IFC partners with Axis Bank: The International Finance Corporation (IFC) will lend $500 million to Indian private sector bank Axis Bank for the latter to develop a blue finance market, and scale up financing for green projects in India. Blue loans are financing instruments that raise and earmark funds for investments related to water, such as offshore renewable energy, water and wastewater management, reducing marine plastic pollution, restoration of marine ecosystems, sustainable shipping, and eco-friendly tourism. This is the IFC’s maiden blue investment in India and the 1st blue transaction by a financial institution in the country. It is also its largest green financing in India.
IFC’s Managing Director Makhtar Diop said, “This loan will not only catalyze private sector investment in this emerging asset class but also direct long-term funding toward fostering a sustainable blue economy. Additionally, it aims to enhance financing for climate projects across India, with a strong emphasis on green buildings that will mitigate climate change impacts and generate jobs.”
Aluminum frame facility: Split junction box manufacturer GenX PV India has revealed plans to establish an aluminum frame factory with 18,000 metric tons (MT) annual capacity. This will cater to Indian solar panel manufacturers to help them reduce their reliance on Chinese imports. The factory is proposed to be established in Raipur in early 2025. According to a company statement reported by local media, the factory will provide end-to-end solutions including extrusion, anodizing, and cutting. GenX PV also plans to expand its annual manufacturing capacity of junction boxes from 20 GW now in Bengaluru, to 50 GW by FY 2025.
10 GW RE partnership: NTPC’s wholly-owned subsidiary NTPC Green Energy Limited (NGEL) has signed a joint venture agreement (JVA) with Mahatma Phule Renewable Energy and Infrastructure Technology Ltd. (MAHAPREIT). The duo plans to develop 10 GW of renewable energy parks and projects in Maharashtra or in any other state of India.
MoU for RE and green chemicals: GAIL (India) Limited and a Greenko subsidiary AM Green B.V. (AMG) plan to jointly develop up to 2.5 GW of solar/wind hybrid renewable energy projects across India under a memorandum of understanding (MoU) signed. They will also focus on the long-term supply of carbon dioxide for eMethanol production and exploration of hybrid renewable energy projects across India. These renewable energy projects are combined with Greenko’s upcoming pump storage projects to supply round-the-clock (RTC) power to the end users, including the proposed eMethanol project. They plan to also undertake studies for the long-term supply of around 350 KTA carbon emissions generated by GAIL in its gas processes plants to produce eMethanol.
REC Limited H1 2024: Public finance company REC Limited disbursed INR 112.97 billion ($1.3 billion) loans for renewable energy, representing a 92.68% increase year-on-year (YoY). During Q2 FY 2024-25, REC disbursed loans amounting to INR 473 billion ($5.6 billion), out of which renewable energy loans totaled INR 59.46 billion ($708 million). The latter represents 37.35% YoY growth.
JV explores India’s solar manufacturing space: Solar PV equipment manufacturers Singulus Technologies from Germany and China’s Jinchen are exploring the Indian solar PV manufacturing space through their joint venture (JV) announced in June 2024. At the recently concluded Renewable Energy India Expo 2024 (REI 2024), both companies offered their expertise for the successful ramp-up of solar cell production in India. At the event, Singulus promoted its heterojunction (HJT) PV cell equipment to established and upcoming cell manufacturers in India. Jinchen is also eyeing opportunities for PV module assembly lines.