The Techno-Industrial Development Zone Authority (TIDZ) has called for a public-private partnership to develop solar power projects at 37 sites in five Techno-Industrial Development Zones. The contracts cover the design, construction, operation and financing of the Skopje 1 and Skopje 2, Štip, Strumica, Prilep and Struga photovoltaic power plants. The investment is worth €40 million and has a peak capacity of 50 MW. The government will receive a portion of the revenue and is expected to collect an additional €14 million in land use fees.
Dubai Vice President and Prime Minister Mohammed bin Rashid Al Maktoum inaugurated the hybrid solar facility at the photovoltaic park named after him. Phase 4 includes the largest concentrated solar power facility on Earth, with 700 MW of capacity and 250 MW of photovoltaic capacity. The solar park aims to reach 5 gigawatts, including thermal and green hydrogen. Phase 4 is worth $4.3 billion and features record-height solar towers and the world’s largest thermal energy storage capacity. The inauguration coincides with Dubai hosting the 28th Conference of the Parties (COP28), the United Nations climate change conference.
In a major shift in India's energy financing landscape, 100% of project finance loans to the tune of Rs 18,577 crore ($2.36 billion) will be allocated to renewable energy projects by 2022. This is down 45% from 2021 levels, driven primarily by external factors such as project delays, supply line disruptions and rising interest rates. Solar and wind energy projects were the main beneficiaries, accounting for 60% and 40% of the financing respectively. Most of the loans for these renewable energy projects come from commercial banks, with major financial institutions contributing significantly.
India's National Green Hydrogen Mission (NGHM) aims to make the country a global hub for green hydrogen production. The mission was approved in January 2023 with a budget of Rs 19,744 crore. The mission aims to develop 5 million tonnes of green hydrogen production capacity per year by 2030. The last date for bidding for green hydrogen and electrolyzer manufacturing projects under the SIGHT program is December 12, 2023. The mission promotes multilateral engagement and collaboration with international organizations in hydrogen and fuel cell efforts. India and Saudi Arabia signed a memorandum of understanding in October 2023 to promote the development of the green hydrogen ecosystem. The G20 New Delhi Leaders’ Declaration affirms the delegation’s commitment to a sustainable and equitable global hydrogen ecosystem.
The focus of United Nations climate negotiations is shifting from curbing climate change to adapting to climate-driven extreme weather. The global adaptation targets pledged in the 2015 Paris Agreement are being overshadowed by talk of reducing fossil fuel use. Climate-vulnerable countries are fighting for more funding to cope with extreme weather events and avoid catastrophic humanitarian and economic losses. Adaptation is the second long-term goal of the Paris Agreement, with major fossil fuel emitters required to pay vulnerable developing countries to avoid catastrophic losses.
EKI Energy Services and Indian Oil Corporation have signed a Memorandum of Understanding to promote Indian Oil Corporation’s innovative indoor solar cooking system ‘Surya Nutan’. The collaboration aims to strengthen production and distribution, support carbon finance and contribute to environmental sustainability.
Dubai-based logistics operator DP World plans to meet 60% of power requirements at all its Indian terminals by 2026 from green sources, in line with the government's Maritime Vision 2030. The company plans to switch all fossil fuel-powered equipment and vehicles at its terminal operations to electric power. DP World operates five container terminals in India, including two at Nhava Sheva and one at Mundra, Kochi, and Chennai. The company has initiated open access sourcing of green power at two terminals in Nhava Sheva, replacing 75% of conventional electricity needs with green power, resulting in a 50% reduction in carbon emissions. DP World plans to replicate this approach for all its other portfolio assets across India.
India's state-controlled Oil and Natural Gas Corporation (ONGC) plans to replace natural gas used in oil well operations with green electricity by 2028. The move is part of ONGC's ambitious decarbonization plan, which aims to reduce methane emissions by 30% by 2030 from 2020 levels. ONGC will use large quantities of natural gas to generate electricity and meet compression needs by 2028 , the released natural gas will be sold to industries such as fertilizers and power plants. The company is working with technology providers to detect methane leaks and reduce flaring.
Grenergy Renovables plans to invest 2.6 billion euros in 2026, of which 1.5 billion euros will be used for photovoltaic power generation and 800 million euros for battery energy storage. The company aims to have 5 GW of solar capacity and 4.2 GWh of energy storage by 2026. Chile is key to the expansion of the energy storage industry, with the world's largest Atacama Oasis project. The project is expected to be completed within three years and will contribute to network stability and decarbonization. Grenergy has signed a 15-year power purchase agreement with Chilean company EMOAC.
Sterlite Power has secured an order for the Rajasthan REZ Ph-IV: Part B transmission project, which will deliver 8 GW of renewable energy to the states of Rajasthan, Haryana and Uttar Pradesh. The project will see around 8,000 MW of renewable energy flow from renewable energy-rich Bikaner to load centers in Rajasthan, Haryana and Uttar Pradesh. Sterlite Power will build the project on a 35-year BOOT basis.