India is expected to add 25 GW to 28 GW of renewable energy capacity, mostly solar, this fiscal 2024-25, with 18.8 GW already installed in the nine months to the end of December 2024, India Ratings said. The ratings agency expects the share of renewable energy sources to reach 55% to 60% of the total power generation capacity installed by fiscal 2030 and contribute 35% to 40% to the total power generation mix, reported PV Magazine. The analysts pointed out that land acquisition, connectivity and adequate evacuation/transmission infrastructure remain critical for capacity additions.
Karnataka to add 20 GW RE in the next 5 years
Karnataka will add 20 gigawatts (GW) of renewable energy capacity over the next five years, including solar and wind power installations. The state will establish ten renewable energy clusters of 2,000 megawatts (MW) each to facilitate expansion, reported ET.
The newspaper report said the expansion plan faces two primary challenges: power evacuation infrastructure and land acquisition. To address these, the state government is developing new transmission protocols and working on streamlined land procurement processes.
Sri Lanka cancels power deal with Adani over corruption probe
Sri Lanka cancelled a power purchase agreement with Adani Group following allegations against the company of corruption, ET reported, citing energy ministry sources in Colombo. Sri Lanka opened probes into the company’s local projects after billionaire founder Gautam Adani was charged with bribery in the United States late last year.
The previous government in Sri Lanka in May 2024 agreed to buy electricity at US$0.0826 per kilowatt from an Adani wind power complex yet to be built in the island nation’s northwest, the report said, adding that a top energy ministry official said President Anura Kumara Dissanayake’s cabinet decided earlier this month not to proceed with the deal.
China’s solar, wind power installations rose record high in 2024
China bettered its own record for new wind and solar power installations compared to 2024, Reuters reported, citing official data. China expects to peak its carbon emissions before 2030.
China said its installed solar and wind power capacity climbed 45.2% and 18%, respectively, in 2024, The National Energy Administration said there is now 886.67 GW of installed solar power, up from 609.49 GW in 2023, it said. The United States had 139 GW in 2023, according to the International Renewable Energy Agency. The state run news agency Xinhua said China’s total installed power capacity amounts to 3,350 GW in 2024, a year-on-year increase of 15%, while investment in power grid projects rose by 15%, reaching 608 billion yuan ($83 billion).
Corporate funding of solar projects dropped 24% in 2024: Study
Global corporate funding in the solar sector in 2024 dropped to $26.3 billion, a 24% year-over-year (YoY) decline from $34.4 billion, according to Mercom. There were 157 deals in 2024 compared to 161 deals in 2023.
The report added that Global venture capital (VC) and private equity funding in the solar sector in 2024 reached $4.5 billion in 60 deals, a 36% decline from $7 billion raised in 70 deals in 2023. There were 14 VC funding deals of $100 million or more in 2024. The study stated that of the $4.5 billion in VC funding raised in 60 deals in 2024, 87%, amounting to $3.9 billion, went to solar downstream companies.
Trump temporarily halts off shore wind projects
US president Donald Trump signed an executive order temporarily halting offshore wind lease sales in federal waters and pausing the issuance of approvals, permits and loans for both onshore and offshore wind projects. The order said the government will review wind leasing and permitting practices for federal waters and lands. The assessment will consider the environmental impact of wind projects on wildlife, the economic costs associated with the intermittent generation of electricity and the effect of subsidies on the viability of the wind industry, reported AP.
The outlet added that Trump wants to increase drilling for oil and gas and has been hostile to renewable energy, particularly offshore wind. Wind power currently provides about 10% of the electricity generated in the United States, making it the nation’s largest source of renewable energy. There are 73 gigawatts of offshore wind capacity under development in the US, enough to power 30 million homes, according to the American Clean Power Association.
His order will likely be challenged in court, much like an executive order President Joe Biden signed soon after taking office in 2021 that suspended new oil and gas lease sales was challenged, the newswire reported.
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