This week’s World Future Energy Summit (WFES) saw a letter of intent inked at the International Solar Alliance’s (ISA’s) pavilion to secure financing of up to US$5 billion with India’s YES Bank by 2030. The organization also signed deals for nine solar projects across five ISA member countries, including in the UAE, Saudi Arabia, Nigeria, India and Spain.
Noting that it is close to reaching its 33% renewable energy target, Montenegro’s Ministry of Economy has said it will not issue any more licenses for renewable energy projects. It has, however, launched the third phase of deployment of solar PV systems for un-electrified households in secluded mountainous areas.
World Bank Group member, the Multilateral Investment Guarantee Agency (MIGA), has pledged to provide financial support for six solar power plants in Egypt, the accumulative capacity of which stands at 250 MW.
A PLN 40 billion (around €9.4 billion) Polish support scheme for renewable energy has been approved by the European Commission. Meanwhile, Guernsey-based Sequoia Economic Infrastructure Income Fund has agreed to provide financing for ReneSola’s 55 plants in Poland, each with a capacity of 1 MW.
Acting on the behalf of its investors, the German asset manager has come into possession of four solar PV projects in Portugal, the names of which have not been disclosed. Meanwhile, Germany’s HSH Nordbank has successfully penetrated the Portuguese market with the refinancing of two solar plants.
The European Bank for Reconstruction and Development is providing a US$22 million shot in the arm for a 50 MW solar power plant in the Risha region developed by Saudi ACWA Power. The bank has also announced plans to invest up to $100 million to back development of the green bond markets, and pledged its support to city climate projects allocating over $500 million with an eye to scaling up green urban financing.
The UK’s port operator has announced plans to build a 20 MW solar array on multiple warehouses at the Port of Immingham. Custom Solar has been contracted to install solar panels.
Increasing the role of solar PV in its energy mix from 6 GW to almost 17 GW is one of IRENA’s key recommendations for Thailand. Noting that RE national targets could be comfortably surpassed by a quarter to reach more than 37% by 2036, its report finds more ambitious deployment could save over US$9 billion annually, proving to be a major turning point for the entire economy.
Scientists at the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) have presented a thermochromic solar window with a conversion efficiency of 11.3%. Meanwhile, performing experiments on dye-sensitized solar cells, Cambridge scientists have determined the molecular structure of working solar cell electrodes within a fully assembled device that works like a window.
The prototype device, developed at the NUS Department of Chemistry, simulates photosynthesis to produce ethylene from carbon dioxide and water using natural sunlight.