U.K. Green Investment Bank to Allocate $4.8M to Green Energy by 2015
U.K Green Investment Bank’s CEO says that in as early as 2015, they may allocate all of the $4.8M provided by the government to stimulate investment in clean technology. The bank is giving priority to offshore wind, waste treatment and energy efficiency, though it isn’t targeting spending specific amounts in each of those areas. The bank is part of the U.K.’s efforts to increase renewable energy projects to meet its targets of deriving 15 percent of all energy from renewables by 2020.
Mitsubishi Aids German Wind Projects with $765M
Mitsubishi Corp., of Japan is investing $765 million to help Germany’s renewable energy shift by helping TenneT Holding BV connect sea-based wind farms to the power grid. Germany is investing in clean energy after its announcement that it will phase out nuclear power by 2022. According to Tennet, the high-voltage cable projects will be able to connect 2.8 gigawatts of offshore wind farms with networks on land. The grid company operates power lines stretching from Germany’s North Sea coast to the Austrian border south of Munich, serving about 20 million people.
Renewable Energy in Africa Stagnates Due to Investment Risks, According to UN
According to UN officials, Africa lags the rest of the world in obtaining funds for clean energy projects because development banks aren’t assuming enough of the political risks. Also, investors are asking for more guarantees so that their projects won’t suffer losses. As the UN pushes countries and companies to provide energy to the roughly 1 billion people who don’t have access to electricity and water by 2030, the continent only had about 36 projects amounting to a mere $4.3 billion of the $268.7 billion invested worldwide in renewable energy last year.
DOE Sued Over ATVM Clean Energy Loans
XP Vehicles Inc. and Limnia Inc. filed complaints against the U.S. Energy Department in two federal courts in Washington, seeking damages for alleged abuses of the Advanced Technology Vehicle Manufacturing loan program. The complaining companies are asking for $450 million in a case filed in the U.S. Court of Federal Claims and at least $225 million in U.S. District Court, for allegations that the administration played favorites on renewable-energy loans while improperly blocking both companies from receiving millions in financial aid. This is the latest obstacle to DOE’s clean-energy program after being scrutinized over a $535 M loan guarantee to the now bankrupt solar company Solyndra LLC.