This week’s World Future Energy Summit (WFES) saw a letter of intent inked at the International Solar Alliance’s (ISA’s) pavilion to secure financing of up to US$5 billion with India’s YES Bank by 2030. MNRE head, R.K. Singh also announced a $350 million solar development fund by the Indian Government for solar projects.
Clarification on India’s solar domestic content requirement (DCR) under the country’s National Solar Mission has been made by the Ministry of New and Renewable Energy (MNRE), after the U.S. again dragged India to the World Trade Organization (WTO) for non-compliance.
The European Union as well as Brazil, China and Japan indicate their support for India in the WTO dispute against the U.S. Consensus appears to be that trade retaliatory measures are unjustified. The DSB chair concluded by noting the matter has been referred to arbitration in line.
The Indian government has introduced a number of subsidies under various categories of solar projects, from big PV parks to small rooftop and off-grid installations, in order to achieve its 100 GW solar target by 2022. The current status of the subsidies are summarized below.
Three firms, Mahindra Renewables, Actis, and ACME group, will receive a combined loan of $440 million from the IFC for developing the Rewa Solar Park in Madhya Pradesh.
The Solar Energy Corporation of India has postponed the 2 GW PV project tender until further notice. The company has also extended the deadline for expression of interest for setting up the solar manufacturing plant in India until January 29.
The investments from Netherlands-based FMO and the U.S.’s OPIC will help to grow the company’s platform in India, which finances rooftop solar for SMEs. Orb Energy will also expand its Kenyan operations.
India has proposed to impose safeguard duty at the rate of 70% for a period of 200 days on imported cells and modules coming from China PR and Malaysia.