UPC-AC Energy Solar has closed a debt-to-equity financing deal with the US International Development Finance Corporation (DFC) to develop a 100 MW PV project in Rajasthan.
Southeast Asia, when taken as a whole, is a global laggard in the uptake of renewable energy, but some countries are leading the way, such as Vietnam, the Philippines, and Myanmar. And as ‘Angry Clean Energy Guy’ Assaad W. Razzouk argues, policymakers in the region cannot hold back the tide of solar and wind for much longer.
Doubling down on renewable energy investment and energy transition spending is required to ensure a truly green global recovery from the Covid-19 crisis and its economic aftershock, claims the International Renewable Energy Agency.
The contract, for mono PERC solar modules, follows 165 MW of orders supplied by Risen to Indian renewable energy developer Sprng Energy last month.
The commercial and industrial solar developer, which commands a significant share in the Indian market, will use the amount to fund rooftop PV installations for corporates across Southeast Asia.
The grid-connected solar project shall come up at a reservoir of NTPC’s Auraiya Gas Power Plant in Uttar Pradesh. It is to be developed under Open category, allowing use of solar cells and modules of any origin.
The joint venture company targets the construction of over 1 GW portfolio in the next few years, with an initial focus on India, South Korea and Taiwan.
Despite political hurdles in key markets including China and Japan, Asia remains highly active. This year, 59 GW of solar is expected to be installed and due to further system price declines, a phase-out of subsidy schemes can be offset.
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