Goldman Sachs is seeking to raise capital for a new fund to invest in the debt of troubled companies in the energy sector. “The fund, being raised by Goldman’s asset-management business, will invest mostly in high-yield corporate credit, the document shows. Known as the Energy Investment Opportunities Fund, it will also buy investment-grade credit and secured bank loans.

The effort by Goldman, which has not previously been disclosed, is among many on Wall Street to capitalize on the turmoil among oil and gas companies. Oil prices lost about half their value in the second half of 2014 and continued falling in early 2015, though they recently have recovered modestly. That has put pressure on a range of energy producers and the funds that invested heavily in them.” [NY Times]

Terra Sola Group, a Bahrain based company for solar power generation, plans to invest $3.5bn in Egypt in a project aiming to develop solar photovoltaic technology. “Prime Minister Ibrahim Mehleb met on Tuesday with David Heimhofer, the group’s chairman, alongside Minister of Electricity Mohamed Shaker, to discuss the project, according to a cabinet statement.

The project is expected to generate annual revenues of $760m, in addition to creating 20,000 job opportunities in the first year of operation, Heimhofer said. He added that his company has operated many solar energy projects in Bahrain, Kuwait, Morocco, Jordan and Oman.” [Daily News Egypt]

In Brussels, the EU Commission approved proposals to create a single European energy market. “The Energy Union plan would give the Commission more influence in the negotiation of gas supply contracts.

It is partly designed to reduce Europe’s dependence on Russian gas, at a time of tension over the conflict in eastern Ukraine.

The proposals still need to be approved by member states and the European Parliament.

The Commission says they will give customers more choice, bring down prices and cut down on the use of fossil fuels.” [BBC News]