Finance

After issuing its first call for renewable energy projects in February, power company HEP has now announced it will invest $23 million annually in solar until 2023, to add new capacity additions of 20 MW per year. The 350 MW plan is expected to be complete in 2030.

The transition for utility scale storage from offering short duration, high value grid services to the world of long duration energy peaking could spell the end of fossil fuel backup generation within five years.

A budget of €60 million has been allocated for this year, in 2020 and 2021 it will rise to €70 million. Applications for the incentives can be submitted from today.

All the fundamentals are in place for Turkey to be a leading light in solar but an all-too-familiar lack of policy certainty, coupled with a troubled macroeconomic backdrop, mean the nation is still unable to realize its PV potential.

The world’s largest sovereign wealth fund will invest in non-listed infrastructure, with the government stressing such commitments will not be a climate policy measure but an investment strategy. The fund had already announced an intent to gradually divest holdings in oil and gas companies and related projects.

According to Spanish financial newspaper Cinco Días, UAE-based Abdul Latif Jameel Energy is trying to sell Spanish developer Fotowatio Renewable Ventures (FRV), which it acquired just four years ago. Although FRV has decided not to comment on the matter, market sources believe that reports of its impending sale could simply be an attempt to gauge investor appetite.

SUSI Partners has bought a 50% stake in Macquarie Capital’s 63 MW / 340 MWh distributed energy storage portfolio in Southern California. Included as part of this purchase is the world’s largest virtual power plant.

Panda Green Energy has posted a loss of CNY 454 million ($67.6 million) for 2018, mere weeks before it starts to face deadlines to pay off a hefty amount of outstanding debt. By the end of December, the group’s current liabilities exceeded its current assets by about CNY 928 million.

The German PV equipment provider recorded consolidated sales of €180 million and an EBITDA of €6.6 million last year. However, order intake from the PV industry was lower than in the previous year.

India’s Micro, Small and Medium Enterprises (MSME) sector is expected to make a significant contribution to the country’s rooftop PV target of 40 GW by 2022. However, a range of issues — including low public awareness, the scarcity of low-cost financing and the need for rooftop aggregation models — must be addressed before rooftop solar can be aggressively scaled up, according to a new report from Deloitte and the Climate Investment Funds (CIF).