Finance

Fenice Investment Group will subscribe to compulsorily convertible preference shares (CCPS) of SILRES Energy Solutions at Rs 10 per CCPS. The investment is expected to complete by May 25.

The government’s announcement of Rs 90,000 crore liquidity injection comes as a relief for Discoms. It will be, however, essential to see as to what extent the discoms can avail the scheme given the ‘tied’ nature of this support and requirement of State Government guarantee—shares Care Ratings. 

Plug-and-production facilities and labour law exemptions for 1200 days are among the decisions announced by the chief minister of the Indian state which contributes 7.9% to India’s gross domestic product and 20% to the overall exports.

India hosts numerous 1 GW-plus solar parks, two of which are the largest commissioned in the world. The huge sites have been instrumental in driving economies of scale and continue to attract global capital and some of the most recognized renewables developers.

Industry body FICCI has recommended an extension of the FAME II Scheme by at least one year to 2023 as it feels change in the consumer behavior can impact the demand for electric vehicles (EVs) in the short term.

The projects shall be co-funded by India’s Department of Science & Technology and the European Commission’s Innovation and Networks Executive Agency. The aim is to make energy supply cleaner, more efficient and affordable by smartly integrating large amounts of renewable energy in local energy systems. Proposals can be submitted till September 1.

The country earned a score of 6.3 on a 10-point scale on the basis of its investment, partially usage or plans to use renewable energy in the near future—in a study by UK based analytics firm British Business Energy. The USA ranks first with a score of 7, followed by Brazil at 6.5.

A study by the International Energy Agency into the chilling effect of the Covid-19 pandemic on energy demand states renewables will be ‘the only energy source likely to experience demand growth for the rest of 2020’. The slower the economic recovery, the more the fossil fuel industry will suffer.

Analysts at Bloomberg New Energy Finance say the lowest-cost projects financed in Australia, China, Chile and the UAE in the last six months hit a levelized cost of energy of just $23-29/MWh and the best solar and wind projects will produce electricity for less than $20/MWh by 2030.

Liquidity of solar generators remains largely unaffected as they have been receiving payments from Discoms regularly. Azure and Adani Green Energy restricted groups, in particular, have comfortable liquidity position and will be able to meet their mandatory expenditure in the next six to 12 months.