India Solar PV News Snippets

ADB lends INR 1.2 billion to Fourth Partner's C&I solar project; RIL to bring online solar Gigafactory online in phased manner by 2025-end; BPCL targets 10 GW RE capacity by 2040; SJVN subsidiary wins 320 MW solar capacity; Mercom shares Indian solar sector investment updates for Q2/2023. 

ADB loan for 25 MW solar plant: Indian renewable energy company Fourth Partner Energy Private Limited has secured an Asian Development Bank (ADB) loan to construct and operate a 25 MW solar PV project in Tamil Nadu's Tirunelveli district. The long-term loan of up to INR 1.2 billion ($14.7 million) will enable clean energy supply of about 50.7 GWh/year to commercial and industrial (C&I) customers under the open access policy. For ADB, this is its 1st direct financing to a renewable energy plant of this nature. Fourth Partner's Co-Founder and Executive Director Vivek Subramanian said the company is constructing solar and wind parks across Tamil Nadu. He added, "We see this project as the beginning of our long-standing partnership with ADB to deliver cleaner, affordable power to India's commercial and industrial sector."    

RIL's renewables plans on track: The Chairman of Reliance Industries Limited (RIL) Mukesh Ambani said his company will accelerate to enable the installation of at least 100 GW renewable energy generation capacity by 2030. Speaking at the group's 46th Annual General Meeting on August 28, 2023, Ambani said RIL's 1st priority is to deliver a fully-integrated, end-to-end solar PV manufacturing ecosystem at its Jamnagar located fab. Planned to include manufacturing of polysilicon, wafer and ingots, heterojunction cells, modules and glass, the solar gigafactory will be brought online in a phased manner by 2025-end. The group had shared plans to build a 100 MW renewable energy power plant in India, in January 2022 (see RIL Enters INR 5.95 Trillion MoU With Gujarat).   

Green plans of state oil refiner: The Government of India owned oil refiner Bharat Petroleum Corporation Limited (BPCL) has announced plans to build 1 GW renewable energy capacity by 2025 and scale it up to 10 GW by 2040. This will be achieved via both organic and inorganic means, to help the company achieve its net zero ambition by 2040 for both Scope 1 and Scope 2 emissions. It is also working on a green hydrogen plant at its Bina refinery to meet the hydrogen requirements of the same. To achieve its objectives related to energy transition, net zero and energy security, the refiner has proposed a rights issue of equity capital of up to INR 180 billion ($2.2 billion).  

320 MW solar win: Indian hydroelectric utility SJVN Limited's green energy platform SJVN Green Energy Limited (SGEL) has won a contract for 320 MW solar PV capacity from Assam Power Development Corporation Limited (APDCL). It won the contracts for 50 MW and 70 MW capacities for the winning tariff of INR 3.92 ($0.0474)/kWh and 200 MW project for INR 3.90 ($0.0472)/kWh. All 3 projects will be developed on build-own-operate (BOO) basis and commissioned within 18 months from the date of signing the power purchase agreements (PPA) with a 25-year duration, by March 2025. SJVN expects to incur around INR 19 billion ($230 million) investment.  

Solar sector investments in Q2/2023: Mercom India Research's Q2 2023 India Solar Market Quarterly Update shows investments in the Indian solar sector during calendar year (CY) Q2/2023 dropped 46% YoY to INR 129.86 billion ($1.57 billion). Analysts blame the drop on delays, extensions and postponements of utility– scale projects to next year. Falling module prices lowered project costs and investment requirements. However, investment rose 20% on a QoQ basis. Project funding went down 14% QoQ, and corporate funding went up 176% in Q2. Investments in H1/2023 reflected an annual decline of 51% due to reduced installation volumes and a drop in corporate funding activity.