India saw the issuance of 13 new utility-scale solar PV tenders totaling 11,945 MW in the quarter ending March 31, 2018, which is 68% more than in the entire of 2017. However, tender capacity for rooftop solar PV (greater than 1 MW in size) was down 50%, at 102 MW.
The company was adamant that it will not exit the Indian PV market, after rumors last October suggested that the company will sell its PV assets in India. Now, the company reiterates its commitment and stresses that additional funding will be used to develop new assets.
Earlier this year the state announced it would install an additional 590 MW of solar PV to meet growing energy demand. Last year Assam had a 4.2% energy deficit.
The Indian Ministry of New and Renewable Energy (MNRE) says the nation will exceed 175 GW of installed renewable energy capacity as plans for bidding for 115 GW of renewable power projects to March 2020 were announced. The target for PV parks has been increased from 20 GW to 40 GW with some 41 parks in 21 states – with aggregate capacity of more than 26 GW – already sanctioned.
In the latest edition of its long-term renewable energy outlook, the International Renewable Energy Agency (IRENA) calls for at least six-fold deployment of renewables by 2050, compared to the levels set out in current plans. Investment in low-carbon technologies needs to increase by around 30% to $120 trillion to enable the energy transition and avoid escalating stranded assets, the report finds.
ReNew Power Ventures Pvt Ltd has expected to raise $800-900 million through the IPO, which it is planning to file in the coming two weeks. The renewable company has asked nine investment banks to manage the IPO.
Central Board of Indirect Taxes and Customs have issued a clarification regarding solar module equipped with bypass and blocking diodes. Market analysts assert that this step will increase PV installation in the second half of 2018.
According to the reports, Gurugram based developer ReNew Power Ventures has paid 40% in equity and the rest in debt for acquiring Actis LLP-backed Ostro Energy. With this acquisition, now ReNew Power’s combined renewable portfolio stands at 5.6 GW.
Dr. Frank Rijsberman, Director-General, Global Green Growth Institute (GGGI), South Korea, speaks to pv magazine about his recent participation in the International Solar Alliance founding ceremony held on March 11, 2018. He mentioned that in ISA member countries, correct energy policies, and risks in the investment are critical and need to be addressed.
At the tenth International Solar Alliance (ISA) monthly get-together and stakeholders meeting, held today in Noida, India, Interim Director-General of ISA announced that the World Bank is handling the common risk mitigation mechanism, and they need two years to complete the feasibility study. ISA believes that CRMM will help to get access to finance at lower cost and in larger volumes for solar-related projects in ISA member countries. European Investment Bank is developing a financial facility for off-grid projects in ISA member countries, combining the grant and debt finance.
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