Page 13 - AsiaElec Week 17 2021

AsiaElec NEWS IN BRIEF AsiaElec

the ADB report, released Wednesday.
It estimates that India’s economy will
expand at an 11% pace in 2021, in line with
similar forecasts from the International
Monetary Fund and private economists.
Surging new cases in India — at more than
300,000 per day for the past five days — may
derail that progress as hospitals are inundated
with seriously ill patients, it noted.
So far, the overall impact of this spike in
cases is unclear.
“Real-time data on traffic, electricity
Corporation (Sinosure) were Vestas’ partners local resources, plus Yingli’s high efficiency demand and mobility suggest that, so far at
in the deal. The debt facility is backed by the PV products, we expect to bring better returns least, India’s virus outbreak has had more of
Export Credit Agency (ECA). and experience to customers in the Middle an impact on behavior than it has on activity,”
In a separate statement, Deutsche Bank East.” Shilan Shah of Capital Economics said in a
said it is providing a AUD-314-million The cooperation between Yingli Solar and separate report.
account receivables purchase facility to Vestas, Sun City began in 2018, and the cumulative So far, the Indian government has resisted
which GPG will use for purchasing receivables supply has exceeded 28MW. taking the sort of drastic lockdown measures
related to the supply and installation of Vestas Allen Geng, the General Manager of it ordered in March 2020 when millions of
turbines for the Ryan Corner and Hawkesdale International Sales of Yingli Solar, said at workers were stranded in cities, unable to
wind farms. The two-year debt is backed the signing ceremony, “Yingli has always work or return to their villages.
by ECA, while wind turbine exports will be been focusing on the development and “The big unknown is whether these
insured by Sinosure. cooperation projects of off-grid distributed restrictions will be sufficient to curb the
GPG is a joint venture between Spanish energy solutions for the Middle East market. outbreak. If not and it continues, more
electric and gas utility Naturgy Energy Group The signing of the agreement will deepen draconian measures may still be needed,”
SA and Kuwait Investment Authority. the cooperation between the two parties, Shah said.
Yingli is very honored to continue to work The ADB forecast that Myanmar’s
with Sun City to promote the development of economy will contract nearly 10% this year
photovoltaics in the Middle East.” following a military coup that has thrust the
SOL AR country into turmoil. The economy grew at a
modest 3.3% level in 2020, before the military
Yingli Solar, Sun City sign GROWTH seized power on Feb. 1, provoking a mass civil
disobedience campaign that has stifled most
strategic cooperation Asian Development Bank business activity.
The ADB economists did not foresee
agreement for solar in forecasts strong rebound a significant increase in inflation, despite
concerns in the U.S. and elsewhere that
Yemen massive government spending and other
stimulus might spark surging prices.
Yingli Energy (China) Co., Ltd. and Sun City for region in 2021 The ADB expects inflation in the region
signed a strategic cooperation agreement Developing Asian economies will grow at a to fall to 2.3% this year from 2.8% in 2020,
on April 26to jointly develop the regional solid 7.3% pace this year after contracting when disruptions from the pandemic pushed
renewable energy market. slightly in 2020 due to the pandemic, the food prices sharply higher in some places. The
According to the agreement, Sun City will Asian Development Bank says in its latest inflation rate for developing Asia is forecast to
purchase 25MW photovoltaic modules from regional outlook. rise to 2.7% in 2022.
Yingli Solar in 2021 for the construction of But the regional lender said that forecast is Apart from the cost of lost lives and
water supply systems and other infrastructure in doubt as outbreaks of coronavirus flare in misery, damage to health and productivity, the
in Yemen. several countries, including Thailand, India pandemic has extracted a harsh toll in many
In addition, the two parties will work and the Philippines. ways, wiping out millions of jobs, sinking
together to promote the use of renewable Those setbacks threaten just as growth has families into poverty. It also has put children
energy in the Middle East, vigorously promote been gaining momentum, said the ADB’s chief far behind in their studies, the report said.
new photovoltaic applications, actively explore economist, Yasuyuki Sawada. ADB
the distributed photovoltaic market, and “Economies in the region are on diverging
gradually strengthen in-depth cooperation in paths,” he said. “Their trajectories are shaped
brand building and downstream development. by the extent of domestic outbreaks, the pace COAL
“We are very happy to work with Yingli of their vaccine rollouts, and how much they
Solar to provide reliable and stable solutions are benefiting from the global recovery.” South Korea’s Moon vows
for clean energy applications in the Middle China, which first reported the virus and
East,” said Ebrahim Ahmed, Executive has been the first major economy to bounce to end new funding for
Director of Sun City. back from the pandemic, is forecast to grow
“Sun City has rich industry experience and 8.1% this year, slowing to 5.5% in 2022, said

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