logo
Tesla to take Japan virtual power plant business nationwide, Nikkei reports

Tesla to take Japan virtual power plant business nationwide, Nikkei reports

CNA21 hours ago

Tesla will expand its virtual power plant business in Japan by providing free storage batteries to companies and remotely managing them to help balance energy supply and demand, Nikkei reported on Friday.
The electric vehicle maker will expand the business in collaboration with leasing firm Fuyo General Lease and energy company Global Engineering, the Japanese media outlet said.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Offenders serving community sentences given wrist bands instead of ankle tags to reduce stigma
Offenders serving community sentences given wrist bands instead of ankle tags to reduce stigma

CNA

time2 hours ago

  • CNA

Offenders serving community sentences given wrist bands instead of ankle tags to reduce stigma

Offenders serving their sentences in the community can now be issued a tracking device on their wrists that looks like a smartwatch, instead of traditional ankle tags. These GPS-enabled devices help the Singapore Prison Service monitor inmates' movements. The new wrist tags were rolled out to help reduce stigma and meet their lifestyle needs. Both the wrist and ankle tags cost about the same to produce and operate with the same technology. Aslam Shah reports.

IFC to provide $400 million loan for Pakistan's copper-gold Reko Diq mine
IFC to provide $400 million loan for Pakistan's copper-gold Reko Diq mine

CNA

time2 hours ago

  • CNA

IFC to provide $400 million loan for Pakistan's copper-gold Reko Diq mine

ISLAMABAD : The International Finance Corporation will provide a $400 million subordinated loan for Pakistan's Reko Diq copper-gold mine, according to an IFC disclosure on Friday. The loan adds to a $300 million commitment announced in April, bringing IFC's total financing for the project to $700 million. The estimated cost of the mine is $6.6 billion, to be funded through a mix of debt and equity from a consortium of lenders. 'The estimated total Project cost is $6.6bn, and it will be financed using a combination of debt and equity,' the disclosure said, adding that other parallel lenders will provide the remaining debt financing. This type of loan, known as subordinated debt, is typically repaid after other senior loans and helps absorb more risk, making it easier for other lenders to invest. Other financiers, including the U.S. EXIM Bank, Asian Development Bank, Export Development Canada, and Japan's JBIC, are also expected to join the financing package, project director Tim Cribb told Reuters in April. Term sheets are expected to close by early in the third quarter. IFC chief Makhtar Diop said earlier this year that the institution was 'doubling down' on Pakistan, with a focus on infrastructure, energy and natural resources. Reko Diq, located in Balochistan, is one of the world's largest undeveloped copper-gold deposits. It is being developed by Barrick Gold, which holds 50 per cent, with the remainder split between Pakistan's federal and provincial governments. Production is expected to begin in 2028. Barrick has projected the mine will generate up to $74 billion in free cash flow over its estimated 37-year life.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store