Stock markets have retreated again over worries of further US interest rate rises after the Federal Reserve defied Donald Trump to increase rates for the fourth time this year.

The EU has confirmed it is “actively investigating” a potential breach of its diplomatic communications network, following reports that secret cables had been stolen by hackers.

The Bank of England has welcomed a “crucial and positive” move by the EU to help keep a key part of the financial system functioning in the event of a “no-deal” Brexit.

A handful of banks will be forced to write multimillion pound cheques to buy shares in the construction giant Kier Group after some of its biggest investors snubbed the chance to take part in a £250m fundraising.

GlaxoSmithKline (GSK) is to merge its consumer healthcare unit with that of rival Pfizer, to create a new market leader with almost £10bn in annual sales.

 

Santander has been fined more than £30m for “serious failings” in processing the accounts of dead customers, the Financial Conduct Authority (FCA) says.

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EBRD providing $35 million loan for 30MW Kazakhstan solar project

EBRD providing $35 million loan for 30MW Kazakhstan solar project

The European Bank for Reconstruction and Development (EBRD) is providing a $35.2mn loan for a 30MW solar project in the Kyzylorda region of Southern Kazakhstan, sponsored by Total EREN and Access Infra Central Asia

The overall $47.3mn ( KZT17.1 bn) project will help to reduce the southern region’s dependence on electricity import from other areas – in particular, the coal-fired power plants in the North – and overall reduce associated transmission losses.

The plant will have 120,862 Canadian Solar multicrystalline modules with dual-axis trackers. They will be connected to 12 Sungrow SG2500 HV-MV (1.5kV) inverters. The main HV substation with one 220/34.5kV transformer will be connected to the 220kV national network powerline with a 500m long line.

A staff of around 150-200 will be onsite for the plant’s construction.

EBRD will provide the loan in local currency to Nomad Solar LLP, a special purpose entity incorporated in Kazakhstan and jointly owned by French renewables developer Total Eren SA and UAE-based Access Infra Central Asia Ltd—in order to implement the project.

The Kyzylorda region-located plant is expected to reduce carbon dioxide (CO2) emissions by 47,800 tonnes on an annual basis.

The project is the bank’s sixth under the EBRD Kazakhstan Renewables Framework, focused on clean technology operations. The institution has invested $29bn in Green Economy Transition projects since 2006, with $7.25bn directed for renewable energy and over 10,000 MW of total renewable capacity installed

The project will be part of the Kazakhstan Renewables Framework, for which the Green Climate Fund (GCF) approved the allocation of up to $110mn in October 2017.

Elsewhere, Chinese PV panel manufacturer Risen Energy had also signed a mandate letter with the EBRD for financing for a 63MW PV project in Kazakhstan in May 2018.

 

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