Week in India: MNRE Step down from multi-pronged approach to support Solar Sector, Indian solar cell factory producing ICU ventilators for Covid-19, NTPC to Raise INR 4374.10 Crore Via Bonds On Private Placement Basis and more

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MNRE Step down from multi-pronged approach to support Solar Sector

MNRE is aiming to provide an amount of Rs. 10,000 crore to the renewable energy developers, as well as project specific funding for manufacturers. In addition, the ministry said that it aims to provide export incentives of up to 6-8% to support the solar sector. It added that it will introduce a basic customs duty of 15%, when applicable, in a staggered manner to avoid hurting the interests of developers. MNRE Secretary Anand Kumar recently explained that the government wants to maximize the availability of cash for solar developers. Kumar, who spoke as part of a recent online dialogue organized by the PHD Chamber of Commerce and Industry, claimed that India’s renewable energy target of 175 GW by 2022 was still very much within reach, with only 15 GW more left to bid before the close of the year.

Indian solar cell factory producing ICU ventilators for Covid-19

Central Electronics is following in the footsteps of its solar-sector counterpart Bharat Heavy Electricals Ltd. (BHEL) by trying to cater to surging demand for ICU ventilators amid India’s Covid-19 outbreak. The state-owned solar cell manufacturer has issued an expression of interest for established ventilator manufacturers to work with it on setting up facilities to make such medical equipment at its main factory site in India. Central Electronics joins a growing list of solar companies that are now venturing into the development of ventilators to help fight back against the Covid-19 pandemic.

NTPC to Raise INR 4374.10 Crore Via Bonds On Private Placement Basis

NTPC, India’s largest energy conglomerate has decided to raise Rs. 4,374.10 crore on 16 April 2020 through the placement of unsecured non-convertible bonds. As per the press release the funds will be utilized for, inter alia, funding of capital expenditure, refinancing of existing loans and other general corporate purposes. The document stated that these bonds are proposed to be listed on both NSE & BSE. Bond Trust Deed for these bonds will be duly executed as per the requirements of and within the period prescribed under, the Companies Act and rules specified therein.

COVID-19 Update: MNRE Extends Approved List of Models & Manufacturers Deadline By 6 Months

The Ministry of New and Renewable Energy (MNRE) has extended the deadlines for the approved list of models and manufacturers (ALMM) by the next 6 months to provide aid to the renewable energy firms from considering disruption of the sector due to the spread of coronavirus pandemic. The list includes solar photovoltaic (PV) modules and solar PV cells. The last date for enlistment for both ALMM List-I and ALMM List-II is extended from March 31, 2020, to September 30, 2020. On 2nd January 2019, MNRE had issued an order to ensure the reliability of solar PV manufacturers, protect the consumers’ interests and to ensure larger energy security of the country. The order provides for the enlistment of eligible models and manufacturers of solar PV cells and modules complying with the BIS Standards and publishes the same in a list called the ALMM(Approved List of Models and Manufacturers).

Solar Energy Plans of India Bogged Down due to supply chain Issues

Due to the amid lockdown in India, the delivery of almost 2.3GW projects has been impacted according to the GlobalData, a data analytics firm. The plants were supposed to be delivered modules by the end of March 2020 before the pandemic. But the ongoing situation has impacted capacity addition plans and is expected to delay future bids. To overcome this situation, the All India Solar Industries Association has asked the government to consider subsidizing the cost differential and urge domestic manufacturers to ramp up their production,” said Somik Das, Senior Power Analyst at GlobalData.

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