Norway sets up US$33m annual fund to boost renewable energy investments in developing nations

Norway sets up US$33m annual fund to boost renewable energy investments in developing nations

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NORWAY – The government of Norway has committed to allocating US$32.88 million (NOK300 million) annually to provide better guarantees for businesses that are willing to invest in renewable energy in poor countries. Norway’s Minister of International Development, Dag-Inge Ulstein while giving the…

Africa Development Bank converts its sustainable energy fund to concessional loan to amplify impact on green energy

Africa Development Bank converts its sustainable energy fund to concessional loan to amplify impact on green energy

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AFRICA – The African Development Bank’s Board of Governors has approved the conversion of the Bank-administered multi-donor trust fund Sustainable Energy for Africa (SEFA) into a “special fund”. The multilateral finance institution said in a statement that the conversion will amplify SEFA’s…

IFC leads other lenders in advancing US$453m loan to Nepal’s energy company for hydroelectric power plant construction

IFC leads other lenders in advancing US$453m loan to Nepal’s energy company for hydroelectric power plant construction

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NEPAL —IFC, a member of the World Bank Group, and a consortium of other lenders have finalized a $453 million debt financing package that will support the construction of a landmark hydroelectric plant in central Nepal. The plant according to an IFC…

IFC’s inaugural Green N-Bond raises US$24m for climate-smart investments

IFC’s inaugural Green N-Bond raises US$24m for climate-smart investments

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UNITED STATES—IFC, the largest global development institution focused exclusively on the private sector in developing countries and a member of the World Bank Group, has issued its inaugural euro-denominated green bond in the N-Bond format. IFC in a statement said that the…

Expansion of Offshore wind power to a $1 trillion industry expected to boost efforts to decarbonize energy systems

Expansion of Offshore wind power to a $1 trillion industry expected to boost efforts to decarbonize energy systems

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GLOBAL – Offshore wind power according to an IEA report published in October is expected to expand impressively over the next two decades, boosting efforts to decarbonize energy systems and reduce air pollution as it becomes a growing part of electricity supply….