India’s Renewable Sector in April

The month saw the industry grappling with the coronavirus crisis and planning to reopen

The month of April witnessed several important events that might have a significant impact on the renewable energy sector going forward. Here are some of the important developments in April.

The central government appointed Indu Shekhar Chaturvedi as the new secretary of MNRE. Chaturvedi will replace Anand Kumar, who will now be the secretary of the Ministry of Culture.

The Reserve Bank of India announced the second round of monetary measures to help boost the economy, which has come to a standstill during the lockdown. Fixed reverse repo rate under the liquidity adjustment facility (LAF) had been reduced by 25 basis points (bps) from 4% to 3.75% with immediate effect. However, the policy repo rate remains unchanged at 4.40% and the bank rate remain unchanged at 4.65%.

Mercom reported that wind power installations in India rose to 2.07 GW in the financial year 2019-20, a 31% increase from last year. The cumulative installations stood at 37.69 GW . Wind power represents 10.1% of the total installed power capacity in India as of Q1 2020.

As per the data from the Central Energy Authority (CEA), and the MNRE, Mercom also reported that the share of renewable energy (including large hydro) in India’s overall power generation mix rose marginally to 36.2% at the end of the first quarter of 2020, from 35.9% at the end of the calendar year 2019.

News from Corporate

MYSUN, a Delhi-based technology platform for rooftop solar energy solutions, raise ₹320 million (~$4.2 million) from its existing investors in a structured equity deal.

Adani Power Limited (APL), India’s largest private power generator, reported that its consolidated loss after tax widened to ₹22.75 billion (₹301.1 million) in the financial year 2019-20, up significantly (around 131%) from ₹9.84 billion (~$130.2 million) the previous year.

SP Infra, a part of the Shapoorji Pallonji Group and KKR, a global investment firm, signed an agreement under which the SP Infra will sell five of its operational solar energy assets to KKR for ₹15.54 billion (~$204 million). The portfolio comprises 169 MW of solar assets in Maharashtra and 148 MW in Tamil Nadu, totaling 317 MW capacity.

AleaSoft, a Barcelona- based energy forecasting solutions company, announced that it has collaborated with the Power Grid Corporation of India Limited as a provider of solar and wind energy forecasting.

Tata Power announced that its wholly-owned subsidiary Khopoli completed the sale of the company’s entire stake in Cennergi Private Limited to Exxaro Resources Limited for ZAR 1,550 million (~$84.25 million) and normal working capital and other adjustments. Cennergi Private Limited was a 50:50 joint venture between Exxaro, a coal producer in South Africa, and Khopoli, a 100% subsidiary of Tata Power.

Leave a Comment

Your email address will not be published. Required fields are marked *