Daily News Wrap-Up: SBI Partners with Tata Power to Finance Solar Projects

The Philippines releases tender to deploy 2 GW of renewable energy capacity across three main power territories


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

State Bank of India (SBI) launched a dedicated centralized processing cell – ‘Surya Shakti Cell,’ in partnership with Tata Power Solar Systems, for financing solar projects. Surya Shakti Cell will process all the loan applications for solar projects of up to 1 MW capacity sourced from India. The loans will be for both business entities as well as households. SBI claims the entire ecosystem has been set up to ensure that the customers get all necessary support and guidance to choose the right equipment, resolve technical issues at their doorsteps and get expeditious approvals of their loans at competitive rates.

The Philippines released a tender to deploy 2 GW of renewable energy capacity across three main power territories. According to the auction notice, the country seeks to install new capacity on Luzon, Visayas, and Mindanao islands. The target for the three regions is 1.4 GW, 400 MW, and 200 MW, respectively. Solar photovoltaic (PV) projects bids are to be accepted for a combined capacity of 1.26 GW. Proposals for 380 MW of wind power capacity are awaited in Luzon and Visayas, while 230 MW will be allocated to biomass projects in the three territories. An additional 130 MW is available for hydropower schemes in Luzon and Mindanao.

The Ministry of Power issued a clarification regarding the use of energy storage systems (ESS) in various applications in the power sector. The clarifications state that ESS can be utilized either on a standalone basis or complementarity with the generation, transmission, and distribution. ESS shall be accorded status based on its application area, i.e., generation, transmission, and distribution. The owner of the ESS may use part or whole of the storage space himself to buy and store electricity and sell the stored electricity at a later date. A standalone ESS will be granted connectivity under the Electricity (Transmission System Planning, Development, and Recovery of Inter-State Transmission Charges) Rules 2021. ESS can be developed, owned, leased, or operated by a generating company, transmission licensee, distribution licensee, system operator, or standalone energy storage service provider.

NTPC Vidyut Vyapar Nigam (NVVN), a wholly-owned subsidiary of NTPC, acquired a 5% equity stake in Power Exchange of India (PXIL). NVVN has purchased these shares from National Stock Exchange (NSE) Investment, a co-promoter shareholder of PXIL. NVVN’s acquisition of an equity stake in PXIL is a strategic opportunity for NVVN to achieve and maintain a leadership position in the rapidly changing power trading market. NVVN was formed by NTPC in 2002 as its 100% subsidiary to tap the potential of power trading in the country. NVVN holds the highest Category ‘I’ power trading license in the latest CERC regulations. PXIL is India’s first institutionally promoted power exchange and is promoted by NSE Investment and National Commodity & Derivatives Exchange Limited (NCDEX).

The European Investment Bank (EIB) and the Kingdom of Bhutan ratified the Country Framework Agreement allowing EIB to start operations in the Kingdom. The EIB operations in Bhutan will significantly expand the existing EU economic support for the country, especially on climate action, climate resilience, and energy efficiency. The EIB will provide long-term financing advisory support and blend EU grants for projects to support these goals and contribute to the Bhutanese economy’s long-term sustainability, resilience, and competitiveness. Country framework agreements are the critical precondition for starting EIB operations in countries outside the European Union.