MNRE Clarifies Continued Central Assistance for Feeder-Level Solarisation under PM-KUSUM Scheme
The MNRE clarified that Central Financial Assistance for Feeder-Level Solarisation (FLS) in the PM-KUSUM scheme persists amid state inquiries. FLS, a part of the scheme’s Component C, targets agricultural decarbonization. The MNRE affirmed the existing CFA rates and relaxed the DCR provision until March 31, 2024. States are urged to expedite implementation, with General States receiving Rs 1.05 crore/MW and NER/Hilly Regions Rs 1.75 crore/MW.
Cleantech Solar Secures ₹6.25 Billion Green Financing From Tata Capital For Pioneering Sustainability Solutions Through Open Access Portfolio in India
Cleantech Solar secured a ₹6.25 billion long-term loan from Tata Capital Limited to finance its open access projects in India. The loan aids in constructing, developing, and operating solar and wind parks across states. With a focus on C&I expansion, Cleantech serves diverse sectors, providing renewable energy for corporate consumption.
Fatehgarh IV Transmission Limited Secures Inter-State Transmission License For Renewable Energy Project In Rajasthan
Fatehgarh IV Transmission Limited secured an inter-state transmission license under the Electricity Act, 2003, for the Rajasthan Renewable Energy Zone (REZ) project. Apraava Energy Private Limited won the bid for annual transmission charges. Despite pending Central Government approval, the license was granted, emphasizing compliance and efficient project execution. Valid for 25 years, the license mandates adherence to regulatory standards and open access provisions. This milestone signifies India’s commitment to renewable energy expansion and sets a precedent for sustainable energy development.
Delhi’s Solar Revolution: Unveiling Ambitious 2024 Policy with a Goal of 4,500 MW by 2027
Chief Minister Arvind Kejriwal unveiled the ‘Delhi Solar Policy 2024’ to propel the city towards cleaner energy. Residential consumers stand to benefit from zero-cost electricity bills and potential monthly incentives of up to ₹900. Commercial and industrial users could see a 50 percent reduction. Incentives include a capital subsidy of ₹2,000 per kW and monthly generation-based incentives. Delhi targets 4,500 MW solar capacity by 2027, with government buildings mandated to install rooftop panels. A community solar model accommodates constraints. The policy, backed by ₹570 crore, aims to slash bills and curb pollution, showcasing Delhi’s commitment to sustainability.
REMC Ltd.’s Reverse Auction Results for RE RTC Technology, Unveiling Capacity Allocations And Tariff Dynamics
REMC Ltd. concluded a Reverse Auction for Renewable Energy with Real-Time Connectivity (RE RTC) technology, aiming for 750 MW capacity procurement. Torrent Power Limited secured the top position with a 100 MW bid and awarded capacity at INR 4.25 per kWh. ReNew Solar Power, TEQ Green Power XIII, NTPC Renewable Energy, and ACME Cleantech Solutions followed closely with capacities of 200 MW, 100 MW, 200 MW, and 100 MW, respectively, at INR 4.37 per kWh. Tata Power Renewable Energy secured 50 MW at INR 4.43 per kWh from its 100 MW bid, while Hero Solar Energy Pvt. Ltd. did not secure any awarded capacity.
Ministry Of Power Grants TP Saurya Limited Authority To Lay Transmission Line For 300 MW Bikaner Solar Project
TP Saurya Limited seeks authorization under Section 164 of the Electricity Act, 2003, for a 300 MW Solar Power Project in Bikaner, Rajasthan. The Central Electricity Authority approved the transmission line after public review. The company will possess telegraph authority powers under the Indian Telegraph Act, 1885, to lay the line. The Ministry of Power granted a 25-year authorization with conditions including obtaining consent from local authorities and adhering to regulations. TP Saurya Limited must also comply with Supreme Court directives regarding the Great Indian Bustard potential zone. The approval underscores commitment to renewable energy expansion and adherence to regulatory and environmental standards.
REC Limited and NIIFL Forge Strategic Partnership for Innovative Financing in India’s Infrastructure and Renewable Energy Landscape
REC Limited, a leading NBFC under the Ministry of Power, and NIIFL have inked a MoU to enhance financing for Renewable Energy Projects and infrastructure ventures in India. The pact signifies a joint commitment to fostering innovative financial mechanisms and attracting private capital. REC’s CMD, Shri Vivek Kumar Dewangan, underscores the organization’s dedication to national progress. NIIFL’s Executive Director, Shri Prasad Gadkari, highlights the alignment with NIIF’s strategy to boost infrastructure financing. The signing, attended by key officials, including Shri Rajiv Dhar, CEO of NIIFL, marks a significant milestone. The collaboration promises to shape India’s infrastructure and renewable energy financing landscape.
Adani Green Concludes Funding for $750 Million Holdco Bond Reserves
Adani Green Energy Limited (AGEL) finalized funding for its USD 750 million Holdco Notes through a preferential allotment of INR 9,350 Cr (USD 1,125 million) by promoters, approved by shareholders. INR 2,338 Cr (USD 281 million) was recently infused as primary capital. Allotments were allocated to Senior Debt Redemption and other reserves, fulfilling bond redemption requirements. With funds from TotalEnergies JV and promoters, totaling USD 1.425 billion, AGEL showcases strong investor interest and promoter commitment. The bond is defeased 8 months ahead of maturity, emphasizing AGEL’s dedication to its 45 GW target by 2030.
Triumph For SJVN Green, SAEL And Coal India: GUVNL’s 600 MW Solar Auction Achieves Success With ₹2.54/kWh Leading Bid
Gujarat Urja Vikas Nigam Ltd. conducted a reverse auction for the Solar/P-XXI Tranche at GIPCL RE Park Khavda, offering a capacity of 600 MW. SJVN Green Energy Limited secured 100 MW at INR 2.54/kWh, while SAEL Industries Limited secured 200 MW at INR 2.55/kWh. Coal India Limited was awarded 300 MW at the same tariff. Solairedirect Energy India Pvt. Ltd. bid at INR 2.56/kWh but secured no capacity. The auction reflects a growing interest in solar energy in Gujarat.
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