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Moser Baer India to Raise $100M for PV Unit

Moser Baer India Ltd, which makes optical storage media, is raising $100 million for its solar PV subsidiary. The PV group will use the funds to increase capacity to 500MW by 2010, making it a global leader in PV manufacturing. It plans to list on an undisclosed international exchange. The company has set a minimum threshold valuation for the PV at US$1 billion. The company will locate in one of India’s first special economic zones for renewable energy in Greater Noida. It will manufacture crystalline silicon, concentrator and thin film technologies. A consortium led by IDFC Private Equity, GIC Special Investments, CDC Group PLC and Infrastructure Development Finance Company will make the investment.

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$400M Global Pollution Remediation Fund Launches

A $400 million fund is forming to clean up toxic pollution in the developing world. The Global Pollution Remediation Fund is being launched by an international consortium of environmental ministers, researchers and NGOs. “As citizens of the richer countries of the world, we have a responsibility to act,” said Margrit von Braun of the University of Idaho. “We have already solved these problems in our own countries – we have an obligation to transfer our knowledge and resources.” The Fund will be directed toward cleaning up over 400 highly polluted locations worldwide that affect more than 100 million people – people who suffer from reduced life expectancies, increased cancer risks and severe neurological damage. Donors will now be approached to raise the necessary monies. The group concurred that the international community must act immediately to deal with legacy industrial, military, and mining pollution in the poorer countries of the world. They also agreed to the basic protocols for the Fund’s inception and management. “Legacy” refers to residual pollution from activities that are no longer taking place, such as defunct industrial or mining operations. The clean-up work will be cost effective: a recent Blacksmith Institute study reviewed by researchers from Johns […]

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Britain's BT Expands into Wind

BT Group Plc, the largest telecom company in Britain, plans to spend US$509 million to build wind turbines across the country and to generate 25% of its power from thenm by 2016. BT Finance Director Hanif Lalani said to Reuters, “There is a pressing need for industry to cut carbon in ways that makes business sense. “BT has already achieved a 60% reduction in its carbon emissions and is committed to reducing them by 80% by 2016. BT is one of Britain’s largest energy consumers. BT has plans for 120 turbines on or near land it owns. It plans to raise third-party financing for the 250MW project to avoid having the costs on its own balance sheet. The company plans to feed the power into the grid and then buy it back at a favorable price. It already buys most of the renewable energy generated in Britain for its annual electric bill of 150 million pounds.

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Suntech Announces 510MW Wafer Supply Agreement

Suntech Power Holdings Co., Ltd. (NYSE: STP), one of the world’s leading manufacturers of photovoltaic (PV) cells and modules, announced an agreement with ReneSola Ltd (AIM: SOLA), a leading manufacturer of wafers for the photovoltaic industry, to purchase 510MW of silicon wafers over a four-year period beginning in January 2008. “We are very pleased to announce this expanded relationship with our long time supplier ReneSola, a rapidly growing producer of high quality silicon wafers,” said Dr. Zhengrong Shi, Suntech’s Chairman and CEO. “This agreement demonstrates Suntech’s ability to continue to secure a high volume of silicon despite the industry shortage.” Dr. Shi added, “These silicon wafers will supplement our already healthy and diversified supply outlook for the next four years as well as enable us to increase our production of high efficiency solar cells and achieve our market expansion goals faster than we originally anticipated.” Website: http://www.suntech-power.com     

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