Finance

IRENA: Renewables can account for up to two-thirds of total energy use, and 85% of power generation by 2050

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 looks for $900 million initial public offerings

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.

Solar modules with bypass diodes will be classified under 8541, hence no custom duty

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.

ReNew Power acquires Ostro Energy in $1.54bn deal

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.

Partnership with the International Solar Alliance – GGGI Interview Part II

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.

World Bank doing feasibility study of CRMM will take 2 years, Upendra Tripathy informs

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.

YES Bank lends $146.3 million to Mahindra Renewables for 250 MW project

The project is part of the 750 MW Rewa solar park in Madhya Pradesh. YES Bank has also reaffirmed its commitment to mobilize US$5 billion for financing solar power projects in India by 2030 with the International Solar Alliance (ISA) at the latter’s founding ceremony in New Delhi, held last week.

Roundup from the International Solar Alliance Summit 2018

The ISA founding ceremony, held on Sunday March 11 in New Delhi, India, was a highlight in the 2018 solar calendar. French President, Emmanuel Macron announced €700 million in support through loans and donations by 2022, while several other financial deals and MoUs were also signed. Indian Prime Minister, Narendra Modi further outlined 10 action points to help the spread of solar energy.

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IREDA, EIB sign €150 million loan for RE financing in India

The European Investment Bank (EIB) has extended a line of credit totaling €150 million, without insisting on a sovereign guarantee by the Government of India. Over one million Indian households are set to benefit.

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‘Groundbreaking’ $40 million green bond issued by Singapore’s Sindicatum for Indian PV projects

Global law firm, Norton Rose Fulbright has advised GuarantCo, the international development finance institution, on a landmark INR 2.5 billion ($40 million) dual-tranche unsecured wrapped and rated bond, issued by Sindicatum Renewable Energy Company Pvt Ltd. Such green bonds are beneficial to the country, since they offer low interest rates and long-term repayment schemes, says Dharmendra kumar, an analyst from IHS Markit.