India-based Mahindra Group is reportedly making plans to move into the solar energy generation business, according to an industry source. It is also looking for a partner in order to bring in domain expertise as well as extra funding for the venture.
Chinese power generation grew 14.9 per cent year-on-year to 3421.6 TWh in the first 10 months of 2010, including 563 TWh from hydropower, 2737.7 TWh from thermal power and 59.7 TWh from nuclear power.
The Saudi Electricity Company (SEC) has signed a contract worth SAR 1.43 billion to expand the electricity power generation plant in Qassim to meet the growing demand for energy in the province.
US power producer AES Corp. plans to spend as much as $15 billion to increase capacity in India. The Arlington, Virginia based company has operations in 29 countries and hopes to earn 10 per cent of its revenue from its Indian projects in five years.
The Dubai government is to allow the private sector’s role in power generation to rise to 49 per cent by 2030, as part of a strategy to diversify the emirate’s utility sector, according to Vice-Chairman of the Supreme Council of Energy, Saeed Mohammad Al Tayer.
India’s Reliance Power has agreed a $2.2 bn deal with General Electric after securing a $5bn loan from the US Export-Import bank for buying US goods and services over the next three years.
Mitsui & Co. will participate in the solar power generation business in Spain by purchasing a 30 per cent stake in local solar power company Guzman Energia SL.
The Nigerian Government’s plans to increase domestic power generation capacity, currently about 3000 MW, look more realistic after Mobil Producing Nigeria Unlimited (MPN), a subsidiary of Exxon Mobil Corporation, announced the discovery of a rich gas condensate, off the shore of Akwa Ibom State.
A study by A.T. Kearney Inc. shows electricity from solar panels in Germany may be as cheap as power from new gas and coal plants within as little as five to eight years.
Reliance Power’s $10 billion pact with Shangai Electric Group Co. for the supply of power generation equipment and related service contracts is the largest ever China-India power deal but could be only the beginning of similar deals by other Indian utilities.