The Solar Energy Corporation of India has extended the bidding for its off-grid solar and storage project in Himalayas. The revised deadline is now December 21.
The pan-Asian renewable energy development platform, owned by Australian investment bank Macquarie’s Green Investment Group (GIG), has acquired a majority stake in Hyderabad-based commercial solar developer Vibrant Energy.
The nation has earned the highest score of 62.7 in terms of attractiveness for solar PV investment and deployment in the latest ranking of top 40 countries by Ernst & Young.
The analyst said currently, India and Australia are the only Asia Pacific countries where renewable power already costs lower than new-build coal. It predicted the trend would spread to the entire region by the end of the decade, while India and Australia would see renewables becoming further cheaper than coal.
The solar installation in India is making a slower-than-expected recovery as Covid-related disruption continues to hurt construction progress. Safeguard duty extension and module price increase have added to the pain.
A recent SECI auction secured the lowest bid of INR 2/kWh, 15% lower than the INR 2.36/kWh record-low winning bid by Spanish developer Solarpack in a 2 GW auction previously.
The three-day event will connect the global investment community with Indian renewable energy stakeholders. It is expected to be attended by over 75 international ministerial delegations, over 1000 global industry leaders, and 50,000 delegates.
Coal project finance in the year 2019 stood at just INR 1100 crore (US$190 million), compared to renewable energy lending aggregating to INR 22,971 crore (US$3220 million).
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