This week’s Solar News Wrap includes:-IFC finance for Thar Surya solar, SwitchON Foundation, Larsen & Toubro, Sakaka IPP PV, ReNew Power and more
IFC proposes $50million debt finance for Thar Surya solar power project
International Finance Corporation plans to debt finance the construction of Thar Surya 1 Pvt Ltd’s 300 MW solar power project in Bikaner, Rajasthan by $50 million. Apart from lending $50 million, IFC will also mobilise $100 million debt through parallel lenders. According to IFC, the total solar power project cost is estimated at $200 million.
SwitchON Foundation with PNB has set up loss default guarantee fund to aid solar powered pump buyers
SwitchON Foundation along with Punjab National Bank (PNB) has set up the first ‘loss default guarantee fund’ to offer finance to the marginal farmers for buying solar pumps.
Union power ministry proposed to allow net metering benefits to projects having loads up to 500kw
The Union power ministry recently proposed to allow net metering benefits to projects having loads up to 500kw which acted as a partial relief to the rooftop solar industry. In December Electricity (Rights of Consumers) Rules, 2020, it had restricted the net metering benefits to projects with load of 10kw which invited an avalanche of representations from the industry for a review.
Larsen & Toubro’s renewable energy arm secures order to set up 1.5 gigawatt solar plant in Riyadh
Larsen & Toubro has announced that its renewable energy arm has secured an order to set up a 1.5 gigawatt solar plant in Riyadh Province, Saudi Arabia. The project has a 30.8 square kilometre land parcel available to install 1.5 GW PV solar modules with associated single axial tracker and inverters said the firm.
Saudi Arabia inaugurates Sakaka IPP PV power plant
Saudi Arabia’s Crown Prince Mohammed bin Salman has inaugurated the Sakaka IPP PV power plant, the country’s first renewable energy project. The launch of the Sakaka plant with an output capacity of 300 MW, in northwestern Al-Jouf region represents the kingdom’s first steps to utilize renewable energy in the Kingdom said the the Crown Prince.
Saudi Arabia signs PPA for seven new solar projects
Saudi Arabia has signed power purchase agreements with seven new solar projects that will provide electricity more than 600,000 households, state news agency SPA quoted Crown Prince Mohammed bin Salman as saying. The new projects, in addition to the new Sakaka solar and the Dumat al-Jandal wind projects, will have a more than 3,600 megawatt capacity.
The ministry of new and renewable energy has invited expressions of interest from companies for the installation of innovative solar pumps under the PM-KUSUM scheme. The last date of submission of expressions of interest is by 22 April, 2021.
Tata Power Solar doubles manufacturing capacity to 1,100 megawatt
Tata Power Solar Systems has announced a significant expansion of its manufacturing facility in Bengaluru, taking the total production capacity of cells and modules to 1100 MW. The expansion is based on a significant increase in demand that the company has seen for its solar modules as well as the expected increase in demand due to supportive policy steps announced recently by the government for creating ‘Atmanirbhar Bharat.
ReNew Power commissions 110 megawatt solar capacity in Rajasthan
ReNew Power has commissioned a 110 megawatt solar generation facility in Rajasthan. As part of the project, ReNew has signed a power purchase agreement with Solar Energy Corporation of India at a tariff of Rs 2.49/kWh and will provide clean energy to the state.
Gujarat State Electricity Corporation Limited inviting bids for 200 megawatt solar projects
Gujarat State Electricity Corporation Limited (GSECL) has floated tender inviting bids for the design, supply, procurement, and construction of 4 X 50 MW grid-connected MW solar power projects at the Dholera Solar Park in Gujarat. The project should be commissioned within 15 months from the date of the letter of intent and the last date for the submission of the bid is April 20, 2021