Clean power is a completely different market in India compared to the U.S. Power companies are funding both solar and wind as a way to add more power generation capability, as many areas in India are struggling to provide enough power supply to meet the growing demand. Vineeth Vijayaraghavan is the founder and editor of a site focused on cleantech in India, Panchabuta, and here’s what he’s been watching, reading, and writing about this week:
- Azure Power India: Indian solar power company Azure Power is adding on 110 MW of solar power generation in Gujarat, Rajasthan and Karnataka. According to VCCircle Germany’ development finance institution DEG has put in €10 million (Rs 68 crore or $13.6 million), and Exim Bank has given $16 million in financing. Azure Power India has been backed by Foundation Capital and Helion Venture Partners.
- SunEdison in India: According to The Economic Times, solar financing company SunEdison says it has secured project financing of Rs 500 crore from Overseas Private Investment Corporation, L&T Infrastructure Finance Company Ltd and Infrastructure Development Finance Company Ltd for 50 MW worth of solar panel projects in Gujarat and Rajasthan.
- More national subsidies:According to the Wall Street Journal: “India’s renewable energy ministry plans to introduce more fiscal incentives to boost local manufacturing of solar power equipment.” “The ministry proposes to have 4,000 MW to 5,000 MW of solar equipment manufacturing capacity by 2022, including 2,000 MW production capacity of poly silicon.”
- GE India new energy CEO: GE India has appointed Banmali Agrawala as President and CEO of its energy business in the country, reports the Economic Times.
- Smart grid India: Indian state-run transmission utility PowerGrid Corporation is exploring the possibility of setting up a `smart grid’ on a pilot basis, says The Economics Times.
- Missed solar deadlines:Bloomberg reports: “A third of solar power projects awarded by India in its first national auction may miss their January deadline for completion, an official at a state-run lender that’s helping to fund the program.”
Panchabuta is dedicated to bringing the latest news, information and analysis in Cleantech and Renewable Energy Industry in India.
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