Finance

Despite investing US$605 million in Bangladesh’s energy sector during the last five years, the Asian Infrastructure Investment Bank has reportedly not supported a single renewable energy project, according to experts and environmental activists.

Industry body the Renewable Energy Association (REA) is calling on the U.K. government to reduce tax on various clean energy technologies and energy efficiency measures in the residential sector, with particular emphasis on battery installations. The association sees this as one of the most effective ways to protect consumers from volatile energy prices, as well as for the country to meet its stated decarbonization goals.

The financing round will be used to drive the Spanish PV software specialist’s international growth in markets such as the United States, Europe, Latin America, and Asia-Pacific, accelerate product development and improve customer experience.

Reliance New Energy Solar, a subsidiary of Reliance Industries led by billionaire Mukesh Ambani, which is planning a huge manufacturing venture in Gujarat, India, has led a series C financing round in German wafer manufacturer NexWafe with an investment of EUR 25 million ($29 million). This marks the third major investment in renewables announced by the Indian multinational this week.

CCE Solar Invest GmbH has secured financing to build 600 MW of PV capacity in Italy.

The Green Climate Fund has announced it will provide US$150 million in funding to the Desert to Power initiative – a project led by the African Development Bank and spanning several countries that aims to build 10 GW of PV generation capacity in various projects across the Sahel region to the south of the Sahara Desert.

India headquartered multinational Reliance Industries, through its subsidiary Reliance New Energy Solar Limited, yesterday announced the acquisition of Norway headquartered module manufacturer REC Group. The move comes as Reliance pushes forward with its US$10 billion plan to move in on the renewable energy industry, having also this week announced acquisition of a 40% share in EPC provider Sterling & Wilson.

pv magazine has spoken to Bill Lenihan, CEO of Netherlands-based energy system installer start-up Zola Electric – formerly Off Grid Electric – to find out how the business intends to spend the $90 million debt and equity investment it recently raised.

The majority of the finance for the $177 million, Jamuna river project will be provided in the form of soft loans from the Indian government and officials are reportedly already planning a second 100 MW facility with a Chinese firm on nearby land.

A report by the IEA laying out two routes for China to reach net zero attempts to persuade policymakers to gun for that goal by 2050, rather than ten years later, and dangles the prospect of continued global dominance as the main reward on offer.