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Brookfield and Microsoft's monster renewable plan

PLUS: Vaulted Deep's $58mm carbon removal sale, Archaea's new RNG module, Treasury releases SAF guidance, Pine Gate raises $650mm for renewables

Good Morning. This is the Sunya Scoop. The newsletter that takes energy transition news and turns it into an easy-to-read email for you.

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  • Frontier buyers signed $58.3 million offtakes with Vaulted Deep, targeting the removal of 152,480 tons of CO₂ by 2027, with 18,321 tons expected in 2024.

  • Vaulted's approach promises over 10,000 years of CO₂ permanence and aims for a cost under $100 per ton.

  • The method involves converting carbon-rich waste into a slurry and injecting it underground, offering a scalable solution with a potential for >300Mt of annual carbon removal in the US alone.

  • Costs are kept low through natural CO₂ capture, minimal processing, and accessible infrastructure, driving towards <$100 per ton.

  • Advantek's assets and expertise enable Vaulted to execute quickly and safely, with several thousand tons already delivered.

  • Frontier facilitated purchases for notable companies, including Stripe, Alphabet, Shopify, Meta, and McKinsey Sustainability.

  • bp's Archaea Energy launches its largest modular RNG plant in Shawnee, Kansas, three times bigger than its previous AMD plant in Medora, Indiana.

  • The plant can convert 9,600 standard cubic feet of landfill gas per minute into renewable natural gas (RNG).

  • Expected to provide enough RNG to heat around 38,000 homes annually, as per the EPA's Landfill Gas Energy Benefits Calculator.

  • The AMD design allows faster builds of RNG plants with interchangeable components, offering three sizes: 3,200 scfm; 6,400 scfm; and 9,600 scfm.

  • After acquiring Archaea Energy, bp becomes the largest RNG producer in the US, with an 80% increase in global biogas supply volumes in 2023.

  • Archaea Energy specializes in developing, constructing, and operating RNG facilities, converting waste emissions into low carbon fuel.

  • The U.S. Department of the Treasury and IRS released guidance on the Sustainable Aviation Fuel (SAF) Credit under the Inflation Reduction Act (IRA)

  • The SAF Credit incentivizes SAF production achieving a 50% or more lifecycle greenhouse gas (GHG) emissions reduction compared to petroleum-based jet fuel, with tax credits ranging from $1.25 to $1.75 per gallon.

  • The guidance also introduces the 40B SAF-GREET 2024 model, providing a methodology for SAF producers to calculate lifecycle GHG emissions rates for the SAF Credit.

  • The updated GREET model incorporates new data and modeling of key feedstocks, processes, and emission reduction strategies like carbon capture and storage, renewable natural gas, and renewable electricity.

  • A USDA pilot program, part of the guidance, encourages Climate Smart Agriculture (CSA) practices for SAF feedstocks, offering greenhouse gas reduction credits for specific CSA practices used in SAF production.

  • The pilot program credits CSA practices like no-till, cover crop, and enhanced efficiency fertilizer for corn ethanol-to-jet, and no-till and cover crop for soybean-to-jet feedstock.

  • Further work is planned for the Clean Fuel Production Credit (45Z), with a new 45Z-GREET model to be developed for use with the 45Z tax credit starting in 2025.

  • Brookfield and Microsoft signed a global framework agreement to develop over 10.5 gigawatts (GW) of new renewable energy capacity.

  • The agreement aims to meet Microsoft's goal of 100% zero carbon energy purchases by 2030.

  • Brookfield will deliver the new renewable capacity between 2026 and 2030 in the U.S. and Europe, with potential expansion to Asia-Pacific, India, and Latin America.

  • The collaboration supports decarbonization efforts and contributes to the global shift to renewable energy within the cloud industry.

  • The agreement emphasizes not only wind and solar but also new or impactful carbon-free energy generation technologies.

  • Brookfield's CEO highlights the scale of this agreement, nearly eight times larger than the largest single corporate power purchase agreement (PPA) ever signed.

  • Microsoft aims to leverage its influence to create positive impacts on energy grids globally and achieve its carbon reduction targets.

  • Pine Gate Renewables secured a $650 million investment from Generate Capital, HOOPP, and HESTA.

  • The funding will support the development of 3 GW of clean energy infrastructure in the United States by 2025.

  • Generate Capital's extended partnership with Pine Gate signifies confidence in clean energy assets and Pine Gate's growth trajectory.

  • The investment validates Pine Gate's position as a national market leader in clean energy projects.

  • Pine Gate aims to accelerate its mission of providing clean energy through this landmark investment.

  • HOOPP and HESTA express confidence in Pine Gate's leadership and the value of investing in renewable energy.

  • Pine Gate Renewables, founded in 2016, has closed over $7 billion in project financing and has a significant operational and development portfolio in solar and energy storage projects.

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.

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