Daily News Wrap-Up: KfW to Fund €142 Million for Energy Reform Program in Madhya Pradesh
SJVN and DVC ink MoU for floating solar projects
Here are some noteworthy cleantech announcements of the day from around the world:
The Government of India and the German Development Bank Kreditanstalt für Wiederaufbau (KfW) signed agreements for a €140 million (~$158.63 million) reduced interest loan and €2 million (~$2.27 million) grant for an energy reform program in Madhya Pradesh. The project comprises implementing smart meters and advanced metering infrastructure and separating agriculture and non-agriculture feeders. The project will contribute to a more stable, secure, climate, and environmentally friendly energy supply in India by upgrading and strengthening distribution networks in Madhya Pradesh. It will contribute to an effective, technically, economically efficient, and socially and ecologically sustainable energy supply.
The European Commission approved a €900 million (~1.01 billion) German program to support investments in renewable hydrogen production in non-European Union (EU) countries. The hydrogen produced will be imported and sold in the EU. Christened ‘H2Global’, the program aims to meet the EU demand for renewable hydrogen that is expected to significantly increase in the coming years. The program will run for ten years and be managed and implemented by a special-purpose entity named HINT.CO. The aid will be awarded through competitive tenders.
China-based solar inverter manufacturer Sungrow supplied 2.8 MW of its commercial & industrial (C&I) PV inverter solutions to over 40 buildings, including the Thematic Districts Buildings, Al Wasl Plaza Parcel Buildings, and France Pavilion at Expo 2020 Dubai. The 2.8 MW project can generate 630,000 kWh of clean electricity per month. The string inverter solution Sungrow supplied ranges from 36 kW to 110 kW, enabling a high-power generating yield despite the impact of shade. The high protection capability makes the inverter robust in the Middle East, vulnerable to extreme heat.
Financial services provider Lloyd’s has launched a new renewable energy consortium to respond to the growing needs of the APAC region. Developed by the Lloyd’s Asia platform, the consortium pools underwriting expertise and capacity among the participating syndicates for renewable energy risks and is positioned to capitalize on the growth opportunities seen in this sector, such as onshore construction, as well as the operational risks of solar and wind energy projects. The consortium has been developed by Chaucer, Markel, and Munich Re Syndicate Ltd (MRSL) and has a maximum working capacity of $100 million per project.
SJVN Limited has inked a memorandum of understanding with Damodar Valley Corporation (DVC) to harness potential solar energy of about 2 GW available under the DVC command area. SJVN and DVC will jointly identify suitable water bodies and available land under the SJVN and DVC command area for setting up renewable power projects. SJVN and DVC will explore the formation of a joint venture company to develop renewable energy projects at different locations within the command areas of SJVN and DVC. DVC has large water bodies under its management, which can be harnessed for solar power by setting up floating solar projects.