South Korea’s Hyundai Asset Management Co. Hyundai announced that it signed a business agreement with Cyan Renewables, a Singapore-based specialist in offshore wind support vessels. With this agreement, Cyan Renewables enters the South Korean domestic offshore wind power market.During the signing ceremony held at Cyan Renewables’ South Korea office last week, attended by officials from both companies including Hyundai Asset Management CEO Jeong Wook and Cyan Renewables chief executive officer (CEO) Lee Keng Lin, discussions were held on strengthening supply chains to meet the rapidly growing demand for vessels in the South Korean offshore wind power market.By combining Cyan Renewables’…
Author: Chitrika Grover
Bursa Carbon Exchange a wholly-owned Bursa Malaysia Berhad subsidiary plans to host its first Malaysian carbon credits auction on 25 July 2024.The auction of carbon credits from the Kuamut Rainforest Conservation Project will mark a significant milestone for BCX on several fronts – the offering of its first Malaysia Nature-based Carbon Credits Plus (MNC+) generated via a domestic forestry project; and the expansion of BCX’s product offering to include local carbon credits in addition to global carbon credits.Located in the Tongod and Kinabatangan districts in Sabah, Malaysia, the Kuamut Project protects and restores 83,381 hectares of tropical forest. The project…
Trina Solar, a smart PV and energy storage solution provider recently ramped up production of its manufacturing facility in northern Vietnam.When the US$203 million factory in the northern city of Thai Nguyen started production last August it had 700 workers. It was producing its industry-leading 210mm monocrystalline silicon wafers. Since then, the workforce has more than doubled to 1,500 workers and the factory is now also producing solar cells and modules; representing more advanced stages of value-added manufacturing.The facility is steadily ramping up to its maximum annual production capacity: 6.5GW of wafers, 4GW solar cells, and 5GW modules.”Trina Solar is…
Canadian Solar Inc. recently won three battery energy storage system (BESS) projects, of 193 MW, in Japan’s first Long-Term Decarbonization Power Source Auction (LTDA). The winners of Japan’s auction were announced on April 26, 2024, with the company securing 13.3% of the total awarded energy storage projects. Canadian Solar will enter into Capacity Reserve Agreements (“CRA”) with the Organization for Cross-regional Coordination of Transmission Operators (OCCTO). These energy storage projects will provide capacity over 20 years, in return for Capacity Reserve Payments to offset fixed storage system costs.Located in Aomori, Fukushima, and Yamaguchi prefectures respectively, the three projects are expected…
Vietnamese electric vehicle maker VinFast Auto announced its plan to enter the Philippine EV market at the end of May. VinFast planned to expand its presence in many international markets such as the US, Canada, and Europe. It recently entered the Indonesian, Indian, and Thai markets. The Philippines is VinFast’s next step in its expansion strategy in the Southeast Asian market, especially as the country is adopting policies to promote the development of electric vehicles. Nguyen Minh Ngoc, General Director of VinFast Philippines said the company commits to joining hands with the Philippines in the electric mobility revolution. The company is…
Sri Lanka has signed a deal with Adani Green Energy Limited (AGEL) for a power purchase agreement for 20 years, the country’s cabinet statement read. The company will be paid 8.26 cents per kilowatt-hour (kWh) as per the agreement for the wind energy projects it has developed, the cabinet statement said. The Sri Lankan Cabinet has appointed a negotiation committee to evaluate the project proposal which was furnished by Adani Green Energy. Adani Green Energy has already won approval in February last year to invest $442 million and develop the 484 megawatts wind power plants in Mannar town and Pooneryn village,…
Nozomi Energy, a Japan-focused renewables platform established by Actis, was recently selected as one of the winning companies in Japan’s first-ever long-term decarbonisation capacity auction. The company secured two battery energy storage system (BESS) projects, each with an initial installed capacity of close to 200MWh.This announcement follows Nozomi Energy’s success in establishing an operational project portfolio of 100MW within 10 months of commencing operations. Japan aspires to achieve carbon neutrality by 2050. It targeted a renewable energy share of 36-38% of total power production by 2030. The company plans to double its share from the 2019 level. Nozomi Energy’s contributions…
The Energy Information Administration (EIA) recently reported Japan’s energy policies aim to reduce fossil-fuel use in electricity generation. This policy is the first part of a two-part series on Japan’s energy policies in the electric power sector. These policies affect generation from non-fossil fuel sources, namely renewable sources from nuclear generation. EIA reported that these policies target to reduce the natural gas-fired generation share in Japan’s power generation from 34% in 2022 to 20% by 2030. Japan in 2022 consumed less natural gas than in 2009, due to slower economic growth, less industrial demand, high international LNG prices, and continued improvements…
A recent report from energy think tank EMBER said that Singapore’s heavy reliance on gas-based electricity could be cut down with the expected rise of renewables in the country. The report said that based on its calculations, the share of electricity from gas would drop from 92% in 2022 to 61% by 2035. This was attributed to the rise of renewable energy on the Southeast Asian country. “Based on Ember’s calculation, this would mean the share of electricity from gas would drop from 92% in 2022 to 61% by 2035 as renewables are increasingly imported to meet demand. Being on…
The Asian Development Bank (ADB) recently signed a $121.55 million financing package with Dynamic Sun Energy Private Limited. This collaboration is undertaken to build and operate a 100-megawatt (MW) grid-connected solar photovoltaic power plant in Pabna, Bangladesh. The plant is the country’s first private sector utility-scale solar facility to secure support from global financiers. ADB arranged, structured, and syndicated the debt package as the sole mandated lead arranger and bookrunner. The financing package comprises a $46.75 million loan from ADB, a syndicated B-loan of $28.05 million from ILX Fund I, an Amsterdam-based emerging market private credit fund focused on supporting…