Daily News Wrap-Up: EBRD and Green Climate Fund Provide Green Financing to Armenia

The $6 million financial package will help SMEs invest in climate change mitigation

April 19, 2021


Here are some noteworthy cleantech announcements of the day from around the world:

European Bank for Reconstruction (EBRD) and the Green Climate Fund (GCF) will support Armenia’s transition to a low-carbon economy through green financing. The $6 million financial package will help small-to-medium enterprises invest in climate change mitigation and adaptation technology. The financing is being provided to Inecobank under the EBRD’s Green Economy Financing Facility (GEFF). The loan includes a technical advisory package under the EBRD’s GEFF, co-financed by the GCF. Eligible projects include investments in technologies such as thermal insulation, photovoltaic solar panels, geothermal heat pumps, and water-efficient irrigation systems. Companies interested in securing a loan for green technologies can also avail of investment incentives funded by the Climate Investment Funds. Businesses can identify green technologies commonly available in Armenia using the GEFF Technology Selector. 

The Government of India has suggested establishing a synergy between hydrogen and natural gas to include hydrogen in India’s energy ecosystem more widely.  In the Union Budget 2021, the government had announced that a hydrogen roadmap would be chalked out through the National Hydrogen Mission. At a roundtable on Hydrogen Economy, Petroleum and Natural Gas Minister Dharmendra Pradhan said that the government is working on a pilot project on blue hydrogen, hydrogen compressed natural gas (H-CNG), and green hydrogen. The government is also planning to introduce H-CNG for use in automotive and domestic cooking applications.

Investment holding company Clean Power Capital has entered into an agreement to invest in FusionOne Energy, a producer of technologies primarily to convert plastic waste to hydrogen and clean electricity. The proprietary technologies’ inventor has submitted patent applications for the technologies with the United States Patent and Trademark Office (USPTO). Once the patent applications are approved, the inventor will assign one of the patents to FusionOne and license the other patent to FusionOne. Clean Power will be acquiring an approximate 5% ownership of FusionOne for an initial $500,000 investment.

Marubeni Corporation has signed a power purchase agreement with the Saudi Power Procurement Company (SPPC). The deal established with Al Jomaih Energy & Water Company Limited through a special purpose company (SPC) was signed in January 2021. In March 2021, a loan agreement for limited-recourse project financing for the Rabigh Solar PV IPP project was signed. Engineering, procurement, and construction work on the project proceeded the following month. The SPC will develop, construct, operate, and maintain the 300 MW capacity solar PV plant, which will be located in the Rabigh industrial city of Makkah Province, on land leased by the Saudi Authority for Industrial Cities and Technology Zones, commonly known as MODON. SPPC will purchase the produced power for 25 years following the commercial operation date. This project will be Marubeni’s first solar PV project in Saudi Arabia.

Energy and environment solutions provider Thermax Group has partnered with Power Roll to develop India’s solar film market. Through the collaboration, the companies will assess the market potential to scale manufacturing and deployment of Power Roll’s solar films. Over the agreement period, the parties will share knowledge on the low-cost production processes and identify compelling use cases for solar films. The joint activity will include identifying applications for lightweight solar film and green energy solutions for the region. A successful conclusion to the agreement will see Thermax license Power Roll’s technology for commercial manufacture and sale of solar films in India.

International Finance Corporation (IFC) and Azerbaijan’s Ministry of Energy have signed a memorandum of understanding to back the country’s shift from fossil fuel to renewable energy sources. The pact also aims to facilitate private sector participation in the country’s power sector. Clean energy has been determined as one of the significant priorities of Azerbaijan’s socio-economic and diversified development course for achieving a clean environment by 2030. IFC will work with Azerbaijan’s Energy Ministry to create a comprehensive roadmap for developing the country’s offshore wind energy sector. IFC’s work is part of a joint initiative with the World Bank’s ESMAP to scale offshore wind energy in emerging markets.

United Overseas Bank (Malaysia) has lent its support to the country’s transition to cleaner energy by backing power plants with lower environmental impact. As part of the move, the bank will finance natural gas and solar projects in the country. UOB Malaysia was a co-financier in a Commodity Murabahah Term Financing-i facility for the recently announced 1,200 MW combined-cycle gas turbine power plant in Pulau Indah, Selangor. Aligning with the banking institution’s belief that the country will continue to increase renewable sources in its energy capacity mix to 20% by 2025, Solarvest Holdings Berhad, engineering, procurement, construction, and commissioning partner in UOB Malaysia’s U-Solar program, was a bidder in the Energy Commission of Malaysia’s large scale solar (LSS) program. The bank also supported two solar power plant projects under the previous LSS programs.