Flickr: Sanyam Bhagha
The Overseas Private Investment Corporation (OPIC), the US Government’s development finance institution, will provide US$74 million to Indian energy firm ReNew Power Ventures for a 100MW solar farm in the Indian state of Telangana.
This is the first project to go ahead under the US$250 million financing facility between OPIC and ReNew, known as the ReNew Master Financing Facility, which was announced in March. It will be used for the development, construction and operation of 400MW of separate PV projects under India’s National Solar Mission (NSM). The aim is to accelerate the timeline for financing new renewable energy projects.
Back in March, Sumant Sinha, chairman and chief executive of ReNew Power said: "ReNew Power will have an edge in the solar competitive bidding scenario through this long-term OPIC facility.”
OPIC mobilizes private capital to help address critical development challenges, often helping US businesses to enter emerging markets, but in this case it is helping an Indian firm.
OPIC president and chief executive Elizabeth Littlefield said: “In India, outdoor air pollution is an ever growing public health concern. OPIC’s partnership with ReNew Power Ventures will have a transformative impact by helping India both reduce its emissions and increase energy capacity in the country through a diversified power generation mix. OPIC is committed to assisting India in its transition to a low carbon economy by investing in clean energy projects.”
Earlier this month, reports emerged that Indian government and three of its state-run companies are setting up a US$2 billion equity fund to help renewable energy companies meet the country's ambitious targets.
On Monday consultancy firm Bridge to India explained how India's sudden crackdown on black money is unlikely to affect solar, but a lack of due diligence from lenders may be allowing other malpractice to thrive.
Jun 15 - Jun 16, 2021
Looking at the drivers and dynamics of utility scale solar in the UK & Ireland over the next five years. This event will consider the immediate challenges as we enter the build phase in both these markets where we could see as much as 4GW deployed in 2021 alone! What developments will continue the growth of 100MW+ sites and what impact will government policy have on the rate of deployment in both markets?Join leading developers and manufacturers shaping the direction of one of Europe’s most active markets and hear from speakers with a history of influencing innovation and change.
Feb 03 - Feb 04, 2021
The business of solar is changing, as the industry scales up, technology, IT and new players to the market will add complexity. This sparks a host of opportunities such as co-location of solar and storage and the rise of unsubsidised solar projects as well as challenges which will question the very business model of European solar asset owners. Solar Finance & Investment Europe is the meeting place for institutional investors, sovereign wealth funds, solar, wind and storage funds and large energy buyers to do business.