Sign in
Mongolia and Orano strike a USD 1.6 bn uranium agreement: Mongolia has reached a preliminary agreement with France’s Orano Mining Group to develop a USD 1.6 bn uranium mining project, Reuters reported on Friday. The project will begin its preparatory phase in 2024 and is expected to start production in 2028, with peak output reaching 2.6k metric tons by 2044.
About the company: Orano Group is a France-based multinational company specializing in nuclear fuel lifecycle. A major uranium producer, the company operates in 17 countries and is active in uranium mining, conversion, enrichment, and recycling.
JSW Energy to expand with USD 1.47 bn green acquisition: Indian JSW Energy ’s unit JSW Neo Energy will acquire the India-based renewable energy platform O2 Power for USD 1.5 bn, according to a statement on Friday. The agreement — set to be finalized by May 2025 — includes a 4.7 GW renewable energy portfolio, with 2.3 GW to be operational by June 2025 and the rest by June 2027, Reuters reported. O2 Power is backed by Singapore’s Temasek and Sweden’s EGT Infrastructure and specializes in utility-scale and industrial sector projects, spanning solar, wind, battery storage, and hybrid energy technologies.
China greenlights world’s largest hydro dam: China has approved the construction of the world’s largest hydropower dam on the Yarlung Zangbo River, located on the eastern edge of the Tibetan plateau, Reuters reported last week. The project, which could produce 300 TWh of electricity annually, would be more than triple the capacity of China’s Three Gorges Dam, currently the largest in the world.
The dam sparks regional concerns: The project has raised concerns in downstream India and Bangladesh over the potential impact on the local ecosystem and water supplies downstream, but China — planning further projects upstream — claims that the project will have minimal environmental impact. The Chinese government is yet to release any reports on how the project will impact people in the region and the ecosystems.
Vietnam will implement a 97% anti-dumping tariff on wind towers imported from China after a probe that lasted over a year, according to a statement released by the Chinese trade ministry last week. The levy would come into effect 15 days after signing and stay in force for five years. Almost all Chinese producers will be affected except for Jiangsu Zhenjiang New Energy Equipment, which was not implicated in the investigation.
The argument: Vietnamese producers triggered the launch of the anti-dumping investigation in September 2023 after claiming that they were being harmed by the dumping of Chinese towers, Reuters reported. The trade ministry concluded that China-made wind towers were dumped into the Vietnamese market, causing major damage to the local industries. The authority also concluded that domestic manufacturers could produce high quality products to be exported.
OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-
- Russia launches wind blade factory: Russia’s Rosatom opened a wind turbine blade factory in Ulyanvosk, replacing a plant previously owned by Denmark’s Vestas which divested from the country in 2023. The factory will produce up to 450 blades annually for the local markets, and may also supply blades for export, including Rosatom’s wind projects abroad, such as its 1 GW Kyrgyzstan wind farm. (Reuters)
- New York has passed a law that will fine fossil fuel companies USD 75 bn over 25 years to cover the damage caused by climate change. Companies — determined to be responsible for over 1 bn tons of emissions — will be fined based on the size of their emissions from 2000 to 2018, with payments starting in 2028. The money will help pay for recovery and adaptation efforts, including infrastructure, estimated to cost the state more than USD 500 bn by 2050. (Reuters)
