Finance

CDPQ increases Azure Power stake to 40%

Through a US$100 million contribution, La Caisse de dépôt et placement du Québec (CDPQ) has increased its stake in Azure Power Global Ltd to 40%.

Historic tariffs could be revised to reflect GST costs

Developers have successfully secured relief from the federal government to mitigate the effects of GST on PV projects. One-off compensation will be paid and tariffs may be adjusted to reflect any ongoing rise in maintenance expenses.

Rural India a $50 billion market for clean energy innovations

The farming sector offers the largest green energy innovation opportunity, with rice transplanting, pesticide spraying and grain harvesting together having a market potential worth $40 billion – says the Council on Energy, Environment and Water.

Saudi Arabia and BP Group betting big on India

Two of the world’s biggest players in the oil industry have backed the nation’s ambitious solar target – and are putting their money where their mouth is.

Fall in rupee against the dollar will see solar targets missed, predict analysts

Ratings agency adds to pessimistic predictions about Indian solar with MNRE ambition of 34 GW of solar auctions next year at real risk. The news follows similar warnings about India’s 100 GW solar target.

IPCC: 1.5°C limit needs rapid and far-reaching action but enables SDG progress

The Intergovernmental Panel on Climate Change (IPCC) has released a new report on different ways global warming can be kept within the 1.5°C limit. The panel seeks to inform policymakers before the upcoming COP24 in Poland this December. Resulting from their analysis, the 91 authors state that drastic action and significant investments are needed. Such climate action across all sectors would have significant positive effects on sustainable development progress, they say.

Gujarat will soon tender 250 MW solar+storage capacity

Saurabhbhai Patel, Minister of Energy, Government of Gujarat, has announced that the state will soon issue a 250 MW grid-connected solar tender linked with storage. He also said that Gujarat will add more than 5 GW of new PV capacity in the next three years.

Uttar Pradesh will tender another 500 MW solar capacity by end of October

The recent 500 MW grid-connected solar capacity tendered by the Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) was oversubscribed by 250 MW. A reverse auction will now be held on October 9. The capacity is part of the previous 1 GW tendered capacity, which was oversubscribed by around 800 MW, but cancelled due to high tariffs

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PM Modi: 40% electricity generation from non-fossils by 2030, up to $80 billion for PV manufacturing

India’s Prime Minister kick started the first Assembly of the ISA, the second IORA Renewable Energy Ministerial Meeting, and the 2nd Global RE-Invest yesterday in Greater Noida. The agenda of the day? Universal access to solar energy at affordable rates; securing 40% of India’s electricity generation from non-fossil fuels by 2030, and allocating up to US$80 billion to boost domestic PV manufacturing.

Opening green windows for an inclusive clean energy transition: Future financing tools

In recent years, the Ministry of New and Renewable Energy (MNRE) has laid the foundation for a clean energy expansion through robust policies and initiatives. India’s solar energy capacity has jumped a thousand-fold from a mere 17 MW in 2010, to more than 23 GW in 2018. Similarly, the wind market has more than doubled in recent years, from around 13 GW of installed power in 2010, to 34 GW by June 2018. These developments help move India closer to its ambitious clean energy goal of 175 GW installed capacity by 2022. However, in spite of several public financial institutions, private banks, and non-banking financial companies (NBFCs) providing capital, financing remains a key barrier in scaling India’s clean energy markets further.

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