India ROUND-UP: Sungrow Kolkata office, Open Access nears 2.9GW, KfW €200m loan

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Sungrow launching its new office in Kolkata. Credit: Sungrow - LinkedIn

Sungrow opens Kolkata office

14 August: Chinese PV inverter manufacturer Sungrow has opened a new office in Kolkata, India.

The company said the decision to expand its presence in Kolkata was a logical step in its business growth strategy.

Sungrow recently opened a new 3GW plant in Bengaluru that will produce both central and string inverters for customers in India and beyond. India is already a strong market for the company, which claims to have had 2GW of its inverters installed in the last two years.

Indian Open Access solar market nears 2.9GW

14 August: The total open access solar capacity in India is currently at around 2,894MW, accounting for 12% of overall solar capacity in the country, according to a new report by consultancy firm Bridge to India.

The open access opportunity is highly attractive for commercial and industrial (C&I) customers in India, who tend to pay high electricity prices from the grid and who account for 51% of total power consumed in the country.

Bridge to India stated in summary of its ‘India Solar Open Access Market 2018’ report that “several leading players have entered the market in anticipation of high growth, but the market also faces difficult policy environment and resistance from power utilities”.

KfW offers €200 million financing for Indian renewables

13 August: German development bank KfW is to provide a €200 million loan to Indian entity Rural Electrification Corporate Limited (REC) to help it provide low-interest loans for 200MW of solar and wind energy production.

These loans will be supplemented by counterpart contributions of up to 30% from the borrowers as well as contributions from other banks under syndicate financing packages.

The overall investment is expected to eventually amount to some €285 million. A complementary measure will also see REC receiving a financial grant of €1 million for implementing an environmental and social management solution, which will significantly improve standards in the Indian energy sector.

KfW has previously provided a €200 million loan to India’s Energy Efficiency Services Limited (EESL) to increase energy efficiency in households, industry and agriculture.

Read Next

January 25, 2022
Indian PV encapsulant and backsheet manufacturer RenewSys has brought its encapsulant production capacity up to 3GW with the commissioning of a new line in Bengaluru, India, with the company eventually targeting 11GW of capacity through a “phased manner”.
January 21, 2022
India is at risk of a supply and demand mismatch for solar equipment if domestic PV manufacturers are unable to meet the quantity and quality required by project developers, Fitch Solutions has warned.
January 19, 2022
Chinese inverter manufacturer Sungrow has launched its new "1+X" central modular inverter with an output of 1.1MW at the World Future Energy Summit in Abu Dhabi.
January 13, 2022
Reliance Industries has signed a Memorandum of Understanding (MoU) with the government of Gujarat for a total investment of INR5.955 lakh crore (US$80 billion) over 10-15 years to establish 100GW of renewables and set up green technology manufacturing facilities in the state.
January 10, 2022
Indian renewables company ReNew Energy Global Plc’s wholly owned subsidiary India Clean Energy Holdings has raised US$400 million through a green bond sale that will be used to support the company’s growth strategy and “refinance existing high-cost debt”.
January 10, 2022
Indian conglomerate Adani Group has set up a new subsidiary focused on areas including manufacturing solar equipment and producing green hydrogen.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal
Solar Media Events
April 25, 2022
Berlin, Germany