The results of two solar auctions in India have been released this week, with a total of 1,750 MW allocated to nine developers.
Energy Finance & Investment News in India
The government of Himachal Pradesh, a state in the north of India, has approved amendments to its hydropower policy with the aim of reviving 737 stalled projects which have a cumulative capacity of 5,100 MW.
The Maharashtra State Electricity Distribution Co Ltd (MSEDCL) has published a Request for Selection (RfS) for solar power developers interested in setting up ground-mounted photovoltaic power plants in the state, which is located in the west of India. The total capacity to be allocated is 1000 MW.
Lightsource BP has formed a 50:50 joint venture with the Everstone Group, one of India’s leading private equity fund managers, to create a major fund management platform for green energy infrastructure in India, to be called EverSource Capital.
In the past week, state government agencies of both Karnataka and Maharashtra, located in the south-west and west of India respectively, have re-launched solar tenders due to poor initial responses.
ENGIE has announced that it has won a 25-year power purchase agreement (PPA) for a 200 MW wind project in Tamil Nadu, a state in the south of India.
The National Institute of Wind Energy (NIWE), part of the Ministry of New and Renewable Energy of the Government of India, has issued a Request for Expressions of Interest for the country's first commercial offshore wind farm, to be located off the coast of Gujarat in the west, and have a generation capacity of 1 GW.
The Government of Odisha, through its renewable energy promotion agency GRIDCO, has issued a Request for Selection (RfS) for the development of 200 MW grid-connected solar photovoltaic power projects to be set up in Odisha, a state in the east of India. Responses are invited until 29 April 2018.
Suzlon Group, India’s largest renewable energy solutions provider, announced that it has won two wind power projects of 300 MW and 200 MW respective capacity in a tender conducted by the Solar Energy Corporation of India (SECI). The projects will be located in the Kutch district of Gujarat, a state in the west of India.
Mahindra Renewables Pvt. Ltd., a wholly owned subsidiary of Mahindra Susten Pvt. Ltd., has achieved financial close of its 250 MW solar power project, to be located in the Rewa district of Madhya Pradesh. The company has received project debt amounting to INR7.5 billion (US$114.8 million) from YES BANK Ltd and up to INR2 billion (US$30.6 million) from other financial institutions.
IFC, a member of the World Bank Group, and Amundi, Europe’s largest asset manager, have announced the successful launch of the world’s largest targeted green bond fund focused on emerging markets, the Amundi Planet Emerging Green One (EGO).
In what seems like a race to meet the Government of India's ambitious target of commissioning 15 GW of solar power in the 2017-18 financial year (ending in March), various organisations have recently issued tenders for a cumulative capacity of 2,950 MW to be located across the country. This adds to the 7,225 MW solar tenders announced since the start of 2018.
Sembcorp Energy India Ltd has been awarded a 300-megawatt project in a country's wind power auction conducted recently.
A 500 MW wind tender conducted by the Maharashtra State Electricity Distribution Company Limited (MSEDCL) has attracted bids as low as INR2.85 (US$0.044)/kWh. The maximum tariff permitted in the tender was INR3/kWh (US$0.046).
The Solar Energy Corporation of India (SECI), a Government of India Enterprise under the administrative control of the Ministry of New & Renewable Energy, has issued a Request for Selection for the development of 3000 MW grid-connected solar PV projects, through a build, own, operate (BOO) framework.
The Solar Energy Corporation of India (SECI) has launched three separate tenders for renewable energy projects which altogether entail the development of 4070 MW. The authority is seeking developers for 2000 MW wind power projects and 2000 MW solar photovoltaic projects at locations proposed by bidders, plus a 70 MW solar PV park in the northern state of Assam.
Sterlite Power has acquired a 28.4% stake in its transmission infrastructure business from Standard Chartered Private Equity (SCPE) for INR10.1 billion (US$157 million). With this acquisition, Sterlite Power holds 100% stake in the business.
In November 2017, solar tender and auction activity in India plummeted. In response, the Ministry of New and Renewable Energy set out plans to tender 3 GW of solar projects in January 2018. Despite the bold scale of the plans, the ministry seems to be keeping its word.
Orange Renewable, a unit of AT Capital Group, is in talks to sell part of its portfolio to Hero Future Energies.
Karnataka Renewable Energy Development Ltd (KREDL) is inviting Requests for Proposals for 860 MW of solar projects, to be allocated across 43 selected taluks, regional subdivisions of Indian states.