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New Delhi, India

Ministry of New and Renewable Energy or MNRE is a ministry of Government of India. The ministry is currently headed by Piyush Goyal, a Cabinet Minister. The ministry was established as the Ministry of Non-Conventional Energy Sources in 1992. It adopted its current name in October 2006.The Ministry is mainly responsible for research and development, intellectual property protection, and international cooperation, promotion, and coordination in renewable energy sources such as wind power, small hydro, biogas, and solar power. The broad aim of the Ministry is to develop and deploy new and renewable energy for supplementing the energy requirements of India.The ministry is headquartered in Lodhi Road, New Delhi. According to the Ministry's 2012-2013 annual report, India has made significant advances in several renewable energy sectors which include, Solar energy, Wind power, and Hydroelectricity. Wikipedia.


News Article | April 25, 2016
Site: http://cleantechnica.com

Indian public sector companies could soon unleash a flurry of green bonds with a target to raise funding to expand the renewable energy infrastructure in the country. The long list of Indian companies planning rupee-denominated green bonds include Power Finance Corporation, NTPC, Neyveli Lignite, PTC India, and Rural Electrification Corporation. The masala bonds (as rupee-denominated bonds are commonly referred) will be listed in the UK, possibly on the London Stock Exchange. Piyush Goyal, Minister of Power, said that these bonds are likely to have small sizes of $150-200 million, and have tenors of 5 to 7 years. India has set a target of having an installed renewable energy capacity of 175 GW by March 2022, including 100 GW of solar power and 75 GW of wind energy capacity. Understandably, such a huge target will require monumental funding efforts. As a result, the Indian government has directed public sector companies to raise funds through green bonds. Indian companies can raise funding at very cheap rates compared to the prevailing interest rates in the country, despite the recent fall in rates. Several Indian banks are also expected to raise funding through green bonds. The Ministry of New and Renewable Energy 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 ($4.4 billion) has already been disbursed. Banks and financial institutions have committed to provide finance for 76,352 MW of renewable energy capacity. The total amount committed by the 40 participating entities was Rs 382,255 crore (US$57.2 billion).   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 | March 4, 2016
Site: http://cleantechnica.com

Buoyed by the sharp increase in solar power capacity addition in FY2015–2016, the Indian Government has set ambitious capacity addition targets for FY2016–2017 as well. The Ministry of New and Renewable Energy (MNRE) communicated the targets for the coming financial year in the annual union budget proposal tabled in the Parliament on 29 February. MNRE plans to add 12 GW of solar power capacity between April 2016 and March 2017. This is a massive target when compared to the target set for FY2015–2016 of just 1.4 GW. The new target is higher than the earlier estimates of the MNRE. In October, a document released by the ministry suggested that around 10.8 GW of solar power capacity could be added in FY2016–2017. The Ministry estimated that a total of 9,244 MW solar power capacity may be added under the central government policies, while 1,615 MW capacity may be added under the state solar power policies. For FY2015–2016, the solar power capacity addition target has been set at 1,400 MW, with 1,489 MW capacity having already been added by 31 January 2016. The ministry expected to add 4.3 GW capacity in FY2015–2016 so any shortfall may see installation in FY2016-17, and thus the increase target. Wind energy capacity addition target for FY2016–2017 has been set at 4.1 GW, compared to 2.4 GW in FY2015–2016. Some may call the target to be ambitious, especially since the government is set to limit a crucial financial incentive for wind energy project developers. Against the wind energy target of 2.4 GW in FY2015–2016 just 1.7 GW was added until 31 January 2016. However, there remains a healthy pipeline of projects under developments across the various states.   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 | January 29, 2016
Site: http://cleantechnica.com

Foreign interest in India’s budding renewable energy market continues to increase with new companies looking to set up large-scale projects in the country. Recently, the government of the state of Madhya Pradesh recently signed a memorandum of understanding with Singapore-based Sembcorp Green Infra for the development of 1 GW wind energy capacity. The Ministry of New and Renewable Energy has signed the agreement with the company on behalf of the state government. While the details of the agreement or the timeline of its implementation are not known, the size of the capacity addition is expected to be huge. Madhya Pradesh is among the leading states in terms of installed wind energy capacity in India and is expected to see significant growth in its installed capacity over the next few years. According to the Ministry of New & Renewable Energy of the central government, Madhya Pradesh may add 6.2 GW of wind energy capacity as its contribution to the 60 GW installed wind energy capacity target for 2022. The improved policy and economic environment in India has attracted several international investors to the renewable energy market. The likes of Goldman Sachs, GE Energy Financial Services, Global Environment Fund, and Abu Dhabi Investment Authority have invested in Indian renewable energy companies over the last few months.   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 | April 12, 2016
Site: http://cleantechnica.com

Consultancy firm Bridge to India has raised concerns over the future of India’s solar market, and whether the funds necessary to build the massive GW-targets will be accessible. In a recent piece published on its website, Bridge to India posited that the question of whether the India solar market is “running on fumes.” Specifically, the Indian renewable energy consulting and knowledge services provider believes that “many developers seem to be bidding for project first and planning to raise capital later.” “The question is: will they be able to raise capital at the current tariff levels and in time to meet the stringent deadlines?” India has repeatedly been seen committing to huge GW targets, and awarding massive solar projects to developers that are making India, on the face of it, one of the most attractive places to invest in renewable energy development. Just this week, India’s Ministry of New and Renewable Energy has reaffirmed its commitment to year targets intended to meet the country’s overall goal of delivering 100 GW of grid-connected solar PV by 2022. However, Bridge to India raises three big concerns that it believes spells trouble for the country’s industry as a whole: Not only are companies such as SkyPower and SunEdison seemingly having trouble raising the capital they need, Bridge to India sees banks as being “extremely reluctant to commit debit for the recent aggressive” tariff bids. With prices possibly firming up in the next few months, and the possible impact the implementation of a GST will have on these projects, Bridge to India sees “genuine concerns about many developers’ ability to raise financing and build projects on time.” “Overall, BRIDGE TO INDIA is of the opinion that while annual capacity addition in the Indian solar sector will continue to go up over the next few years, actual capacity added will be much smaller than MNRE estimates of 12 GW and 15 GW for FY17 and FY18 respectively. We also expect tariffs to stabilize or even rise marginally from current levels to attract sufficient interest from the financing community.”   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 | April 22, 2016
Site: http://cleantechnica.com

Honoring their commitment toward providing finance to renewable energy projects, Indian banks and financial institutions have sanctioned large sums of debt finance over the last 13 months. The Ministry of New and Renewable Energy has 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 ($4.4 billion) 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. The commitments have been made by 24 public sector banks, 8 private sector banks, 4 public sector and 2 private sector financial institutions during the RE-INVEST international investors summit organized by the MNRE in February last year. The financial support offered by banks to renewable energy projects is significant, especially after several banks had sounded alarm over existing power sector loans turning into non-performing assets. India has set a target to have an installed renewable energy capacity of 175 GW by March 2022, including 100 GW of solar power capacity and 60 GW of wind energy capacity.   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.  

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