Daily News Wrap-Up: India’s Solar Module Exports Surge

IREDA granted infrastructure finance company status by RBI

March 15, 2023


India’s solar module exports witnessed an unprecedented surge in 2022, recording a 321% hike year-over-year, totaling $561.6 million. It was primarily driven by demand from the United States, which accounted for over 95% of the shipments. The emergence of the U.S. as the primary market for Indian solar modules is because of sanctions imposed by the United States on Chinese imports, triggered by the implementation of the Uyghur Forced Labor Prevention Act.

Government-owned lender, Indian Renewable Energy Development Agency (IREDA) has been granted an ‘Infrastructure Finance Company (IFC) status by the Reserve Bank of India, enabling better exposure to renewable energy sector financing. The IFC status is expected to help the non-banking financial company (NBFC) achieve competitive fundraising rates by providing access to a broader investor base. IREDA was previously classified as an ‘Investment and Credit Company.’

Himachal Pradesh Power Corporation has invited bids to install and commission a 10 MW solar project at Aghlor in the Una district. The successful bidder will also operate and maintain the project for eight years. The last date to submit the bids is April 10, 2023. Bids will be opened on the same day. Bidders must submit ₹13 million (~$158,246) as an earnest money deposit.

Tata Power Renewable Energy, a subsidiary of Tata Power, signed a power purchase agreement (PPA) with Tata Power Delhi Distribution, a joint venture between Tata Power and the government of Delhi, for supplying 510 MW of wind-solar hybrid power. The PPA comprises 170 MW of solar and 340 MW of wind power. Located in Karnataka, it is one of the largest hybrid projects in the country and is expected to be commissioned within 24 months from the PPA execution date.

A typical household in Germany, Spain, and Italy saved over €2,800 (~$3,000) on their energy bills by installing the combination of a 7-8 kW solar photovoltaic (PV) system with electricity-based heat pumps, a recent report released by SolarPower Europe, a member-led association for the European solar PV sector said. Italy tops the three European countries as individual homes saved €3,766 (~$4,030.6) last year. It was followed by Germany, where a typical household saved €3,614 (~$3,867.8), and Spain, where each household saved around €2,831 (~$3,029.8), the report said.

NTPC Renewable Energy, a wholly-owned subsidiary of NTPC, has invited bids to enlist technical consultants for green ammonia feasibility studies. The scope of work includes feasibility studies to assess requirements for green ammonia projects, including capital expenditure, operational expenditure, and gestation period. The consultant is also expected to determine the optimum levelized cost of green ammonia. The last date to submit the bids is April 7, 2023. Bids will be opened on April 10.

Researchers at the Dresden University of Technology have transformed single-cell algae into functional perovskite materials by converting mineral shells into lead halide perovskites with tunable physical properties. The new perovskites have unique nano-architectures and crystal properties from algae, taking advantage of years of evolution of the single-celled organisms. The method developed by the team can be scaled up, opening up the possibility for the industry to take advantage of algae and numerous other calcite-forming single-celled organisms to produce functional materials with unique shapes and crystallographic properties.

Signaling a thaw in U.S.-EU relations on clean energy, the two sides have agreed on immediately beginning negotiations on an agreement on critical minerals used in the electric vehicle battery supply chain. After a meeting between U.S. President Joe Biden and his EU counterpart Ursula von der Leyen in Washington last week, they issued a joint statement committing to deepening cooperation on diversifying and strengthening critical mineral and battery supply chains on both sides of the Atlantic.