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".
Adani Power wins 25-year power supply contract with Maharashtra after winning joint bid
Adani Power, Adani Green Energy and Adani Energy won a bid for a combined supply of 6,600 MW renewable and thermal energy to Maharashtra State over a 25-year period. Adani Green Energy’s wind-solar power plant in Jaisalmer, Rajasthan, has been supplying green energy to Mumbai, Maharashtra's capital, since March 2023. Adani Green Energy, Adani Power and Adani Power will be able to increase their presence in Maharashtra with the new contract. Adani Green Energy and Adani Power have won the tender.
China's thermal energy output grows in August
The statistics bureau reported on Saturday that China's thermal energy generation rose in August compared to a year ago, as the growth of hydropower output moderated. This reversed a trend of decreasing thermal power production for three months. The National Bureau of Statistics reported that China's thermal energy generation rose by 3.7% last month compared to the same period a year earlier, reaching 614.9 billion Kilowatt-hours. This was slightly less than the 5.8% increase in total power generation, which reached 907.4 billion kWh.
Scatec secures power sale deal for Egypt's hybrid solar and battery project
Scatec, a Norwegian renewable energy developer, announced on Thursday that it had signed a power purchase agreement with Egyptian Electricity Transmission Company for 25 years. The project is Egypt's first hybrid power system combining solar and battery storage. Scatec announced that it had signed a 25-year PPA in U.S. dollars with EETC to build a solar power plant of 1 gigawatt and a battery storage system (BESS) of 100 megawatts. The company has not disclosed the value of the contract.
Chile's quest for algae power is fueled by electric seaweed
In the laboratories of the University of Santiago, scientists are trying to convert algae into a reliable power source. The field they work in is biophotovoltaics. This uses photosynthetic organisms such as seaweed to turn light into electricity. Scientists spread seaweed on electrodes of biophotovoltaic solar panels. The project leader Federico Tasca said that algae use light to oxidize the water and release electrons in the process. These can be used in electric circuits.
Yellen warns that the end of US clean energy tax credit would increase consumer costs
U.S. Treasury secretary Janet Yellen will warn on Thursday that any attempt to rollback the Biden administration’s clean energy tax credit would increase costs for families and threaten new investments in U.S. Manufacturing that are creating jobs. In excerpts from remarks that she will deliver on a visit to Raleigh, North Carolina Yellen said that across the nation, families have claimed 8,4 billion dollars in energy tax credit that would lower their long-term energy bills.
Poland's 2030 climate plan includes 56% renewable energy
The climate minister announced on Thursday that Poland aims to have 56% of its electricity come from renewable sources by 2030. She was presenting the draft national energy and climate plans, which Warsaw must submit to the European Commission. The target is lower than the pre-election promise of the largest party in government, that Poland would have upto 70% of green energy in the mix by 2030 but higher than the 50% Poland declared back in February.
Financial Times - Sept 4
These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. After warning of a new "era of austerity", the Scottish finance secretary announced a 500 million pound ($655.40) cut in spending to relieve "enormous" pressure on the budgets of the devolved authorities. TotalEnergies, the French oil and gas company, has signed a deal with the green energy division of Indian billionaire Gautam Adani's conglomerate to invest $444m in a portfolio of joint solar power projects.
Norway's power grid operator reduces its demand forecast and deficit projection
Statnett, the Norwegian transmission system operator, said that the growth of Norway's electric demand in the next few years will be slower than originally projected because the electrification rate is lower than expected. The TSO stated that the Nordic countries will no longer face a deficit in power as a whole during this decade. However, some regions may face a shortage which must be met by imports. Statnett's most recent short-term analysis predicts that the Norwegian electricity demand will rise from 139 TWh to 160 TWh in 2029.
China Solar Group and regulator propose reforms in tendering to increase prices
The Chinese industry ministry and the solar sector association are proposing changes to power plant tendering in order to combat falling equipment prices which has led to manufacturers making losses. China's solar panels producers are calling for government intervention to boost prices that have been kept low due to overcapacity, even though China's trading partner have complained about overproduction's effects on their domestic industries.
QatarEnergy doubles annual urea production
QatarEnergy, a state-owned company, will increase its urea production to over 12,4 million tons per year from the current 6 million tons, according to its CEO, who spoke at a Sunday press conference without mentioning a specific timeframe. Saad al-Kaabi, who is also Qatar's Minister of State for Energy Affairs, stated that the construction of four urea production lines, an important ingredient in fertilisers would increase output by 106%. He stated that the first line of production would start before 2030.
Maxeon will try to stop SunPower's asset sale
Maxeon, a solar panel manufacturer, said it would object to the sale of SunPower assets by a bankruptcy court because it claims to own the rights to use SunPower's brand outside the United States. SunPower, the pioneer of residential solar energy, filed for Chapter 11 bankruptcy this month. It is now looking to sell a number of its assets for $45,000,000 to Complete Solaria, a rival. This sale could be stopped if a court determines that SunPower has no right to sell its assets. Maxeon spun off from SunPower 2020.
US mineral projects close down government loans in fear of Trump
U.S. battery and miner recyclers have been rushing to close billions-dollar government loans before January, out of fear that the former president Donald Trump, if elected, would block funding necessary to boost American production of vital minerals for energy transition. The falling prices of lithium, nickel, and other minerals this year, along with lower than expected EV sales have scared private financiers. This has put the conservative mining industry into an unusual position…
China increases coal mining to provide winter power: Kemp
China's coal production has reached record levels, and its imports have also risen. However, the surge in power generated by solar farms and hydro dams has reduced thermal generation. The reliability of electricity is dependent on coal-fired power generation, especially during the winter when solar and hydro output are lower and the system relies more heavily on fossil fuel. Even though wind and solar power have been deployed in record numbers…
China increases coal mining to provide winter power: Kemp
China's coal production has reached record levels, and its imports have also risen. However, the surge in power generated by solar farms and hydro dams has reduced thermal generation. The reliability of electricity is dependent on coal-fired power generation, especially during the winter when solar and hydro output are lower and the system relies more heavily on fossil fuels. Even though wind and solar power have been deployed in record numbers…
Indian solar panels are under scrutiny by the US for possible links with China's forced labor
U.S. Customs and Border Protection detained nearly 43 million dollars in electronics equipment shipments from India under a law that prohibits goods made using forced labor. This is a new focus of the agency, which enforces trade. The Uyghur Forced Labor Prevention Act, which prohibits forced labor in Uyghurs, lists polysilicon as a sector of high priority. According to industry sources, solar panels are the most common type of equipment that has been stopped. The CBP didn't immediately respond to our request for comment.
Sunly raises 300 million euros for renewable energy projects in Baltics, Poland and Baltics
The Estonian renewable energy company Sunly raised $300 million in debt financing in order to accelerate construction of 1.3 Gigawatts of wind, solar and storage capacity in the Baltics and Poland. It said that the financing provided by Rivage Investment and Copenhagen Infrastructure Partners (CIP), as well as Norway's Kommunal Landspensjonskasse, brings the total capital raised up to 765 millions euros. Sunly aims to create hybrid installations that combine wind, solar, and energy storage, and provide a direct connection to consumers.
Meyer Burger to halt solar plant in Colorado and plans restructuring
Meyer Burger, a Swiss solar panel manufacturer, announced on Monday that it had suspended plans for an upcoming plant in Colorado. The company said it would take restructuring measures to improve profitability and also suggested the profits might be lower than expected. The company said that its board had requested management to develop a "comprehensive cost-cutting and restructuring program", and board member Mark Kerekes would be stepping down.
California rooftop solar subsidy will cost $8.5 billion per year, according to a ratepayer's advocate
The California Residential Solar Subsidy will cost California ratepayers without rooftop panels $8.5 billion per year by the end this year. This will contribute to higher electricity prices for consumers. In 2022, the California Public Utilities Commission reformed its residential solar policy called net energy metering. This allowed customers who had rooftop panels to receive credit for any excess electricity generated by their systems at or close to retail electricity rates. The new policy reduced the rate.
The policy uncertainty highlighted by the rise in US executives' election talk
U.S. executives are more concerned about the presidential election this year than they were four years ago. A wider policy divide between Donald Trump and Kamalah Harris raises concerns over taxes, tariffs, and pricing power. According to a LSEG Workspace screen on S&P 500 companies, mentions of the "election" and "White House" in earnings calls were 34% more than they would have been for the corresponding period of 2020. According to a separate FactSet analysis…
Report: China's declining coal plant approvals indicate a shift in energy policy
The sharp decline in the number of new coal plants in China indicates that the world's biggest builder polluting power stations is shifting its energy policy to more renewable development. However, coal will continue to play a major part, according a report on Thursday. China approved only 10 new coal-fired plants with a combined capacity of 9 gigawatts in the first six months of 2024, a drop of 83% from the previous year. This is according to the Helsinki-based Centre for Research on Energy and Clean Air and the U.S. Global Energy Monitor.
China wants to invest more in energy upgrades
China's State Planner has called for increased investment in equipment upgrades, to support the energy transformation. He said the market should be a leader. The National Development and Reform Commission issued a notice on Wednesday calling for an increase of 25% in investment to upgrade China's equipment to improve energy efficiency from 2023-2027. According to the notice, these investments will help support a Chinese cabinet-led program for equipment upgrades and trade-ins of consumer goods launched in March.
Australia approves $13.5 billion project to export solar energy to Singapore
Australia announced on Wednesday that it has given the green light to a A$20 Billion ($13.5 Billion) solar project. The project will ship energy from the giant solar farm located in the north of the country to Singapore via a 4,300 km undersea cable. Tanya Plibersek, Environment Minister, said SunCable’s Australia-Asia Power Link Project would help meet the growing demand for renewable energies at home and abroad. SunCable says that a final investment decision will be made in 2027, and electricity will begin to flow in the early 30s.
Vattenfall, Swedish energy giants and other industry leaders join forces to invest in new energy sources
The companies announced on Tuesday that Sweden's largest utility Vattenfall will explore joint investments in new fossil free power production to meet the growing electricity demand as part of decarbonisation efforts. Vattenfall, along with Industrikraft, a group that includes Alfa Laval Boliden SKF Stora Enso, Boliden and the Volvo Group, is investigating how, when, and what investments they can make together. Borg stated that the annual Swedish power demand will double by 2045 from 140-150 Terawatt Hours (TWh)…
EU Probes Chinese Subsidies and Imports
The European Commission proposed on Tuesday final duties up to 36.3% for imported electric vehicles manufactured in China. This is part of the most high-profile EU investigation into alleged Chinese subsidies, which has provoked threats from Beijing. The EU has also begun investigations to determine whether Chinese clean-tech producers are dumping subventioned goods onto EU markets, and whether Chinese owned companies receive unfair subsidies when operating within the European Union.
China's coal production rises, but the share of electricity falls: Russell
China's coal production is increasing while its share in electricity generation is decreasing. This apparent contradiction will result in a lower volume of imports and lower prices. The National Bureau of Statistics released data on August 15 showing that the coal output in July was 2.8% higher than the same month one year ago, reaching 390,37 million metric tonnes. The output in July was lower than June's, which was 405,38 million tons. This was the highest monthly production so far this season.
Alight and Swedish forest owner will partner up on 2 GW of solar
The firms announced on Monday that solar developer Alight has partnered with Sweden's largest forest owner Sveaskog in order to develop solar energy project totaling 2 gigawatts over a five-year period. Erik Brandsma said that investing in solar energy on Sveaskog's land was a natural move for the company as it is a large landowner. It also allows them to contribute to energy transition, and to future energy needs, without fossil fuels.
First tender for investment in wind and solar plants seeks to attract Moldovan investors
Moldova has launched its first bid for wind and solar energy plants as part of its efforts to reduce its dependence on Russian power. "Opening the market to investors for renewable energy development is another important step in ensuring greater security of energy for Moldova," said Energy Minister Victor Parlicov. The development of renewables is a step towards achieving energy independence in Moldova. Moldova, which is one of Europe's most impoverished countries…
US Solar Group seeks retroactive duty on panels imported from Vietnam and Thailand
A group of U.S. manufacturers of solar panels asked the Commerce Department to consider imposing retroactive duties on Vietnam and Thailand because there has been a surge in imported goods. These countries are also under investigation for unfair trade practices. The Commerce Department began an investigation in May into silicon solar panels and cells made in Vietnam. Thailand, Malaysia, and Cambodia. A group of American manufacturers claims that the products were sold at low prices in the U.S. and received subsidies from China.
Tongwei, a Chinese solar company, plans to acquire a controlling stake in Runergy at a cost of $698 million.
Tongwei, a Chinese solar company, plans to purchase a majority stake in rival Runergy. The deal will cost the company approximately 5 billion yuan (697.78 million dollars). This move would enable the company to establish itself in the United States. Tongwei, in a late Tuesday filing to the Shanghai Stock Exchange, said that it was looking at acquiring 51% or more of Runergy through a capital increase and share purchase. Runergy is one of the Chinese solar companies that are setting up in the U.S.
Ukraine approves $20 billion plan to increase renewable energy by 2030
The government of Ukraine said that Ukraine needs to invest $20 billion to develop the renewable energy sector. This is part of a plan to increase the share of renewables in the country's mix by 2030. As a result, the country's energy sector lost half its generating power as a direct result of Russian drone and missile attacks. These increased in spring 2024. This forced it to rely solely on nuclear plants, solar, and wind generation. The government approved a plan that aims to add approximately 10,000 megawatts of new generation equipment.
Meyer Burger delays half-year results while it looks for financing
Meyer Burger, a Swiss solar panel manufacturer, announced on Tuesday that it will postpone its 2024 half year results to September 16 in order to secure additional funding and a strategic partnership. Meyer Burger announced that it will postpone publication of the results which were due to be published on Wednesday. The company did not provide any further details. The money will be used to complete the Colorado and Arizona manufacturing plants. Meyer Burger's financial struggles have caused pressure on its shares.
Officials in Indonesia have reduced the local content requirement of solar power plants from 50% to 20%.
Indonesia announced on Monday that it had reduced the local content requirement of solar power plants from 40% to around 20%. The country is looking to attract investment into projects which receive at least 50% of their funding through foreign multilateral and bilateral lenders.Jisman Hutajulu said at a press briefing that "we evaluated the rules so that renewable energy power stations, particularly hydro, wind, and solar, could be immediately installed in our system...
China General Nuclear signs agreement with Laos for renewable energy base
The state-run People's Daily, which is a daily newspaper published by the Chinese government, reported that the power company China General Nuclear had signed an agreement to expand a renewable energy base planned for the northern region of Laos. The new deal includes a second phase that will include 580 Megawatts (MW) of wind and solar power in Luang Namtha Province and a solar plant with a capacity of 420 MW in Oudomxay Province. This…
Philippines fishermen fear solar farm on lake could hurt their income
Alcones, a member of a group that opposes the government's plans to install solar panels on top of Laguna de Bay, the largest source of freshwater fish in the country, to meet the growing demand for electricity, is opposed to this plan. "Laguna Lake provides income and life to fishermen who have not finished school, like us. "It also provides many displaced workers with an alternative source of income by fishing," said Alcones a 55-year old father of two, who lives near Laguna Lake.
China's central Bank will extend the low-carbon loan tool until 2027
China's central banks will extend the programme that provides financial institutions with low cost loans to assist companies in reducing carbon emissions. The government announced this on Sunday. China's State Council announced that the People's Bank of China will extend its policy of supporting carbon-reduction initiatives by companies until the end of 2027. In 2021, the PBOC launched its financing scheme. The financing window allows banks to receive up to 60% of their principal on qualified loans, at a rate of 1.75 percent for a year.
US offers conditional loan guarantees of $1.5 billion to Qcells in Georgia for solar plant
The U.S. Department of Energy announced on Thursday that it has made a conditional commitment of up $1.45 billion in loan guarantees to South Korea's Qcells for the company's Cartersville, Georgia solar manufacturing plant. The Loan Programs Office of the agency said that funding will help Qcells construct a $2.5 Billion facility to produce solar panels, as well as inputs such a cells, ingots, and wafers. The department stated that the factory could produce enough panels to cover half a million American homes per year.
Hyundai invests $28 Million in Thailand to build EV batteries and assemble EVs
The Board of Investment of Thailand (BOI), a government agency, announced on Wednesday that Hyundai Motor Company of South Korea will invest one billion baht to build a factory in Thailand to manufacture electric vehicles and battery packs. Thailand's booming EV industry is currently dominated mainly by Chinese automakers. These include BYD Motors and Great Wall Motors. They use Thailand as a base to manufacture vehicles for export across Southeast Asia. A BOI announcement said that the Hyundai factory will begin production in 2026.
Solar, Wind Uptake to Reach 5.4 TWac from 2024 to 2033, Says Wood Mackenzie
Global solar deployment to add 3.8 TWac of new project capacity by 2033 compared to 1.6 TW of wind power, while 640% growth is forecast for energy storageFrom 2024 to 2033, developers will bring more than 5.4 terawatts (TWac) of new solar and wind capacity online, increasing the cumulative global total to 8 TWac, as the world endeavours to electrify economies and meet decarbonisation targets, according to latest analysis by Wood Mackenzie.Energy storage capacity (excluding pumped hydro) will grow by more than 600%…
Floating Solar: DNV Advises on Indonesian Floating Solar Photovoltaic Project
Floating solar photovoltaic (PV), initially considered a niche technology, is now the fastest-growing solar PV category, alongside ground-mounted utility-scale solar and rooftop PV. As of August 2020, more than 60 countries have actively pursued the deployment of floating PV, with more than 35 installing an estimated 350 operational floating PV systems, equal to a total 2.6 GW of installed capacity. DNV acted as the Lender’s Technical Advisor…
GERE Goes Carbon Neutral
GE Renewable Energy, the renewable energy arm of US industrial technology giant General Electric, announced its plan to make 100 percent of its operations carbon neutral by the end of 2020.GE Renewable Energy will reach carbon neutrality by reducing emissions through operational efficiencies, securing renewable electricity supply to all GE Renewable Energy sites throughout its operations for wind, offshore wind, hydropower, energy storage…
DNV GL Calls for Action to Meet Paris Climate Target
DNV GL’s Energy Transition Outlook indicates global temperatures rise by 2.4⁰C by end of century. Energy experts identify a combination of technology measures to curb global warming which includes: Boost solar power more than 10 times to 5 TW, wind power by 5 times to 3 TW and increase battery production for EVs 50-fold by 2030.DNV GL calls for extraordinary policy action to advance renewables, new decarbonization technologies and systems…
2/3 of Electricity by Solar PV, Wind by 2050
Share of electricity in the final demand energy mix will more than double from today’s level to 40% in 2050, with two thirds of that electricity provided by solar PV and wind, said DNV GL.Electrification will transform how energy is produced and consumed. By midcentury, 40% of final energy demand will be met by electricity (up from 19% in 2017), 63% of which will be generated by solar PV and wind, said the third edition of the Energy Transition…
SE Asia to Expand Floating Solar Set to Grow
Floating solar photovoltaic (PV) panels are making a splash in Southeast Asia. Development of floating solar PV power plants is expected to increase 100-fold in the region over the next five to 15 years, according to energy research firm Rystad Energy. Projects plans are in the works in Thailand and Vietnam as large-scale floating PV installations, with smaller utility-scale floating PV developments being proposed in Indonesia, Singapore and Myanmar.Rystad Energy expects large-scale floating PV developments…
World First: High-Wave Floating Solar Park
A Belgian consortium has launched a project in high-wave offshore solar technology with the aim of building floating solar parks in the North Sea.Large maritime market players Tractebel, Jan De Nul Group, DEME, Soltech and Ghent University formed a consortium and announced the launch of an innovative project in the field of marine floating solar technology.The consortium strongly believe that solar photovoltaic (PV) panels in offshore waters are one of the essential future green energy sources.
Mainstream Names Asia-Pacific Head
Irish wind and solar projects developer Mainstream Renewable Power has appointed Raghuram Natarajan chief executive of its Asia-Pacific business."This key appointment to the Group’s Leadership Team, based out of its newly opened regional headquarters in Singapore, comes ahead of significant expansion plans for the region," said a press release.Natarajan brings a decade and a half of senior leadership experience in the wind and solar industry across India…
Sun Cable Eyes World’s Biggest Solar Project
World's largest solar project proposed in Australia, connected to South East Asia via subsea cable.Singapore-based Sun Cable has proposed a 10 GW solar farm near Tenant Creek in Australia, with facilities to export electricity via a subsea High Voltage Direct Current (HVDC) cable straight to Singapore.Rystad Energy said that the proposed renewable energy project will provide one fifth of Singapore’s electricity needs.In terms of size, the…
India Eyes $250 bln for Renewable Energy
India is undertaking one of the world’s largest renewable energy expansion programs, which will require additional investments of around $80 billion till 2022, growing more than threefold to $250 billion during 2023-30.According to the Economic Survey 2019, the investment estimates, which have been made at current prices, come at a time when India has become one of the top renewable producers globally with ambitious capacity expansion plans.The…
DNV GL Supports Asia's Largest Solar Floater
DNV GL, the international accredited registrar and classification society, said that it has been appointed by PUB, Singapore’s national water agency, as technical adviser for a 50MW floating photovoltaic (PV) project tender in Singapore.The first-of-its-kind 50 MW project, south-east Asia’s largest floating PV, could reduce Singapore’s carbon footprint by the equivalent removing 6,000 cars off local roads."Once completed, the floating solar…
Engie Crosses 1.5 GW Renewable Capacity in India
French power group Engie’s total renewable capacity in India now exceeds 1.5 GW. The company recently bagged a 200 MW onshore wind project in the state of Gujarat from Solar Energy Corporation of India.ENGIE is all set to sign a 25-year power purchase agreement (PPA) with Federal Government entity, SECI.Earlier, Engie won a 280 MWp solar project from Gujarat Urja Vikas Nigam Limited. The project—part of the Raghanesda solar park—is currently under development.
Dubai Intros Floating Solar Power Plants
The Dubai Electricity and Water Authority (DEWA) has issued a request for proposal (RFP) to appoint consultants to study, develop and construct floating solar photovoltaic plants in the Arabian Gulf."This is a new and innovative initiative by DEWA to use solar power that supports the objectives of the Dubai Clean Energy Strategy 2050 (DCES 2050) to diversify the energy mix in Dubai, to make the Emirate a global hub for clean energy and green economy…
Solar Array Installed on Cargo Ship
The marine renewable energy technology company Eco Marine Power (EMP) announced that its Aquarius MAS + Solar solution has been installed on the large general cargo ship MV Panamana.The Japan-based EMP said in a press release that this installation was carried out by the ship’s crew with remote support provided by Zeaborn Ship Management (Singapore) Pte. Ltd. and EMP from Japan.Over the next few weeks the solar power equipment will be integrated…
Australia: Record Year for Renewables
2019 is set to be the biggest year for constructed and commissioned utility Photovoltaics (PV) (2200 MW), wind (2400 MW) and storage (100 MW) in Australia, said Rystad Energy in its forecast for the utility scale PV, wind and storage to be constructed and commissioned for Australia to 2020.This follows a record year in 2018, which was the first year in which over 1 GW of utility PV, wind & storage was constructed and commissioned, it said.The news was not all good in 2018…
Wind Beats Solar in Danish Green Energy Auction
Wind emerged as the most competitive power source in Denmark's first auction where wind and solar competed for state subsidies on equal footing to deliver power at the lowest price.Subsidies which have underpinned the growth of renewable energy are cooling as governments around the world opt for more competitive contract tenders, favoring project developers that submit the lowest bids.Denmark, which hopes to end green subsidies altogether before 2030…
