Daily News Wrap-Up: India Offers $100 Million Credit Line to Sri Lanka for Solar Expansion

Tata Motors and Tata Power inaugurate India's largest solar carport at their auto plant in Pune


Here are some noteworthy cleantech announcements of the day from around the world:

India has extended a Line of Credit (LOC) of $100 million to Sri Lanka to finance projects in the solar sector. A LOC agreement in this regard was signed between the Sri Lankan government and the Export-Import (Exim) Bank of India. With the signing of the latest LOC agreement, Exim Bank, to date, has extended nine LOC pacts to the Sri Lankan government on behalf of the Government of India, taking the total value of LOCs extended to $1.68 billion. Projects covered under the LOCs extended to Sri Lanka include the supply of petroleum products, railway projects, defense and infrastructure ventures.

Landsvirkjun, the National Power Company of Iceland, and the Port of Rotterdam have completed a pre-feasibility study about exporting green hydrogen from Iceland to Rotterdam. The results indicate that such a project could be technically feasible, financially attractive, and would significantly contribute to the fight against climate change as economies around the world will switch from fossil fuels to renewable energy in the coming decades. The study shows that the first such project could be realized in the second half of this decade and between 200 and 500 MW. These initial steps can contribute up to 1 metric ton CO2 reduction per year.

General Motors has increased its electric vehicle and automated vehicle investments from 2020 through 2025 to $35 billion, representing a 75% increase from its initial numbers announced before the pandemic. This would include capital, engineering expenses, and other development costs. In November 2020, the company increased its planned investment over the same period to $27 billion.

The technology group Wärtsilä has pledged its support for a co-programmed partnership between the European Commission and the Waterborne Technology Platform. The partnership aims to look for zero-emission solutions for all main ship types and services before 2030, enabling zero-emission waterborne transport before 2050. An agreement for the partnership is to be signed during the European Research and Innovation Days event on June 23.

Tata Motors and Tata Power have jointly inaugurated a grid-synchronized solar carport at the Tata Motors car plant in Chikhali, Pune. The 6.2 MW solar carport deployed by Tata Power will generate 8,640 MWh of electricity per year. The project is expected to reduce 7,000 tons of carbon emissions annually and 160,000 tons over its lifecycle. Spanning over 30,000 square meters, the carport was envisioned as part of Tata Motors’ net-zero carbon goal for 2039. On August 31, 2020, Tata Motors had entered into a power purchase agreement with Tata Power to commission the solar carport, which is reportedly India’s largest such facility.

The Africa Renewable Energy Fund II has achieved its first close at €125 million (~$149.31 million), following a joint investment of €17.5 million (~$20.76 million) from the Sustainable Energy Fund for Africa and the Climate Technology Fund through the African Development Bank. The Africa Renewable Energy Fund II, managed by Berkeley Energy, invests in early-stage renewable energy projects, thereby de-risking the most uncertain phase of power projects and promoting increased green baseload in Africa’s generation mix.

The International Finance Corporation, the private sector arm of the World Bank Group, and the Rockefeller Foundation (RF) announced a new partnership that aims to deploy $150 million of RF’s catalytic capital in blended finance. The program aims to mobilize up to $2 billion of private sector investment in distributed renewable energy solutions. The collaboration will prioritize countries in sub-Saharan Africa, where 70% of households are unelectrified.

Srinwanti is a copy editor at Mercom India, where she writes and edits news stories across the clean energy spectrum. Prior to Mercom, she has worked in book publishing at Macmillan Publishing House and Integra and honed her editorial and writing skills in both online and print media such as Reuters, Times Group Books, The Times of India, and Pune Mirror, covering local to international stories. More articles from Srinwanti Das.