Japanese trading corporation Itochu Group says it will invest USD 2 bn across the US and Canadian renewable energy markets, according to a statement. Itochu said it would work together with Sumitomo Mitsui Trust Bank on setting up the fund and providing institutional investors, mainly in Japan, with avenues to invest in renewable energy in the US and Canada. Fuyo General Lease Co. and Tokyu Land Corporation have invested in the fund, and Itochu is continuing to court investors. The fund will be overseen by Itochu’s North America subsidiary Tyr Energy, which has a 2 GW pipeline of solar energy projects in the US.

One of Indonesia’s top nickel producers, PT Indonesia Morowali Industrial Park (IMIP), is looking to power nickel mining operations with renewable energy, Bloomberg writes. Indonesia could supply more than 60% of the world’s nickel demand — which is essential for EV battery production — by 2030. However, the country is facing increasing pressure over its use of coal to power mining operations. IMIP wants to install up to 500 MW worth of solar panels to push down its carbon footprint, with plans to invest USD 63 mn to deploy the initial 100 MW phase of the project. Alongside investments in solar energy, IMIP is looking at using electric trucks to further greenify its operations.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • The Great Barrier Reef at risk? A marine heatwave is hitting over 2k km of Australia’s Queensland coastline, threatening the health of corals and other sea life in the Great Barrier Reef. (The Guardian)
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