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Italy, Albania, and UAE sign €1bn renewable energy cooperation deal

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Italy, Albania, and the UAE have signed a cooperation deal worth at least €1bn ($1.02bn) to establish a subsea interconnection for renewable energy transfer across the Adriatic Sea, Reuters reports. The agreement, under the Tripartite Strategic Partnership Framework, aims to enhance energy infrastructure and renewable energy capacity in the Mediterranean region. Italian Prime Minister Giorgia Meloni described the project as a “strategic infrastructure” at the World Future Energy Summit in Abu Dhabi in April 2024….

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World Bank and AfDB unveil $40bn programme for Africa

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The World Bank and African Development Bank (AfDB) have outlined terms for African countries to secure $40bn in power finance under the Mission 300 programme. This initiative seeks to provide electricity access to 300 million Africans by 2030, Bloomberg reports. Currently, sub-Saharan Africa’s electricity access ranges from 1% in South Sudan to 94% in South Africa, per the International Energy Agency. Mission 300 aims to connect half the population through grid-linked power projects, with the…

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US Energy Department offers $22.92bn in loans to modernize energy systems

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The US Department of Energy’s Loan Programs Office (LPO) has conditionally approved $22.92bn in financing for eight utilities across 12 states under the Energy Infrastructure Reinvestment (EIR) programme.  Created by the Inflation Reduction Act, the programme aims to modernize energy infrastructure and reduce emissions. The loans will fund clean generation, transmission upgrades, energy storage, gas pipeline investments, and grid modernization projects. Utilities will benefit from lower financing costs compared to borrowing through commercial capital markets….

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Dalia Energy secures $1.5bn financing for new Israeli power plant

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Israeli power company Dalia Energy has obtained a finance agreement worth 5.3 billion shekels ($1.5bn) from Bank Hapoalim to construct an 850MW power plant at the Eshkol gas-fired power station site in Ashdod, Israel, as reported by Reuters. The non-binding agreement marks a significant milestone for the Avshal plant, which will earn approximately 0.065 shekels per kilowatt-hour for 20 years after operations begin. In 2024, Dalia Energy acquired the Eshkol power plant from the Israel…

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Westinghouse, KEPCO, and KHNP settle dispute for global nuclear projects

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Westinghouse Electric Company, the Korea Electric Power Corporation (KEPCO), and Korea Hydro & Nuclear Power Company (KHNP) have reached a global settlement agreement to resolve their longstanding intellectual property dispute. This settlement clears the way for the companies to jointly deploy new nuclear reactors worldwide. The resolution ensures that both Westinghouse and the Korean entities can proceed with confidence in the global nuclear power sector. Westinghouse President and CEO Patrick Fragman expressed satisfaction with the…

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China increases grid investment to support renewable energy surge

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China is significantly increasing its grid investment to ensure efficient delivery of renewable energy to homes and businesses. According to the National Energy Administration, power transmission spending rose 19% to 529 billion yuan ($72 billion) in the first 11 months of 2023, marking a shift towards grid infrastructure, as reported by Bloomberg. Investment in new power capacity was larger at 866.5 billion yuan, showing a 12% increase. This marks the first time since 2018 that…

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CEA releases guidelines for standardization and interoperability of AMI systems

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The Central Electricity Authority (CEA) has issued new guidelines aimed at standardizing and ensuring interoperability within Advanced Metering Infrastructure (AMI) systems.  The guidelines, titled “Guidelines for Standardization and Interoperability in AMI Systems for End-to-End Communication between Smart Meter, HES and MDM,” focus on creating unified communication protocols for smart meters, Head-End Systems (HES), and Meter Data Management Systems (MDMS). Key aspects of the guidelines include: A unified HES with standardized interfaces for seamless interoperability with…

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Adani Group joins International Copper Association

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Kutch Copper Ltd, a subsidiary of Adani Group, has become a member of the International Copper Association (ICA), a global trade body representing half of the world’s copper production. Based in Mundra, Gujarat, Kutch Copper is set to build a copper smelter with an initial capacity of 0.5 million tonnes per annum (MTPA) as part of an $1.2 billion investment by Adani Enterprises. The facility will produce copper cathodes, rods, and byproducts, supporting India’s goal…

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PFCCL transfers two SPVs for transmission projects

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PFC Consulting Ltd (PFCCL) has transferred two project Special Purpose Vehicles (SPVs) to their respective winning bidders for the development of interstate transmission system (ISTS) schemes. The SPVs transferred are: Gadag II & Koppal II Transmission Ltd to Power Grid Corporation of India Ltd Bijapur REZ Transmission Ltd to G R Infraprojects Ltd Both SPVs, originally wholly-owned subsidiaries of PFCCL, will now be under the ownership of the winning developers chosen through the tariff-based competitive…

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Torrent Power to invest Rs 180 billion in thermal plant in Madhya Pradesh

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Torrent Power has announced plans to invest Rs 180 billion in establishing a thermal power plant in Madhya Pradesh. The project is expected to create employment for over 7,000 individuals, both directly and indirectly. Madhya Pradesh Chief Minister Mohan Yadav highlighted the state’s industry-friendly environment, which includes special incentives for sectors such as tourism, IT, and readymade garments. The six recent Regional Industry Conclaves (RICs) have attracted investments exceeding Rs 4,000 billion, expected to generate…