[Top News] from [REUTERS]
[Green Business]
Kenyans plan a 300 MW wind and solar power project
Thu Nov 26, 2009 10:48am EST
By Duncan Miriri
NAIROBI (Reuters) - A group of Kenyan investors want to start a 300 megawatts wind and solar power project in the north of the country next year, the head of their enterprise said on Thursday.
East Africa's biggest economy is seeking to increase electricity generation from alternative sources like wind and solar to meet demand that is expected to rise to 9,000 MW by 2030 from this year's 1,050 MW.
"The choice of the project was informed by blackouts, low penetration rate of electricity and instability of the power that we have. We are trying to secure land for the whole project," Michael Nderitu told Reuters.
Energy sector analysts say the private sector is the best and fastest solution to bridge Africa's power deficit.
Kenya energy minister said last week the country will not meet its target of boosting connections to the national grid in rural areas to 20 percent by the end of next year, due to lack of funds.
Nderitu, whose start-up is called Giston Energy, said capital requirements for "green" energy projects were substantial but they were cheaper to run in the long term due to low maintenance costs.
He said the project would require $1 billion and the group is exploring various financing models. The funding plan would be firmed up once an ongoing feasibility study was completed.
Giston engaged British energy consultant Garrad Hassan to carry out a pre-feasibility studies, Nderitu said. They are now talking to a Belgian firm to advise them on the carbon credits side of the project.
He said the biggest challenge for a start-up in Kenya's green energy sector was lack of experience and expertise.
Kenya mainly relies on hydropower for its electricity needs but it has recently formed a geothermal firm to scale up generation from its geothermal resources in the Rift Valley.
It has also formed a second transmission and distribution firm that is expected to increase generation projects because investors will have a channel through which to sell their electricity.
Another Kenyan firm, Lake Turkana Wind Power, is installing another 300 MW wind farm, some 600 km from Nairobi.
(Editing by William Hardy)
[Green Business]
China says carbon "sinks" not covered by target
Thu Nov 26, 2009 10:49am EST
BEIJING (Reuters) - China's top climate envoy said on Thursday emissions absorbed by carbon "sinks" will not be covered by the country's carbon intensity target, which will be calculated using energy consumption and "production processes."
Xie Zhenhua, deputy head of the powerful National Development and Reform Commission, said that China's newly announced target would be calculated on a more narrow basis than the emissions goals of developed nations.
"China's reductions are all the emissions reductions from energy intensity (cuts), they don't include the quantity in carbon sinks, and they don't include other reductions, they are only the savings from the production processes and energy consumption," he told a news conference in Beijing.
(Reporting by Chris Buckley; Writing by Emma Graham-Harrison; Editing by Paul Tait)
[Green Business]
UK court gives green light to Wind Hellas deal
Thu Nov 26, 2009 11:27am EST
By Simon Meads
LONDON (Reuters) - A British court has given the green light to a restructuring deal from Wind Hellas's parent Weather Investments that will wipe out the investments of the Greek telecoms giant's junior creditors.
Senior creditors earlier this month accepted a plan from Weather, controlled by Egyptian tycoon Naguib Sawiris, to restructure Wind Hellas's 3.2 billion euro ($4.8 billion) debt burden, rejecting a bid for the business from the subordinated bondholders, owed some 1.2 billion euros.
The court agreed the appointments of Maggie Mills and Alan Hudson from Ernst & Young as administrators of the business, E&Y said in a statement on Thursday. The court sanctioned the restructuring deal, slated for November 27, which will see Weather's plan implemented.
But subordinated bondholders maintain their offer was better than Weather's and vow to continue their fight to recover their money.
"Our latest proposal offered vastly superior economic returns to all stakeholders as well as laying the foundations for an early refinancing in 2010," said a spokesman for the subordinated bondholders committee.
"We look forward to recovering value for our bonds from these actions through the courts," he added.
Subordinated bondholders, whose actions to date have been led by Aladdin Capital, said they will ask administrators to look into the actions of the Greek telecoms company in the lead up to the acceptance of the Weather bid and will also ask British and European policymakers to review insolvency laws.
Weather and the subordinated bondholders submitted the only two formal bids in the debt-restructuring process, in which Wind Hellas spoke to 29 parties, including former owner private equity firm TPG.
(editing by Andrew Callus)
($1=.6625 Euro)
[Green Business]
Clipper says Mexico wind turbines get funding
Thu Nov 26, 2009 11:28am EST
LONDON (Reuters) - Clipper Windpower Plc said financing has been received for 27 wind turbines to supply power to Wal-Mart Stores Inc in Mexico.
The $80.66 million financing loan by the Export-Import Bank of the United States, Ex-Im Bank's first project financing for wind power, will fund 67.5 megawatts (MW) of Clipper Liberty 2.5M 1461745513
The project is owned by Electrica del Valle de Mexico, a subsidiary of EDF Energies Nouvelles.
Clipper Windpower also reiterated that it expects talks with a number of parties on a possible significant investmen t in the company to conclude by the end of the year.
(Reporting by Julie Crust; editing by Victoria Bryan)
[Green Business]
European Union carbon boosted by China, U.S. pledges
Thu Nov 26, 2009 1:16pm EST
LONDON (Reuters) - The benchmark contract for European Union emissions futures closed near 13 euros a tonne on Thursday, fueled by news of a U.S. commitment to emissions cuts and a Chinese pledge to reduce carbon intensity, traders said.
EU Allowances for December delivery closed 4 cents or 0.31 percent higher at 12.92 euros ($19.50) a tonne. Volume was heavy at 6,395 lots despite a U.S. Thanksgiving holiday. EUAs touched 13.22 euros in afternoon trade.
"There's a pick up in sentiment on the back of news that's broken over the last day or so," an emissions trader said.
News U.S. President Barack Obama is going to Copenhagen with an emissions reduction target lifted the market on Wednesday, and gains were extended after China committed to slow its growing emissions on Thursday.
The White House said on Wednesday the United States would pledge in Copenhagen to cut its greenhouse gas emissions roughly by 17 percent below 2005 levels by 2020, a drop of about 3 percent below the 1990 benchmark year used in U.N. treaties.
China followed with a pledge to reduce its carbon intensity by 40-45 percent by 2020, compared with 2005 levels, Xinhua news agency reported on Thursday.
U.S. oil fell toward $77 on Thursday in line with falls across financial markets and as weak demand for fuel offset potential support from a weak dollar.
German Calendar 2010 baseload power on the EEX was up 11 cents or 0.25 percent at 45.00 euros per megawatt hour.
Certified emissions reductions closed up 0.25 percent at 12.01 euros a tonne. (Reporting by Nina Chestney; Editing by James Jukwey)
[Green Business]
Kenyans plan a 300 MW wind and solar power project
Thu Nov 26, 2009 10:48am EST
By Duncan Miriri
NAIROBI (Reuters) - A group of Kenyan investors want to start a 300 megawatts wind and solar power project in the north of the country next year, the head of their enterprise said on Thursday.
East Africa's biggest economy is seeking to increase electricity generation from alternative sources like wind and solar to meet demand that is expected to rise to 9,000 MW by 2030 from this year's 1,050 MW.
"The choice of the project was informed by blackouts, low penetration rate of electricity and instability of the power that we have. We are trying to secure land for the whole project," Michael Nderitu told Reuters.
Energy sector analysts say the private sector is the best and fastest solution to bridge Africa's power deficit.
Kenya energy minister said last week the country will not meet its target of boosting connections to the national grid in rural areas to 20 percent by the end of next year, due to lack of funds.
Nderitu, whose start-up is called Giston Energy, said capital requirements for "green" energy projects were substantial but they were cheaper to run in the long term due to low maintenance costs.
He said the project would require $1 billion and the group is exploring various financing models. The funding plan would be firmed up once an ongoing feasibility study was completed.
Giston engaged British energy consultant Garrad Hassan to carry out a pre-feasibility studies, Nderitu said. They are now talking to a Belgian firm to advise them on the carbon credits side of the project.
He said the biggest challenge for a start-up in Kenya's green energy sector was lack of experience and expertise.
Kenya mainly relies on hydropower for its electricity needs but it has recently formed a geothermal firm to scale up generation from its geothermal resources in the Rift Valley.
It has also formed a second transmission and distribution firm that is expected to increase generation projects because investors will have a channel through which to sell their electricity.
Another Kenyan firm, Lake Turkana Wind Power, is installing another 300 MW wind farm, some 600 km from Nairobi.
(Editing by William Hardy)
[Green Business]
China says carbon "sinks" not covered by target
Thu Nov 26, 2009 10:49am EST
BEIJING (Reuters) - China's top climate envoy said on Thursday emissions absorbed by carbon "sinks" will not be covered by the country's carbon intensity target, which will be calculated using energy consumption and "production processes."
Xie Zhenhua, deputy head of the powerful National Development and Reform Commission, said that China's newly announced target would be calculated on a more narrow basis than the emissions goals of developed nations.
"China's reductions are all the emissions reductions from energy intensity (cuts), they don't include the quantity in carbon sinks, and they don't include other reductions, they are only the savings from the production processes and energy consumption," he told a news conference in Beijing.
(Reporting by Chris Buckley; Writing by Emma Graham-Harrison; Editing by Paul Tait)
[Green Business]
UK court gives green light to Wind Hellas deal
Thu Nov 26, 2009 11:27am EST
By Simon Meads
LONDON (Reuters) - A British court has given the green light to a restructuring deal from Wind Hellas's parent Weather Investments that will wipe out the investments of the Greek telecoms giant's junior creditors.
Senior creditors earlier this month accepted a plan from Weather, controlled by Egyptian tycoon Naguib Sawiris, to restructure Wind Hellas's 3.2 billion euro ($4.8 billion) debt burden, rejecting a bid for the business from the subordinated bondholders, owed some 1.2 billion euros.
The court agreed the appointments of Maggie Mills and Alan Hudson from Ernst & Young as administrators of the business, E&Y said in a statement on Thursday. The court sanctioned the restructuring deal, slated for November 27, which will see Weather's plan implemented.
But subordinated bondholders maintain their offer was better than Weather's and vow to continue their fight to recover their money.
"Our latest proposal offered vastly superior economic returns to all stakeholders as well as laying the foundations for an early refinancing in 2010," said a spokesman for the subordinated bondholders committee.
"We look forward to recovering value for our bonds from these actions through the courts," he added.
Subordinated bondholders, whose actions to date have been led by Aladdin Capital, said they will ask administrators to look into the actions of the Greek telecoms company in the lead up to the acceptance of the Weather bid and will also ask British and European policymakers to review insolvency laws.
Weather and the subordinated bondholders submitted the only two formal bids in the debt-restructuring process, in which Wind Hellas spoke to 29 parties, including former owner private equity firm TPG.
(editing by Andrew Callus)
($1=.6625 Euro)
[Green Business]
Clipper says Mexico wind turbines get funding
Thu Nov 26, 2009 11:28am EST
LONDON (Reuters) - Clipper Windpower Plc said financing has been received for 27 wind turbines to supply power to Wal-Mart Stores Inc in Mexico.
The $80.66 million financing loan by the Export-Import Bank of the United States, Ex-Im Bank's first project financing for wind power, will fund 67.5 megawatts (MW) of Clipper Liberty 2.5M 1461745513
The project is owned by Electrica del Valle de Mexico, a subsidiary of EDF Energies Nouvelles.
Clipper Windpower also reiterated that it expects talks with a number of parties on a possible significant investmen t in the company to conclude by the end of the year.
(Reporting by Julie Crust; editing by Victoria Bryan)
[Green Business]
European Union carbon boosted by China, U.S. pledges
Thu Nov 26, 2009 1:16pm EST
LONDON (Reuters) - The benchmark contract for European Union emissions futures closed near 13 euros a tonne on Thursday, fueled by news of a U.S. commitment to emissions cuts and a Chinese pledge to reduce carbon intensity, traders said.
EU Allowances for December delivery closed 4 cents or 0.31 percent higher at 12.92 euros ($19.50) a tonne. Volume was heavy at 6,395 lots despite a U.S. Thanksgiving holiday. EUAs touched 13.22 euros in afternoon trade.
"There's a pick up in sentiment on the back of news that's broken over the last day or so," an emissions trader said.
News U.S. President Barack Obama is going to Copenhagen with an emissions reduction target lifted the market on Wednesday, and gains were extended after China committed to slow its growing emissions on Thursday.
The White House said on Wednesday the United States would pledge in Copenhagen to cut its greenhouse gas emissions roughly by 17 percent below 2005 levels by 2020, a drop of about 3 percent below the 1990 benchmark year used in U.N. treaties.
China followed with a pledge to reduce its carbon intensity by 40-45 percent by 2020, compared with 2005 levels, Xinhua news agency reported on Thursday.
U.S. oil fell toward $77 on Thursday in line with falls across financial markets and as weak demand for fuel offset potential support from a weak dollar.
German Calendar 2010 baseload power on the EEX was up 11 cents or 0.25 percent at 45.00 euros per megawatt hour.
Certified emissions reductions closed up 0.25 percent at 12.01 euros a tonne. (Reporting by Nina Chestney; Editing by James Jukwey)
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