Here are some noteworthy cleantech announcements of the day from around the world:
Global energy player ENGIE will develop a 2 GW renewable energy portfolio in Chile. It includes an additional 1 GW capacity since the last announcement in 2019. The program is part of the company’s transformation plan to end its coal-fired power generation activities in the country by 2025. The plan involves an investment of €1.5 billion (~$1.82 billion), enabling the company to reduce CO2 emissions by 80% from its energy production activities in Chile by 2026. This initiative is part of the firm’s ambition to achieve carbon neutrality by 2050 at the latest.
The Central Electricity Authority has permitted JSW Energy to uprate its Karcham Wangtoo Hydro Power Project from 1,000 MW to 1091 MW. This capacity uprating has been done by 9% to 1,091 MW without any additional capital expenditure. The uprating will be done in a phased manner, i.e., 1,000 MW to 1,045 MW in the first phase for two monsoon seasons in 2021 and 2022 and 1,091 MW thereafter.
RattanIndia Enterprises has forayed into the electric vehicle segment by acquiring a substantial strategic stake in EV two-wheeler maker Revolt Intellicorp. As part of the deal, RattanIndia Enterprises will have a 50% board presence in Revolt Intellicorp, and Rajiv Rattan will be chairman of the board of Revolt. This deal happens to be RattanIndia Enterprises’ first investment in a new age manufacturing business, the company said in a BSE filing.
The European Bank for Reconstruction and Development (EBRD) has invested a €67 million (~$81.23 million) ticket as part of an inaugural eight-year €600 million (~$727.42 million) green bond issuance by VGP NV. The EBRD’s investment will support the development of sustainable semi-industrial and logistics parks in Hungary, Latvia, Romania, and the Slovak Republic. The planned new logistics parks will be certified to a minimum BREEAM rating. The EBRD will further support VGP in exploring opportunities arising from the future deployment of renewable and low-carbon hydrogen and e-mobility technologies.
The European Investment Bank (EIB) and Caisse des Dépôts have partnered to make a new €1 billion (~$1.21 billion) credit line available. The program makes European funding highly accessible for local-authority investment projects of less than €25 million (~$30.31 million). With this financing, the third of its kind, Caisse des Dépôts, through Banque des Territoires’ lending arm, can continue to provide the public sector with fixed-rate loans in addition to its traditional products and services. The EIB funds will improve access to long-term finance for small-scale investments, particularly in energy-efficiency measures for buildings, water supply, and sewerage networks, sustainable mobility, and clean public transport.
Octopus Renewables has announced the acquisition of two operational U.K. biomass power plants. With a combined capacity of 85.7MW, from a joint venture by Copenhagen Infrastructure Partners and Burmeister & Wain Scandinavian Contractor, this is one of the largest deals of its kind in the U.K. Both facilities at Brigg (40.8MW) and Snetterton (44.9MW) are fueled by a mixture of locally sourced biomass feedstocks. Octopus will manage both sites, adding to the five biomass plants that it currently manages across the U.K.
Energy storage solution provider Hydrostor will develop 1 GW of long-duration energy storage in California. The initiative is aimed at driving the decarbonization and renewable goals of the U.S. state. Spread between two sites, the projects represent a combined investment of over $1.5 billion. Project development work, including transmission interconnection, engineering, and permitting activities, is underway. All projects will use the company’s advanced compressed air energy storage technology, which provides eight to 12 hours of energy storage facility.
Srinwanti is a copy editor at Mercom India, where she writes and edits news stories across the clean energy spectrum. Prior to Mercom, she has worked in book publishing at Macmillan Publishing House and Integra and honed her editorial and writing skills in both online and print media such as Reuters, Times Group Books, The Times of India, and Pune Mirror, covering local to international stories. More articles from Srinwanti Das.