Climate Investment Funds Board backs $1 billion Turkey grid upgrade project
Climate Investment Funds, a multilateral lender, has announced that it will provide an initial investment of $1 billion to support a plan to upgrade Turkey’s electricity grid to handle more renewable energy. The CIF board approved a $70million investment from its Renewable Energy Integration Investment Platform (REI), with the goal of attracting an additional $790million to expand and upgrade transmission infrastructure, and $330million for technology. The…
Repsol targets renewables deals, seeks 'solution' for North Sea business
Josu Imaz, the chief executive of the Spanish oil company Repsol, said that the company is currently working on new deals for its renewable operations both in Spain and in the United States. It also wants to find a solution to its exploration and production business in the North Sea. Repsol has a strategy that focuses on selling minorities in renewable projects, to fund the expansion of green energy capacity and biofuels. It also focuses its upstream activities on key markets such as the U.S.
Sources say that bids for a new Italian energy hub are due on October 31.
Two sources familiar with the matter have said that bidders for a stake of a future venture combining the assets of Italian energy company Sorgenia and those of solar power company EF Solare must submit their binding offers by the end October. One of the sources stated that the buyer would acquire a 27.6% stake, currently held by Spanish fund Asterion in Sorgenia. This would allow him to become an investor in a new, unified energy company with a stake worth around 1 billion euro ($1.1 billion).
India's Jakson Green closes to $476 million in funding for renewables capacity expansion
Krishnan Kannan, the Joint Managing Director of India's Jakson Green, said that they are closing in on raising more than 40 billion rupees ($476.4 millions) to expand their renewable energy capacity. By early 2026, the privately-held company will have an additional 1 gigawatt of capacity. "We're working with a partner strategic to attract the investment." Kannan said that the investment for this 1 GW will be approximately 40 billion rupees, with a mix 75% of debt and 25% of equity.
Tata Power, an Indian company, will invest $14.3 billion in Rajasthan over a period of 10 years.
Tata Power, an Indian company, announced on Monday it would invest 1.2 trillion rupees (14.32 billion dollars) over the next ten years in Rajasthan in the north of India. The majority of this money will go towards renewable energy projects. Tata Power and the State signed an agreement for the development of renewable energy projects. This includes solar module manufacturing, solar roofs installations, transmission projects, distribution projects, nuclear plants, and electric vehicle charging.
Solex Energy, an Indian company, plans to invest $1 billion by 2030 in order to expand its manufacturing
Solex Energy, a solar module manufacturer in India, announced on Monday its intention to invest $1 billion to expand their existing capacity and enter the solar cell manufacturing business by 2030. Vipul Shah, director of Solex, stated that the company has been in discussions with multiple investors, including international green funds and private equity firms, to raise as much as 12-15 billion rupees (140-180 millions dollars) via debt and equity. Solex will increase its annual module production capacity from 700 megawatts to 1.5 gigawatts before the end this year.
Credit Agricole, a French bank, has bought stakes in 11 wind farms
Credit Agricole, a French bank, announced on Friday that it had purchased stakes up to 32 percent in 11 wind farms located in France. By 2050, France aims to be carbon neutral by having 45 gigawatts of offshore wind installed. Due to the complex permitting procedures and multiple appeals filed against projects, France is behind other countries in offshore wind. The European Union also wants to see more wind power in this region. In July, it signed a deal with Deutsche Bank for the financing of more investments in that sector.
Official from the Energy Ministry says Indonesia targets 5GW of wind energy by 2030.
Indonesia plans to increase its wind power capacity from the current 0.5 gigawatts to 5 gigawatts by 2030, according a Friday statement made by an official of the energy ministry. This is a 10-fold improvement over their previous plan. This is also 30 times the current installed wind power capacity in Indonesia, which is only 152.3 megawatts. The Indonesian state-owned utility company Perusahaan Listrik Negara has been revising its decade-long plan for power supply, known as RUPTL, in order to meet the more ambitious targets of the government on renewable energy.
Brazil's mega dams were supposed to lead the way for a greener future. Climate change came next
The drought has exacerbated the problem of underperformance. When he first came to power in the early 2000s, Brazil's President Luiz inacio Lula da silva bet his green future on "run-of river" megadams - whose turbines move by natural river flow rather than cascading water from towering dams. Santo Antonio Jirau and Belo Monte have been built in the Amazonian rainforest despite the strong opposition of environmental groups. They are now among the five most powerful dams within the country.
IRENA report: Record growth in renewables fuels cost-competitiveness
A report released by the International Renewable Energy Agency on Tuesday showed that solar, wind, and other renewable sources were cheaper than fossil fuels. This shows the competitiveness of these sources. To reduce greenhouse gas emissions, and to meet climate change goals, countries are trying to reduce their reliance on fossil energy sources such as coal and natural gas. The U.N. Climate Meeting last year set the goal to triple renewable energy capacity globally by 2030.
Masdar, a UAE-based company, buys Brookfield Saeta in a $1.4 billion deal
The United Arab Emirates renewable energy company Masdar announced on Tuesday that it had reached an agreement with Canada's Brookfields to purchase green energy firm Saeta Yield in a $1.4 billion deal. Masdar will acquire 745 megawatts in Spain and Portugal (mostly wind assets) and 1.6 gigawatts in projects in development. This is one of the biggest deals of this kind in the Iberian Region. It is Masdar’s second major green energy deal to be signed in Spain in the last few months, which is one of Europe’s biggest wind and solar markets.
EMBARGOED - IEA: IEA's climate goal of triple renewable energy worldwide by 2030 is within reach
The International Energy Agency stated in a Tuesday report that a goal of triple the global renewable energy capacity and reducing fossil fuel consumption by 2030 is achievable. However, it will take a massive push to remove bottlenecks, such as grid connections and permitting. New York Climate Week, where leaders in government and business are gathered to discuss climate change, coincides with the release of this report. At the COP 28 Climate Summit in Dubai, almost 200 countries agreed to achieve net zero emissions by the energy sector before 2050.
Companies call on world leaders to meet renewable energy targets
On Monday, executives from major companies urged leaders to implement an international agreement made at the COP28 Summit in Dubai last year to triple renewable energy capacity by 2030, to combat climate change. The statement was made at a side event to the United Nations Climate Week, in New York. Companies like Amazon.com, a massive energy user and power producers such as Vestas and Iberdrola were among those who issued it. The United Nations has called for countries to submit their national climate plans, due to be presented to the U.N.
Enea, a Polish coal company, says its dividend policy is dependent on the future of coal assets and regulation
Enea must secure funding for large investments, and it needs to be clearer about the future of the coal assets and the market regulations before it can announce a dividend policy. This was the chief financial officer's statement on Thursday. Utilities invest heavily in green energy to comply with EU regulations and reduce coal dependence. Enea plans to increase its green energy capacity from 0.5 GW at the end June to more than 0.8GW between 2024-2026. Marek Lelatko…
The green energy arm of NTPC, a state-run company, files for a $1.2 billion India IPO
India's NTPC Green Energy filed a draft paper for a $100 billion rupee ($1,19 billion) initial IPO on Wednesday. The company is looking to capitalize on India's plans to expand its renewable energy sector and the booming equities markets. Draft papers show that the company, a subsidiary of NTPC, a state-owned energy producer, will only sell new shares and will not allow existing shareholders to sell their stakes. India's IPO market is booming. This year, 235 companies went public, raising more than $8.6 Billion, surpassing the amount raised in 2013.
Hindalco, a subsidiary of India's Hindalco, plans to manufacture solar modules.
Hindalco Industries, a company based in India, plans to manufacture solar modules and establish a factory in Gujarat's western state. Two people with knowledge of the matter confirmed this on Tuesday. One of the sources stated that the company, which is owned by the cement to fashion retail conglomerate Aditya Birla Group, is evaluating its five-year plan for the competitive sector. The second person stated that Hindalco had identified land in the port town Mundra, Gujarat.
The Indian unit of German lender KfW plans to double its investments to $1 billion
A top executive at the German state bank KfW said that the unit's investments in India will more than double to $1 billion within the next few year, with a particular focus on India's energy and Infrastructure projects. DEG, the unit of the lender that focuses on private sector companies, invested so far about $400 million into debt and equity in India. "India is a market that we consider to be very important because it offers a good investment climate, and has many strong entrepreneurs and developers who we are happy to support…
BP sells its US Onshore Wind Business
BP announced Monday that it plans to sell the U.S. Onshore Wind Energy business. The assets did not align with its growth plan. BP has announced that it will soon begin the process of selling its wind assets. bp Wind Energy is a company with interests in ten operating onshore wind power assets spread across seven U.S. States. William Lin, BP’s executive vice-president for gas and low-carbon energy, said in a press release that he believed the business would be more valuable to another owner.
India receives $386 billion to expand renewable energy by 2030
Pralhad Joshi, the minister for renewable energy, said that India has received 386 billion dollars in commitments from financial institutions and banks to expand its renewables capability by 2030. Joshi, during the annual Renewable Energy Investors Meet and Expo held in Gujarat State, said: "We have received overwhelming commitments from States and Union Territories and from developers and manufacturers to support our goal 500 GW by 2020". India increased its renewable energy capacity by 18 GW in fiscal 2024 compared to 15.3 GW a year ago…
VPI, backed by Vitol, invests up to 450 million euros in German batteries
VPI chief executive said that the company, which is backed by Vitol, the largest energy trader in the world, would invest up to 450 millions euros in Germany's battery projects over the next 3 to 5 years. Germany is planning to expand its renewable energy capacity rapidly to 80% by 2030, from 40% currently. This will require an increase in storage of energy to help balance the supply and demand within the system. VPI, which already has power assets in Britain and Ireland…
