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SAN FRANCISCO--(BUSINESS WIRE)--According to a new survey on corporate giving from the Chronicle of Philanthropy, the Wells Fargo Foundation is the No. 2 corporate cash giver in the U.S. and the top financial institution in overall giving.

The rankings, based on 2017 data, reflect more than $286.5 million in cash contributions distributed by Wells Fargo to over 14,500 nonprofits. The funding supports such important causes as affordable housing, small business growth, job readiness and environmental sustainability. Earlier in 2018, the Wells Fargo Foundation announced it would contribute $400 million to communities across the U.S. – a 40 percent increase in giving – and it is currently on track to reach that milestone.

“We wholeheartedly believe that business can and should play a role in building stronger communities,” said Jon R. Campbell, president of the Wells Fargo Foundation. “In fact, leadership in corporate citizenship is one of our six company goals, and our team members know and embrace this commitment by not only supporting our philanthropy but also donating more than two million hours of volunteer time in local communities. For nonprofits of all sizes, we know that cash donations are vital so we will continue to do our part to work together to bring hope and stability to people and underserved communities.”

Recent contributions from the Wells Fargo Foundation include:

  • The Tribal Solar Accelerator Fund – a three-year, $5 million philanthropic commitment to help GRID Alternatives expand solar energy to tribal communities across the U.S. The project will expand no-cost solar to reservations, greatly reducing energy bills, and train tribal members in solar jobs.
  • The NeighborhoodLIFT® program – in collaboration with NeighborWorks® America and its network members, this program recently expanded to Boston; Kansas City, Mo.; Chicago; and Des Moines, Iowa to boost homeownership. In 2018, Wells Fargo has committed more than $75 million to extend its reach. Since the program’s inception, the down payment assistance and homebuyer education initiative has helped more than 18,000 families achieve homeownership.
  • Financial Capability – with more than $21 million in funding in the last year, financial counseling and coaching for underserved communities, families and struggling small business owners has put more people on a pathway to financial stability. Our most recent $3.5 million commitment helps participants set long-term goals and provides a local expert to coach them towards success.

Beginning in 2019, Wells Fargo will invest two percent of its after-tax profits for philanthropy.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,300 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 38 countries and territories to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. In 2017, Wells Fargo donated $286.5 million to 14,500 nonprofits and Wells Fargo team members volunteered a record 2 million hours. In 2018, Wells Fargo is ranked as the No. 2 corporate cash donor in the U.S., according to the Chronicle of Philanthropy. Wells Fargo’s corporate social responsibility efforts are focused on three strategic priorities: diversity and social inclusion, economic empowerment, and environmental sustainability. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

NEW YORK, Sept. 18, 2018 /PRNewswire/ --

About GaAs Wafers

Gallium arsenide (GaAs) compound semiconductors are characterized by high electron mobility, more heat resistance than silicon and wide operating range frequency. GaAs based ICs are used in high power amplifiers and ultra-high radio frequency devices. Owing to low reverse saturating current and high break down voltage, GaAs wafers are also used in optoelectronic devices such as LEDs and solar cells.

Read the full report: https://www.reportlinker.com/p05501597

Technavio's analysts forecast the global GaAs wafers market to grow at a CAGR of 12.02% during the period 2018-2022.

Covered in this report
The report covers the present scenario and the growth prospects of the global GaAs wafers market for 2018-2022. To calculate the market size, the report considers the revenue generated from the use of barley in various application including wireless communication network, mobile devices and aerospace and defense.

The market is divided into the following segments based on geography:
• Americas
• APAC
• EMEA

Technavio's report, Global GaAs Wafers Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Key vendors
• Advanced Wireless Semiconductor
• AXT
• DOWA Electronics Materials
• Global Communication Semiconductors
• IQE
• WIN Semiconductor

Market driver
• Advancements in defense, aerospace and aviation sectors
• For a full, detailed list, view our report

Market challenge
• High cost of GaAs wafers
• For a full, detailed list, view our report

Market trend
• Advancements in network infrastructure
• For a full, detailed list, view our report

Key questions answered in this report
• What will the market size be in 2022 and what will the growth rate be?
• What are the key market trends?
• What is driving this market?
• What are the challenges to market growth?
• Who are the key vendors in this market space?

You can request one free hour of our analyst's time when you purchase this market report. Details are provided within the report.

Read the full report: https://www.reportlinker.com/p05501597

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

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sembcorp, Neil McGregor, solar power, latest news, important news, Our deal with Facebook is an example of how Sembcorp is aligning its business to the future.

Sembcorp Industries (Sembcorp) said Tuesday it has signed a long-term solar energy deal with US-based social media company Facebook. Under this deal, Sembcorp will provide renewable power to support Facebook’s recently announced 1,70,000 square metre Singapore data centre, as well as its other Singapore operations, over the next 20 years, a company statement said.

Sembcorp will serve Facebook’s renewable energy needs through offsite solar panels totalling 50 MWp in capacity. These panels will be installed on close to 900 rooftops in the island state, between the end of this year and 2020, it said. “Our deal with Facebook is an example of how Sembcorp is aligning its business to the future.

As our world moves towards renewables and lower-carbon energy, there is an increasing demand for solutions that enable businesses to achieve growth while managing their impact on the environment. “Sembcorp is actively working with companies in this, and supporting their efforts towards this dual objective,” Neil McGregor, Group President & CEO of Sembcorp Industries, said in a statement.

The company has been steadily growing its renewable energy business, and now has over 2,500 megawatt of wind and solar power projects across Singapore, China and India. Earlier this year, the Singapore-based company announced ambitious targets to double its renewables portfolio and reduce carbon intensity by around 25 per cent by 2022.

SBI, SBI to install solar panels over ATM, solar power, news on sbi, latest news on sbi Currently, nearly 1,200 of the bank’s ATMs are running on solar power.

In a step towards becoming carbon neutral, country’s largest lender State Bank of India (SBI) is looking to install solar panels over around 10,000 ATMs across the country in the next two years, a senior official said. Currently, nearly 1,200 of the bank’s ATMs are running on solar power. “We are going to take this number to up to 10,000 ATMs in the next two years,” the bank’s chief financial officer, Prashant Kumar, told reporters Tuesday. The lender has installed rooftop solar panel on 150 of its building across the country and is in the process of identifying more such locations.

“Our aim is that by next year, close to 250 buildings of the bank will be having solar panels,” he said. The bank is also planning to replace all its vehicles with electric vehicles by 2030. Kumar further said that the bank has embarked on a journey to turn carbon neutral and aims to achieve it by 2030. It is organising a green marathon starting September 30, to be held in 15 cities across the country.

In a step towards becoming carbon neutral, country's largest lender State Bank of India (SBI) is...

African Development Bank, Mariner Investment Group, and Africa50 Price Landmark $1 Billion Impact Securitization Structured as a synthetic securitization by Mizuho International, Room2Run transfers the mezzanine credit risk on a portfolio of approximately 50 loans from among the African Development Bank’s non- sovereign lending book, including power, transportation, financial sector, and manufacturing assets OTTAWA, Canada, September 18, 2018/APO Group/ --
  • With “Room2run,” AfDB Launches Securitization Market for Multilateral Development Bank Sector
  • Transaction is in Direct Response to G20 Action Plan for Mdb Balance Sheet Optimization
  • AfDB Commits to Reinvest freed up Capital into New African Infrastructure Lending, Making Room2run one of the Largest Impact Investments ever
  • Transaction is supported by New European Union Guarantee Tool (European Fund For Sustainable Development)
The African Development Bank (AfDB) (www.AFDB.org), the European Commission (http://EC.Europa.eu/growth/industry/innovation/funding/efsi_en), Mariner Investment Group (www.MarinerInvestment.com), LLC (Mariner), Africa50 (www.Africa50.com), and Mizuho International plc ) (www.Mizuho-EMEA.com) today announce the pricing of Room2Run, a US $1 billion synthetic securitization corresponding to a portfolio of seasoned pan-African credit risk. Room2Run is the first-ever portfolio synthetic securitization between a Multi-Lateral Development Bank (MDB) and private sector investors, pioneering the use of securitization and credit risk transfer technology to a new and previously unexplored segment of the financial markets.
Structured as a synthetic securitization by Mizuho International, Room2Run transfers the mezzanine credit risk on a portfolio of approximately 50 loans from among the African Development Bank’s non-
sovereign lending book, including power, transportation, financial sector, and manufacturing assets. The portfolio spans the African continent, with exposure to borrowers in North Africa, West Africa, Central Africa, East Africa, and Southern Africa. Mariner, the global alternative asset manager and a majority-owned subsidiary of ORIX USA, is the lead investor in the transaction through its International Infrastructure Finance Company II fund (“IIFC II”). Africa50, the pan-African infrastructure investment platform, is investing alongside Mariner in the private sector tranche. Additional credit protection is being provided by the European Commission’s European Fund for Sustainable Development in the form of a senior mezzanine guarantee.
“Room2Run gives us fresh resources to invest in the projects Africans need most,” said Akinwumi Adesina, President of the African Development Bank Group. “Africa has the most promise, the greatest
natural resources, and the world’s youngest population. But we also have the world’s most persistent infrastructure deficits. The African Development Bank has the strategy to address these infrastructure finance gaps—and Room2Run gives us the capacity to make it happen.”
 
Structured as an impact investment, Room2Run is designed to enable the African Development Bank to increase lending in support of its mission to spur sustainable economic development and social progress. In connection with Room2Run, AfDB has committed to redeploy the freed-up capital into renewable energy projects in Sub-Saharan Africa, including projects in low income and fragile countries.
“On the Impact scale, Room2Run is off the charts,” said Dr. Andrew Hohns, Lead Portfolio Manager and head of the Mariner Infrastructure Investment Management team. “Room2Run answers the call of the G20 for private sector participants to step in and facilitate development finance, providing a template for attracting significant private sector capital into urgently needed projects in developing economies.”
Raza Hasnani, Head of Infrastructure Investment at Africa50 commented, “Room2Run provides an innovative and commercially viable solution to the African Development Bank’s risk management and
lending objectives, while paving the way for commercial investors to support and benefit from the growth of infrastructure on the continent. Africa50 is very pleased to participate in this landmark transaction, which is in line with our mandate to drive increased investment in infrastructure in Africa, and to create pathways for long-term institutional capital to flow into this space.”
Room2Run enjoys the support and participation of the European Commission with an investment from the European Fund for Sustainable Development, in the form of a senior mezzanine guarantee. “Only a few days after announcing our renewed Alliance with Africa for sustainable investments and jobs, I am very happy to announce that we are, together with the African Development Bank, launching Room2Run,” commented Neven Mimica, the European Commissioner for International Cooperation and Development. “This initiative is a perfect example of what we are doing to support investments in African low income and fragile countries through the External Investment Plan. Through Room2Run we provide an additional protection to investments in the field of renewable energy. Through our Guarantee, investments under Room2Run will translate into extending supply to many people currently without electricity whilst creating much-needed new jobs.”
Room2Run also directly responds to calls by the G20 that MDBs use their existing resources to full capacity, as articulated in the 2015 G20 MDB Action Plan to Optimize Balance Sheets, as well as calls for greater MDB efforts to crowd-in private investment. The G20 has called on MDBs to share risk in their non-sovereign operations with private investors, including through structured finance, mezzanine financing, credit guarantee programs, and hedging structures.
The Government of Canada has been a global leader in advocating for MDBs to use their existing resources more efficiently and to mobilize private capital for global development. The goal of the G20 MDB Action Plan to Optimize Balance Sheets is to catalyze significant new development financing from the MDBs throughout the real economy in key development regions. “Attracting more private capital into global development efforts is critical to building economies that work for more and more people around the world,” said Bill Morneau, Canada’s Minister of Finance, “that’s why Canada and our G20 partners have been calling on multilateral development banks to use their existing resources as efficiently as possible, and to look for new ways to attract more private capital. We are pleased to see the African Development Bank come forward with a transaction that directly responds to both of these objectives. Room2Run is an innovative solution to a long-standing challenge.” Juan Carlos Martorell, Co-Head of Structured Solutions at Mizuho International, adds, “Compared to other synthetic securitizations, a major achievement of Room2Run has been to ensure that ratings agencies, and in particular S&P, reflect the merits of the risk transfer into their rating assessments for multilateral development banks. AfDB’s leadership through this transaction has now set the stage for broader adoption of the instrument throughout the MDB community.” Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media contacts:

AfDB: Nafissatou Diouf, Manager, Media Relations, This email address is being protected from spambots. You need JavaScript enabled to view it.
Mariner Investment Group, LLC: David Press, Tel: (917) 721-7046, This email address is being protected from spambots. You need JavaScript enabled to view it.
Africa50: Fleur Tchibota, Tel: +212666171099,This email address is being protected from spambots. You need JavaScript enabled to view it.
Mizuho International plc: Gayle Rodrigues, Corporate Communications, Tel: +44 207090 6213,
This email address is being protected from spambots. You need JavaScript enabled to view it.
European Commission: Carlos Martin Ruiz de Gordejuela, Tel: + 32 229-65322

About the African Development Bank Group

The African Development Bank (AfDB) Group (www.AFDB.org) is the premier development finance institution in Africa with a mandate to spur sustainable economic development and social progress in the continent, thereby contributing to poverty reduction. The Bank Group achieves this objective by mobilizing and allocating resources for investment in the continent; and providing policy advice and technical assistance to support development efforts. The African Development Bank's authorized capital of around USD 100 billion is subscribed to by 80 member countries made up of 54 African countries and 26 non-African countries.

www.AFDB.org

About Mariner Investment Group, LLC

Mariner Investment Group (www.MarinerInvestment.com) is a global alternative asset management firm that advises several direct and affiliated single and multi-strategy hedge funds, funds of funds, and other alternative investments services. Founded in 1992, Mariner and its associated advisers manage approximately $11 billion of assets through  offices in New York, London, Tokyo, Seoul, Philadelphia, Dallas, Harrison (NY), Rowayton (CT) and Summit (NJ).

www.MarinerInvestment.com

About Africa50

Africa50 (www.Africa50.com) is a pan-African infrastructure investment platform that contributes to Africa’s growth by developing and investing in bankable, environmentally sustainable, medium to large scale infrastructure projects, with a focus on the energy, transport, ICT and midstream gas sectors. Africa50 catalyses public 

About the European Fund for Strategic Development

The new European Union EFSD Guarantee (http://EC.Europa.eu/growth/industry/innovation/funding/efsi_en) is part of the EU's ambitous External Investment Plan launched in 2017. The aim of the Plan is to encourage investment in Africa and the EU Neighbourhood region to promote growth and job creation. The Plan focuses on a number of priority investment areas, such as sustainable energy and connectivity; micro, small and medium enterprises financing; sustainable agriculture, rural entrepreneurs and agroindustry; sustainable cities and digitalization for sustainable development.

The European Fund for Sustainable Development (EFSD) combines existing investment facilities and the

EFSD Guarantee instrument to leverage additional financing for investments in Africa and the EU Neighbourhood region.

About Mizuho International plc

Mizuho International plc (Mizuho International) (www.Mizuho-EMEA.com) is the London based securities and investment banking arm of the Mizuho Financial Group, Inc., and is a wholly owned subsidiary of Mizuho Securities Co., Ltd. With a primary focus on client based activities, its wide range of services includes sales and trading in both debt and equity securities, the underwriting of new issues and M&A advisory services. Mizuho International is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and is a member of the London Stock Exchange and LCH.Clearnet Limited. Mizuho’s Structured Solutions team has structured and arranged SRT transactions across a wide range of internal and external issuer portfolios totaling £10 billion, with experience in granular and concentrated portfolios, asset classes, single/multiple currencies and structural features, across jurisdictions globally. Mizuho International also has an office in Frankfurt, Germany and in Dubai, United Arab Emirates. www.Mizuho-EMEA.com

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MONTREAL, Canada, September 18, 2018/APO Group/ --

“No country can possibly move forward in the 21st century if it leaves half of its talent on the sidelines,” African Development (www.AfDB.org) President, Akinwumi Adesina told delegates at the launch of FinDev Canada, in Montreal, while making the Bank’s case for supporting women.

FinDev Canada is a subsidiary of Export Development Canada (EDC), the country’s export credit agency. Launched six months ago, FinDev’s mandate is to support the growth and sustainability of businesses in developing markets. 

According to Honourable Marie-Claude Bibeau, Minister of International Development, “With its universities, international organizations and multicultural population, Montreal is the ideal home for FinDev Canada.  From its Montreal base I am confident it will play a critical role in advancing our country’s international development agenda by offering a blend of public and private capital and building partnerships with businesses in developing countries, especially those operated by women and youth.”

Adesina gave the keynote address at the inaugural conference.

“All of us in this room understand the need to support women instinctively. Many of us have come from places – and have family in places – where the labor of women is absolutely essential to holding communities together. And yet so often, their labor is not even fully recognized. And all too often, women are denied their fair share of wages for equal work,” he said.

According to Adesina, the challenge was not just in Africa or even in North America. “In every society, this challenge represents a truly foolish squandering of resources.”

The status quo that must change

The President of the African Development Bank called for an end to the status quo on gender as women and youth are the backbone of countless small businesses. “All too often, women are denied their fair share of wages for equal work. The status quo must change. “We know that investing in women can create a true multiplier effect in communities. Women reinvest up to 90% of their income on their families and in their communities. That money goes toward feeding and educating children, and paying for doctor’s visits.”

Adesina urged partners to work strategically, innovatively, and collaboratively to bridge the estimated $42 billion financing gap between men and women. “While societal limitations and belief systems often kill many a woman’s dream, it is often at the bank counter that dreams come crashing down. Without collateral and without access to land or other financial resources, the bank is the end of the road for many women entrepreneurs,” he deplored.

Working visit to strengthen bilateral ties with Canada

Montreal is the first stop of President Adenisa’s four day working tour in Canada. The Bank’s President is leading a delegation along with David Stevenson, Executive Director at the Bank representing Canada, China, Republic of Korea, Turkey and Kuwait.  Other senior members of the delegation include Stella Kilonzo, Senior Director of the Africa Investment Forum; Vanessa Moungar, Director for Gender, Women and Civil Society; Timothy Turner, Group Chief Risk Officer, and Victor Oladokun, Director of Communication.

Before his keynote address at FinDev, President Adesina held bilateral talks with Paul Lamontagne, Managing Director of FinDev Canada. Later in the day, in Ottawa, Finance Minister, Bill Morneau and the Bank delegation are expected to exchange views on a number of issues including inclusive growth, and Canada’s leadership on innovative finance mechanisms for development. The delegation will attend a dinner hosted by Minister Bibeau, where gender, climate change, and renewable energy, will top discussions.

Adesina is expected in Toronto on Wednesday and Calgary on Thursday, for the third and final legs of his four-day working visit in Canada.

Canada has been a full member of the African Development Bank (AfDB) (www.AfDB.org) since January 1983 and has contributed to all General Capital Increases since joining the Bank. Canada is the 4th largest contributor to the Bank among non-regional members. As of 31st December 2016, its capital subscription to the Bank was over $3 billion.

APO Group - Africa-Newsroom: latest news releases related to Africa

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APO Group - Africa-Newsroom: latest news releases related to Africa

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the dti to Assist Grassroots Innovators to Showcase at The South Africa Innovation Summit

https://www.africa-newsroom.com/press/the-dti-to-assist-grassroots-innovators-to-showcase-at-the-south-africa-innovation-summit?lang=en

The Department of Trade and Industry, South Africa
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The Department of Trade and Industry (the dti) will assist ten grassroots innovators as well as innovators supported through the Technology and Human Resources for Industry Programme (THRIP), the Support Programme for Industrial Innovation (SPII) and the Technology Venture Capital Fund (TVC) to showcase their inventions and participate at the South African Innovation Summit (SAIS) that will be taking place at the Cape Town Stadium from 12-14 September 2018.

the dti contingent will also be accompanied by thirty Black Industrialists that will participate in the CEO’s Forum hosted by SAIS for the purpose of exposure to potential technologies that will prepare them for the new digital industrial revolution.

The Minister of Trade and Industry, Dr Rob Davies explains that the South African Innovation Summit is an annual flagship event on the South African Innovation Calendar that nurtures, develops and showcases African innovation, as well as facilitate innovation thought-leadership.

“The Innovation Summit concept was created purposely to support and promote innovation and facilitate collaboration within its own eco-system. The initiative brings together corporates, thought leaders, inventors, entrepreneurs, academia and policy makers to amplify South Africa’s renowned competitive edge and to inspire sustained economic growth across the continent of Africa. The outcomes that will be achieved by the Summit will bring together thought leaders and accelerate innovation in South Africa, and into the African continent as whole,” says Davies.

Davies adds that participation at the summit will bring invaluable evidence for the dti in terms of gaining an industry insight on stakeholder perspective regarding areas where government’s intervention in shaping the South African innovation system has been successful and on which areas to improve going forwards.

“The innovators at the dti stand will range in expertise from infrastructure development, health, energy, satellite engineering, textile manufacturing, fire detection, electronic fleet management, agriculture, biotechnology and clean energy for renewable resources.  Furthermore, participation at the Summit will afford the dti an opportunity to profile the outputs of the technology incentive programmes,” he says.

Distributed by APO Group on behalf of The Department of Trade and Industry, South Africa.]]>

Tue, 11 Sep 2018 11:09:59 +0000

APO Group - Africa-Newsroom: latest news releases related to Africa

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https://www.africa-newsroom.com/ https://www.africa-newsroom.com/press/the-dti-to-assist-grassroots-innovators-to-showcase-at-the-south-africa-innovation-summit?lang=en Africa,African Development,Agriculture,Business,Energy,Environment,Events/Media Advisory,Foreign Policy,Health,Infrastructure,Renewable energy,South Africa,Sport,Technology,Textile,Trade,MBC

Africa welcomes first ever full-stream oil, gas & energy transformation dais

https://www.africa-newsroom.com/press/africa-welcomes-first-ever-fullstream-oil-gas-and-energy-transformation-dais?lang=en

Africa welcomes first ever full-stream oil, gas & energy transformation dais (1) (EN)

https://www.africa-newsroom.com/files/thumb/7de87001b14856b/600/418 dmg events

Speaking on Africa’s hydrocarbon development, Niall Kramer, CEO, South African Oil and Gas Alliance (SAOGA) said, “Growing a gas economy in South Africa and regionally is imperative. We need to do this to partner and to enable renewables but fundamentally to provide the catalyst for the sorely needed growth, business activity and jobs that give us the opportunities for inclusive growth. 

The wherewithal that oil and gas can bring is potentially large, but to know that we must explore for indigenous gas and import LNG. Policy attractiveness is certainty needed, as are regional partnerships. The biggest opportunity I see is the massive proven gas resources in Mozambique alongside South Africa as the largest industrial economy in Africa. My vision is the region becomes like the North Sea. But with good weather.”

The global energy industry has been experiencing a radical transformation in recent years. Replacing large-scale nuclear and fossil fuel power stations, the energy supply of the future will be secured by millions of decentralized renewable energy plants in combination with intelligent storage, distribution and consumption solutions for existing oil & gas resources. 

A new beginning

Africa’s newly launched meeting point, the Future Energy Africa Oil & Gas Exhibition & Conference 2018,  propositions a power packed 3-day exhibition and conference, dedicated to advancing future oil, gas and energy solutions for the continent. With far reaching industry collaboration, under the esteemed patronage of the Department of Energy of the Republic of South Africa, the event will provide in-depth analysis and an honest reflection of Africa’s set to revolutionize the future. In addition, the event provides an intensive tour across Africa, revealing insights on the issues confronting Africa’s future commercial, business and socio-economic trajectories. 

International industry support

The event is supported by numerous international industry associations including South African Oil & Gas Alliance (SAOGA), South African Chamber of Commerce & Industry (SACCI), European Association of Geoscientists and Engineers (EAGE), Association for the Development of Energy in Africa (ADEA), Power Africa (a USAID initiative), Oil & Gas Safety 

Council (OGSC), Petroleum club of Romania, Nigerian Gas Association and CEDIGAZ.

Driving the conversation forward

As Sub-Saharan Africa charges towards a low carbon energy future, events such as the Future Energy Africa Oil & Gas Exhibition & Conference 2018 provide valuable forums for the international oil, gas and future energy industry to debate the issues directly with Africa’s leaders. Projected to attract over 1,500 trade visitors, 50+ exhibiting companies, 120+ conference and technical speakers and 300+ delegates, the three-day event promises to be a valuable platform for interactive networking and knowledge exchange.

Who will you meet?

• Government Leaders

• National Oil Companies

• International Oil Companies

• Independent Oil & Gas Operators

• Financiers & Investors

• Gas & LNG Companies

• Integrated Energy Companies

• Technology Providers

• Power Generation

• Transmission & Distribution

• Legal & Industry Analysts 

4 Reasons to Visit

• Visit the exhibition & technical seminar and network with resource owners looking for partners to help them get the most from their assets through operational excellence, cost effectiveness and profitability

• Register & learn about new technologies and solutions that integrated energy companies are bringing to some of the most complex challenges facing the global oil and gas sector today

• Attend to explore products and services from 50+ exhibiting companies including contractors, service companies and technology providers across the full value chain from more than 20 countries worldwide

• Join hundreds of trade professionals to identify new business opportunities, market trends, and potential business partners. Learn from global experts and benefit from business conducted during the event

Why Future Energy Africa?

• Meet with Ministers from across Africa to address the industry on country strategies

• Centre of Technical Excellence Seminar Learn about latest technologies boosting efficiency and lowering costs

• Policy makers discuss confronting challenges of transformation

• Country Market Focus with unrivalled insight from Eastern-Western-Southern Africa regions

• Forge new operating models that will challenge conventional practices

• FEA TV: A dedicated platform for on-stage interviews, “in conversation” dialogues, digitization megatrends, corporate commercials, knowledge sharing and industry insight.

• Renewables in Africa: Tap into development initiatives and solutions supporting the advancement of renewable energy in Africa

• Finance & Investment focus for equitable economic growth and enhanced bi-lateral trade

• On-stage Interview with Africa's large upstream independent explorers led by CNBC Africa

• Africa's Natural Gas  inspect how the continent will succeed in it's role to decrease the carbon footprint

• Increasing & Strengthening Local Content address challenges and opportunities for capacity building

• IOC-NOCs Panel Discussion reinventing strategies for a sustainable energy future

• Prime networking opportunities to facilitate dialogue between senior level executives and decision makers

• Global Exposure to international and domestic oil, gas & energy value chain

• Power Generation meet with Utilities and IPPs, build strategic partnerships to meet Africa's growing energy demand

Distributed by APO Group on behalf of dmg events.

Media Contact:

Kathleen Rebello

Senior Marketing Executive, dmg events

Dubai: +971 (0)4 248 3205 | South Africa: +27 11 7837250

M: +971 (0)55 505 4707

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76 11th Str., Sandton, Johannesburg 2196, South Africa 

]]> Thu, 06 Sep 2018 14:38:39 +0000 APO Group - Africa-Newsroom: latest news releases related to Africa

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Now is the time for local investors to step up and electrify Africa

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Solarplaza
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For years, the African renewable energy development market has been dominated by foreign investors and financial institutions. Now is the time for African investors to step up to the plate and join the continent’s solar energy transition.

Africa is now even preparing to feed Europe’s growing energy needs through various projects, such as the TuNur CSP project. The project is currently in the early phases of development and will comprise a 2.3 GW concentrated solar power plant situated in the Sahara desert and a 2-G high-voltage DC submarine cable from Tunisia all the way to central Italy. Additional plans of building other export routes to Malta and France are on the table. The project is being financed mostly by European investors and will be constructed using the most modern technology. Europe will soon enjoy of the benefits of green energy coming straight from African soil. But while Europe seeks to power more coffee shops, chain stores and crypto mining server-farms, 50% of Africans are not electrified at all, and the other 50% are often connected to unreliable energy sources.

There are vast opportunities for local African investors present in the solar sector. The continent has an abundance of land available for project development and is home to some of the sunniest places on earth, which makes it an ideal location for solar energy development. Lydia van Os, Africa Lead at Solarplaza, believes that this is the right time for local investors to take action and get involved in Africa’s rapidly growing solar industry. She is convinced that this can only succeed if the movement of people committed to providing clean, reliable and affordable energy is inclusive, from Wall Street investors to Congolese rural households.

To fulfill its mission of accelerating the global sustainable energy transition and create the platform for international and local solar stakeholders to meet and share knowledge, Solarplaza is hosting Unlocking Solar Capital (“USC”) Africa. The third edition of this leading conference will take place on 7 to 8 November 2018 in Kigali, Rwanda. The two-day event is being organized in partnership with the Global Off-grid and Lighting Association (GOGLA), and is wholly focused on unlocking capital for new solar project development in Africa.

For those who can’t wait for the conference to get an in-depth look into the African solar landscape: Solarplaza has published an exhaustive 128-page regional report (http://Africa.UnlockingSolarCapital.com/request-solar-facts-figures-africa-2018/) on Africa’s solar energy situation. The report offers an overview of the key facts & figures related to the most relevant solar PV markets in Africa. The detailed country profiles provide overviews of a range of issues related to solar PV project development and include summaries of key demographic info; insights into legislation and policy; electricity generation capacity; and assessments of the current status of the solar industries in: Morocco, Algeria, Tunisia, Egypt, Senegal, Mali, Ghana, Nigeria, Ethiopia, Kenya, Uganda, Rwanda, Tanzania, Zambia, Namibia and South Africa.

Distributed by APO Group on behalf of Solarplaza.

For program and organizational related business, please contact:

Lydia van Os

Africa Lead, Solarplaza

This email address is being protected from spambots. You need JavaScript enabled to view it.

+31 10 3027907

For sponsorship and exhibition opportunities, please contact:

Laura Fortes

Account manager, Solarplaza

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+34 650046220

Media partnerships and press outreach, please contact:

Irene Rodríguez Martín

Marketeer

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+31 10 3027912

About Unlocking Solar Capital Africa

Unlocking Solar Capital Africa (Africa.UnlockingSolarCapital.com) is an event entirely focused on connecting solar project development and finance & investment across the entire African solar sector (On-grid Solar, micro-grids, off-grid lighting and household electrification). Unlocking Solar Capital Africa 2018 will bring together hundreds of representatives from development banks, investment funds, solar developers, IPPs, EPCs & other solar stakeholders to engage in extensive discussions to solve Africa’s solar energy funding gap - and get projects realized.

As a professional solar event organizer, Solarplaza has hosted over 100+ events in 36 countries around the world, ranging from exploratory trade missions in emerging markets to large-scale conferences with 450+ participants. Unlocking Solar Capital Africa 2018 is Solarplaza’s 12th conference on the African continent.

For more information regarding the program, attendees, and registrations, visit Africa.UnlockingSolarCapital.com 

]]>

Mon, 03 Sep 2018 11:29:04 +0000

APO Group - Africa-Newsroom: latest news releases related to Africa

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https://www.africa-newsroom.com/ https://solarplaza.africa-newsroom.com/press/now-is-the-time-for-local-investors-to-step-up-and-electrify-africa?lang=en Africa,African Development,Algeria,Congo (Republic of the),Democratic Republic of Congo,Egypt,Electricity,Energy,Environment,Ethiopia,Events/Media Advisory,France,Ghana,Italy,Kenya,Mali,Malta,Middle East,Morocco,Namibia,Nigeria,Renewable energy,Rwanda,Senegal,South Africa,Tanzania,Tunisia,Uganda,Zambia,MBC

Life after Coal and Greenpeace Africa slam Inclusion of New Coal in Electricity Plan

https://greenpeace-africa.africa-newsroom.com/press/life-after-coal-and-greenpeace-africa-slam-inclusion-of-new-coal-in-electricity-plan?lang=en

(1) Photo credits to Mujahid Safodien: Greenpeace Africa activists in collaboration with the life after coal Campaign scale Mandela Bridge in Johannesburg in protest against the inclusion of new coal infrastructure in the country's draft electricity plan (IRP 2018)

https://www.africa-newsroom.com/files/thumb/5c9a745ec542f5d/600/418 Greenpeace

The inclusion of new coal in the updated draft Integrated Resource Plan for Electricity (IRP) will cost South Africa close to R20 billion more than we need to spend, and will make electricity more expensive for all South Africans. If the Department of Energy were to publish the least-cost plan that civil society organisations have been demanding, it would not include any new coal.

Allowing the two new coal plants contemplated by the draft IRP to go ahead would be disastrous for water resources, air quality, health, land, and the climate.

The Life After Coal Campaign (https://LifeAfterCoal.org.za/)  (consisting of Earthlife Africa, the Centre for Environmental Rights, and groundWork) and Greenpeace Africa (http://www.Greenpeace.org/Africa/en/) argue that the inclusion of an additional 1000 MW of new coal-fired power  - on top of existing and under-construction coal - puts the Department of Energy in conflict with the rights enshrined in the Constitution, given that there are safer, cleaner, and less-expensive energy options available.

“While we recognise the increased emphasis on renewable energy in the draft IRP, unless the Minister of Energy substantially revises and amends the draft IRP to ensure that the Constitutional right to a healthy environment is preserved and protected - and specifically excludes any new coal - the Department runs the risk of the IRP being challenged in court,” warns Melita Steele, senior climate and energy campaign manager at Greenpeace Africa.

Robyn Hugo, head of the Pollution & Climate Change Programme at the Centre for Environmental Rights, says that the updated IRP fails to take sufficient account of the external costs of the various available technologies. “Coal is an outdated and dirty technology – the environmental and health costs of which have not been factored into electricity planning.” At present, almost 90% of South Africa’s energy mix is already comprised of coal, despite many of these plants failing to meet the required emission standards and causing devastating health impacts.

A 2016 report by UK-based air quality and health expert Dr Mike Holland (http://bit.ly/2ohBMUo), found that air pollution from Eskom coal-fired power stations kills more than 2,200 South Africans every year, and causes thousands of cases of bronchitis and asthma in adults and children annually.  “This costs the country more than R33 billion annually, through hospital admissions and lost working days”, says Bobby Peek, Director of groundWork. 

“In addition to these severe health impacts, coal-fired electricity is also enormously water-intensive and the estimated costs of rehabilitating old mines and mining areas runs into the billions”, says Steele.

“Even discounting the health and environmental dangers of coal, it simply makes no economic sense to include coal in the IRP, as it is more expensive than other technologies such as wind and solar power,” says Makoma Lekalakala, director of Earthlife Africa.  

The Campaign and Greenpeace Africa will reiterate all of these – and other concerns – in comments on the draft IRP. It is crucial that South Africa’s future electricity plan is least-cost and in the public interest. All South Africans – including coal workers and the unemployed – must be part of the process to ensure a just energy transition.

Distributed by APO Group on behalf of Greenpeace.

Notes to Editor:
Photos: http://bit.ly/2NpjAmM (Photo credits to Mujahid Safodien)

Media Contact:

Mbong Akiy Fokwa Tsafack

Head of Communication

Greenpeace Africa

This email address is being protected from spambots. You need JavaScript enabled to view it.

+27 716881274

]]> Tue, 28 Aug 2018 14:25:28 +0000 APO Group - Africa-Newsroom: latest news releases related to Africa

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https://www.africa-newsroom.com/ https://greenpeace-africa.africa-newsroom.com/press/life-after-coal-and-greenpeace-africa-slam-inclusion-of-new-coal-in-electricity-plan?lang=en Africa,Electricity,Energy,Environment,Health,Mining,Not For Profit,Renewable energy,South Africa,MBC

South Africa: Statement by Minister Jeff Radebe on Integrated Resource Plan 2018

https://www.africa-newsroom.com/press/south-africa-statement-by-minister-jeff-radebe-on-integrated-resource-plan-2018?lang=en

Republic of South Africa: Department of Government Communication and Information
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Director General, Thabane Zulu;
Deputy Directors Generals from the Department;
Media representatives;
Ladies and Gentlemen;
Good morning!

As you may be aware, Cabinet on the 22nd August 2018 approved the draft updated Integrated Resource Plan (IRP 2018) report for publication for public input.

Today we will be releasing this long awaited report for public input. We have called you here to share some key aspects from the report.

The National Development Plan (NDP) identifies the need for South Africa to invest in a strong network of economic infrastructure designed to support the country’s medium- and long-term economic and social objectives. Energy infrastructure is a critical component that underpins economic activity and growth across the country; it needs to be robust and extensive enough to meet industrial, commercial and household needs.   

The first IRP for South Africa was promulgated in March 2011. It was indicated at the time that the IRP should be a “living plan” which would be revised by the Department of Energy (DoE) frequently.

The promulgated IRP, commonly referred to as the IRP 2010 is currently being used to roll out electricity infrastructure development in line with Ministerial Determinations issued under Section 34 of the Electricity Regulation Act.

The electricity generation and distribution landscape in South Africa is changing at a rapid pace compared to the period before 2010. In keeping to our climate change commitments, the country has also introduced renewable energy through independent power producers. Technology advancements and the decline in cost make it possible for end users to now generate their own electricity. Increasing electricity prices have also made substitutes such LP Gas a viable alternative for cooking and heating.

Electricity demand is therefore no longer captive to the national grid (Eskom or municipalities) which impacts supply and demand planning.

As indicated in my engagement with business, labour and community representatives at NEDLAC on Friday, rising electricity prices are of concern to us as they threaten to reverse our energy access gains. Many of our people are struggling to pay for the services and are therefore reverting back to using wood for cooking and so forth. This is not the case only in rural areas but also in urban areas. These cost pressures do not only affect households but they also affect industry.

I am inundated with requests for intervention from energy intensive companies on the verge of closing down due to high electricity costs. I am happy to share that in June I approved a framework developed in consultation with the Regulator (NERSA) which enables Eskom and the NERSA to consider temporary special pricing agreements which assist in avoiding these companies from closing down and jobs being lost.  These I have to emphasise will also assist with Eskom falling electricity sales volumes.

It is therefore in this context that our electricity planning philosophy aims to minimise the cost of electricity while keeping up with our environmental commitments.

Ladies and Gentlemen, a number of assumptions used in the IRP 2010 have since changed or not materialized. The following are noticeable changes:

The electricity demand on the grid continues to decline on an annual basis and we are currently sitting at volumes similar to those of the year 2007. For the financial year ending March 2018 the actual total electricity consumed is about 30 percent less than what was projected in the IRP 2010.
Eskom existing generation plant performance is not at expected levels. Eskom’s own reports show that plant availability is below the IRP 2010 assumptions of 80 percent and above.
To date additional 18 000 megawatts of new generation capacity in the form of coal, pumped storage and renewable energy has been committed to, with most of the capacity already connected to the grid and the rest to be realised between now and year 2022.
Cost of new generation technologies has significantly come down and this can be seen in the costs of wind and PV based on the projects procured to date.

The Department started with the IRP review and update process in 2015. The review and update process had four milestones and they are:

The development of the Input Assumptions;
The modelling of a reference case or base case and scenario cases including analysis of results;
The production of balanced scenario; and
Policy adjustment taking into account government priorities, policies and commitments.

Following Cabinet approval in November 2016, the Department then published for public consultation the assumptions. A preliminary base case or reference case was also published but for information.

Key comments received from those consultations were mainly on the consultation process, the projected electricity demand, assumed technology costs, as well as imposing of annual build limits on renewable technologies.

The public during the consultation process asked for another opportunity to comment on the updated IRP before final publication and that is the reason we are releasing the report today for inputs and comments.

The electricity demand forecast published then was said to be outdated and not aligned to the prevailing economic conditions. The demand forecast was revised accordingly and detailed report is available on the website of the Department. 

The technology costs used in the plan have also been updated accordingly. 

The concerns raised about the constraining of renewables have also been addressed by including as one of the scenarios tested; a case where annual built limits on renewables are removed.  

In summary, the report we are publishing today has where applicable taken into account public input and comments on the assumptions. I would like to thank all those who took their time to submit input or comments.

Ladies and Gentlemen, The Department spent the period after consultations modelling and analysing the various scenarios and their impact on the energy mix going into the future. Scenarios were analysed in line with the objectives of IRP which is to provide electricity infrastructure plan that aims to ensure security of supply while minimising cost of supply, water usage and environmental impacts.

The scenarios tested include:

The electricity demand scenario which tested the impact of varying electricity demand  projections;
The gas scenario, which tested the sensitivity of the plan to the assumed gas price projections;
The renewables scenario, which tested the impact of removing annual build limits placed on the renewable technologies; and
The emissions constrain scenario, which tested the impact of using a carbon budget approach to constrain emissions from electricity generation compared to an annual ceiling like with peak plateau decline. 

At a high level, the review of the IRP undertaken indicates the following:

That the pace and scale of new capacity developments needed up to year 2030 must be curtailed compared to what was projected in the IRP 2010.
Without a policy intervention, some of the technologies in the IRP 2010 together with new technologies will not be deployed as the “Least Cost” plan contains PV, Wind and Gas only;
Imposing annual build limits on renewables does not impact the total installed capacity of renewable energy technology for the period up to 2030; and 
There is significant change in the energy mix post 2030 which is mainly driven by decommissioning of old coal power plant that reach their end of life.

While the IRP review considered a period up to year 2050, the approach taken in the draft updated IRP is to adopt a plan for the period ending 2030 and for detailed studies and engagements to be undertaken to better inform the energy mix or path post 2030.

This approach we believe provides the necessary policy certainty while creating the space for all of us to engage in detail on the impending energy transition and the options available to us as South Africa. The engagements will ensure that the transition we undertake is a “just transition” and is inclusive.

Some of the studies we have identified already include:

Detailed socio-economic impact analysis of the decommissioning of old coal fired power plants that would have reached their end of life;
Detailed analysis of gas supply options (international and local) to better understand the technical and financial risks and required mitigations for a renewable energy and gas dominated electricity generation mix post 2030;
Detailed analysis of the appropriate level of penetration of renewable energy in the South African national grid to better understand the technical risks and mitigations required to ensure security of supply is maintained during the transition to low carbon future;  and
Detailed technical, cost and economic benefit analysis of other clean energy technologies such clean coal technology, nuclear and others.

Ladies and Gentlemen, the recommended plan uses the least cost plan as starting point. The least cost plan being a plan without renewable energy constraints. The following policy adjustments have been incorporated into the recommended plan for the period up to 2030:

The retention of annual build limits for the period up to 2030. This provides for consistent and sustained roll out of Renewable Energy for the period.
The inclusion of 1000MW of coal-to-power in 2023–2024, based on two already procured and announced projects.
The inclusion of 2500MW of hydro power in 2030 to facilitate the RSA-DRC treaty on the Inga Hydro Power Project. The project is key to energising and unlocking regional industrialisation.
The utilisation the existing PV, Wind and Gas allocations in the plan to enable through Ministerial Determinations, renewable energy technologies identified and endorsed for localisation and promotion. Technologies as contained in the plan are therefore a proxy for technologies that provide similar technical characteristics at similar or less cost to the system.
The allocations of 200MW per annum for certain categories of generation-for-own-use of between 1MW to 10MW, starting in 2018. These allocations will not be discounted off the capacity allocations in the plan, but will be considered during the issuing of Ministerial Determinations. This will help address requests for deviations from the IRP for qualifying plants.

The policy adjusted plan therefore includes the following new additional capacity by 2030: 1 000 MW of generation from Coal, 2 500 MW from Hydro, 5 670 MW from PV, 8 100 MW from Wind and 8 100 MW from Gas.

The resultant installed capacity mix in year 2030 consist of coal with 34 000 megawatts which is 46% of total installed capacity, Nuclear with 1 860 megawatts which is 2.5%, Hydro with 4 696 megawatts which is 6%, Pump Storage with 2 912 megawatts which is 4%, PV with 7958 megawatts which 10%, Wind with 11 442 megawatts which is 15%, CSP with 600 megawatts which is 1%, Gas with 11 930 megawatts which is 16%. It must be noted that while the coal installed capacity will be lower than current installed base, it will still contribute more than 65% of the energy volumes with nuclear contributing about 4%.

Ladies and Gentlemen, a closer monitoring of the IRP update assumptions by the Department through the Medium Term System Adequacy Outlook filed with NERSA annually by the Eskom’s System Operator will ensure we are alive to the prevailing supply and demand balance and we can accelerate or decelerate implementation if necessary or even revise the plan timeously.  

In conclusion, there are a number of implementation issues brought about by the changing electricity industry that we will also have to look at in details outside of the IRP update process. These include levels of participation of the previously marginalised South Africans in energy sector, the structure of the industry taking into account that electricity demand is no longer total captive to the national grid, the sustainability of licenced electricity distributors etc.

We therefore appeal to the public and the stakeholders to engage with the report we are publishing with the understanding that a “just transition” requires that we while we move with speed to respond to the changing landscape, we take calculated steps to ensure we leave no one behind.

The document is available for comments for a period of 60 days starting today. We urge you not to wait for the 60 days but to provide us your written comments and proposals with supporting data or evidence where possible as soon as you have them ready to help minimise the time to finalise the IRP and therefore create policy certainty.

Thank you.

Distributed by APO Group on behalf of Republic of South Africa: Department of Government Communication and Information.]]>

Tue, 28 Aug 2018 07:17:03 +0000

APO Group - Africa-Newsroom: latest news releases related to Africa

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https://www.africa-newsroom.com/ https://www.africa-newsroom.com/press/south-africa-statement-by-minister-jeff-radebe-on-integrated-resource-plan-2018?lang=en Africa,African Development,Banking/Finance,Business,Defense/Aerospace,Electricity,Energy,Environment,Infrastructure,Labour market,Oil and Gas,Renewable energy,South Africa,Technology,Water/Sanitation,Women,MBC

African Development Bank and Canada share commitment to women’s empowerment on the continent

https://afdb.africa-newsroom.com/press/african-development-bank-and-canada-share-commitment-to-womens-empowerment-on-the-continent?lang=en

Canada’s Minister of International Development, Marie-Claude Bibeau and the President of the African Development Bank Akinwumi Adesina

https://www.africa-newsroom.com/files/thumb/62ea2c7cc434163/600/418 African Development Bank Group (AfDB)

On her first visit to the West African nation of Cote d’Ivoire, Canada’s Minister of International Development, Marie-Claude Bibeau and the President of the African Development Bank Akinwumi Adesina (www.AfDB.org), shared a common vision and commitment to the advancement of women and girls on the continent.

Both officials met at the Bank’s headquarters in Abidjan, following the Minister’s visit to a Bank-financed rural agriculture project in Abengourou, Côte d’Ivoire earlier in the day. Bibeau, Adesina and other senior management members exchanged views on wide ranging issues including gender empowerment issues, renewable energy, agriculture, and innovative financing mechanisms.

Canada is the fourth largest contributor to the Bank among non-regional members, and the sixth largest donor to the African Development Fund (ADF), the concessional arm of the Bank Group.

The advancement of women and girls is a priority area for the Canadian government in keeping with its Feminist International Assistance Policy (https://bit.ly/2rV5eAG).

The Minister emphasized the need to involve African women in decision-making processes.

According to Bibeau "If we want to end poverty, women in Africa must be able to develop their full potential," she said. She also expressed the hope that women would no longer be perceived as "mere beneficiaries" but as "agents of change."

"This is the approach we are taking in Canada. We are working to ensure that 15% of our department's budget is allocated to transformative projects for women," Bibeau said.

The Gender Strategy is a central part of the Bank’s ambitious vision for Africa, based on the reality that gender equality is integral to Africa’s economic and social development. The vision includes creating opportunities for women, disadvantaged and marginalised people and communities so they can fully participate in and benefit from the development of their communities and nations.

Commending Adesina for exemplary leadership, Bibeau acknowledged that “change will not come overnight, but our collective actions will make a significant difference.” The Bank recorded exceptional results for 2017 with approvals of US $8.7 billion and over $7 billion of disbursements, the highest performance since its creation in 1964.  

From 2010 to 2017, the Bank’s operations have positively impacted the lives of millions of Africans. 83 million Africans have benefited from improved access to transport, and 49 million have gained access   to clean water and sanitation. Nine million African women have been connected to electricity and the living conditions of 29 million more women have been significantly enhanced as a result of improvements in agriculture.

Bank President, Akinwumi Adesina called for greater mobilization of resources in favor of women.

"We need to change the current system, and introduce a mechanism for rating and classifying financial institutions. Those who put the issue of gender at the center of their concerns should be at the forefront of this ranking," he said.

According to Adesina, "the Bank plans to raise a US$ 300-million guarantee fund for the Affirmative Finance Action for Women in Africa (AFAWA) initiative."  AFAWA is expected to leverage close to USD$ 3 billion over 10 years to empower female entrepreneurs through capacity building development, access to funding, and policy, legal and regulatory reforms to support enterprises led by women.

The initiative provides significant support for the advancement of Africa’s Gender agenda.  The Bank is helping build women’s market programs in countries such as Kenya, Nigeria, Sierra Leone, and the Democratic Republic of Congo. Through four commercial banks, at least 200,000 women owned businesses are expected to be impacted through financing, growth in revenues and through coaching and mentoring programs.

Adesina said he hoped Canada would champion the initiative, launched during the Bank’s 2016 Annual Meetings.

The Canadian Minister and the African Development Bank President also discussed closer cooperation between Canada and Africa, and Canada’s participation in the first Africa Investment Forum scheduled for November 2018 in South Africa.

Canada joined the African Development Bank in 1982. The country has supported all the general capital increases of the Bank and all the replenishments of the African Development Fund (ADF). Canada also participates in a number of multi-donor trust funds and other initiatives managed by the Bank.

The African Development Bank Group is one of Canada's leading partners in supporting sustainable economic growth in Africa. Other Bank Group priority areas of focus include environment and renewable energy, inclusive governance, peace and security.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Photo Gallery: https://flic.kr/s/aHsmqRK2Sk

Media contact: Felix Njoku – This email address is being protected from spambots. You need JavaScript enabled to view it.

About the African Development Bank Group

The African Development Bank Group (AfDB) (www.AfDB.or) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (ADB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). With country offices in 44 African countries and an external office in Japan, the AfDB contributes to the economic development and social progress of all its 54 regional member states in Africa.

For more information: http://www.AfDB.org

]]> Fri, 17 Aug 2018 18:38:05 +0000 APO Group - Africa-Newsroom: latest news releases related to Africa

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https://www.africa-newsroom.com/ https://afdb.africa-newsroom.com/press/african-development-bank-and-canada-share-commitment-to-womens-empowerment-on-the-continent?lang=en Africa,African Development,Agriculture,Canada,Congo (Republic of the),Democratic Republic of Congo,Economy,Electricity,Energy,Environment,Health,Investment,Ivory Coast,Kenya,Nigeria,Renewable energy,Sierra Leone,South Africa,Transport,Water/Sanitation,Women,MBC

Vantage GreenX Note II provides R2bn of funding to six renewable energy projects in South Africa

https://www.africa-newsroom.com/press/vantage-greenx-note-ii-provides-r2bn-of-funding-to-six-renewable-energy-projects-in-south-africa?lang=en

Vantage Capital Group
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Vantage GreenX Fund Managers announced today that through its second renewable energy fund, Vantage GreenX Note II, it has provided R2.05bn of funding to a combination of six solar and wind energy projects with a combined capacity of 433MW. All the projects form part of Round 4 of the South African Renewable Energy Independent Power Producer (“REIPP”) procurement programme.

The GreenX funding was provided to four projects developed by BioTherm Energy and two projects developed by OMLACSA and ACED. All six projects reached financial close in the last two weeks of July 2018. The four BioTherm projects are the 86MW Konkoonsies II solar PV project (Northern Cape), the 45MW Aggenys solar PV project (Northern Cape), the 120MW Golden Valley wind project (Eastern Cape) and the 32MW Excelsior wind project (Western Cape). The two OMLACSA projects are the 75MW Droogfontein II solar PV project (Northern Cape) and the 75MW Zeerust solar PV project (North West).

GreenX Note II is Vantage GreenX’s second generation renewable energy debt fund. The R3bn fund has a mandate to provide Consumer Price Indexed (“CPI”) linked senior debt to sustainable projects that form part of the REIPP, Small Projects Independent Power Producers (“SPIPP”), Co-Gen and Gas procurement programmes run by the South African Department of Energy. CPI-linked debt, although not new to the local market, has for the first time provided a significant portion of the total senior funding to projects in this round. Due to the way it is structured, CPI-linked debt provides a hedge against inflation and it allows projects to bid lower tariffs for similar equity returns. In doing so it has ensured that affordable electricity tariffs are passed on to consumers.

Alastair Campbell, Managing Director of Vantage GreenX, said “It is with great pleasure that we announce that we have supported these six projects. Each of these projects has strong, experienced sponsors and solid project fundamentals. Together they represent a geographically diverse portfolio of assets. Despite the difficulties experienced by stakeholders in the industry over the last two years, we hope that the conclusion of this round of projects represents a watershed moment for the South African renewable energy industry and provides forward momentum to the sustainability of the domestic energy sector as a whole.”

The R2.1bn GreenX Note I is fully invested across eight solar and wind projects located in the South African provinces of the Eastern Cape, Northern Cape and Limpopo. The completion of the six GreenX Note II transactions takes the total number of investments made by GreenX to fourteen across the two funds. Vantage anticipates lending the remaining R1bn in GreenX Note II before the end of this year.

Distributed by APO Group on behalf of Vantage Capital Group.

For more information contact:

Alastair Campbell

Managing Director – Vantage GreenX

This email address is being protected from spambots. You need JavaScript enabled to view it.  

Tel:  +27 11 530 9139

Ridhaa Ahmed

Senior Associate – Vantage Capital

This email address is being protected from spambots. You need JavaScript enabled to view it.

Tel:  +27 21 418 1130

About Vantage:

Vantage GreenX is part of the Vantage Capital group (www.VantageCapital.co.za). Vantage Capital was established in 2001 and currently manages capital of just over R11.0 billion (over $800 million) in five distinct mezzanine debt and renewable energy debt funds. Launched in 2013, Vantage GreenX focusses specifically on sustainable energy opportunities through its Note I and Note II funds. GreenX currently has R5.2bn of assets under management.

Vantage has offices in Johannesburg and Cape Town but through the various funds under management targets debt opportunities in a number of high-growth African countries including South Africa, Ghana, Nigeria, Cote d’Ivoire, Ethiopia, Kenya, Tanzania, Uganda, Zambia, Botswana, Egypt, Morocco and Namibia amongst others. 

In addition to its renewable energy offerings, Vantage also targets mezzanine debt opportunities of between $5-25 million. Mezzanine is an intermediate form of risk capital, which is situated between senior debt, the least risky tranche of the capital structure, and equity, the most risky. It combines elements of both debt and equity thereby providing companies with long-term funding on terms which are less dilutive to shareholders than pure equity.

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Mon, 13 Aug 2018 17:30:07 +0000

APO Group - Africa-Newsroom: latest news releases related to Africa

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https://www.africa-newsroom.com/ https://www.africa-newsroom.com/press/vantage-greenx-note-ii-provides-r2bn-of-funding-to-six-renewable-energy-projects-in-south-africa?lang=en Africa,Energy,Renewable energy,South Africa,MBC

The 2nd Edition of the Phanes Group Solar Incubator set to kick off 7th August 2018

https://www.africa-newsroom.com/press/the-2nd-edition-of-the-phanes-group-solar-incubator-set-to-kick-off-7th-august-2018?lang=en

Evaluation panel during live pitching session of the Phanes Group Solar Incubator 2017 (1)

https://www.africa-newsroom.com/files/thumb/40d4a55126e7f9b/600/418 Phanes Group

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Phanes Group (www.PhanesGroup.com/incubator), an international end-to-end solar provider headquartered in Dubai, UAE, has announced the 2nd edition of its Solar Incubator program, aimed at identifying PV projects of potential in sub-Saharan Africa by providing support to funding, and commercial and technical knowledge.

The initiative held under the theme, “Your Project, Our Expertise, For a Sustainable Future”, will be held in collaboration with Hogan Lovells, responsAbility Renewable Energy Holding, RINA and Solarplaza, and invites PV developers to submit proposals for projects based in sub-Saharan Africa that have a clear Corporate Social Responsibility (CSR) component.

Candidates are asked to submit their proposals by September 27th (11.59 p.m. CET) via the process established on Phanes Group’s website. Those who are shortlisted will be invited to present their projects to an expert panel comprised of the Solar Incubator partners at the “Unlocking Solar Capital: Africa 2018” conference in Kigali, Rwanda, from November 7th to 8th, where the industry’s key players will hold extensive discussions on solutions for Africa’s solar energy requirements and bridging the bankability gap.

It comes as part of Phanes Group's core strategy to collaborate with Africa-focused counterparties, such as local project owners, governments, and developers on projects that seek to create a sustainable future for urban and rural communities across the sub-Saharan African region.

 “The majority of our business focus lies in electrifying new markets in sub-Saharan Africa. With CSR at the heart of our business model, we launched this initiative with the goal of bringing bankability to projects that stand to provide clean energy to economies that need it most. The Phanes Group Solar Incubator is an example of this,” said Martin Haupts, CEO, Phanes Group.

“Entering the Phanes Group Solar Incubator means creating the opportunity to not only win, but the possibility to gain further exposure to key industry players through the evaluation panel. We have already seen great success from last year’s projects, and we are confident that as this initiative continues to grow, more and more businesses across the continent will be able to effectively address local needs for clean and affordable energy.”

Christopher Cross, Partner of law firm Hogan Lovells, who will be part of the evaluation panel at the event, said, “We are delighted to be invited again this year to take part in such an exciting and on-the-ground initiative such as this. I had a great experience last year and very much look forward to seeing what is in store for us in Rwanda. As stated previously, the Solar Incubator seeks to foster both local innovation and investment to bring potential opportunities to fruition for the social and economic benefit of the region and its people.”

With almost 700 million people in sub-Saharan Africa living without electricity, the Phanes Group Solar Incubator aims to enable solutions by supporting developers not only during the funding phase, but throughout the project development and delivery. Phanes Group, along with its partners, will provide PV developers with access to the expertise that will support them in reaching bankability. During the initial phase, extensive mentorship and access to the right network will enable this year’s winner(s) to roll out a sustainable energy solution for their community and develop a long-term CSR concept.

“responsAbility Renewable Energy Holding is proud to be participating in the Phanes Group Solar Incubator once again this year,” said Wilfred van den Bos, Head of Investments. “It is important to ensure that energy projects within the solar sector start and remain financially viable, and we hope that our continued partnership will foster successful entrepreneurship that will benefit communities across sub-Saharan Africa.”

Lee Smith, Sector Manager from RINA also commented, “RINA is proud to partner with Phanes Group again for the 2018 edition of the Solar Incubator, which produced some interesting projects in 2017. It was encouraging to see the emergence of strong CSR propositions in line with the vision of the initiative. We look forward to this year’s proposals and helping to shape the winner’s future.”

"We are very much looking forward to host the latest edition of the incubator during Unlocking Solar Capital Africa. All participants will have the opportunity to take their project from concept stage into development with the expert advice from the incubator evaluation panel and the support of Phanes Group" Lydia van Os, Project Manager Unlocking Solar Capital Africa added.

Similar to last year, the developer(s) of the winning project(s) will be invited to join Phanes Group for an intensive workshop at its headquarters in Dubai, UAE. This will help lay the foundations for delivering a bankable and sustainable project.

More about Phanes Group’s Solar Incubator

Phanes Group’s 2nd annual Solar Incubator, held under the theme of “Your Project, Our Expertise, For a Sustainable Future”, will be supported by Hogan Lovells, responsAbility Renewable Energy Holding, RINA and Solarplaza.

The initiative aims to select and develop PV project opportunities in sub-Saharan Africa that haven’t been able to gain access to funding and necessary know-how. Corporate Social Responsibility (CSR) is an integral part of this initiative; along with the project details a solid CSR concept that benefits the local community must be submitted and will be further developed during the incubator phase and implemented in parallel with execution of the PV project.

The candidates of the winning project(s) will have the opportunity to enter a partnership with Phanes Group and be able to hold a long-term stake in the project, collaboratively aiming to bring it to financial close. With the incubator, Phanes Group and its partners will provide the winner(s) with extensive mentorship and knowledge transfer throughout the project.

The Solar Incubator phase will kick off with an intensive face-to-face workshop for the winning candidate(s) in Dubai, UAE, working with Phanes Group’s team and its partners, setting the foundations to deliver bankable projects. During that phase the winner(s) will gain access to commercial and technical know-how covered by experts from project finance, project development and execution, legal and CSR, followed by further remote mentoring sessions for additional months.

The deadline to submit projects for evaluation ends on September 27th (11.59 p.m. CET). The final selection process will take place during a live evaluation panel session at the “Unlocking Solar Capital: Africa 2018” conference in Kigali, Rwanda, where the finalists will present their projects live to the panel members and audience and then the winner(s) will be announced at the conference. Interested candidates can submit directly via email to This email address is being protected from spambots. You need JavaScript enabled to view it. .

For more information visit www.Phanesgroup.com/incubator or on the Unlocking Solar Capital Africa conference website at Africa.unlockingsolarcapital.com/solar-incubator

Distributed by APO Group on behalf of Phanes Group.

For media enquiries regarding the Phanes Group Solar Incubator, please contact:
Sophia Erickson
Memac Ogilvy Public Relations
This email address is being protected from spambots. You need JavaScript enabled to view it. 
00971 (0) 52 967 9408
Andrea Gomez
Phanes Group
This email address is being protected from spambots. You need JavaScript enabled to view it. 
00971 (0) 4 5587450

More About Phanes Group

Phanes Group (www.Phanesgroup.com/incubator) is an international solar energy developer, investment and asset manager, strategically headquartered in Dubai with a local footprint in sub-Saharan Africa, through its office in Nigeria, the region’s largest economy. Cumulatively, the company’s global clean power contribution is in excess of 70 MW, with a further 1.5 GW in the pipeline – including 227.5 MW of grid connected PV solar in Nigeria across three different projects.

 
The first of the three Nigerian projects, in the Sokoto region, is backed by one of the Nigerian government’s 14 PPAs. In addition, the group is developing off-grid solar solutions to ensure communities across the region have access to a stable and clean energy supply. 


Established in 2012, Phanes Group’s integrated approach, combining financial and engineering expertise, enables the company to deliver end-to-end solar energy solutions. The group has a growing portfolio of solar investments and developments spanning multiple geographies with a distinct focus on emerging markets, especially Middle East, North Africa and Central Asia (MENA ‘plus’) and sub-Saharan Africa. In the Middle East, Phanes Group is delivering the region’s largest distributed solar project (DP World Solar Power Programme) and completed phase I (33.4 MW) of the largest solar project in the Caribbean (Monte Plata).

About Unlocking Solar Capital Africa 2018

Africa is quickly becoming one of the most significant regions in the global expansion of the solar PV industry.  Unlocking Solar Capital Africa 2018 will bring together hundreds of representatives from development banks, investment funds, solar developers, IPPs, EPCs & other solar stakeholders to engage in extensive discussions to solve Africa’s solar energy funding gap - and get projects realized. This 3rd edition will take place on the 7th and 8th of November 2018 in Kigali, Rwanda.
For more information regarding the program, attendees, and registrations, visit Africa.UnlockingSolarCapital.com 

]]> Tue, 07 Aug 2018 09:20:17 +0000 APO Group - Africa-Newsroom: latest news releases related to Africa

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https://www.africa-newsroom.com/ https://www.africa-newsroom.com/press/the-2nd-edition-of-the-phanes-group-solar-incubator-set-to-kick-off-7th-august-2018?lang=en Africa,African Development,Awards,Banking/Finance,Business,Electricity,Energy,Environment,Events/Media Advisory,Foreign Policy,Investment,Middle East,Renewable energy,Rwanda,Telecommunications,United Arab Emirates,MBC

Phanes Group Solar Incubator 2017
Phanes Group Solar Incubator, 2017- Martin Haupts (CEO, Phanes Group)

ENGIE to build 8 hybrid solar power plants in Gabon

https://www.africa-newsroom.com/press/engie-to-build-8-hybrid-solar-power-plants-in-gabon?lang=en

ENGIE to build 8 hybrid solar power plants in Gabon

https://www.africa-newsroom.com/files/thumb/dcfa25259baef38/600/418 ENGIE

ENGIE (www.ENGIE-Africa.com) has signed an agreement with CDC, the Gabonese financial institution Caisse des Dépôts et Consignations, to deploy eight hybrid solar power plants in Gabon, representing a combined capacity of 2.2 MW.

The implemented solution was developed by ENGIE’s subsidiary, Ausar Energy in collaboration with CDC, the Gabonese Ministry of Energy, and the Gabonese energy and water company Société d'Énergie et d'Eau du Gabon (SEEG) and means that solar energy can be used in eight locations that are currently supplied by oil-fired thermal power stations.

With construction set to begin in a few weeks, this project will contribute to the Gabonese Republic's proactive policy of using renewable energy – solar and hydropower – to increase the country's energy capacities. The project will save the country 1 million litres of fuel oil per year, or 2,600 tonnes of CO2, and reduce generation costs by 30%. 

Ausar Energy offers the African continent a hybrid solar power plant solution, with or without storage facilities, with capacities ranging from 50 kW to 2.5 MW. This solution is in line with ENGIE Group's strategy of promoting decentralised generation and distribution of electricity from renewable sources. This strategic priority is designed to ensure continuous access to energy in isolated areas that are not and cannot be connected to grids, as well as to limit the consumption of fuel oil, manage costs and reduce pollution.

Distributed by APO Group on behalf of ENGIE.

Press contact: 
For more information, images or interviews, contact Melissa Sidnell (This email address is being protected from spambots. You need JavaScript enabled to view it.) +44 (0)20 3357 9741 or +44 (0)775 685 8044 or Maya Harruna (This email address is being protected from spambots. You need JavaScript enabled to view it.) +44 (0)20 3357 9744 


About ENGIE Africa
For over 50 years, ENGIE (www.ENGIE-Africa.com) has been active in many African countries through its energy engineering business, its natural gas purchase agreements with Algeria, Egypt and Nigeria and more recently as an independent power producer in South Africa and Morocco with a total capacity of 3,000 MW either in operation or under construction. By 2025, ENGIE wants to be a reference partner in ten African countries for power plants, energy services to businesses and decentralized solutions for off-grid customers – communities, companies and households. ENGIE already has more than 1 million customers with domestic solar installations and local microgrids, and aims to become one of the viable leaders on the continent's off-grid service market. For more information, go to www.ENGIE-Africa.com.


About Ausar Energy
Ausar Energy (http://Ausar-Energy.com/en/ ) is a joint venture of ENGIE (50.76%) and the Centum Adetel Group that specialises in embedded and industrial electronics, and manufactures conversion and electrical energy storage equipment. Ausar Energy manages the entire project cycle, from development to implementation, rolling out an original solution in Africa: decentralised electricity generation from solar power plants with storage facilities .

]]> Mon, 06 Aug 2018 08:31:47 +0000 APO Group - Africa-Newsroom: latest news releases related to Africa

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https://www.africa-newsroom.com/ https://www.africa-newsroom.com/press/engie-to-build-8-hybrid-solar-power-plants-in-gabon?lang=en Africa,Banking/Finance,Business,Electricity,Energy,Environment,Gabon,Oil and Gas,Renewable energy,MBC

Innovation: Africa enters a global partnership with Bayport Management Ltd to bring solar and water solutions to Tanzania

https://www.africa-newsroom.com/press/innovation-africa-enters-a-global-partnership-with-bayport-management-ltd-to-bring-solar-and-water-solutions-to-tanzania?lang=en

Innovation: Africa enters a global partnership with Bayport Management Ltd to bring solar and water solutions to Tanzania (1)

https://www.africa-newsroom.com/files/thumb/ace7e71a3e8fda9/600/418 Bayport Management Ltd

Africa (iA), a non-profit organisation, and Bayport Management Ltd (www.BayportFinance.com), a multinational financial services provider with a strong presence in Tanzania, are proud to announce that they have formed a partnership to help communities across Africa to improve their living conditions through access to clean water and lighting.

iA has already implemented 18 solar systems in Tanzania, 16 of them powering schools and medical clinics in the Bagamoyo and Chalinze regions. Now, with the support of Bayport’s network in Dodoma, iA’s work in the country will be extended.

Bayport Tanzania, through the provision of a vehicle and other logistical support have enabled iA to commence a project in the Dodoma region of Tanzania to install a solar system at the Bumbuta Health Center, as well as a pump system to supply Iyoli village with clean water.

In June this year, iA re-located its Tanzania office to Dodoma region to better meet the high demand for clean water and solar energy. iA plans to complete five water projects and two solar projects in Dodoma over the next few months.

The collaboration between the two companies will help to improve health and better education, having a positive impact on the lives of people across Tanzania through the use of solar energy and water technologies.

iA is a US-based organisation with a mission to bring Israeli solar, water and agricultural technologies to rural African villages. Its goal is to reach 1000 villages, impacting six million people, over the next seven years. To date, it has completed over 200 solar installations bringing light, access to clean water, improved education, refrigeration for vaccines and medicines, and proper nutrition and food security to over a million people in remote villages in Uganda, Malawi, Tanzania, Ethiopia, South Africa, the Democratic Republic of Congo, Senegal and Cameroon.

Bayport is a market-leading provider of unsecured credit, insurance and retail banking services to customers in emerging markets. It currently serves more than 600,000 customers in seven African countries and two in Latin America. The communities Bayport serves overlap with iA’s areas of operation in Uganda, Tanzania and South Africa.

“The partnership with iA is a good fit for us,” says Stuart Stone, joint CEO of Bayport. “Both our organisations are employing technology and innovation to give people in emerging markets access to the means to improve their lives and build a more secure future.”

“Bayport’s support enables us to offer solutions to remote villages in Tanzania, which allow communities to uplift themselves from extreme poverty and provide the tools to be independent,” says Sivan Ya’ari, Founder and CEO of Innovation: Africa. “We are extremely grateful to partner with Bayport and look forward to the evolution of this fruitful collaboration.”

Distributed by APO Group on behalf of Bayport Management Ltd.

Contact information:
Nicole Sanderson
Brand, Marketing and Communications Executive
 
Bayport International Group Support
Bayport House, 23A 10th Avenue, Rivonia, 2128, South Africa
Cell: +27 (0)82 859 1647 | Tel: +27 (0)87 287 4000 extension 310 | Fax: +27 (0)11 234 9285 | 
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.BayportFinance.com

]]> Mon, 30 Jul 2018 10:58:02 +0000 APO Group - Africa-Newsroom: latest news releases related to Africa

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https://www.africa-newsroom.com/ https://www.africa-newsroom.com/press/innovation-africa-enters-a-global-partnership-with-bayport-management-ltd-to-bring-solar-and-water-solutions-to-tanzania?lang=en Africa,Business,Energy,Israel,Renewable energy,Tanzania,Technology,Water/Sanitation,MBC

CAPE TOWN, South Africa, September 6, 2018/APO Group/ --

Speaking on Africa’s hydrocarbon development, Niall Kramer, CEO, South African Oil and Gas Alliance (SAOGA) said, “Growing a gas economy in South Africa and regionally is imperative. We need to do this to partner and to enable renewables but fundamentally to provide the catalyst for the sorely needed growth, business activity and jobs that give us the opportunities for inclusive growth. 

The wherewithal that oil and gas can bring is potentially large, but to know that we must explore for indigenous gas and import LNG. Policy attractiveness is certainty needed, as are regional partnerships. The biggest opportunity I see is the massive proven gas resources in Mozambique alongside South Africa as the largest industrial economy in Africa. My vision is the region becomes like the North Sea. But with good weather.”

The global energy industry has been experiencing a radical transformation in recent years. Replacing large-scale nuclear and fossil fuel power stations, the energy supply of the future will be secured by millions of decentralized renewable energy plants in combination with intelligent storage, distribution and consumption solutions for existing oil & gas resources. 

A new beginning

Africa’s newly launched meeting point, the Future Energy Africa Oil & Gas Exhibition & Conference 2018,  propositions a power packed 3-day exhibition and conference, dedicated to advancing future oil, gas and energy solutions for the continent. With far reaching industry collaboration, under the esteemed patronage of the Department of Energy of the Republic of South Africa, the event will provide in-depth analysis and an honest reflection of Africa’s set to revolutionize the future. In addition, the event provides an intensive tour across Africa, revealing insights on the issues confronting Africa’s future commercial, business and socio-economic trajectories. 

International industry support

The event is supported by numerous international industry associations including South African Oil & Gas Alliance (SAOGA), South African Chamber of Commerce & Industry (SACCI), European Association of Geoscientists and Engineers (EAGE), Association for the Development of Energy in Africa (ADEA), Power Africa (a USAID initiative), Oil & Gas Safety 

Council (OGSC), Petroleum club of Romania, Nigerian Gas Association and CEDIGAZ.

Driving the conversation forward

As Sub-Saharan Africa charges towards a low carbon energy future, events such as the Future Energy Africa Oil & Gas Exhibition & Conference 2018 provide valuable forums for the international oil, gas and future energy industry to debate the issues directly with Africa’s leaders. Projected to attract over 1,500 trade visitors, 50+ exhibiting companies, 120+ conference and technical speakers and 300+ delegates, the three-day event promises to be a valuable platform for interactive networking and knowledge exchange.

For more information, download the event Brochure today! (https://bit.ly/2Q9kWDS)

Who will you meet?

• Government Leaders

• National Oil Companies

• International Oil Companies

• Independent Oil & Gas Operators

• Financiers & Investors

• Gas & LNG Companies

• Integrated Energy Companies

• Technology Providers

• Power Generation

• Transmission & Distribution

• Legal & Industry Analysts 

4 Reasons to Visit

• Visit the exhibition & technical seminar and network with resource owners looking for partners to help them get the most from their assets through operational excellence, cost effectiveness and profitability

• Register & learn about new technologies and solutions that integrated energy companies are bringing to some of the most complex challenges facing the global oil and gas sector today

• Attend to explore products and services from 50+ exhibiting companies including contractors, service companies and technology providers across the full value chain from more than 20 countries worldwide

• Join hundreds of trade professionals to identify new business opportunities, market trends, and potential business partners. Learn from global experts and benefit from business conducted during the event

Why Future Energy Africa?

• Meet with Ministers from across Africa to address the industry on country strategies

• Centre of Technical Excellence Seminar Learn about latest technologies boosting efficiency and lowering costs

• Policy makers discuss confronting challenges of transformation

• Country Market Focus with unrivalled insight from Eastern-Western-Southern Africa regions

• Forge new operating models that will challenge conventional practices

• FEA TV: A dedicated platform for on-stage interviews, “in conversation” dialogues, digitization megatrends, corporate commercials, knowledge sharing and industry insight.

• Renewables in Africa: Tap into development initiatives and solutions supporting the advancement of renewable energy in Africa

• Finance & Investment focus for equitable economic growth and enhanced bi-lateral trade

• On-stage Interview with Africa's large upstream independent explorers led by CNBC Africa

• Africa's Natural Gas  inspect how the continent will succeed in it's role to decrease the carbon footprint

• Increasing & Strengthening Local Content address challenges and opportunities for capacity building

• IOC-NOCs Panel Discussion reinventing strategies for a sustainable energy future

• Prime networking opportunities to facilitate dialogue between senior level executives and decision makers

• Global Exposure to international and domestic oil, gas & energy value chain

• Power Generation meet with Utilities and IPPs, build strategic partnerships to meet Africa's growing energy demand

Now is the time for local investors to step up and electrify Africa After a foreign kickstart, African investors and regulators have to take over the lead in shaping the continent’s sustainable energy future KIGALI, Rwanda, September 3, 2018/APO Group/ -- For years, the African renewable energy development market has been dominated by foreign investors and financial institutions. Now is the time for African investors to step up to the plate and join the continent’s solar energy transition. Africa is now even preparing to feed Europe’s growing energy needs through various projects, such as the TuNur CSP project. The project is currently in the early phases of development and will comprise a 2.3 GW concentrated solar power plant situated in the Sahara desert and a 2-G high-voltage DC submarine cable from Tunisia all the way to central Italy. Additional plans of building other export routes to Malta and France are on the table. The project is being financed mostly by European investors and will be constructed using the most modern technology. Europe will soon enjoy of the benefits of green energy coming straight from African soil. But while Europe seeks to power more coffee shops, chain stores and crypto mining server-farms, 50% of Africans are not electrified at all, and the other 50% are often connected to unreliable energy sources. There are vast opportunities for local African investors present in the solar sector. The continent has an abundance of land available for project development and is home to some of the sunniest places on earth, which makes it an ideal location for solar energy development. Lydia van Os, Africa Lead at Solarplaza, believes that this is the right time for local investors to take action and get involved in Africa’s rapidly growing solar industry. She is convinced that this can only succeed if the movement of people committed to providing clean, reliable and affordable energy is inclusive, from Wall Street investors to Congolese rural households. To fulfill its mission of accelerating the global sustainable energy transition and create the platform for international and local solar stakeholders to meet and share knowledge, Solarplaza is hosting Unlocking Solar Capital (“USC”) Africa. The third edition of this leading conference will take place on 7 to 8 November 2018 in Kigali, Rwanda. The two-day event is being organized in partnership with the Global Off-grid and Lighting Association (GOGLA), and is wholly focused on unlocking capital for new solar project development in Africa. For those who can’t wait for the conference to get an in-depth look into the African solar landscape: Solarplaza has published an exhaustive 128-page regional report (http://Africa.UnlockingSolarCapital.com/request-solar-facts-figures-africa-2018/) on Africa’s solar energy situation. The report offers an overview of the key facts & figures related to the most relevant solar PV markets in Africa. The detailed country profiles provide overviews of a range of issues related to solar PV project development and include summaries of key demographic info; insights into legislation and policy; electricity generation capacity; and assessments of the current status of the solar industries in: Morocco, Algeria, Tunisia, Egypt, Senegal, Mali, Ghana, Nigeria, Ethiopia, Kenya, Uganda, Rwanda, Tanzania, Zambia, Namibia and South Africa. Distributed by APO Group on behalf of Solarplaza.

For program and organizational related business, please contact:

Lydia van Os

Africa Lead, Solarplaza

This email address is being protected from spambots. You need JavaScript enabled to view it.

+31 10 3027907

For sponsorship and exhibition opportunities, please contact:

Laura Fortes

Account manager, Solarplaza

This email address is being protected from spambots. You need JavaScript enabled to view it.

+34 650046220

Media partnerships and press outreach, please contact:

Irene Rodríguez Martín

Marketeer

This email address is being protected from spambots. You need JavaScript enabled to view it.

+31 10 3027912

About Unlocking Solar Capital Africa

Unlocking Solar Capital Africa (Africa.UnlockingSolarCapital.com) is an event entirely focused on connecting solar project development and finance & investment across the entire African solar sector (On-grid Solar, micro-grids, off-grid lighting and household electrification). Unlocking Solar Capital Africa 2018 will bring together hundreds of representatives from development banks, investment funds, solar developers, IPPs, EPCs & other solar stakeholders to engage in extensive discussions to solve Africa’s solar energy funding gap - and get projects realized.

As a professional solar event organizer, Solarplaza has hosted over 100+ events in 36 countries around the world, ranging from exploratory trade missions in emerging markets to large-scale conferences with 450+ participants. Unlocking Solar Capital Africa 2018 is Solarplaza’s 12th conference on the African continent.

For more information regarding the program, attendees, and registrations, visit Africa.UnlockingSolarCapital.com 

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Hanwha Q Cells GmbH today announced its involvement in one of the largest solar net-metering projects in Greece.

BYD will deliver the largest fleet of pure electric articulated buses in Europe to Norway’s capital city, Oslo.

Recently, the opening ceremony of European Customer Service Center built under the cooperation between Wuxi Suntech and CMEC Wuxi has been held officially in Cologne, Germany,

Sungrow, the global leading inverter solution supplier for renewables, presents 1500 V solutions with string PV inverters, central PV inverters, and ESS as its headline catching products at Intersolar Europe 2018, in Munich, Germany.

SolarEdge Technologies, Inc. is expanding its commercial solution with the launch of larger-capacity three-phase inverters with synergy technology and a multi-input power optimizer in order to further improve the scalability and performance of its commercial PV systems.

Canadian Solar’sBiKu modules are at the forefront of high efficiency dual-cell bifacial modules in the industry. Its poly bifacial modules have up to 365 W power output on the front side and 75% bifaciality. It can increase energy yield by up to 30% with backside contributions under certain albedo, thus lowering LCOE dramatically. Canadian Solar’s BiKu modules will certainly help you maintain IRR on your project investment, in case project PPA decreases year after year.

U.S.-based NRG Systems announced today that Lasser Eólica has joined its global network of service partners and dealers. Based in Spain, Lasser Eólica engineers, installs, and maintains met tower systems across Europe, North Africa, and the Middle East.

Verano Capital, an American project developer headquartered in Chile, announced that it won 18% of the solar capacity in auction at the Argentinian energy tender with its 100 MW VeCaSo-1 solar project. Located near Mendoza, Verano’s PV project was selected on a winning bid at $42.50/MWh.

Abigail Ross Hopper, President and CEO of the Solar Energy Industries Association (SEIA), issued the following statement after the U.S. International Trade Commission (ITC) announced a split remedy recommendation for the Section 201 trade case

Joint filing from broad array of groups takes aim at financial “Beneficiaries” as the only entities to support the DOE proposal – and whose filings fail to establish that the proposed subsidies are needed or legally valid

As demand for solar energy surges across America, today the Solar Energy Industries Association (SEIA) and Alta Energy jointly released a white paper highlighting an underutilized financing tool that can help boost commercial and industrial (C&I) solar development nationwide.

Urban Grid Holdings, LLC (Urban Grid), a leading developer and financier of solar projects throughout the United States, is pleased to announce the completion of two solar installations for Allegany County, Maryland totaling 2.14 MW.

> <
  • L-R:L-R: Charles Eberly, INVEST Energy Consultant; Deepak Mathur, Jaguar Overseas; Abdul Ehsan Mohmand, Afghanistan Consultancy Companies Association (ACCA); Burak Unsal, 77 Construction
Jaguar Overseas, a New Delhi-headquartered, ISO-certified Global Project Engineering-Procurement-Construction Company, stressed on the immense potential of Afghanistan’s energy sector and sought support from the country’s local bodies so as to ensure that the company is able to contribute effectively to the economic development of the region at the recently concluded second annual event, ‘Passage to Prosperity: India-Afghanistan International Trade and Investment Show’.
 
The event, held at the JW Marriott Mumbai Sahar hotel between September 12-15, 2018, was hosted by government officials from India and Afghanistan in association with United States Agency for International Development (USAID), the leading U.S. Government agency that works to end extreme global poverty and enable resilient, democratic societies to realize their potential.
 
The event mainly aimed to advance trade integration by establishing economic and trade ties between Afghanistan and the international markets through business-to-business matching and consumer sales.
 
Committed to strengthening the India-Afghanistan relationship, Deepak Mathur, Chief Executive Officer, Jaguar Overseas Limited (JOL) engaged in a high-value panel discussion titled ‘Power-up Afghanistan – Lessons learnt in Afghan Energy sector’. During the discussion, he spoke eloquently on the importance of strengthening Afghanistan’s power sector. He also highlighted on the strategic importance of Afghanistan region for neighbouring countries including India apart from listing out key requirements such as the need to institutionalize flexible policies, government support and involve local partners to ensure all projects get completed seamlessly and JOL is able to contribute effectively to the overall process of rebuilding Afghanistan.
 
JOL has been closely associated with the development of Afghanistan’s energy sector for the last 10 years. The company was closely associated with the complete power evacuation process done via India Afghan friendships dam projects.
 
The recent Kandahar Solar Power project undertaken by JOL is in a very advanced stage. Recognizing the urgency to provide a solution to the problem of power shortage in Afghanistan, Jaguar Overseas played an integral role in the construction of a 10MW Afghanistan solar power project in Kandahar and resolved to strengthen Afghanistan’s power sector by developing country’s first tariff based solar power plant. The project is being executed with the support of USAID. The objective of the project is to ensure that Afghanistan becomes self-sufficient where their energy and power sector is concerned. JOL is getting continuous encouraging support from the government of Afghanistan DABS and local authorities.
 
During the panel discussion, Mr. Deepak Mathur, Chief Executive officer of Jaguar Overseas said, “Over the last 10 years, we have been closely associated with the development of the energy sector in Afghanistan and have been a part of India-Afghan Friendship Dam project (AIFD). Afghanistan is a land of opportunities. It is not only a strategically important location, it also houses a huge market with untapped potential particularly in the energy sector. It has about 344 GW potential where 222 GW is solar and 67 GW is wind power. The country has enough hydropower also available to it, to be able to develop it further for safe use. To harness this power, the kind of support and flexibility that the government of Afghanistan has shown, has been tremendous and we strongly encourage investors to focus attention here.”
 
Exhibitors at the event reported that the quality of investments and sales this year was outstanding. This reinforces that ‘Passage to Prosperity’ is the only trade and investment event that connects an international community of buyers, sellers, and investors to ‘do business first’ with Afghan businesses before they are discovered on the world stage. Now into its second year, the show continues to grow and expand with approximately 200 businesses and industry leaders, including women entrepreneurs from Afghanistan, showcasing their top-quality products, services, and business opportunities in luxury goods, agriculture, energy, health and education, mining and heavy industry, among other sectors. Some of the significant highlights from the 2018 ‘Passage to Prosperity’ event include partnership announcements by Dr. Mohammad Humayon Qayoumi, Acting Minister of Finance, Islamic Republic of Afghanistan; and the brand launch for an entertainment show called ‘Afghan Treasures’ that showcased the best of Afghanistan’s Silk Road heritage.

About Jaguar Overseas

With the proven expertise of extending World-Class services since 1991, Jaguar Overseas specializes in executing turnkey EPC projects in diverse fields like Power, Agriculture, Industrial Plant, Infrastructure, and Renewable Energy. Headquartered in New Delhi, India, JOL has offices in Asia, South East Asia and Africa. Prominent locations include Nepal, Mozambique, Central African Republic, Benin, Guinea, Mauritania, Zambia and Zimbabwe. Over the years, JOL, which kept a value system enabling a perfect blend of 3T’s - Truthfulness, Transparency and Trust – in its work culture, is known for its commitment towards clients & projects, technical know-how and on-time delivery and being cost effective. JOL has recently bagged the ‘EPC of the Year’ award by Ibrands 360. Jaguar Overseas is also nominated under the prestigious category ofEmerging Global EPC Company of the Year’ to be felicitated at EPC World Awards 2017 event, scheduled to be organized this month.

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  • GG P Tronics team receiving ELCINA EFY Awards 2018 from Shri Ajay Prakash Sawhney, IAS, Secretary, Ministry of Electronics and Information Technology (MeitY), Government of India
G P Tronics, a leading company in the power backup and solar solutions, was honoured with the 1st prize of ELCINA-EFY Awards 2018 for the excellence in innovation related to power electronics with a special focus for solar products.
 
The Awards, instituted by ELCINA in 1976, were renamed “ELCINA-EFY AWARDS” in 2010, signalling the strategic partnership between ELCINA and EFY Group, a leading publishing house on electronics with the objective to promote the industry and spread awareness about this sector. Since last 43 years, ELCINA has been presenting these Awards to recognise the achievements of electronics/IT Hardware manufacturing (ESDM) companies in India. This year the award ceremony was organized on 14 September 2018 at the Hotel Ashok, New Delhi. The distinguished jury comprising of senior level officials from Ministry of Electronics & IT ( MeitY), Industry experts and eminent industrialists from the ESDM sector nominated the winners for the 2017 Awards after intense deliberations. The Award function was graced by the presence of Shri Ajay Prakash Sawhney, IAS, Secretary, Ministry of Electronics and Information Technology (MeitY), Government of India as the chief guest.
 
“Solar energy has the potential to transform India’s energy roadmap. Our innovative products speak volumes of the superior technology and investment in R&D. This award by ELCINA and EFY has surely recognized the work of companies like us, and will help us to do much better in the years to come,” said S K Ray Chaudhuri, Managing Director, G P Tronics.
 
In the process of “HARNESSING INNOVATION”, G P Tronics has bagged many prestigious awards from different business chambers. List of few such awards is given below:
  • 2012 ICC - Environment Excellence Award
  • 2014 ASSOCHEM - GREEN BUSINESS WINNER 2ND SME Excellence Award.
  • 2015 FICCI - Platinum First Prize in Small Size Category
  • 2016-17 - ELCINA- EFY Awards for ENVIRONMENT MANAGEMENT-1st PRIZE (SME)
  • 2017-18 - ELCINA- EFY Awards for EXCELLENCE IN INNOVATION-1st PRIZE

About G P Tronics

G P Tronics established in 1978 with a vision to develop new generation power electronic products which will meet the aspect of commercial viability and benefitting mankind like using standby power and solar power.

NTPC Ltd. – Profit After Tax up by 10.21%

28th May, 2018

The Country’s largest power generator - NTPC Ltd. who along with its group companies, has installed capacity of 53651 MW, declared the audited annual financial results for the year 2017-18 along with the unaudited financial results for fourth quarter of the year 2017-18.

  • For FY 2017-18, NTPC Ltd. generated 265.80 Billion Units against 250.31 Billion Units generated in the previous year, registering an increase of 6.19%. For Q4 FY 2017-18, NTPC generated 68.56 Billion Units against 63.77 Billion Units generated in Q4 FY 2016-17, registering an increase of 7.51%.
  • The generation during Q4 FY 2017-18, is the highest quarterly generation, surpassing previous highest quarterly generation of 67.78 Billion Units during Q3 FY 2017-18.
  • NTPC Coal stations achieved PLF of 77.90% in FY 2017-18 as against National Average of 60.72%.

For FY 2017-18, Audited Total Income is Rs. 85,207.95 crore, registering an increase of 7.39% over the previous year Audited Total Income of Rs. 79,342.30 crore. For Q4 FY 2017-18, Unaudited Total Income is Rs. 23,617.83 crore against Rs. 20,886.85 crore for Q4 FY 2016-17, registering an increase of 13.08%.

Audited Profit After Tax for FY 2017-18 is Rs. 10,343.17 crore as compared to Rs. 9,385.26 crore in the previous year, registering a growth of 10.21%. For Q4 FY 2017-18, unaudited Profit After Tax is Rs. 2,925.59 crore against Rs. 2,079.40 crore in Q4 FY 2016-17.

The Gross Generation of NTPC Group for financial year 2017-18, is 294.27 Billion Units as against 276.77 Billion Units during previous year. On consolidated basis, for the financial year 2017-18, the Audited Total Income is Rs. 89,641.59 crore as against the Audited Total Income of Rs. 83,009.31 crore during previous year. Audited Profit After Tax for FY 2017-18 is Rs. 10,501.50 crore as compared to Rs. 10,713.94 crore declared in FY 2016-17.

The Board of Directors of NTPC Ltd. has recommended final dividend for the financial year 2017-18 @ 23.90­­­­­­% of paid-up share capital i.e. Rs.­­ 2.39 per equity share of the face value of Rs. 10/- each, subject to the approval of shareholders in the Annual General Meeting scheduled to be held in September 2018. The Company had paid Interim Dividend at the rate of ­­­27.30% of paid-up share capital i.e. Rs.­­ 2.73 per equity share in February 2018. Thus, total dividend for the Financial Year 2017-18 will be 51.20% of the paid-up share capital i.e. Rs. 5.12 per equity share. This is the 25th consecutive year of dividend payment.


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MoU between Govt. of Bihar and NTPC Limited of Bihar

15th May, 2018

A Memorandum of Understanding (MoU) was entered amongst Govt. of Bihar (GoB), Bihar State Power Holding Co. Ltd. (BSPHCL), Bihar State Power Generation Co. Ltd (BSPGCL), North Bihar Power Distribution Company Ltd.(NBPDCL), South Bihar Power Distribution Company Ltd.(SBPDCL), Bihar State Power Transmission Company Limited (BSPTCL) and NTPC Limited on 15th May 2018 at Patna for Performance improvement of Power Sector in the State of Bihar. The MoU was entered in the august presence of Shri Nitish Kumar, Chief Minister of Bihar, Shri R. K. Singh, Minister of State (Independent Charge) for Power and New & Renewable Energy, Govt. of India and Shri Bijendra Prasad Yadav, Energy Minister, Govt. of Bihar, Shri Pratyaya Amrit, Principal Secretary, Department of Energy, Govt. of Bihar, Shri Gurdeep Singh, CMD, NTPC Limited, Shri Anand Kumar Gupta, Director (Commercial), NTPC, Shri R. Lakshmanan, Managing Director, BSPGCL and other dignitaries.

The MoU envisages transfer of Barauni Thermal Power Station (720 MW) and transfer of Bihar State Power Generation Company’s (BSPGCL) equity in Kanti Bijlee Utpadan Nigam Limited (KBUN) & Nabinagar Power Generating Company (Pvt.) Limited (NPGC) to NTPC.

NTPC, a Maharatna Company under Ministry of Power, Govt. of India is the largest power generating company of India with a total installed capacity of 53651 MW (including JVs) from coal, gas, hydro, solar and wind power projects. NTPC is on an accelerated growth trajectory to meet this long-term targets and currently has 21,071 MW capacity under construction. Company has two operational coal mines. NTPC in the past has demonstrated strong capability in turning around under-performing state owned power stations.

Barauni Thermal Power Station (720 MW) which is located at Begusarai district in Bihar. The Plant comprise of Stage-I (2x110 MW) (under advance stages of R&M) and Stage-II (2x250 MW) (under construction).

NTPC with its expertise in construction of power projects and contract management capabilities is expected to complete the balance works and achieve sustained commercial operation of units in a time bound manner.

Nabinagar Power Generating Company (Pvt) Limited is a 50:50 Joint Venture Company of NTPC Limited and Bihar State Power Generation Company Limited (BSPGCL). The Company is developing a 1980 MW (3x660 MW) Nabinagar Super Thermal Power Project in district Aurangabad, Bihar. The project is currently under-construction.

Kanti Bijli Utpadan Nigam Limited (KBUNL) is a subsidiary company of NTPC Limited in Joint Venture with Bihar State Power Generation Company Limited (BSPGCL). Currently NTPC and BSPGCL owns 72.64%and 27.36% equity holding in KBUNL respectively. KBUNL owns and operates Muzaffarpur Thermal Power Station (MTPS) (2x110 MW+ 2x195 MW) situated at Kanti, District Muzaffarpur in the State of Bihar. Plant is under operation.

All the three power generation facilities are envisaged to be transferred to NTPC from the effective date to be notified by Govt. of Bihar through a Statutory Transfer Scheme. The transfer of these power stations to NTPC will result in their optimal & efficient utilization, bring the tariff down and benefit the people of Bihar at large.

Power from all the three power station shall be available to State of Bihar as before after approval by Ministry of Power, Govt. of India.


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14th Analysts & Investors Meet of NTPC

02nd Aug, 2018

NTPC Ltd. organized its 14th Analysts & Investors Meet on 1st August, 2018 in Mumbai. The Meet was addressed by Shri Gurdeep Singh, CMD, NTPC, in the presence of Shri Vivek Kumar Dewangan, Joint Secretary & Financial Advisor (Internal Finance & Budgetary Control), Ministry of Power, Shri Saptarshi Roy, Director (HR), Shri A.K. Gupta, Director (Commercial), Shri S.K. Roy, Director (Projects), Shri Prakash Tiwari, Director (Operations) and Shri P.K. Mohapatra, Director (Technical).

The presentation on growth plans of NTPC was made by Shri K. Sreekant, Director (Finance). Over 250 Analysts and Investors attended the Meet.


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NTPC Ltd. –Q1 FY 2018-19

28th Jul, 2018

The Country’s largest power generator - NTPC Ltd. having group installed capacity of 53651 MW, declared standalone unaudited financial results for the first quarter of financial year 2018-19.

  • For Q1 FY 2018-19, NTPC Ltd. generated 69.21 Billion Units against 64.41 Billion Units generated in the corresponding previous quarter, registering an increase of 7.45%.
  • The generation during Q1 FY 2018-19, is the highest quarterly generation, surpassing previous highest quarterly generation of 68.56 Billion Units during Q4 FY 2017-18.
  • NTPC Coal stations achieved PLF of 77.98% in Q1 FY 2018-19 as against National Average of 63.38%.

For Q1 FY 2018-19, the Total Income was Rs. 22,839.98 crore, registering an increase of 11.19 % over the corresponding previous period Total Income of Rs. 20,541.93 crore. Profit before Tax for the quarter was Rs.3,011.13 crore and Profit After Tax for the quarter was Rs. 2,588.14 crore.


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JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the solar PV industry, today announced that it has supplied 23MW of high-

For AlsoEnergy, the top selling independent monitoring provider for commercial PV in North America, this partnership is an opportunity to extend international coverage for sales and support.

High voltage switchgear to support Saudi Arabia’s first integrated solar and natural gas power plant

The 28th meeting of the Southern Zonal Council was held under the Chairmanship the Union Home Minister Shri Rajnath Singh in Bengaluru today.  The meeting was attended by the Chief Ministers of Karnataka and Puducherry; Deputy Chief Minister of Tamil Nadu; Finance Ministers of Andhra Pradesh and Kerala Minister for Social Justice & Empowerment and Minister for Tourism, Karnataka; Minister for Health, Puducherry and Minister of State for Home, Govt. of India, Lt. Governor of Andaman & Nicobar Islands and senior officers from Central and State Governments.

The Council expressed deep sorrow and sympathy to the people who lost their lives and property in the floods caused by the fury of the Monsoon in the Southern part of the country. The Council was informed that Central Government would not lag behind in providing the requisite assistance to the States concerned in this regard.

The Council reviewed the progress of the implementation of the recommendations made at the last meeting relating to security to fishermen, introduction of peninsular tourism trains, uniformity in allocation of funds in proportion to population of SC/ST for scholarship for all the courses, optimum harnessing of renewable energy available in the Southern States without endangering grid security and development of Puducherry Airport. Thereafter, the Council took up issues which relate to Pulicat lake dispute between Andhra Pradesh and Tamil Nadu fishermen over fishing rights, menace of red sander smuggling in the holy Seshachalam hills, supply of Krishna water to augment the drinking water supply to Chennai city, issues relating to fishing in coastal States in Southern Zone, checking of Antibiotic residues in aquaculture shrimp export, scheme for modernization of State Police Forces in the States of Southern Zone, issuance of 'No Objection Certificate' (NOC) for LPG godown site plan, issues pertaining to Biofuels programme, etc. Out of the 27 items discussed today, 22 were resolved in the meeting.

Prior to this Council meeting, the Standing Committee of the Council met on November 28, 2017 at Bengaluru. In the meeting seven issues  were resolved i.e. extension of High Speed Rail corridor between Thiruvananthapuram and Mangalore upto Udupi, revision of ceiling on Profession Tax by the Government of India, giving Infrastructure status to Housing by the Central Government, Inter-State Animal Movement, promotion of Oil seeds and Oil palm cultivation to augment availability of Vegetable Oils, inclusion of Puducherry in Central Finance Commission and security of fishermen from Puducherry.

The five Zonal Councils (Western, Eastern, Northern, Southern and Center Zonal Councils) were set up under the States Re-organisation Act, 1956 to foster Inter-State cooperation and coordination among the States. The Zonal Councils are mandated to discuss and make recommendations on any matter of common interest in the field of economic and social planning, border disputes, linguistic minorities or inter-State transport etc. They are regional fora of cooperative endeavour for States linked with each other economically, politically and culturally. Being compact high level bodies, specially meant for looking after the interests of respective Zones, they are capable of focusing attention on specific issues taking into account regional factors, while keeping the national perspective in view.

It was emphasized that it has been the objective of the present Government to strengthen the institution of the Zonal Councils as well as the Inter-State Council in order to promote and maintain a good federal atmosphere of cooperation among the States and between the Centre and the States as well. As a result, during the last four years, two Council meetings and three Standing Committee meetings of the Southern Zonal Council were held. Apart from this, eight Council meetings and twelve Standing Committee meetings of other Zones were also held. In these meetings, about 600 issues were discussed, out of which 406 issues were resolved.

Today’s deliberations of the Council were held in a warm and cordial atmosphere in the true spirit of cooperative federalism and ended with the decision to host the next meeting in Tamil Nadu.

*****

BB/PK/SS

 

The Union Minister for Railways and Coal, Shri Piyush Goyal inaugurated the ‘first ever’ India Tourism Mart (ITM 2018) in the presence of Union Tourism Minister, Shri K J Alphons and the Tourism Minister of Morocco, Mr. Mohamed Sajid, in New Delhi today. The India Tourism Mart is being organized by the Ministry of Tourism from 16th to 18th September 2018, in partnership with the Federation of Associations in Indian Tourism and Hospitality (FAITH) and with support of State /UT Governments. The function was held in presence of the Secretary, other senior officials of Tourism Ministry and Chairman/members of FAITH and also delegates from India and across the world.

 

Inaugurating the event, Shri Piyush Goyal wished the best to the Tourism Ministry to reach the ambitious goal of US$100 billion FTA receipts/year within 5 years. The Minister said that unless the infrastructure/fundamentals are set up, India can’t come up as a well sought after destination and he said that the present government has been developing these like ensuring 24 hour power supply, promoting renewable energy forms, and improving connectivity by effectively connecting the remotest destinations. The Minister also added that the most important element that will help promote Tourism in a complete way is the Government’s cleanliness drive, the Swachhta Abhiyan, which will ensure India becoming a preferred destination for all international tourists. Mentioning the income multiplier effect in the Tourism sector, the Minister said that Tourism generates a number of employment opportunities in formal and informal sectors and can change the destiny of the country. The Railway Minister added that the youth of the country can be entrepreneurs, service providers, interpreters etc in the sector and ascertained that India with its varied features has tremendous potential and we just need to leverage from it.

 

Speaking at the event, the Tourism Minister announced that ITM will be an annual event hereafter in line with other International Tourism Marts and it will be held in the month of September. The Minister said that India is so vast that there will be something new for everyone to see and experience in this country with its varied geography, culture, traditions, architectural marvels, religions. Shri Alphons also added that visiting the country has become easier with the new e-visa regime which is now open to 166 countries.

India Tourism Mart (ITM) is being held for the first time and the Tourism industry stakeholders are coming together for such a large scale event with Ministry’s support. FAITH is the apex organization of all the important trade and hospitality associations of the country with all the 10 major Tourist organizations like FHRAI, HAI, IATO being involved in this mega event and India Convention Promotion Board (ICPB) is coordinating the whole event.  This is a Business to Business Event.  The objective  of  the event  is  to  create  an annual Global  Tourism  Mart  for  India  in line with  major  international  travel  marts  being  held  in  countries   across  the world. The Mart  provides  a  platform  for  all stakeholders  in the  tourism  and   hospitality industries  to  interact  and   transact  business  opportunities.

 

The ITM 2018 has a participation of around 225 hosted international buyers and Media personnel across the world such as North America, West Europe, East Asia, Latin America, CIS countries etc.  The international   delegates from overseas markets   will   interact with Indian seller delegates and the buyers  will   include  current buyers  who  are  already  marketing India as a tourist destination as  well  as  potential  buyers  who  are  not  marketing India as a tourist destination at  present  but  have  shown interest  in  the  country. The  event also  provides  an  opportunity  to  the  buyers  to  see  the world class  tourism facilities  available  in our  country  such  as  Airports, Hotels,  Tourist  destinations,    upcoming  facilities,  MICE  facilities,  possibility in the field  of  adventure  tourism and other  niche  products.

Around 225 stalls have been provided to the sellers to enable them to interact with the buyers.  These include  pavilion  for  States & Union Territories to  showcase  their  unique  tourism  destinations  and  products. The B2B meetings between buyer and seller delegates are being held during these 3 days. 

 

The FAITH and State Governments is also offering a pre and post event FAM trips (Familiarization trips) for the buyer delegates from overseas.

*****

NB/JP/PS

 

 

The Union Minister for Railways and Coal, Shri Piyush Goyal formally inaugurated the ‘first ever’ India Tourism Mart (ITM 2018) in presence of Union Tourism Minister, Shri K J Alphons and the Tourism Minister of Morocco, Mr. Mohamed Sajid, in New Delhi today. The India Tourism Mart is being organized by the Ministry of Tourism from 16th to 18th September 2018, in partnership with the Federation of Associations in Indian Tourism and Hospitality (FAITH) and with support of State /UT Governments. The function was held in presence of the Secretary, other senior officials of Tourism Ministry and Chairman, members of FAITH and also delegates from India and across the world.

 

Inaugurating the event, Shri Piyush Goyal wished the best to the Tourism Ministry to reach the ambitious goal of US$100 billion FTA receipts/year within 5 years. The Minister said that unless the infrastructure/fundamentals are set up, India can’t come up as a well sought destination and he said that the present government has been developing these like ensuring 24 hour power supply, promoting renewable energy forms, and improving connectivity by effectively connecting the remotest destinations. The Minister also added that the most important element that will help promote Tourism in a complete way is the Government’s cleanliness drive, the Swachhta Abhiyan, which will ensure India becoming a preferred destination for all international tourists. Mentioning the income multiplier effect in the Tourism sector, the Minister said that Tourism generates a number of employment opportunities in formal and informal sectors. Shri. Goyal added that the youth of the country can be entrepreneurs, service providers, interpreters etc in the sector and ascertained that India with its varied features has tremendous potential and we just need to leverage from it.

 

Speaking at the event, the Tourism Minister announced that ITM will be an annual event hereafter in line with other International Tourism Marts and it will be conducted in the month of September. The Minister said that India is so vast that there will be something new for everyone to see and experience in this country with its varied geography, culture, traditions, architectural marvels, religions. Shri Alphons also added that visiting the country has become easier now with the new e-visa regime which is now open to 166 countries.

India Tourism Mart (ITM) is the first time that the Tourism industry stakeholders are coming together for such a large scale event and with Ministry’s support. FAITH is the   apex organization of all the important trade and hospitality associations of the country with all the 10 major Tourist organizations like FHRAI, HAI, IATO being involved in this mega event and India Convention Promotion Board (ICPB) is coordinating the whole event.  This is a Business to Business Event.  The objective  of  the event  is  to  create  an annual Global  Tourism  Mart  for  India  in line with  major  international  travel  marts  being  held  in  countries   across  the world. The Mart  provides  a  platform  for  all stakeholders  in the  tourism  and   hospitality industries  to  interact  and   transact  business  opportunities.

 

The ITM 2018 has a participation of around 225 hosted international buyers and Media personnel across the world such as North America, West Europe, East Asia, Latin America, CIS countries etc.  The international   delegates from overseas markets   will   interact with Indian seller delegates and the buyers  will   include  current buyers  who  are  already  marketing  India  as a tourist destination as  well  as  potential  buyers  who  are  not  marketing  India at  present  but  have  shown interest in the country. The  event also  provides  an  opportunity  to  the  buyers  to  see  the world class  tourism facilities  available  in our  country  such  as  Airports, Hotels,  Tourist  destinations,    upcoming  facilities,  MICE  facilities,  possibility in the field  of  adventure  tourism and other  niche  products.

Around 225 stalls has provided to the sellers to enable them to interact with the buyers.  These include  pavilion  for  States & Union Territories to  showcase  their  unique  tourism  destinations  and  products. The   B2B meetings between buyer and seller delegates are being held during these 3 days. 

 

The FAITH and State Governments is also offering a pre and post even FAM trips (Familiarization trips) for the buyer delegates from overseas.

*****

NB/JP/PS

 

The Vice President of India, Shri M. Venkaiah Naidu has said that Indian Community living abroad is making the country proud and contributing immensely to both the country they are residing and to the motherland. He was addressing the Indian Community Reception hosted by the High Commissioner of India to Malta, in the Capital Valletta last night. The Minister of State for Finance, Shri Shiv Pratap Shukla, the High Commissioner of India to Malta, Shri Rajesh Vaishnaw and other dignitaries were present on the occasion.

 

The Vice President said that a resurgent India will always be with people of Indian Origin and asked them not to forget the motherland that has given them a great upbringing. He further said that the role of Indian community is crucial for taking the message of India to the word in Art, Culture, Ethos and Traditions.

 

Stressing the need to strengthen India Malta relations, the Vice President said that despite being a small nation Malta has shown good growth and India and Malta can have a long term relationship. The size of the country is not important but the growth is, he added.

 

The Vice President said that Indian population can excel in all spheres and they integrated well with societies across the globe. Geographical boundaries do not separate India and Malta, he added.

 

Highlighting the Indian growth story, the Vice President said that the nation is witnessing a stable growth and is on the rise. Systematic government reforms are making an inclusive society and the efforts are in full swing to make India a formal Economy, he added.

 

Saying that India is at the cresp of transformation that is unprecedented, the Vice President added that digitization of economy, financial inclusion, GST and Jan Dhan have brought in revolutionary change in Indian Economic scenario. Road and Telecom network changed India and the communication system in vast country like India is revolutionary, he reminded the steps taken by former Prime Minister, Shri Atal Bihari Vajpayee.

 

The Vice President said that Indian art Yoga, Ayurveda becoming popular all over the world. India has become a health destination and it launched an ambitious healthcare system- Ayushman Bharat, a program recently launched will change the Healthcare system in India.

 

Following is the text of Vice President's address:

 

"Namaskar to all of you. I bring you the warmest of greetings from India.

 

I thank all of you for welcoming me and my delegation members with such warmth and affection. I am accompanied by Hon’ble Minister of State for Finance, Mr. Shiv Pratap Shukla and Mr. Prasanna Acharya, Mrs. Vijila Sathyananth and Ms. Saroj Pandey, Hon’ble Members of the Upper House of Parliament (Rajya Sabha) and Mr. Raghav Lakhanpal, Hon’ble Member of the Lower House of Parliament (Lok Sabha). 

 

I am delighted to visit this beautiful and historic city of Vellatta. I would like to thank the Government of Malta for extending warm hospitality to me and my delegation members. During the visit, I look forward to fruitful interactions with President, Hon’ble Speaker of the House of Representative of Malta, Acting Prime Minister and Leader of Opposition of Malta.  I will also have an opportunity to address India-Malta Business Forum during the visit.  

 

Sisters and brothers,

 

In this distinguished gathering, some of you are professionals, researchers, students or businessmen. Some of you may have come to this country decades ago, some of you may have arrived only a few years ago. I am so pleased that you have integrated into the Maltese society and made valuable contributions in sectors like pharmaceuticals, information technology, and healthcare and tourism service industry.

 

 It is not surprising that the vast and growing Indian diaspora is doing so well everywhere. There is within each one of us that invisible common thread of essential Indian-ness. For us, the whole world is actually a large family. The geographical boundaries do not limit us nor do the linguistic and cultural differences. We learn and appreciate good ideas irrespective of where they originate from. “Let noble thoughts come to us from all sides” said our ancient sages.  

 

I am happy to note that the Indian community enjoys the reputation of being peace loving and able to assimilate into the local environment. You are making a contribution in the socio economic development of Malta by way of investments, knowledge transfer, philanthropic engagements, and catalysing demand of Indian goods in their countries of settlement. 

 

Sisters and brothers,

 

I feel very proud that I represent an India that is at the cusp of a transformative movement.

 

I am happy to inform you that India is in the midst of an unprecedented economic and social transformation. The economy is growing at a steady pace and the systemic governance reforms are creating a more inclusive society.

 

India has climbed 30 places in the World Bank Ease of Doing Business Index this year and IMF has forecast that India will grow at more than 7 percent in 2018 and 2019, ahead of other major economies.

 

A number of economic reforms have been undertaken by Indian Government including digitisation of the economy, financial inclusion, tax reforms like Goods and Services Tax (GST). More than 326 million persons have opened bank accounts in the last four years making financial inclusion a reality. Tax base has been widened and tax compliance has increased.

 

India is rapidly expanding its infrastructure. For instance, over 9829 Km national highways were constructed during the year 2017-18 as compared to 8231 km during the previous year.

 

The policy initiatives taken by the Indian government such as Make in India, Skill India, Digital India, Smart Cities and Start-up India are opening up new opportunities.

 

India is creating an enabling eco system that will spur growth, skill youth and foster entrepreneurship. India, today is a veritable land of opportunity for those who want to connect, innovate, trade and invest

 

India is contributing to and witnessing the onset of an information technology revolution which is changing the way a government engages with its citizens. A revolution, which rests on digital infrastructure that allows free flow of information, innovation and ideas on the information high-ways.

 

Dear Sisters and brothers,

 

We have also set the goal of providing affordable and inclusive healthcare to the citizens and to realise this goal we have launched  the world’s largest and India’s most ambitious healthcare program, Ayushman Bharat — National Health Protection Mission,  announced in our Union Budget of 2018 and reiterated by our PM on 15 August this year.  The scheme will provide a health insurance cover to 100 million families.

 

India has taken the lead in the field of energy, and we have set a goal of 175 Gigawatts of renewable energy. We hosted the founding conference of International Solar Alliance in Delhi in March this year. This is one of the largest commitments to financing solar energy projects around the world.

 

We are a young nation of 800 million strong youth. This demographic advantage is being converted into a demographic dividend. We are upgrading the competence of this aspirational, young population through “Skill India” programme.

 

Sisters and brothers, 

 

You represent India in Malta and Malta in India and your role in both connecting and developing our ties is very important. 

 

Your presence in Malta from different parts of India helps in creating awareness about the rich cultural diversity of India, and taking the message of Indian music, art, dance, and other heritage, like Yoga and Ayurveda to our Maltese friends. 

 

A resurgent India awaits you. We have taken several steps towards eliminating barriers of your connect with India. It has been our resolve to be available to overseas Indians and to ensure that interface between our government and you remain smooth and a pleasurable experience. I am sure, you are taking advantage of the e-Visa scheme of India launched in 2015 and further liberalised last year for business, tourism and health purposes.

 

To facilitate easy stay of foreigners of Indian origin in India, we offer OCI cards. I would encourage you to join the scheme and enjoy the facilities offered under it and strengthen the bonds with the country of your origin and the country of your ancestors.

 

In order to engage with our vast Diaspora and to bring their knowledge, expertise and skills on a common platform, we have created a new facility- the Pravasi Bharatiya Kendra- in New Delhi, as a one stop resource center for our diaspora. You must visit it whenever you come to India. Our Government also runs a special programme – the Know India Programme- to bring our diaspora youths together and expose them to India.

 

The Government and people of India are thus proud of your achievements.  The decision to open a resident Indian High Commission in Malta has been taken with the desire to connect with you all.

 

It has been a pleasure and privilege for me to connect with you. Each one of you, member of the Indian diaspora, have made us proud because of your accomplishments, your acceptance within the country of your adoption and your well-recognized contribution to the development of the society which you have adopted. 

 

You are the face of India in Malta exemplifying to the people you interact with, the mind and heart of Bharat.

You are the inheritors of the universal vision that India has been expounding since time immemorial. You are the valuable human resource for India bringing in new Knowledge, skills and attitudes to accelerate India’s growth.

 

I thank you all once again for being here today and welcoming me with so much warmth.

 

I wish you all the best in your endeavors to make Malta and India come closer, grow together and share a prosperous future. 

 

Jai Hind.

***

AKT/BK/RK

Shri. K.J Alphons, the Minister of State for Tourism (IC), Government of India will be inaugurating the project “Development of Tribal Circuit: Jashpur- Kunkuri- Mainpat- Kamleshpur- Maheshpur- Kurdar-Sarodadadar- Gangrel- Kondagaon- Nathiya Nawagaon- Jagdalpur- Chitrakoot- Tirthgarh in Chhattisgarh” implemented under the Swadesh Darshan Scheme of Ministry of Tourism, in Gangrel, Chhattisgarh on 14th September 2018. This is the second project under the Swadesh Darshan Scheme being inaugurated in the country.

 

This project which is to be inaugurated was sanctioned by the Ministry of Tourism in February 2016 for Rs. 99.21 Crores. The project covers thirteen sites in Chhattisgarh i.e. Jashpur, Kunkuri, Mainpat, Kamleshpur, Maheshpur, Kurdar, Sarodadadar, Gangrel, Kondagaon, Nathiya Nawagaon, Jagdalpur, Chitrakoot, Tirthgarh. 

 

Swadesh Darshan scheme is one of the flagship schemes of the Ministry of tourism, for development of thematic circuits in the country in a planned and prioritised manner. The scheme was launched in 2014 -15 and as on date the Ministry has sanctioned 74 projects worth Rs. 5997.47 Crore to 31 States and UTs. 30 projects / major components of these projects are expected to be completed this year.

 

Development of Tribes and Tribal Culture is one of the prime area of focus for the Ministry of Tourism. The Ministry is carrying out an array of activities for development and promotion of tourism in the tribal region.  The Ministry is developing the tourism infrastructure in the region under its schemes of Swadesh Darshan. Under the tribal circuit theme of the scheme the Ministry has sanctioned 4 projects to Nagaland, Telangana and Chhattisgarh for Rs. 381.37 Crores.

 

Chhattisgarh is known for its exceptional scenic beauty and uniquely rich cultural heritage. The state has always been synonymous with tribes and tribal culture. Over one third of the state population is of tribes, the tribes here are unique in their lifestyles and have beautifully retained their own culture and traditions for centuries. Given the significant dominance of indigenous population in the region, the Ministry of Tourism, Government of India has selected Chhattisgarh to be included in the Swadesh Darshan Scheme under Tribal Circuit theme, with an objective to acknowledge the sovereignty of tribes, promote the rich and diverse primitive assets in the state.

 

Major components sanctioned include eco log huts, craft haats, souvenir shops/ kiosk, tourist reception & facilitation centres, open amphitheatre, tribal interpretation centres, workshop centres, tourist amenities centres, last mile connectivity, wayside amenities, viewpoints, nature trails, solar illuminations, signages solid waste management etc. These components are perceived to improve existing tourist facilities and enhance the overall tourist experience, therefore, help in getting more visitors which in return will increase job opportunities in the area. 

 

*****

JP/PS

The Prime Minister, Shri. Narendra Modi, today, inaugurated the Global Mobility Summit in New Delhi.  

Addressing the summit, Prime Minister said that India is on the move, in terms of its economy, infrastructure, youth and many other areas. He said that mobility is a key driver of the economy; it can boost economic growth and create employment opportunities. 

Prime Minister also outlined the vision for the future of mobility in India based on 7 C’s. The 7 C’s are Common, Connected, Convenient, Congestion-free, Charged, Clean and Cutting-edge. 

 

Following is the full text of PM’s address: 

“Excellencies, 

Distinguished Delegates from across the World, 

Ladies and Gentlemen. 

 I welcome you all to the Global Mobility Summit.  

Move - The name of this Summit captures the spirit of India today. Indeed, India is on the Move: 

Our economy is on the Move. We are the world’s fastest growing major economy. 

Our cities and towns are on the Move. We are building one hundred smart cities. 

Our infrastructure is on the Move. We are building roads, airports, rail lines and ports at a quick pace. 

Our goods are on the Move. The Goods and Services Tax has helped us rationalize supply chains and warehouse networks. 

 Our reforms are on the Move. We have made India an easier place to do business.  

Our lives are on the Move. Families are getting homes, toilets, smoke-free LPG cylinders, bank accounts and loans. 

Our youth are on the Move. We are fast emerging as the start-up hub of the world. India is moving ahead with new energy, urgency and purpose   

 

Friends,

 

We all know that, mobility has been key to the progress of humanity. 

The world is now in the middle of a new mobility revolution. It is, therefore, important to understand mobility as a wider construct.  

Mobility is a key driver of the economy. Better mobility reduces the burden of travel and transportation and can boost economic growth.  It is already a major employer and can create the next generation of jobs.  

 Mobility is central to urbanization. Motorized personal vehicles require ever-growing road, parking, and traffic infrastructure.  

Mobility is a key element of ‘ease of living’. It occupies the minds of virtually every person: in time spent to get to school and work, in frustration with traffic, in the cost of visiting family or moving goods, in access to public transport, in the quality of air our children breathe in concerns around the safety of travel.  

Mobility is critical to preserving our planet. Road transport accounts for one fifth of global Carbon dioxide emissions. This threatens to choke cities and raise global temperatures.  

Creating a mobility eco-system that is in sync with nature is the need of the hour.  

Mobility is the next frontier in our fight against Climate Change. Better mobility can provide for better jobs, smarter infrastructure, and improve the quality of life. It can also reduce costs, expand economic activity and protect the planet. Thus, the mobility sector impacts larger public outcomes.  

 Mobility, especially the digitization of mobility, is disruptive. It has big potential for innovation and it has been setting a searing pace!

Already, people are calling taxis on their phones, sharing bicycles in cities; buses are running on clean energy, cars are going electric. 

 In India, we have been laying emphasis on mobility. We have doubled our pace of construction of highways.  

We have re-energized our rural road-building programme. We are promoting fuel efficient and cleaner fuel vehicles. We have developed low-cost air connectivity in under-served regions. We are also starting operations on hundreds of new air routes. 

We are pushing waterways in addition to traditional modes like rail and road. 

We are reducing travel distances in our cities by efficient location of homes, schools and offices.  

We have also started data-driven interventions such as intelligent traffic management systems. 

However, we also need to encourage pedestrians and cycling by taking steps ensure their safety and priority.

 

Friends,

 

 In a rapidly transforming mobility paradigm, India has some inherent strengths and comparative advantages. Our starting point is fresh. We have little of the legacy of resource-blind mobility.  

We have fewer vehicles per capita than other major economies. Thus, we do not carry much of the baggage of other economies that were built on the back of private car ownership! This gives us the window of opportunity to create an all-new, seamless mobility eco-system. 

On the technology front, our strengths lie in information technology, big data, digital payments, and the internet-enabled shared economy. These elements are increasingly becoming the drivers of the global future of mobility.

 Our unique identity program, Aadhaar, and its India-stack eco-system, has laid down a comprehensive public digital infrastructure. It has digitally empowered 850 million of our citizens. India can demonstrate how such digital infrastructure can be combined with new mobility business models. 

Our renewable energy push will ensure that the environmental benefits of electric mobility can be fully realized. We plan to draw 175 GigaWatts of energy from renewables by 2022. We are already the fifth largest producer of solar energy in the world. We are also the sixth largest producer of renewable energy. We have also championed the cause of solar energy globally through the International Solar Alliance.  

We have a fast growing manufacturing base, especially in the automotive sector.  

We also have a large, digitally literate, young population. This provides millions of educated minds, skilled hands and aspirational dreams for powering the future.  

Therefore, I am convinced that India is best placed globally, to be an early mover in the ‘Mobility Economy’.  

My vision for the future of mobility in India is based on 7 C’s – Common, Connected, Convenient, Congestion-free, Charged, Clean and Cutting-edge. 

1.     Common: Public Transport must be the cornerstone of our mobility initiatives. New business models driven by digitization, are re-inventing the current paradigm. Big Data is enabling smarter decision-making by better understanding our patterns and needs.  

Our focus must also go beyond cars, to other vehicles such as scooters and rickshaws. Large segments of the developing world depend on these vehicles for mobility. 

2.     Connected mobility implies integration of geographies as well as modes of transport. The internet-enabled Connected Sharing Economy is emerging as the fulcrum of mobility.  

We must leverage the full potential for vehicle pooling and other innovative technical solutions to improve private vehicle utilization. People from villages should be able to bring their produce to the cities with ease and efficiency.  

3.     Convenient mobility means safe, affordable and accessible for all sections of the society. This includes the elderly, the women and the specially abled. We need to ensure that public transport is preferred to private modes of travel. 

4.     Congestion free mobility is critical to check the economic and environment costs of congestion. Hence, there should be emphasis on ending bottlenecks of networks. This would result in fewer traffic jams and lower levels of stress for people travelling.   It would also lead to greater efficiency in logistics and freight. 

5.     Charged mobility is the way forward. We want to drive investments across the value chain from batteries to smart charging to Electric Vehicle manufacturing. India’s business leaders and manufacturers are now poised to develop and deploy break-through battery technology.  

The India Space Research Organization uses one of the best battery systems to run satellites in space. Other institutions can partner with ISRO to develop cost effective and efficient battery systems for electric cars. We want to build India as a driver in Electric Vehicles.  

We will soon put in place a stable policy-regime around electric and other alternative fuel vehicles. Policies will be designed as a win-win for all, and enable huge opportunities in the automotive sector.  

6.     Clean Mobility powered by Clean Energy is our most powerful weapon in our fight against Climate Change! This means a pollution-free clean drive, leading to clean air and better living standards for our people.  

We should champion the idea of ‘clean kilometres’. This could be achieved through bio-fuels electric or solar charging. Electric Vehicles in particular can complement our investments in renewable energy.  

We will do whatever it takes, because this is our commitment to our heritage, and our promise to future generations. 

7.     Cutting-edge: Mobility is like the Internet in its early days. It is Cutting-edge.  It is the next big innovation sector. The ‘Move Hack’ and ‘Pitch to Move’ events organized over the past week show how young minds are coming up with creative solutions.

 Entrepreneurs should see mobility as a sector with immense opportunity for innovation and growth. It is a sector where innovation can help solve problems for public good.

Friends,

 

I am convinced that the ‘Mobility Revolution’ is an enabler of our growth and development. When India transforms mobility, it benefits one fifth of mankind. It also becomes a scaled success story, for others to replicate. 

Let us build a template, for the world to adopt. 

 In conclusion, let me particularly appeal to the youth of India.  

My young, dynamic friends, this is your opportunity to lead a new era of innovation.  This is the future. This is the sector that will absorb everything from those with doctors to engineers to drivers to mechanics. We should embrace this revolution early, and leverage our strengths to lead the mobility innovation ecosystem both for ourselves and for others.  

The Talent and Technology assembled here today, has the capability of making a transformative mobility shift for India and the World.  

This shift will be based on ‘Caring for our World’, and ‘Sharing with Others’.  

 To quote from our ancient scriptures:

 

  सह नाववतु

सह नौ भुनक्तु

सह वीर्यं करवावहै

तेजस्वि ना वधीतमस्तु मा विद्विषावहै

 

Which means:

May we all be Protected.

May we all be Nourished

May we work together with great energy

May our intellect be Sharpened

 

Friends!

 

 I look forward to see what we can do together.  

This summit is just the beginning. Let us Move ahead. 

Thank you.

Thank You Very Much!

 

******

AKT/VJ

Canadian Solar, one of the world's largest solar power companies, has acquired 97.6MWp solar photovoltaic project in Cafayate, Salta Province, Argentina.

The Cafayate Project was awarded in the second public renewable energy tender in Argentina, receiving a USD denominated 20-year Power Purchase Agreement at US$56.28/MWh. Canadian Solar plans to start construction on the plant in July 2018. Once connected to the grid by Q2 of 2019, the plant will generate approximately 235,777 MWh of electricity per year, which will be sold to CAMMESA.

Verano Capital, an American project developer headquartered in Santiago, announced  that the 47 MW solar project they initially developed was selected in Chile’s latest energy tender with a winning bid at $25.38/MWh, the lowest 24/7 block price combining solar and wind ever recorded in the history of energy tenders.

The twin-island state Antigua and Barbuda has taken a leading role in terms of clean energy supply in the Caribbean.

Tamarugal Solar Project in the Tarapacá region will provide reliable, non-intermittent electricity from solar energy 24-hours a day 

SolarXXL is an already well known and successful company for photovoltaics in Europe.

France’s EDF Renewable Energy (EN) has inaugurated the 146 MW Boléro solar plant in the Atacama Desert of Northern Chile, according to a press release.

SAN FRANCISCO--(BUSINESS WIRE)--According to a new survey on corporate giving from the Chronicle of Philanthropy, the Wells Fargo Foundation is the No. 2 corporate cash giver in the U.S. and the top financial institution in overall giving.

The rankings, based on 2017 data, reflect more than $286.5 million in cash contributions distributed by Wells Fargo to over 14,500 nonprofits. The funding supports such important causes as affordable housing, small business growth, job readiness and environmental sustainability. Earlier in 2018, the Wells Fargo Foundation announced it would contribute $400 million to communities across the U.S. – a 40 percent increase in giving – and it is currently on track to reach that milestone.

“We wholeheartedly believe that business can and should play a role in building stronger communities,” said Jon R. Campbell, president of the Wells Fargo Foundation. “In fact, leadership in corporate citizenship is one of our six company goals, and our team members know and embrace this commitment by not only supporting our philanthropy but also donating more than two million hours of volunteer time in local communities. For nonprofits of all sizes, we know that cash donations are vital so we will continue to do our part to work together to bring hope and stability to people and underserved communities.”

Recent contributions from the Wells Fargo Foundation include:

  • The Tribal Solar Accelerator Fund – a three-year, $5 million philanthropic commitment to help GRID Alternatives expand solar energy to tribal communities across the U.S. The project will expand no-cost solar to reservations, greatly reducing energy bills, and train tribal members in solar jobs.
  • The NeighborhoodLIFT® program – in collaboration with NeighborWorks® America and its network members, this program recently expanded to Boston; Kansas City, Mo.; Chicago; and Des Moines, Iowa to boost homeownership. In 2018, Wells Fargo has committed more than $75 million to extend its reach. Since the program’s inception, the down payment assistance and homebuyer education initiative has helped more than 18,000 families achieve homeownership.
  • Financial Capability – with more than $21 million in funding in the last year, financial counseling and coaching for underserved communities, families and struggling small business owners has put more people on a pathway to financial stability. Our most recent $3.5 million commitment helps participants set long-term goals and provides a local expert to coach them towards success.

Beginning in 2019, Wells Fargo will invest two percent of its after-tax profits for philanthropy.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,300 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 38 countries and territories to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. In 2017, Wells Fargo donated $286.5 million to 14,500 nonprofits and Wells Fargo team members volunteered a record 2 million hours. In 2018, Wells Fargo is ranked as the No. 2 corporate cash donor in the U.S., according to the Chronicle of Philanthropy. Wells Fargo’s corporate social responsibility efforts are focused on three strategic priorities: diversity and social inclusion, economic empowerment, and environmental sustainability. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

NEW YORK, Sept. 18, 2018 /PRNewswire/ --

About GaAs Wafers

Gallium arsenide (GaAs) compound semiconductors are characterized by high electron mobility, more heat resistance than silicon and wide operating range frequency. GaAs based ICs are used in high power amplifiers and ultra-high radio frequency devices. Owing to low reverse saturating current and high break down voltage, GaAs wafers are also used in optoelectronic devices such as LEDs and solar cells.

Read the full report: https://www.reportlinker.com/p05501597

Technavio's analysts forecast the global GaAs wafers market to grow at a CAGR of 12.02% during the period 2018-2022.

Covered in this report
The report covers the present scenario and the growth prospects of the global GaAs wafers market for 2018-2022. To calculate the market size, the report considers the revenue generated from the use of barley in various application including wireless communication network, mobile devices and aerospace and defense.

The market is divided into the following segments based on geography:
• Americas
• APAC
• EMEA

Technavio's report, Global GaAs Wafers Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Key vendors
• Advanced Wireless Semiconductor
• AXT
• DOWA Electronics Materials
• Global Communication Semiconductors
• IQE
• WIN Semiconductor

Market driver
• Advancements in defense, aerospace and aviation sectors
• For a full, detailed list, view our report

Market challenge
• High cost of GaAs wafers
• For a full, detailed list, view our report

Market trend
• Advancements in network infrastructure
• For a full, detailed list, view our report

Key questions answered in this report
• What will the market size be in 2022 and what will the growth rate be?
• What are the key market trends?
• What is driving this market?
• What are the challenges to market growth?
• Who are the key vendors in this market space?

You can request one free hour of our analyst's time when you purchase this market report. Details are provided within the report.

Read the full report: https://www.reportlinker.com/p05501597

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

__________________________
Contact Clare: This email address is being protected from spambots. You need JavaScript enabled to view it.
US: (339)-368-6001
Intl: +1 339-368-6001

SOURCE Reportlinker

Related Links

http://www.reportlinker.com

ENGIE’s CSR performance has once again been recognised by the extra-financial rating agency RobecoSAM which has confirmed the Group’s membership of the Dow Jones Sustainability Index (DJSI) World and Europe indices in 2018. The 2018 assessment places the Group as “industry leader” in its sector (Multi and Water Utilities) with a score of 82 out of 100.

We have once again been recognised by the market as being a leading actor at the international level in terms of CSR. This confirms the relevance of our strategy of bringing together economic performance and the societal and environmental commitments of the company”, Isabelle Kocher, CEO of the Group stated.

Launched in 1999, the DJSI World is the first global index to distinguish the best performing companies with respect to sustainability. Companies included in the DJSI are recommended for sustainable investment by RobecoSAM, whose rating is considered the most renowned1 among experts (including NGOs, public administrations, universities, businesses, media) and as the most credible1, after the CDP (formerly the Carbon Disclosure Project).

RobecoSAM analyses a wide range of environmental, social and governance factors. The 3,500 largest global companies are invited every year to take part in the assessment carried out by RobecoSAM.

About ENGIE

We are a worldwide energy and services group which is structured around three key businesses: the production of low-carbon energy, particularly from natural gas and renewable energies, energy infrastructure and customer solutions. Motivated by our ambition to contribute to harmonious progress, we are addressing the main global challenges such as combating global warming, access to energy for all and mobility, and offer our individual, business and community customers solutions for producing energy and services that reconcile individual interests with collective challenges. Low-carbon in nature, our integrated, efficient and sustainable offering harnesses digital technologies. Besides the energy issue, they are facilitating the development of new uses and promoting new ways of living and working. Our ambition is being realised every day by each of our 150,000 employees in 70 countries. With our customers and our partners, they constitute a community of imaginative builders who are today imagining and building solutions for the future. 2017 turnover: 65 billion euros. Listed in Paris and Brussels (ENGI), the Group is represented in the main financial indices CAC 40, BEL 20, Euro STOXX 50, STOXX Europe 600, MSCI Europe, Euronext 100, FTSE Eurotop 100, Euro STOXX Utilities, STOXX Europe 600 Utilities) and extra-financial indices (DJSI World, DJSI Europe et Euronext Vigeo Eiris - World 120, Eurozone 120, Europe 120, France 20, CAC 40 Governance).

For more information: www.engie.com

SHANGHAI, Sept. 18, 2018 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (NYSE :SOL ), a leading fully integrated solar project developer and operator, today announced that the Company will participate in the 6th Annual ROTH Solar & Storage Symposium on Tuesday, September 25, 2018 in Anaheim, California in conjunction with the Solar Power International Conference and Expo (SPI).

Chief Financial Officer, Xiaoliang Liang and CEO, North America and Group VP of Strategy, Doran Hole, will host investor meetings throughout the symposium. Attendance is by invitation only for clients of ROTH Capital Markets. Please contact your ROTH sales representative for registration information and to schedule a meeting with ReneSola.

About ReneSola

Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (NYSE :SOL ) is an international leading brand of solar project developer. Leveraging its global presence and solid experience in the industry, ReneSola is well positioned to develop green energy projects with attractive return around the world. For more information, please visit www.renesolapower.com.

For investor and media inquiries, please contact:

In China:

ReneSola Ltd
Mr. Johnny Pan
+86 (21) 6280-9180 x131
This email address is being protected from spambots. You need JavaScript enabled to view it.

The Blueshirt Group Asia
Mr. Gary Dvorchak, CFA
+86 (138) 1079-1480
This email address is being protected from spambots. You need JavaScript enabled to view it.

In the United States:

The Blueshirt Group
Mr. Ralph Fong
+1 (415) 489-2195
This email address is being protected from spambots. You need JavaScript enabled to view it.

SOURCE ReneSola Ltd.

Related Links

http://www.renesolapower.com

WASHINGTON, Sept. 17, 2018 /PRNewswire/ -- Members of NASA's New Horizons spacecraft team will host a Science Chat at 1 p.m. EDT Wednesday, Sept. 19, on humanity's farthest planetary flyby, scheduled to occur Jan. 1 when the spacecraft encounters a mysterious object in the Kuiper Belt nicknamed "Ultima Thule."

The Sept. 19 event will be livestreamed from the New Horizons Mission Operations Center at the Johns Hopkins University Applied Physics Laboratory (APL) in Laurel, Maryland. It will air on Facebook Live, NASA Television, Ustream, YouTube and the agency's website.

The conversation will cover a range of topics, including the preparations, plans and goals for exploring Ultima. The encounter will occur approximately 4 billion miles from Earth, complementing the discoveries still coming from the mission's July 2015 flight through the Pluto system, during which the spacecraft provided the first close-up images of Pluto and its moons, collecting data that has transformed our understanding of our solar system's outer frontier. For the upcoming flyby, the mission team is planning to come three times closer to Ultima than it did Pluto.

Participants in the Science Chat include:

  • Jim Green, chief scientist, NASA Headquarters, Washington
  • Alan Stern, New Horizons principal investigator, Southwest Research Institute, Boulder Colorado
  • Alice Bowman, New Horizons mission operations manager, APL

The public can ask questions on Twitter using the hashtag #askNASA or by leaving a comment on the stream of the event on the New Horizons Facebook page. Media may submit questions before and during the event by emailing JoAnna Wendel at This email address is being protected from spambots. You need JavaScript enabled to view it.                    

For information about NASA's New Horizons mission, visit:

http://www.nasa.gov/newhorizons

and

http://pluto.jhuapl.edu

SOURCE NASA

Related Links

http://www.nasa.gov

ADELAIDE, Australia--(BUSINESS WIRE)--SolarReserve, a leading worldwide developer of large-scale solar power projects and advanced solar thermal technology, announced it has signed a Memorandum of Understanding (MOU) with Heliostat SA, a South Australian company focused on the manufacture and assembly of heliostats and heliostat components.

Bringing manufacture jobs to South Australians

Under the MOU, Heliostat SA and SolarReserve will partner in the development of plans and processes for the supply, fabrication and assembly of more than 12,800 of SolarReserve’s proprietary SR96 heliostat assemblies for the Aurora Solar Energy Project near Port Augusta, South Australia.

Heliostats are the large tracking mirrors in a solar thermal power station, which follow the sun throughout the day and precisely reflect and concentrate sunlight onto a receiver. [How it works] The SR96 heliostat will provide market leading performance, fully integrated with SolarReserve’s proprietary molten salt receiver and controls system. Each of the assemblies includes 96 square metres of glass, plus steel supports and electric drives, resulting in a field of mirrors with more than a million square metres of surface area.

“We’re excited to have formed a long-term partnership with Heliostat SA and look forward to teaming up with them to bring manufacturing of our world-class heliostats to South Australian workers,” said Kevin Smith, SolarReserve’s Chief Executive Officer. “SolarReserve is committed to supporting South Australia’s goals which will attract investment, create South Australian jobs and build an exciting and growing new industry.”

“Signing the MOU marks a significant step forward in the partnership between our companies,” said David Linder-Patton, Heliostat SA’s Chief Executive Officer. “The team at Heliostat SA are really looking forward to adapting the low-cost manufacturing techniques learned from more than 20 years of automotive knowhow into the manufacture and assembly of the SR96. Heliostat SA plans to exploit our supply chain knowledge across the SR96 program, to ensure a very high local South Australian content is achieved.”

Close to 200 jobs could be created in South Australia solely as a result of a deal between Heliostat SA and SolarReserve for the Aurora project, including over 115 unique skilled labor positions related to manufacturing of steel components and heliostat assemblies. The two companies are working together to complete the final agreement, which includes achieving as much local content and labour as possible. The balance of construction of SolarReserve’s Aurora project in Port August is anticipated to create an additional 650 full-time construction jobs on site, and more than 4,000 direct, indirect and induced jobs in the region.

The Aurora project is being developed with the option to add solar photovoltaic (PV) technology in order to maximise electricity generation from the CSP facility during peak demand periods, as well as meet the station’s own electricity needs. The addition of PV could broaden the scope of Heliostat SA’s manufacturing supply to include PV racking systems.

Investing in South Australia’s Renewable Energy Future

The Aurora project is part of a much bigger picture for South Australia. SolarReserve hopes to build six solar thermal projects in the State over the next ten years, with their Australian headquarters in Adelaide serving as the development hub. South Australian manufacturing will be well positioned to support these future projects.

“The Aurora project along with SolarReserve’s future investment in the state will develop a supply chain and local manufacturing expertise that can be leveraged across the broader region, create thousands of jobs for South Australians, and bring about a new age in clean, reliable and affordable energy,” said Tom Georgis, SolarReserve’s Senior Vice President of Development.

Heliostat SA is a South Australian company and part of the Fusion Renewables Group which comprises Precision Components, Fusion Capital, and the University of South Australia. Precision Components is a founder shareholder of Heliostat SA, having historically been a tier one supplier to Ford, Toyota and GM Holden.

After auto producers announced their decision to cease manufacturing cars in Australia, Heliostat SA was borne out of Precision’s strategic plan to transition from a component hot stamping and metal pressing business to an advanced manufacturing and engineering business with a focus on high value-add, specialized products in emerging markets leveraging collaborative partnerships with like-minded companies and universities. Fusion Capital is the investment arm of Precision Components and looks at investments into advanced manufacturing and engineering opportunities, which have synergies with their existing portfolio of projects and include mass transport solutions and renewables.

Video:

About SolarReserve

SolarReserve is a leading global developer, owner and operator of utility-scale solar power projects, with more than $1.8 billion of projects in operation worldwide. The company has commercialised its proprietary ThermaVault™ advanced solar thermal technology with integrated molten salt energy storage that delivers renewable power that is dispatchable 24-hours per day. The U.S. developed technology is now one of the world’s leading energy storage technologies and allows solar energy to operate like traditional fossil-fired and nuclear electricity generation – except the fuel is the sun which means zero emissions, zero hazardous waste, and zero dependence on fuel price volatility.

SolarReserve is also experienced in advanced heliostat and collector field design, deployment and controls. The company’s heliostat innovation areas include advancements in pointing accuracy, nimble structure design, high precision and efficient drive systems, ultra-light and high reflectivity mirror facets, and various heliostats and collector field control, power and communication systems.

Since the company's formation in early 2008, SolarReserve's experienced team has assembled a pipeline of over 13 gigawatts across the world's most attractive, high growth renewable energy markets. SolarReserve is headquartered in the US and maintains a global presence with six international offices to support widespread project development activities across more than 20 countries. The company has been developing projects in Australia since 2013, with its Australian headquarters located in Adelaide, and field office located in Port Augusta.

Visit www.solarreserve.com for more information about SolarReserve.

About Heliostat SA

Heliostat SA is a leading solar manufacturing and professional services company spun off from the automotive components manufacturer Precision Components Australia, prior to the windup of car manufacturing in Australia.

Heliostat SA licenced the technology to commercialise and manufacture the CSIRO designed heliostat and control software in 2014. It has installed fields in Japan, and more recently built an R&D field with twenty five (25) heliostats located at Edinburgh Parks, South Australia.

The company continues to pursue Concentrated Solar Thermal (CST) applications for high temperature industrial processes to offset high gas usage to create steam for numerous industry sectors. Key target markets include ore, chemical and food processing sectors.

Heliostat SA has developed an all Australian designed and manufactured Single Axis Tracking (SAT), Fixed and Ballast framing systems for large scale Photovoltaic (PV) solar farms. The design and manufactured framing systems utilise automation processes, low cost manufacturing techniques that have been successfully developed for the automotive sector.

Visit www.heliostat.com.au for more information about Heliostat SA.

SHANGHAI, Sept. 17, 2018 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the photovoltaic (PV) industry, today announced that it was ranked as a top solar brand in debt financed projects and named the most "bankable" PV manufacturer by Bloomberg New Energy Finance (BNEF) for the second consecutive year. 57 solar manufacturers were ranked based on BNEF's global survey of key PV stakeholders assessing which module brands used in projects are most likely to obtain non-recourse debt financing from commercial banks.

Survey respondents included banks, technical consultants, EPCs, and independent power producers (IPPs) from all around the world. Considering product quality, long term reliability, field deployment performance, and the manufacturer's financial strength, 100% of survey respondents considered JinkoSolar as bankable. Aligning with JinkoSolar's high bankability score, BNEF's database also shows that projects using JinkoSolar modules have secured more debt financing than any other brand since July 2016.

"To be nominated again by BNEF confirms that JinkoSolar is the preferred brand by customers, investors, and banks due to their high quality," said Kangping Chen, CEO of JinkoSolar. "The brand that industry players and banks are more willing to use in their projects and finance is JinkoSolar, which I am extremely proud of. Our R&D team is committed to nurturing technological innovation and quality improvements. We believe that high-quality products will bring better returns to investors."

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the world's largest and foremost solar module manufacturers. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 9 GW for silicon ingots and wafers, 5 GW for solar cells, and 9 GW for solar modules, as of June 30, 2018.

JinkoSolar has over 12,000 employees across its 8 productions facilities globally, 15 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and United Arab Emirates, and global sales teams in United Kingdom, Bulgaria, Greece, Romania, Jordan, Saudi Arabia, Egypt, Morocco, Ghana, Kenya, South Africa, Costa Rica, Colombia, Panama and Argentina.

To find out more, please see: www.jinkosolar.com

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:

Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Mr. Christian Arnell
Christensen, Beijing 
Tel: +86 10 5900 2940
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

In the U.S.:

Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Cision View original content:http://www.prnewswire.com/news-releases/jinkosolar-ranked-as-top-solar-brand-used-in-debt-financed-projects-and-most-bankable-pv-manufacturer-by-bloomberg-new-energy-finance-for-the-second-consecutive-year-300713550.html

SOURCE JinkoSolar Holding Co., Ltd.

SHANGHAI, Aug. 24, 2018 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE:JKS), a global leader in the solar PV industry, today announced that it has signed a 240MW solar module supply agreement with POWERCHINA Huadong Engineering Corporation Limited ("POWERCHINA HUADONG") for the second phase of the 420 MW Dau Tieng solar plant in Vietnam, which will become the largest solar power project in Southeast Asia when completed.

The Dau Tieng project is located in Tay Ninh, southwest Vietnam and is being developed by Vietnam'sXuan Cau Co Ltd and Thailand'sB.Grimm Power Public Co Ltd. POWERCHINA HUADONG is responsible for EPC. The project is a milestone in the accelerating development of new energy markets in Vietnam and even across Southeast Asia.

"We stood out from our competition during the selection process by POWERCHINA HUADONG as a result of our excellent products, high-quality services and strong brand recognition," commented Mr. Gener Miao, Vice President Global Sales and Marketing of JinkoSolar. "With the reduction of solar costs, the competitiveness of solar energy is increasing, we look forward to working closely again with POWERCHINA to participate in more outstanding solar energy projects globally."

Mr. Leiming Shi, Vice President of POWERCHINA HUADONG, commented, "A number of projects developed by POWERCHINA HUADONG are located in countries that often experience power shortages along the 'Belt and Road' route. These projects have strengthened the partnerships between each country and have helped Chinese companies to go global, allowing them to gain valuable experience in the planning, design, construction and operation of solar plants. Developing a partnership with a global leader like JinkoSolar to push this project forward allows us to use their high quality modules and leverage their mature global sales network. We look forward to deepening our relationship by working on more international power projects in the future and jointly expanding the influence of Chinese companies in the international clean energy market."

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is a global leader in the solar industry. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 9 GW for silicon ingots and wafers, 5 GW for solar cells, and 9 GW for solar modules, as of June 30, 2018.

JinkoSolar has over 12,000 employees across its 8 production facilities globally, 15 overseas subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and United Arab Emirates, and global sales teams in theUnited Kingdom, Bulgaria, Greece, Romania, Jordan, Saudi Arabia, Egypt, Morocco, Ghana, Kenya, South Africa, Costa Rica, Colombia, Panama and Argentina.

To find out more, please see: www.jinkosolar.com

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:
Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Cision View original content:http://www.prnewswire.com/news-releases/jinkosolar-signs-solar-module-supply-agreement-for-the-development-of-southeast-asias-largest-solar-power-project-300701975.html

SOURCE JinkoSolar Holding Co., Ltd.

SHANGHAI, Aug. 13, 2018 /PRNewswire-FirstCall/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the solar PV industry, today announced its unaudited financial results for the second quarter ended June 30, 2018.

Second Quarter 2018 Highlights

  • Total solar module shipments were 2,794 megawatts ("MW") (including 200 MW to the Company's overseas downstream segment for which no revenue has been recognized), an increase of 38.7% from 2,015 MW in the first quarter of 2018 and a decrease of 3.1% from 2,884 MW in the second quarter of 2017.
  • Total revenues were RMB6.06 billion (US$915.9 million), an increase of 32.7% from the first quarter of 2018 and a decrease of 23.5% from the second quarter of 2017.
  • Gross margin was 12.0%, compared with 14.4% in the first quarter of 2018 and 10.5% in the second quarter of 2017.
  • Income from operations was RMB94.6 million (US$14.3 million), compared with RMB125.0 million in the first quarter of 2018 and RMB85.3 million in the second quarter of 2017.
  • Net income attributable to the Company's ordinary shareholders was RMB99.0 million (US$15.0 million) in the second quarter of 2018, compared with RMB3.6 million in the first quarter of 2018 and RMB47.4 million in the second quarter of 2017.
  • Diluted earnings per American depositary share ("ADS") were RMB2.512(US$0.408) in the second quarter of 2018.
  • Non-GAAP net income attributable to the Company's ordinary shareholders in the second quarter of 2018 was RMB106.7 million (US$16.1 million), compared with RMB11.0 million in the first quarter of 2018 and RMB61.2 million in the second quarter of 2017.
  • Non-GAAP basic and diluted earnings per ADS were RMB2.728(US$0.412) and RMB2.708(US$0.408) in the second quarter of 2018, compared with RMB0.300 and RMB0.296 in the first quarter of 2018 and RMB1.908 and RMB1.892 in the second quarter of 2017.

Mr. Kangping Chen, JinkoSolar's Chief Executive Officer commented, "We delivered a strong quarter with module shipments hitting 2,794 MW while generating total revenue of US$915.9 million. Leveraging our cutting-edge technologies, strong global sales network, and industry leading cost structure, I'm confident in our ability to generate sustainable profits and growth going forward."

"Growth during the quarter was strong and we expect this momentum to continue into the second half of the year despite the impact from the new policies issued by the Chinese government on May 31 as shipments to overseas markets are expected to continue growing and account for an increasing proportion of our shipments. We believe these new policies will have a relatively limited impact on our operations over the short-term and are optimistic about our future prospects. We expect demand from Top Runner Program, poverty alleviation projects, local government subsidies, and self-contained DG projects to continue to drive the growth in the Chinese market, especially in regions with ample sunlight and high commercial power prices."

"We already have good visibility of our order book for the entire year which is predominantly made up of overseas orders to markets which are growing rapidly and will generate significant opportunities ahead. We are taking full advantage of our market leading position and production facility in Florida to expand our presence in the US market. Demand in emerging markets continues to grow, especially in Latin American and the Middle East and North Africa. We are devoting our resources there towards securing large long-term orders through our mature sales network which spans a number of markets there. We believe the Indian solar sector will maintain its long-term growth trajectory despite the short-term impact of recently announced tariffs and will continue to explore opportunities there."

"We continued to develop high-efficiency technologies while optimizing the cost structure of our products. We made significant progress in improving wafer efficiency and reducing both oxygen content and light induced degradation. We are increasing our mono PREC cell capacity which will reach 4.2GW by the end of year. We are also investing in N type technology, especially HOT double sided cell technology. The falling cost of raw materials and our deep experience in rapidly rolling out new technologies will allow us to further optimize our cost structure going forward and help us increase market share by providing clients with high-efficiency products at cost effective prices."

"Despite some industry headwinds, we believe those challenges also create opportunities for us to further strengthen our position as a global leader in the solar PV industry. On one hand they will push the industrial upgrading and accelerate the industry's consolidation by phasing out outdated production capacities and replacing them with high efficiency ones; On the other hand, it will push the rapidly falling cost of solar, making solar more competitive and stimulating the global demand. We are now in a good position and are fully prepared for these new opportunities to continue to expand our market share and further consolidate our leading position in the industry."

Second Quarter 2018 Financial Results

Total Revenues

Total revenues in the second quarter of 2018 were RMB6.06 billion (US$915.9 million), an increase of 32.7% from RMB4.57 billion in the first quarter of 2018 and a decrease of 23.5% from RMB7.92 billion in the second quarter of 2017. The sequential increase was mainly attributable to an increase in the shipment of solar modules in the second quarter of 2018. The year-over-year decrease was mainly attributable to a decline in the average selling price of solar modules and a slight decrease in the shipment of solar modules in the second quarter of 2018.

Gross Profit and Gross Margin

Gross profit in the second quarter of 2018 was RMB727.6 million (US$110.0 million), compared with RMB656.1 million in the first quarter of 2018 and RMB834.8 million in the second quarter of 2017. The sequential increase was mainly attributable to an increase in the shipment of solar modules in the second quarter of 2018. The year-over-year decrease was mainly attributable to a decline in the average selling price of solar modules and a slight decrease in the shipment of solar modules, which was partially offset by a decrease in solar module cost in the second quarter of 2018.

Gross margin was 12.0% in the second quarter of 2018, compared with 14.4% in the first quarter of 2018 and 10.5% in the second quarter of 2017. The sequential decrease was mainly attributable to a decline in the average selling price of solar modules. The year-over-year increase was mainly attributable to a decrease in solar module cost, which was partially offset by a decrease in solar module shipments and a decline in the average selling price of solar modules in the second quarter of 2018.

Income from Operations and Operating Margin

Income from operations in the second quarter of 2018 was RMB94.6 million (US$14.3 million), compared with RMB125.0 million in the first quarter of 2018 and RMB85.3 million in the second quarter of 2017. Operating margin in the second quarter of 2018 was 1.6%, compared with 2.7% in the first quarter of 2018 and 1.1% in the second quarter of 2017.

Total operating expenses in the second quarter of 2018 were RMB633.0 million (US$95.7 million), an increase of 19.2% from RMB531.1 million in the first quarter of 2018 and a decrease of 15.5% from RMB749.5 million in the second quarter of 2017. The sequential increase was mainly due to an increase in shipping cost as a result of an increase in solar module shipments, an increase in bad debt expenses and an occurrence of provision for impairment of property, plant and equipment for certain damaged equipment of South Africa manufacturing facilities. The year-over-year decrease was primarily due to a decrease in shipping costs.

Total operating expenses accounted for 10.4% of total revenues in the second quarter of 2018, compared to 11.6% in the first quarter of 2018 and 9.5% in the second quarter of 2017.

Interest Expense, Net

Net interest expense in the second quarter of 2018 was RMB80.6 million (US$12.2 million), a decrease of 5.6% from RMB85.4 million in the first quarter of 2018 and an increase of 0.1% from RMB80.6 million in the second quarter of 2017.

Exchange Gain / (Loss), Net and Change in Fair Value of Forward Contracts

The Company recorded a net exchange gain (including change in fair value of forward contracts) of RMB20.8 million (US$3.1 million) in the second quarter of 2018, compared to a net exchange loss of RMB90.8 million in the first quarter of 2018 and a net exchange loss of RMB34.2 million in the second quarter of 2017. The sequential gain was primarily due to the appreciation of the US dollar against the RMB during the quarter.

Change in Fair Value of Derivatives

The Company entered into Interest Rate Swap agreements with several banks for the purpose of reducing interest rate exposure. The Company recorded a gain of RMB14.3 million (US$2.2 million) in the second quarter of 2018, compared to a gain of RMB21.1 million in the first quarter of 2018 and a loss of RMB16.4 million in the second quarter of 2017. The sequential and year-over-year changes were primarily due to an increase in the LIBOR rate.

Equity in Income of Affiliated Companies

The Company indirectly holds 20% equity interest of Sweihan PV Power Company P.J.S.C, which develops and operates solar power projects in Dubai and accounts for its investments using the equity method. The Company also holds 30% equity interest in Jiangsu Jinko-Tiansheng Co., Ltd, which processes and assembles PV modules as OEM manufacturer and accounts for its investments using the equity method. The Company recorded equity in income of affiliated companies of RMB 28.0 million (US$ 4.2 million) in the second quarter of 2018, compared with a loss of RMB 5.2 million in the first quarter of 2018 and a loss of RMB 0.2 million in the second quarter of 2017.

Income Tax Benefit, Net

The Company recorded an income tax benefit of RMB10.0 million (US$1.5 million) in the second quarter of 2018, increased from RMB3.3 million in the first quarter of 2018 and decreased from RMB32.5 million in the second quarter of 2017. The sequential increase was mainly due to the additional 2017 income tax deduction for R&D costs approved by the local tax bureau in the second quarter of 2018.

Net Income and Earnings per Share

Net income attributable to the Company's ordinary shareholders was RMB99.0 million (US$15.0 million) in the second quarter of 2018, compared with RMB3.6 million in the first quarter of 2018 and RMB47.4 million in the second quarter of 2017.

Basic and diluted earnings per ordinary share were RMB0.633(US$0.096) and RMB0.628(US$0.095), respectively during the second quarter of 2018. This translates into basic and diluted earnings per ADS of RMB2.532(US$0.384) and RMB2.512(US$0.380), respectively.

Non-GAAP net income in the second quarter of 2018 was RMB106.7 million (US$16.1 million), compared with RMB11.0 million in the first quarter of 2018 and RMB61.2 million in the second quarter of 2017.

Non-GAAP basic and diluted earnings per ordinary share were RMB0.682(US$0.103) and RMB0.677(US$0.102), respectively during the second quarter of 2018. This translates into non-GAAP basic and diluted earnings per ADS of RMB2.728(US$0.412) and RMB2.708(US$0.408), respectively.

Financial Position

As of June 30, 2018, the Company had RMB2.56 billion (US$386.5 million) in cash and cash equivalents and restricted cash, compared with RMB2.86 billion as of March 31, 2018.

As of June 30, 2018, the Company's accounts receivables due from third parties were RMB4.77 billion (US$720.7 million), compared with RMB4.18 billion as of March 31, 2018.

As of June 30, 2018, the Company's inventories were RMB5.89 billion (US$890.2 million), compared with RMB4.71 billion as of March 31, 2018.

As of June 30, 2018, the Company's total interest-bearing debts were RMB9.29 billion (US$1.40 billion), compared with RMB8.38 billion as of March 31, 2018.

Second Quarter 2018 Operational Highlights

Solar Module Shipments

Total solar module shipments in the second quarter of 2018 were 2,794 MW, including 200 MW to the Company's overseas downstream segment.

Solar Products Production Capacity

As of June 30, 2018, the Company's in-house annual silicon wafer, solar cell and solar module production capacity was 9.0 GW, 5.0 GW and 9.0 GW, respectively.

Recent Business Developments

  • In June 2018, JinkoSolar announced that its wholly owned subsidiary, JinkoSolar (U.S.) Inc. has entered into a three-year agreement to supply 1.43GW of high efficiency modules to sPower, a leading renewable energy independent power producer.
  • In June 2018, JinkoSolar announced that it has supplied 275.4 MWdc of high efficiency modules to Green Light Contractors Pty Ltd for use in the Bungala Solar Farm near Port Augusta, South Australia, which is owned by a joint venture between Enel Green Power and Dutch Infrastructure Fund.
  • In July 2018, JinkoSolar announced that JinkoSolar Japan K.K., a subsidiary of the Company, has signed a JPY5.3 billion syndicated loan agreement up to two years with a bank consortium led by Sumitomo Mitsui Banking Corporation.
  • In July 2018, JinkoSolar announced that it will supply 86 MW of solar modules for a PV Plant that will be located in the Cesar, northern Colombia.
  • In July 2018, JinkoSolar announced that it is ranked 278th on the 2018 Fortune 500 Companies in China and 1st among solar manufacturers.

Operations and Business Outlook

Third Quarter and Full Year 2018 Guidance

For the third quarter of 2018, the Company estimates total solar module shipments to be in the range of 2.8 GW to 3.0 GW.

For the full year 2018, the Company estimates total solar module shipments to be in the range of 11.5 GW to 12 GW.

Conference Call Information

JinkoSolar's management will host an earnings conference call on Monday, August 13, 2018 at 8:00 a.m. U.S. Eastern Time (8:00 p.m.Beijing / Hong Kong the same day).

Dial-in details for the earnings conference call are as follows:

Hong Kong / International:

+852 3027 6500

U.S. Toll Free:

+1 855-824-5644

Passcode:

55864212#

Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call.

A telephone replay of the call will be available 2 hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, August 20, 2018. The dial-in details for the replay are as follows:

International:

+61 2 8325 2405

U.S.:

+1 646 982 0473

Passcode:

319295377#

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of JinkoSolar's website at www.jinkosolar.com.

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is a global leader in the solar industry. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 9.0 GW for silicon wafers, 5.0 GW for solar cells, and 9.0 GW for solar modules, as of June 30, 2018.

JinkoSolar has over 12,000 employees across its 8 productions facilities globally, 15 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and United Arab Emirates, and global sales teams in United Kingdom, Bulgaria, Greece, Romania, Jordan, Saudi Arabia, Egypt, Morocco, Ghana, Kenya, South Africa, Costa Rica, Colombia, Panama and Argentina.

To find out more, please see: www.jinkosolar.com

Use of Non-GAAP Financial Measures

To supplement its consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), JinkoSolar uses certain non-GAAP financial measures including, non-GAAP net income, non-GAAP earnings per Share, and non-GAAP earnings per ADS, which are adjusted from the comparable GAAP results to exclude certain expenses or incremental ordinary shares relating to share-based compensation, convertible senior notes and capped call options:

  • Non-GAAP net income is adjusted to exclude the expenses relating to interest expenses of convertible senior notes, exchange gain on the convertible senior notes, and stock-based compensation; given these Non-GAAP net income adjustments above are either related to the Company or its subsidiaries incorporated in Cayman Islands, which are not subject to tax exposures, or related to those subsidiaries with tax loss positions which result in no tax impacts, therefore no tax adjustment is needed in conjunction with these Non-GAAP net income adjustments; and
  • Non-GAAP earnings per Share and non-GAAP earnings per ADS are adjusted to exclude interest expenses of convertible senior notes and exchange gain on the convertible senior notes, and stock-based compensation.

The Company believes that the use of non-GAAP information is useful for analysts and investors to evaluate JinkoSolar's current and future performances based on a more meaningful comparison of net income and diluted net income per ADS when compared with its peers and historical results from prior periods. These measures are not intended to represent or substitute numbers as measured under GAAP. The submission of non-GAAP numbers is voluntary and should be reviewed together with GAAP results.

Currency Convenience Translation

The conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the readers, is based on the noon buying rate in the city of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of June 29, 2018, which was RMB6.6171 to US$1.00. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized, or settled into U.S. dollars at that rate or any other rate. The percentages stated in this press release are calculated based on Renminbi.

Safe-Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:
Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Christian Arnell
Christensen
Tel: +86-10-5900-2940
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

In the U.S.:
Ms. Linda Bergkamp
Christensen
Tel: +1-480-614-3004
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except ADS and Share data)


For the quarter ended


For the six months ended


June 30, 2017


March 31, 2018


June 30, 2018


June 30, 2017


June 30, 2018


RMB


RMB


RMB


USD


RMB


RMB


USD

 Revenues from third parties 

7,908,533


3,671,345


5,618,862


849,143


13,661,612


9,290,207


1,403,969















 Revenues from related parties 

15,555


895,491


441,769


66,762


39,279


1,337,260


202,092















 Total revenues 

7,924,088


4,566,836


6,060,631


915,905


13,700,891


10,627,467


1,606,061















 Cost of revenues 

(7,089,255)


(3,910,775)


(5,333,000)


(805,942)


(12,217,034)


(9,243,775)


(1,396,953)















 Gross profit 

834,833


656,061


727,631


109,963


1,483,857


1,383,692


209,108















 Operating expenses: 














   Selling and marketing 

(550,823)


(313,897)


(366,077)


(55,323)


(964,635)


(679,974)


(102,760)

   General and administrative 

(125,029)


(130,831)


(170,509)


(25,768)


(240,979)


(301,340)


(45,539)

   Research and development 

(73,694)


(86,382)


(81,907)


(12,378)


(136,180)


(168,289)


(25,432)

   Impairment of long-lived assets 

-


-


(14,548)


(2,199)


-


(14,548)


(2,199)

 Total operating expenses 

(749,546)


(531,110)


(633,041)


(95,668)


(1,341,794)


(1,164,151)


(175,930)















 Income from operations 

85,287


124,951


94,590


14,295


142,063


219,541


33,178

 Interest expenses, net 

(80,572)


(85,411)


(80,636)


(12,186)


(137,693)


(166,047)


(25,093)

 Change in fair value of derivatives 

(16,394)


21,104


14,284


2,159


(16,018)


35,388


5,348

 Subsidy income 

49,038


36,581


2,619


396


104,229


39,200


5,924

 Exchange (loss)/gain 

(29,810)


(91,413)


42,389


6,406


(36,149)


(49,024)


(7,409)

 Change in fair value of forward contracts 

(4,341)


585


(21,618)


(3,267)


(3,235)


(21,033)


(3,179)

 Other income, net 

11,773


8,678


9,444


1,427


23,716


18,122


2,739

 Loss on disposal of subsidiaries 

-


(9,425)


-


-


-


(9,425)


(1,424)

 Income before income taxes

14,981


5,650


61,072


9,230


76,913


66,722


10,084

 Income tax benefit 

32,460


3,293


10,003


1,512


30,933


13,296


2,009

 Equity in income of affiliated companies 

(194)


(5,240)


28,024


4,235


(194)


22,784


3,443

 Net income 

47,247


3,703


99,099


14,977


107,652


102,802


15,536

 Less: Net (loss)/income attributable to non-controlling
          interests 

(121)


107


117


18


(290)


224


34

 Net income attributable to JinkoSolar
 Holding Co., Ltd.'s ordinary shareholders 

47,368


3,596


98,982


14,959


107,942


102,578


15,502















 Net income attributable to JinkoSolar Holding Co., Ltd.'s
 ordinary shareholders per share: 














   Basic 

0.369


0.025


0.633


0.096


0.846


0.680


0.103

   Diluted 

0.366


0.024


0.628


0.095


0.838


0.672


0.102















 Net income attributable to JinkoSolar Holding Co., Ltd.'s
   ordinary shareholders per ADS: 














   Basic 

1.476


0.100


2.532


0.384


3.384


2.720


0.412

   Diluted 

1.464


0.096


2.512


0.380


3.352


2.688


0.408















 Weighted average ordinary shares outstanding: 














   Basic 

128,247,292


145,540,445


156,457,441


156,457,441


127,556,967


150,894,845


150,894,845

   Diluted 

129,493,716


147,793,780


157,574,069


157,574,069


128,859,633


152,579,390


152,579,390















 Weighted average ADS outstanding: 














   Basic 

32,061,823


36,385,111


39,114,360


39,114,360


31,889,242


37,723,711


37,723,711

   Diluted 

32,373,429


36,948,445


39,393,517


39,393,517


32,214,908


38,144,848


38,144,848















UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME





















 Net income 

47,247


3,703


99,099


14,977


107,652


102,802


15,536

 Other comprehensive income: 














   -Foreign currency translation adjustments 

(22,391)


(33,351)


47,966


7,249


(39,954)


14,615


2,209

 Comprehensive income/(loss) 

24,856


(29,648)


147,065


22,226


67,698


117,417


17,745

 Less: Comprehensive (loss)/income attributable to non-
controlling interests 

(121)


107


117


18


(290)


224


34

 Comprehensive income/(loss) attributable to JinkoSolar
Holding Co., Ltd.'s ordinary shareholders 

24,977


(29,755)


146,948


22,208


67,988


117,193


17,711











































 Reconciliation of GAAP and non-GAAP Results 



























 1. Non-GAAP earnings per share and non-GAAP
earnings per ADS 




























 GAAP net income attributable to ordinary shareholders 

47,368


3,596


98,982


14,959


107,942


102,578


15,502















 4% of interest expense of convertible senior notes 

1


1


1


-


1,556


1


-















 Exchange loss/(gain) on convertible senior notes 

(1)


(2)


3


-


843


1


-















 Stock-based compensation expense 

13,822


7,376


7,700


1,164


31,224


15,076


2,278















 Non-GAAP net income attributable to ordinary

shareholders 

61,190


10,971


106,686


16,123


141,565


117,656


17,780















 Non-GAAP earnings per share attributable to ordinary
shareholders - 














   Basic 

0.477


0.075


0.682


0.103


1.110


0.780


0.118

   Diluted 

0.473


0.074


0.677


0.102


1.099


0.771


0.117















 Non-GAAP earnings per ADS attributable to ordinary
shareholders - 














   Basic 

1.908


0.300


2.728


0.412


4.440


3.120


0.472

   Diluted 

1.892


0.296


2.708


0.408


4.396


3.084


0.468















 Non-GAAP weighted average ordinary shares
outstanding  














   Basic 

128,247,292


145,540,445


156,457,441


156,457,441


127,556,967


150,894,845


150,894,845

   Diluted 

129,493,716


147,793,780


157,574,069


157,574,069


128,859,633


152,579,390


152,579,390















 Non-GAAP weighted average ADS outstanding  














   Basic 

32,061,823


36,385,111


39,114,360


39,114,360


31,889,242


37,723,711


37,723,711

   Diluted 

32,373,429


36,948,445


39,393,517


39,393,517


32,214,908


38,144,847


38,144,847

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)


December 31, 2017


June 30, 2018


RMB


RMB


USD

ASSETS






Current assets:






  Cash and cash equivalents

1,928,303


2,299,826


347,558

  Restricted cash 

833,072


257,955


38,983

  Restricted short-term investments

3,237,773


4,037,172


610,112

  Short-term investments

2,685


4,642


702

  Accounts receivable, net - related parties

2,113,042


2,163,388


326,939

  Accounts receivable, net - third parties

4,497,635


4,768,733


720,668

  Notes receivable, net - third parties

571,232


350,504


52,969

  Advances to suppliers, net - third parties

397,076


441,902


66,782

  Inventories, net

4,273,730


5,890,591


890,207

  Other receivables - related parties

46,592


73,237


11,068

  Derivative assets

-


10,133


1,531

  Prepayments and other current assets

1,706,717


1,360,476


205,601

Total current assets

19,607,857


21,658,559


3,273,120







Non-current assets:






  Restricted cash

248,672


506,529


76,549

  Project Assets

473,731


1,314,267


198,617

  Long-term investments

22,322


52,972


8,005

  Property, plant and equipment, net

6,680,187


7,132,508


1,077,890

  Land use rights, net

443,269


580,725


87,761

  Intangible assets, net

25,743


26,179


3,956

  Deferred tax assets 

275,372


300,989


45,487

  Other assets - related parties

146,026


112,360


16,980

  Other assets - third parties

713,226


1,197,993


181,045

Total non-current assets

9,028,548


11,224,522


1,696,290







Total assets

28,636,405


32,883,081


4,969,410







LIABILITIES






Current liabilities:






  Accounts payable - related parties

5,329


40,546


6,128

  Accounts payable - third parties

4,658,202


4,991,274


754,299

  Notes payable - related parties

-


14,000


2,116

  Notes payable - third parties

5,672,497


4,976,512


752,068

  Accrued payroll and welfare expenses

721,380


694,786


104,999

  Advances from related parties

37,400


35,158


5,313

  Advances from  third parties

748,959


2,169,672


327,889

  Income tax payable

27,780


41,126


6,215

  Other payables and accruals

1,804,799


2,056,294


310,755

  Other payables due to related parties

12,333


13,214


1,997

  Forward contract payables

4,521


21,618


3,267

  Derivative liability

26,486


-


-

  Bond payable and accrued interests

10,257


21,373


3,230

  Short-term borrowings from third parties,
     including current portion of long-term bank
     borrowings

6,204,440


7,639,625


1,154,528

  Guarantee liabilities to related parties

28,034


33,161


5,011

Total current liabilities

19,962,417


22,748,359


3,437,815







Non-current liabilities:






  Long-term borrowings

379,789


855,562


129,296

  Accrued income tax - non current

6,041


6,041


913

  Long-term payables

538,410


471,215


71,212

  Bond payables

298,425


298,950


45,178

  Accrued warranty costs - non current

571,718


543,971


82,207

  Convertible senior notes

65


66


10

  Deferred tax liability

70,122


63,783


9,639

  Long-term liabilities of equtiy investment

-


7,537


1,139

  Guarantee liabilities to related parties 
   - non current

120,154


98,517


14,888

Total non-current liabilities

1,984,724


2,345,642


354,482







Total liabilities

21,947,141


25,094,001


3,792,297







SHAREHOLDERS' EQUITY






Ordinary shares (US$0.00002 par value,
500,000,000 shares authorized, 132,146,074
and 156,457,441 shares issued and
outstanding as of  December 31, 2017
and June 30, 2018, respectively)

19


22


3

Additional paid-in capital

3,313,608


3,996,004


603,890

Statutory reserves

516,886


516,886


78,114

Accumulated other comprehensive income

23,296


37,911


5,729

Treasury stock, at cost; 1,723,200 ordinary
shares as of  December 31, 2017 and June
30, 2018

(13,876)


(13,876)


(2,097)

Accumulated retained earnings

2,849,341


2,951,919


446,105







Total JinkoSolar Holding Co., Ltd.
shareholders' equity

6,689,274


7,488,866


1,131,744







Non-controlling interests

(10)


300,214


45,369







Total liabilities and shareholders' equity

28,636,405


32,883,081


4,969,410

Cision View original content:http://www.prnewswire.com/news-releases/jinkosolar-announces-second-quarter-2018-financial-results-300695888.html

SOURCE JinkoSolar Holding Co., Ltd.

SHANGHAI, July 27, 2018 /PRNewswire-FirstCall/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the solar PV industry, today announced that it plans to release its unaudited financial results for the second quarter ended June 30, 2018 before the open of U.S. markets on Monday, August 13, 2018.

JinkoSolar's management will host an earnings conference call on Monday, August 13, 2018 at 8:00 a.m. U.S. Eastern Time (8:00 p.m.Beijing / Hong Kong the same day).

Dial-in details for the earnings conference call are as follows:

Hong Kong / International:

+852 3027 6500

U.S. Toll Free:

+1 855-824-5644

Passcode:

55864212#

Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call.

A telephone replay of the call will be available 2 hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, August 20, 2018. The dial-in details for the replay are as follows:

International:

+61 2 8325 2405

U.S.:

+1 646 982 0473

Passcode:

319295377#

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of JinkoSolar's website at http://www.jinkosolar.com.

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is a global leader in the solar industry. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 9 GW for silicon ingots and wafers, 5 GW for solar cells, and 9 GW for solar modules, as of March 31, 2018.

JinkoSolar has over 12,000 employees across its 8 productions facilities globally, 15 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and United Arab Emirates, and global sales teams in United Kingdom, Bulgaria, Greece, Romania, Jordan, Saudi Arabia, Egypt, Morocco, Ghana, Kenya, South Africa, Costa Rica, Colombia, Panama and Argentina.

To find out more, please see: www.jinkosolar.com

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:

Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Mr. Christian Arnell
Christensen
Tel: +86 10 5900 2940
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

In the U.S.:

Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Cision View original content:http://www.prnewswire.com/news-releases/jinkosolar-to-report-second-quarter-2018-results-on-august-13-2018-300687673.html

SOURCE JinkoSolar Holding Co., Ltd.

SHANGHAI, July 16, 2018 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the photovoltaic (PV) industry, today announced that it is ranked 278th on the 2018 Fortune 500 Companies in China and 1st among solar manufacturers.

Fortune China's annual ranking of the top 500 Chinese companies in 2018 reflects the achievements China's largest listed companies have made over the past year. JinkoSolar ranked 330th in 2016 and 284th in 2017.

"We are excited to see our ranking on the Fortune 500 companies in China steadily increase over the past three years," commented Mr. Kangping Chen, CEO of JinkoSolar. "Our ranking on the list demonstrates the rapid growth we have experienced over the past few years and our leading position in the industry. I remain confident in the long-term prospects of the solar industry and our ability to take full advantage of our brand, technology, and global infrastructure to further consolidate our leading position in the industry."

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is a global leader in the solar industry. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 9 GW for silicon ingots and wafers, 5 GW for solar cells, and 9 GW for solar modules, as of March 31, 2018.

JinkoSolar has over 12,000 employees across its 8 productions facilities globally, 15 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and United Arab Emirates, and global sales teams in United Kingdom, Bulgaria, Greece, Romania, Jordan, Saudi Arabia, Egypt, Morocco, Ghana, Kenya, South Africa, Costa Rica, Colombia, Panama and Argentina.

To find out more, please see: www.jinkosolar.com

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:
Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Cision View original content:http://www.prnewswire.com/news-releases/jinkosolar-ranked-among-the-2018-fortune-500-companies-in-china-300681187.html

SOURCE JinkoSolar Holding Co., Ltd.

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Details

Document Date: 2018/09/01 10:21:01
Document Type: Working Paper
Report Number: 129958
Volume No: 1
Country: World ; 
Disclosure Date: 2018/09/17 10:17:54
Doc Name: A Practitioner's Handbook for Eco-Industrial Parks: Implementing the International EIP Framework
Keywords: environmental management system; industrial park; small and medium size enterprise; cubic meter of water; Occupational health and safety; fundamental principles; Policy and Institutional Framework; policy development process; national policy framework; international good practice; foreign direct investment; environmental performance indicator; climate change risk; types of assessments; social and environmental; national policy priority; level of capacity; Water and Energy; national policy maker; public health problem; internal audit system; lower energy consumption; international development institution; return on investment; national development plan; economic development strategy; reduction of emission; infrastructure and services; multilateral development institution; awareness raising activity; competitiveness of sme; access to technology; gross domestic product; stakeholder engagement; performance requirement; industrial sector
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Language: English
Region: The World Region ; 
Rep Title: A Practitioner's Handbook for Eco-Industrial Parks: Implementing the International EIP Framework
Topics: Private Sector Development ; Energy ; Health, Nutrition and Population ; Social Protections and Labor
SubTopics: Private Sector Economics ; Global Environment ; Energy and Environment ; Energy Demand ; Energy and Mining ; Health Service Management and Delivery ; Labor Markets
Unit Owning: Fin, Comp & Innov - Ind Solu (GFCIS)
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| Source: Eguana Technologies Inc.

CALGARY, Alberta, Sept. 17, 2018 (GLOBE NEWSWIRE) -- Eguana Technologies (TSX.V: EGT) (OTCQB: EGTYF) and CED Greentech Orange County are pleased to announce immediate availability of the Evolve residential energy storage system. Initial product shipments, technical training and product certification have been scheduled to take place in the current month.  

“California is a mature solar market with an experienced base of contractors who are best addressed through standard distribution channels. Our initial outreach to solar specific contractors has been very positive, the addition CED Greentech opens additional channel opportunities and product availability,” said Livio Filice, Eguana’s Director of Residential Sales, North America. Filice added “with the addition of CED Greentech in Southern California, the Evolve system is now available in every key regional solar PV market in North America.”

“A growing number of our partners want to offer an easy to install, user-friendly and cost-competitive residential energy storage system, Eguana’s Evolve checked all the boxes,” stated Drew Boatman, Manager, CED Greentech OC. Boatman noted, “we are excited to be the first major distributor in Southern California to bring the product to local contractors and we look forward to working with the Eguana team.”

Rising interest in residential energy storage across 2018, the Solar Power International tradeshow taking place in Anaheim later this month, and the coming annual push for project completions in Q4 make this a critical time to establish broad based coverage of the nation’s leading solar market. Through the partnership with CED Greentech OC, Eguana can maximize adoption of the Evolve product in the southern California market and lay the foundation to expand distribution to other CED Greentech branches through 2019. 

Evolve energy storage systems are immediately available for purchase from CED Greentech. 

Evolve – Home Energy Storage Systems
Evolve is a fully-integrated residential energy storage system that includes the company’s proprietary power electronics system, LG Chem low-voltage battery modules, and a comprehensive user interface. The system is rated at 5KW AC output with a modular battery design based on a 6.5 kWh battery, which is scalable from 13 to 39kWh in storage capacity. The NEMA 3R wall-mounted package is suitable for indoor and outdoor installations. The package is backed by a 10-year standard warranty.

The Evolve supports grid-connected solar self-consumption, time of use, and backup power. It is now available in the United States and in Caribbean markets, with certification standards matching UL1741, California’s Rule 21, and Hawaii’s Rule 14H.

Interested parties may contact:

Eguana Technologies
Livio Filice
Director of Residential Sales, North America
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1.905.929.7522

CED Greentech Orange County       
Russ Bowman
Outside Sales
+1.714.795.0134

About CED Greentech
CED Greentech is a division of Consolidated Electrical Distributors Inc., one of the largest electrical product wholesale distributors in the country. As a full service wholesale distributor of Solar, Electrical and Renewable energy products, they are committed to providing superior service and support. CED Greentech have an extensive on-site inventory featuring products from the solar and electrical industry’s top manufacturers.

About Eguana Technologies Inc.
Based in Calgary, Alberta Canada, Eguana Technologies (EGT: TSX.V) (OTCQB: EGTYF) designs and manufactures high performance residential and commercial energy storage systems. Eguana has two decades of experience delivering grid edge power electronics for fuel cell, photovoltaic and battery applications, and delivers proven, durable, high quality solutions from its high capacity manufacturing facilities in Europe and North America.

With thousands of its proprietary energy storage inverters deployed in the European and North American markets, Eguana is one of the leading suppliers of power controls for solar self-consumption, grid services and demand charge applications at the grid edge.

To learn more, visit www.EguanaTech.com or follow us on Twitter @EguanaTech

Forward Looking Information

The reader is advised that some of the information herein may constitute forward-looking statements within the meaning assigned by National Instruments 51-102 and other relevant securities legislation. In particular, we include: statements pertaining to the value of our power controls to the energy storage market and statements concerning the use of proceeds and the Company's ability to obtain necessary approvals from the TSX Venture Exchange.

Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties. Many factors could cause the Company's actual results, performance or achievements, or future events or developments, to differ materially from those expressed or implied by the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof. Readers are also directed to the Risk Factors section of the Company’s most recent audited Financial Statements which may be found on its website or at sedar.com. The Company does not undertake any obligation to release publicly any revisions to forward-looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Abstract

Despite offering huge economic returns, implementing energy efficiency measures encounters widespread and systemic barriers. A variety of market failures are keeping project developers from accessing commercial financing for energy efficiency investments... See More + Despite offering huge economic returns, implementing energy efficiency measures encounters widespread and systemic barriers. A variety of market failures are keeping project developers from accessing commercial financing for energy efficiency investments. Energy efficiency credit lines are created when international donors loan funds to financial institutions, which then lend to project developers. Credit lines offer a solution where domestic banks are strong but not lending to energy efficiency projects. These lines of credit offer access to finance in the near term, while paving the way for commercial financing in the medium to long term, particularly in the industrial sector. The World Bank's portfolio reveals that under the right conditions, credit lines can achieve dramatic results.  See Less -

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YES BANK, India’s fifth largest private sector bank, made a major announcement for mobilizing USD 1 billion till 2023 and USD 5 billion till 2030 towards financing solar energy projects in India at the International Solar Alliance conference organised at World Future Energy Summit 2018 in Abu Dhabi.

Abstract

Despite offering huge economic returns, implementing energy efficiency measures encounters widespread and systemic barriers. A variety of market failures are keeping project developers from accessing commercial financing for energy efficiency investments... See More + Despite offering huge economic returns, implementing energy efficiency measures encounters widespread and systemic barriers. A variety of market failures are keeping project developers from accessing commercial financing for energy efficiency investments. Energy efficiency credit lines are created when international donors loan funds to financial institutions, which then lend to project developers. Credit lines offer a solution where domestic banks are strong but not lending to energy efficiency projects. These lines of credit offer access to finance in the near term, while paving the way for commercial financing in the medium to long term, particularly in the industrial sector. The World Bank's portfolio reveals that under the right conditions, credit lines can achieve dramatic results.  See Less -

sembcorp, Neil McGregor, solar power, latest news, important news, Our deal with Facebook is an example of how Sembcorp is aligning its business to the future.

Sembcorp Industries (Sembcorp) said Tuesday it has signed a long-term solar energy deal with US-based social media company Facebook. Under this deal, Sembcorp will provide renewable power to support Facebook’s recently announced 1,70,000 square metre Singapore data centre, as well as its other Singapore operations, over the next 20 years, a company statement said.

Sembcorp will serve Facebook’s renewable energy needs through offsite solar panels totalling 50 MWp in capacity. These panels will be installed on close to 900 rooftops in the island state, between the end of this year and 2020, it said. “Our deal with Facebook is an example of how Sembcorp is aligning its business to the future.

As our world moves towards renewables and lower-carbon energy, there is an increasing demand for solutions that enable businesses to achieve growth while managing their impact on the environment. “Sembcorp is actively working with companies in this, and supporting their efforts towards this dual objective,” Neil McGregor, Group President & CEO of Sembcorp Industries, said in a statement.

The company has been steadily growing its renewable energy business, and now has over 2,500 megawatt of wind and solar power projects across Singapore, China and India. Earlier this year, the Singapore-based company announced ambitious targets to double its renewables portfolio and reduce carbon intensity by around 25 per cent by 2022.

SBI, SBI to install solar panels over ATM, solar power, news on sbi, latest news on sbi Currently, nearly 1,200 of the bank’s ATMs are running on solar power.

In a step towards becoming carbon neutral, country’s largest lender State Bank of India (SBI) is looking to install solar panels over around 10,000 ATMs across the country in the next two years, a senior official said. Currently, nearly 1,200 of the bank’s ATMs are running on solar power. “We are going to take this number to up to 10,000 ATMs in the next two years,” the bank’s chief financial officer, Prashant Kumar, told reporters Tuesday. The lender has installed rooftop solar panel on 150 of its building across the country and is in the process of identifying more such locations.

“Our aim is that by next year, close to 250 buildings of the bank will be having solar panels,” he said. The bank is also planning to replace all its vehicles with electric vehicles by 2030. Kumar further said that the bank has embarked on a journey to turn carbon neutral and aims to achieve it by 2030. It is organising a green marathon starting September 30, to be held in 15 cities across the country.

In a step towards becoming carbon neutral, country's largest lender State Bank of India (SBI) is...

NEW DELHI: Widening its probe, the Enforcement Directorate (ED) has zeroed in on foreign assets worth about Rs 4,000 crore of absconding diamond jeweller Nirav Modi for quick attachment under the anti-money laundering law in connection with the alleged $2 billion PNB fraud case. Officials said the agency has got issued a number of judicial requests (Letters Rogatories), and with a few being in the pipeline, from a local court in Mumbai to be sent to countries like the US, UK, Switzerland, Hong Kong and Singapore for attachment of immovable properties likes houses and villas and bank accounts of Nirav Modi and his family.

The agency, they said, had deployed a special team of officers to find out these assets located in the foreign shores and after getting official inputs, it has now begun the action to attach them under the criminal provisions of the Prevention of Money Laundering Act (PMLA) soon, with help from foreign authorities.

The estimated value of these about two dozen assets is approximately Rs 4,000 crore, they said.

The central probe agency, in the past, has attached assets in Australia and the United States of America (USA) as part of its PMLA probe in other cases related to frauds.

The identified foreign assets are in the name of Nirav Modi, his family members and in some cases in the name of firms that the agency has called "bogus or dummy".

It is understood that some showrooms of the diamond jeweller in these countries are under the ED radar which will soon face attachment action.

Nirav Modi has been absconding since the alleged bank fraud, by far the highest in the country in terms of value, came to light early this year and an Interpol arrest warrant was recently notified against him even as India is working to get him extradited from the United Kingdom, where he was last reported to have been based.

The agency has attached assets worth Rs 700 crore of Nirav Modi and his family in the country till now.

It has also filed a charge sheet against him alleging that he laundered and diverted over Rs 6,400 crore of bank funds abroad to dummy companies that were under his and his families' control.

A total of 24 accused were listed in the charge sheet, filed under section 45 of the PMLA, including Nirav Modi, his father Deepak Modi, brother Neeshal Modi, sister Purvi Modi, brother-in-law Maiank Mehta and the designer jewellers' firms--Ms Solar Exports, Stellar Diamonds and Diamonds R Us.

"These firms and Nirav Modi's Firestar group of companies had fraudulently obtained Rs 6,498 crore through Letters of Undertaking (LoUs) issued by the Punjab National Bank, Brady House branch in Mumbai," the central probe agency had said in a statement.

The funds so obtained, it said, by the three firms were "partly utilised for payment to various overseas companies and also for offsetting earlier LOUs".

"It was revealed during investigation that the payments were made to 17 overseas entities in Hong Kong, Dubai and the USA since 2011 in the guise of export and import," the agency said in its charge sheet.


The ED had registered an FIR, called the Enforcement Case Information Report (ECIR), in this instance on February 14.
The CBI had also filed two charge sheets in this case early this month, one against Nirav Modi and the other against his uncle who is absconding in the same case -- Mehul Choksi.
Nirav Modi and others are being probed under various criminal laws after the fraud came to light this year following a complaint by the Punjab National Bank (PNB) that they allegedly cheated the nationalised bank to the tune of over Rs 13,000 crore, with the purported involvement of a few employees of the bank.
Both Nirav Modi and Choksi are said to have left the country before criminal cases were lodged against them.

Choksi is reported to have recently taken the citizenship of Antigua, a caribbean nation, and India has begun extradition proceedings against him too.

State Bank of India has installed solar panels at 150 of its buildings and plans to identify more such buildings
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