MNRE updates ALMM list and fixes minimum module efficiency limit; SJVN secures PFC finance for over 12 GW RE capacity; Serentica Renewables raises INR 26 billion from PFC; IREDA & BoM sign green financing MoU; CRISIL to acquire Bridge to India.
ALMM rules updated: The Ministry of New and Renewable Energy (MNRE) has updated the Approved List of Models and Manufacturers (ALMM) for solar PV. It now has 81 companies listed. The ministry has also revised the guidelines related to minimum solar module efficiency to be eligible for enlistment to the ALMM. For utility/grid scale solar power plants, the minimum module efficiency sought is 20%, for rooftop and solar pumping it is 19.5%, and for solar lighting it is 19%. According to the ministry, since May 10, 2023 it has been considering only such modules with a minimum of 19% or above efficiency for ALMM enlistment.
SJVN raises finance for RE projects: The Government of India (GoI)-owned Power Finance Corporation (PFC) has signed a memorandum of understanding (MoU) with SJVN Ltd to financially support the latter’s 12.178 GW renewable energy projects, worth INR 1.19 trillion ($14.3 billion). These include solar, hydro and pumped storage projects. The agreement entails PFC to fund around 67% to 76% of the project cost. Funds may be increased at a later date to accommodate specific project requirements.
PFC lends to Serentica too: Serentica Renewables has also closed debt financing of INR 26 billion ($313 million) from the PFC for its 400 MW hybrid renewable energy projects in Karnataka, comprising wind and solar assets. It has already secured grid connection clearance to the interstate transmission system (ISTS) for these assets. This 400 MW is part of Serentica’s 4 GW renewable energy capacity plans to ensure round-the-clock (RTC) green energy supply for its customers. In July 2023, it signed RTC supply deals for 1.25 GW to be established in the states of Karnataka, Maharashtra, Andhra Pradesh and Rajasthan (see Big Win For KKR’s India Joint Venture).
IREDA’s MoU for green financing: Under an MoU signed, the Indian Renewable Energy Development Agency (IREDA) and the Bank of Maharashtra (BoM) plan to offer green financing for renewable energy projects. The duo plans to facilitate co-lending and loan syndication for a diverse spectrum of such projects in India.
CRISIL to take over RE consulting firm: S&P Global company CRISIL has announced a definitive agreement to acquire Bridge to India Energy Private Limited. The latter is a leading renewable energy consulting and knowledge services provider to financial and corporate clients. CRISIL MD & CEO Amish Mehta said the acquisition will strengthen its bouquet of offerings spanning sustainability services and decarbonization.