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Sunsure Energy secures Rs 100 billion debt financing from REC

India, News

Sunsure Energy has signed an agreement with REC for debt financing worth Rs 100 billion to support the development of 3 GW of solar, wind, hybrid, and battery energy storage system (BESS) projects. The deal was inked during the fourth Global RE-Invest Meet and Expo organized by the Ministry of New and Renewable Energy (MNRE) in Gujarat. This financing will enable Sunsure Energy to expand its portfolio of open-access hybrid projects across India, helping the…

How Himachal Pradesh reduced its electricity procurement cost?

Power 101

Himachal Pradesh has long been recognized for its abundant natural resources, particularly its potential for hydroelectric power generation. Despite this, the state faced challenges related to high electricity procurement costs. However, in recent years, Himachal Pradesh has reduced its electricity procurement cost from over Rs 9 per unit to approximately Rs 5.25 per unit. This significant reduction is a result of strategic decisions, policy reforms, and effective resource management. Here’s an in-depth look at how…

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Karnataka rooftop solar capacity crosses 600 MW

India, News

Karnataka has seen a notable increase in rooftop solar installations over the last two years. According to data from Karnataka Renewable Energy Development Limited (KREDL), 172.14 MW of rooftop solar projects were installed between March 2023 and July 2024, pushing the state’s total capacity past 600 MW. From April to July 2024, more than 50 MW was installed. In 2023-24, 121.82 MW of capacity was added, nearly double the 79.57 MW installed in 2022-23, marking…

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IREDA Chairman calls for Green Taxonomy and lower borrowing costs

India, News

Shri Pradip Kumar Das, Chairman & Managing Director of the Indian Renewable Energy Development Agency Limited (IREDA), emphasized the agency’s commitment to reducing borrowing costs and improving the bankability of India’s renewable energy sector at the CII Financing 3.0 Summit in Mumbai. He stressed the importance of a Green Taxonomy in accelerating the growth of India’s green energy initiatives. During his address on “Green Financing, Climate Risks and Sustainable Taxonomy: Way Forward,” Shri Das highlighted…

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Maharashtra becomes India’s second-largest state for rooftop solar installations

India, News

According to a recent report by Mercom India, Maharashtra has emerged as the second-largest state in India for cumulative rooftop solar installations, contributing 13.3% to the country’s total photovoltaic (PV) installations. The state has installed 1.5 GW of rooftop solar capacity, trailing only Gujarat, which leads with 3.2 GW. The Mumbai Metropolitan Region (MMR) alone accounts for 8% of Maharashtra’s total installed rooftop capacity. The report also highlights that Maharashtra added 95 MW of rooftop…

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India adds 4,089 MW of solar module capacity to ALMM

India, News

The Ministry of New and Renewable Energy (MNRE) has expanded the Approved List of Models and Manufacturers (ALMM) by adding 4,089 MW of new solar module capacity. New companies added to the list include Avaada Electro, Laxmi Solar Power System, and Uratom Solar, contributing 554 MW, 121 MW, and 46 MW, respectively. Additionally, three existing companies—Tata Power Solar, Jakson Engineers, and SASA Energy—have increased their capacity in the list by 2,697 MW, 662 MW, and…

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Indian Railways eyes nuclear power to boost renewable energy usage

India, News

Indian Railways is considering using nuclear power through captive units as part of its strategy to increase reliance on non-fossil fuel sources. Aiming to become a net-zero carbon emitter by 2030, the Railways expects to need 30,000 MW of renewable capacity by 2029-30 to achieve this target. Alongside nuclear power, Indian Railways is already working on commissioning solar power units, wind-based power plants, and exploring hydel power options. In each of these areas, the Railways…

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Ireda to raise Rs 45 billion through FPO

India, News

Public sector non-banking financial company (NBFC) Ireda Limited plans to raise Rs 45 billion through a follow-on public offering (FPO). The company has scheduled a board meeting on August 29, 2024, to seek approval for the fundraising. The proposal includes raising funds via equity share capital through an FPO, Qualified Institutional Placement (QIP), Rights Issue, Preferential Issue, or other permitted methods. Ireda, under the Ministry of New and Renewable Energy (MNRE), aims to raise Rs…

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Kirloskar Solar partners with GSL Energy Solutions for Kerala solar projects

India, News

Kirloskar Solar has appointed Kochi-based GSL Energy Solutions as its exclusive project partner for six districts in Kerala. This partnership aims to develop solar projects totaling 5 MW, valued at around Rs 20 million, during the 2024-25 period. The collaboration will focus on driving commercial and residential solar projects across Ernakulam, Kottayam, Idukki, Pathanamthitta, Alappuzha, and Kollam. Kerala’s favorable climate, except during monsoons, and the availability of Ministry of New & Renewable Energy (MNRE) subsidies…

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India tightens scrutiny on solar manufacturers with new reporting rules

India, News

The Indian government has mandated domestic solar cell and module manufacturers to upload details of their annual imports, exports, and manufacturing facility locations on two online portals. This move by the Ministry of New and Renewable Energy (MNRE) aims to prevent the mislabeling of imported solar cells as domestic products, ensuring compliance with Domestic Content Requirement (DCR) standards. The new rules require manufacturers listed in the Approved List of Models and Manufacturers (ALMM) to report…