Apart from lending $50 million, IFC will also mobilise $100 million debt through parallel lenders. According to IFC, the total solar power project cost is estimated at $200 million. The solar power project is sponsored by Enel Green Power India, one of the step-down subsidiaries of Enel Green Power S.p.A., an existing IFC client. Enel Green Power is one of the largest renewable energy developer in the world with 49 GW installed capacity across wind, solar, geothermal and hydropower projects, and with presence in 28 countries. Enel Green Power is a subsidiary of Enel S.p.A., Italy. The solar power generation project was awarded by Solar Energy Corporation of India (SECI).
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India s renewable energy growth stalled by delay in signing PSAs
April 08, 2021
As per the report, nearly 19GW of renewable energy capacity tendered by Solar Energy Corporation are yet to be signed by discoms. Delays in signing power sale agreements (PSAs) are a bottleneck in the growth of India’s renewable energy capacity, jeopardising the Government’s target of 175 gigawatts (GW) by 2022, dampening investor confidence and threatening the viability of projects.
According to the Institute for Energy Economics and Financial Analysis (IEEFA) and JMK Research, PSAs for nearly 19GW of renewable energy capacity tendered by Solar Energy Corporation of India (SECI) are yet to be signed by state-owned distribution companies (discoms). Manufacturing-linked solar projects account for the majority (63%) of this capacity.
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ReNew Power (ReNew), one of India’s leading renewable energy companies, has announced that it has commissioned a 110 MW solar generation facility in the Indian state of Rajasthan.
As part of the project, ReNew has signed a power purchase agreement (PPA) with Solar Energy Corporation of India at a tariff of Rs2.49/kWh (US$0.034/kWh) and will provide clean energy to the state of Rajasthan. The 110 MW solar project commissioned by ReNew is a part of an eventual 2300 MW of solar capacity that ReNew is bringing online in Rajasthan. The balance of the 2300 MW of generation capacity will generate electricity to be fed into the national grid, aiding the achievement of India’s target of 450 GW of clean energy by 2030.