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Tamil Nadu inaugurates Sembcorp’s green ammonia plant in Tuticorin

India, News

Tamil Nadu Chief Minister MK Stalin inaugurated 19 projects worth Rs 17.62 billion and laid the foundation for 28 more with a total investment of Rs 51.16 billion. The most significant project is a Rs 36.24 billion green ammonia plant by Singapore-based Sembcorp Industries, located in Tuticorin. This plant will produce 200,000 tonnes of green ammonia annually, exporting zero-emission fuel to Japan. Nippon Yusen Kabushiki Kaisha will handle the maritime transportation of the green ammonia….

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TMEIC expands PV manufacturing in Texas

Global, News

TMEIC Corporation Americas, a subsidiary of Japan’s TMEIC Corporation, will relocate its headquarters to Houston, Texas, in March 2025. Alongside this move, TMEIC will establish a 144,000 sq ft facility in Brookshire, Texas, dedicated to manufacturing utility-scale PV inverters, reinforcing its commitment to U.S. photovoltaic (PV) manufacturing. As of July 2024, TMEIC has installed over 50 GW of renewable energy systems globally, with 28 GW in North America since entering the U.S. market in 2010….

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Sumitomo acquires stake in EEW Offshore Wind Holding 

Global, News

Japan’s Sumitomo Corporation has acquired an equity stake in EEW Offshore Wind Holding, a move aimed at enhancing its monopile manufacturing capabilities for the offshore wind sector. This strategic partnership leverages Sumitomo’s expertise in the international steel market and EEW’s specialization in offshore wind energy infrastructure. Sumitomo’s General Manager of Steel Products SBU, Takuro Horikoshi, emphasized the alignment of this investment with the company’s commitment to green transformation and the global shift to renewable energy….

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India to broaden sustainable finance framework, boosting ESG-labeled bonds

India, News

India’s market regulator, the Securities and Exchange Board of India (SEBI), plans to expand its sustainable finance framework to include a wider range of ESG-labeled instruments, potentially enhancing the market for such products in Asia. SEBI is consulting on the introduction of social bonds, as well as sustainable and sustainability-linked bonds, to complement the existing suite of environmental, social, and governance (ESG) debt. The proposed changes also include incorporating eligible asset-backed securities and requiring independent…

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Amazon achieves 100% renewable energy goal ahead of schedule

Global, News

Amazon has powered its operations, including data centres, with 100% renewable energy, reaching this milestone seven years ahead of its original 2030 target. The company invested billions of dollars in over 500 solar and wind projects, generating enough energy to power approximately 7.6 million US homes. This achievement is part of Amazon’s commitment to net-zero carbon by 2040. However, the company acknowledges that the rising energy demands from generative AI will require adapting its energy…

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PFC secures JPY 25.5 billion loan from JBIC for wind energy project in Karnataka

India, News

Power Finance Corporation (PFC) has secured a long-term loan of JPY 25.5 billion from the Japan Bank for International Cooperation (JBIC) under its ‘Global Action for Reconciling Economic Growth and Environmental Preservation’ (“GREEN”) initiative. The loan, co-financed by Sumitomo Mitsui Banking Corporation and other Japanese banks, will support a 300.3 MW wind energy project by Ostro Kannada Power Private Limited (OKPPL) in Karnataka, India. JBIC will also provide a guarantee for the portion of the…

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India to launch CCUS mission with incentives to achieve net-zero targets

India, News

The government is developing a policy framework to implement Carbon Capture, Utilisation, and Storage (CCUS) technology, aiming to help the country meet its net-zero targets by 2070. The forthcoming CCUS mission will focus on capturing carbon dioxide from large-point sources, particularly fossil fuel power generation units. The mission is expected to include financial incentives, such as viability gap funding, carbon pricing mechanisms, carbon trading, and production-linked incentives (PLI) to attract private sector investment. The mission…

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Scatec, Aeolus to develop 120 MW solar projects in Tunisia

Global, News

Scatec ASA and Aeolus SA, part of Toyota Tsusho Group, have partnered to develop 120 MW of solar projects in Tunisia. Financial close has been achieved for the Sidi Bouzid and Tozeur projects, each 60 MW, with Scatec starting construction. Aeolus acquired a 49% stake, with Scatec holding 51%. The projects, selected by Japan’s Ministry of the Environment for the JCM Model Projects in FY2023, have a total cost of EUR 79 million. The financing…

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Iberdrola acquires 88% stake in Electricity North West for €2.5 billion

Global, News

Spanish utility company Iberdrola has acquired an 88% stake in Electricity North West (ENW) for an equity value of €2.5 billion ($2.7 billion), valuing the company, including its debt, at €5 billion. Since merging with ScottishPower in 2007, Iberdrola has viewed the UK as a key investment destination, investing €36 billion. ScottishPower is the UK’s only fully green integrated utility. The acquisition positions the UK at the forefront of Iberdrola’s markets by regulated asset base,…

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Sustainable bond issuance drops in 1H 2024

Global, News

Issuance of green, social, sustainability, sustainability-linked, and transition bonds fell 19 per cent quarter-on-quarter after a spike in Q1 2024. According to Moody’s Investors Service, global sustainable bond issuance declined in the first half of 2024, with Q2 issuance down 20 per cent year-on-year to USD 238 billion. However, reaching USD 1 trillion in full-year issuance is still “within reach.” The recent quarter saw USD 146 billion in green bonds, USD 39 billion in social…