The first half of the year 2020 saw a sharp reduction in power demand, which in turn led to a huge decline in thermal power generation. On the other hand, the share of renewable energy especially wind and solar continues to rise as economies strive for green recovery from the covid-19 crisis.
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The Asian Development Bank (ADB) has approved a $73.39 million concessional loan and grant to the Government of Maldives to develop a waste treatment facility using waste-to-energy (WTE) technology and disposal infrastructure for the Greater Malé region and neighboring outer islands.
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Qatar’s 800 MW Siraj 1 solar project has reached financial closure with the Japan Bank for International Cooperation (JBIC) and Mizuho Bank agreeing to finance the construction of the project. The Japanese lenders have signed a $330 million syndicated loan according to the Qatar General Electricity and Water Corporation.
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ExxonMobil, one of the largest refiners and marketers of petroleum products, has signed an agreement with Global Clean Energy Holdings to source renewable diesel from a converted refinery in Bakersfield, California.
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Bamboo Capital Group, a multi-sector investment company in Vietnam, is planning to develop 652 MW of wind energy projects in the 2020-2022 period. The company has allocated VND14 trillion ($603.45 million) to this end. The company also has plans to build a 300 MW plant in Ca Mau.
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Statkraft Ireland secured contracts for over 330 MW of renewable power including two wind projects (57 MW) and two solar projects (276 MWp), in Ireland’s first competitive renewable energy auction under the Government’s new Renewable Electricity Support Scheme (RESS-1).
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In its latest auction for 1,170 MW of solar power, state-run NTPC Limited has discovered a tariff of Rs 2.43 ($0.0325) per kWh. O2 Power, jointly backed by Sweden’s EQT Infrastructure and Singapore-based Temasek, emerged as the winner at the lowest tariff and has been allocated 400 MW of capacity.
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On the global stage, the scale of this investment does not raise eyebrows. However, what is important is not just the megawatts. It is why these two utilities are investing in this technology. LADWP has stated that its Intermountain hydrogen project is necessary to meet the utility’s 100 percent renewable energy target. NextEra has no such mandate forcing its hand.
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With all major economic activity halted, energy demand has also tumbled, leading to the steepest drop in oil prices in two decades. Simultaneously, there has been a significant cut in greenhouse-gas emissions. However, this temporary drop in carbon emissions only highlights the fact that there has been very little actual progress in decarbonization across the globe.
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