10 projects to watch: renewable energy projects approaching final investment decision in 2025

US, Nevada

US$1bnArevia Power Libra Solar PV Project

Arevia Power’s 700MW solar project is located in Mineral County, Nevada. It will also include a 700MW/2,800MWh battery energy storage system. The project will operate under a power purchase agreement with NV Energy. The Public Utilities Commission of Nevada has approved NV Energy’s 2024 integrated resource plan. FID is expected in H1 2025.

Germany, North Sea

US$3bn Vattenfall Offshore Wind Farm Nordlicht I (N-7.2)

Vattenfall is developing a 980MW offshore wind farm 85km north of Borkum island. LyondellBasell signed a 15-year power purchase agreement for 450GWh of Nordlicht 1’s electricity starting in 2028, supporting its low-carbon solutions, including powering its MoReTec-1 plant in Wesseling. FID is expected in 2025.

Saudi Arabia, Halil Province

US$1bn Renewable Energy Project Development Office Al Masa’a PV Solar IPP – NTP Round 5

PowerChina Guizhou Engineering Co. has signed EPC contracts for the Al Masa’a and Al Henakiyah 2 photovoltaic power station projects, with a combined installed capacity of 1.75GW. The scope includes design, procurement, construction, commissioning, operation and maintenance. FID is scheduled for H1 2025.

Azerbaijan,  Zangilan/Jabrayil

US$300m Shafag (Jabrayil) Solar Limited Shafag Solar Plant

A 240MW solar power plant is being developed in Azerbaijan’s Zangilan/Jabrayil region. The project site has been cleared and the certification process remains to be completed. FID is expected in H2 of 2025, followed by the start of construction work by Q4 2025.

Taiwan, Taiwan Strait

US$1.7bn Copenhagen Infrastructure Partners (CIP) Offshore Wind Farm Taichung Fengmiao

CIP is developing a 495MW offshore wind farm 35km off the coast of Taiwan, featuring 33 turbines of 15MW each. Expected to reach FID in 2025, the project secured a 30-year corporate power purchase agreement in 2024 with Sino-American Silicon Products Inc. and Sustainable Energy Solutions.

Brazil, Minas Gerais

US$85m Scatec Urucuia Solar Project

Scatec is developing a 142MW solar farm in Minas Gerais, with start-up expected in H1 2026 and FID by H1 2025. Financing includes 35% long-term debt, Scatec equity and a US$25.9m short-term facility from the Danish Investment Fund for Developing Countries. Preliminary construction has begun.

Egypt, Sohag

US$10bn Masdar West Sohag Onshore Wind Farm

In May 2024, Masdar, Infinity Power and Hassan Allam Utilities signed a land access agreement with the Egyptian government to develop a 10GW onshore wind farm project in West Sohag, Egypt. The consortium is expected to achieve financial closure and commence construction in 2025.

North Macedonia, Štip

US$500m Alcazar Energy Onshore Wind Farm, North Macedonia

Alcazar Energy has announced it will invest more than US$500m to develop a 400MW onshore wind farm south of Skopje in North Macedonia. The company plans to achieve a financial close in Q4 2025, with construction expected to start in early 2026.

Australia, Pilbara

US$25bn BP Australian Renewable Energy Hub

BP’s project, combining an onshore wind and solar farm, will have installed capacity of 26GW when completed. One of three projects to be awarded major project status by the federal government in August 2024, it will be developed in three phases, with phase one having a planned installed capacity of up to 1GW. FID may occur by late 2025.

One to watch

UK, North Sea

US$1.9bn Flotation Energy Floating Offshore Wind Farm Green Volt

Flotation Energy is developing a 560MW offshore wind farm on the former Ettrick and Blackbird oil field site, featuring up to 35 turbines with a rated capacity of 10–16MW. With a 15-year Contracts for Difference Round 6 award for 400MW at £139.93/MWh, FID is expected in 2025. Contract awards are expected in 2025/2026, and the project is scheduled to go online by 2028/29.

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