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Spain approves renewable energy projects worth EUR 17 bn: The Spanish government has approved nearly 300 renewable energy projects totaling over 28 GW, with an investment ticket exceeding EUR 17 bn, Reuters reports. The projects — which include primarily photovoltaic plants along with wind farms and a hydropower plant — come under the country’s efforts to raise its share of renewables in power generation to 81% by 2030 from a current 50%.
A green fuel supply chain, courtesy of Cosco Shipping and Fortescue: China’s Cosco Shipping Corporation and Australian green energy firm Fortescue have signed an MoU to jointly build a green fuel supply chain to help reduce pollution in the shipping industry, Reuters reports, citing a statement by the Chinese firm. The agreement explores the construction and deployment of green ammonia-fuelled vessels, either owned by Cosco or jointly owned by both firms, to transport iron ore and other minerals with a focus on the China-Australia iron ore green shipping corridor.
Fortescue has bigger plans: Fortescue has been exploring similar partnerships with executives in China, and the company conducted the first ever trial using ammonia as shipping fuel in Singapore earlier this year.
Ghana is getting a helping hand from the IFC: The World Bank’s private investment arm International Finance Corporation (IFC) extended a USD 130 mn loan to Ghanian conglomerate LMI Holdings for a planned USD 1 bn solar energy project, LMI Group CEO Kojo Aduhene told Bloomberg. The IFC has provided part of the funds needed to build 1 GW of solar installations worth USD 1 bn in the next six years, Aduhene said. The aim is to increase Ghana’s solar generation sevenfold by 2030 from an installed capacity of 5.6 GW by the end of 2023 with the project already set for 16.8 MW of solar power in the first phase. The second phase of the project will see 150 MW while 833.2 MW is set to be generated in the final phase, according to Aduhene.
What they said: “This is just the first phase and the biggest single-roof solar project in Africa, and a significant milestone in our journey toward energy independence and environmental stewardship,” he said. “With the funding from the IFC, our own funds and other private investors we are raising more than USD 1 bn” for the project, he added.
French utility Suez extends GBP 1 bn waste-recycling contract in the UK: French-based utility company Suez has extended its waste-recycling contract with the Greater Manchester Combined Authority (GMCA) in an agreement worth over GBP 1 bn until 2034, according to a statement. Under the extended agreement, Suez will upgrade an existing energy-waste-recycling facility with more households covered under the plan. Suez manages 1.03 mn tons of waste annually from over one mn households across nine boroughs, according to the statement.
All under a plan for global expansion: With France generating about 60% of its sales, Suez plans to increase its UK revenue by 50% by 2030 and expand into markets in Southeast Asia, Australia, the Middle East, and Central Europe, Suez CEO Sabrina Soussan told Bloomberg.
OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-
- Xiaomi to expand EV production with USD 116 mn site in Beijing: Chinese tech company Xiaomi’s subsidiary Xiaomi Jingxi Technology bought a plot of land in Beijing for CNY 842 mn (USD 116 mn) to expand electric car production. The move follows Xiaomi’s successful launch of its debut sedan in March. (Bloomberg)
- Centrica CEO urges UK to diversify renewables mix: The UK will need to target a mix of technologies to decarbonize its energy sources or otherwise run a “real risk” if it focuses solely on wind energy, Centrica CEO Chirs O’Shea warned. Centrica is Britain’s largest energy supplier. (Statement)
- Arclight launches new investment vehicle to accelerate renewable projects: US investment firm ArcLight Capital Partners has launched a new unit with a capital of USD 500 mn to acquire and upgrade wind and solar projects, starting with a 160 MW wind farm in Texas. The investment vehicle — dubbed SkyVest Renewables — will focus on meeting growing electricity demand from data centers. (Bloomberg)
