☀️ Bright future

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Good morning! 🏗️ Here’s some uplifting news. Heavy-lift specialist Mammoet is putting together the world’s biggest and strongest land-based crane at its Westdorpe facility in the Netherlands. The company says its electric SK6000 ring crane will be able to lift 3,000 tonnes to a height of 220 metres, marking what it called “a new era” in lifting technology.

⏰ Today’s read: 5 minutes

MARKETS

*Stock data as of last market close; currency, oil and crypto data as of 8 pm ET June 24, 2024.

Economy: Housing data shows a slowdown in construction activity, with building permits and housing starts dropping to their lowest levels since mid-2020. This has triggered a decrease in lumber prices, which are down 15% compared to last year. Experts believe rising interest rates are impacting the housing market and causing a ripple effect throughout the economy. The decline in construction is seen as a leading indicator of a broader economic slowdown, with lumber prices reflecting this larger trend.

THE BIG STORY

Bright future: The rise of solar energy

Solar power is heating up.  A recent deep dive by The Economist highlights explosive growth in solar, suggesting it could fundamentally reshape global energy generation. This comes at a critical time as worldwide power demand continues to climb.

Getting warmer: The cost of producing solar panels has decreased significantly due to technological improvements and economies of scale. Since 2010, production costs of solar PV have fallen by 82%. Solar PV is forecast to become the largest source of electricity generation by 2035, accounting for 16% of global electricity generation.

Meanwhile, in Canada: Canada's solar power industry is experiencing robust growth, driven by government initiatives, technological advancements, and environmental concerns. Canada’s solar market is projected to grow by nearly $3 billion from 2024-2028, with a compound annual growth rate of 24.16%.

Alberta epicenter: It’s hard to talk about Canadian solar without mentioning Alberta. Travers Solar (465 MW), Brooks Solar (400 MW), Dunmore Solar (216 MW) have been built in the province in recent years and more massive projects are underway. 

On the horizon: Solar projects have immense potential to make Canada more green by reducing greenhouse gas emissions, creating clean energy jobs, and contributing to the country's transition away from fossil fuels. Get a glimpse into the global scale of solar power with this X thread by author and researcher Trung Phan. 

NEED TO KNOW

The week's headlines

🔧 Construction crews continue making progress on repairing Calgary's water main break. Four out of five damaged sections are being replaced with entirely new pipe segments. For the remaining section, crews have finished installing reinforcing steel and pouring concrete to strengthen the existing pipe.

🔬 The Ontario Science Centre has been closed due to safety concerns identified in a recent engineering report on the building's roof. The closure is immediate, but previously scheduled events this weekend will be allowed. The province is working on finding a temporary location for the Science Centre's programs while a new, permanent facility is built at Ontario Place with an expected opening in 2028.

✅ A decision on the Cedar LNG project in B.C. is expected in the coming weeks. This $4 billion project would be Canada's second major LNG export facility and is led by a partnership between Pembina Pipeline Corporation and the Haisla Nation. Financing will involve a mix of debt and equity, with banks likely participating to cover 60% of the cost. The remaining 40% will be split between Pembina and the Haisla Nation. 

🚃 The Ontario government has finished tunnelling the western underground portion of the Eglinton Crosstown West Extension, marking a significant milestone in the province’s plan to create a rapid transit line that connects communities from the east end of Toronto to Etobicoke and Mississauga.

PROJECT SPOTLIGHT

Being green

Recently awarded a Governor General's Medal in Architecture, the GROW project is a unique multi-residential development in Calgary. Designed by Modern Office of Design + Architecture (MODA) for owner Andrei Metelitsa, GROW features 20 units and a socially-driven element - a massive 0.6-acre rooftop urban farm. The design combines space limitations with resident amenities by creating a terraced communal space for residents to grow their own produce.

PROJECT UPDATES

RFP issued for Nanaimo cancer centre project

Calgary Radiopharmaceutical Centre enters the design development stage

Construction underway at Naawi-Oodena

Collingwood breaks ground on water plant expansion

Almega Corporation, Brixen Developments partner to build condos

Ontario celebrates Eglinton Crosstown West Extension milestone

WHAT WE’RE TALKING ABOUT

PHOTOS: 👻 7 abandoned skyscrapers around the world

READ: ✂️ Chicago’s Bean sculpture reopens after year of work

VIDEO:🚢 Analyzing how the Titanic was built in Belfast

READ: 🌲 Mass timber leasing has outperformed traditional buildings

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Here’s to a great rest of the week!

Disclaimer: SiteNews is an independently-operated news website. Views expressed are that of the editorial team and are based on publicly available information unless otherwise noted through sponsored content.