ReNew secures ADB commitment for $5.3 billion; ADB lends $250 million loan for renewable energy & power sector reforms to India; Bluebird Solar to undertake capacity expansion; Eden Renewables signs 300 MW RE PPA with SECI; Jakson Green expands to MENA region.
$5.3 billion for ReNew Energy: Indian renewable energy company ReNew Energy Global signed a memorandum of understanding (MoU) with the Asian Development Bank (ADB) covering projects with an investment value of more than $5.3 billion between 2023 and 2028. The 2 parties plan to collaborate on climate change mitigation and adaptation projects, having identified potential investments in renewable energy projects, manufacturing, carbon offset projects and green hydrogen. Calling the MoU first of its kind in India, ReNew said it is expected to generate interest from additional international investors to participate in financing long-term debt for significant renewable energy infrastructure projects. It has already invested around $8 billion in clean energy space. ADB will also be able to achieve its funding ambition of $100 billion in green energy projects by 2030. They signed the MoU at COP28.
ADB loan for Indian power sector: Separately, the ADB has also approved a $250 million policy-based loan to support India’s efforts to transition to clean and renewable energy. It will also help reduce barriers to scale up commercial financing for clean energy. The bank will shell out the money under Power Sector Reform Program (Subprogram 1) which is the 1st of a 2-part program to strengthen the markets for power trade and related ancillary services. It says the program will facilitate the integration of intermittent renewable energy and accelerate the deployment of clean energy technologies, including solar; promote the use of renewables in the agriculture sector; and help implement an incentive-based results-oriented approach to improving DISCOM performance.
Bluebird announces expansion plans: Indian solar module manufacturer Bluebird Solar Private Limited says it plans to expand its solar module manufacturing capacity to 1.2 GW by the end of FY 2023-24. A group company of electronics manufacturer Bluebird Stabilizers, Bluebird Solar currently operates an annual module production capacity of 400 MW at Greater Noida where it produces M10 mono PERC half-cut PV modules with above 21% efficiency in mono and bifacial versions. It plans to introduce n-type TOPCon modules with power output of up to 650 W, the company shared in a LinkedIn post.
300 MW RE PPA: Eden Renewables India, a joint venture between TotalEnergies and EDF Renewables, has signed a power purchase agreement for 300 MW renewable energy capacity. The PPA has been signed with the Solar Energy Corporation of India (SECI), the company announced in a LinkedIn post. While the company doesn’t specify project details, Mercom India Research had earlier reported that the company won 300 MW solar capacity under SECI’s 2 GW inter-state transmission system (ISTS)-connected tranche XI solar PV auction in July 2023, quoting a winning tariff of INR 2.60 ($0.032)/kWh (see India PV News Snippets).
Jakson eyes MENA region: Indian renewable energy company Jakson Group’s subsidiary Jakson Green is expanding to the Middle East and North Africa (MENA) region with a new office in Dubai. The company says this region holds immense potential for renewable energy development and it wants to play a pivotal role in unlocking its potential. It has also become a partner member of the Middle East Solar Industry Association (MESIA).