Shenzhen-based EV giant, BYD has reported its profits to have risen five-fold in Q1. The firm has consolidated its leadership in China’s domestic electric vehicle market and has emerged as a tough competitor to other EV global giants in the domestic market. It said in the stock market filing that its net profit was 4.13 billion yuan ($596.56 million) in the first quarter of 2023, up 410.9 percent from 808.41 million yuan one year earlier. As per data available from the China Association of Automobile Manufacturers, it is reported that the company outsold rival Volkswagen in the first quarter of…
Author: Saur News Desk
Philippines-based renewable energy firm ACEN Corp., the power generation arm of Ayala Corporation has major plans to construct 8,000 megawatts of renewable energy projects in the Philippines until 2030 with estimated investments of about $8 billion. ACEN President and CEO, Eric Francia informed, “About 600 MW of RE capacity was already in operation,while 1,000 MW was under construction, of which 70 percent would soon be operational.” Francia further noted that the Philippines would be ACEN’s core market at 40 percent of the 20,000-MW target by 2030, followed by Australia with a footprint of 5,000 MW. “In addition, we will continue…
Manish Narula is the Executive Vice President of Chinese solar manufacturer–Jinko Solar (South Asia). In an exclusive interview with Saur Energy in Hyderabad, Narula talked about his company’s experiments with newly-started energy storage devices, bifacial solar panels, and the future of these in India. Excerpts: How has the experience of Jinko Solar been in India till now? The company started its operations around a decade ago. We started doing business in India in the last 7-8 years. Our journey in India had been exciting. We are growing with a Compound Annual Growth Rate (CAGR) of 30 percent annually. Last year…
Philippines-based Buhawind Energy Philippines (BEP) will be making investments worth P740 B for three offshore wind projects in the Philippines. BEP is a joint venture between Danish firm Copenhagen Energy (CE) and Yuchengco-led PetroGreen Energy Corporation(PGEC), which was formed in 2022. Once completed, it is expected to add 4,000 megawatts of renewable energy (RE) capacity to the Philippines power supply upon completion. Commenting on this, Copenhagen Energy Chief Executive Officer Jasmin Bejdic said that the first offshore wind project in Ilocos Norte with the capacity of 1,650 to 2,000 megawatts will be completed in 2027, while the next phases of…
The United Kingdom will be providing its support to Philippines for its shift to renewable energy. This has been disclosed by Richard Graham, a British officials who was a member of the UK Prime Minister’s trade envoy visiting the country. The envoy had visited Philippines last week. The envoy expressed support in the Philippines’ offshore wind agenda. Speaking at the event, Graham reaffirmed the UK’s support to the Philippines’ energy transition shift and acceleration of renewables. “The UK has been providing strong government and industry support to the Philippine energy sector including the recent successful offshore wind study visit in the…
Philippines is gaining momentum in setting up renewables in the country. Recently, the President of Philipines R. Marcos Jr., directed Department of Energy to map a policy and design administrative framework for offshore wind development and to begin work related to grid development. With this, it is expected that it will accelerate offshore wind development in the Philippines and contribute to reaching the country’s targets of 35 per cent of renewable energy in its energy generation mix by 2030 and 50 per cent by 2040. Presently, it is reported to have 22 per cent of renewables feeding electricity into its…
‘Catch them young’ goes the saying and schools in Singapore are following just that. Singapore is ramping up initiatives to educate students on climate issues and using clean energy under the programme called SolarNova Programme. More than 180 schools joined the programme, that involves installation of solar panels on their rooftops, said the Ministry of Education (MOE). The ministry further revealed that over 40 of them have finished installing the panels so far, which is double than the previous year. The initiative was last undertaken in 2021. All these activities have been introduced with a focus on making school students…
In a step towards developing a green and circular economy, Vietnam is coming up with strategies to boost green credit. Since green credit plays a significant role in sustainable economic development, Vietnam has introduced the national green growth strategy for 2021 – 2030, targeting green credit and green banking. Vietnam’s green economy aspires to reach 300 billion USD by 2050, from 6.7 billion USD in 2020. Reports on green credits said that by the end of 2022, the outstanding credit for green projects was estimated at approximated 500 trillion VND (21.3 billion USD), accounting for some 4.2% of total outstanding…
South Korea and the US have entered into various MoUs focussing on enhanced bilateral agreements. Signed in Washington DC, 10 agreements have been signed around batteries while the other thirteen will look at giving a push to energy cooperation. These will also entail carbon neutrality and hydrogen. Doosan Co., SK Inc, Lotte Chemical and HD Korea Shipbuilding & Offshore Engineering Co. lent participation. The US was represented by Boeing, GE, ExxonMobil, Siemens. Seoul’s Korea Battery Industry Association and some other firms entered into an agreement with NATTBatt based in US. This partnership will pave the way for R&D on secondary…
The Maritime and Port Authority of Singapore (MPA) has signed an MoU with the Port of Los Angeles (POLA), and the Port of Long Beach (POLB), with the support of C40 Cities, to build a Green and Digital Shipping Corridor (GDSC) between Singapore and the San Pedro Bay port complex to boost decarbonisation of the maritime industry and enhance efficiencies through digitalisation. In August last year, the MPA established as the world’s longest GDSC with the Port of Rotterdam. Speaking at the opening ceremony of Singapore Maritime Week, S. Iswaran, Singapore Minister of Transport, said, “This GDSC, which is supported…