Philippines To Build Largest Solar Park in Nueva Ecija
A unit of Solar Philippines is preparing to build a 225 megawatt (MW) solar facility in Peñaranda, Nueva Ecija, which the parent firm described as the “largest of its kind” in the country to date. In a statement, Solar Philippines said it is setting up the Solar Energy Zones, Inc. (SEZ) to host solar power projects in its 10,000 hectares of land located in Batangas, Nueva Ecija, and Tarlac. Solar Philippines founder Leandro Leviste said with the growing demand for new solar power plants, there is now a scarcity of land to put up the projects. Leviste said the SEZ is inspired by solar parks in India where firms can co-locate for their solar projects. Leviste added the SEZ will help firms make it possible to build large-scale solar farms. In the coming months, SEZ will announce future locators that will be constructing their solar projects in the next five years.
AC Energy Buys 100% Stake in UPC Renewables Australia
AC Energy Corporation (ACEN), Ayala group’s listed energy platform, announced the Board’s approval to acquire the remaining 51.6% stake in UPC\AC Renewables Australia joint venture. This transaction will raise ACEN’s ownership in the renewables development platform to 100%. ACEN, through its subsidiary AC Renewables International Pte Ltd, will acquire the interest of its joint venture partner UPC Renewables Asia Pacific Holdings and Mr. Anton Rohner (“the Sellers”) in UPC\AC Renewables Australia for a total consideration of US$ 243.3 million, subject to adjustments, said the company statement. The transaction includes the 520 MWp New England Solar Farm, currently under construction. The platform has over 8,000 MW of renewable pipeline across the solar, wind, pump hydro, and energy storage technologies in Australia.
ACEN and AMI to Pilot Battery Energy Storage System in Vietnam
AC Energy (ACEN) and AMI Renewables, Vietnam-based renewable energy (RE) platform, will be launching a pilot utility-scale battery energy storage system (BESS) in the Southeast Asian nation’s Khanh Hoa province. The two firms, through their joint venture AMI AC Renewables, will be operating their 15-megawatt hour (MWh)/7.5MW BESS project, which will be connected to its existing 50MW Khanh Hoa solar farm. AMI AC Renewables made the announcement following a $2.96 million grant from the Consulate of the United States in Ho Chi Minh City to develop the BESS project. ACEN said the project is expected to demonstrate the technical and economic capabilities of energy storage technology and showcase how it can help maximize the efficiency and reliability of RE.
BGRIM’S Vietnam Solar Project Gets Green Certification
B.Grimm Power Plc’s (BGRIM) Dau Tieng solar farm project in Vietnam received a “green” borrowing certification from the Climate Bonds Initiative (CBI), an independent international environmental agency. The financing of the Dau Tieng solar farm worth US$161 million falls under the CBI’s green loan certificate category. The award was given to BGRIM subsidiary Dau Tieng Tay Ninh Energy Joint Stock Co following the finalization of a syndicated loan for the amount. Dau Tieng is BGRIM’s second green loan for a large solar farm in Vietnam following the 257MW Phu Yen TTP facility in Phu Yen province. Harald Link, the chairman, and president of BGRIM, said the achievement highlighted the company’s potential in developing projects that contribute to environmental and climate protection.
US Grants US$2.96 Million To Develop Energy Storage Battery System In Vietnam
The US Consulate General in Ho Chi Minh City has just announced a grant of US$2.96 million for AMI AC Renewables Company to implement a pilot project to develop an energy storage battery system in Vietnam. This project uses leading American technology. Specifically, the project will use leading American technology and equipment, build and connect with AMI AC Renewables’ 50MW solar power plant in Khanh Hoa province to help reduce energy loss. energy and help Vietnam integrate more renewable energy into the national energy system. This project was formed following a feasibility study on the use of advanced US energy storage technology in Vietnam, funded by the United States Agency for Trade and Development (USTDA). Energy storage is the key to opening the door to unlocking the potential of renewable energy and is an important element in the energy transition towards the development of renewable energy sources in Vietnam. time to support Vietnam to achieve its sustainable development goals in the energy sector in the future.
ASEAN Needs US$2 Trillion Investments For Switching To Greener Economy: Report
Approx US$2 trillion in sustainable infrastructure investment is needed between 2021 and 2030 if South-east Asia is to achieve climate and sustainable development goals, according to a report produced by Bain & Co, Microsoft, and Temasek. The report, Southeast Asia’s Green Economy- Opportunities on the Road to Net Zero, highlighted significant gaps and opportunities in the region’s green journey. The big gap implies opportunities for the private sector. The report also cited Asian Development Bank forecasts that 40 % of infrastructure investments will need to come from the private sector. Of the US$2 trillion investment need in South-east Asia, more than half should target sectors that have historically been attractive to private investors, for example, renewable energy, green buildings and construction, electric vehicle (EV) ecosystems, and the like, says the report.
REC Raises USD 75 Million Term Loan From Sumitomo Mitsui Banking Corporation
In a first for any NBFC in India, REC Limited has successfully raised a USD 75 million, 5-year Secured Overnight Financing Rate (“SOFR”) linked Syndicated Term Loan on October 7, 2021, with Sumitomo Mitsui Banking Corporation (SMBC), Singapore Branch appointed as the sole Mandated Lead Arranger and Bookrunner. Along with the loan, REC has also entered into an interest rate swap referencing SOFR to hedge the interest rate risk on this facility, which is the first such deal by any Corporate in India. REC Limited is a Navratna NBFC focusing on Power Sector Financing and Development across India. It provides financial assistance to state electricity boards, state governments, central/state power utilities, independent power producers, rural electric cooperatives, and private sector utilities. Its business activities involve financing projects in the complete power sector value chain; different type of projects includes Generation, Transmission, Distribution Projects, and Renewable Energy projects.