The government’s proposal to cut the budget for wind power projects stems from a set of changes that will be introduced at the end of the year. The new rules are expected to come into effect next year, a local media reported.

In addition, the government is planning to ensure that all wind farm components are produced in the country. This will increase from the existing 65 percent localisation requirement, and hike fines for developers who will commission projects surpassing the stipulated deadlines. Last year, it was reported that the country had plans to inject EUR 5.65 billion in renewable energy.

It is reported that the country is also expected to change the way it awards wind power contracts in tenders from next year. It appears that investors would take their projects for tenders and they will bid for the lowest rate per unit of energy and receive revenue through Russia’s day-ahead market. The first round is anticipated to be held in 2021.

More recently, Anglo-Russian metal mining group Polymetal signed an agreement with Societe Generale for a green loan worth $125 million. This will be the first green loan in the country’s metals and mining industry under the green financing framework.

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It is reported that renewable energy capacity was 47.4 GW at the end of the first quarter of the year. This points to a 5.2 percent increase compared to the same period last year. 

RenewableUK’s deputy chief executive Melanie Onn, told the media, “At a time when so many things seem uncertain, the consistent rise of renewables, keeping the UK powered up, bringing billions in investment in new energy infrastructure and creating highly skilled jobs all over the country, is a terrific success story we can all be proud of. Today’s figures confirm just how far we’ve come in the revolution in power generation. In 2010 less than 7 percent of our electricity came from renewables — now it’s 37 percent. But we know that to tackle the existential threat of climate change, we need to decarbonise not just electricity, but also heating and transport, where progress has been glacial.”

Overall, wind energy has generated 7.5 terawatt per hour more compared to the same period last year. 

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The European Bank for Reconstruction and Development (EBRD) agreed to invest up to $60 million in Infinity Energy. The funds will be used to finance renewable energy projects and other ventures including electricity distribution and electric vehicle charging stations in Egypt as well as Southern and Eastern Mediterrenean countries. 

The new joint venture will be called Infinity Power. Infinity Power will work on renewable energy projects to further boost sector development in Egypt and Africa. The projects will be set up in energy starved areas in Africa. 

Masdar Chief Executive Mohamed Al Ramah told the media that, “The establishment of Infinity Power will bolster the progress Egypt has made in renewable energy and catalyse further development in the region. We look forward to working with Infinity Energy to unlock opportunities to further Egypt’s renewable energy goals and extend energy access to those areas of Africa that are under-powered.” 

Egypt government plans to source 20 percent of its electricity from renewable energy by 2020 and 42 percent by 2025. The country has a potential to supply 53 percent of electricity from renewable energy by 2020, according to International Renewable Energy Agency (IRENA). 

Infinity Energy has already established itself as a large developer of renewables in Egypt. 

The company completed Egypt’s first large-scale solar power plant in 2018. Currently, it operates six solar plants with a total capacity of 235 megawatts, the media reports said.

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According to media reports, the wind farm comprises 365 turbines on the bank of Lake Turkana in northern Kenya. The project was designed to increase Kenya’s electricity supply by 13 percent.

“Kenya is without doubt on course to be a global leader in renewable energy,” President Uhuru Kenyatta said during the launch. “Today, we again raised the bar for the continent as we unveil Africa’s single largest wind farm.”

Currently, 70 percent of Kenya’s electricity is generated from renewable energy. It is in fact considered as one of the few African nations making progress in clean energy. By far, the project is the largest private investment in Kenya. 

The Lake Turkana Wind Power project, which is Africa’s single largest wind power project, will also create new employment opportunities in the country. The project will generate electricity from renewable sources including geothermal and hydro, media reports said. Its geothermal capacity at 700 megawatts is the 9th largest in the world. 

It’s euphoric, you start what was a dream, putting together the largest private sector investment in the history of a country that comprises the largest wind farm on the continent. In an area that is what you see here. And finally, you are able to generate and produce the power”, said Rizwan Fazal, Executive Director of the Lake Turkana Project told Africa News. 

Despite progress, one in four Kenyans do not have access to electricity. That said, Kenyans with electricity incur high costs and face frequent blackouts.

Mugo Kibati, chairman of the Lake Turkana Wind Power, said, “Today marks an important milestone in the country’s steady march towards achieving self-sufficiency in power production.” 

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Iberdrola Chairman Ignacio Galan, told CNBC, “We are the largest producer of wind worldwide, so we are expecting to increase our total power generation capacity by 7,000 megawatts. The US would be the main driver of this growth.”

Of the investment, US$19.04bn will be invested in networks, US$14.13bn in renewables and US$3.44bn in generation and retail. The remaining US$1.7bn will be used for contracted generation.

As part of the Iberdrola Group, Avangrid Renewables signed a major wind power contract with leading sportswear brand Nike for the second time this year. The company’s earnings for last year estimated a net profit of US$3,445bn.

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