Finance

The European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB) are funding a 99 MW solar project in southwestern Croatia with a total investment of €62 million ($67.2 million). Construction will begin next year, and commissioning is set for 2026.

At the RE-Source conference this week in Amsterdam, RE-Source Platform Policy and Impact Director Annie Scanlan projected record corporate power purchase agreement (PPA) growth in Europe for 2024. Corporate PPA capacity has already reached 10.7 GW this year, nearing last year’s record of 10.8 GW.

The European Commission is offering 85 net-zero projects a share of €4.8 billion ($5.2 billion) in grants from the latest round of the EU Innovation Fund. Some of the projects will contribute to 3 GW of new solar manufacturing capacity.

JinkoSolar has revealed plans to issue global depositary receipts (GDRs) on the Frankfurt Stock Exchange to raise €580 million ($627.6 million).

The German government has awarded a €310 million ($336 million) funding package to chemical manufacturer BASF for the construction of an industrial heat pump with a capacity of up to 500,000 metric tons of steam per year. It will use waste heat from steam crackers for CO2-free stream production. 

Total corporate funding in the solar industry reached $22.3 billion in the first nine months of 2024, down 23% year on year. Mercom Capital Group says global uncertainties are affecting investor confidence, but an increase in debt financing and resilience in newly announced large-scale project funding are bright spots for the sector.

International Finance Corp. (IFC) and Raiffeisen Bank International have signed off on a €90 million ($97.8 million) debt package to support the development of a 225 MW facility in northeastern Bulgaria.

Researchers have studied Israel’s clearing price method for PV tenders and raised concerns about its potential for long-term dominance. They examined how power abuse and technological inefficiencies lead to market inefficiencies, concluding that a duopoly best suits the Israeli market.

Quinbrook Infrastructure Partners announces two long-term agreements covering 100% of solar power generation at Cleve Hill Solar Park. British supermarket retailer Tesco has signed a 15-year agreement covering 65% of generation and Shell will manage remaining capacity under 10-year route-to-market deal.

South Africa’s University of the Western Cape (UWC) has opened a 4 MW solar and storage tender, with proposals to include a PV carport system and an online monitoring and management platform. The tender follows a build, operate, and transfer model for up to 20 years.