India is now world’s largest market for auction of new renewable energy projects and the second-largest market attracting clean energy investments, says the latest Climatescope 2018 report by Bloomberg NEF. India’s clean energy investment totalled $7.4 bn in first half of 2018. Over 8GW of projects were awarded through auctions in the first half of 2018.
India’s solar market almost doubled in size in 2017, with solar installations reaching 9.4GW. The Institute for Energy Economics and Financial Analysis (IEEFA) says India’s renewable momentum only needs to accelerate.
BNEF: Despite no new financing, developing countries added more renewables in 2017 than developed nations
BNEF’s new Climatescope survey shows that developed nations added more renewable energy capacity in 2017 (143GW), compared to the developed world (63GW). The out-pacing also comes despite financial aid from the global north having remained stagnant at roughly $143 billion, after falling from 2015’s record quantum of $178 billion.
Chile and India led the capacity addition, while China slid back on the tally over its withdrawal of subsidies for its solar module manufacturers.
Solar, wind cheapest energy source in all major economies except Japan
Globally, domestic renewable energy is becoming the cheapest source of electricity, compared to expensive imported fossil fuels. That’s the latest energy cost analysis by Bloomberg NEF.
The PV market in China has contracted by over a third in 2018 because of policy revisions. In India, best-in-class solar and wind plants are now half the cost of new coal plants.
China increases 2018 solar PV outlook by 40 GW
China is set to install another 40 GW solar in 2018 as the country plans to more than double its 2020 target to 270 GW. China exceeded its earlier 2020 target (of 105 GW solar) by around 50% after it installed 165 GW worth of solar power by September this year.
California paves way for gigawatt-scale Tesla battery to replace gas
California electric utility Pacific Gas & Electric (PG&E) plans to replace three ageing natural gas power plants with battery-storage systems, questioning the long-term dominance of natural gas in electricity supply.
Japanese bank to fund West Bengal’s pumped storage project
West Bengal has roped in Japanese bank Japan International Cooperation Agency (JICA) to set up a $1 billion 1,000 MW pumped hydro storage project at Turga, to expand renewable power. JICA will provide a Rs. 5,000-crore loan.
After six extensions, SECI goes with lone bidder
The government will finally go with NYSE-listed Azure Power, the lone bidder, to set up the 3 GW solar manufacturing tender. Azure Power will set up 600 MW of manufacturing as well as the 2,000 MW of power project. The bid will be evaluated against the capped tariff of Rs2.85 per unit. The auction was extended six times, as major players shied away from the solar manufacturing tender.
IIT-M startup develops solar-powered cold storage for farmers
IIT-Madras startup Tan90 has developed a portable, solar-powered cold storage device to preserve farm produce. The device, with a capacity of 300-500 kg, can also be used to store dairy products and vaccines. The first prototype has been deployed in Kancheepuram, Tamil Nadu. Cold storage facilities for India’s agricultural produce are currently short by over 10 million tonnes.
Solar power booming in Kochi
Solar power generation has gone up significantly in Kochi. Kochi Metro, Cochin University of Science and Technology (CUSAT), Government Medical College, Ernakulam, are some of the big institutions installing solar plants. Most of the 10,000 applicants for the state’s Soura rooftop solar plant are also from Kochi.
You may also like
Annual investments in renewable energy need to at least quadruple: Report
India installed 13 GW solar in 2022, need 28 GW to meet 280 GW by 2030 solar target
Govt lifts Approved List of Module Manufacturers (ALMM) mandate for two years
India fetches $1 billion in maiden green bonds sale
India approves Green Hydrogen Mission: To invite bids for subsidies by May?