Energy news round-up: renewable energy and battery plants
CATL announces second European battery plant in Hungary
Contemporary Amperex Technology Co Limited (CATL), the Chinese battery manufacturer and technology company, has announced that it will invest €7.34bn into the construction of a 100GWh battery plant in Debrecen, in east Hungary.
In an announcement, CATL said that the battery plant would be its second in Europe, following its plant in Germany. It added that construction of the first production facilities will start within the year, subject to shareholder approval.
Azure Power signs deal with Siemens Gamesa for wind turbines
Azure Power, a leading independent sustainable energy solutions provider and renewable power producer in India, has announced that it has signed a Master Supply Agreement (MSA) with Siemens Gamesa, a global leader in wind technology.
In a statement, Azure said that Siemens Gamesa will supply 96 units of its SG 3.6-145 onshore wind turbines, which will cater to an overall capacity of ~346MW wind projects. The turbine supply is expected to commence during Q2 CY 2023, it added.
On.Energy raises US$100m project financing from UK’s SEEIT
On.Energy, the US-based, Miami-headquartered energy storage firm, has announced that it has raised US$100m in project financing from UK fund SDCL Energy Efficiency Income Trust (SEEIT) for its US and Canadian energy storage project deployments.
Specialising in providing commercial and industrial-sited energy battery energy storage systems (BESS), On.Energy announced the financing deal with SEEIT on August 17, 2022. It explained that the conditional financing commitment from the listed investment vehicle, which is managed by Sustainable Development Capital, will help accelerate the deployment of On.Energy’s solutions across the US and Canada.
ReNew’s US$1bn ECB loan for pan-India renewables project
ReNew, the Indian clean energy company, has announced that it has tied up with 12 international lenders, led by Rabobank, for a US$1bn loan – the largest External Commercial Borrowings (ECB) project finance loan in the country’s renewable sector, for any single project.
As ReNew rapidly builds its total portfolio, the US$1bn loan has been tied up through a special purpose vehicle and will be deployed for its hybrid Round-the-Clock (RTC) battery-enabled project, a statement said. It added that the interest rate, after hedging, is expected to be lower than the company’s current average cost of debt on its balance sheet.
How companies can quantify the benefits of carbon pricing
Over the next decade, the world must reduce its emissions by 43% to limit global warming to 1.5°C above pre-industrial levels. By some estimates, energy use in industry accounts for 24% of global greenhouse gas emissions.
In recent years, industrial companies have advanced on net zero commitments, but despite this improvement, global temperatures are projected to continue to increase by an average of 2% a year. This calls for more vigorous and systemic action industry-wide. While research shows carbon pricing is an effective method of reducing emissions, its concept presents a unique challenge with industries considering it an added cost that negatively impacts their bottom line.
Oil & gas company Kazanci Holding names new vice chairman
Kazanci Holding, the Turkish oil and gas conglomerate, and its subsidiary, Aksa Energy, have announced the appointment of a new vice chairman of the board, Naci Agbal.
In a statement, the companies said that Agbal, the former Minister of Finance and Governor of the Central Bank of the Republic of Turkey, will take on an active role in the executive committees of Kazanci Holding, Aksa Energy and other companies in the Aksa Group.