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Tuesday, 26 Apr 2016
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NDB BRICS loan to green power projects

The per capita consumption of electricity in India is among the lowest in the world which is a sign of its underdevelopment. Further, 75 per cent of the electricity is generated through burning coal and natural gas, which are not only high polluters but their availability in long run is also doubtful. Thus, the government of India has made power generation through non-conventional sources a priority and has set an ambitious target of achieving 175 GW of renewable energy capacities by 2022.

 

Renewable_Energy

 

India is among the first four countries to get a loan from the newly-established New Development Bank BRICS (NDB BRICS) for renewable energy ventures. The NDB BRICS has sanctioned a USD 250 million multi-tranche loan to Canara Bank for lending further. The loan will facilitate installation of 500 MW of renewable energy

 

The NDB BRICS commenced operations in July 2015 with an initial authorised capital of USD 100 billion; and is headquartered in the eastern Chinese metropolis Shanghai. It is a multilateral development bank operated by the BRICS states (Brazil, Russia, India, China and South Africa) as an alternative to the existing US-dominated World Bank and International Monetary Fund. The bank, headed by K.V. Kamath, is set up to foster greater financial and development cooperation among the five emerging markets.

 

Wind Energy Orders bagged recently
 

Suzlon has won orders for providing its S97 2.1 MW wind turbine generators for Greenko Group’s wind power project in Andhra Pradesh totalling 105 MW capacity, from a leading private sector power utility for development of a 197.40 MW wind power project in Gujarat, and from Indian Oil Corporation for a 48.30 MW wind power project in Rajasthan.

 

Inox Wind has won turnkey orders for supply and installation of wind turbine generators for a 50 MW project to be set up in Gujarat, 50 MW and 20 MW projects to be set up in Madhya Pradesh and a 50 MW project to be set up in Andhra Pradesh.

 

Gamesa India has entered into an agreement with ReNew Power for a 40 MW turnkey order consisting of 20 units of the former’s custom-made G97-2MW class S wind turbines with tower height of 104 m that will be commissioned in Ron district in Karnataka.

 

Recent Developments in the Solar Industry
 

Suzlon Energy has acquired five small solar companies - Gale Solarfarms, Tornado Solarfarms, Abha Solarfarms, Aalok Solarfarms and Shreyas Solarfarms to implement various renewable energy projects across the country.

 

Mytrah Energy has secured a loan of up to USD 175 million from the Asian Development Bank (ADB) to help fund the development of the India-based renewable power company's wind and solar projects.

 

NTPC has approved investments for two solar photovoltaic (PV) projects approximating Rs 3,000 crore, in Madhya Pradesh and Rajasthan, on 30 March 2016.

 

Six companies, namely Adani, Fortum India, ACME, Tata Power Renewable, Yarrow Infrastructure and Renew Power have won bids to set up solar power projects at the 500 MW Pavagada Solar Park in Tumkur, Karnataka.

 

Orange Renewable, a subsidiary of Singapore-based AT Holdings Pte, has signed a power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) for development of a 100 MW solar power project in Maharashtra.

Quote of the week:

  Piyush Goyal
"India needs low cost long term finance for its ambitious renewable energy scale up plans”

- Piyush Goyal, Minister of State (IC) for Power, Coal, New & Renewable Energy
 

 

 
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