China is building a giant 11 GW renewable project: China Energy Investment and its subsidiary China Longyuan Power Group are forming a JV to build a CNY 3 bn (USD 416 mn) 11 GW renewables project in China, Bloomberg reports. The project is set to also contain backup energy storage and fossil fuel plants. Funding is still pending government approval.

Part of wider green energy initiatives: China is rolling out new projects amassing over 450 GW of renewable energy in desert locations, including the giant Jiuquan wind plant also located in Gansu, Bloomberg writes. Other Chinese conglomerates are taking an interest in our region, Energy China recently signed an MoU with Egypt last month to undertake a feasibility study on the establishment of a 2 GW pumping and energy storage facility in Egypt.

Sweden will help finance nuclear expansion: The Swedish government plans to secure financing for a massive boost in nuclear power in preparation for the country's electricity consumption doubling in the next decade, Bloomberg reports. The government will assess models of sharing financial risks with utility companies investing in nuclear power. This follows an earlier pledge to provide SEK 400 bn (USD 37.9 bn) in credit guarantees to start the expansion before 2026.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Germany takes a EUR 60 bn budget hit: The constitutional court in Karlsruhe ruled against EUR 60 bn in off-budget funding for clean energy and industrial projects last week, derailing Germany’s decarbonizations plans. Another EUR 770 bn of state funding is still in question as Germany lags behind its goal to curb emissions from 1990 levels by two-thirds before 2030. (Bloomberg)
Tags: