India has witnessed a surge in solar and wind energy projects, backed by investments from both domestic and international sources. Green finance plays a pivotal role in funding these projects.
ReNew reported a total income of $870 million and net profit of $43 million in the first nine months of FY 2024.
The investment is required in building capacities across solar, hydro, wind, and waste-to-energy sectors, green hydrogen (including electrolyzers), batteries, and transmission.
The PM Surya Ghar Muft Bijli Yojana offers a subsidy of INR 30,000 ($361) per kW up to 2 kW for residential rooftop solar systems, and INR 18,000 per kW for additional capacity up to 3 kW. The total subsidy for systems larger than 3 kW is capped at INR 78,000.
Canada-based microinverter company SPARQ Systems has entered into a partnership agreement with JioThings, a fully owned subsidiary of Jio Platforms Ltd. of Reliance Industries, to supply the Indian conglomerate with PV microinverters.
The ALMM mandate reimposed from April 1, 2024 provides relief for solar developers with advanced progress in development and with expected commissioning post-March 31, 2024. It also allows exemption for open access-based and captive solar projects, enabling these projects to source modules from the most cost-competitive sources.
Tata Power’s profit after tax for the third quarter (Oct-Nov-Dec. period) of FY 2024 grew to INR 1,076 crore compared to INR 1,052 crore in Q3 FY 2023.
India has installed 180,796.35 MW of renewable energy capacity as of Dec. 31, 2023, including 73,318.49 MW (around 41%) from solar power projects.
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