Finance

WFES: ISA signs letters of intent for $5bn financing, MNRE announces $350 million for solar

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.

Summary: Central subsidies for solar PV

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.

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IFC to provide $440 million loan to developers of Rewa PV project

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.

ReNew Power raises $352 million to repay loans

ReNew Power Ventures Pvt. Ltd has raised $ 352 million via Non-Convertible Debentures to repay loans.

Orb Energy raises over $15 million for rooftop solar

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.

ReNew Power mulls purchase of Waaree Energies solar portfolio – reports

ReNew Power Ventures, which is backed by Goldman Sachs, is exploring an opportunity to acquire the solar assets of Waaree Energies ahead of a planned IPO, reports Mint.

Waaree Energies raises INR 1bn through Centrum-led investors

A structured credit deal has been struck between Centrum-led investors and Waaree Energies Ltd, an Indian solar power firm.

EIB partners with YES Bank to offer $400m funding boost to Indian renewables

Both the European Investment Bank and India’s YES Bank will provide $200 million investment to co-finance a series of solar and wind power projects across India.

CEEW commences ISA’s National Focal Points Conclave 2017

The conclave happened the day after ISA became a recognized legal intergovernmental body based in India. The event observed some intense discussions on the ISA’s ambitious programs. The main topic was the finance, where ISA aims to ease the process, with CEEW supporting via common risk mitigation study.

Karnataka issues 860 MW solar tender

The state’s Karnataka Renewable Energy Development Limited (KREDL) announces tender for 43 individual solar plants located in taluks – small districts dotted across the state of Karnataka.

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