Australian States Delay Approving New Energy Policy
Australia's states on Friday held off approving a plan to end more than a decade of climate and energy wars and spur investment in new power supply, disappointing industry seeking certainty on energy policy.Prime Minister Malcolm Turnbull is pushing a National Energy Guarantee (NEG) in a bid to bring down electricity prices, which have more than doubled over the past decade, and ensure supplies following a string of blackouts in 2016 and 2017.Energy Minister Josh Frydenberg said after a meeting with state governments that it had been "an import
Orsted Buys US Onshore Wind Developer LCE
Danish energy group Orsted has agreed to buy U.S. onshore wind farm developer Lincoln Clean Energy (LCE) in a $580 million deal, aiming to gain a foothold in what it sees as a key growth market.The acquisition is the latest move for Orsted as it seeks to shed its fossil fuel business and become an entirely green energy company.Orsted, which has so far mainly developed offshore wind farms in Europe, said the global market for onshore wind…
CWT Solar Project in Port of Amsterdam
More than 41,000 solar panels will generate sustainable energy in the Port of Amsterdam for logistics services provider CWT. Spread across five locations, the panels will together form the largest solar project in Amsterdam.In addition to transport and sea shipping operations, CWT is active in the Port of Amsterdam in fields including storage of cocoa and coffee. In order to carry out these activities in a sustainable manner, CWT has opted to use the roofs of its buildings to generate solar power.
Siemens Gamesa, Van Oord win $580 mln Dutch wind farm contract
Wind turbine maker Siemens Gamesa and Dutch marine contractor Van Oord said on Friday they have won a contract worth more than 500 million euros ($580 million) to build a large wind farm in the Netherlands.The 380 megawatt (MW) wind farm on IJsselmeer lake is expected to provide enough energy to power around 380,000 households from mid 2021.Spain's Siemens Gamesa will design and supply 89 wind turbines and service the wind farm for at least 16 years.
In British Virgin Islands, Hurricane Whips up Green Energy Transition
Nearly a year after Hurricane Irma knocked out power across the British Virgin Islands, electricity boss Leroy Abraham will be among the last residents to have their homes reconnected.But Abraham, general manager of the British overseas territory's electricity corporation (BVIEC), has barely had time to notice his own domestic outage."I was far too exhausted from giving everybody else electricity," said the 48-year-old, gazing at his two-storey house…
Powering Ships with Plastic in Amsterdam
In the Port of Amsterdam, a new factory is being built that could revolutionize the way we dispose of plastic waste. Utilizing groundbreaking technology, the facility will use previously unrecyclable plastic to create fuel for diesel powered cargo ships. The group behind the facility is Bin2Barrel, a Dutch company founded in 2012 by waste management entrepreneurs Floris Geeris and Paul Harkema. While the chemical recycling technology used in the past has worked, Bin2Barrel is the first company to utilize it commercially.
Oil Major Eni Pulls Out of Race for RTR Solar Assets in Italy
Italian oil major Eni has pulled out of a race to buy Terra Firma's solar power assets in Italy, a company spokesman told Reuters on Tuesday.The British private equity firm is looking to sell its Rete Rinnovabile, known as RTR, solar portfolio in Italy in a deal expected to fetch more than 1 billion euros ($1.17 billion).If successful, the transaction will be Italy's largest solar energy sale in a fragmented industry that has come under…
Petrobras May Partner with Total on Wind, Solar Power in Brazil
State-controlled oil company Petróleo Brasileiro SA has signed a nonbinding agreement with France's Total SA and its renewable energy arm to assess potential businesses in onshore solar and wind power in Brazil.Petrobras, as the company is known, said in a securities filing on Tuesday that the agreement means to reduce risks in the Brazilian renewable energy and take advantage of potential gains of scale and cost savings.(Reporting by Bruno Federowski)
TransCanada Urges U.S. to Help Gas Pipeline Approvals
The United States should help the natural gas industry overcome environmental challenges to new pipeline projects by adjusting regulations or adopting new laws favoring infrastructure, an executive at TransCanada Corp said at a conference this week. Suppliers in the United States, the world's biggest natural gas producer, have had a harder time getting shipments to market as more environmental lawsuits by U.S. states, green groups and property owners have tied up pipeline construction.
Nuclear, Coal Bailout Would 'keep America free' -US energy chief
U.S. Energy Secretary Rick Perry said on Thursday that bailing out struggling coal and nuclear power plants is as important to national security as keeping the military strong, and that the cost to Americans should not be an issue. "You cannot put a dollar figure on the cost to keep America free," he told reporters at a press conference in Washington, when asked how much the administration's effort to extend the lives of the facilities would cost. When asked about the cost of a potential bailout, he said he did not yet know.
Finland's Fortum Bets on Fledgling Russian Wind Power Market
Finnish utility Fortum is hoping to attract financial partners for its new wind and solar projects in Russia, where it aims to capitalise on its decade-long presence in the country to expand in renewables.This approach is similar to moves by Denmark's Orsted , the world's largest owner of offshore wind power sites, which also has sold off large stakes in wind farms to invest the capital in new projects.Earlier this month, Fortum sold 54…
Sempra Energy to Shed U.S. Storage, Renewable Assets
U.S. utility Sempra Energy said on Thursday it plans to sell some of its natural gas storage and renewable energy assets and expects to record a charge between $1.47 billion and $1.55 billion during the second quarter. Earlier this month, activist investors Elliott Management and Bluescape Resources Co, who have a combined stake of 4.9 percent in Sempra, pushed for a board shakeup and strategic review at the company. The activist investors…
Equinor Installs World’s First Battery for Offshore Wind
With Batwind in operation, it will for the first time be possible to store energy produced from an offshore wind farm.The battery storage solution was presented in Peterhead, Scotland today by Batwind partners Equinor and Masdar. Electricity produced at the world’s first floating offshore wind farm Hywind Scotland, located 25 kilometers off the coast of Peterhead, will be transported via cables to an onshore substation where the 1 MW batteries are placed and connected to the grid.
DNV GL Unveils Renewable Energy Data Platform
DNV GL is launching GPM Horizon, a data monitoring platform with full integration of current and future renewable energy systems including solar PV, wind and energy storage assets. GPM Horizon enables future-proof fleet management by bringing digitalization technologies and integrated renewables systems together in one platform, which are the key drivers for the global energy transition.Global energy forecasters, including the International Energy Agency, foresee a rapid growth in renewable sources.
EU Agrees Final Energy Saving, Renewables Targets
The European Union on Wednesday finalized new climate rules after months of talks, targeting a total energy saving of 32.5 percent and an uplift in the share of renewable energy to 32 percent by 2030.National governments must now draft their own plans for implementing the bloc's overall climate goal of lowering greenhouse gas emissions by at least 40 percent below 1990 levels by 2030 in line with the Paris Agreement.Talks have dragged on…
No Signs of Oil Shortage After Drop in Spending -BP CFO
BP does not yet foresee a shortfall in oil supplies in the coming years due to a fall in investments across the sector, the company's Chief Financial Officer Brian Gilvary said on Thursday.Although investment in new oil and gas projects more than halved following the collapse of oil prices in 2014, U.S. shale oil production has surged in recent years as drillers adapted.The U.S. output growth helped offset production cuts by OPEC and several…
Pope Warns Energy Bosses of Global Destruction without Fuel Shift
Pope Francis warned that climate change risked destroying humanity on Saturday and called on energy leaders to help the world to convert to clean fuels to avert catastrophe."Civilisation requires energy but energy use must not destroy civilisation," the pope told top oil company executives at the end of a two-day conference in the Vatican.Climate change was a challenge of "epochal proportions", he said, adding that the world needed an energy mix that combated pollution…
Batteries hasten winds of change for electricity stocks
Bigger, better batteries are speeding up change in the U.S. electricity sector and could help power a rally in Xcel Energy Inc, American Electric Power Co Inc and other utility and renewable energy stocks, Barron's reported.After a decade of steep cost declines, wind and solar installations, often paired with battery storage, are increasingly displacing older coal and gas-fired power plants, benefiting battery makers and some utilities,…
Enphase Energy Names Former Tesla Exec as CFO
Solar inverter maker Enphase Energy on Monday named former Tesla Inc executive Eric Branderiz as its Chief Financial Officer.Branderiz was the chief accounting officer at Tesla and quit the position in March, citing personal reasons.At Enphase, he will succeed Bert Garcia effective immediately.(Reporting by Akshara P in Bengaluru; Editing by Arun Koyyur)
Trump Administration Mulls New Plan to Help Ailing Coal, Nuke Plants - Bloomberg
Trump administration officials are considering requiring grid operators to buy electricity from ailing nuclear and coal-fired power plants to keep them from being shuttered, according to a Bloomberg news report on Friday that cited a draft memo.If adopted, the move would mark an unprecedented intervention in power markets, and would serve the administration's goal of bolstering America's struggling coal and nuclear industries that have been shrinking amid competition from natural gas, solar and wind power.Under the plan, the U.S.
Pope to Address Oil Majors in Vatican Climate Conference
The Vatican will host executives of the world's top oil companies for a conference next week on climate change and the transition away from fossil fuels, a Vatican source said on Friday.Pope Francis, who wrote a major document on protection of the environment from global warming in 2015, is expected to address the group on the last day of the June 8-9 conference.The conference, organised by Notre Dame University in the United States, is expected to be attended by the heads or senior executives of companies including ExxonMobil…
Cryptocurrency May Light Up Renewable Energy in Moldova
Moldova, a small, landlocked country in eastern Europe, imports three-quarters of its energy and has seen its energy prices rise by more than half in the past five years.But that could soon change, according to the United Nations Development Programme (UNDP), which this year will launch an innovative effort to power a Moldovan university with cryptocurrency-funded solar energy.The initiative with Sun Exchange, a South African solar power marketplace…
Arctic Oil 'Undrillable' amid Global Warming -UN's Ex-climate Chief
An architect of the Paris climate agreement urged governments on Tuesday to halt oil exploration in the Arctic, saying drilling was not economical and warming threatened the environmentally fragile region.Christiana Figueres, formerly head of the U.N. Climate Change Secretariat when the Paris accord was reached by almost 200 nations in 2015, told Reuters by telephone "the Arctic has been rendered undrillable."The past three years have been the hottest since records began in the 19th century…
REDEN Solar Enters the Portuguese Solar Market
REDEN Solar, a solar IPP from France, has acquired several existing photovoltaic power plants in Portugal, representing a total capacity of 50 MW. The French Solar project developer also announced plans to develop new projects in the country in the coming years.The company, which already has a strong presence in France and Latin America, said it has chosen to continue its European development in Portugal, due to favorable economic prospects and the country's strong commitment to renewable energies.
Egypt Signs MOU with China's GLC for $2 bln Solar Panel Factory
China's GCL Group has signed a memorandum of understanding (MOU) with Egypt's ministry of military production to build a solar panel facility at a cost of up to $2 billion, state-run newspaper Al-Ahram reported on Thursday.Under the MOU, which was signed on Wednesday, the facility will manufacture panels capable of producing 5 gigawatts (GW) annually, it said, without mentioning the location or timeframe of the project.Egypt in 2014 announced extensive plans to develop renewable energy targeting 4.3 GW of wind and solar projects to be installed
Acciona Gets DNV GL Certification
Acciona Energia, the biggest global operator exclusively in renewable energies, received the first ever prototype certificate for a grid-scale energy storage solution by DNV GL, the world’s largest resource of independent energy experts and certification body. The handover of the certificate took place at the American Wind Energy Association’s 2018 Windpower Conference in Chicago. To explore the possibilities of grid-scale storage, Acciona…
German Renewable Targets Create Grid Challenges
Germany must build new power transmission lines if it wants to nearly double its renewable energy share by 2030 - a challenge given that grid expansion is already behind target, the head of the federal network regulator said on Tuesday."There is a simple correlation, the more volatile renewables there are, the more the grids will have to be expanded," said Jochen Homann, president of the Bundesnetzagentur, responsible for keeping the lights on in Europe's biggest economy.Germany aims to raise wind and solar power's energy share from a third now
Statoil Eyes Britain's 2019 Renewable Subsidy Auction for Dogger Bank
Statoil is working with its partner SSE to develop the Dogger Bank offshore wind project so it can take part in Britain's renewable energy subsidy auction in 2019, the company said on Friday.The planned 4.8 gigawatt (GW) Dogger Bank project, which has approval from the British authorities, is set to become the world's largest offshore wind park and could deliver more than five percent of Britain's electricity needs, Statoil Executive Vice…
Taiwan: The Next Battleground for Offshore Wind
Taiwan is becoming the next battleground for the world's top offshore wind developers as they seek a foothold in Asia for a technology that has been expanding fast in Europe.Taiwan announced results on Monday of its first major offshore wind farm auction that aims to add 3.8 gigawatts (GW) of capacity to its existing network of just 8 megawatts (MW).The island's offshore wind market is expected to expand to 5.5 GW by 2025, and the government aims to invest $23 billion on onshore and offshore wind projects by 2025…
India, UK Govts Invest $711 mln in Indian Renewable Energy Fund
Lightsource BP and Indian private equity fund Everstone Group announced on Wednesday the creation of a 500 million pound ($711 million) fund to invest in renewable energy and clean technology in India. The fund, named Green Growth Equity Fund (GGEF), was launched with an initial warchest of 240 million pounds shared equally by the British and Indian governments, the two firms said in a statement. The fund aims to increase its investment…
Total Pays $1.7 bln for French Electric Retailer
Acquisition makes Total major competitor for EDF; and they paid 30 pct premium on Direct Energie's last close. Oil company Total said it will buy a majority stake in French electricity retailer Direct Energie in a 1.4 billion euro ($1.73 billion) deal that beefs up its challenge to state-owned market leader EDF. The deal is part of Total's strategy to grow its low-carbon energy assets to 20 percent of total assets by 2035 from 5 percent today and comes as other global oil and gas majors also shift to more renewable energy and electricity.
OutSmart, Kongsberg Join Forces on Wind Energy
Independent wind asset operations management specialist OutSmart BV has selected Kongsberg Digital AS to provide an integrated management system on the innovative Kognifai digital platform and ecosystem. The sophisticated digital solution will be used to manage OutSmart’s extensive onshore and offshore wind turbine portfolio. OutSmart provides services to wind farm owners, fund managers, and wind project companies in Northwestern Europe to maximize the revenues of their wind assets.
Fortum Contracted to Raise Finland's Solar Power Capacity
Finland's Fortum, a majority state-owned utility company, won a tender to increase Finland's total solar production capacity by nearly 30 percent, the firm said on Monday. Fortum will install a solar electricity system on rooftops of about 40 commercial buildings across Finland. Even though their combined output will be of only 10 megawatts (MW), the project will be the biggest ever of its kind in the Nordics. The total solar power production…
BP to Keep Carbon Footprint Flat into 2025
BP to reduce CO2 emissions by 3.5 mln tonnes per year by 2025 even as it plans to sharply increase oil and gas output in coming years. BP said on Monday it will keep carbon emissions flat over the decade to 2025 even as its oil and gas ouput is set to grow, responding to rising investor pressure to help tackle climate change. The London-based company said it plans to reduce emissions of CO2 gases by 3.5 million tonnes by 2025 through higher production of gas…
ExxonMobil Resumes Production in Papua New Guinea
ExxonMobil said that production of liquefied natural gas (LNG) has safely resumed at the PNG LNG project in Papua New Guinea following a temporary shutdown of operations after a severe earthquake occurred in the region on Feb. 26. LNG exports are expected to resume soon. One train is currently operating at the LNG plant near Port Moresby. The plant’s second train is expected to restart as production is increased over time. During the period that production was shut-in…
Algeria Seeks to Cut Energy Consumption After Oil Earnings Fall
Algeria is offering motorists incentives to more than double the number of cars running on natural gas by 2021 in an effort to reduce consumption of costly imported fuel amid strained public finances, officials said. The North African country has been struggling with a halving since 2014 of vital oil and gas revenues, which make up 60 percent of the budget and 95 percent of exports. It has banned imports of 900 items, frozen public hiring and development projects…
DTEK, CMEC to Build one of Europe's Largest Solar Projects
Ukraine's largest private power producer DTEK and China Machinery Engineering Corp (CMEC) said on Friday they had agreed a joint project to build one of Europe's largest solar energy generators at a cost of 230 million euros ($282 million). The solar power station will be built in the central Ukrainian region of Dnipropetrovsk with a planned capacity of 200 megawatts (MW), making it the third largest in Europe in terms of potential output.
Solar Power Eclipsed Fossil Fuels in New 2017 Generating Capacity
Chinese solar power led a record 157 gigawatts (GW) of new renewable energy capacity added worldwide last year, more than double the amount of new generation capacity from fossil fuels, a U.N.-backed report showed on Thursday. Globally, a record 98 GW of solar power capacity was installed last year with China contributing more than half, or 53 GW, according to U.N. Environment, the Frankfurt School-UNEP Collaborating Centre and Bloomberg New Energy Finance.
Vestas Taps Car Battery Know-how for Wind Power Storage
The world's largest wind turbine maker Vestas is tapping into experience from the car battery industry to try to address the challenge of using erratic wind and solar energy to meet a growing share of power demand. Energy storage is becoming increasingly important as production of renewable energy rises, because the wind might not blow or the sun shine during the peak hours when most consumers turns on their lights and appliances. In order to bring down cost of renewable energy and help grid operators balance intermittent output…
ReNew Power Buys Ostro Energy
ReNew Power, backed by Goldman Sachs and Canada Pension Plan Investment Board (CPPIB), said on Monday it has acquired Ostro Energy Private Ltd, backed by London-based Actis LLP, in one of India's biggest renewable energy deals. ReNew did not disclose financial details, but two sources familiar with the matter said Ostro was acquired for an enterprise value of about 100 billion rupees ($1.54 billion), which includes debt and equity. The equity component of about 40 billion Indian rupees ($614.34 million)…
SoftBank, China's GCL Team Up for $930 mln Indian Solar Venture
Japan's SoftBank Group Corp has agreed to launch a $930 million Indian joint solar energy venture with Chinese firm GCL System Integration Technology Co as part of its India solar investment roadmap. The venture will work on photovoltaic technology, which is used in solar panels. GCL will provide technology and SoftBank will assist in obtaining land and regulatory approvals, GCL said in a filing to the Shenzhen stock exchange dated Friday.
Global Carbon Emissions Hit Record High in 2017 - EIA
Global energy-related carbon emissions rose to a historic high of 32.5 gigatonnes last year, after three years of being flat, due to higher energy demand and the slowing of energy efficiency improvements, the International Energy Agency (IEA) said. Global energy demand rose by 2.1 percent last year to 14,050 million tonnes of oil equivalent, more than twice the previous year's rate, boosted by strong economic growth, according to preliminary estimates from the IEA.
US Rejects EU Alternatives to Solar Safeguard Tariffs
The United States has rejected European Union proposals for an alternative to U.S. safeguard tariffs imposed on solar power goods, the two trading powers said in a joint filing published by the World Trade Organization on Tuesday. They also said they had not reached any agreement on U.S. compensation for its tariffs, but they would monitor the impact on trade flows and continue discussions. Reporting by Tom Miles
Vattenfall Wins Dutch 700 MW Offshore Wind Tender
Swedish utility Vattenfall has won the right to build a 700 megawatt (MW) subsidy-free wind farm in the Dutch part of the North Sea, the Dutch Ministry of Economic Affairs said on Monday. The Netherlands' government is among the first to offer a so-called zero subsidy tender for wind power, in which only bids that required no government support could compete for the two 350 MW slots known as Hollandse Kust I and II. Vattenfall beat Norway's Statoil and Germany's Innogy in the tender.
Sweden's Vattenfall to Cut 1,500 Jobs
Sweden's state-owned utility Vattenfall said on Monday it would cut 1,500 full-time positions among its employees and consultants by 2020 as part of a long-running drive to boost competitiveness and profitability. The announced job cuts form part of a 2 billion Swedish crowns ($244.62 million) cost-savings programme that Vattenfall announced a year ago. "The fact that we now show a positive financial result doesn't mean that we can rest on our laurels," Vattenfall Chief Executive Magnus Hall said in a statement.
Total Renewables Unit Targets Africa's Power-Starved Mining Sector
Total's renewable energy unit said on Monday it had opened the world's largest solar-thermal hybrid plant in Burkina Faso, the first of what it hopes will be many projects supplying the African mining industry's growing need for power. Total Eren and Africa-focused independent power producer AEMP inaugurated Essakane Solar over the weekend, adding 15 megawatts (MW) of solar capacity to an existing 57-MW heavy fuel oil power plant at Toronto-listed IAMGOLD's Essakane mine.
Norway's Scatec Solar Says Three Projects Caught in South Africa Row
Three solar plants planned by Norway's Scatec Solar were among 27 energy deals blocked by a South African court on Tuesday when it agreed to hear a legal challenge by a group loyal to ousted President Jacob Zuma, the firm said on Thursday. State utility Eskom had been due to sign the 27 deals, mostly for wind and solar from independent power producers. It would have been the first major investment package under President Cyril Ramaphosa, who replaced Zuma last month.
Inercom Says Up to CEZ to Decide on Bulgarian State Stake
Bulgaria's solar energy producer Inercom said on Friday it will be up to Czech utility CEZ to decide whether to start talks between the companies and the Bulgarian state over a potential Bulgarian government involvement in the sale of CEZ's Bulgarian assets. CEZ has signed a contract with Inercom to sell it a power distributor in the Balkan country along with other assets, but the deal, estimated at about 320 million euros ($393 million) sparked public concerns over Inercom's ability to finance and operate strategic power assets.
Exxon Mobile Interested in Working in Algeria, Sonatrach CEO says
U.S. oil major Exxon Mobil Corp has shown an interest in working in Algeria, the head of state energy firm Sonatrach said on Tuesday. "It is important to highlight that a big major Exxon Mobil has shown an interest to come to Algeria," Abdelmoumen Ould Kaddour told reporters, without giving further details. He also said he had resolved 80 percent of the state firm's disputes with foreign firms, while Sonatrach had been able to fulfil gas supply contracts with Europe this winter despite rising domestic demand.
U.S. Energy Storage Market Could Triple this Year
U.S. deployments of energy storage systems will nearly triple this year thanks to sharply lower costs and state policies that support the case for installing batteries in homes, businesses and along the power grid. That forecasted growth of 186 percent to 1,233 megawatt-hours of storage from 431 MWh compares with the 27 percent increase in 2017, according to a report by GTM Research and the Energy Storage Association trade group published on Tuesday.
RWE Seeks Bigger Market Share in Croatia
German energy group RWE aims to lift its market share in Croatia to 10 percent, the head of the company's Croatia business said on Friday, adding that the country's energy authorities need to do more to encourage sector investment. State power company HEP dominates Croatia's electricity sector with 85 percent of the market, while RWE commands a 7 percent share of the electricity market and 5 percent in gas. "We aim to reach 10 percent in both gas and electricity markets in the mid-term…
Dutch Plan to Build Giant Offshore Solar Power Farm
An offshore seaweed farm in the North Sea will be turned into a large solar power farm that aims to pipe energy to the Dutch mainland in roughly three years. The project comes at a critical time for the Netherlands, which is struggling to curb fossil fuel use and meet greenhouse gas emission targets after years of underinvestment in renewable energy sources. After an initial pilot next year, a consortium comprising energy producers, scientists and researchers plans to ultimately operate 2…
US Could Unwind Wind, Solar Restrictions on Federal Lands
The administration of U.S. President Donald Trump is considering changes to a plan that set aside areas for renewable energy development in the California desert, a move it says would promote more wind and solar projects on federal lands. The U.S. Bureau of Land Management, in a statement on Thursday, said it would consider amending the Desert Renewable Energy Conservation Plan as part of a broader federal effort to unwind regulations that impede energy development.
Shell in Buying Spree for Clean Energy
Shell spends $400 mln in recent weeks on renewables, power. Royal Dutch Shell has spent over $400 million on a range of acquisitions in recent weeks, from solar power to electric car charging points, cranking up its drive to expand beyond its oil and gas business and reduce its carbon footprint. The scale of the buying spree pales in comparison to the Anglo-Dutch company's $25 billion annual spending budget. But its first forays into the solar and retail power sectors for many years shows a growing urgency to develop cleaner energy businesses.
Coal Delays Seasonal Price Decline
It's getting to the time of year when a seasonal decline in thermal coal prices in Asia is to be expected as winter's demand peak passes - but so far the power station fuel is defying gravity. The price of spot cargoes of thermal coal from Australia's Newcastle port, a regional benchmark, ended at $108.75 a tonne on Jan. 19, within touching distance of the $109.50 reached on Jan. 17, which was the highest in a year. The price has rallied…
India Will Need at Least $125 Bln to Fund Renewables Dream
India will need at least $125 billion to fund its ambitious plan to increase the share of renewable power supply in the country’s grid by 2022, a top government official told Reuters, underlining the immense financing challenge ahead. The South Asian nation is one of the world's most important growth markets for renewable energy. Millions of Indians are not yet linked up to the power grid but as the country of more than a billion people prospers, it is experiencing surging demand.
Clean Energy Investment Rose to $333.5 Bln in 2017
New clean energy investment worldwide rose by 3 percent last year to $333.5 billion from a year earlier, driven by a surge in solar photovoltaic (PV) installations, research showed on Tuesday. The figure is below 2015's record amount of $360.3 billion, Bloomberg New Energy Finance (BNEF) said in an annual report. Solar investment totalled $160.8 billion in 2017, up 18 percent from the previous year even though technology costs have fallen. Just over half of that was spent in China, the research showed.
Shell to Acquire 43.8% Interest in Silicon Ranch
Royal Dutch Shell Plc said on Monday it would acquire a 43.8 percent stake in the solar company Silicon Ranch Corp from investment manager Partners Group, as part of its new energies power portfolio. Shell said it has signed another agreement with the privately held company, which provides it the chance to raise its stake in Silicon Ranch after 2021. The deal is expected to close in the first quarter of this year, the company said. (Reporting by Divya Grover in Bengaluru Editing by Chizu Nomiyama)
Statkraft in Talks with Firms to Set up Data Centers in Norway
Norwegian power firm Statkraft is negotiating with U.S. and other companies to build large data centers in its home country, favored by a recent change in Norway's tax system, the state-owned utility told Reuters on Thursday. Unlike its Nordic neighbours, which have attracted large data center investments from big-data firms such as Apple , Alphabet, Facebook and Hive Blockchain, Norway has not yet cashed in on the trend. Known for its cheap…
Solar Modules Stuck at Indian Ports Due to Import Duty Dispute
Solar modules worth more than $150 million are stuck at various Indian ports due to a dispute over their classification and the import tax applicable to them, sources said, which could delay Prime Minister Narendra Modi's clean energy goals. Modi has set an ambitious target of nearly tripling the country's total renewable energy capacity to 175 gigawatt (GW) by 2022, spurring global firms including Japan's SoftBank and Goldman Sachs to invest in solar projects in the country.