In Today’s Talking Points: $250 Million loan for geothermal heating deal signed by Asia Development Bank, EU’s Research Centre studies the potential of transcontinental electricity link, Victoria to follow South Australian battery scheme, China’s CEFC stake in Russian Rosneft stalls
$250 Million loan for geothermal heating signed by Asia Development Bank
Joint venture by Sinpoec and AGE – Sinopec Green Energy Co (SGE), received a $250 Million loan from Asia Development Bank (ADB) to develop clean geothermal energy in Northern China – an area which is prone to smog. The joint venture will mainly be focused on the Beijing-Tianjin-Hebei area. With coal powered winter heating being a major contributor to air pollution, there are plans to increase the use of geothermal heating to replace coal. The level of geothermal resources used last year is equivalent to 21 million tonnes of coal.
Read More: Reuters
EU’s Research Centre studies the potential of transcontinental electricity link
EU’s Joint Research Centre (JRC) is conducting an in-depth study into using an ultra high voltage direct current link to transmit electricity between China and Europe, extending as far as Germany. This research was conducted with the purpose of supporting the Belt and Road Initiative and aims to tap into the clean energy potential for Central Asia. The study revealed that the link could cost anything between 15 – 28 billion euros depending on the route, how many countries are passed and if underwater cables are required.
Read More: Portfolio
Victoria to follow South Australian battery scheme
Victoria is set to build a set of two grid-linked large batteries to assure the state’s electricity supply. They’ll be located in the small towns of Kerang and Ballarat, being federally funded via the Australian Renewable Energy Agency at a cost of $AUD50 million. The two will be able to power 80,000 homes for an hour, with one battery reaching a total storage capacity of 50 mega-watt-hours. The project in Kerang will be owned by Edify Energy and supplied by Elon Musk’s Tesla, capable of powering 800 homes for 24 hours.
Read More: ABC
China’s CEFC stake in Russian Rosneft stalls
Following a recent crackdown on large, often financially shaky, acquisitions by Chinese conglomerates overseas by the Xi administration CEFC’s planned 14.6% in Russia’s state-oil firm Rosneft has been halted. What would’ve been the single largest Chinese investment in Russia, CEFC’s chairman Ye Jianming has now been apprehended by authorities on suspected economic crimes. In the past few years many Chinese firms have been criticised for engaging in risky investments overseas via over-leveraging and opaque financial records.
Read More: Reuters