The African Development Bank, the Korean Ministry of Economy and Finance, and the Export-Import Bank of Korea have signed an agreement under which South Korea will co-finance energy projects with the African Development Bank for $600 million. Korea’s funds will be invested in renewable energy generation, transmission, and distribution through the Korea Eximbank.
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Yinson Holdings Berhad, through its wholly owned subsidiary Yinson Renewables Pte Ltd, is collaborating with Verano Capital Holdings SpA for developing renewable energy projects in Latin America. The initial pipeline will consist of 800 MW of utility scale solar projects spread across Chile, Colombia, and Peru.
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Social media giant, Facebook, has recently reported 100 per cent renewable energy use for its global operations. In addition, it has also met its goal of reaching net zero emissions as per its 2020 Sustainability Report and has reduced its greenhouse gas emissions by 94 per cent from 2017 levels.
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Fortum has decided to divest 500 MW of solar projects in India and has signed an agreement with the global infrastructure investment firm Actis for the same. As part of the agreement, Actis will receive ownership of the 250 MW Pavagada II and the 250 MW Rajasthan solar power plants.
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Jinko Energy and JA Solar Technology are both intending to buy a share in the Xinte Energy business, which plans to build a 100,000-ton-annual-capacity polysilicon fab in two years. The Chinese manufacturers will each pay RMB315 million (US$48.8 million) for a 9% share in TBEA-owned poly maker Xinte Energy’s Inner Mongolia Xinte business.
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The Egyptian government has pledged a $4 billion investment in the generation of green hydrogen. Its initiative, which is still in the planning stages, is being carried out in collaboration with the German conglomerate Siemens.
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Hydro-Quebec, a Canadian electricity utility, has announced the completion of two solar parks with a total capacity of 10 MW. The two facilities, which are Quebec’s first operating PV plants, have been under construction since the summer of 2019.
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The Nordex Group has received orders from a Finnish wind farm developer for four N163/5.X turbines with a total capacity of 199.5 MW. The turbines will also be serviced for a duration of 30 years under the Premium Service agreement. The wind farms will be built in the heart of Finland’s mid-west area, as well as in the west, along the shore in the Ostrobothnia region.
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Round-the-clock (RTC) renewable electricity will soon become competitive with fossil fuel-based power. This is expected to happen across all geographies between 2022 and 2030. However, going forward, this must become the default strategy or priority as far as energy supply is concerned – whether for political decision-making or, more importantly, financial decision-making.
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Globeleq along with project partners Source Energia and Electricidade de Moçambique (EDM) have started the construction of the 19 MWp (15 MWac) Cuamba Solar PV plant which will also have a 2 MW (7 MWh) energy storage system. The project is located in the Tetereane District of the city of Cuamba, Niassa province, about 550 kms west of the coastal town Nacala.
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Highview Enlasa has announced its plans to develop a long duration liquid air energy storage project in Chile. This 50 MW/500 MWh (10 hours) CRYOBattery™ will be located in Diego de Almagro in the Atacama Region. It will require an estimated investment of USD $150 million.
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The High Court in the Indian state of Andhra Pradesh has given orders to cancel the 6.4 GW mega solar tender announced by the Andhra Pradesh Green Energy Corporation Ltd (APGECL) in November 2020. Further, the state has been asked to issue a fresh tender and cancel the power purchase agreements (PPAs).
Read MoreFormed in 2015, the International Solar Alliance (ISA) has now become a global collaboration to promote solar energy uptake worldwide with 95 signatories and more on the way. Through advocacy and analysis, capacity building, resource mobilisation, and project implementation, ISA is enabling long-term visibility and scalability of solar power projects across nations. In this exclusive Q&A, Dr Ajay Mathur, Director General, ISA gives his perspective on the evolving global solar power landscape as well as ISA’s focus areas for the future and his vision for the organisation.
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ABB and Swiss utility Axpo have partnered to develop modular green hydrogen production plants in Italy. The two companies recently signed a memorandum of understanding to that effect and aim to develop a feasible business model of producing affordable, green hydrogen. They will work together on feasibility studies and assess ways to reduce costs while ensuring a low carbon footprint.
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Fluence, a Siemens and AES company, has completed the commissioning of two 20 MW/20 MWh battery-based energy storage systems in the Philippines. Both the projects have been done for San Miguel Corporation Global Power Holdings Corp. (SMCGPH) and are the first phase of a larger 470 MW/470 MWh energy storage portfolio.
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Swedish furniture company IKEA has recently announced a program to secure 100 per cent renewable electricity at direct suppliers in India, China, and Poland, which are some of its largest purchasing countries. The said program will be introduced in 2021, followed by a stepwise global roll-out. As more than 65 per cent of the company’s climate footprint is linked to its supply chain, it is aiming for 100 per cent renewable energy throughout its entire value chain.
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RUSNANO and the Eurasian Development Bank (EDB) plan to work together for implementing projects in various spheres of renewable and clean energy including green hydrogen as well as other high-tech sectors in the Eurasian Economic Union (EAEU). An agreement to this effect has been signed recently.
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Enel Green Power España is executing three solar PV plants – Veracruz, Puerta Palmas and El Doblón between Mérida and Almendralejo in the Extremadura region located in western Spain. The entire project being built at an investment of around 96 million euros is under construction and is expected to come into operation in December 2021.
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Ørsted has recently notified the company’s new strategic ambition and financial guidance. It has set a target to reach approximately 50 GW of installed capacity by 2030 and plans to invest approximately DKK 350 billion in green energy from 2020 to 2027.
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The Sudanese bank, Sanabel, a subsidiary of the Bank of Khartoum recently launched the African country’s first green sukuk. The $11.3 million (4.75 billion Sudanese pounds) investment fund will finance renewable energy projects for commercial use. According to the Accounting and Auditing Organization for Islamic Financial Institution (AAOIFI), sukuk are securities of equal denomination representing individual ownership interests in a portfolio of eligible existing or future assets.
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