IDFC Alternatives’ India Infrastructure Fund II (IIF II), through its wholly-owned subsidiary Vector Green Energy, has entered into definitive agreements with First Solar Power India and its affiliates to acquire seven operating solar projects with a total capacity of 190 MW for approximately $300 million (~₹19.3 billion) in an undisclosed deal. The projects are located in the Indian states of Andhra Pradesh and Telangana.
Azure Power, an Indian solar power producer, will issue and raise about $500 million (~₹32 billion) from the sale of bonds to overseas investors.
The National Thermal Power Corporation (NTPC) will develop 20 electric vehicle (EV) charging stations at different locations in the national capital region.
Heavy Engineering Corporation Limited (HEC) is planning on setting up an integrated ‘State-of-the Art’ Solar Business Unit for the manufacture of solar photovoltaic (PV) modules that includes solar cells and wafers.
Solar tenders and auctions in India slowed substantially in August.
IDFC Alternatives, through its India Infrastructure Fund II, raised ₹2.5 billion (~$39 million) through the sale of non-convertible debentures.
IBC Solar raised approximately ₹980 million (~$15.3 million) in debt financing for a 20 MW solar project in Odisha from L&T Infrastructure Finance.
The board of Websol Energy System Limited has approved plans to expand the company’s cell line capacity by 100 MW and grow its module line capacity by 150 MW.
After a long lull, domestic content requirement (DCR) tendering activity has picked up in India’s solar sector.
Bharat Heavy Electricals Limited (BHEL), an Indian engineering, procurement, and construction firm, is looking to form a joint venture (JV) partnership with a battery energy storage system (BESS) manufacturer.
The International Finance Corporation (IFC), a member of the World Bank Group, will provide a $50 million (~₹3.2 billion) loan to Arinsun Clean Energy, a subsidiary of Solenergi Power Private Ltd. (SPPL), backed by Actis, to develop a 250 MW solar project in the Rewa Solar Park in Madhya Pradesh.
The Rural Electrification Corporation (REC), a public-sector unit of the government of India involved in financing all segments of the power sector, has provided a ₹130 billion (~$2 billion) loan to Maharashtra State Power Generation Co. Ltd. (MAHAGENCO).
Sembcorp Industries, an energy, water, and marine group operating worldwide, through its wholly-owned subsidiary Sembcorp Utilities, has entered into an agreement to acquire the remaining 28 percent stake in Sembcorp Green Infra (SGI), a wind and solar project developer, from IDFC Private Equity Fund III (IDFC)’s for ₹14.1 billion (~$220.2 million).
Mitsui & Co., a Japanese trading house, said it plans to develop small-scale solar projects in India by investing $9.11 million (~₹582 million) in OMC Power, a rural power company that finances, builds, and operates small solar power projects with mini-grid distribution.
Tata Power and Adani led solar project development in India during the second quarter of 2017.
The Indian solar market added 1,869 MW in the second quarter of 2017, bringing total installations in the first half of the year to 4,765 MW.
For the first time in years, the average selling price (ASP) for Chinese modules has begun to increase in India after, despite falling by approximately 5 percent during Q2 2017.