Itau raises $408m for Brazil plans
Itau Unibanco has borrowed $408m from the World Bank and three commercial banks to invest in renewable energy projects in Brazil.
The Brazilian bank raised $102m in a five-year loan from the World Bank’s International Finance Corporation; and $306m in a three-year loan from Bank of America Corporation, Mizuho Bank and Commerzbank. This is the largest amount raised by a bank in Latin America to invest in projects to mitigate impacts of climate change.
Brazilian banks are set to increase funding for renewable energy projects, including wind farms, as the national development bank BNDES looks to rein in investment on some types of loans.
Siemens orders drop 42% in Q1
Siemens has seen first quarter orders drop 42% year-on-year to €1.3bn due to a sharp fall in large deals in Germany and the US.
The German manufacturer also reported that revenue grew 12% year-on-year in the first quarter to €1.5bn, which chief executive Joe Kaesar attributed to growth in the offshore wind division.
Profits rose 21% to €80m over the same period. Siemens attributed this rise to an increased contribution from its service business.
Oil forces $1bn Marubeni write downs
Marubeni Corporation is set to write down $1bn on the value of its energy and commodity assets after the crash in crude oil prices.
The Japanese conglomerate has been hit hard by the 60% drop in crude oil prices since June 2014, and has halved its profit forecast for the current financial year to $935m. The writedowns are mainly focused on oil and gas assets in the North Sea and Gulf of Mexico.
Marubeni has been a high-profile investor in European offshore wind over the last year. In March 2014, it bought a 25% stake in the 210MW UK offshore wind farm Westermost Rough.
GE wins largest Chinese order
General Electric has won its largest order to date in China after the Huaneng Corporation signed a deal for 151MW of its turbines.
State-owned utility Huaneng has placed an order for 55 of GE’s 2.75-120 Brilliant turbine for its Dali Longquan wind farm in China’s Yunnan province. This includes a two-year service deal.
GE has developed its Brilliant turbines to analyse performance data in real-time in order to improve productivity, and said it planned to further roll out the technology in China.
ADB loans $85m to Thai project
The Asian Development Bank is has agreed to loan funds totalling $85m for a wind project in Thailand’s Chaiyaphum Province.
The bank is to provide a local currency loan of $55m and a loan of $30m from its Clean Technology Fund to developer Chaiyaphum Wind Farm Company Ltd. The 81MW wind project 300km north of Bangkok is due to complete in December 2016.
The developer is set to develop the project as a public-private partnership under Thailand’s small power producer program, which involves entering a power purchase deal with the state-owned Electricity Generating Authority of Thailand.
Four Republican congressmen have called for a halt to US offshore wind projects because of unsubstantiated claims blaming the industry for whale deaths. But this obvious misinformation can still be a threat for the growth of the industry.