Finance

The Chinese PV industry has benefited from the availability of substantial finance over the past two decades, supporting the development of the renewable, zero-carbon capability essential for meeting the goals of the Paris climate agreement. Easy access to finance has led to unsustainably low prices and unnecessary losses, however, impacting China’s ability to sustain support for renewable energy systems. As the nation expands clean power installations and enhances grid-balancing capacity, maintaining consistent financial support has become more challenging.

Chinese wafer manufacturer TCL Zhonghuan says it wants to invest around $197.5 million to increase its stake in Maxeon from 22.39% to at least 50.1%. A Maxeon spokesperson told pv magazine that the plan would place the company in a solid financial position.

The European Commission has approved €1.4 billion ($1.5 billion) for hydrogen projects, investing in 13 initiatives under the fourth Important Project of Common European Interest (IPCEI), to advance hydrogen technology in mobility and transport applications.

Canada’s Brookfield Asset Management has revealed plans to buy France-based Neoen for €6.1 billion ($6.6 billion).

Solar projects across Finland have been given the green light after grant agreements were signed with the European Climate, Infrastructure and Environment Executive Agency. A total €27.5 million ($29.8 million) is being invested across the projects through the EU renewable energy financing mechanism.

US-headquartered Apricus Generation says it has acquired a controlling stake in Toronto-based Nexus Renewables – its first strategic acquisition.

Held once a decade since 1994, the fourth International Conference on Small Island developing states (SIDS) began this week in St. Johns, Antigua and Barbuda with a strong message: That major changes to international finance are needed to create a level playing field for sustainable development in the world’s island nations, and that larger nations and industries bear responsibility for the impacts of climate change, and must do more to honor commitments towards their mitigation.

The Eurasian Development Bank has agreed to provide $210 million over 15 years for Bishkek Solar to build a 300 MW solar plant in Kyrgyzstan. National Electric Grid of Kyrgyzstan will purchase the electricity for a period of 25 years.

The second phase of Ireland’s Small-Scale Renewable Electricity Support Scheme (SRESS) is aimed at local communities and small- and medium-sized enterprises that produce their own electricity.

Malakoff Corporation Berhad, a Malaysian independent power producer (IPP), plans to acquire a 51% share in ZEC Solar and a 49% stake in TJZ Suria. It says it has already signed a share sale and purchase agreement with Zelleco Engineering.