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    bp to invest up to £18 billion in UK energy system by 2030

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    Kier to deliver onshore converter station for offshore wind project in the north east

    Statkraft seeks planning nod for 49.9-MW Scottish wind farm

    VSB Group Expands in France with Acquisition of 143.5 MW Wind Power Portfolio

    Norway to invest in renewable projects in developing countries

    Italian Solar Farms, Matrix in Strategic Partnership with Energia Aljaval

    China installed 48.2 GW of new solar capacity in 2020

    Solek Group signs deal to build solar power plants in Chile

    Trina Solar betting on largest wafer size and third cut cells for 500W-plus modules

    TotalEnergies to Acquire SunPowers Commercial & Industrial Solar Business

    Vattenfall Wind

    UK Government grants consent for Vattenfall’s Norfolk Vanguard Offshore Wind Farm

    New DNV GL class rules for floating offshore wind energy expands industry horizon

    Norway to launch 1.5 gigawatt offshore wind tender

    Atlas and Hitachi to develop energy storage systems for renewable projects

    Velto Renewables supports the 360 MW offshore wind farm London Array

  • Market Moves
    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    GE Renewable Energy connects the world's most powerful hydro unit to the grid in Wudongde, China

    GE Renewable Energy connects the world’s most powerful hydro unit to the grid in Wudongde, China

    Ferroglobe Hydro power

    Ferroglobe completes sale of Spanish hydro facilities to TPG Sixth Street Partners

    Intersolar, EES and Power2drive NA Acquired by Diversified Communications

    Intersolar, EES and Power2drive NA Acquired by Diversified Communications

    Summit Energy Services Announces Merger with Schneider Energy Consulting

    SeaMade secures €250m European loan for Belgian offshore wind farms

    SeaMade secures €250m European loan for Belgian offshore wind farms

    Xcel Energy agrees to buy Mankato Energy Center for $650m

    UK renewable energy overtakes fossil fuels, despite Brexit fears

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    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

    Protermosolar adds value to the Spanish concentrated solar power industry in China

    SPI Energy Develops Utility Scale Solar Project in Maryland

    Lightsource BP pioneers UK's first night-time solar service

    Altus Power and Heliene Establish Strategic Partnership to Support U.S. Solar Module Manufacturing

    EDP signs a Build & Transfer Agreement for a 200 MWac solar project in the U.S.

    I&M is Powering the Next Tomorrow with Plans to Add More than 2,000 MW of Solar

    WindEurope Annual Event 2022 in Bilbao - Registrations Open, Conference Programme Available

    WindEurope Annual Event 2022 in Bilbao – Registrations Open, Conference Programme Available

    RWE chooses Chantiers de l'Atlantique as key supplier for its F.E.W Baltic II wind farm - design, construction and installation of the electrical offshore substation

    RWE chooses Chantiers de l’Atlantique as key supplier for its F.E.W Baltic II wind farm – design, construction and installation of the electrical offshore substation

    EGAT deploys Siemens software solutions for the worlds largest Hydro-Floating Solar Hybrid Project

    EGAT deploys Siemens software solutions for the world’s largest Hydro-Floating Solar Hybrid Project

    Protermosolar adds value to the Spanish concentrated solar power industry in China

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    GE’s digital power transformers selected for multiple projects across the globe

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Norway to invest in renewable projects in developing countries

in News, Solar Energy
Norway to invest in renewable projects in developing countries

The Government of Norway has announced it will allocate NOK10bn ($1.1bn) for a new fund that will invest in renewable energy projects in developing countries over a period of five years.

A total of NOK2bn ($227m) will be provided to the climate investment fund each year. Prime Minister Erna Solberg said: “The climate investment fund is an essential part of Norway’s contribution to achieving the goals set out in the Paris Agreement and the [United Nations’] Sustainable Development Goals (SDGs).”

“To succeed in reducing greenhouse gas emissions, particularly in Asia, we need to mobilise more commercial capital. I urge investors to work with the climate investment fund when it is up and running.”

The funding will be allocated through the national budget and the Norwegian Investment Fund for Developing Countries (Norfund), which will also be responsible for administering the fund.

The investment’s main aim is to reduce greenhouse gas emissions in developing countries. The investments will be made in developing countries with high emissions from coal-fired power plants. They will be in line with national climate and energy plans in the fund’s beneficiary countries.

The fund can also mobilise almost NOK100bn ($11.3bn) in future investments in renewable projects.

International Development Minister Dag-Inge Ulstein said: “The establishment of the new climate investment fund is a milestone in Norwegian development aid.

“It is part of the solution to some of the major challenges we are facing and that are having a particularly severe impact on the world’s poor.

“We know that even if all countries spend 1% of their GNI on aid, it will still not be enough to solve global challenges such as climate change.

“The new fund is a win-win initiative that will support climate action and, at the same time, increase access to renewable energy in countries that are in need of sustainable energy solutions. “

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News

bp to invest up to £18 billion in UK energy system by 2030

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