The project developer trumpeted its return to the black in the second quarter and appears set to secure an $11 million cash injection from its main shareholder. It needs the cash to help settle a near-$29 million debt due for repayment in March.
Ethiopia has concluded the tender process for the first round of its Scaling Solar program. The winning bid is the lowest in the continent to date, according to the finance ministry.
The future benefits of technology such as smart meters and the associated aggregation of small scale generation are not being adequately rewarded, support for solar and wind is being cut off and parliament is fixated solely on one issue.
Funding for the rebate scheme had already been increased in April. Overall, the budget for this year now amounts to almost $125 million.
The new generation facility was financed by the Asian Development Bank and built by Chinese company ZTE Corp. The project will sell power to the grid for $0.065/kWh, a record low for solar in the country.
With Kuwait, Qatar and even renewables laggard Saudi Arabia following in the wake of regional clean energy pioneer the UAE, a raft of huge solar tenders is entering the Middle Eastern project pipeline. Obstacles remain to overseas project developers but significant rewards are on offer.
Technical consultancy DNV GL has published its Energy Transition Outlook 2019. While the electric vehicle, storage and renewable energy industries are likely to see significant rises in demand, the sobering conclusion is the world will miss carbon reduction targets by a long shot.
Renewables investment may by hit by rising interest rates despite the falling cost of clean energy tech just as fossil fuels avoid the impact of rising base rates.
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