cost of energy(LCOE)for solar PV to$0.03/kWh by 2030.The US wind industry has benefited from continuous federal support.The PTC has played an especially important role-and,in March 2021,the US government announced a national goal of adding 30 GW of

70、offshore wind capacity by 2030 and 25 GW of onshore wind capacity by 2025.The DOE is also funding offshore wind R&D programs and providing$3 billion through the Innovative Energy Loan Guarantee Program.It isnt just the major players in wind and solar benefiting from policymakers backing.Under the IR

71、A,$10 million has been allocated to support advanced biofuel industries that achieve a 50%emission reduction over conventional fuels,with a further$500 million dedicated to infrastructure improvements for blending,storing,supplying or distributing biofuels.9 Meanwhile,the DOEs Hydrogen Program Plan

72、outlines pathways for the development and deployment of clean hydrogen technologies.The plan includes funding for hydrogen production,delivery infrastructure,storage and fuel cells.State-Level IncentivesState governments have implemented Renewable Portfolio Standards(RPS)to mandate that a certain pe

73、rcentage of energy supplied to consumers comes from renewable sources.These targets vary by state,typically ranging from 10%to 100%by specified dates.For example,California aims for 100%renewable energy by 2045,while New York is targeting 70%by 2030.Table 1 offers more detailed insight on renewable

74、energy targets,current progress and the degree of state-to-state variance.9.“North America Energy Transition:Sectors and Companies Driving Development,”GlobalData report,March 2024.In March 2021,the US government announced a national goal of adding 30 GW of offshore wind capacity by 2030 and 25 GW o

75、f onshore wind capacity by 2025.1717StateShare/AmountYearNotesArizona15%2025-California100%205050%by 2025,60%by 2030 and 100%by 2045.Colorado100%2050-Connecticut48%203038%by 2025.Delaware40%203525%by 2025.Hawaii100%204540%2030,and 70%2040.Illinois25%2025-2026Distributed generation:1%of annual requir

76、ement;wind:75%of annual requirement for investor-owned utilities,and 60%for renewable energy generators;solar PV:6%of annual requirement.Indiana10%202510%voluntary target.Iowa105 MW(already achieved)Applicable only to investor-owned utilities.Maine80%2030100%by 2050.Maryland50%2030-Massachusetts40%2

77、030-Michigan-The government is looking to set long-term goal of 100%renewable electricity by 2050;negotiations are yet to conclude.Minnesota26.50%2025Net carbon neutrality by 2050.Missouri15%2021-Montana15%Each year-Nevada25%202550%in 2030 and each year thereafter;for solar power,there is a 6%annual

78、 requirement for 20162025.New Hampshire25.20%2025-New Jersey50%50%100%by 2050.New Mexico50%203080%by 2040,and 100%by 2045.North Carolina12.50%2021-Ohio8.50%2026-Oregon25%2025Plus,increased RPS of 50%by 2040 applies IOUs who have a share of more than 3%of the states load;for utilities with a load-sha

79、re of 1.5%3%,requirement is 10%in 2025,and for utilities with a load share of less than 1.5%,it is 5%in 2025.Rhode Island100%(offset)2033In June 2022,the governor of Rhode Island signed a legislation requiring the states electricity use to be completely offset by renewables by 2033.Utah20%2025-Vermo

80、nt75%203210%for distributed generation and 12%for energy transformation in 2032.Virginia100%2050-Washington,D.C.100%2045All utilities are required to eliminate coal from their state portfolios by 2025.Guam100%2045Target applies to net electricity sales.Puerto Rico20%2035100%by 2050.US Virgin Islands

81、30%2025-Table 1:State breakdown of renewable energy policies and goals.Source:“The United States Power Market:Outlook to 2035,”GlobalData report,January 2024.CHALLENGES AND OPPORTUNITIES IN THE US RENEWABLE ENERGY SECTORCHALLENGES AND OPPORTUNITIES IN THE US RENEWABLE ENERGY SECTOR18Despite signific

82、ant challenges over recent months and years-including high interest rates,inflationary pressures and supply chain constraints there have been some big stories in the realm of mergers and acquisitions,with more in the pipeline.Entering 2023,the US renewable energy M&A landscape faced significant econ

83、omic and geopolitical headwinds.Consequently,according to Kumar,“the volume of renewable energy deals declined markedly in 2023 from the levels observed in 2022.”However,investor optimism grew during the latter half of 2023 amid easing supply chain bottlenecks and the trickling through of legislativ

84、e support,particularly from the Inflation Reduction Act.New direct pay and tax credit transferability options under the IRA,along with continued federal grant and loan programmes through the Department of Energy Loan Program Office,provided additional incentives for investors.4:MERGERS AND ACQUISITI

85、ONSThe volume of renewable energy deals declined markedly in 2023 from the levels observed in 2022.1919In the first half of 2024,the value of power M&A deals in North America grew by 42%compared to the same period the previous year.Rosier times aheadDespite the overall decline in M&A volume over the

86、 course of 2023,several major transactions pointed to a brightening outlook.Notable deals included Brookfield Renewables acquisition of Duke Energys renewable portfolio for$2.8 billion,and IRGs acquisition of American Electric Powers 1.4 GW wind and solar generation portfolio for$1.5 billion.Another

87、 significant transaction was Con Edisons$6.8 billion divestment of its unregulated clean energy segment.And,despite overall M&A decline in 2023,a rise in biogas and renewable natural gas(RNG)transactions bucked the trend.Institutional investors such as the Ontario Teachers Pension Plan and Ares Mana

88、gement invested in biogas companies,lured in by Investment Tax Credits introduced under the IRA.2023 also marked a resurgence in nuclear energy M&A,driven by favourable IRA provisions-including a 10-year Production Tax Credit for existing nuclear power plants.Significant transactions included Brookf

89、ield and Cameco Corps$7.9 billion acquisition of Westinghouse Electric Company.10Looking aheadThe signs for M&A activity in 2024 look positive so far.In the first half of 2024,the value of power M&A deals in North America grew by 42%compared to the same period the previous year.11 Several factors ar

90、e expected to drive increased M&A activity in the renewable energy sector.Corporates have become increasingly active in renewables.Many are taking a direct approach to investing in the energy transition to meet ambitious decarbonization targets;BPs investment in Electric Hydrogens$380 million series

91、 C round at the end of 2023,including partners like Fortescue and Mitsubishi Heavy Industries,exemplifies this trend.12Ongoing implementation of federal energy programs and incentives will provide a significant boost to M&A activity.Investments in emerging technologies such as biogas and nuclear ene

92、rgy will diversify the M&A landscape.As the table below highlights,a number of multi-billion dollar M&A deals have already been concluded in the US up to the end of June 2024.It is unlikely they will be the last.Announced DateEnergy AreaAcquirors/Investors/Surviving EntityIssuer/Licensor/TargetDeal

93、Value(US$m)12-Jan-24Wind/SolarBlackRock IncGlobal Infrastructure Partners LLC12,50022-Feb-24WindStonepeak Partners LPDominion Energy(CVOW project)3,00030-Jan-24SolarQualitas Energy Deutschland GmbHHeelstone Renewable Energy LLC2,59906-Mar-24Wind/SolarIberdrola SAAvangrid Inc2,480Table 2:Multi-billio

94、n dollar renewable energy M&A deals in the US in H1 2024.Source:GlobalData.10&12.FTI Consulting,“US Renewable Energy M&A:Review of 2023 and Outlook for 2024,”March 2024.11.“Power M&A Deals Q1&Q2 2024,Top Themes”,GlobalData reports,May and July 2024.CHALLENGES AND OPPORTUNITIES IN THE US RENEWABLE EN

95、ERGY SECTORCONCLUSIONSA bright future beckons for the US renewable energy sector.Trends in capacity reflect robust growth,particularly in solar and wind power.Complementary industries,ranging from carbon capture to clean cars,will support and fuel further expansion.Policy support while not guarantee

96、d looks like it is here to stay.And a backdrop of vibrant commercial activity around renewables suggests the corporate world has fully bought into the energy transition.Looking ahead,the renewable energy sector in the US is poised for continued growth and innovation.The high cost of capital will lik

97、ely drive further consolidation,with larger players leveraging their financial strength to acquire projects and platforms.Corporate investments will intensify as companies seek to meet ambitious decarbonization targets.Emerging technologies will turbocharge the market,fostering a dynamic and sustain

98、able energy future.Amid economic peaks and troughs,businesses involved in the energy transition can take comfort:the long-term trajectory is an upward one.A revolution is afoot in how the worlds largest economy gets its power,and renewables are at its heart.CHALLENGES AND OPPORTUNITIES IN THE US REN

99、EWABLE ENERGY SECTOR20CHALLENGES AND OPPORTUNITIES IN THE US RENEWABLE ENERGY SECTOR21CHALLENGES AND OPPORTUNITIES IN THE US RENEWABLE ENERGY SECTOR22Sterling Technology is the provider of premium virtual data room(VDR)solutions for secure sharing of content,business process automation and collabora

100、tion for the M&A,corporate development,real estate,capital markets,private capital,banking and legal communities engaged in energy dealmaking.Sterling Technology has been supporting the M&A and capital markets for over 30 years,initially with financial printing services.Since opening our first VDR i

101、n 2010,we have helped customers from 187 countries and 90 industries successfully complete thousands of deals.With offices in all major financial centers on six continents,Sterling Technology is trusted by its users to deliver exceptional levels of service on their most critical transactions.2024 Sterling Technology Ltd.CONTACT STERLING TECHNOLOGYAmericas HQ1250 Broadway New York NY 10001Europe HQ33 Aldgate High Street LondonEC3N 1AHAsia HQ33 Lockhart Road 19/F Wan ChaiHong K|A great deal.Better.