Solar funding fell by 65%, ReNew cheers top court
Amid uncertainty over solar safeguard duty, India’s corporate funding in the solar sector fell by 65% to $2 billion early 2018, from $5.7 billion raised in the fourth quarter of 2017, according to Mercom.
India’s solar power capacity addition is likely to drop 40% to 4 GW in the current fiscal owing to the recent slowdown, ratings agency ICRA said.
In a boost to industry, India’s top court set aside Madhya Pradesh government’s cancellation of a 51MW solar project with ReNew to preserve “the sanctity” of agreements. ReNew was fined Rs119 million for delays. An estimated Rs7 lakh crore investment is needed to reach 175GW by 2022.
‘Speed up’ 6 times or face stranded assets, Hybrid solar-wind projects the best bets
At home, Centre’s Solar Energy Corporation of India (SECI) will launch tenders in May for cost-saving mixed projects of 1000MW each for solar and wind. Mixed projects save on land, and can be run on common transmission line.
3GW of wind this fiscal? ‘Wind boost in 2019’, Largest ever wind turbine order
Indian rating agency ICRA says wind power capacity addition will rise to 3GW this fiscal backed by Centre and state projects.
However, world industry lobby Global Wind Energy Council (GWEC) expects India market to pick up only in 2019, as the sector “transits from subsidy to auction regime”. GWEC predicts global wind capacity to rise by over half (56%) to 840GW by 2022.
Meanwhile, top turbine maker Siemens Gamesa bagged largest ever India order (143 turbines) for a 300MW Gujarat farm that the firm will operate for Sembcorp India (subsidiary of Singapore firm Sembcorp).
India’s first offshore wind project, First solar Microgrid, Danish smart pumps for India
Recently, India proposed first offshore wind project providing a much needed boost to the sector.
Also, power equipment giant, Swedish-Swiss ABB, commissioned India’s first industrial solar microgrid at its Vadodara unit to cut bills, power cuts and CO2 emissions (by 1,400 tons p.a.). ABB has 135,000 employees in units over 100 countries.
Indian arm of Danish major Grundfos plans to double its revenue to 1000 cr by making solar pumps, and e-pumps for civic bodies and water-treatment plants that can be operated through mobile app. India plans to replace some eight million diesel pumps with solar pumps.
Indian Green firms ‘eye stock market’, Green certificates sales up 42%
As investors raise funds to enter India’s growing renewable sector, Indian renewable firms Adani Green and ReNew are set to make stock market debut. Global sovereign funds and private equity firms (Warbug Pincus etc.) have shown interest in India’s expanding sector. India requires over $125 billion to meet 175GW renewables by 2022 target. Global corporate solar funding was $12.8 b in 2017.
In news from power exchanges, a record10.62 lakh Renewable Energy Certificates (RECs) were sold by twin power exchanges (IEX and PXIL) to discoms, open access consumers and captive consumers: Up 42% from 2017. Power consumers are obliged to buy RECs from power companies, under Renewable Purchase Obligation.
China: Renewables to get stronger offtake, guaranteed grid access
China is clamping down on wastage of renewable power due to inadequate grid availability (also known as curtailment) by ordering its regional administrations and grid firms to fully honor their power purchase agreements, and to allow renewable power generators priority access to new grid capacity.
The country lost 12% of its wind power and 6% of its solar power generated in 2017 to curtailment issues and improper execution of PPAs.