India PV News Snippets

SJVN has entered MoU with REIL for solar consultancy services; MNRE has launched framework for Promotion of DRE Livelihood Applications; Husk Power has achieved financial closure for INR 310 million to develop 140 microgrids; India and Australia sign LOI new and renewable energy technology.

Solar MoU between SJVN and REIL: SJVN Limited has entered into a memorandum of understanding (MoU) with Rajasthan Electronics and Instruments Limited (REIL) under which the latter will provide it consultancy services to develop solar projects in the country. Currently, SJVN has a portfolio of 16.42 GW and has won 1.67 GW of solar power projects through competitive process. The hydropower company recently expressed interest in developing 10 GW solar power capacity in Rajasthan as part of its plans to grow its renewable energy capacity to 5 GW by 2023, 25 GW by 2030 and 50 GW by 2040 (see MoUs & LOIs For 90 GW+ RE In Rajasthan).

Framework for DG RE livelihood applications: The Ministry of New and Renewable Energy (MNRE) has launched a framework for Promotion of Decentralized Renewable Energy (DRE) Livelihood Applications. These are defined as applications powered by renewable energy sources as solar, wind, micro-hydro, biomass and their combinations. It is aimed at guiding all stakeholders at state/central government level to formulate schemes and programs to promote the same. MNRE believes DRE-powered livelihood solutions have the potential to reduce and eventually eliminate reliance on diesel especially in rural settings. Details are available on the ministry's website.

Husk Power raises INR 310 million: Rural clean energy service provider Husk Power Systems has achieved financial closure of INR 310 million ($4.2 million) debt financing from the India Renewable Energy Development Agency (IREDA). The loan is the company's biggest debt financing for rural microgrids in India to date. It will deploy the proceeds to set up 140 solar microgrids in the states of Uttar Pradesh and Bihar. It also expects to raise an additional $18 million in debt in 2022 and also start a fundraise for Series D equity round in Q1/2022. Husk aims to build about 1,300 grids in operation by 2025 across multiple markets.

RE cooperation between India & Australia: Indian Ministry of Power (MoP) and Australian Energy Ministry have entered a letter of intent (LOI) for new and renewable energy technology. They aim to scale up manufacturing and deployment of ultra-low-cost solar and clean hydrogen. According to an official release, this LoI will pave the way for working towards reducing the cost of new and renewable energy technologies and scaling up deployment in order to accelerate global emissions reduction.