Indonesia Allocates $302 Million for Geothermal Exploration
Indonesia has allocated a fund to finance the exploration of geothermal energy resources as the country seeks to reduce its dependence on fossil fuels to generate electricity. The nations finance ministry investment agency will manage some $302 million this year for geothermal exploration, and local governments that have geothermal areas can use the fund to determine its potential. According to data from the energy and mineral resources ministry, Indonesia has a potential geothermal generating capacity of 29,038 megawatts.
Siemens Venture Targets 30% of Offshore Wind Market by 2015
Shanghai Electric Wind Energy Co., a Chinese joint venture of Siemens AG, intends to capture about 30 percent of China’s offshore wind market by 2015, according to Chief Executive Officer Jin Xiaolong. The CEO expects China to install about 3 gigawatts of wind projects in China’s coastal waters by 2015. Shanghai Electric is expecting to roll out 75 sets of its 4-megawatt turbines next year and double that in 2015. The company also plans to release a 6-megawatt offshore wind-turbine prototype in 2014.
China and Japan Drive Renewable Investments in Africa
Chinese power companies and Japanese trading houses are becoming major financiers of African renewable energy projects as investments quadrupled to $9.3 billion last year. Baker & McKenzie, a Chicago-based law firm also adds that Asian investors are attracted by better returns if they put their money in South Africa. Recent deals include the $205 million Dorper wind farm in South Africa. The Export-Import Bank of China also furnished $315 million of loans for a 360-megawatt hydropower station in Zambia.
Repsol May Begin Natural Gas Exploration in February
Repsol SA, Spain’s biggest oil company, may start exploring for natural gas off the country’s southern coast in the Mediterranean Sea as early as February, after winning a two-year extension of its prospecting permit. The company has already spent about 19 million euros on seismic studies and authorizations and now expects drilling to cost 41 million euros. The Madrid-based comapny is one of the many firms vying for approvals to prospect in Spain, which imports about 99 percent of the oil and gas that’s consumed in Europe’s fourth-largest economy.