Mahindra Susten to Develop 150 MW Open Access Renewable Power Project

BJP, Congress Bet Big on Renewables in 2024 Election Manifestos

Daily News Wrap-Up: REIL Invites Bids for 200,000 Mono PERC Solar Cells

Solar, Storage, Wind Drive 95% of US Interconnection Queues as Backlog Rises

Ahasolar Wins Consultancy Contract for 52 MW Solar Project from BPCL

REIL Invites Bids for 200,000 Mono PERC Solar Cells

Daily News Wrap-Up: MNRE Adds 4.1 GW of New Solar Module Capacity to ALMM

MNRE Adds 4.1 GW of New Solar Module Capacity to ALMM

AutoNxt Secures Pre-Series A Funding to Finance Electric Tractor Launch

Daily News Wrap-Up: REC Records Highest-Ever Loan Approvals in FY24


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="http://mercomindia.com/wp-content/uploads/2022/06/amazon_polly_37288.mp3?version=1656501894">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Here are some noteworthy cleantech announcements of the day from around the world:</p>
<p><strong>LG Electronics </strong><a href="https://www.lgcorp.com/media/release/24999" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of the South Korean EV charger solutions provider, AppleMango, jointly with GS Energy and GS Neotek.</strong> The acquisition is expected to accelerate the growth of LG’s EV charging solution business and enable the company to take advantage of future business opportunities. This strategic move, combined with LG’s expertise and wealth of experience in B2C and B2B segments, is expected to enable the company to create fully-featured charging stations boasting a user-friendly interface and real-time management. The acquisition would help LG become an integrated solutions provider, bringing together its new charger development capabilities and existing in-house-developed EV charging management system.</p>
<p><a href="https://www.prozealinfra.com/" target="_blank" rel="noopener"><strong>Prozeal Infra Engineering</strong></a><strong>, an Electric Vehicle (EV) charging infrastructure and a solar power project developer, has received a letter of award from the </strong><a href="https://www.suratmunicipal.gov.in/" target="_blank" rel="noopener"><strong>Surat Municipal Corporation</strong></a> for the supply and installation, operation, and maintenance (O&amp;M) of 25 DC fast EV chargers. The chargers will be installed at 25 locations across Surat. Chargers with a configuration of CCS 2.0 (50 kW) + CCS 2.0 (50 kW) + Type 2 AC (22 kW) will be provided as part of the tender, along with ten years of comprehensive O&amp;M. The project is estimated to be worth ₹140 million (~$1.78 million).</p>
<p><a href="https://www.oil-india.com/" target="_blank" rel="noopener"><strong>Oil India</strong></a><strong> announced that it completed the beta demo of its hydrogen-powered bus developed under its startup program SNEH (Start-up Nurturing, Enabling &amp; Handholding). </strong>The nine-meter bus is built on a 60 kW PEM (polymer electrolyte membrane) Fuel Cell engine and will power the electric drive providing a minimum range of 450 km while emitting water in the exhaust. It is intended to be used in Kaziranga, Assam, by the end of this year to promote Green Tourism.</p>
<p><strong>Bank of America </strong><a href="https://www.constellationenergy.com/newsroom/2022/Bank-of-America-Builds-on-Its-Environmental-Commitment-to-Power-Its-Operations-with-Renewable-Energy-Signs-New-Offsite-Solar-Energy-Agreement-with-Constellation.html" target="_blank" rel="noopener"><strong>announced</strong></a><strong> a 15-year, 160 MW agreement with Constellation, a U.S.-based renewable energy developer, to purchase power and project-specific renewable energy certificates (RECs).</strong> This agreement will help Bank of America power approximately 17% of its global electricity consumption with clean, renewable energy from a portion of the Mammoth Central project. The portion will be the third and final phase of the broader Mammoth Solar project, which Doral Renewables is developing in Starke and Pulaski counties in Indiana. Bank of America will receive renewable energy and RECs from Mammoth Central as part of its retail electricity supply contract with Constellation, covering locations in Delaware, Pennsylvania, and Virginia. By powering its facilities in these locations with solar energy, Bank of America is expected to reduce greenhouse gas emissions associated with its energy use by more than 95,000 metric tons annually. The agreement will begin when the project construction has been completed in late 2024. By purchasing the RECs, Bank of America is also helping facilitate the development of this project, which will provide renewable energy to the broader electric grid.</p>
<p><strong>The Kraft Heinz Company </strong><a href="https://www.businesswire.com/news/home/20220627005736/en/Kraft-Heinz-Announces-Agreement-with-Repsol-in-Company%E2%80%99s-First-Wind-Energy-Investment" target="_blank" rel="noopener"><strong>announced</strong></a><strong> a 12-year virtual power purchase agreement with Repsol, a global multi-energy company based in Madrid, Spain. </strong>The agreement is the company’s first investment in wind energy and is designed to help Kraft Heinz achieve its aspiration of procuring the majority of its electricity from renewable sources by 2025. Kraft Heinz is expected to source over 90 GWh of renewable energy annually from Repsol’s largest wind project, Delta II in Aragon, Spain – equivalent to powering approximately 90% of Kraft Heinz’s European manufacturing sites. The agreement is expected to generate enough renewable electricity to power approximately 25,000 average EU households annually at its peak.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/satish-shetty/" class="vcard author" rel="author"><span class="fn">Satish Shetty</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Satish Shetty,</strong> Associate Editor at Mercom India<br />
<a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener">More articles from Satish Shetty.</a></p>
</div>
<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener"><strong style="color: #00b451">Satish Shetty</strong></a> is an Associate Editor with Mercom India. Prior to Mercom, Satish was a multimedia news producer at Reuters, where he gained experience in digital news media. Satish has his Bachelor of Arts (B.A.) degree in Broadcast Journalism from Limkokwing University of Creative Technology, Malaysia.<br />
<a href="https://mercomindia.com/author/satish-shetty/" rel="noopener noreferrer">More articles from Satish Shetty.</a></div>
</div></div><div class="clearfix"></div></div></div>

Daily News Wrap-Up: LG Electronics Acquires AppleMango, Enters EV Charging Business

<p>From: <a href="https://mercomcapital.com/project-finance-brief-sonnedix-and-cox-energy-chile/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Sonnedix, the global solar independent power producer, and Cox Energy América, a solar energy company, </strong><a href="https://www.sonnedix.com/news/sonnedix-and-cox-energy-america-obtains-usd-120m-financing-for-160mw-sonnedix-meseta-de-los-andes-solar-pv-plant-in-chile" target="_blank" rel="noopener"><strong>closed</strong></a><strong> a $120 million financing from Sumitomo Mitsui Bank Corporation</strong> through the joint venture Sonnedix Cox Energy Chile, on which Sonnedix holds a 70%, while Cox Energy América has the remaining 30%. The financing will cover the IPP’s 160 MW development project Sonnedix Meseta de Los Andes solar PV project, in Chile. The project is located in the Valparaíso Region of Chile, in the municipalities of Calle Larga and Los Andes.</p>
<p><strong>Clearway Energy, a renewable energy project developer, </strong><a href="https://www.clearwayenergygroup.com/press-releases/clearway-completes-financing-on-its-seventh-community-solar-fund/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> more than $195 million in debt financing for its Community Solar Fund 7 – a diversified portfolio of 12 projects totaling 71 MW</strong> that will serve commercial and industrial customers and around 3,600 residential customers across Illinois and Massachusetts. For the debt financing, Fifth Third Bank and KeyBanc Capital Markets acted as Coordinating Lead Arrangers and Joint Bookrunners, while MUFG Union Bank served as Joint Lead Arranger and Joint Bookrunner for construction and term debt financing.</p>
<p><strong>Brazil&#8217;s National Development Bank has </strong><a href="https://renewablesnow.com/news/bndes-okays-financing-for-700-mw-brookfield-solar-complex-in-brazil-741879/" target="_blank" rel="noopener"><strong>approved</strong></a><strong> BRL 1.47 billion (~$278 million) in financing for the 700 MW Janauba solar complex </strong>owned by a local unit of Canada&#8217;s Brookfield Asset Management. Located in Minas Gerais state, the photovoltaic complex consists of 14 solar farms. The finance, which corresponds to 72% of the total project cost of BRL 2.04 billion (~$385 million), was given to Elera Renovaveis, formerly Brookfield Energia Renovavel.</p>
<p><strong>Distributed Solar Development, a commercial and industrial solar installation company, </strong><a href="https://www.businesswire.com/news/home/20210520005342/en/DSD-Secures-85M-in-Tax-Equity-Financing-from-Bank-of-America-to-Support-Expanding-Pipeline-of-Distributed-Generation-Solar-Through-2021/?feedref=JjAwJuNHiystnCoBq_hl-Ypx8OuIA-qqxXAfOC1go22PU1fv-fCAtwybrddq94az7dI9_69nqXXndEkzoNy31peBvhKXN8xoKDPrCnMXhC58cMd5Jhr97vTYoLZQbGkSFja_QkRbjKVqSkUPuEMBEw==" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $85 million in tax equity financing from Bank of America to support its expanding pipeline</strong> of distributed generation solar projects in the commercial and industrial market through 2021, with a sizeable portion going toward New York State Energy Development and Research Authority Value of Distributed Energy Resources assets.</p>
<p><strong>NTR, a sustainable infrastructure investor and asset manager that acquires, constructs, and manages renewable energy projects, </strong><a href="https://www.ntrplc.com/news/article/ntrs-86-mw-norra-vedbo-wind-farm-reaches-financial-close-reichmuth-infrastr" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the €115 million (~$140 million) financial close</strong> for its 86 MW Norra Vedbo wind farm located in the county of Jönköping, in Southern Sweden. Reichmuth Infrastructure II CIP joins as co-investor into the project alongside NTR’s Renewable Energy Income Fund II, while Skandinaviska Enskilda Banken (SEB), is providing debt finance. EY acted as financial advisor to NTR on the co-investment transaction. The Norra Vedbo project consists of 20 Vestas V150 turbines, each with an installed capacity of 4.3 MW.</p>
<p><strong>Private equity fund Amber Capital Armenia, supported by the European Bank for Reconstruction and Development and the European Union, </strong><a href="https://www.ebrd.com/news/2021/ebrd-and-eubacked-fund-invests-in-armenias-renewable-energy-sector-.html" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> Solis, an Armenian solar</strong> plant operator, to build and operate a 4 MW photovoltaic solar power plant in Aragatsotn, western Armenia. The facility is expected to be operational by the end of 2021 and generate 7.5 GWh of clean energy per year, resulting in 3,200 tons of avoided CO<sub>2</sub> emissions annually.</p>
<p><strong>ENGIE Romania, the Romanian arm of French multinational electric utility company ENGIE</strong> <strong>has </strong><a href="https://www.engie.ro/engie-romania-a-achizitionat-un-parc-fotovoltaic-operational/" target="_blank" rel="noopener"><strong>completed</strong></a><strong> the acquisition of an operational PV project, with a total installed capacity of 5.46 MW, </strong>from a company owned by two German investors. The photovoltaic project is located in the southern part of Romania, in the village of Nenciulești in Teleorman County.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week&#8217;s project finance <a href="https://mercomindia.com/project-finance-brief-sonnedix-raises/" target="_blank" rel="noopener">brief</a>.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/staff/" class="vcard author" rel="author"><span class="fn">Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

Project Finance Brief: Sonnedix and Cox Energy Secure $120 Million for Solar Projects in Chile

<p>The Bank of America (<a href="https://www.bankofamerica.com/" target="_blank" rel="noopener noreferrer">BofA</a>) has announced its plans to lend ₹3.56 billion (~$50 million) to <a href="http://www.fourthpartner.co/" target="_blank" rel="noopener noreferrer">Fourth Partner Energy</a>, a distributed solar energy management company. The amount is a local currency revolving credit facility.</p>
<p>The $50 million loan will be the Bank’s first foray into commercial solar financing in India. Fourth Partner Energy is expected to use these funds to boost its solar portfolio in the country by 150 MW over the next year and a half, according to the release.</p>
<p>“India plays a vital role in curbing global emissions, and Fourth Partner Energy is driving that change. Through innovative financing products like this one, we can help scale projects that are reducing greenhouse gas emissions, as well as support India’s role in solar energy development,” said Anne Finucane, vice chairman of Bank of America.</p>
<p>BofA said it had invested over $145 billion towards the promotion of low-carbon, sustainable business activities since 2007.</p>
<p>“India has achieved under 15% of its ambitious rooftop solar target of 40 GW by 2022, and there is a dire need to accelerate capacity installation… The skills, experience, and resources of a global institution like Bank of America will be vital to expanding the sector,” said Vivek Subramanian, co-founder of Fourth Partner Energy.</p>
<p>Earlier, Mercom <a href="https://mercomindia.com/mdb-allocated-climate-finance-2018/" target="_blank" rel="noopener noreferrer">reported</a> that the 2018 edition of the joint report on climate finance by the world’s largest multilateral development banks (MDBs) reveals that nearly $43.1 billion was allocated to developing and emerging economies in 2018 to boost projects that help these nations cut down on emissions and address climate risks, especially after the adoption of the Paris Agreement in 2015.</p>
<p>Last year, Fourth Partner Energy <a href="https://mercomindia.com/fourth-partner-energy-tpg-growths-rise-fund/" target="_blank" rel="noopener noreferrer">raised</a> a $70 million investment from The Rise Fund, a global impact investment fund managed by TPG Growth. Investec acted as the advisor to this transaction for Fourth Partner Energy, with KPMG and Shardul Amarchand Mangaldas providing diligence and legal advisory to The Rise Fund and TPG Growth.</p>
<p>According to Mercom India Research’s <a href="https://mercomindia.com/product/mercom-india-solar-market-leaderboard-1h-2019" target="_blank" rel="noopener noreferrer">&#8216;India Solar Market Leaderboard 1H 2019&#8217;</a> report, the top 10 rooftop solar developers in India accounted for 41.3% of total installations in the first half of 2019. Fourth Partner Energy came in third with a 6.3% market share.</p>
<p>Fourth Partner Energy’s current portfolio includes projects across a range of commercial and industrial clients, such as Coca Cola, Hindustan Unilever, Schneider, and Walmart.</p>
<p>The company plans to add 220-250 MW of capacity to its operational portfolio and is actively pursuing the open access group captive model. The firm also has operations in Sri Lanka, Vietnam, Bangladesh, Nepal, and Myanmar.</p>
<p>“Bank of America lending to a distributed solar company in India is a great sign for the sector that is struggling from lack of financing. Commercial and Industrial segment of the rooftop is an especially attractive market in India,” said Raj Prabhu, CEO of Mercom Capital Group.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/nithin-thomas-prasad/" class="vcard author" rel="author"><span class="fn">Nithin Thomas</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Nithin-2-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Nithin Thomas,</strong> Staff reporter at Mercom India<br />
<a href="https://www.mercomindia.com/author/nithin-thomas-prasad/" target="_blank" rel="noopener">More articles from Nithin Thomas.</a></p>
</div>
<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Nithin-2-1.jpg" width="102" height="102" /><a href="https://www.mercomindia.com/author/nithin-thomas-prasad/" rel="noopener">Nithin Thomas</a> is a staff reporter at Mercom India. Previously with Reuters News, he has covered oil, metals and agricultural commodity markets across global markets. He has also covered refinery and pipeline explosions, oil and gas leaks, Atlantic region hurricane developments, and other natural disasters. Nithin holds a Masters Degree in Applied Economics from Christ University, Bangalore and a Bachelor&#8217;s Degree in Commerce from Loyola College, Chennai.<a href="https://www.mercomindia.com/author/nithin-thomas-prasad/" rel="noopener">More articles from Nithin Thomas Prasad</a></div>
</div></div><div class="clearfix"></div></div></div>

Bank of America Lends ₹3.56 Billion to Distributed Solar Company Fourth Partner Energy

<p>One of the world’s leading financial institutions, <a href="https://www.bankofamerica.com/" target="_blank" rel="noopener">Bank of America</a>, has announced a $2.25 billion green bond to support clean energy projects.</p>
<p>In a media statement released by the bank, it said that this was the fourth and largest green bond, furthering the company’s commitment to deploying capital to advance sustainable renewable energy projects.</p>
<p>With this offering, Bank of America has become the first U.S. financial institution to issue four corporate green bonds, raising a total of $4.35 billion for renewable energy projects since 2013, the company said in the statement.</p>
<p>The bank has also been the leading underwriter of green bonds globally since 2007, underscoring its continued leadership in addressing climate change by financing the transition to a low-carbon, sustainable economy. According to the bank’s portfolio, since 2007, it has provided more than $87 billion in financing for low-carbon, sustainable business activities.</p>
<p>“Green bonds are an important tool for the private sector to finance clean and alternative energy sources, as well as other environmentally-minded activities, at competitive market rates. We’ve seen tremendous demand in the debt capital markets, with all four of our green bonds significantly oversubscribed, and we are responding to that demand,” Bank of America’s vice chairman Anne Finucane, said in a media statement.</p>
<p>Of late, green bonds have assumed global significance as these financial instruments help mobilize resources for funding green projects.</p>
<p>Recently, Mercom also <a href="https://mercomindia.com/syndicatum-green-bond-rupees/" target="_blank" rel="noopener">reported</a> that Sindicatum Renewable Energy, a Singapore-headquartered renewable energy company, raised $39.3 million through the sale of rupee-denominated international green bonds.</p>
<p>In 2017, the Asian Development Bank (ADB) <a href="https://mercomindia.com/adb-raises-47-million-indian-bonds-fight-climate-change-india/" target="_blank" rel="noopener">announced</a> that it raised approximately $47 million, from a new issue of offshore Indian rupee-linked bonds in an effort to finance climate change mitigation and adaptation projects in India.</p>
<p>Moreover, the Indian Railways Finance Corporation (IRFC) also <a href="https://mercomindia.com/irfc-green-bond-london-stock-exchange/" target="_blank" rel="noopener">raised</a> $500 million recently through the issuance of its first green bond on the London Stock Exchange’s new International Securities Market. The bond was oversubscribed by more than three times, indicating strong support from global investors.</p>
<p>Image credit: Flickr</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/ankita/" class="vcard author" rel="author"><span class="fn">Ankita Rajeshwari</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2018/03/ankita-edited-1.png" alt="Ankita Rajeshwari" /> Ankita is an editor at MercomIndia.com where she writes and edits clean energy news stories and features. With years of experience in the news business, Ankita has a nose for news and an eye for detail. Prior to Mercom, Ankita was associated with The Times of India as a copy editor for the organization’s digital news desk. She holds a Bachelor’s degree in Psychology from Delhi University and a Postgraduate Diploma in journalism. <a href="https://mercomindia.com/author/ankita/">More articles from Ankita Rajeshwari.</a></p>
</div></div><div class="clearfix"></div></div></div>

Bank of America Raises $2.25 Billion in its Largest Issue of Green Bonds

<p>India’s banking sector is staring at potential dud assets worth $38 billion (~₹2,470 billion) from the power sector, according to a latest report released by the <a href="http://bofa-india.com/" target="_blank" rel="noopener">Bank of America</a> and Merrill Lynch.</p>
<p>This comes at a time when the country is already grappling with an enormous amount of bad loans.</p>
<p>&#8220;Of the $178 billion (~₹11,571 billion) of debt of the power sector, $53 billion (~₹3,445 billion) are already under stress (primarily to the generation sector) and of this, as much as $38 billion have the potential of being written-off as bad loans,&#8221; the Bank of America-Merrill Lynch report stated.</p>
<p>According to news agency Press Trust of India (PTI), the report is based on the fact that as much as 71 GW of private sector coal-based projects are facing bankruptcy filings at various National Company Law Tribunals (NCLTs).</p>
<p>The report further breaks down the distribution of the $178 billion (~₹11,571 billion) loan. According to the report, which has been authored by Amish Shah and Sriharsh Singh, the distribution companies are dealing with a burden of $65 billion (~₹4,225 billion), generation companies have a load of $77 billion (~₹5,006 billion), and transmission firms have a debt burden of $36 billion.</p>
<p>The report further asserts that of the $53 billion (~₹3,445 billion) of stressed loans, a staggering amount of $50 billion (~₹3,250 billion) belong to the power generation sector alone.</p>
<p>Of this $178 billion (~₹11,571 billion) debt mountain, banks have the largest at 53 percent of the total loans, followed by non-banking finance companies (NBFCs) at 35 percent and the balance from the states.</p>
<p>The report, however, hails the government’s Ujwal DISCOM Assurance Yojana (UDAY) program, saying that the loans to the distribution sector, which were earlier stressed, are now better off as they have been given quasi-state guarantees and restructuring under the initiative.</p>
<p>The UDAY program was launched by the Ministry of Power in November 2015 to target the debt reduction of DISCOMs. The objective of the program is aimed at increasing the financial viability of the distribution companies (DISCOMs) in the country which are reeling under the burden of debts.</p>
<p>In January 2018, Mercom <a href="https://mercomindia.com/states-uday-program-cut-financial-losses-2017/" target="_blank" rel="noopener">reported</a> that the Distribution Companies (DISCOMs) in states that joined the Ujwal DISCOM Assurance Yojana (<a href="https://www.uday.gov.in/home.php" target="_blank" rel="noopener">UDAY</a>) program have cut down their financial losses from ₹515.9 billion (~$8.14 billion) in the Financial Year (FY) 2016 to ₹348.3 billion (~$5.49 billion) in 2017.</p>
<p>In <a href="https://mercomindia.com/%E2%82%B92-09-trillion-discom-debt-taken-states-uday/" target="_blank" rel="noopener">August 2017</a>, Mercom reported that the states participating in the UDAY program have taken over debt of ₹2.09 trillion (~$32.5 billion) from their DISCOMs. This is almost half of the ₹4.3 trillion (~$64 billion) of debt by state DISCOMs.</p>
<p>The Bank of America-Merrill Lynch report added that about 43 percent of loans have been extended to the power generation sector, followed by distribution at 37 percent and transmission at 20 percent.</p>
<p>The report further noted that the $116 billion (~₹7,541 billion) national power utilities lose around $9 billion annually but can turnaround without hiking consumer tariffs and also continue to offer the present average subsidy of two percent if the many of its cost-inefficiencies are resolved.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/ankita/" class="vcard author" rel="author"><span class="fn">Ankita Rajeshwari</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2018/03/ankita-edited-1.png" alt="Ankita Rajeshwari" /> Ankita is an editor at MercomIndia.com where she writes and edits clean energy news stories and features. With years of experience in the news business, Ankita has a nose for news and an eye for detail. Prior to Mercom, Ankita was associated with The Times of India as a copy editor for the organization’s digital news desk. She holds a Bachelor’s degree in Psychology from Delhi University and a Postgraduate Diploma in journalism. <a href="https://mercomindia.com/author/ankita/">More articles from Ankita Rajeshwari.</a></p>
</div></div><div class="clearfix"></div></div></div>

bank-of-america

Get the most relevant India solar and clean energy news.

RECENT POSTS