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…
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.
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."…
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…
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.
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.
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.
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.
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.
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 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.
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…
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…
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.
European and Southern African Development Banks to lend an extra $220 million to clean energy projects
The European Investment Bank and Development Bank of Southern Africa announced on Wednesday that, together, they will lend an additional 200 millions euros ($220.16million) to renewable energy project in South Africa. The EIB and DBSA have pledged 400 million euros at the COP27 Climate Summit in 2022 for independent power projects to be supported in Africa's most developed economy.
Orsted and Iberdrola among the winners in record British renewable energy auction
Orsted and Iberdrola are among the winners in a British renewable energy auction that supported a record-breaking number of projects. The government announced this on Tuesday. The Labour government that came to power in July plans to decarbonise electricity by 2030. This will require an increase in renewable energy capacity, such as solar and wind.
France's Engie Surprises with Higher assistance
tax (EBIT), leaving out nuclear, to 5.6 billion euros ($ 6.05. billion).Revenues a year ago at Engie, the largest gas network. operator in Europe, had gained from high regional gas rates. and volatility.The outcomes were above expectations, said experts at. JPMorgan, with excellent performance throughout its companies, and. exceptional efficiency in versatile generation.EBIT at its Global Energy Management and Sales unit fell 38%.
Petronas Clean Energy Arm Sees India, Australia as Key in Rapid Growth Plans
Gentari, the clean energy arm of Malaysia's state oil firm Petronas, sees India and Australia as its key markets for growth and expects to tap more financing to meet its ambitious targets, its chief executive told Reuters.Petronas launched Gentari as a separate entity in June, aiming to build renewable energy capacity of 30-40 gigawatts and produce…
Hydrogen at Risk of Being Missed Opportunity, According to DNV Report
Hydrogen has a crucial role in decarbonizing the world’s energy system, but uptake will be too slow. Governments need to make urgent, significant policy interventions, according to a new report by DNV.In Hydrogen Forecast to 2050, DNV predicts the amount of hydrogen in the energy mix will be only 0.5% in 2030 and 5% in 2050. However, to meet the targets of the Paris Agreement…
EU Unveils $220B Escape Route from Russian Fossil Fuels by 2027
The European Commission on Wednesday unveiled a 210 billion euro [about $220 billion] plan for Europe to end its reliance on Russian fossil fuels by 2027, and to use the pivot away from Moscow to quicken its transition to green energy.The invasion of Ukraine by Russia, Europe's top gas supplier, has prompted the European Union to rethink its energy policies amid sharpened concerns of supply shocks.
