Finance

The AES Corp. will significantly up its stake in a Brazilian renewable energy co-venture, the U.S. power generation company announced Wednesday. Subsidiary AES Brasil will acquire an additional 18.5 percent interest in AES Tietê. Estimated price tag of the transaction with BNDES Participações is $246 million U.S. The financing is primarily secured through Brazilian banks....
Marine Energy

CorPower Ocean has secured equity funding of €9 million (US$10.6 million) to demonstrate what it says is the first commercial-scale wave energy converter (WEC) within its flagship HiWave-5 project and for the long-term development of supply and service capacity for commercial wave energy farms. The funding round was led by Midroc New Technology, with additional investment from...
Finance

InfraCo Africa, part of the Private Infrastructure Development Group (PIDG), has signed an agreement with Joule Africa to provide US$6 million of funding to the 143-MW Bumbuna Hydro II initiative in Sierra Leone. The funding forms part of a package involving the private sector and development finance institutions designed to ensure that Bumbuna Hydro II...
Small Hydro

Power producer Tembo Power is partnering with WK Construction to conduct detailed studies for the development phase of the 7.5-MW Dama and 12-MW Siguvyaye run-of-river hydropower projects located in Burundi. The agreement will also grant WK Construction the status of preferred engineering, procurement and construction (EPC) contractor, while its investment arm, WK Power, will retain...
Rehabilitation and Repair

The World Bank’s Board of Executive Directors has approved additional grant financing of $50 million from the International Development Association (IDA) for the second phase of the Nurek Hydropower Rehabilitation Project in Tajikistan. The 3,000-MW Nurek Hydropower Plant is the most important asset of Tajikistan’s energy system, according to a World Bank press release “The...
Pumped Storage Hydro

This week Quidnet Energy announced the closing of its $10 million Series B financing and the execution of a contract with the New York State Energy Development Authority (NYSERDA) for commercial demonstration of its Geomechanical Pumped Storage (GPS) technology. The project in New York State will be a 2 MW scale implementation of GPS, supported through NYSERDA’s High Performing Grid Program, which...
New Development

The Morvern Community Development Co. (MCDC), alongside Triodos Bank UK and the Scottish Investment Bank, are working to finance the development of a 1.6 MW hydropower scheme on the Barr River in Lochaber, Scotland. The scheme will take around 14 months to build and is expected to operate for 50 years. The potential for this...
New Development

As COVID-19 hits the fossil fuel industry, the Global Trends in Renewable Energy Investment 2020 report shows that renewable energy is more cost-effective than ever – providing an opportunity to prioritize clean energy in economic recovery packages and bring the world closer to meeting the Paris Agreement goals. The report has been published annually since...