Coronavirus company news summary – Banks bail out Brazilian distributors – EU withholds funding from nuclear and gas

26 June 2020 (Last Updated June 26th, 2020 09:23)

26 June

According to a Reuters report, major banks such as Credit Suisse, BNP Paribas and Sumitomo Mitsui Banking may join an initiative to provide loans to Brazilian power distributors affected by Covid-19 pandemic. The distributors will receive an expected $3.01bn in loans in this bailout.

European Union (EU) countries have agreed not to finance nuclear or natural gas projects using its green transition fund, Reuters reported. The EU’s executive branch the European Commission plans to create a €40bn Just Transition Fund to reduce reliance on high-carbon industries. This includes a €30bn contribution from an EU coronavirus recovery fund.

Avaada Energy has secured a new contract to develop a 350MW DC solar project in the Indian state of Maharashtra. The project is slated for commissioning by January 2022 and will power around 480,000 homes.

Several Japanese firms have urged the government to step-up efforts to enable a shift towards carbon neutrality as party of the country’s coronavirus recovery. This includes requesting the authorities make renewable energy more accessible and introduce carbon pricing.