News

Basic Energy plans capital increase to gain investors for development

Basic Energy Corp., listed on the Philippines Stock Exchanges is planning to double its capital stock to allow potential investors joining the company and secure sufficient funds for the company’s geothermal and renewable energy development activities.

The proposed capital increase will allow potential investors to come into the company and provide a certain flexibility for fundraising.

The company announced that a potential investor is currently conducting legal and financial due diligence review.

Basic Energy is developing several geothermal projects namely the Mabini Geothermal Service Contract in Batangas, Mt. Mariveles Geothermal Project in Bataan and Mt. Iriga Geothermal Project in Albay.

Recently, two of its geothermal contracts were terminated by the Department of Energy, as we reported.

Apart from pursuing geothermal developments, it is also eyeing opportunities in other renewable energy projects, such as solar, wind and biomass energy, and is currently undergoing due-diligence studies and work.

/Source: PhilStar/

May 13, 2019


Aquila Capital fund to raise cash for renewables investment via London IPO

* Aquila European Renewables Income Fund said it seeks to raise 300 million euros ($337 million) for clean energy investment through an initial public offering (IPO) on the London Stock Exchange, it said on Friday.

* The fund, owned by Hamburg-based Aquila Capital, wants to invest in solar, wind and hydropower assets across continental Europe and the Republic of Ireland.

* It said it plans to acquire mostly operational assets which generate income and Aquila Capital has identified opportunities across Iberia and Scandinavia which could be suitable for acquisition.

* "We are excited to float our fund in London which has established itself as the home of investment trust listings in Europe including a number of renewable funds," said Ian Nolan, chair of the fund.

/Source: REUTERS/

May 10, 2019


Piramal, Canadian pension fund set up $600 million renewable energy trust

Piramal Enterprises Ltd said on Tuesday it had signed a memorandum of understanding (MoU) with Canada's biggest public pension fund to co-sponsor a $600 million infrastructure trust focused on renewable energy.

The Canada Pension Plan Investment Board (CPPIB) will initially contribute $360 million to the fund with Piramal adding $90 million, the Indian conglomerate said.

The remaining amount will be raised from other investors, Mumbai-based Piramal said.

CPPIB will hold up to 60 percent stake in the trust, while Piramal will own 15 percent.

/Source: REUTERS/

May 7, 2019


INNOVATION: Groovy new solar technology may be future of renewable energy

 An innovative 3D solar-cell design with a radically different architecture which drives down the costs of cell manufacture may define the future of renewable energy as it potentially reduces optical losses within a device, according to UK scientists. 

The scientists at the University of Sheffield and energy technology company Power Roll in the UK have demonstrated how a unique architecture based on a surface embossed with micro-grooves could also make solar power more efficient. 

The innovative 3D design removes many of the manufacturing process steps required by existing photovoltaics (PV) modules and allows new materials to be used that would not usually be appropriate in regular solar cells. 

Power Roll predicts that solar modules produced using this design will weigh only a fraction of an equivalent-power conventional solar module which could benefit less developed and off grid areas of the world where it is not viable to transport heavy solar panels as well ...

May 5, 2019


EBRD to provide $55 million loan for Polish wind energy farm

* The European Bank for Reconstruction and Development (EBRD) said it will provide a loan of up to 209 million zloty ($55 million) for a wind farm in Poland

* The 220 megawatt (MW) Potegowo wind farm in north-eastern Poland is expected to cost around 1.25 billion zloty

* The wind farm will be built and developed by Potegowo Mashav which is majority-owned by Israel Infrastructure Fund

* Poland is dependent on coal for nearly 80 percent of its electricity generation

* The EBRD said last week it would increase funding for Polish renewable energy this year after the government shifted towards low-carbon energy. 

/Source: REUTERS/

May 1, 2019


India looking at $500 bn investment in renewable energy generation by 2028

India is looking at a mammoth $500 billion worth of investment in creating renewable energy generation capacity with tendering of 500 Gigawatt (Gw) by 2028 in addition to $250 billion investment in grid expansion and modernisation required for uptake of green energy capacity, according to the Institute of Energy Economics and Financial Analysis (IEEFA).

The global think-tank said in a special report the long-term outlook is favourable for renewable energy in India as the country saw a dramatic decline in the wholesale electricity tariffs from solar and wind generation sources in 2017-18 with capacity consistently awarded at sub-Rs3 per unit through reverse bidding auctions. 

The Australia-based institute also said that 75 GW of renewable capacity has been installed across India, 28 GW has been auctioned and 37 GW of capacity is under various stages of tendering and bidding. If all of this comes to fruition, this amounts to a total of 141 ...

April 25, 2019


Hyundai Steel to spend 530 bln won to reduce environmentally harmful emissions

Hyundai Steel Co., South Korea's No. 2 steelmaker, said Monday that it plans to cut its environmentally harmful emissions by over 50 percent from the current level.

Hyundai Steel said it aims to spend some 530 billion won (US$468 million) to address concerns over fine dust and other harmful emissions by 2021. This move will allow it to reduce the amount of harmful emissions it releases from 23,300 tons to 11,600 tons in the target year.

In February, POSCO, the No. 1 player, said that it would spend some 1.1 trillion won by 2021 to sharply reduce fine dust.

South Korea has seen a drastic increase in fine dust over the past few years. In particular, ultra fine dust particles, smaller than 2.5 micrometers in diameter, have been on the rise posing health risks.

On Jan. 14 alone, Seoul recorded a daily average ultra fine dust level of as high as 129 micrograms per ...

April 4, 2019


Centene to buy WellCare for $17B to create big Medicaid, ACA player

Centene Corp. said it will buy fellow Medicaid insurer WellCare Health Plans in an estimated $17.3 billion deal.

All in all, the two insurers would cover nearly 22 million people in Medicare, Medicaid and the ACA exchanges. Centene CEO Michael Neidorff will serve as chairman and CEO of the merged company.

"With the addition of WellCare, we expect to bolster and diversify our product offerings, increase our scale and have access to new markets, which will in turn, enable us to continue investing in technology and better serve members with innovative programs designed to meet their needs," Neidorff said in a statement.

Combined, the merged company would boast $80.5 billion in revenue and $1.3 billion in net income. It would include more than 12 million Medicaid beneficiaries and almost 1 million Medicare members, along with a Medicare prescription drug plan WellCare is acquiring from Aetna. 

Centene saw its ACA exchange membership swell to almost ...

March 27, 2019


OneWeb has attracted $ 1.25 bn to cover the Earth with Internet

British space startup OneWeb attracted $ 1.25 billion investment. This is stated on the company’s Twitter page. The company launched its first satellites into space in February 2019. The organization said that these funds will make the launch of the Internet network inevitable in 2021. In total, OneWeb has attracted more than $ 3.4 billion at the moment. Qualcomm, SoftBank, the Mexican group of companies Grupo Salinas and the government of Rwanda were among the investors of the last round.

OneWeb is going to provide Internet access across the globe using a satellite system. The company launched the first satellites from the Guiana Space Centre in February 2019.

The tech corporation is going to launch about 30 satellites per month since October 2019. Such production will help to create a network of 648 satellites in low earth orbit, according to the BBC publication. As a result, different objects on Earth (schools, airplanes, ...

March 22, 2019


Norway's $1 Trillion Fund to Dump Oil and Gas Shares

Norway's $1 trillion wealth fund, the biggest of its kind in the world, will begin dumping shares in oil and gas companies, but stopped short of barring major producers like ExxonMobil and Chevron.

The move was hailed by environmental activists as a sign that the global economy is increasingly moving away from fossil fuels toward cleaner energy.

The financial impact, however, may be relatively limited. The move will focus on companies that trade solely in exploration and production rather than the integrated oil giants, which do everything from searching for fossil fuels to selling them to consumers.

The fund is looking to sell some $7.5 billion in shares in 134 energy companies over time.

The Norwegian government said its motivation was not climate activism but financial. The fund, somewhat ironically, derives its income from Norway's booming oil and gas industry. So reinvesting those proceeds in other sectors is considered a way to keep the ...

March 8, 2019