This week’s Solar News Wrap includes Premier Energies, IFC Supports Continuum, Amara Raja Batteries, India’s solar energy output and more
Premier Energies setting up INR 483 crore solar cell facility
Hyderabad based Solar PV Cells and Module manufacturing company, Premier Energies is setting up a new state-of-the-art facility at E City at an investment of Rs 483 crore. The Greenfield Project, spread across 25 acres, is slated to triple Premier Energys current capacity. The plant will produce 1.5 GW of solar cells and modules against the current capacity of 500 MW, said the company in a statement.
India’s one of leading renewable energy developers has tapped the International Finance Corporation (IFC) to anchor its first green bond, helping the country achieve its ambitions to reduce greenhouse gas emissions and support a resilient recovery from COVID-19. IFC has subscribed to 10 percent of Continuum Green Energy Ltd.’s first green bond, which listed on the Singapore stock exchange on February 10.
Amara Raja Batteries setting up 50 megawatt solar power plant in Andhra Pradesh
Amara Raja Batteries Ltd (ARBL) is setting up a 50 megawatt solar power plant in Chittoor district of Andhra Pradesh at a total outlay of Rs 220 crore to support its sustainability initiatives. This will further reduce cost of power and simultaneously bring down the company’s carbon footprint, said the company in a statement.
Shell to invest $5-6 billion annually in green energy
oil giant Shell will invest up to $6 billion (4.9 billion euros) per year in green energy after its oil output peaked in 2019, the group said. The energy major outlined extra cash for biofuels, electric car charging and renewables and said the group’s crude oil production was gradually declining.
SEC of Rajasthan clears INR 1.18 lakh crore investments in renewable energy
Rajasthan’s State Empowered Committee (SEC) opening doors to investment of Rs 1.18 lakh crore under the Rajasthan Enterprises Single Window Enabling and Clearance Act, 2011 recommended six projects for consideration of special package under the Rajasthan Investment Promotion Scheme. The recommendations were made in the 33rd meeting of the SEC held under chairmanship of Chief Secretary. The proposals are from varied sectors such as energy, textile and manufacturing, assuring to generate more than 30,000 job opportunities in the state.
Crisil assigns provisional ‘AAA/Stable’ rating to Virescent Renewable Energy Trust
CRISIL has assigned a provisional ‘AAA/Stable’ rating for the bank loan facilities of Virescent Renewable Energy Trust (VRET). The ‘AAA/Stable’ rating is the highest provisional rating that CRISIL assigns.
China to force regional grid firms to buy at least 40 per cent of power from renewable sources by 2030
China will force regional grid firms to buy at least 40 per cent of power from non-fossil fuel sources by 2030 in order to meet the country’s climate targets, reports Reuters citing new government document. Grid companies will steadily increase the amount of power purchased from clean generation sources from 28.2 per cent in 2020 to 40 per cent by 2030, according to a draft policy from the National Energy Administration (NEA), verified by a person with direct knowledge of the matter.
Brookfield Asset Management is reportedly gearing up to purchase 1,200 megawatt of solar assets and the engineering, procurement and construction division of Mahindra Susten. According to reports Brookfield has entered into exclusive talks for the acquisition and will pay about INR 4,200 to INR 4,500 crore. Actis is said to be another contender for Mahindra Susten’s assets. EY is running the sale mandate.
31% of power supply in Mumbai will be green by 2030: Adani
Adani Electricity CEO Kandarp Patel has announced that of the total power supplied to three million consumers in Mumbai, 31% will come from renewable sources by 2023. This includes solar, hydro and other renewable sources. He said in line with the group’s vision of increasing its renewable energy footprints, Adani Electricity will source 862MW, which is 31% of total supply in our licence area, from renewable sources by 2023.
India’s solar energy output to match coal-fired power by 2040 says International Energy Agency
The share of solar energy in India’s power generation could equal coal-fired output by 2040, driven by falling renewable tariffs and a government push to increase green energy use said the International Energy Agency (IEA) said in its India Energy Outlook 2021.