Daily News Wrap-Up: UPC-AC Energy Starts Construction of a 300 MW Solar Project

IREDA and Goa Shipyard signed an MoU to set up a rooftop solar project


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

ACEN, the listed energy platform of Ayala Group, and UPC Solar Asia Pacific commenced construction of their 300 MW(AC) (420 MWp) Masaya Solar farm. Through the joint venture (JV) company UPC-AC Energy Solar, they have developed a total of 630 MWp across India. The Masaya Solar project, located in Khandwa, Madhya Pradesh, is set to produce 691 GWh of renewable energy annually while reducing around 653,720 metric tons of carbon dioxide emissions annually. The JV company is in the process of securing a 20-year loan from the State Bank of India to fund the project with an estimated project cost of $220 million under a 75:25 debt-to-equity financing program. The company would supply power at ₹2.71 (~$0.036)/kWh fixed over a 25-year period under a power supply agreement with the Solar Energy Corporation of India.

Indian Renewable Energy Development Agency (IREDA) has signed a memorandum of understanding (MoU) with Goa Shipyard Limited to provide its techno-financial expertise to set up a rooftop solar power project. Under the MoU, IREDA will assist the company to set-up a rooftop solar project at the headquarter of the company in Vasco da Gama, Goa. It would also extend its techno-commercial expertise for environmental and social due diligence of rooftop solar and other renewable energy projects as per the global standards. With this rooftop solar project, Goa Shipyard Limited is expected to decrease its electricity expenditure and reduce its carbon footprints.

Bihar Renewable Energy Development Agency (BREDA) has issued a letter of intent to SJVN Limited to supply 200 MW of solar energy at the fixed quoted tariff of ₹3.11/kWh for 25 years. The solar projects would help SJVN assist its ambitious target of 5,000 MW of renewable energy capacity by 2023, 25,000 MW by 2030, and 50,000 MW by 2040. It would also contribute towards renewable energy capacity addition target of 500 GW by 2030 set by the Government of India.

Servotech Power Systems has signed an MoU with Smart Power India, a subsidiary of Rockefeller Foundation, intending to educate and encourage rural communities in Bihar, Uttar Pradesh, Orrisa, and Jharkhand to use solar-powered solutions. As per the MoU, the companies aim to conduct and launch various training programs, initiatives, and campaigns for dealers, distributions, and village entrepreneurs who can help promote, facilitate, establish, and commission solar infrastructure in their respective regions.

The Australian state of New South Wales set out a plan to deliver the state’s first five renewable energy zones (REZs) in the Central-West Orana, New England, South-West, Hunter-Central Cost, and Illawarra regions. The New England REZ is expected to deliver up to 8 GW of new network capacity. Central-West Orana REZ would develop up to 3 GW of new network capacity by the mid-2020s. The Central-West Orana, New England, and South-West REZ would unlock a significant pipeline of large-scale renewable energy and storage projects while supporting up to $20.7 billion of private sector investment and over 5,000 construction jobs.

Harsh Shukla is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.

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