Week in India: TOTAL Set to Invest in Indian Solar Joint Venture, India Ratings Withdraws Sterling and Wilson Solar’s NCD and CP ratings, India postpones roll-out of approved manufacturer list for state-backed solar and More

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TOTAL Set to Invest in Indian Solar Joint Venture

Recently, the French multinational company Total declared that it has invested US$ 490 million in a joint venture with Adani Green Energy. This joint venture will be responsible to host 2.1 gigawatts of operational solar power projects which was previously fully owned by Adani Green Energy and its subsidiaries. Each of these two companies now hold 50% each in this joint venture.

India Ratings Withdraws Sterling and Wilson Solar’s NCD and CP ratings

On 09 April 2020,India Ratings & Research on company’s request has withdrawn the ratings assigned on the Rs. 300 crore Commercial Paper (CP) programme ,Sterling & Wilson Solar announced. Also that the company fully repaid the CPs issued under the programme and there is no outstanding CP as on date.  Sterling & Wilson will continue having the rating A1+ on the CP programme of the Company from AcuitRatings & Research.

India postpones roll-out of approved manufacturer list for state-backed solar

India has granted its solar industry the latest lifeline in a series since the COVID-19 outbreak first emerged, acting to delay the introduction of a list of approved PV manufacturers. The country was planning to force government-backed solar projects to source components from a pre-authorised registry of providers starting on 1 April 2020, but has now opted to postpone bringing the obligation into force by six months. In a letter dated 7 April, the Ministry of New and Renewable Energy (MNRE) said the procurement obligation will kick in in October 2019, to account for the “temporary disruptions due to the COVID-19 epidemic and the current lockdown and the prevailing situation due to such epidemic”.

Tata Power Solar Receives LoA From NTPC For 300MW Solar Project Worth INR 1730 cr

Tata Power Solar, an integrated solar company and a wholly-owned subsidiary of Tata Power said it has received the Letter of Award (LoA) to build the 300 MW under the CPSU-II scheme for NTPC at an all-inclusive price of Rs 1,730.16 crore. The company had bagged the order in a post reverse auction held on February 21. The Commercial Operation Date (COD) for this grid-connected solar photovoltaic project is set for September 2021 (18 months). It claims that with this order, the order book of Tata Power Solar stands at approximately Rs. 8541 crore including external and internal orders.

3GW of renewable energy installations in India expected to be impacted by Covid-19

Modules account for approximately 60% of a solar project’s cost and Chinese companies supply approximately 80% of solar cells and modules. Chinese vendors have informed Indian developers about delays in production, quality checks and component transportation due to the outbreak. China has imposed work restrictions in eight affected provinces, most of which are the hub of solar module manufacturers. Canadian Solar, LONGi Group, Trina Solar, Q-CELLS and JA Solar have their facilities in Jiangsu province. Jinko Solar and JA Solar conduct their manufacturing operations in Zhejiang province. PV inverter companies such as SolarEdge and Enphase Energy had contract manufacturers in affected provinces of Guangdong and Anhui respectively. As a result, Indian developers have started facing a shortfall of raw materials required for solar panels and cells and limited stocks. It is expected that Covid-19 is going to affect the installations in the first half of the year and will likely to start showing signs of recovery only by the end of the third quarter.

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