India

With the announcement of a historic low tariff of Rs 1.38 ($0.019) per unit for a rooftop PV project and a new 1.5 GW solar project, Madhya Pradesh has upped its solar game plan.

Germany-based Belectric Solar and Battery GmbH has been awarded a 250 MW AC solar PV project by Fortum Solar India Private Limited. It will be built in the state of Karnataka.

Azure Power has announced the early closing of a financing deal worth INR 4 billion (around US$58 million) for a 100 MW solar plant in the Indian state of Karnataka; and INR 6 billion (around $88 million) for a 200 MW solar power plant in Rajasthan. It also signed 415 rooftop solar PPAs in Madhya Pradesh.

The recent 500 MW grid-connected solar capacity tendered by the Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) was oversubscribed by 250 MW. A reverse auction will now be held on October 9. The capacity is part of the previous 1 GW tendered capacity, which was oversubscribed by around 800 MW, but cancelled due to high tariffs

In another ambitious announcement, SoftBank Group CEO, Masayoshi Son has said he will give free power from solar power projects after 25 years of PPA to all ISA member countries. He was speaking at the Indian Government organized RE Invest 2018.

India’s Prime Minister kick started the first Assembly of the ISA, the second IORA Renewable Energy Ministerial Meeting, and the 2nd Global RE-Invest yesterday in Greater Noida. The agenda of the day? Universal access to solar energy at affordable rates; securing 40% of India’s electricity generation from non-fossil fuels by 2030, and allocating up to US$80 billion to boost domestic PV manufacturing.

In recent years, the Ministry of New and Renewable Energy (MNRE) has laid the foundation for a clean energy expansion through robust policies and initiatives. India’s solar energy capacity has jumped a thousand-fold from a mere 17 MW in 2010, to more than 23 GW in 2018. Similarly, the wind market has more than doubled in recent years, from around 13 GW of installed power in 2010, to 34 GW by June 2018. These developments help move India closer to its ambitious clean energy goal of 175 GW installed capacity by 2022. However, in spite of several public financial institutions, private banks, and non-banking financial companies (NBFCs) providing capital, financing remains a key barrier in scaling India’s clean energy markets further.

Though lauded at times as a water-saving technology, PV’s concentration in arid and remote regions, in conjunction with inefficient cleaning methods, can exacerbate water scarcity and prompt rising water tariffs for plant operators, according to a new report on Indian PV installations, published by analysts Bridge to India.

The Delhi state government has approved the Mukhyamantri Solar Power Scheme, which offers five-year subsidies on electricity bills for group housing societies and individual consumers installing rooftop solar panels.