EBRD helps finance Albanian solar power: The European Bank for Reconstruction and Development (EBRD) will lead the financing of Albania’s 140 MW Karavasta solar plant — set to be the largest in the country, according to a statement released on Monday. The EBRD is anchoring the project’s EUR 99 mn financing structure and will lend EUR 29 mn to an Albanian special-purpose vehicle owned by France’s Voltalia to finance the EUR 135 mn project. The project is co-financed by the International Finance Corporation, Intesa Sanpaolo Bank Albania, Privredna Banka Zagreb, and by Voltalia’s own resources.

Swedish startup H2 Green Steel is seeking EUR 1.5 bn in fundraising to build zero-carbon steel plants, the Financial Times reported on Monday, citing people familiar with the matter. If it proceeds, the equity round by H2GS would be among the largest of its kind in Europe this year amid volatile market conditions. The startup — which is backed by Mercedes, Scania, and the Maersk family, among others — is in early stages for the funding and is working with Morgan Stanley advisors for the equity funding, it said. H2GS has started the final part of its financing strategy to raise over EUR 5 bn, including EUR 3.5 bn in debt. “We are now in an equity process. We are working on that in parallel with the continuing process on the debt side. It is for in excess of EUR 1.5 bn,” H2GS said.

Australia plans to begin drafting a green bond framework in the runup to launching a green financing program in mid 2024, Bloomberg reported on Friday. The nation, which is seeking to end its reputation as a climate straggler, is one of world’s largest per-capita polluters. The framework aims to help Australia’s goal of net zero emissions by 2050 through increasing clean-energy infrastructure investments. “Our Sovereign Green Bonds program will attract more green capital to Australia, by increasing transparency around climate outcomes and the scale of green investments available,” he said.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Chile’s move to nationalize its lithium industry could spell trouble for global car manufacturers facing a supply crunch in EV battery components. (Reuters)
  • Singapore’s Keppel Infrastructure signed an MoU with ExxonMobil Asia Pacific to develop low-carbon hydrogen and ammonia for commercial and industrial use in Singapore. (Reuters)
  • The UK’s largest solar and battery storage plant broke ground on Monday. The 350 MW plant is forecasted to power 100k homes per year. (Financial Times)
  • General Motors and Samsung SDI — the battery manufacturing arm of South Korean tech giant Samsung — will invest USD 3 bn to jointly build a battery manufacturing plant in the US. (Reuters)
  • Germany and Denmark inked an agreement to jointly build a land-based, cross-border green hydrogen pipeline by 2028. (Reuters)
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