News Article | April 23, 2016
Highly ambitious annual solar power capacity addition targets have been announced by the Indian Ministry of New & Renewable Energy. With a target to have an operational solar power capacity of 100 GW by March 2022, the Indian government has announced annual capacity addition targets for the next few years. The Ministry of New & Renewable Energy (MNRE) plans to add 15 GW and 16 GW solar power capacity in the financial years 2017-18 and 2018-19, respectively. In the current financial year, the government targets an addition of 12 GW solar power capacity. If this target is achieved, India’s installed solar power capacity will cross 17 GW by the end of March 2017. By early March this year more than 5.7 GW of solar power capacity was operational in India. The ministry has planned an addition of 17 GW in the financial year 2019-20, and 17.5 GW each in 2020-21 and 2021-22. A massive amount of funding will be required to achieve these targets. Thankfully, several Indian as well as international banks have already sanctioned large sums of funding for solar power projects. The ministry recently announced that Indian banks and non-banking financial institutions sanctioned Rs 71,200 crore (over $10 billion) as debt finance to renewable energy projects since February 2015. Most of this finance has been approved for solar power projects. Of the total amount sanctioned, Rs 29,500 crore have already been disbursed. Banks and financial institutions had committed to provide finance for 76,352 MW of renewable energy capacity. The total amount committed by the 40 participants entities was Rs 382,255 crore. India is also in talks with development banks like the Asian Development Bank, International Finance Corporation, KfW, the Japan International Cooperation Agency, and the New Development Bank to access cheap debt finance for setting up solar power projects. Drive an electric car? Complete one of our short surveys for our next electric car report. Keep up to date with all the hottest cleantech news by subscribing to our (free) cleantech newsletter, or keep an eye on sector-specific news by getting our (also free) solar energy newsletter, electric vehicle newsletter, or wind energy newsletter.
News Article | January 18, 2016
India’s plans to implement ultra mega solar power projects has received a major boost following a commitment from the International Finance Corporation. The International Finance Corporation (IFC) has signed an agreement with the government of the state of Madhya Pradesh in India to set up a 750 MW solar PV power plant — expected to be among the first ultra mega solar power projects to be commissioned in India. The IFC will extend its global expertise to structure and implement the transaction to help attract private investments of about $750 million. IFC’s work on this project will be supported by its partnership with Australia’s Department of Foreign Trade. The government of Madhya Pradesh has already approved the project following which the process of land acquisition was initiated. The project is expected to required a total investment of around $500-600 million as per the current capital cost requirements. In 2014, the IFC stated that it was ready to provide debt finance for the project. The Solar Energy Corporation of India (SECI) is expected to float tender for the project soon. The SECI is working on around 2 dozen ultra mega solar power projects which will have installed capacity of up to 4 GW each. Get CleanTechnica’s 1st (completely free) electric car report → “Electric Cars: What Early Adopters & First Followers Want.” Come attend CleanTechnica’s 1st “Cleantech Revolution Tour” event → in Berlin, Germany, April 9–10. Keep up to date with all the hottest cleantech news by subscribing to our (free) cleantech newsletter, or keep an eye on sector-specific news by getting our (also free) solar energy newsletter, electric vehicle newsletter, or wind energy newsletter.
News Article | August 23, 2016
In 2009, Wandee Khunchornyakong, an enterprising woman in Thailand, wanted to find out how to add renewable solar power to her local electrical grid. She went to a government office to find out more information. There, she found permits for solar installations just begging for people to take advantage of them. She picked one up but a government clerk told her, “Please, take more. No one wants them.” So she did. When she left the office, she took almost three dozen solar permits with her. Having permits is one thing. Finding the money to build solar power installations is quite another. She was turned down for financing by local banks repeatedly. 7 years ago, Thailand had almost no solar power. The technology was new and untested. Traditional lenders were afraid to invest in something they knew little about. Undaunted, Khunchornyakong made contact with International Finance Corporation, an arm of the World Bank. IFC recognized the power of her dream of bringing renewable energy to the sunny, rural areas of northeast Thailand and agreed to provide the financing she needed to get started. Beginning in 2010, IFC invested $15.8 million in Solar Power Company, the company started by Khunchornyakong. The money was used to construct 3 solar farms with a capacity of 18 megawatts. That investment sent a powerful signal to other lenders, who soon agreed to provide another $800 million in financing. By 2014, Solar Power Company had 36 solar installations with a combined capacity of 260 megawatts. Thailand generates most of its electricity by burning natural gas. It is anxious to transition away from using fossil fuels and increase the amount of energy it gets from renewable sources. Today, the private sector is promising to invest $2 billion in solar power over the next 5 years. Thailand plans to increase solar energy production to 6,000 megawatts by 2036. That would represent 9% of its total electricity needs, compared with just 4% in 2014. Since 2010, Solar Power Corporation has created 20,000 local jobs and is one of the largest providers of solar power in Thailand. It is now contemplating expansion into Myanmar and the Philippines. For her role in bringing solar power to Thailand, Wandee Khunchornyakong was awarded the 2014 United Nations’ Momentum for Change award for her innovative efforts to address both the climate change and wider economic, social, and environmental challenges. She hopes her efforts will encourage other nations to consider investing in solar power to transform their societies by using clean renewable solar power instead of fossil fuels for their electrical needs. Drive an electric car? Complete one of our short surveys for our next electric car report. Keep up to date with all the hottest cleantech news by subscribing to our (free) cleantech newsletter, or keep an eye on sector-specific news by getting our (also free) solar energy newsletter, electric vehicle newsletter, or wind energy newsletter.
News Article | January 28, 2016
Egypt is set to start raising funds for an ambitious wind energy project that will result in setting up of 2 GW of operational capacity. The New and Renewable Energy Authority (NREA) has announced that it is at the final stage of negotiations to raise €180 million for a large-scale wind energy program. The project will have a final installed capacity of 2 GW and will be set up by German company Siemens. The first phase of this program will cover 180 MW capacity and is expected to require a total investment of €2 billion. The 2 GW wind energy capacity of the entire program shall be distributed across twelve wind projects. Siemens is expected to commission the entire capacity by 2022, supplying around 600 turbines, and investing €100 million to develop a manufacturing facility to product equipment for turbines worth 340 MW capacity every year. The NREA is in talks with several financial institutions and banks including the National Bank of Egypt (NBE), the Commercial International Bank (CIB), Banque Misr, Audi, Emirates NBD, International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), the German Development Bank (KfW), and the African Development Bank (AfDB). The European Bank for Reconstruction and Development has allocated several million dollars for the development of renewable energy projects. The French Development Agency Group also announced that it would provide €60 million for the development of renewable energy projects, having signed an agreement with Egypt’s Commercial International Bank for this purpose. Egypt plans to add 2 GW wind energy capacity by 2022; this part of the 4.3 GW renewable energy capacity addition by the same year. Get CleanTechnica’s 1st (completely free) electric car report → “Electric Cars: What Early Adopters & First Followers Want.” Come attend CleanTechnica’s 1st “Cleantech Revolution Tour” event → in Berlin, Germany, April 9–10. Keep up to date with all the hottest cleantech news by subscribing to our (free) cleantech newsletter, or keep an eye on sector-specific news by getting our (also free) solar energy newsletter, electric vehicle newsletter, or wind energy newsletter.
News Article | August 26, 2016
The International Finance Corporation (IFC), in cooperation with the Government of Canada and the Clean Technology Fund, will invest $161 million in three biomass power plants in the Philippines.