As far as the white colour reflecting more sunlight: I dunno, bare metal is pretty reflective.
Some metals are at any rate (like silver and aluminium), unfortunately this goes hand in hand with a very low thermal emissivity. As a result, bare metal tends to get pretty hot in the sun. There has been
some interest lately in paints that are not only highly reflective (in the visible spectrum) but also highly emissive (in the infrared "atmospheric window" around 10um). Those can actually
cool objects below ambient temperature even in full sunlight.
This will generally not be possible with a power line that has significant self-heating from resistive losses. Still, a higher operating temperature will actually relax the requirements for effective radiative cooling somewhat (since thermal emission increases as T
4). So, the basic principle is sound and it is definitely plausible that the coating can significantly lower the temperature of the wires.
Now, whether this is actually practical (in the face of dust, weather, aging etc) or economical, I have no idea. Their numbers are with 0 m/s wind and presumably the temperature difference would go down with some convective cooling courtesy of a light breeze in the mix. And a "34% reduction in carbon emissions" probably requires some creative interpretation/calculations. Notably, this particular claim doesn't seem to be in the PDF. Even at 20K-30K lower temperature, the power savings from a reduced resistance shouldn't be anywhere near that. I think the main advantage would really be in the higher (worst-case) current carrying capability.