India PV News Snippets

PFC & REC Agree To Lend Billions For Clean Energy Projects & More From Avaada, SJVN Limited
PFC and REC, both government agencies, have agreed to fund clean energy projects of various public and private players. (Illustrative Photo; Photo Credit: kik muthita/
PFC and REC, both government agencies, have agreed to fund clean energy projects of various public and private players. (Illustrative Photo; Photo Credit: kik muthita/

PFC announces MoUs worth INR 2.37 lakh crore for clean energy projects; REC Limited signs MoUs with Avaada, ACME and ReNew; Mercom says SECI awards 2 GW solar capacity under tranche XI; SJVN Limited gets PSPCL LOI for 1.2 GW solar capacity.

PFC investing big time in clean energy: State-owned financial institution in India, the Power Finance Corporation Ltd (PFC) has signed a memorandums of understanding (MoU) worth INR 2.37 lakh crore ($29 billion) with 20 companies in the clean energy space, including for solar. Signatories includes Adani, Greenco, ReNew, Avaada, Rajasthan Renewable Energy among others. It said the MoUs are part of its plan to position itself as the focal funding agency for energy transition. It is also looking to fund projects like offshore wind, pumped hydro storage, solar modules and cells among others. Juniper Green Energy says its MoU with PFC is for INR 5,000 crore ($612 million) to back its 1.2 GW renewable energy projects.

REC Limited also shells out for renewables: Formerly known as the Rural Electrification Corporation, REC Limited recently signed several MoUs with companies in the clean energy space on the sidelines of the G20 Clean Energy Ministerial meeting in Goa. Some of these investments include:

  • INR 20,000 crore ($2.4 billion) for Avaada Group to support its projects renewable energy projects in Bihar, Rajasthan and Maharashtra, to be implemented over the next 2 years. The money will also help it expand its expertise in solar PV manufacturing, green hydrogen and its derivatives, along with solar, wind and hybrid projects in the future.
  • INR 4,000 crore ($489 million) for ACME Group for its green hydrogen and ammonia project in Duqm, Oman to be powered by 3 GW solar and 500 MW wind energy (see ACME Group To Set Up Green Hydrogen/Ammonia Project). Additionally, REC has also entered another MoU worth INR 21,000 ($2.57 billion) to fund 380 MW round-the-clock (RTC) power plant capacity, phase I of Odisha and Tamil Nadu green ammonia projects and a 600 MWh of pumped hydro project.

ReNew raised INR 64,000 crore: ReNew Energy Global has secured INR 32,000 crore ($3.92 billion) each from the PFC and REC under its recent MoUs signed. The total of INR 64,000 crore ($7.8 billion) funds will be used to implement new projects including for solar technology, wind, hybrid, energy storage, as well as for solar cells and module manufacturing and green hydrogen.

SECI awards 2 GW solar: The Solar Energy Corporation of India (SECI) has concluded its 2 GW interstate transmission system (ISTS) connected tranche XI auction. According to Mercom India Research, SAEL Industries and ReNew won 600 MW each for INR 2.60 ($0.032)/kWh winning bid. Eden Renewables, Jakson and Shiva Corporation won 300 MW, 200 MW and 100 MW, respectively for the same winning bid. Avaada quoted INR 2.61 ($0.032)/kWh to win 200 MW. SECI floated the tender in March 2023 (see RFS For 2 GW Solar Power Projects In India).

1.2 GW win for SJVN: SJVN Limited has announced securing a letter of intent (LOI) from Punjab State Power Corporation Limited (PSPCL) for power procurement from 1.2 GW solar project. Under the terms agreed upon, SJVN is free to develop 1 GW capacity anywhere in the country, and the remaining 200 MW in Punjab. PSPCL will procure power for INR 2.53 ($0.031)/kWh from the 1 GW project, and for INR 2.75 ($0.034)/kWh from the Punjab project for 25 years. SJVN is obliged to commission the projects within 18 months.

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