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Finance

Ieefa proposes a three-pronged approach for grid firming 

A new report discusses battery storage, green hydrogen, and flexible coal-fired power generation as key grid firming options for India as solar and wind are poised to form 51% of the nation’s total installed generation capacity by 2030. 

ReNew Power to merge with US firm for NASDAQ listing

Proceeds from the transaction with RMG Acquisition will be used to support ReNew’s growth strategy, including the buildout of its contracted, utility-scale renewable power generation capacity and to reduce debt.

Essar Power to set up 90 MW solar plant in Madhya Pradesh

The private power producer will set up the proposed solar plant in the Datia district in two parts of 33.7 MW and 56.17 MW. The project is expected to be completed by June 2022.

Indian startup Solavio Labs raises Canadian fund

The solar panel-cleaning robot startup, which saw its sales jump 125 times last year, has thus far raised three levels of funding amounting to INR 2 crore from government bodies in India, Dubai, and Canada. 

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India-US climate ties must prioritize green transition finance 

A new report says the United States and India have an opportunity to partner to catalyze foreign institutional investment in India’s green transition. It lays out what such a partnership should look like and how it would benefit both countries and the world.

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High hopes from PLI scheme for solar manufacturing 

India’s production-linked incentive (PLI) scheme—which targets 10 GW of integrated solar PV manufacturing capacity within two years—will spur demand for locally produced materials like ethylene vinyl acetate (EVA) sheets, solar glass, backsheet and junction boxes, too.

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Global investors bet on India’s renewable energy sector

A new report highlights key investors finding opportunity in India’s US$500-billion renewable energy infrastructure development and various factors driving these investments. 

Battery major Amara Raja plans 50 MW solar plant

The Indian automotive battery major has announced the setting up of a 50 MW solar power plant in Chittoor District of Andhra Pradesh. The plant—to be built at INR 220-crore investment—will help reduce the manufacturer’s carbon footprint while lowering its electricity bill. The firm, which has already set up a pilot plant facility for Lithium-ion cell development, is also mulling investments into energy storage for the renewables sector.

World Bank signs up for $56m slice of renewables developer’s first green bond

The development lender’s private-sector arm helped Indian commercial clean power company Continuum Green Energy raise $561 million to refinance its debts through the bond, on the Singapore exchange.

Gujarat 700 MW award cancellation will impact solar investment

The state electricity regulator has passed the order in Gujarat Urja Vikas Nigam Ltd’s favor, allowing it to retender the 700 MW capacity to seek lower tariffs than the INR 2.78-2.81/kWh levels awarded to developers. Developers’ body says the move will impact investors’ sentiment as arranging finance starts soon after developers win a capacity.

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