MNRE Clarifies ALMM List II Rules for Solar Cell Compliance

IEX’s Electricity Trading Volume Rises 7.7% YoY in July

Distribution Business, Renewables Boost Torrent’s Revenue 3% in Q1 FY 2027

SECI Seeks Trading Partner to Sell Renewable Energy

PM Surya Ghar Powers 5 Million Homes, Total Capacity Hits 15 GW

Nextpower Raises Guidance for FY 2027 on Strong Q1 Performance

Avantus Closes $1 Billion Credit Facility to Expand Project Portfolio

Tandem PV Acquires nexTC to Bring Thin-Film Coating Technology In-House

Base Power Raises $1 Billion in Series D Funding Round

TotalEnergies Acquires Shell’s 4 GW European Renewables Portfolio

Ørsted, a Danish renewable energy company, <a href="https://cms.mercomindia.com/orsted-secures-tax-equity-financing-for-solar-and-energy-storage-portfolio/" target="_blank" rel="noopener">secured</a> $680 million in tax equity financing from J.P. Morgan to develop solar and energy storage projects in Arizona and Texas, U.S. The portfolio consists of Eleven Mile Solar Center, a 300 MW solar with a 300 MW/1200 MWh storage project in Pinal County, Arizona, and a 250 MW Sparta Solar project in Mineral, Texas. The funding will be used to develop projects with 550 MW of solar capacity and 300 MW of energy storage with a discharge capacity of 4 hours (1,200 MWh). Commercial operations for both projects are expected to commence in 2024.
clearvise, an independent renewable energy power producer, <a href="https://cms.mercomindia.com/clearvise-acquires-solar-project-germany/" target="_blank" rel="noopener">announced</a> the acquisition of the 42 MW Wolfsgarten solar project from ALTUS. ALTUS, a German-based renewable energy project developer, planned and built the Wolfsgarten solar project. It was commissioned and put into operation at the end of April 2024. The electricity generated will be marketed via a Power Purchase Agreement.
Masdar, a UAE-based renewable energy project developer, <a href="https://cms.mercomindia.com/masdar-secures-financing-for-250-mw-solar-and-energy-storage-project-in-uzbekistan/" target="_blank" rel="noopener">secured</a> $159 million in financing for the development of a 250 MW solar project combined with a 63 MW battery energy storage system in the Alat district of the Bukhara region, Uzbekistan. The financial package, signed between the World Bank Group, Masdar, and the Government of Uzbekistan, includes a loan from the International Finance Corporation of up to $53 million. The Asian Development Bank, Dutch Entrepreneurial Development Bank, and Japan International Cooperation Agency will provide loans of up to $106 million.
The Eurasian Development Bank (EDB) and Bishkek Solar <a href="https://eabr.org/en/press/news/the-edb-signs-an-agreement-to-finance-the-construction-of-one-of-the-largest-solar-power-plants-in-t/" target="_blank" rel="noopener">signed</a> a cooperation agreement to finance the construction of a 300 MW of solar project in Toru-Aigyr village, Issyk-Kul Region, Kyrgyz Republic. The EDB is expected to formulate the terms of long-term financing for the project, including tied funding, totaling up to $210 million for 15 years. The solar project is expected to be commissioned by the end of 2025.
ONDE, a renewable energy contractor involved in the development of solar and wind projects, <a href="https://cms.mercomindia.com/onde-acquires-63-mw-solar-project-in-poland/" target="_blank" rel="noopener">announced</a> the acquisition of a 63 MW solar project located in the West Pomeranian Voivodeship in Poland. The company acquired 100% stakes in a special-purpose vehicle that owns the solar project. The project is in the advanced stage of development and is expected to reach commercial operation in mid-2027.
Click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week&#8217;s project finance <a href="https://cms.mercomindia.com/project-finance-brief-catalyze-community-solar-projects/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Ørsted Secures Financing for Solar and Energy Storage Portfolio

<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2024/05/amazon_polly_66652.mp3?version=1716957125">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table>From: <a href="https://mercomcapital.com/project-finance-brief-orsted-financing-energy-portfolio/" target="_blank" rel="noopener">Mercom Capital Group</a>
Ørsted, a Danish renewable energy company, <a href="https://mercomcapital.com/orsted-secures-tax-equity-financing-for-solar-and-energy-storage-portfolio/" target="_blank" rel="noopener">secured</a> $680 million in tax equity financing from J.P. Morgan to develop solar and energy storage projects in Arizona and Texas, U.S. The portfolio consists of Eleven Mile Solar Center, a 300 MW solar with a 300 MW/1200 MWh storage project in Pinal County, Arizona, and a 250 MW Sparta Solar project in Mineral, Texas. The funding will be used to develop projects with 550 MW of solar capacity and 300 MW of energy storage with a discharge capacity of 4 hours (1,200 MWh). Commercial operations for both projects are expected to commence in 2024.
clearvise, an independent renewable energy power producer, <a href="https://mercomcapital.com/clearvise-acquires-solar-project-germany/" target="_blank" rel="noopener">announced</a> the acquisition of the 42 MW Wolfsgarten solar project from ALTUS. ALTUS, a German-based renewable energy project developer, planned and built the Wolfsgarten solar project. It was commissioned and put into operation at the end of April 2024. The electricity generated will be marketed via a Power Purchase Agreement.
Masdar, a UAE-based renewable energy project developer, <a href="https://mercomcapital.com/masdar-secures-financing-for-250-mw-solar-and-energy-storage-project-in-uzbekistan/" target="_blank" rel="noopener">secured</a> $159 million in financing for the development of a 250 MW solar project combined with a 63 MW battery energy storage system in the Alat district of the Bukhara region, Uzbekistan. The financial package, signed between the World Bank Group, Masdar, and the Government of Uzbekistan, includes a loan from the International Finance Corporation of up to $53 million. The Asian Development Bank, Dutch Entrepreneurial Development Bank, and Japan International Cooperation Agency will provide loans of up to $106 million.
The Eurasian Development Bank (EDB) and Bishkek Solar <a href="https://eabr.org/en/press/news/the-edb-signs-an-agreement-to-finance-the-construction-of-one-of-the-largest-solar-power-plants-in-t/" target="_blank" rel="noopener">signed</a> a cooperation agreement to finance the construction of a 300 MW of solar project in Toru-Aigyr village, Issyk-Kul Region, Kyrgyz Republic. The EDB is expected to formulate the terms of long-term financing for the project, including tied funding, totaling up to $210 million for 15 years. The solar project is expected to be commissioned by the end of 2025.
ONDE, a renewable energy contractor involved in the development of solar and wind projects, <a href="https://mercomcapital.com/onde-acquires-63-mw-solar-project-in-poland/" target="_blank" rel="noopener">announced</a> the acquisition of a 63 MW solar project located in the West Pomeranian Voivodeship in Poland. The company acquired 100% stakes in a special-purpose vehicle that owns the solar project. The project is in the advanced stage of development and is expected to reach commercial operation in mid-2027.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-catalyze-community-solar-projects/" target="_blank" rel="noopener">brief</a>.

The <a href="https://eabr.org/" target="_blank" rel="noopener">Eurasian Development Bank</a> (EDB), an investment firm, provided $37 million in financing for the construction of 11 solar power projects with a total capacity of 65 MW in the Gegharkunik and Aragatsotn Regions of Armenia.
All the projects are scheduled to get commissioned in 2022. The investment will be repaid from payments under electricity sales contracts between the borrower and the Electric Networks of Armenia. Developing renewable energy sources (RES) is a priority of the Armenian government’s energy strategy. RES reduces the country’s dependence on fossil fuels, which are fully imported. The priority of RES and the intentions of Armenia’s government for their development are enshrined in the nation’s 2021–2040 Energy Strategy.
“Today, Armenia’s energy system is based on thermal, nuclear, and hydroelectric power. Natural gas remains the largest source of total energy supply and the main energy carrier in total final consumption. According to our strategy in Armenia, the EDB focuses on distributed solar power projects and the construction and modernization of hydropower facilities. The Bank’s objective until 2026 is to help diversify the country’s sources of electricity generation. In doing so, we not only increase the reliability of the energy system but also significantly improve the environment by reducing carbon emissions,” said Nikolai Podguzov, Chairman of the EDB Management Board.
According to Mercom’s 1H and Q2 2022 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-q2-2022-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a>, announced large-scale project funding in Q2 2022 came to $6.9 billion, a 24% decrease compared to $9 billion in Q1 2022.
ENCAVIS, an independent power producer, <a href="https://cms.mercomindia.com/encavis-refinances-74-mw-solar-projects/" target="_blank" rel="noopener">recently</a> secured $48.4 million from Dutch Rabobank to refinance a 74 MW solar portfolio in the Netherlands. All systems have been operational since 2021 and benefit from the Dutch remuneration system SDE+, which provides for a fixed feed-in tariff for around 15 years.

EDB Provides $37 Million Construction Finance for 65 MW of Solar Projects in Armenia

The Housing &amp; Development Board (HDB) of Singapore has tendered 50 MW of grid-connected solar projects to be developed under the SolarNova program. Once developed, the entire power produced from the projects will be used to support the energy demands of 848 HDB blocks and 27 government sites in Singapore.
The SolarNova program is designed to aggregate demand for solar energy across public sector agencies to enable those with lower solar photovoltaic demand to enjoy solar energy at a lower cost due to economies of scale.
This is the third tender to be launched under the SolarNova program and it represents a 25 percent increase in capacity over the previous two SolarNova tenders, which called installing 40 MW of solar PV systems each. Compared to the previous tenders, more HDB blocks have also been identified for this tender, according to a HDB release.
In addition to the agencies that have already participated in previous tenders – such as HDB, the Ministry of Home Affairs, the Ministry of Education, and the National Environment Agency – this tender is also poised to elicit first-time participation from the Building &amp; Construction Authority, the Institute of Technical Education, the National Heritage Board, and Sport Singapore (SportSG), bringing together a total of eight government agencies on board for the program.
The tender will close on January 31, 2018, and the capacities are expected to be awarded by the second quarter of 2018.
“HDB plays a key role in supporting Singapore’s collective efforts to promote sustainable development. Today, HDB is the largest stakeholder in solar PV installations, having committed to fulfil over 60 percent of the 350 MW of solar capacity that Singapore has planned to achieve by 2020. To allow government agencies to leverage HDB’s economies of scale, we have aggregated the demand across agencies under the SolarNova program, jointly with the Singapore Economic Development Board.  This has helped to spur solar adoption across the whole-of-government.  With this third SolarNova tender, we are on track to achieve our goal of rolling out 220 MW of solar panels across 5,500 HDB blocks by 2020,” said HDB Chief Executive Officer Dr. Cheong Koon Hean.
The HDB has provided a <a href="http://www.hdb.gov.sg/cs/infoweb/doc/01112017-ccg-annex-a" target="_blank" rel="noopener">list of blocks and sites</a> where the proposed solar projects will be developed.
The adoption of solar PV systems in Singapore has accelerated over the last three years with cumulative solar installations reaching <a href="https://mercomindia.com/installed-solar-capacity-singapore-reaches-129-8-mw-first-quarter-2017/" target="_blank" rel="noopener">129.8 MW</a> in the first quarter of 2017, according to the Energy Market Authority of Singapore.
Image credit: Housing &amp; Development Board (HDB), Singapore

edb

Get the most relevant India solar and clean energy news.

RECENT POSTS