A new study reveals just how stunningly rapid the clean energy transition is. Bloomberg New Energy Finance reported that renewables are now the cheapest form of new electricity generation across two thirds of the world — cheaper than both new coal and new natural gas power. Yet just five years ago, renewables were the cheapest source of new power in only 1% of the world.
ADB and USAID recently signed an agreement to mobilize about $7 billion worth of investment for energy projects in Asia and the Pacific. USAID Asia Bureau Acting Assistant Administrator Gloria Steele said with the targeted investment, the agencies hope to increase the capacity of deployed energy systems by six gigawatts, and increase regional energy trade by 10% over the next five years.
Vietnam has constructed ASEAN’s largest solar farm with a combined generation capacity of 677 MW. Mrs. Preeyanart Soontornwata, president of Thailand’s B.Grimm Power, said the projects started to commercially sell electricity in June. “It is a successful startup, right on time and heralds a new era for the renewal energy scene in Vietnam while also representing a new significant revenue stream for BGRIM,” she said.
Thailand has announced it will develop its power transmission lines to become the electricity hub of the region, sourcing hydropower from Laos and selling it to Malaysia, Cambodia and Myanmar. The idea is part of energy plans that ASEAN energy ministers will discuss in their meeting in September to guarantee cheap electricity for people in Southeast Asia.
Manila Electric Co. (Meralco) on Tuesday said it is developing 1,000 megawatts of renewable energy projects in the next five to seven years. In a statement, Meralco President and Chief Executive Officer Ray C. Espinosa said the expansion is in keeping with the company’s unwavering shift to renewable energy and the adoption of sustainable practices.
Like solar installers across much of America, Mark Hagerty is adapting to drastic changes in the economics of his business. The changes are part of a flurry of activity across the country as regulators and legislatures referee a showdown between utilities and a rooftop solar industry offering options that are more affordable and popular than ever. States are moving away from net metering policies that require utilities to pay solar owners the full retail rate for excess electricity sent to the grid.
Thai firm B.Grimm Power has brought into commercial operation two huge solar PV projects in Vietnam, including a 420MW plant in Tay Ninh and 257MW installation in Phu Yen. The 420MW installation was spread across two plants which came online to supply electricity to the national utility EVN.
USAID has partnered with ADB to invest heavily in clean energy projects, energy efficiency and power sector reform in the Asia-Pacific region. The partnership, signed at ACEF being held at ADB headquarters in Manila, plans to mobilize US$7 billion of investment to add 6GW of renewables capacity over the next five years.