Daily News Wrap-Up: JBIC Loans PFC $220 Million for Renewable Energy Projects

REC to partner with CEEW to improve the operational and financial stability of DISCOMs


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

Power Finance Corporation (PFC) signed a loan agreement for ¥30 billion (~$220.83 million) with Japan Bank for International Cooperation (JBIC). The long-term facility to PFC is under the JBICs initiative titled ‘Global action for Reconciling Economic growth and Environmental preservation,’ under which JBIC provides financing for projects which ensure the effective reduction of greenhouse gas emissions and conservation of the global environment. PFC would use the funds under the facility to finance its renewable energy portfolio and provide competitive rates.

Uttar Pradesh New & Renewable Energy Development Agency (UPNEDA) announced the cancellation of a tender to empanel vendors for 38 MW grid-connected residential rooftop solar systems in Uttar Pradesh. The tender was issued in November 2021. UPENDA has requested all bidders to collect the earnest money deposit.

Canadian Solar announced that it completed the sale of two flagship solar farms, Suntop and Gunnedah, totaling 345 MW in New South Wales, Australia, to CalEnergy Resources (Australia), a subsidiary of Northern Powergrid Holdings Company. The two projects have long-term offtake agreements with a global leading technology company and will help support corporate decarbonization efforts. The projects have reached substantial completion and are expected to generate over 700,000 MWh of green electricity annually. This is equivalent to avoiding more than 450,000 tons of CO2-equivalent emissions annually or taking approximately 100,000 cars off the road each year. Canadian Solar and CalEnergy also entered into a multi-year development services agreement that provides a framework for the companies to continue to work together to build out Canadian Solar’s growing renewable energy pipeline in Australia.

The Iberdrola group announced that it would develop 16 new renewable projects in the UK after guaranteeing their profitability by obtaining Contracts for Difference (CfD) with the UK government that ensures their financial viability. Through ScottishPower, its UK subsidiary, the Iberdrola group won CfD contracts for its large 1,400 MW East Anglia three offshore wind projects; five onshore wind projects with a combined capacity of 396 MW; and ten solar PV sites with a total capacity of 326 MW. The implementation of these initiatives will be carried out in Scotland, England, and Wales.