The World Bank has sanctioned $1.5 billion in funding to support India’s initiatives in advancing low-carbon energy development. As part of the second programmatic development policy operation for low-carbon energy, this initiative seeks to promote a strong market for green hydrogen, enhance renewable energy capacity, and encourage investments in low-carbon energy solutions.
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Solarvest is partnering with GreenRock Energy, Taiwanese renewable energy company for the development of renewable energy in both Taiwan and Malaysia. Both the companies plan to build 1 GW of renewable energy projects in the next five years by leveraging each other’s expertise to navigate the complexities of both the regions. In Taiwan, Solarvest is partnering with GreenRock Energy on large-scale agrivoltaic and aquavoltaic projects, aiming for a total capacity of 500 MW.
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ACWA Power has completed the dry financial close for the Tashkent Riverside project in Uzbekistan for a value of $533 million. This project includes a 200 MW solar photovoltaic facility and a 500 MWh battery energy storage system (BESS) to enhance the stability of Uzbekistan’s power grid. Six lenders have signed financing agreements, including EBRD, IsDB, DEG, Proparco, Standard Chartered, and KfW-IPEX Bank. The total debt financing amounts to $386 million.
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Hitachi Energy plans to invest $4.5 billion by 2027 to accelerate the clean energy transition. These investments will help the company to fulfill customer commitments and meet market demand by expanding its global R&D, engineering, and manufacturing capabilities for transformers, high-voltage direct current (HVDC), and high-voltage products.
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Black & Veatch has been selected to study green hydrogen commercialisation pathways in Malaysia. Tenaga Nasional Berhad (TNB) and PETRONAS have chosen Black & Veatch to conduct the study. The main aim of the feasibility study is to validate the results of a collaborative study by TNB and PETRONAS on hydrogen development in Malaysia.
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OEG Renewables (OEGR) has entered a partnership with the Sojitz Machinery Corporation (SOMAC) for offshore wind development in Japan. Both the companies have signed MoU for providing pre-construction, construction, operations and maintenance and vessel services for projects.
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Masdar has inked an agreement with Pertamina Power Indonesia to develop solar, wind and green hydrogen projects in Indonesia and globally. Additionally, the company has signed a joint development study agreement with PLN Nusantara Power to expand the Cirata Floating Solar PV project, aiming to triple its capacity to 500 MW from the initial 145 MW phase launched in 2023.
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Terrenus Energy has secured about SGD 300 million in green financing from a consortium of five banks led by DBS. This green loan will fund the installation of photovoltaic panels on around 1,200 public housing blocks, 57 government sites, and various commercial and industrial facilities. DBS acted as Financial Advisor and Mandated Lead Arranger for the loan, alongside Mizuho Bank, Ltd., Siemens Financial Services through Siemens Bank GmbH Singapore Branch, Shanghai Pudong Development Bank Co., Ltd. Singapore Branch, and China Construction Bank Corporation Singapore Branch.
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Stonepeak and CHC have announced the creation of a platform focused on the development, construction, and operation of energy storage projects in Japan. The platform will focus on developing, constructing, and operating BESS projects to accelerate Japan’s power industry decarbonisation by leveraging Stonepeak’s investment experience in Japan’s renewable sector and CHC’s technical expertise.
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Canadian Solar has secured three battery energy storage system (BESS) projects totaling 193 MW in Japan’s inaugural Long-Term Decarbonization Power Source Auction. The winners of this auction were announced on April 26, 2024, with the Company securing a 13.3 per cent of the total awarded energy storage projects.
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Gulf Energy Development Private Limited has finalised 25-year-long power purchase agreements (PPAs) with the Electricity Generating Authority of Thailand (EGAT) for the construction of 25 solar farms in the country. The planned solar farms will generate a combined capacity of 1,353 MW and are expected to offer a cost-effective solution compared to the current power tariff.
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SUSI Partners has signed an investment agreement with experienced Southeast Asian developer Alba Renewables through the SUSI Asia Energy Transition Fund to support the development, construction, and operation of utility-scale ground-mounted solar PV and onshore wind projects in the Philippines. Through the purchase, SUSI will assist Alba’s broader growth objectives throughout Southeast Asia and contribute to the development of a regional utility-scale renewables platform with an emphasis on the Philippines.
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RWE has received a 495 MW Electricity Business Licence (EBL) from the Ministry of Trade, Industry & Energy of Korea for the Seohae offshore wind project, situated about 45 km off the coast of Taean County in Chungcheongnam Province, South Korea. This licence grants RWE development rights
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TerraWind Renewables is a joint venture between US infrastructure investor Stonepeak and Japanese renewable energy company Shizen Energy. Stonepeak will own 80 percent of the new onshore wind energy platform, while Shizen Energy will own the remaining 20 percent.
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Petrovietnam (PVN) and Copenhagen Infrastructure Partners Group (CIP) of Denmark will cooperate in the renewable energy sector following a memorandum of understanding (MoU) inked between the two companies.
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Malaysia’s Sunview Group, a renewable energy firm, is currently engaged in discussions with Uzbekistan officials regarding the construction of a 500 MW solar PV facility in the Qashqadaryo region. Valued at $1 billion, the plant is set to be funded through foreign direct investments and is slated for completion within a year of the official agreement’s signing.
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Bekaert and Toshiba Energy Systems and Solutions Corporation, have entered into a global partnership which includes a strategic cooperation agreement, and a manufacturing technology licence for Membrane Electrode Assemblies (MEA), a key component for Proton Exchange Membrane (PEM) electrolyzers, that will help to accelerate the advance towards green hydrogen production.
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Aker Solutions has been awarded a front-end engineering and design contract for Haewoori Offshore Wind 2 (500MW) and 3 (500MW), Copenhagen Infrastructure Partner’s floating offshore wind projects off the coast of Ulsan, Korea. The company will manage the design and delivery of the floating foundation structures required for the wind project and perform the front-end engineering design.
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China has committed to investing $2.18 billion in Serbia’s mining and energy ministry to support the development of renewable energy projects. On January 26, 2024, Serbian Zijin Copper, a subsidiary of Zijin Mining, and China’s Shanghai Fengling Renewable signed a memorandum of understanding. The agreement outlines plans for a 1.5 GW wind farm, a 500 MW solar plant, and a hydrogen production facility capable of producing 30,000 tonnes per year by 2028.
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The Asian Development Bank (ADB) and ReNew Energy Global Plc, an Indian renewable energy firm and preferred decarbonisation partner, inked a MoU to work together on climate change mitigation and adaptation projects. Projects worth over $5.3 billion in investment between 2023 and 2028 are included in the MoU.
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