Brookfield Ventures on Hydro and Wind
Brookfield Asset Management Inc., Canada’s biggest manager of alternative assets, plans to venture in South American wind farms and hydroelectric power plants after pooling $7 billion from more than 60 pension fund managers and insurance firms. The Toronto-based company will allocate 40% of the Brookfield Infrastructure Fund II to projects in North America and portions of the remaining funds will be allocated for wind farms and hydroelectric power plants in South American countries including Brazil, Chile, Columbia and Peru.
Crude Traders to Stick with Brent Despite Price Manipulation Claims
Analysts and brokers are saying that the alleged fixing of oil prices is unlikely to deter traders from using Brent as a benchmark for buying and selling oil. Osama Fujisawa, an independent oil economist in Tokyo, says that Brent will remain as the benchmark because there is really no alternative at the moment. Four energy traders claim in a lawsuit that some of the biggest oil companies conspired with Morgan Stanley and energy traders to fix spot prices for Brent for more than ten years. This case is only one of seven U.S. lawsuits alleging price fixing from Brent.
Largest Solar Power Hub in Japan Launched by Kyocera
Goro Yamaguchi, the president of Kyocera Corporation, has announced the opening of what is touted as the largest solar power station in Japan. The 70 MW facility is located in the Kagoshima Prefecture in the southern part of the country. The Kagoshima Nanatsujima Mega Solar Power Plant, which went online on November 1, 2013, can produce enough electricity to power 22,000 homes. The plant is operated by Kyocera Solar Corporation and Kyudenko Corporation. The electricity generated by the plant will be sold to a local utility under Japan’s feed-in-tariff program.
India’s Gujarat to Appeal Veto of Solar Tariff Cut
Gujarat, India’s biggest solar power-producing state, plans to file an appeal with regulators on their decision to reject a tariff cut for photovoltaic plants. Citing the excessive profits earned by plant owners, Gujarat Urja Vikas Nigam Ltd. filed the initial petition in May to lower the solar tariff by 28%, but the regulatory commission rejected the plea in August saying that the commission cannot alter the terms of the contract retrospectively. The Gujarat Electricity Regulatory Commission will hear the appeal on Nov. 11.