Energy

Bloomberg Egypt’s fledgling solar industry attracted $1.8 billion of investment, largely from the European Bank of Reconstruction and Development and the World Bank’s International Finance Corp. The EBRD is backing 16 photovoltaic projects, and the IFC is financing 13 in the sunny North African nation with a combined capacity of 1.4 gigawatts. They are writing loans for $380 million and ...

OSLO / Reuters Norway’s Saga Energy has signed a 2.5 billion-euro ($2.94 billion) deal to build solar power plants in Iran, the company said, just days after US President Donald Trump unveiled a more confrontational policy toward Teheran. Saga’s preliminary agreement with Iran’s state-owned Amin Energy Developers was the latest in a flurry of deals by foreign companies since the ...

Bloomberg Enel SpA is seeking acquisitions in the energy storage business, as developments in battery technology are set to play a key role for the wider adoption of renewable sources. Europe’s biggest utility by market capitalization sees the US, Europe and Latin America as the markets with the most potential, Chief Executive Officer Francesco Starace said in an interview. “Technologies ...

ALGIERS / Reuters Algeria aims to amend its energy law in 2018 as it plans to improve contract terms to attract needed foreign investment, authorities said, giving the first timeline for a much-anticipated move. OPEC member and gas supplier Algeria relies heavily on energy revenues to balance state finances, which have been hit significantly by a drop in global oil ...

SEOUL / Reuters South Korea’s SK Energy has bought 6.5 million barrels of US crude to be delivered between November and January, a company spokeswoman said on Monday, as the country’s top oil refiner steps up imports of the competitively priced oil. The ramp-up in imports comes as US crude oil prices have dropped against Brent and Dubai , the ...

Bloomberg Plummeting costs for renewable energy in Australia may tilt the government towards scrapping subsidies designed to encourage use of the technology. A sharp decline in the cost of solar and wind power has raised the prospect of ending the incentives as renewables are now able to compete or even beat fossil fuels. That may give Prime Minister Malcolm Turnbull ...

Tokyo / Emirates Business The cost of battery storage for stationary applications could fall by up to 66 percent by 2030, according to a new report published by the International Renewable Energy Agency (IRENA). The falling price of batteries could stimulate 17-fold growth of installed battery storage, opening up a number of new commercial and economic opportunities, the report highlights. ...

Bloomberg Brookfield Asset Management Inc., the owner of just a half-megawatt of solar power, is going all in on sunshine. Eight months after agreeing to acquire almost 4 gigawatts of solar and wind power from fallen clean-energy giant SunEdison Inc., Brookfield is now said to be in advanced talks to buy a 41.5 percent stake in Atlantica Yield Plc, which ...

ALGIERS / Reuters Algeria plans to amend its energy law before the end of the year as the OPEC producer tries to attract more foreign investors, a senior source at state energy firm Sonatrach told Reuters. Algeria, a major gas supplier to Europe, wants to boost oil and gas revenues which were hit by a fall in global prices. But ...

Bloomberg Royal Dutch Shell Plc and its partners Eneco Holdings NV and Mitsubishi Corp. are seeking to sell a stake in two Dutch offshore wind-farm projects that may cost $1.4 billion to develop, two people familiar with the plan said. The companies are looking to reduce their ownership in the Borssele III and IV wind farms by as much as ...