The European Commission's plan to create a new EU fund for green industry is facing growing opposition. Seven EU countries publicly rejected the idea in a letter to the EU executive. The letter was signed by the Czech Republic, Denmark, Finland, Austria, Ireland, Estonia and Slovakia. Germany, the Netherlands and Belgium also oppose any new joint EU borrowing.
Greece's largest power utility, Public Power Corp. (PPC), and Germany's RWE have taken a final investment decision to build five solar farms in Greece. The farms will cost 180 million euros ($196 million) and have a combined capacity of around 200 megawatts. They are expected to be fully operational by the end of the first quarter of 2024.
India's first sovereign green bond issue yields better than expected. The 10-year bond has a coupon rate of 7.29%, 6 basis points lower than sovereign debt of similar maturity. Proceeds will be used for renewable energy projects and infrastructure. Prime Minister Narendra Modi's goal is to zero greenhouse gas emissions by 2070.
AdGreen Energy reported sales of its solar portfolio surged 9% from 2.3 billion units to 2.507 billion units in the quarter ending December 2022. The growth is supported by the commissioning of 150 MW in Rajasthan in November 2022 and a 140 basis point increase in capacity utilization (CUF), the company said.
The solar-powered Zephyr drone is designed to stay at altitudes of about 70,000 feet (21 kilometers) for months at a time. The drones run on solar power, with secondary batteries charged during the day to power nighttime flights. Airbus plans to retain ownership of Aalto, but will consider outside investment to help accelerate the company's goals.
The King of Wales wants to use the proceeds of a new multi-million pound wind farm deal with the Crown Estate for the "wider public good", Buckingham Palace said. Profits from the Crown Estate finance the British Crown, and profits from it finance the maintenance of the Crown. Crown Estate has secured agreements for six offshore wind projects worth around £1bn. Six projects could start generating green electricity by the end of the decade, potentially powering seven million homes. The Sovereign Appropriation is 25% of the Crown Estate's annual profits and is used to cover the expenses of the Crown.
Unigel announced plans to build the plant last July, when it said it would make an initial investment of $120 million. Green hydrogen will use electrolysers supplied by Thyssenkrupp Nucera. Much of the plant's output will be exported to regions such as Europe to meet demand for products that reduce or eliminate carbon emissions.
European Commission President Ursula von der Leyen has presented the outlines of her "Green Deal Industrial Plan". The 27-nation bloc will become stronger in its fight against unfair trade practices if they emanate from Washington, or more importantly, Beijing. The EU does not want to be dependent on China for rare-earth materials critical to the development of battery storage, hydrogen and wind power.
The United Arab Emirates (UAE) has decided to invest $30 billion in Korean industry. Investments will target sectors such as nuclear power, defence, hydrogen and solar. South Korean President Yoon Hee-yeol met with UAE President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi. The two countries also signed 13 memorandums of understanding on expanding economic cooperation.
The proposed rule change is expected to save developers $1 billion over 20 years. The U.S. Department of the Interior has approved the first two commercial-scale offshore wind projects in the United States. The department expects to hold as many as four auctions and review at least 16 new commercial facilities by 2025. President Biden's administration has set a goal of having 15 GW of floating offshore wind capacity by 2035.