Weekly Update- 12-19th August 2019

Policy & Regulation

Solar pump scheme needs serious relook

The Ministry of New and Renewable Energy (MNRE) recently rolled out a massive solar-pump programme called the PM-KUSUM scheme. The scheme has a target to set up 25,750 megawatts (MW) solar capacity by 2022 to power irrigation pumps, with central financial support of Rs 34,422 crore. It includes installation of 1.75 million off-grid and 1 million on-grid solar pumps as well as 10,000 MW of solar capacity in rural areas through decentralised ground-mounted plants of 0.5 MW to 2 MW capacity. These plants will be used to solarise the rural grid.

Soon, solar panels to be a must in new Greater Noida (UP) buildings

Greater Noida Industrial Development Authority (GNIDA) said that private developers will be asked to mandatorily set up solar panels, which will be checked before approving the layout maps. The requirement will be inserted in the building bylaws and will be discussed during the board meeting by the end of the year.

Tenders

SECI retendered 275 MW grid connected solar PV power projects, UP solar park

The Solar Energy Corporation of India Ltd. (SECI) has issued a tender for setting up of cumulative capacity of 275 MW of grid-connected solar PV power projects in UP Solar Park, Uttar Pradesh. Last date of bid submission is 13 Sep 2019.

Gujarat: Developers shying away from solar auctions

Auctions of solar power capacities in Gujarat continue to receive lukewarm response from Renewable power project developers. Given the situation, GUVNL could finalize bids for only 150 MW as against the tendered capacity of 950 MW.

INR 45,000 crore Ladakh solar plant faces site pain

The government’s plan to set up a 7,500 MW solar photo-voltaic power plant at an estimated cost of Rs 45,000 crore in Ladakh, currently the largest investment proposal for the newlycarved Union Territory, may be shifted to a new location over wildlife concerns. The project’s blueprint prepared by SECI (Solar Energy Corporation of India) envisages a 5,000 MW plant in Hanle-Khaldo village in Nyoma block, a strategically important area 254 km from district HQ Leh. Another 2,500 MW unit is to be built at Suru in Zanskar.

Projects

Siemens Gamesa to Supply Turbines to Alfanar’s Two Wind Projects of 453 MW in India

Renewable energy developer and wind turbine manufacturer, Siemens Gamesa Renewable Energy has secured an order with Alfanar for the supply of 206 units of the SG2.2-122 wind turbines for two wind farms totaling 453 MW in India. The order includes two wind projects which will be developed in Bhuj, Gujarat. The company will supply 202 MW for one project and 251 MW for the other project. The projects are expected to be commissioned by 2020.

Less than half of SECI wind projects with May deadline operational so far

Only 452 MW of the 1000 MW of wind projects allotted by Solar Energy Corporation of India (SECI) in October 2017 to be completed by May 2019 have been commissioned so far, a source close to the development said. The SECI is the renewable energy ministry’s arm responsible for holding wind and solar auctions. Winners of the auction were Singapore-based Sembcorp, AT Capital Groupbacked Orange Renewable and local players ReNew Power and Inox Wind, all of whom won capacities of around 200 to 250MW each at tariffs in the range of Rs 2.64-2.65 per unit. Adani Green EnergyNSE -0.43 % won 50MW.

Sembcorp announces commissioning of wind power projects in Gujarat

Singapore-based Sembcorp’s India arm has announced commissioning of 200 MW of wind power projects at Bhuj in Gujarat. With this, it has commissioned 450 MW of wind energy projects in India under the three rounds of bidding conducted by the Solar Energy Corporation. This comes at a time when the Singapore parent has put in an equity injection of Rs 520 crore in Sembcorp Energy India to support its renewable business.

Financing

Sembcorp invests ₹521 crore in Indian renewable business

Sembcorp Industries, the Singapore-based energy and urban development company, has made an equity infusion of ₹521 crore (S$101.6 million) into its Indian arm, Sembcorp Energy India Ltd. The funds will be used to expand its renewable energy portfolio in India, a senior company official said.

Greenko Energy Holdings raises $350 mn through corporate bond

The bond raise round followed after the Hyderabad-based firm raised $950 mn last month, in one of the largest overseas green bonds raised by an Indian green energy firm. Sovereign funds, GIC Holdings and Abu Dhabi Investment Authority, have so far infused $2.2 bn into Greenko.

Clean energy projects get four times more finance than the coal-fired ones in 2018: Report

The report, released by a Delhi-based think tank Centre for  for Financial Analysis (CFA) on Friday, revealed 90% decline in coal power project finance/lending in 2018 compared to 2017. Figures show that 80% of all energy project finance went to renewables while coal received merely 20%. The report notes that the top five renewable energy companies that received loans were: ReNew Power (₹2,301 crore), ACME (₹2,167 crore), Azure Power (₹1,910 crore), Adani Green (₹1,752 crore) and Alfanar Energy (₹1,500 crore). In all, renewable energy projects received ₹18,263 crore, or $2.64 billion, of loans in 2018.

GIP eyes up to $1 billion corpus for India-focused infra fund

New York-based infrastructure fund manager Global Infrastructure Partners (GIP) has initiated talks to raise a India-focused infrastructure fund with a targeted corpus of as much as $1 billion, said two people aware of the development. GIP entered India last year after acquiring the infrastructure investment platform of IDFC Alternatives. Prior to the acquisition, IDFC Alternatives had raised two infrastructure funds—India Infrastructure Fund and India Infrastructure Fund II—aggregating $1.8 billion.

Other important news

Solar case: US appeals against WTO panel’s ruling in favour of India

In June, a panel upheld India’s claims that renewable energy subsidies in eight American states violated a core global trade rule. The US has challenged this ruling in the WTO’s Appellate Body, which is above the dispute settlement panel.

India leads world in growth of energy sector investments between 2015-18

Growth in energy sector investments was the most pronounced in India compared to any other region in the world between 2015 and 2018. Data compiled by the International Energy Agency (IEA) showed that India’s energy sector investments expanded by 12 per cent in calendar 2018 alone. During 2015-2018, investments flowing into the country’s energy sector are estimated to have grown by seven per cent CAGR (compounded annual growth rate). Investments, including private foreign capital, poured into areas like coal supply, oil & gas, energy efficiency, renewable power, electricity networks, thermal power and renewables for transport or heat.

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