Finance

Today, both Reliance and Fortescue are realizing the huge investment, employment, import replacement and export opportunities in zero emissions industries of the future, both for India and Australia. And they look to be leading the way, fully supported by global financial institutions increasingly seeking to deploy trillions of patient capital in low volatility, non-commodity price exposed zero-emissions energy sources of the future.

India headquartered multinational Reliance Industries, through its subsidiary Reliance New Energy Solar Limited, yesterday announced the acquisition of Norway headquartered module manufacturer REC Group. The move comes as Reliance pushes forward with its US$10 billion plan to move in on the renewable energy industry, having also this week announced acquisition of a 40% share in EPC provider Sterling & Wilson.

The Singapore-headquartered corporate solar provider, which has over 600 MWp of solar portfolio across India and Southeast Asia, shall utilize the debt funding to finance its open access solar projects in India.

A combination of booming demand for coal-fired power and a shortage of the black stuff – exacerbated by a political row with Australia – have forced up prices to the extent fossil fuel generators are making a loss on every unit of electricity they produce. pv magazine‘s Vincent Shaw considers the potential solutions.

The majority of the finance for the $177 million, Jamuna river project will be provided in the form of soft loans from the Indian government and officials are reportedly already planning a second 100 MW facility with a Chinese firm on nearby land.

The Mumbai-based renewable power producer has raised the long-term, non-recourse debt from the Indian Renewable Energy Development Agency Ltd (IREDA). It shall use the amount to finance its operating solar projects in Punjab, Andhra Pradesh, and Telangana.

Adani Green Energy has completed the acquisition of 5 GW of solar and wind assets from SB Energy India for $3.5 billion, marking the largest renewables M&A deal in the country. The acquisition swells Adani’s operational capacity by 46%.

The renewable energy arm of NTPC signed the pact with the Bank of India to finance its 470 MW solar project in Rajasthan and 200 MW in Gujarat.

Rooftop solar growth in India has so far largely been driven by a few large creditworthy organizations in the commercial and industrial sector. However, if accessible financing options are made available, growth can also be replicated in micro, small and medium-sized enterprises (MSMEs) as well, says a new report.

Mumbai-headquartered Virescent Infrastructure, set up by US investor KKR to own and operate renewable energy assets in India, has raised INR 4.6 billion (US$62 million) through its renewable energy-focused infrastructure investment trust (InvIT). Canada’s Alberta Investment Management Corporation (AIMCo) led the funding.