Saatvik Solar, India, in talks with international lenders about expansion
Abani Jha, chief financial officer of Saatvik solar in India, said that the company is in discussions with international lenders about funding its expansion plan worth $263 million over the next two-years. He said that the company, which has a 3.8 gigawatt solar module capacity, will set up 2.8 GW of solar cell manufacturing in two years at a cost of 20 billion rupees. Jha stated that Saatvik Solar has been in contact with international lenders, including the French development agency Proparco, and the Asian Development Bank. Jha added that Saatvik Solar will also be seeking partnerships with private equity firms.
Indonesia seeks global assistance to accelerate the retirement of coal-fired power plants
Luhut Pandjaitan - Indonesia's senior mining minister - said that the Indonesian government was asking global leaders for assistance in negotiating with lenders for a faster coal power plant retirement as well as access to financing for energy transition. He told the Coaltrans Asia conference in Bali that Indonesia needs $94.6 billion to develop clean energy transmission and generation infrastructure by 2030. The Minister said that the government has asked for lower rates for early shutdown schemes from financiers. He said, "The interest rate on the financing needs to be attractive, you know.
LNG to Benefit Philippines, Says ADB Energy Expert
The Philippines stands to benefit from introducing liquefied natural gas (LNG) to support power generation and making it part of its energy mix, the government's Philippine News Agency reported quoting an energy sector expert for the Asian Development Bank (ADB). “Right now and the foreseeable future, natural gas and LNG is much cheaper today compared to two to three years ago, so there is a chance for the Philippines and for the countries in Asia to benefit from LNG and this is window of opportunity I think,” ADB chief of energy sector group Dr. Yongping Zhai said in an interview on Thursday.
ADB Approved $750 Loan to Azeri Energy Sector
The Asian Development Bank (ADB) has approved a $750 million loan facility to modernize Azerbaijan' energy system, the bank said in a statement. The funds will be used for the reconstruction of electricity distribution stations, to buy new electricity meters and improve services and should be drawn within six years. The loan is planned to be allocated in three tranches of $250 million each. The first tranche will cover investment activities from mid-2016 to the end of 2018. "This ADB programme will help promote inclusive economic growth…
India Eyes $1.1 bln Solar Loan from German Bank
German development bank KFW could lend India $1.1 billion for rooftop solar projects, on top of another loan it has extended to help the Asian country fund its ambitious green energy plans, India's top renewable energy bureaucrat told Reuters. Prime Minister Narendra Modi wants to quintuple India's renewable energy capacity to 175 gigawatts by 2022, making clean energy part of his fight against climate change without necessarily committing to a timeline for emission cuts. KFW has already offered India a loan of about 1.38 billion euros ($1.55 billion) to help build a "green corridor" of power lines through nine states…
Bangladesh's Summit Group, GE Start Power Plant
A joint venture of Summit Group, Bangladesh's leading power producer, and a unit of General Electric Co has started a plant initially supplying up to 240 megawatts (MW) of electricity to the country's national grid as it seeks to plug a shortfall in electricity supply. Bangladesh's current production capacity of 7,000 MW falls far short of its demand of 10,000 MW, with only 65 percent of its 160 million population having access to the national grid. The new combined cycle plant is located in the north western district of Sylhet, 278 kilometers (174 miles) from Dhaka. It will eventually produce another 130 MW and will be completed by September 2015.
Mongolian Mines to Yield $8 bln in Investments
Mongolia will soon finalise negotiations that will free up $8 billion for expansions at the country's largest coal and copper mines, its prime minister said in a national address on Sunday. Talks between the government and investors are progressing towards the close of deals on Mongolia's multi-billion dollar Oyu Tolgoi copper mine and Tavan Tolgoi coking coal mine, Prime Minister Chimed Saikhanbileg's said late on Sunday. Mongolia is desperate for a revival in foreign investment after it fell 74 percent last year amid disputes with foreign investors such as global miner Rio Tinto .
Landlocked Central Asia Gets Shorter Railway Link to Persian Gulf
Turkmenistan, Kazakhstan and Iran on Wednesday inaugurated a new railway route that will improve resource-rich Central Asia's access to markets in the Middle East and South Asia. The 925-km (578-mile) stretch of railway, built jointly by the three Caspian neighbours, will ease the exchange of goods between the landlocked post-Soviet region and the countries lying along the Indian Ocean and the Persian Gulf. It will also accelerate shipments of goods between the Persian Gulf and South Asia on the one hand and Russia and Europe on the other.
Goldman Slashes 2015 Oil Price Forecast
Goldman says brings forward medium-term bearish outlook; sees Q1 2015 WTI crude at $75/bbl vs $90/bbl previously and sees Q1 2014 Brent at $85/bbl vs $100/bbl previously. Goldman Sachs has slashed its 2015 oil price forecasts, making it the most bearish among major financial institutions, following a near 25 percent fall in crude prices over the past five months. The U.S. investment bank said rising output will outstrip demand - and its new numbers weighed further on benchmark Brent crude prices - as forecasters generally pare back estimates for oil due to slowing global growth, a strengthening dollar and ample supplies.
ABD Sells Entire Stake in India's Petronet LNG
Asian Development Bank (ADB) sold its entire 5.2 percent stake in Indian gas supplier Petronet LNG Ltd for 7.14 billion rupees ($116.8 million) on Friday via block deals, BSE data showed. ADB sold over 39 million shares of Petronet LNG on BSE in various block deals, at an average price of 183.2 rupees a share. The shares were bought by Citigroup Global Markets Mauritius Pvt Ltd and HDFC Mutual funds among others, according to BSE data. The gas supplier's shares ended down 3.8 percent at 185.50 rupees on Friday on BSE. ADB had on Thursday launched a share sale in Petronet LNG to raise up to $120 million…
ABB Back in Burma After 20-Years
ABB, the leading power and automation technology group, says it has inaugurated its first new office in Yangon, Myanmar, [Burma] after an absence of 20 years. The office will allow ABB to make its full portfolio of power and automation solutions available to customers in Myanmar, and will be the first step towards establishing a service organization in the country. “ABB’s technologies are ideally positioned to support Myanmar with its rapid economic growth by enhancing the power grid, raising industrial productivity and providing solutions for important infrastructure and sustainable transport developments.
ADB Selling up to $120m Stake in Petronet LNG
Asian Development Bank (ADB) has launched a share sale in Indian gas supplier Petronet LNG Ltd to raise up to $120 million, three sources with direct knowledge of the deal said on Thursday. ADB, which owned a 5.2 percent stake in Petronet LNG as of end-June, will sell the shares through block deals on the stock exchange, said the sources, who declined to be named as the deal details are not public yet. Petronet LNG shares are up 58 percent this year, outperforming a 25 percent gain in the broader NSE index . Officials at Petronet LNG and ADB's New Delhi office could not be immediately reached for comments outside office hours.
Climate Change to Cut South Asia's Growth 9% by 2100
Climate change will cut South Asia's growth almost 9 percent by the end of the century unless world governments try harder to counter global warming, the Asian Development Bank (ADB) said on Tuesday. The region is home to a fifth of the world's population and is already vulnerable to climate extremes: seasonal floods, cyclones and droughts that ravage vast swathes of agricultural land and displace hundreds of thousands of people every year. The costs of countering climate change in South Asia will also increase over time and will be prohibitively high in the long term…
