TAQA, Nareva, and Mohammed VI Fund to Develop 1.2 GW Renewables and 3 GW Transmission Line in Morocco

Ingka Investments, the investment arm of the largest IKEA retailer Ingka Group, has acquired its first two operational solar parks in Spain, expanding its renewable energy footprint across the Iberian market. The acquisition includes the La Oliva Solar Farm in Toledo and a second project in Murcia, which are expected to generate 51 GWh and 55 GWh annually, respectively. Combined, the two facilities will pump 106 GWh of clean electricity into the grid each year. This move builds on Ingka Group's broader strategy to green its value chain, following a 440 MW solar capacity purchase in Germany and Spain in 2022. It also complements Ingka Investments' recent project in Portugal, where the company hybridized an existing wind farm with solar panels. Together, these new Spanish assets and the upgraded Portuguese site are projected to drive the group's total Iberian renewable energy output to 323 GWh per year. To date, Ingka Group has invested or committed a staggering €4.3 billion globally into renewable energy initiatives.

Spanish renewable energy developer Fotowatio Renewable Ventures (FRV) has announced that it has secured 2.3GW of grid connection capacity in Germany for the development of battery energy storage (BESS), solar, and hybrid energy projects, with the relevant projects expected to progressively reach "Ready to Build" (RTB) status between 2026 and 2029. The projects are mainly distributed across the states of Brandenburg, Lower Saxony, and North Rhine-Westphalia, covering standalone storage, solar, and hybrid solar-storage projects. Among them, a 750MW storage project in Brandenburg is nearing construction permit approval; the Lower Saxony portfolio totals nearly 700MW, including a 600MW battery storage facility, a 13.8MW solar plant, and three hybrid projects; while North Rhine-Westphalia is planning a portfolio exceeding 900MW in total scale, including a 900MW/3,600MWh battery storage facility. FRV stated that, against the backdrop of widespread grid connection constraints facing large-scale renewable energy projects in Germany, securing transmission grid access capacity in advance will provide critical assurance for project development. The company plans to deploy 2-hour and 4-hour duration storage systems, storing surplus renewable energy and releasing it during peak demand periods to enhance grid flexibility and renewable energy absorption capacity, supporting Germany's energy transition.

Currently, driven by China's EVA petrochemical plants actively controlling production to support prices and the rigid continuous procurement from downstream film enterprises, the industry EVA inventory is steadily destocking. The previously high inventory pressure has significantly eased, and the sentiment of low-price sell-off in the market has largely subsided. On the demand side, marginal improvement expectations are emerging. In July, module scheduled production is expected to see a slight rebound, which is likely to drive a recovery in restocking demand for raw materials at film plants. Meanwhile, in July, multiple petrochemical enterprises plan to shut down their PV-grade EVA units for maintenance, leading to market expectations of phased supply contraction. However, the strength of end-use demand recovery remains uncertain. Whether supply tightening can align with the increase in scheduled production to drive EVA prices upward still requires continuous monitoring of spot transactions and the pace of downstream stockpiling.