In a significant move to accelerate India’s renewable energy capacity, the government has introduced several initiatives to expedite pumped storage projects commissioning. To streamline the concurrence process for hydro pumped storage projects, Central Electricity Authority (CEA) has recently revamped the approval process for detailed project reports of these projects. Several key measures have been implemented to expedite clearances, including establishing a Single Window Clearance Cell by the CEA.

Electric Vehicle financing platform for individuals, Revfin, raised $5 million in funding from the United States International Development Finance Corporation (DFC) intending to promote inclusive financing for EV adoption across India. The strategic investment, made under DFC’s portfolio for impact and innovation, will help Revfin finance two million electric vehicles over the next five years.

Access to finance is vital for solar developers who fall under Micro, Small, and Medium Enterprises (MSME) to invest in infrastructure, technology, research, and development and expand their operations. While the government has tried to support MSMEs operating in the solar industry with certain initiatives, small developers are still beset by the challenge of demanding collateral prerequisites and lengthy loan processing timelines.

The Modernisation Fund of the European Union has disbursed €2.4 billion (~$2.6 billion) to finance 31 projects in seven beneficiary member countries to support the modernization of energy systems, reduction of greenhouse gas emissions in energy, industry, and transport, and improvement of energy efficiency. The disbursement of funds was made possible through revenues generated by the European Emissions Trading System. The projects selected for funding showcase the diverse range of initiatives prioritized by the beneficiary countries.

Net-zero investment firm Just Climate raised $1.5 billion for its debut Climate Assets Fund I, exceeding its $1 billion target, which will be invested in decarbonization solutions for industries across the globe. The fund is designed to pursue investments in growth-stage, asset-heavy companies globally which have the potential to deliver transformational climate impact across some of the highest-emitting, hard-to-abate industries— including energy, mobility, industry, and buildings.

The number of electric vehicles is set to exceed 100 million by 2026 and reach 700 million by 2040, according to the latest report by BloombergNEF. These estimates represent a significant surge from the 27 million EVs registered at the beginning of this year. The electrification trend rapidly expands across all road transport sectors, encompassing vehicles ranging from rickshaws to heavy trucks. Notably, emerging economies such as India, Thailand, and Indonesia are witnessing a notable uptick in EV adoption.

Tata Power Renewable Energy (TPREL), the renewable arm of Tata Power, has received a letter of award to set up 966 MW of round-the-clock (RTC) solar-wind hybrid power project for Tata Steel across select steel plants in India. The project, with 379 MW of solar and 587 MW of wind power, is scheduled to be commissioned on June 1, 2025. The RTC power purchase agreement will be executed under the group captive segment, with Tata Steel investing 26% equity in the project. TPREL will set up the project through its subsidiary TP Vardhaman Surya, the company said in a statement.