DBS Bank has provided a SGD 40 million loan to Sembcorp Industries to set up a 60 MWp floating solar photovoltaic (PV) system on Tengeh Reservoir in Tuas, Singapore. The project is expected to be commissioned in 2021.
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BHP is exploring options to exit thermal coal by divestment. Its thermal coal assets have seen a serious erosion of viability and are on track to deliver an operating loss in 2019-20. The growing momentum to acknowledge the 2015 Paris Agreement, coupled with ongoing double digit annual solar cost deflation presents a challenge to the thermal power sector.
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The World Bank group has approved a USD300 million grant to help Burkina Faso, Côte d’Ivoire, Guinea, Liberia, Mali, and Sierra Leone promote electricity trade within West Africa. The program supports trade in cleaner low cost electricity generated from gas, hydro power and other renewable energy technologies.
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Deutsche Bank has adopted a new Fossil Fuels Policy which aims to end its global business activities in coal mining by 2025. In addition, Deutsche Bank has signed the Equator Principles which is a risk management framework for assessing the environmental and social risk of financing projects.
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First Solar has announced a commitment to power 100 per cent of its solar manufacturing operations across the globe with renewable energy by 2028. The commitment was announced after First Solar joined RE100 initiative.
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BP has developed a strategy to reduce its carbon emissions. Within the next 10 years, BP aims to increase its annual low carbon investment by 10-fold to around USD 5 billion a year.
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PG&E and Tesla have started the construction of a 182.5 MW lithium-ion battery energy storage system (BESS) at PG&E’s electric substation in Monterey County, California. The system is expected to be commissioned by 2021.
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CMS Energy has acquired a 51 per cent stake in 525 MW Aviator wind energy project located in Texas, US. The wind project is expected to start operations by fall 2020. The power generated from this project will be purchased by Facebook and McDonald’s to achieve their clean energy goals.
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Tetra Pak has set an ambition target for achieving net zero emissions across its entire value chain by 2050. It has also set an intermediate 2030 target of net zero carbon emissions across its own operations. It plans to procure more renewable energy to achieve these targets.
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Iberdrola and Fertiberia have signed an agreement to investment over Euro 150 million to construct a 100 MW solar photovoltaic plant, a 20 MWh lithium-ion battery system along with a 20 MW electrolytic hydrogen production system.
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Siemens Gamesa has won an order to supply 18 units of its SG 5.0-145 turbines for the construction of the 78 MW Hiep Thanh wind farm which is located off the coast of Tra Vinh Province in Vietnam.
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Norwegian state-owned multinational energy company, Equinor has announced the financial results for the second quarter of 2020.
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The US has made substantial progress towards a low-carbon economy over the past several years. According to research, the benefits of US climate action in today’s economic reality are evident. Strong climate action and investments in low-carbon infrastructure can be effective ways to recover from Covid-19 and secure the economy’s long-term success.
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sPower, a leading renewable energy independent power producer, has closed a term loan financing of over USD 700 million for the construction of a 620 MW solar project in in Spotsylvania County, Virginia.
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The International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), and the European Union (EU) will support the development of the 55 MW Masrik solar plant, the first utility-scale solar power plant in Armenia.
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The Asian Development Bank (ADB) and the Green Climate Fund (GCF) have partnered to assist a green recovery for ADB member countries facing an adverse economic impact because of the Covid-19 pandemic.
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Vestas has secured a 40 MW order from Japan Wind Development (JWD) for the Hirado Minami Wind Farm in Japan. The order includes the supply and supervision of 11 V105-3.6 MW wind turbines to be delivered with customized 72.5-meter towers.
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The World Bank Group and the Government of Myanmar have signed a grant agreement worth USD 3.45 million which will help over 450,000 people in rural Myanmar gain access to clean energy.
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Oscilla Power has been selected for a $1.1 million Small Business Innovation & Research award (Phase II) from the US Department of Energy (DoE) for the development of a 50 MW grid-connected wave energy project with energy storage.
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The Asian Development Bank (ADB) is providing a grant of USD 54.77 million for the rehabilitation work of the Nurek hydroelectric power plant in Tajikistan.
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