Globeleq, a South African independent power producer, has completed the senior debt refinancing of three of its renewable energy plants, totaling 238 MW. Absa Bank, part of the financial services company Absa Group Ltd, served as the required lead arranger and sole underwriter for the $362 million debt financing package.
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The International Energy Agency has released a report titled, “Global Energy Review 2021: Assessing the effects of economic recoveries on global energy demand and CO2 emissions in 2021”. REGlobal presents the key findings, the detailed analysis on global economic recovery and the renewable energy sector from the report.
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BBVA will reduce its exposure to coal-related businesses to zero, serving to companies in these activities by 2030 in developed countries and by 2040 in the other countries in which it is present. In 2018, BBVA committed to aligning its credit portfolio with the goals of the Paris Agreement, and supports the need to achieve zero net carbon dioxide emissions by 2050.
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The COVID-19 crisis has demonstrated the importance of access to reliable energy. Without power, containment measures imposed by governments would have made life unbearable. Access to electricity has enabled people to work from home, schools to provide online classes, and governments to continue functioning (for example, through online court systems).
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Australia-based investment manager AMP Capital and Sterlite Power, a power transmission infrastructure developer in India will invest $150 million each to develop four transmission projects in the country; and also bring in debt financing with a total capital outlay of about $1 billion. The transmission projects will help in the evacuation of power from renewable energy projects.
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Analysis of China’s potential flexible resources; the supply, and demand side perspective; and market mechanism to facilitate energy transition.
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Kazakhstan, Turkmenistan, and Uzbekistan are rich in fossil fuels, while the Kyrgyz Republic and Tajikistan have extensive hydropower. Yet in winter, the hydro-rich countries suffer from power shortages due to a combination of reduced water flow and higher demand for heating. The solution is for these countries to share energy.
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Under the 2015 Paris climate accord, all signatory governments are committed to strengthening their emissions-reduction plans every five years, and of the 105 countries that have publicly done so for the 2020 deadline, 44 are in Africa. That is a promising sign.
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Entergy has announced plans to begin exploring the use of hydrogen in its generation portfolio, as part of a commitment to reach net zero emissions by 2050. Going forward, such projects can kick-start the market for green hydrogen made from renewable-powered electrolysis by driving demand at scale quickly.
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China is highly dependent on fossil fuel imports. At the same time, China is striving to lead in new energy technologies, particularly wind and solar electricity generation and electric vehicles. It is more in charge of its own fate in electricity, while it remains highly vulnerable to market conditions and supply shocks in oil and gas. Slowly, it has become the center of gravity for global energy markets.
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BHP is exploring options to exit thermal coal by divestment. Its thermal coal assets have seen a serious erosion of viability and are on track to deliver an operating loss in 2019-20. The growing momentum to acknowledge the 2015 Paris Agreement, coupled with ongoing double digit annual solar cost deflation presents a challenge to the thermal power sector.
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Mexico’s energy transition must break from traditional extractive models that violate human rights, destroy ecosystems and generate energy peripheries with high levels of inequity in access.
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The World Bank group has approved a USD300 million grant to help Burkina Faso, Côte d’Ivoire, Guinea, Liberia, Mali, and Sierra Leone promote electricity trade within West Africa. The program supports trade in cleaner low cost electricity generated from gas, hydro power and other renewable energy technologies.
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PG&E and Tesla have started the construction of a 182.5 MW lithium-ion battery energy storage system (BESS) at PG&E’s electric substation in Monterey County, California. The system is expected to be commissioned by 2021.
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The US has made substantial progress towards a low-carbon economy over the past several years. According to research, the benefits of US climate action in today’s economic reality are evident. Strong climate action and investments in low-carbon infrastructure can be effective ways to recover from Covid-19 and secure the economy’s long-term success.
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Middle Eastern energy exporters, facing sharp economic contractions, have been caught in a dilemma. Keeping the economy going during the pandemic, and reviving and retooling it afterwards, requires heavy spending.
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