A joint investment of £240 million has been unveiled by the UK and Indian governments to encourage investment into India’s rapidly growing energy and renewables market and deepen trading ties between the two countries.
Goldman Sachs-backed Indian renewable energy developer ReNew Power Ventures has doubled its wind and solar power generation portfolio from 1GW to 2GW in the space of 12 months.
Finnish firm Fortum has commissioned a 70MW solar PV plant in the Indian state of Rajasthan, which it won last year at what was then a record low tariff of INR4.34/kWh (US$0.067).
India’s Union Cabinet has approved the signing of a memorandum of understanding (MoU) between Indian and US bodies to cooperate on integrating utility-scale renewable energy into the grid.
The European Investment Bank (EIB) is to supply State Bank of India with a €200 million (US$214 million) 20-year loan to support €650 million of investments in five utility-scale solar PV projects in India.
The Asian Development Bank (ADB) has approved a US$175 million loan to India’s major network operator and utility Power Grid Corporation of India (Powergrid) relating to solar park transmission.
