Coronavirus company news summary – Xcel to spend $3bn in Minnesota, US – China to cap coal power generation

18 June 2020 (Last Updated June 18th, 2020 09:26)

18 June

 

Xcel Energy has unveiled plans to invest approximately $3bn on large renewable-energy projects. It has made the announcement in response to the government of Minnesota, US, calling for investment to spur the region’s economic recovery from the Covid-19 pandemic. The plans include the construction of a new solar plant in Becker, which would be at least four times larger than the state's current largest solar array.

China is planning to cap coal-fired power capacity at 1,100GW by the end of this year to evade overcapacity in the industry and increase clean energy consumption. “(China) will eliminate outdated and unqualified coal-fired power units...(and) will approve new coal-fired power projects orderly and moderately based on needs,” Reuters quoted the National Development and Reform Commission (NDRC) as saying in a statement.

The African Development Bank has approved a loan of €225m to fund Egypt’s Electricity and Green Growth Support Program in the wake of the Covid-19 pandemic. The financing provided under the EGGSP programme is intended to help stimulate new private investments in the electricity sector and increase the deployment of clean energy.

The International Energy Agency (IEA) has said an annual investment of $1 trillion in sustainable energy over the next three years could boost global growth by 1.1 percentage points. The recommended investment can create approximately nine million jobs a year and slash global energy-related greenhouse gas emissions by 4.5 billion tonnes by the end of the plan.