54. Solar Power Is Cheap and Getting Cheaper - Brendan Duval - Glenfarne Group

Solar Power Is Cheap and Getting Cheaper. In many locations, solar power is already the lowest-cost renewable energy alternative available. Some of the advantage stems from advancements made in manufacturing processes and economies of scale that solar companies have captured. Operating costs also factor into the equation—solar’s operating costs are minimal while operating expenses for wind power are more substantial. Still, Brendan Duval, CEO of the Glenfarne Group, suggested the gap between wind and solar costs could widen. “The cost curve for solar has probably got some room to run. Wind is sort of, you know, plateauing out now,” he said as a guest on The POWER Podcast. The Glenfarne Group is a New York-based energy and infrastructure assets owner that develops, constructs, and operates projects across the investment-grade Americas, including in Chile, Panama, and Columbia. Duval said the Glenfarne Group has two distinct business units: a power unit, and a midstream oil and gas unit. Each of the business units are also separated into two different segments. The legs of the midstream unit are divided between a gas gathering business and a liquefied natural gas (LNG) export development project in Texas. On the power side, there is a renewables arm and a backup power arm. “Backup power plants—we think—are really important in the energy transition process,” Duval said. “As more and more renewables come online, having [a] well-run, well-put-together backup power plant network in any country is really important. And we've got a long-term vision for that,” he said. But the Glenfarne Group isn’t just backing up renewable energy projects, it’s also investing in them. Duval said his team focuses on run-of-river hydro projects rather than dam hydro because they are generally smaller and face fewer hurdles during the development process. There is often political pressure surrounding dams, and navigating interactions with the local community, government agencies, agricultural entities, and environmental groups can be daun