The slowdown in tendering of the solar and wind projects in the past few months despite government’s target of achieving 175 GW renewable capacity by FY2022, is forcing Indian renewable energy players to look beyond the market to support their growth.
In a bid to exceed Prime Minister Narendra Modi’s climate pledges, India announced that it will tender enough renewable energy projects over the next three years to surpass 200 gigawatts of green capacity build by 2022.
India is on track to catalyse $200-300 billion of new investment in its renewable energy infrastructure in the next decade with global capital inflows playing an increasingly crucial role, a top financial analyst with a leading US-based institute foresees said.
Greenko Group and Hero Future Energies Pvt. Ltd are in separate talks with Singapore-based AT Capital Group to acquire Orange Renewable’s portfolio of 758 megawatt (MW) capacity, several people aware of the development said.
If there’s one success story being written in India, it’s that of renewable energy. By the government’s own reckoning, despite India’s energy needs likely to double over the next seven years (going by the current rate of economic growth), the nation is likely to meet two-fifths of its electricity needs with renewable sources by 2030.
Solairedirect, an international solar developer backed by French energy major Engie, is currently behind schedule for setting up a 250 megawatt solar power project in the Indian state of Andhra Pradesh as there are no buyers identified for the power to be generated.
The Australian government has rejected a plan to generate 42 per cent of its energy from renewable sources and will instead pursue cheaper and more reliable power.
Train stations along one of the most used railway corridors in the world will soon have their dependence on traditional sources of energy loosened thanks to the power of the sun.
Tata Power said it generated more four times as much power from renewable sources like solar and wind in the financial year ended March, compared to the year before.
As more states take the route of revision of tariffs for renewable energy projects as recent bids have gone ultra low, the sector could see a major shakeup with close to 7 GW under pressure.