Markets & Policy

Adani Green Energy Ltd (AGEL) has secured a $1.36 billion debt facility from eight international banks in one of the largest project finance deals in Asia. It will use the funding to develop the world’s largest renewable energy park at Khavda in Gujarat.

The solar manufacturer will utilize the net proceeds to expand its PV panel capacity from 450 MW to 1.2 GW and establish an aluminium frame manufacturing unit, besides meeting working capital expenses.

The South African Government’s Department of Mineral Resources and Energy announced French utility Électricité de France (EDF) will develop 257 MW of battery energy-storage systems across three projects, while South African renewable energy company Scatec Africa will develop one 103 MW project.

ReNew has signed a memorandum of understanding with the Asian Development Bank for the financing of renewable energy, manufacturing, carbon offset, and green hydrogen projects between 2023 and 2028.

In a new weekly update for pv magazine, OPIS, a Dow Jones company, provides a quick look at the main price trends in the global PV industry.

BloombergNEF says it has recorded a 14% decline in battery prices this year, mainly due to cheaper raw materials, following an unprecedented rise in 2022.

The Asian Development Bank (ADB) has approved a $250 million policy-based loan to strengthen the market for power trade and related ancillary services in India, facilitating the integration of intermittent renewable energy. The loan will also enable measures to improve the financial performance, corporate governance, and service quality of electricity distribution companies (DISCOM) and create a conducive environment for private sector investment.

While the benefits of solar adoption are evident, challenges persist. The irregularity of solar power and the lack of efficient storage technologies remain primary concerns. The upfront costs of solar installations, though decreasing, remain a barrier for many. Complex regulations and bureaucratic hurdles often deter individuals and businesses from embracing solar energy. Addressing these challenges demands a concentrated effort.

Jakson Green has set up an office in Dubai as it looks to increase its presence in sustainable energy solutions across the Middle East and North Africa (MENA) region. The company said its Dubai office will help it foster closer collaborations with partners and clients in the region.

Siemens Ltd has announced a  revenue of INR 5,297 crore and net profit (profit after tax) of INR 534 crore in the fourth quarter of financial year 2023 ended September 30, 2023.