• Foreign News 07
Securing construction bridge financing for solar PV projects in Romania
July-August . 2024 | @ green
• Foreign News 07
Boosting renewable energy generation
IN its effort to achieve carbon neutrality by 2050 , Switzerland passed a measure on Sunday to speed up the development of renewable energies .
A little under 70 per cent of Swiss voters supported the law mandating “ a secure electricity supply based on renewable energies ,” according to official data , which corroborated patterns in polling that were published prior to the national referendum .
The law ’ s backers , the Alliance for a Safe and Affordable Electricity Supply , celebrated the Swiss people ’ s “ important decision ” about their power supply , according to an AFP report .
Just over two months ago , the European Court of Human Rights made history by condemning Switzerland as the first nation ever to fail to tackle climate change adequately .
Most environmental groups support the renewable energy law and its goals , which were passed by parliament last year .
The likes of Greenpeace and WWF are among them .
As a result of the referendum , Greenpeace declared nuclear power to be “ obsolete ” and called on Swiss energy company Axpo to “ set a deadline for the swift and definitive halt of the two reactors and the Beznau nuclear plant ” in response .
The report warned that the reactors constitute an insurmountable security threat due to their age and continued operation .
According to Switzerland ’ s Minister of the Environment and Energy , Albert Rosti , the new law represents “ an important milestone for strengthening the security of supply ” - something that is especially crucial during the winter months .
THE STAUNCH CONSERVATIVES
The plan ’ s stated goal is to make the already-wealthy landlocked nation of Switzerland less reliant on power imports by quickly increasing hydro production and boosting the already-miniscule contribution of wind and solar power to the country ’ s energy mix .
The law envisions solar panels mounted on the rooftops and sides of buildings .
Large solar arrays and wind turbines also have an easier time getting planning authorisation .
Some minor environmental groups and others are opposed to the law on the grounds that it will expedite massive energy projects and lead to the wind farms and solar farms that will ruin Switzerland ’ s beautiful Alpine scenery .
There will be few avenues for residents to challenge the installation of such renewable energy systems , they add .
Even Switzerland ’ s most conservative political group , the Swiss People ’ s Party ( SVP ), was against the measure , citing the need to protect civil nuclear power - which accounted for 32 per cent of the country ’ s energy output in 2017 - as their primary justification .
Following the voting , it voiced concerns that the Swiss people would be left with “ little electricity , at a high price ” and “ massive environmental destruction ” as a consequence of the bill .
There will “ probably be less likely to succeed than before ” in appealing to big energy projects , the government admitted .
While it acknowledged that applications would be reviewed individually , it reiterated that , with few exceptions , big installations cannot be built in “ biotopes of national importance ” or migratory bird reservations .
Last year , hydropower accounted for 57 per cent of the nation ’ s electricity production ; the law anticipates 16 such projects . These require the construction of new dams or the elevation of current ones .
Securing construction bridge financing for solar PV projects in Romania
THE European Bank for Reconstruction and Development ( EBRD ), together with Eiffel Investment Group , will provide EUR24.4 million in funding to INVL Renewable Energy Fund I , a fund investing in renewable energy projects , of INVL Asset Management , a leading alternative asset manager in the Baltic States .
The proceeds will be used for constructing a 60 megawatts ( MW ) capacity solar power plant in Romania by INVL Renewable Energy Fund I . Germany-based Capcora acted as the exclusive financial advisor to INVL in the transaction .
The EBRD and the Paris-based Eiffel Investment Group ’ s Energy Infrastructure Investment Fund are granting funding in equal shares of EUR12.2 million each to INVL Renewable Energy Fund I company in Romania .
“ We greatly appreciate the trust and recognition shown to us by the EBRD and Eiffel Investment Group . The funding not only enables us to accelerate the construction of the solar power plants already in progress in Romania , but also to make a significant contribution to the expansion of Romania ’ s renewable energy generation capacity ,” said Liudas Liutkevius , Managing Partner at INVL Renewable Energy Fund I .
The 60 MW capacity solar power plant project in Dolj County , Romania , is the second one for the Fund . The construction of solar power plants with 51 MW capacity in Romania is expected to be completed by the end of September of this year .
WTO spotlights inclusive trade for clean energy transition
INTERNATIONAL cooperation on trade is critical for the fast and fair transition to clean energy needed to combat climate change , speakers said at an event organised by the World Trade Organisation ( WTO ) Secretariat on World Environment Day on June 5 .
Deputy Directors-General Jean- Marie Paugam and Xiangchen Zhang underlined trade policy opportunities to support the transition to clean energy , including for developing members and leastdeveloped country ( LDC ) members .
DDG Paugam said : “ The clean energy transition is a crucial objective in our path to sustainable development . Trade policy tools — such as rebalancing tariffs in line with climate ambitions or aligning standards to accelerate decarbonisation efforts — can fast-track transition efforts and expedite the inclusion of developing economies into green value chains .”
DDG Zhang said : “ Global efforts to achieve net zero require concerted efforts of the international community , and developing members have been acknowledging the role of Aid for Trade to help them realise opportunities resulting from the green transition .”
The event , titled “ Supporting the transition to clean energy ”, provided a preview of a forthcoming WTO publication on how Aid for Trade can help unlock opportunities in the clean energy sector for developing and LDC members . It will be launched at the upcoming Global Review of Aid for Trade 2024 .
Vishvanathan Subramaniam of the WTO ’ s Aid for Trade Unit highlighted trade opportunities that emerge during a clean energy transition . He pointed to examples of how Aid for Trade can help develop and how LDC members can leverage these opportunities .