India Solar PV News Snippets

Finland’s Fortum Divesting Stake In Indian Renewables & More From Avaada, TPREL, Vikram Solar, REC
Pictured is Fortum’s Pavagada Solar Plant in India. Fortum is divesting its stake in the project that’s part of its 185 MW solar portfolio in the country. (Photo Credit: Fortum)
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Fortum selling stake in Indian solar portfolio; Avaada secured INR 11.9 billion green financing; SJVN enters 460 MW FDRE PPA with Tata Power; TPREL & Indian Bank partner for rooftop PV; Vikram Solar bags 250 MW order from GIPCL; SACE's green loan for REC Limited. 

Fortum limiting exposure in India: Finland's Fortum says it is limiting its exposure in India as part of which it is to sell the remaining 43.75% share of its Indian solar portfolio to Gentari Renewables India Pte Ltd. The latter is a subsidiary of clean energy solutions provider Gentari Sdn. Bhd. Fortum had already sold 56.25% of the company in 2018-19. The solar portfolio comprises 4 solar power plants with a combined 185 MW. It includes 100 MW Pavagada, 70 MW Bhadla, 10 MW Kapeli and 5 MW Amrit PV projects. The other owners of the portfolio, UK Climate Investments Lakeside Limited and a fund managed by Evli Fund Management Ltd, are also selling their 40% and 16.25% respective stakes in the portfolio. The transaction is expected to close in Q2/2024. Fortum says it will still have electric vehicle (EV) charging services and a renewables development portfolio with projects at different stages in India. "In line with its Nordic strategy, Fortum is limiting its exposure in India and evaluating alternatives for these remaining operations and will not make any further commitments in India," it explains. 

INR 11.9 billion loan for solar: Avaada Group's Avaada Energy has raised a green financing of INR 11.9 billion ($143 million) for a 400 MW utility-scale solar project in the Surendra Nagar district of Gujarat. Secured from the country's largest public sector lender the State Bank of India (SBI), the 20-year financing facility will support the project contracted to supply electricity to the Gujarat Urja Vikas Nigam Limited (GUVNL). 

Tata Power's PPA with SJVN: Tata Power Renewable Energy Limited (TPREL) has announced signing a power purchase agreement (PPA) with SJVN Limited for a 460 MW firm and dispatchable renewable energy (FDRE) project. The facility comprises solar, wind and battery storage technologies to ensure efficient energy dispatch round-the-clock during peak hours that will help stabilize the grid. It will generate around 3,000 million units of power. This is TPREL's inaugural FDRE tender win. 

Financing for rooftop solar: TPREL has also announced a strategic partnership with the public sector bank, the Indian Bank to facilitate financing solutions under the Indian government's Pradhan Mantri Surya Ghar Muft Bijli Yojana. They aim to provide financing for solar installations for up to 3 kW systems and extend support for installations ranging between 3 kW and 10 kW under the regular scheme. Under the yojana or scheme, residential consumers can avail loans for up to INR 200,000 ($2,396) at an annual interest rate of 7%. The repayment tenure extends up to 10 years. For 3 kW to 10 kW solar systems, the tailored financing solution is for loans of up to INR 600,000 ($7,188). 

LOI for 250 MW solar: Indian solar module maker Vikram Solar has secured a 250 MW module order from Gujarat Industries Power Company Limited (GIPCL). The letter of intent (LOI) signed will see Vikram Solar supply its high-efficiency bifacial modules under the Approved List of Models and Manufacturers (ALMM). Module power rating will range from 540 W to 570 W. These will be deployed at the MW RE Park in Village Khavda in the Great Rann of Kutch, Gujarat. 

<em>REC Limited has secured a SACE-covered green loan of JPY 60.5 billion to finance Indian green projects. (Photo Credit: REC Limited)</em>
REC Limited has secured a SACE-covered green loan of JPY 60.5 billion to finance Indian green projects. (Photo Credit: REC Limited)

Italian loan for REC Limited: Indian government's power infrastructure financier REC Limited has bagged a green loan for JPY 60.536 billion ($393 million) to finance eligible green projects in India. It benefits from an 80% guarantee by the Italian Export Credit Agency (SACE Italy) under its Push Strategy. REC calls it a breakthrough and 1st of its kind successful collaboration between an Indian government entity and SACE. It is also SACE's 1st JPY-denominated loan transaction and the 1st green loan transaction in India. The green loan sees participation from banks across Asia, USA and Europe, namely Crédit Agricole Corporate and Investment Bank, Bank of America, Citibank, KfW-IPEX Bank and Sumitomo Mitsui Banking Corporation as Mandated Lead Arrangers with Crédit Agricole Corporate and Investment Bank acting as the ECA Coordinator, Green Loan Coordinator, Documentation Bank and Facility Agent. 

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