Mexico Lures Solar Investments as Panel Prices Drops
Mexico, a top 10 oil producer, is finding that its abundant sunshine also appeals to investors as a surge in solar development projects has braced the region. The global glut of solar equipments also helped with the upswing as it has made the costs of panels cheaper. More than a dozen developers including First Solar Inc., Germany’s Saferay GmbH and Spain’s Grupotec Tecnologia Solar SL now own licenses in the region. To reduce emissions and diversify its energy mix, Mexico is looking to generate 35 percent of its power from clean sources by 2026, up from less than 15 percent now.
Reykjavik Geothermal To Develop 1,000 MW in Ethiopia
Reykjavik Geothermal, a company that has developed power plants in more than 30 countries, agreed to establish as much as 1,000 megawatts of projects in Ethiopia over the next 10 years. The Icelandic company expects to spend a total of $4 billion and will begin drilling test wells early next year. About 10 megawatts will be in operation by 2015 and a total of 500 megawatts by 2018. The second phase is estimated to include as much as 500 additional megawatts of capacity. Ethiopian Electric Power Corp. has agreed to buy all the generated electricity under a 25-year contract.
Angola to Increase Power Generation Fivefold to Attract Investors
Angola, Africa’s second largest crude oil producer, is looking to build hydroelectric plants to boost power generation fivefold as it seeks to attract investment in other industries to the country. The country’s goal is to have an installed capacity of 9,000 MW by 2025 compared with about 1,800 MW now. The southwest African country of 21 million people suffers daily power outages as it recovers from a 27-year civil war in which homes, dams, plants and power lines were destroyed. The country is planning to build about 15 plants with the help of companies such as Brazil’s Odebrecht SA and China’s Xinjiang TBEA Group Co.
BP Wins Appeal to Review Payouts to Oil-Spill Victims
BP Plc persuaded an appeals court for a review of the key terms of the 2012 Gulf of Mexico Oils spill settlement, claiming that it will be costing them billions in improper payouts. BP said the program’s administrator, Patrick Juneau, was approving millions of dollars in dubious payments to businesses for economic losses based on what BP called an erroneous interpretation of the agreement. The U.S. Court of Appeals has ordered U.S. District Judge Carl Barbier to review his interpretation of some of the accord’s terms and has also asked Barbier to stop some payments until he can sort out who has legitimate claims.