Correct Answer :   Solomon Islands

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Solomon Islands has elected former Foreign Minister Jeremiah Manele as its new prime minister, indicating that the South Pacific island nation is likely to maintain close ties with China.

Manele’s Victory and Promises

* Jeremiah Manele secured 31 votes in a secret ballot involving 49 lawmakers, defeating opposition leader Matthew Wale, who received 18 votes. Manele used his first speech as the leader to promise to govern with integrity and prioritize the nation’s interests.

Continuity in Solomon Islands-China Relations

* The withdrawal of pro-Beijing former Prime Minister Manasseh Sogavare from the contest and his support for Manele as their party’s candidate suggest that the Solomon Islands could follow a similar trajectory in its relationship with China.

* During Sogavare’s previous term, China’s influence in the Solomon Islands grew significantly, with the country switching diplomatic recognition from Taiwan to Beijing and striking a secret security pact that raised concerns about potential Chinese naval presence in the region.

Correct Answer :   Adani Green Energy Ltd

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Adani Green Energy Ltd (AGEL) has successfully secured USD 400 million financing from a consortium of five leading international banks for its 750 MW solar projects in Rajasthan and Gujarat. The financing will support the construction of these projects, expected to come online from November 2024 onwards.

Project Details

* Rajasthan Project : A 500 MW capacity project with a long-term power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI).
* Gujarat Project : A standalone merchant power project with 250 MW capacity, located at the world’s largest renewable energy cluster in Khavda, Gujarat. AGEL aims to diversify revenue streams by tapping into the evolving merchant energy market.

Banks’ Confidence and Financing Structure

* The consortium of lenders includes Cooperative Rabobank U.A., DBS Bank Ltd., Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., and Sumitomo Mitsui Banking Corporation, reflecting growing confidence in financing merchant projects.
* The financing package includes a USD 400 million construction facility and a syndicated guarantee-backed assurance program, aligning with AGEL’s procurement strategy and capital management plan.