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UK-based renewables investor Octopus Energy Generation will earmark USD 20 bn by the end of the decade to fund offshore wind energy projects globally, according to a statement. The investment will be channeled toward generating 12 GW of clean energy annually, the company notes, adding that it has several agreements in the pipeline and would fund projects that are either currently under construction or ones already operational. The company manages some USD 7.7 bn worth of green energy globally, investing in renewables projects including the Xlinks Morocco-UK Power Project and the 1.2 GW offshore Hornsea One wind energy project, which is one of the world’s largest offshore wind assets. Since entering the offshore wind power market in 2022, Octopus has sealed five project agreements worth USD 1 bn, it notes in its statement.
The International Finance Corporation (IFC) will extend a USD 180 mn green loan to mining company Allkem to support its lithium mining project in Argentina, according to a statement. This marks the first investment by the lender in the lithium production sector and the first time a greenfield mining project’s funding has been structured as a sustainability-linked loan, the statement notes. The project is expected to annually produce 15k tons of lithium carbonate equivalent in its first stage. The IFC will provide a credit facility totaling USD 100 mn from its own account for the project, an additional USD 30 mn in mobilization, and is expected to arrange a parallel loan of up to USD 50 mn to finance the mining operation, it said.
REMEMBER- Lithium is a necessary component for EV battery production and electronics. Several countries in the region have been doubling down on mining efforts in a bid to meet rising demand for the mineral, which is among several green metals essential for the energy transition. The International Energy Agency (IEA) expects the supply of lithium will reach 420k metric tons by 2030, which is still well below the required increase by 2030 of 702k tons to realize a net-zero scenario by 2050.
