NABARD signs pact with GCF to infuse $100 mn for boosting solar power

Source: The Hindu Business Line, Dec 10, 2018

Mumbai: The National Bank for Agriculture and Rural Development (NABARD) on Saturday said it has signed an agreement with Green Climate Fund (GCF) to infuse $100 million into an ambitious project designed to unlock private sector initiatives for creation of rooftop solar power capacity across India.

The $250 million project, to be executed by Tata Cleantech Capital Ltd, will receive the GCF support through NABARD, which is the National Implementing Entity (NIE) for the UNFCC-promoted Fund that supports the efforts of developing countries to respond to the challenge of climate change, said the apex development bank, whose mission is to promote sustainable and equitable agriculture and rural development, in a statement.

The agreement with GCF was signed by Shankar A Pande, Chief General Manager, NABARD in the presence of A K Mehta, Additional Secretary, Ministry of Environment, Forests and Climate Change (MoEFCC) at an event held on the sidelines of ongoing COP24 in Katowice, Poland.

India, which hosts International Solar Alliance, has an ambitious vision of creating 100 gw solar power capacity. NABARD has been financing solar power projects and installations in various other programs as well.


India’s installed renewable capacity reaches 73.35 GW

Source:, Dec 06, 2018

New Delhi: India has already installed 73.35 GW of renewable power generation capacity and projects of 21.5 GW are under various stage of implementation, said a senior official.

“Today India is leading the growth in renewable energy on the world map. We have already installed 73.35 GW, projects worth 21.5 GW are under various stages of implementation and projects amounting to another 25 GW are under various stages of bidding,” Anand Kumar, Secretary, Ministry of New and Renewable Energy, said at SKOTCH Summit here.

The Ministry of New & Renewable Energy received the SKOCH Award for outstanding performance in the summit. Read the rest of this entry »

I Squared Capital to set up renewable energy platform

Source:, Dec 04, 2018

Mumbai: Global infrastructure fund I Squared Capital is creating a new renewable assets platform that will acquire and develop utility-scale projects, said two people aware of the development. Founded in 2012 by former Morgan Stanley executives, I Squared Capital focuses on energy, utilities and transport in North America, Europe and some high-growth economies such as India. The firm has offices in New York, Houston, London, New Delhi, Hong Kong and Singapore.

In April 2015, it had announced the final close of its first infrastructure fund, ISQ Global Infrastructure Fund, at $3 billion. Earlier this year, the investor said it has closed its second global infrastructure fund with $7 billion in capital commitments. Read the rest of this entry »

Shapoorji Pallonji bags country’s first large-scale floating solar project

Source: The Economic Times, Nov 28, 2018

BENGALURU: India’s first large-scale floating solar project is on its way with Shapoorji Pallonji winning the first block in Solar Energy Corporation of India’s auction of 150 MW of such projects on the Rihand Dam, along the Uttar Pradesh-Madhya Pradesh border.

Shapoorji Pallonji won the reverse auction for 50 MW quoting a tariff of Rs 3.29 per unit, officials said.

“This is the country’s first floating solar project at such a scale,” said a Solar Energy Corporation of India (SECI) official. “There are a few others but they are in kilowatts.”

The remaining 100 MW will also be shortly auctioned in blocks of 50 MW, the official said. “We had considered bringing out such a tender two years earlier, but our initial inquiries showed tariffs would have been in the range of Rs 7-8 per unit, and so we decided not to go ahead,” the official said. Read the rest of this entry »

2018 a sobering year for renewable energy in India

Source:, Nov 27, 2018

Mumbai: The renewable energy sector in India has had a sobering year in 2018 with the number of new projects slowing down and investors finding that the sector is generating both lower power and financial returns than they expected. A Crisil report in August projected solar installations in FY19 would fall to 7,400 megawatts (MW) from a decadal high of 9,363MW in FY18. The pipeline of projects has weakened as well, with the Solar Energy Corp. of India Ltd looking to cancel bids of 2,400MW this year as tariffs were above its expectations while aggressive bidding by some firms to build portfolios has started to squeeze returns.

“It’s not a great time for those who have invested in solar energy right now,” an industry executive said. “We’re seeing some investors let their top teams go for investments being far below expectations.”

In the past month alone, three top executives in the renewable space have stepped down: Sanjay Chaturvedi, chief executive officer of renewable energy at Macquarie Group; Vinay Kumar P., managing director and chief executive (renewables) at Brookfield Asset Management; and Rohit Modi, CEO at Essel Infra and Smart Utilities. Read the rest of this entry »

India to attract investments worth $80 bn in renewable energy: Report

Source: Business Standard, Nov 14, 2018

Bhubaneswar: India’s renewable energy space is turning out to be an attractive domain for foreign investors. In total, this sector has drawn $6.84 billion FDI from April 2000 to June 2018.

More than $42 billion has been invested in the country’s renewable energy sector since 2014, said a report by Indian Brand Equity Foundation (IBEF), after interpreting figures from the Ministry of New & Renewable Energy (MNRE) and Central Electricity Authority (CEA). Over the next four years, the renewable energy sector is projected to attract investments pegged at $80 billion.

Competition in green energy domain has heated up especially in the solar power segment with tenders in tariffs hitting record low of Rs 2.44 per unit in December 2017. The large integrated players are in a better position with higher returns compared to the smaller contractors. Read the rest of this entry »

Falling rupee puts ₹28,000 crore of solar projects at risk: report

Source:, Oct 30, 2018

New Delhi: In what may further exacerbate India’s stressed power project situation, solar capacities totaling ₹28,000 crore face viability risk due to imported solar modules becoming costlier, with the continuous fall in the rupee, ratings agency Crisil Ltd said on Monday.

Most solar power developers in India have been sourcing solar modules and equipment from countries such as China, where they are cheaper. This has resulted in domestic manufacturers accounting for only around 10% of the market despite India having an ambitious 175 gigawatt (GW) clean energy target by 2022, of which 100GW is to come from solar projects.

“Nearly half of the solar power capacities under implementation worth ₹28,000 crore face viability risk because of the continuous fall in the rupee, which has made imported solar modules costlier and increased the cost of setting up solar plants. These include 5.5GW of projects bid out in the past nine months at very low tariffs of ₹2.75 per unit or less. These projects are in the early phase of implementation and are unlikely to have bought solar modules, orders for which are typically placed 9-12 months after bids are won,” the Crisil Ratings report said. Read the rest of this entry »