News Briefs on ib Vogt, Al Ajban, US Tariffs on Solar Imports

Sep 18 Int’l Briefs- Ib Vogt, USTR Section 301 Tariffs, Al Ajban Project

By Saur News Bureau/ Updated On Wed, Sep 18th, 2024

news in briefs in renewables

ib vogt and NextEnergy Capital agree on 110 MWp Solar Project acquisition for their NextPower V ESG fund

International solar developer ib vogt and NextPower V ESG have successfully agreed on a deal for the sale and purchase of a 110 MWp solar photovoltaic project, respectively. The project, located in Segovia, Spain, is to be sold to NextPower V ESG, a private solar+ strategy managed by NextEnergy Capital. Construction of the Pato solar farm began in March 2024, and the project is set to reach its Commercial Operations Date in the first quarter of 2025. The project has recently signed an attractive Power Purchase Agreement with a leading industrial innovator.

USTR Announces Final Section 301 Tariffs

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The United States Trade Representative (USTR) has come out with its proposed tariffs on wafers and polysilicon under Section 301.The proposed new tariffs will cover solar cells (whether or not assembled into modules) tariffs from 25% to 50% as well as semiconductors and batteries. Besides these, tariffs on wafers and polysilicon are proposed to be increased to 50% as well

The tariffs if accepted will be implemented this year itself, with the higher rates on solar cells to take effect on 27 September. The tariffs on Lithium ion batteries and vehicles will come into effect in 2025 or 2026, as the case might be.

1.5GW Al Ajban Project Achieves Financial Closure

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EDF Renewables, the Korea Western Power Company (KOWEPO) and Masdar, the joint owners of the 1.5 GW Al Ajban Project in UAE, have achieved financial close for the project. The financing for the project will be provided by six institutions namely- BNP Paribas, Credit Agricole, the Export-Import Bank of Korea, HSBC Middle East, Standard Chartered and the Sumitomo Mitsui Banking Corporation.

While EDF Renewables and KOWEPO own 20% each, Masdar owns the remaining 60%. The companies have signed a 30-year power purchase agreement (PPA) with the Emirates Water and Electricity Company (EWEC).

The project is one of the largest solar developments in the world, and once fully commissioned in the third quarter of 2026, around three million bifacial PV panels will be in operation.