The latest renewable energy news includes announcements from EIB, Ren-Gas, Energy Vault, EBRD, Scatec, Stoney Creek Battery in Australia, and others.
EIB Expands Ren-Gas Hydrogen and E-Methane Financing Framework to €680 Million
The European Investment Bank has increased its financing framework for Finnish developer Ren-Gas to €680 million, up sharply from an earlier €230 million mandate. The funding is intended to support a portfolio of six decentralised green-hydrogen and renewable e-methane production plants in Finland developed in partnership with local energy utilities. Ren-Gas is combining renewable electricity, electrolysis, captured carbon dioxide and district-heating integration to produce synthetic methane while recovering waste heat. The projects are supported by long-term offtake arrangements covering green hydrogen and heat, helping underpin project-level financing. The additional €450 million of potential EIB funding represents a major step toward commercial deployment of Finland’s Power-to-X infrastructure and strengthens the financing base for multiple projects moving toward investment decisions.
Energy Vault Secures Land for 125 MW / 1 GWh Stoney Creek Battery in Australia
Energy Vault has completed the land acquisition for its 125 MW/1 GWh Stoney Creek battery project in northern New South Wales, moving the eight-hour storage facility closer to construction. The project previously operated under a lease arrangement, with ownership completed after approval from Australia’s Foreign Investment Review Board. Construction is expected to start in Q1 2027, while commercial operation is targeted for the first half of 2028. Stoney Creek has secured a 14-year Long-Term Energy Service Agreement through AEMO Services under the NSW Electricity Infrastructure Roadmap. Energy Vault expects the contract to generate roughly $25 million-$30 million in annual revenue. The BESS will use the company’s VaultOS energy-management platform and form part of its Build, Own & Operate portfolio.
EBRD Approves Financing for Scatec’s 88 MW / 176 MWh Romanian Battery Project
The European Bank for Reconstruction and Development has approved a non-recourse senior loan for Scatec’s 88 MW/176 MWh battery energy-storage project in Romania’s Transylvania region. The financing will support construction and operation of the two-hour BESS as Romania accelerates deployment of flexible capacity alongside rapidly growing solar and wind generation. Scatec’s project represents a substantial standalone storage investment and will help provide balancing, energy shifting and grid-stability services. Romania is becoming an increasingly important battery-storage market as renewable penetration rises and the country seeks greater electricity-system flexibility. The EBRD financing represents a material project milestone because it strengthens the funding package needed to move the asset toward construction. The precise loan amount and final commissioning timetable were not disclosed in the Renewables Now report.
