The Asian Development Bank (ADB) is providing a roughly US$40 million project financing package for Vena Energy, formerly Equis Energy, to build four solar plants in eastern Indonesia, which are said to be the Southeast Asian country’s first utility-scale PV plants.
A nation made up of thousands of small islands should be a blessing to any off-grid renewable energy firm, but poor access to upfront financing makes Indonesia a tougher proposition than one would expect. To discuss the market, PV Tech caught up with Verania Andria, associate director, community renewable energy, Millennium Challenge Account Indonesia, which focuses on financing off-grid renewables in Indonesia with grant funding.
The International Solar Alliance (ISA) is starting to make tangible progress after several countries agreed to support commissioning of a study on a common risk mitigation mechanism (CRMM) for PV generation.
Amaranto has launched an investment vehicle dedicated to acquiring PV projects in India and has secured exclusive rights to purchase a 110MW solar project in the West of the country for around US$80 million.
India needs to pick up the pace of its solar tendering to stay in touch with its ambitious targets, but recent low bids have caused widespread reworking of state tenders, according to consultancy firm Mercom Capital Group.
Indian renewable energy firm Greenko Energy Holdings has raised US$155 million in equity from an affiliate of global investment firm GIC and a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA).
Despite India tripling solar deployments to reach 10GW in less than three years, the country's ultimate target of 100GW by 2022 will be extremely difficult without better enforcement of the Renewable Purchase Obligation (RPO), according to Mercom Capital Group’s latest market intelligence report.