India Solar PV News Snippets

RIL to commission its New Energy Giga Complex in H2/CY2024; REC Limited takes over rooftop solar program; Avaada commits to 6 GW hybrid wind and solar in Gujarat; Fimer inverters for 40 MW Ayodhya project; IREDA and IOB to co-finance renewable energy projects in India. 

RIL's Gigafactory getting closer to commissioning: Reliance Industries Limited (RIL) is targeting H2/CY2024 to bring online its New Energy Giga Complex. The company's Chairman and Managing Director Mukesh Ambani announced the same during its financial report for Q3/FY2024 (period ending December 31, 2023). He said, "The New Energy Giga Complex is all set to be commissioned in the second half of CY24. I am confident that Reliance's New Energy business will play a pivotal role in the global movement for adoption of cleaner fuels." The group is building the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, Gujarat to host 5 gigafactories for solar PV panels, fuel cell systems, green hydrogen, energy storage and power electronics. RIL has been targeting 10 GW of cell and module production by 2024 (see Reliance Announces Power Electronics Giga Fab). The Jamnagar solar PV cell and module fab is aimed to be the 1st of its kind quartz-to-module facility. 

Rooftop solar implementation agency: REC Limited has been announced as the implementation agency for India's grid-connected rooftop solar program. Under this program, the country aims to expand its rooftop solar capacity to 40 GW by March 31, 2026, reported local media referring to an exchange filing by the REC. The financial outlay of the Phase-II Rooftop Solar (RTS) program is INR 118.14 billion ($1.4 billion), which includes INR 66 billion ($794 million) of central financial assistance (CFA) and INR 50 billion ($599.6 million) of incentives to the discoms. Earlier the government had been targeting December 31, 2022 to achieve the 40 GW target. 

Avaada's 6 GW Gujarat plans: Renewable energy platform Avaada Group plans to build 6 GW hybrid wind and solar power capacity in Gujarat. It signed a memorandum of understanding (MoU) to this effect with the state government for this INR 400 billion ($4.81 billion) during the Vibrant Gujarat Global Summit (VGGS) 2024. This capacity will be spread across various districts, majorly in the underdeveloped waste lands of Kutch. Around 17.5 billion units of clean energy generated by this capacity will be supplied to various utilities of India including the Gujarat Urja Vikas Nigam Limited (GUVNL) and for captive use of Avaada's green hydrogen/ammonia projects. This capacity is in addition to some 2 GW the company is already operating or implementing in Gujarat. 

40 MW solar plant in Ayodhya: Planned to be the 1st solar city in the state of Uttar Pradesh, Ayodhya is set to host a 40 MW solar power plant for which the Italian inverter company Fimer is the supplier. The company has provided its PVS980-58 5 MVA solar inverters to Jakson Green for the project developed by NTPC Green Energy Ltd. Currently, Jakson has commissioned 15 MW of the total capacity and targets to bring the entire project online by March 2024 in Rampur, Halwara and Sarairasi.  

Renewable energy financing: Indian Renewable Energy Development Agency (IREDA) and Indian Overseas Bank (IOB) have signed a memorandum of understanding (MoU) to co-lend for renewable energy projects in India. The MoU includes provisions for co-lending and co-origination support for all such projects. The partnership aims to streamline loan syndication and underwriting processes, management of Trust and Retention Account (TRA) for IREDA borrowers, and work towards fixed interest rates over a 3–4-year period for IREDA borrowings, according to an official statement.