Page 4 - Solar Power

IFC extends $500 mn loan to Axis Bank to fund green projects in India

International Finance Corporation (IFC), private sector lending arm of the World Bank Group, on Monday tied up with Axis Bank to provide a USD 500 million (about Rs 4,200 crore) loan to help develop a blue finance market and scale up financing of green projects in India. This is IFC's first blue investment in India and the first blue transaction by a financial institution in the country, a statement said. Blue loans are financing instruments that raise and earmark funds for investments such as water and wastewater management, reduction of marine plastic pollution, restoration of marine ecosystems, sustainable shipping, eco-friendly tourism, and offshore renewable energy. This transaction is also the largest green financing by IFC in the country, it said, adding, the funding will enable Axis Bank to expand its climate finance portfolio. With India's rapid urbanisation and economic growth, there is a substantial opportunity to enhance water and energy efficiency. The water and ...

India's clean energy tech capacity to rise significantly by 2030, says S&P

India's clean energy technology capacity is projected to rise significantly by 2030, but the country is likely to miss its green energy target due to challenges like availability of technological innovation and skilled labour, a report said on Monday. The Centre has set a target for establishing 50 per cent cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030. According to S&P Global Commodity Insights, with government's supportive strategies, India's clean energy technology capacity is projected to rise significantly by 2030, aiming for full self-sufficiency in solar PV and wind by 2030. "However, challenges such as technological innovation gaps, skilled labour shortages, inadequate infrastructure, and inconsistent policy enforcement may hinder progress toward these clean energy goals by 2030," it said. In support of local manufacturing, various policy measures have been introduced, including tariffs on imported goods like basic customs

Solar power companies growing fast in Africa, where 600 mn without power

Companies that bring solar power to some of the poorest homes in Central and West Africa are said to be among the fastest growing on a continent whose governments have long struggled to address some of the world's worst infrastructure and the complications of climate change. The often African-owned companies operate in areas where the vast majority of people live disconnected from the electricity grid, and offer products ranging from solar-powered lamps that allow children to study at night to elaborate home systems that power kitchen appliances and plasma televisions. Prices range from less than USD 20 for a solar-powered lamp to thousands of dollars for home appliances and entertainment systems. Central and West Africa have some of the world's lowest electrification rates. In West Africa, where 220 million people live without power, this is as low as 8 per cent, according to the World Bank. Many rely on expensive kerosene and other fuels that fill homes and businesses with fumes a

CEOs Insights: Damian Miller on Solar Power and Leadership in India

Join Damian Miller, Co-founder & CEO of Orb Energy, as he explores the future of solar energy, industry challenges, and his leadership journey. Tune in for key insights!

Adani Enterprises arm to harness the sun, make solar parts at Mundra

Company to set glass manufacturing, aluminium frames, back sheets

SECI plans to launch IPO in 1 or 2 yrs to expand renewable energy capacity

State-owned Solar Energy Corporation of India (SECI) will go public to raise funds in next one or two year in order to expand renewable energy capacity in the country, said a top company official. The remark comes at a time when India aims to have 500 GW of renewable energy capacity by 2030. The 500 GW target is in the pipeline and it will be done, said SECI Chairman and Managing Director R P Gupta. "But we have to think beyond 2030. The power demand will be 2,000 GW by 2047," he said at a press conference here. India has 207 GW of renewable energy capacity and still needs to add at least 50 GW per annum every year till 2030 to achieve 500 GW target. "We would like to go public in next one or two years," Gupta said. The country's peak power demand has touched an all-time high of around 250 GW in May this year. SECI's listing on bourses is also important because it is the nodal agency of the Ministry of New & Renewable Energy for tendering renewable energy projects. Gupta said t

TPREL pledges Rs 75,000 crore to achieve 20GW solar capacity by 2030

Tata Power Renewable Energy Ltd (TPREL) has committed an investment of Rs 75,000 crore to achieve 20GW of operational capacity by 2030, a top company official said. Talking to PTI Videos on Tuesday, TPREL President Deepesh Nanda said that the company is already operating 5 GW capacity and has another 5 GW under construction. "We have committed to take this number all the way to 20 GW operational capacity by 2030," he said. To achieve this target, TPREL has committed an incremental investment of Rs 75,000 crore, he said adding that the company may meet these goals, possibly ahead of schedule. "We have just commissioned a massive 4.3 GW module manufacturing facility in Tirunelveli, which will further support our growth plans," Nanda added. Tata Power Renewable Energy Ltd is a subsidiary of Tata Power Ltd.

'India's solar energy capacity jumped 33-fold in a decade': PM Modi

While addressing the inaugural International Solar Festival, Prime Minister Modi praised India's green energy progress and its status as the first G20 nation to meet Paris Agreement goals

Running behind dragon: India trails China in solar capacity addition

The contrast is striking - in the first half of 2024, China added over 100 Gw of capacity while India could manage only 14.9 Gw

India's silver imports to double on rising demand for solar, investment

This year's purchases could rise to between 6,500 and 7,000 tons due to the rising industrial demand, said Chirag Thakkar, CEO of Amrapali Group Gujarat, a leading silver importer

Tata Power Solar Systems, ICICI Bank partner to finance solar units

Tata Power Solar Systems Ltd (TPSSL) has signed an agreement with ICICI Bank to provide financing for solar units to residential and corporate customers. As part of the agreement, the customers can avail themselves of loans up to Rs 90 lakh with collateral-free options and tenure extending up to 5 years. They can also get higher loans with collaterals with tenures of up to 20 years, said TPSSL, a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL). "TPSSL announces its strategic collaboration with ICICI Bank to provide loans to finance the purchase of solar panels/ units for residential and corporate customers," the company said in a statement. The customers can avail themselves of flexible down-payment option at 20-25 per cent of the loan amount, making it easier for them to invest in solar energy, it said. TPREL, an arm of Tata Power, is a developer of renewable energy projects.

PMSY scheme: Districts set to compete for model solar village funds

Centre rolls out guidelines under PM Surya Ghar Yojana with grant of Rs 1 crore per village

Tata Motors, Tata Power partner to boost EVs, solar power adoption

Two Tata Group companies will provide comprehensive solutions that include the purchase of an electric vehicle and the installation of a solar rooftop system

Electricity: A strategic view

Heavy lifting is now required in electricity and financial reforms

Despite new coal plants, India will face more power cuts by 2027: Research

India's power crisis: To avert a looming power shortage, India must accelerate efforts to boost renewable energy capacity, warns new research

Budget 2024 is an economists' Budget, says Citigroup MD Samiran Chakraborty

Focus of Budget 2024 is not restricted to railways, defence and infra, but expands to manufacturing and employment to aid human capital growth, said Citigroup MD at 'Budget with BS: The Fine Print'

J&K admin approves Rs 400 crore rooftop solar project for govt buildings

Jammu and Kashmir administration on Sunday approved a Rs 400 crore project under which grid-tier rooftop solar power systems will be installed on all government buildings in the union territory. "The Administrative Council, which met here under the chairmanship of Lieutenant Governor Manoj Sinha, approved solarizing of all government buildings in Jammu and Kashmir by installation of Grid-Tied Rooftop solar power systems of an aggregate capacity of 70 MW in Capex mode at a project cost of Rs 400 crore and 200 MW in RESCO mode," an official spokesman said. He said the project shall be implemented by Jammu & Kashmir Energy Development Agency (JKEDA). The government buildings shall be installed with Rooftop Solar Projects of different capacities aimed at leveraging the vast rooftop spaces of government establishments for solar energy generation, the spokesman said. These solar power systems shall have bi-directional smart meters and the Virtual Net Metering (VNM) benefit would be ...

Citigroup expects India to attract $100 billion in foreign Investments

Apart from climate transition, India's forays into electronics and infrastructure-related manufacturing are gaining prominence with investors abroad, an expert said

Waaree Renewable Technologies receives Rs 90 cr solar power project

Waaree Renewable Technologies on Monday said it has received a Rs 90-crore solar power project to be developed on a turnkey basis. The project is scheduled to be completed in ongoing financial year 2024-25, Waaree Renewable Technologies Ltd (WAAREERTL) said in an exchange filing. "WAAREERTL has received a Letter of Award (LOA) for the execution of Engineering, Procurement and Construction works for solar power project of 30 MW DC capacity on turnkey basis," it said. The order values Rs 90.29 crore excluding taxes, it added. The company did not disclose the name of the entity that awarded the project.

Rajasthan govt aims to produce 30 Gw of solar power by the end of FY25

Recently, the government approved land for four major solar projects to make the state a leader in energy self-sufficiency