financing

Multilateral development banks (MDBs) issued a joint statement at COP29 (United Nations Climate Change Conference) in Baku outlining financial support and other measures for countries to achieve ambitious climate outcomes.

At the international energy conference ReBuild Ukraine in Warsaw, the Commercial Risk Guarantee Fund — a new tool to secure investments in renewable energy—was presented and received already positive feedback from the international financial institutions.

The Czech government wants to retroactively cut funding for existing renewable energy plants, as it did several years ago. International investors want to take legal action against this, citing a violation of national and European law.

Solar developer software, Glint Solar announced an $8 million Series A funding round led by Smedvig Ventures with participation from Momentum, Futurum Ventures and Antler’s Nordic fund. The investment follows a period of growth for the Norwegian startup which has tripled its customer base over last 12 months.

Even if all COP announcements to date were to be fully implemented, a significant CO2 emission gap would still need to be closed by 2050, according to IRENA’s World Energy Transitions Outlook 2024.

The Electricity Authority of Cyprus (EAC), in collaboration with the Ministry of Education, is installing PV systems in all public schools in Cyprus.  In total there are more than 400 installations for a capacity of about 4.8MW. 

The International Energy Agency (IEA) published its annual Energy Technology Perspectives report, for the first time introducing combined analysis on the interplay between energy, industrial and trade policies. SolarPower Europe contributed to the report.

MET Energía España, has signed two long-term PPAs. MET will buy the electricity from a solar park from Prosolia Energy to supply Atlantic Copper, the second largest copper producer in the world, with solar power via the distributor Fortia Energía.

Photon Energy's Hungarian subsidiary has completed the construction of a 658 kW PV power plant and has commenced operation. This is based on a 20-year PPA with Clarion Hungary, a subsidiary of Forvia, the seventh largest automotive technology supplier in the world.

Europe must leverage the significant potential for private financing stemming from PPAs. The recent “Draghi Report” on the EU’s competitiveness and economic security singled out PPAs as a key tool for strengthening the EU’s industrial resilience.

Faerch, a leading Finish supplier of circular food packaging with integrated recycling capability, has signed its second 10-year Power Purchase Agreement (PPA) with Better Energy.This contributes to realize a new solar park.

The European Bank for Reconstruction and Development (EBRD) is providing a loan of up to €31.6 million to Hrvatska Elektroprivreda d.d. (HEP), Croatia's national energy company to finance the construction and operation of a solar power plant with installed capacity of up to 99 MW.

RE-Source 2024 will take place October 24-25 in the former stock exchange building Beurs van Berlage in Amsterdam/Netherlands. One of the co-organizers is SolarPower Europe.

Q ENERGY announced the debt financial close of its “Les Ilots Blandin” project for a total amount of EUR 50.4m, arranged by Crédit Agricole Transitions & Energies, through its financing arm Unifergie, and Bpifrance.

The EBRD provides a €28 million loan for the upgrade of electrical substation Brezna. This enables to integrate up to 400 MW of new, large-scale renewable energy into the country’s power grid.

For clean energy to continue growing at pace, greater investment in new energy systems, especially in electricity grids and energy storage, is necessary, IEA`s new World Energy Outlook 2024 says. Today, for every dollar spent on renewable power, only 60 cents are spent on grids and storage.

Trina Solar has delivered 140 MW of its Vertex dual-glass bifacial modules to Karavasta Solar in Albania on behalf of Voltalia. The project will be the largest of its kind in the Western Balkans.

Supported by the EBRD, Romania has this week launched a Contract for Difference (CfD) mechanism for the construction of renewable energy installations and opened the first auction for 1.5 GW of renewable energy generation capacities – 500 MW of solar PV and 1 GW of onshore wind.

International solar developer ib vogt has signed a virtual Power Purchase Agreement (vPPA) with Corning Incorporated for a capacity of 88.78 MW. The deal will supply electricity from the Pato solar power farm, located in the eastern region of Segovia, Spain, to the grid.

DRI, part of the Ukraine-based DTEK group, has taken an important next step on its 133 MW 4h (532 MWh) battery storage project in Trzebinia, Poland, by acquiring 100% of the shares from Columbus Energy.

81% of renewable additions in 2023 were cheaper than fossil fuel alternatives, offering countries a compelling business and investment case to triple renewables by 2030, according to the International Renewable Energy Agency (IRENA).

BayWa r.e. has sold four UK solar projects to renewable investor Octopus Energy Generation. Battery energy storage systems will be partly included in the projects.

Andel and Better Energy have entered a joint partnership with the aim to construct 15 renewable energy parks with a capacity of around 2 GW in Denmark between 2024 and 2028.

Lynher Energy has signed a Corporate Power Purchase Agreement (CPPA) with a UK-based FTSE100 company. The deal is structured as a sleeved physical PPA to provide reliable solar power to the off-taker over the next 15 years.

LONGi and UK based Octopus Energy closed a strategic partnership on high-efficiency photovoltaic technology with the aim to significantly boost the global renewable energy capacity.