Daily News Wrap-Up: IFC Approves $265 Million to Promote Electric Vehicles in Brazil

EBRD and GCF provide €5 million to facilitate Moldova's transition to a sustainable economy


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

Pacific Gas and Electric Company has requested approval from the California Public Utilities Commission for six additional battery energy storage projects with a total capacity of 387 MW. The company intends to integrate clean energy from renewable sources while ensuring the electric system’s future reliability. Out of six, three projects with 194 MW of energy storage capacity will come online by August 2022, and the other three projects with 193 MW of capacity will be operational by August 2023.

The European Bank for Reconstruction and Development (EBRD) and the Green Climate Fund (GCF) have provided a €5 million (~$6.09 million) loan to Moldova Agroindbank SA to facilitate Moldova’s transition to a sustainable, low-carbon, and climate-resilient economy. The loan combines €3.75 million (~$4.57 million) of EBRD finance and €1.25 million (~$1.52 million) of GCF concessional co-finance. The loan will be used for on-lending to individuals, small and medium-sized enterprises, and corporates for investments in climate change mitigation and adaptation of technologies and services, such as energy-efficient glazing, solar generation, and energy storage systems.

International Finance Corporation (IFC) has approved a $265 million financing package for Brazil’s Banco Alfa de Investimento to compose its loan portfolio to acquire flexible-fuel, electric, or hybrid vehicles. This investment will help strengthen the climate finance market, mitigate climate impact, and support Brazil’s economic recovery. The first tranche is a $100 million loan from IFC’s account and mobilization of $65 million from other financial institutions.  The second tranche of $100 million is expected to be released in 2021.

SAMCA Group is expected to start constructing a solar project in the following weeks, which will supply 25% of the consumption of industrial complex BRILEN/NOVAPET, located at the Polligono Valle Del Cinca, Barbastro, Spain. The project will provide energy equivalent to the power consumption of  8,250 families while reducing 10800 tons of carbon dioxide emissions annually.

Here is our previous daily news wrap-up.

Harsh Shukla is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.

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