Umicore, a Belgium-based company and the battery unit of the Volkswagen Group, PowerCo, have formed a joint venture with an aim to invest around $2.9 billion to build a significant supply chain for sustainable batteries. The two companies will jointly control the venture and share costs, investments, revenues, and profits equally under the terms of the agreement.
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The Yeonggwang Project, a 1.2 GW floating wind project off the south-west coast of South Korea, has been the subject of a sale and purchase agreement signed by offshore wind developer Hexicon Korea. According to the agreement, Hexicon Korea will sell its 40 per cent stake in the project to an undisclosed buyer, who will then become the project’s 100 per cent owner and take over its financial management moving forward.
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Hydroelectric Power Corporation (NHPC) Limited has signed an agreement with Green Energy Development Corporation of Odisha Limited (GEDCOL) to form a joint venture (JV) for setting up 500 MW floating solar power projects in Odisha. The equity shareholding of NHPC and GEDCOL in the proposed JV will be in the proportion of 74:26.
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