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S&P Capital IQ ($): A consortium of companies agreed to develop, construct and operate a 500-MW wind farm in Ras Ghareb, Egypt. The consortium, composed of France’s Engie SA, Japan’s Toyota Tsusho Corp./Eurus Energy Holdings Corp. and Dubai’s Orascom Construction PLC, has reached an agreement with the Egyptian Electricity Transmission Co. for the wind project, […]
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Bloomberg ($): The United Arab Emirates has become the first of the Persian Gulf’s petrostates to commit to eliminating planet-warming emissions within its borders. “We are committed to seize the opportunity to cement our leadership on climate change within our region and take this key economic opportunity to drive development, growth and new jobs,” said […]
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Reuters: China’s pledge to stop building coal-fired power plants overseas could cull $50 billion of investment as it slashes future carbon emissions, analysts said, although Beijing’s own domestic coal programme is still propping up the dirty fossil fuel. Chinese President Xi Jinping said in a pre-recorded address at the United Nations General Assembly on Tuesday […]
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PV Magazine: Spanish solar project developer, Fotowatio Renewable Ventures (FRV) – part of UAE-based Abdul Latif Jameel Energy – and British developer Harmony Energy have begun work on the largest battery energy storage project in the United Kingdom. The 99 MW/198 MWh Clay Tye facility is being constructed near the M25 in Essex and will […]
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The Guardian: The finance minister of Iraq, one of the founding members of the global oil cartel Opec, has made an unprecedented call to fellow oil producers to move away from fossil fuel dependency and into renewable energy, ahead of a key Opec meeting. Ali Allawi, the deputy prime minister and finance minister of Iraq, […]
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S&P Global Platts ($): Saudi Aramco is investing, alongside the country’s sovereign wealth fund and Riyadh-based ACWA Power, in the oil exporter’s largest solar project with a capacity of 1.5 GW as the world’s biggest energy company makes a push into renewables. The Saudi Aramco Power Co., a unit of the parent company, has joined […]
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Reuters: Indonesia will begin work on a 145 megawatt (MW) floating solar power project, the largest in Southeast Asia, after state power utility Perusahaan Listrik Negara (PLN) and Masdar of United Arab Emirates agreed financing for the project on Tuesday. Indonesia aims to have 23% of its energy from renewable sources by 2025 and the […]
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Eurasianet: The Armenian government is looking to expand the country’s renewable energy capacity with an ambitious plan to build two new solar power plants. This month, the government finalized a deal with United Arab Emirates-based renewable energy company Masdar to build the first plant by 2025. The 200-megawatt plant, to be known as Ayg-1, will […]
Saurabh Trivedi, Tim Buckley and Press Release
Top debt and equity investors committed over $300 billion in 2020 into building renewable energy capacity
19 July 2021 (IEEFA Australia): Despite the economic disruption from COVID-19, top global debt and equity investors are continuing to drive capital into the renewable energy infrastructure sector due to its consistency in providing investment opportunities, finds a new report from the Institute for Energy Economics and Financial Analysis (IEEFA). “Global investors are accelerating their […]
Tom Sanzillo and Clark Williams-Derry
Rising oil prices fail to mask long-term fundamental weaknesses for oil business
Former ExxonMobil CEO Lee Raymond advanced the idea in the 1980s that the quality of management trumped all else in evaluating the oil industry’s prospects. He believed oil company executives were in the best position to project supply and demand, ride worldwide growth cycles, and provide robust returns to investors, no matter how oil markets […]
IEEFA: Why India can’t match the Gulf region’s record-low solar tariffs
5-10% annual decline in tariffs estimated for the next decade29 August 2020 (IEEFA India): A number of countries in the Gulf region have set record-low prices for solar in recent years, leading to hopes that India and other countries may soon be able to achieve similarly cheap – or cheaper – solar tariffs. But a new report by the Institute for Energy Economics and […]