Finance

The World Bank’s Board of Executive Directors has approved $450 million in financing to support Pakistan’s transition to renewable energy resources that reduce its reliance on fossil fuel imports and lower costs of electricity production. The Khyber Pakhtunkhwa Hydropower and Renewable Energy Development Project will help shift the national energy mix to domestic clean resources...
Finance

Investment funds managed by Squadra Investimentos have increased their participation in São Paulo power generation company CESP, now holding 10.2% of the class B preference shares, according to a CESP release. Squadra is CESP’s second largest shareholder, behind Votorantim Energia Participações, which holds a 40% controlling stake it acquired from the state government during a...
Finance

Global finance to developing countries in support of clean and renewable energy reached US$21.3 billion in 2017, compared with 2010 when international financial flows were US$10 billion, according to a new indicator under the Sustainable Development Goal 7. The new indicator, monitored by the International Renewable Energy Agency (IRENA) and the Organisation for Economic Co-operation...
Marine Energy

The government of Canada has announced a $9.4 million investment in four tidal energy projects that will bring clean energy technologies to the Atlantic region and help Canada build a cleaner future, according to Natural Resources Canada (NRCan). The Honourable Bernadette Jordan, Minister of Fisheries, Oceans and the Canadian Coast Guard, on behalf of the...
Small Hydro

JSC Uzbekhydroenergo, Uzbekistan’s state hydropower producer and developer, has signed a 25-year loan agreement, worth $60 million, with the Asian Development Bank (ADB) to support implementation of the country’s ambitious national energy strategy to generate a quarter of all electricity from renewable sources by 2030, including 3.8 GW of hydro energy. It follows the recent announcement of a 20-year, €55.8 million (US$65.8 million)...
Finance

Hydropower stations constructed decades ago across Asia are in need of significant investment and upgrades to enhance their critical contribution to the region’s clean energy goals, according to a study conducted by the International Hydropower Association (IHA) for the Asian Infrastructure Investment Bank (AIIB). The study, carried out to provide a better understanding of the...
Finance

The Ministry of Energy of Uzbekistan has signed a loan agreement worth €55.8 million (US$65.9 million) with the French Development Agency to finance a series of projects in Uzbekistan’s hydropower sector.    The loan agreement complements Uzbekistan’s ambitious national energy strategy to generate a quarter of all electricity from renewable sources by 2030, including 3.8...
Finance

Late last week, Brazil’s senate approved a bill to solve the generation scaling factor (GSF), which apportions costs related to hydrological risk among power operators due to the drought during the past decade. On its website, CESP says the GSF, or MRE Adjustment Factor, is the ratio between the total generation and the total physical...
Finance

Multiple news agencies are reporting that Boyce Hydro LLC and Boyce Hydro Power LLC have filed for bankruptcy, citing court records filed July 31. Boyce Hydro owns the Edenville and Sanford dams in Michigan, which failed in May, along with the Secord and Smallwood dams, on the Tittabawassee River in Midland and Gladwin counties. MLive...
Finance

The US Trade and Development Agency (USTDA) has awarded a grant to Abuja-based Konexa for a feasibility study that will evaluate Nigeria’s access to reliable, privately generated renewable energy. Konexa intends to develop up to 2.5MW of solar PV energy to serve grid and under-grid customers. The company also plans to incorporate 30MW of hydropower...