The Estée Lauder Companies (ELC) has reached its RE100 target of achieving net zero emissions and sourcing 100% renewable electricity globally for its direct operations. To achieve these targets the company invested in renewable energy agreements in order to reduce its operational carbon footprint.
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Indian public sector undertaking, NPTC Limited, has signed a loan agreement with the Japan Bank for International Co-operation (JBIC), Japanese Government policy-based financial institution. This foreign currency loan agreement is for USD 482 million, out of which JBIC provided 60 per cent or approximately USD 289 million of the total loan amount.
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Kosovo, located in south-eastern Europe, has ample energy resources including renewables. However, it has overwhelmingly depended on its domestic lignite reserves for meeting its energy requirements.
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Marine energy company, Verdant Power, has installed tidal power turbines in New York City’s East River which will provide clean electricity to the narrow Roosevelt Island through a distributed generation system connected to Con Edison’s local grid. This is the first commercially licensed tidal power project in the US.
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Indonesia is simplifying its renewable power pricing. The new regulation is in line with the country’s aim to have 23 per cent of the country’s power requirement being met through renewables by 2025.
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Electricity system operators 50Hertz (German) and Energinet (Danish) have inaugurated a hybrid offshore interconnector, the Combined Grid Solution (CGS), to integrate both German and Danish offshore wind farms. This is the first such project of its kind worldwide and is being implemented in the Baltic Sea, connecting two offshore wind substations to each other as well their existing onshore connections.
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Canadian Solar has entered into an agreement with Goldman Sachs Renewable Power to deliver and integrate an energy storage solution into the 100 MWac Mustang solar plant in California. According to the supply contract and long-term service agreement, the energy storage system will be a 75 MW/300 MWh lithium-ion battery solution with a 4-hour backup facility.
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New York Governor Andrew M. Cuomo announced an expansion of the Clean Energy Standard as approved by the New York State Public Service Commission. With this, the state has the authority to issue Request for Proposals for renewable power deployment so as to help in achieving the goals laid out in New York’s Climate Leadership and Community Protection Act, or CLCPA.
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Oslo-based leading independent renewable power producer, Scatec Solar, has signed a binding agreement with the Norwegian Investment Fund for Developing Countries (Norfund) to acquire 100 per cent of the shares in SN Power.
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US-headquartered Array Technologies has announced an upsized initial public offering of 47,500,000 shares of its common stock. The shares are being offered at a price of $22.00 per share to the public, thereby raising $1.05 billion in total.
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One of India’s leading foreign investors in the power sector, CLP Group’s wind energy arm in India, CLP Wind Farms (India) has raised Rs 2,960 million through the issuance of rated, secured, unlisted, redeemable and non-convertible debentures. The green bonds will be issued in two tranches of Rs 1,969 million and Rs 1,000 million.
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Statkraft is implementing a 519 MW wind power project in northeastern Brazil, which will consist of 10 wind farms. The Ventos de Santa Eugenia wind project is Statkraft’s largest wind project in South America. This 519 MW project is the first stage of the total 1.1 GW planned capacity.
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Israel-based Enlight Renewable Energy has closed agreements for acquiring a 372 MW wind power project in Sweden. The Björnberget project is located in central Sweden and will have 60 wind power turbines based on Siemens Gamesa’s 5.X technology. Enlight will have a 55%-61% share in the project.
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Enel Chile, through its renewable energy subsidiary Enel Green Power Chile, has started construction on its new 204 MW Domeyko solar park, located in the Antofagasta Region. The total investment in the project is estimated to be USD 164 million. This project is part of a 2 GW portfolio of renewable projects.
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The Ministry of Energy, Mines, and Renewable Energy of Tunisia has invited bids for 70 MW of solar power projects. The tender has two phases, one of 60 MW and the other one of 10 MW. In the first phase of 60 MW, each project will have a maximum solar capacity of 10 MW. Meanwhile, in the second phase of 10 MW, each project will have a maximum project capacity of 10 MW.
Read MoreAs the global fight against climate change intensifies, corporates worldwide are increasingly focusing on meeting their sustainability targets through procuring renewable energy.
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RWE’s Cranell wind farm, a 220 MW onshore wind power project, located in Refugio County, Texas, has achieved commercial operation. With this latest project, RWE’s operational onshore wind power portfolio in the US reaches 4,200 MW (RWE’s pro rata share is about 3,600 MW) from 25 wind farms.
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Leading energy giant, Ørsted, has joined forces with Yara, a leading fertilizer company for developing a renewable hydrogen project in the Dutch province of Zeeland. This project aims at replacing fossil hydrogen with renewable hydrogen for producing ammonia using a 100 MW wind-powered electrolyser.
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Egypt’s Ministry of Finance successfully issued the first public sovereign green bond offering in the Middle East and North Africa, at a value of $750 million for five years, exceeding the government’s expectations of $500 million. The bonds are important to finance the country’s expenditures related to green projects as part of the Egypt Vision 2030, which gives priority to green investments.
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With economies across the world trying to recover from the impact of the Covid-19 crisis, there is ample opportunity to make this a “green recovery” with upfront investments in sustainable infrastructure and renewable energy sources. Thus, there is expectation of significant private participation being channeled in these green investments in the medium to long term.
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