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Spain's Bruc Closes Financing for 659 MW, 1.6 GWh Solar and Storage Project

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Spanish renewable energy company, Bruc has entered into a financial agreement with Santander and Banco Sabadell, securing 370 million euro ($431 million) to finance the construction of solar power plants and battery energy storage systems.

According to the company's statement, it plans to build a solar farm with a total capacity of 659 megawatts, along with 1.6 gigawatt-hours of integrated battery energy storage systems, located across Spain's Aragon region.

Once the plants become operational by 2027, they are expected to generate enough electricity to meet the annual consumption needs of 321,000 homes, while preventing 358,000 tons of carbon dioxide emissions.

The company also noted that it will be operating its solar-plus-storage plants under power purchase agreements with leading off-takers.

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India Curbs Fuel Export Duties; Domestic Jet Prices Flat, Industrial LPG Up

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Commodities

Market Chatter: Norwegian Oil, Gas Workers Plan Strike if Wage Negotiations Fail

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Commodities

Australia Extends Temporary Fuel Stockpiling Measures to Ease Domestic Supply Concerns

The Australian government on Saturday extended a measure aimed at ensuring fuel security by allowing the release of petrol and diesel from domestic reserves.According to a statement by Energy Minister Chris Bowen, the country was extending its temporary relaxation of the baseline Minimum Stockholding Obligation for petrol and diesel for a further three months.By reducing the obligations of fuel companies to maintain minimum stocks by 20%, the country expects to free up 762 million liters of petrol and diesel through September, according to a Reuters report.The government noted in its statement that fuel inventories have reached record levels in recent weeks as fuel shipments continue to arrive and demand normalizes. Additional supplies secured through Export Finance Australia have also strengthened the country's fuel security position.However, it also warned that even if shipping were to resume in the Strait of Hormuz, "the return to normal of the global flow of fuels and goods will take months."The statement said that since the relaxation was first introduced in March, it has helped ease supply pressures, while noting that with the latest extension, suppliers will be required to submit updated plans detailing how they plan to respond quickly to spikes in demand.