India PV News Snippets: MNRE, Fortum, EXIM, Tata, Mercom

India’s Installed Solar Capacity Till May 2021-End Reached 41 GW, Says MNRE; Fortum Sells 500 MW Solar Capacity To Actis; EXIM Bank Extends LOC For Togo & Sri Lanka; Tata Power Commissions ‘Largest’ Solar Carport For Tata Motors; Mercom Says MSEDCL & RUMSL’s 1.55 GW Tenders Attract Enthusiastic Response

India PV News Snippets: MNRE, Fortum, EXIM, Tata, Mercom

Fortum has divested 500 MW PV capacity in India’s Pavagada (in the picture) and Rajasthan projects to Actis with whom it has also signed an agreement to target further investments in solar power plants in India. (Photo Credit: Fortum)

  • According to MNRE, at the end of May 2021, India’s total installed solar capacity was 41.1 GW with the addition of 643.66 MW renewable energy added during May 2021
  • Fortum has offloaded 500 MW solar power capacity in India to Actis for €280 million
  • EXIM Bank has extended lines of credit of $40 million and $100 million for solar in Togo and Sri Lanka, respectively
  • Tata Motors’ Pune facility sports a 6.2 MW solar carport now, commissioned by Tata Power
  • Mercom India Research said the 1.55 GW solar power capacity tendered by MSEDCL and RUMSL has attracted enthusiastic response from bidders

India added 643 MW RE in May 2021: During the month of May 2021, India installed 643.66 MW of renewable energy capacity, resulting in a cumulative installed renewable energy capacity of 95.66 GW at the end of that month. Solar’s share in this cumulative capacity at the end of May 2021 was 41.09 GW, taking a lead from wind power that added up to 39.44 GW. According to the Ministry of New and Renewable Energy (MNRE), India has 50.89 GW of renewable energy capacity at various stages of implementation and another 29.52 GW under various stages of bidding.

Fortum to sell 500 MW PV capacity in India: Global infrastructure investment firm actis will purchase 500 MW operational solar power capacity from Finland’s Fortum for close to €280 million. This comprises 250 MW Pavagada II and 250 MW Rajasthan projects, out of its 680 MW solar power capacity the Finnish company has developed and constructed in India. The 2 companies also signed a comprehensive agreement to target further investments in solar power plants in India.

India extends line of credit to Togo for solar: The Export-Import Bank of India (EXIM) has extended a line of credit of $40 million to the Government of Togo to help in the electrification of 350 villages in the African nation through solar PV systems. This now takes the bank’s total value of LOCs to Togo to $150.1 million to be invested on rural electrification, farming, transmission lines and solar energy. EXIM Bank has extended the credit line on behalf of the Government of India and recently extended a LOC of $100 million for Sri Lanka to finance projects in the solar energy sector of the latter.

‘Largest’ solar carport in India: Tata Power has commissioned a 6.2 MW solar carport for another Tata Group company Tata Motors at the latter’s Chikhali, Pune located plant in Maharashtra. They call it India’s largest solar carport that’s deployed on more than 30,000 sq. mtr. space. Along with generating solar power, the solar carport will also provide covered parking for finished cars in the plant. The 2 had signed a formal power purchase agreement (PPA) for the project in September 2020 (see Tata Power To Build ‘Largest’ Carport In India).

Strong response for 1.55 GW solar tenders: Mercom India Research has said 3 solar power tenders with 1.55 GW combined capacity have received enthusiastic response. The 500 MW solar tender launched by Maharashtra State Electricity Distribution Company Limited (MSEDCL) in May 2021 has received bids totaling more than 3.5 GW capacity (see 500 MW Solar PV Tender Under Phase-VI Launched By MSEDCL). Mercom quoted an official from MSEDCL as saying such a high interest is due to absence of a ceiling tariff, lower earnest money deposit, and lower performance bank guarantee compared to phase-V tender.

Another 550 MW solar project tender issued by Rewa Ultra Mega Solar Limited (RUMSL) for Agar Solar Park in Madhya Pradesh which was originally issued in 2018 and later re-issued in January 2020, according to Mercom. It has attracted 18 bidders including 3 foreign companies namely Aljomaih Energy and Water Company, Litsolaire Energy and Green Infra Wind of Sembcorp.

Mercom has also reported 1 GW oversubscription for 500 MW MSEDCL wind-solar hybrid tender launched in May 2021 (see 500 MW Wind-Solar Hybrid Power Tender By MSEDCL). Bids have been offered by Azure Power, O2 Power, Tata Power, JSW Energy, and ReNew Power.

About The Author

Anu Bhambhani

SENIOR NEWS EDITOR Anu is our solar news whirlwind. At TaiyangNews, she covers everything that is of importance in the world of solar power. In the past 9 years that she has been associated with TaiyangNews, she has covered over thousands of stories, and analysis pieces on markets, technology, financials, and more on a daily basis. She also hosts TaiyangNews Conferences and Webinars. Prior to joining TaiyangNews, Anu reported on sustainability, management, and education for leading print dailies in India. [email protected]

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