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MNRE Sets Terms for Real Estate Developers to Avail CFA Under PM Surya Ghar

ENGIE to Build 22 MW Solar Project for Saudi Cement Factory


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					</table><p>The Green Climate Fund (<a href="https://www.greenclimate.fund/" target="_blank" rel="noopener">GCF</a>) has approved $215.6 million for the Small Industries Development Bank of India&#8217;s (<a href="https://www.sidbi.in/en/" target="_blank" rel="noopener">SIDBI</a>) Financing Mitigation and Adaptation Projects (FMAP) in Indian micro, small, and medium enterprises (MSMEs).</p>
<p>The projects aim to help MSMEs adopt low-emission and climate-resilient technologies. They will also increase climate finance for MSMEs by using private sector investments from non-banking financial companies, small finance banks, and microfinance institutions. These investments will provide loans to MSMEs to adopt various mitigation and adaptation technologies.</p>
<p>The FMAP program is projected to reduce 35.3 million tons of greenhouse gas emissions and significant water savings.</p>
<p>This is the second SIDBI project GCF has financed.</p>
<p>The FMAP facility, which is an endeavor to encourage the Indian financial ecosystem to scale up climate financing for MSMEs includes the $15.6 million grant support from GCF, which will be used to build the capacity of various stakeholders, including MSMEs and participating financial institutions (PFIs), to understand the low-emission and climate-resilient technologies in the market and the significance of adopting these technologies. It also includes $200 million, which will be utilized to scale up the targeted intervention.</p>
<p>As a development financial institution, SIDBI has promoted new technologies among MSMEs and has boosted climate financing in the Indian financial system.</p>
<p>In March 2024, Avaana Capital, a climate-technology investor, <a href="https://www.mercomindia.com/avaana-capital-secures-funding-gcf" target="_blank" rel="noopener">received</a> an investment of $120 million, including $24.5 million from the GCF. The investment also saw the SIDBI, one of Avaana&#8217;s partners, participate as the GCF&#8217;s accredited entity.</p>
<p>In October 2018, SIDBI <a href="https://www.mercomindia.com/sidbi-fund-support-scalable-green-technology-solutions" target="_blank" rel="noopener">launched</a> a Decarbonization Challenge Fund (DCF) to support innovative and scalable technologies, projects, and solutions that are environmentally friendly, clean, and have high impact potential. This competitive mechanism will crowd-source innovative solutions across themes that address industrial decarbonization challenges such as energy efficiency, renewable energy, clean transportation, pollution prevention control, and green buildings.</p>
<p>DCF was launched as part of SIDBI&#8217;s Partial Risk Sharing Facility for Energy Efficiency program and is supported by the World Bank.</p>


GCF Approves $215.6 Million for SIDBI to Help MSMEs Lower Emissions


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					</table><p><a href="https://avaanacapital.com/" target="_blank" rel="noopener">Avaana Capital</a>, a climate-technology investor, has received an investment of $120 million, including $24.5 million from  the Green Climate Fund (<a href="https://www.greenclimate.fund/" target="_blank" rel="noopener">GCF</a>), in the &#8220;Avaana Climate and Sustainability.&#8221;</p>
<p>The investment is expected to support the company&#8217;s efforts to foster climate innovation and sustainability in India.</p>
<p>GCF is dedicated to supporting developing countries in implementing climate action projects. It commits financial resources for the adaptation and mitigation of climate change effects, targeting key areas such as energy transition and mobility.</p>
<p>This is the first time GCF has financed a climate venture fund in India.</p>
<p>&#8220;The Green Climate Fund&#8217;s investment in India&#8217;s first tech-led climate VC underscores the transformative impact that technology and innovation have in carving low-emission and climate-resilient development pathways,&#8221; said Anjali Bansal, Managing Founder at Avaana Capital.</p>
<p>The company claimed that the partnership between the two indicates a collaborative effort towards driving climate resilience and sustainable development. &#8220;It also further highlights the potential that India presents in developing solutions for mitigation and adaptation that are affordable and inclusive, enabling a just transition,&#8221; she added.</p>
<p>The investment also saw the Small Industries Development Bank of India (<a href="https://www.sidbi.in/" target="_blank" rel="noopener">SIDBI</a>), one of Avaana&#8217;s partners, participate as the GCF&#8217;s accredited entity.</p>
<p>&#8220;The Green Climate Fund is proud to partner with Avaana Capital, and SIDBI, a GCF Direct Access Entity, to support the Avaana Sustainability Fund that aims to support the commercialization of local, early-stage climate technology ventures. These climate technology ventures will enable India&#8217;s transition to a low emission, climate-resilient future,&#8221; said Kavita Sinha, Director at GCF Private Sector Facility.</p>
<p>GCF has financed adaptation and mitigation of climate change effects in the past, targeting key areas such as energy transition, mobility, supply chains, sustainable agriculture, and food systems.</p>
<p>In 2021, GCF <a href="https://www.mercomindia.com/green-climate-fund-137-million-investment-india" target="_blank" rel="noopener">approved</a> the Dutch bank FMO&#8217;s proposal to accelerate private and public sector investment in India&#8217;s green infrastructure projects.</p>
<p>Last March, Avaana Capital also <a href="https://www.mercomindia.com/funding-and-ma-roundup-solar-developer-amarenco" target="_blank" rel="noopener">led</a> a pre-series A funding round to help Aerem secure $1.5 million in debt financing from financial institutions to broaden the company&#8217;s creative solar tech and financing options.</p>


Avaana Capital Secures $24.5 Million from GCF to Foster Climate Innovation in India


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					</table><p>The State Bank of India (<a href="https://bank.sbi/" target="_blank" rel="noopener">SBI</a>) has signed a $165 million line of credit from the <a href="https://www.worldbank.org/en/home" target="_blank" rel="noopener">World Bank</a> to finance grid-connected rooftop solar projects in the residential and institutional sectors.</p>
<p>SBI also signed a €200 million (~$220 million) line of credit from the European Investment Bank (<a href="https://www.eib.org/en/index" target="_blank" rel="noopener">EIB</a>) to support India’s climate action projects, it said in a regulatory filing. The loan document will become operational once the necessary approvals are secured.</p>
<p>The public sector bank completed the issuance of $250 million Senior Unsecured Green Floating Rate Notes with a five-year maturity, a coupon of O/N Compound Secured Overnight Financing Rate, and 120 bps p.a. payable semi-annually. The senior unsecured green bond will be issued through SBI’s London branch on December 29, 2023.</p>
<p>Just last week, the German development bank Kreditanstalt für Wiederaufbau (KfW) <a href="https://www.mercomindia.com/kfw-loans-218-million-solar-expansion-india" target="_blank" rel="noopener">granted</a> a Є70 million (~$76 million) loan to SBI to help refinance solar projects with a total capacity of 180 MW as part of phase III.</p>
<p>In 2022, SBI <a href="https://www.mercomindia.com/sbi-e150-million-loan-kfw-finance-solar-india" target="_blank" rel="noopener">received</a> a low-interest loan of €150 million (~$150.66 million) from Germany-based bank KfW to finance solar projects in India. The loan aimed to fund innovative technologies such as automated dry cleaning of solar modules to reduce water consumption.</p>
<p>Further, in 2021, SBI had <a href="https://mercomindia.com/sbi-provided-renewable-energy-project-finance#:~:text=The%20State%20Bank%20of%20India,India%20as%20of%20March%202021." target="_blank" rel="noopener">approved</a> ₹319.18 billion (~$4.26 billion) in renewable energy project finance to fund over 752 renewable energy projects with a total installed capacity of 13.8 GW. The same year, SBI, along with the EIB, <a href="https://mercomindia.com/eib-sbi-launch-e100-million-sustainability-financing" target="_blank" rel="noopener">launched</a> a €100 million (~$121.63 million) initiative to boost sustainability financing.</p>
<p>As of March 2021, SBI had approved over ₹319.18 billion (~$4.26 billion) in renewable energy project finance in India.</p>
<p>In August this year, SBI <a href="https://www.mercomindia.com/sbi-seeks-footprint-in-banks-lending-portfolio" target="_blank" rel="noopener">invited</a> bids to select consultants to measure the carbon footprint in the bank’s lending portfolio and provide comprehensive solutions in the areas of climate risk and sustainable finance.</p>
<p>Lenders are more receptive to <a href="https://www.mercomindia.com/ci-projects-yield-better-returns-sbi-interview" target="_blank" rel="noopener">funding</a> renewable transactions, encouraging corporates striving towards a carbon-neutral environment and adding value to their brands, Hitesh Paliwal, Senior VP &amp; Zonal Head, North Zone Corporate Banking Group at SBI told Mercom in an interview in May this year.</p>


SBI Signs $165 Million Loan with World Bank to Fund Rooftop Solar Projects


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					</table><p><strong><a href="https://www.mercomindia.com/sjvn-green-invites-bids-1-gw-solar-project" target="_blank" rel="noopener">SJVN Green Energy, a subsidiary of SJVN, has invited bids to acquire or lease 4,000 acres of land for 28 years with all statutory clearances, including chain link fencing around the periphery of the land.</a></strong> The objective is to establish connectivity with the interstate transmission system, facilitating the development of solar power projects with a capacity of up to 1 GW in Gujarat and Rajasthan. The last date for the submission of bids is December 22, 2023. Bids will be opened the same day.</p>
<p><strong><a href="https://www.mercomindia.com/merc-approves-tata-power-for-gst-hike" target="_blank" rel="noopener">The Maharashtra Electricity Regulatory Commission (MERC) has directed the Tata Power Company Limited – Distribution, a distribution company, to compensate Tata Power Green Energy (TPGEL) ₹491.2 million</a></strong> (~$5.89 million) against the costs incurred due to the hike in Goods and Service Tax rate for its wind-solar hybrid and wind project. MERC accepted TPGEL’s petition, noting the absence of objections from the TPC-D.</p>
<p><strong><a href="https://www.mercomindia.com/seci-ists-wind-projects-greenshoe" target="_blank" rel="noopener">Solar Energy Corporation of India (SECI) has issued a tender to set up 1.35 GW inter-state transmission system-connected wind power projects (Tranche-XVI) with a 700 MW greenshoe</a></strong> option. The projects will be located in Gujarat (1 GW + 500 MW greenshoe), Karnataka (250 MW + 150 MW), and Rajasthan (100 MW + 50 MW). The last date for the submission of bids is January 10, 2023. Bids will be opened on January 15.</p>
<p><strong><a href="https://www.mercomindia.com/rec-equity-investment-hpx" target="_blank" rel="noopener">Government-owned infrastructure finance company REC Limited’s board of directors has approved an equity investment of ₹142.5 million (~$1.7 million) in Hindustan Power Exchange (HPX).</a></strong> The investment constitutes 19% of the proposed equity share capital of ₹750 million (~$9 million) of HPX. HPX has an authorized capital of ₹1 billion (~$12 million) and a current paid-up capital of ₹552.5 million (~$6.62 million). Incorporated in 2018, the power trading platform reported a total revenue of ₹174.35 million (~$2.09 million) in the fiscal 2022-23.</p>
<p><strong><a href="https://www.mercomindia.com/cfli-climate-finance-india" target="_blank" rel="noopener">The Climate Finance Leadership Initiative, India has announced climate finance solutions with the potential to mobilize nearly $6.5 billion to support the country’s low-carbon, climate-resilient</a> </strong>development. The announcement was made at the UN Climate Change Conference of Parties (COP28) in Dubai. These solutions are expected to help mobilize private capital towards the $10.1 trillion needed to meet India’s net-zero target by 2070.</p>
<p><strong><a href="https://www.mercomindia.com/fluence-energy-records-income-surges-91-4-in-q4" target="_blank" rel="noopener">Energy storage technology and solutions provider Fluence Energy recorded a net income of $4.82 million for the fourth quarter of the fiscal year 2022-23, a year-over-year (YoY) increase of 91.4%, achieving</a></strong> profitability for the first time. During the quarter from July to September, Fluence recorded a revenue of $673 million, a YoY increase of 52.2%. The company witnessed a strong order intake in the quarter, reaching $737 million, resulting in a total backlog of $2.9 billion as of September 30, 2023.</p>
<p><a href="https://www.mercomindia.com/bp-to-fully-acquire-bp-for-320-million" target="_blank" rel="noopener"><strong>Global energy conglomerate bp will acquire an additional 50.3% interest in Lightsource bp for a base equity value of £254 million (~$320 million), taking full ownership of the global utility-scale solar</strong> and</a> battery storage asset developer. The acquisition allows for both parties to scale up Lightsource bp’s operations and leverage the former’s finance and trading capabilities to target double-digit equity.</p>
<p><strong><a href="https://www.mercomindia.com/sb-energy-2-4-billion-domestic-renewable" target="_blank" rel="noopener">SB Energy Global, a U.S.-based integrated renewable energy platform, has secured $2.4 billion to support the development of renewable energy projects focusing on the domestic content utilization</a></strong> provision under the Inflation Reduction Act. The company will utilize part of the funds to develop a 1.3 GW portfolio of four utility-scale solar power projects. Out of the total funding, $800 million was raised in tax equity in a partnership with J.P. Morgan Bank of America, Morgan Stanley Renewables Inc., and Truist Bank for the Orion I, Eiffel, Orion II, and Orion III projects, respectively.</p>


Daily News Wrap-Up: SJVN’s Tender to Acquire Land for 1 GW Solar Projects


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					</table><p>The Climate Finance Leadership Initiative, India (<u><a href="https://www.bloomberg.com/cfli/mobilizing-investment/india/" target="_blank" rel="noopener">CFLI</a></u>) has announced climate finance solutions with the potential to mobilize nearly $6.5 billion to support the country’s low-carbon, climate-resilient development.</p>
<p>The announcement was made at the UN Climate Change Conference of Parties (<a href="https://www.cop28.com/" target="_blank" rel="noopener">COP28</a>) in Dubai.</p>
<p>These solutions are expected to help mobilize private capital towards the $10.1 trillion needed to <a href="https://www.mercomindia.com/india-become-carbon-neutral-2070" target="_blank" rel="noopener">meet</a> India&#8217;s net-zero target by 2070.</p>
<p>CFLI’s climate solutions align with the Indian government’s climate priorities across e-mobility, circular economy, green hydrogen, and renewable sectors, which can be scaled across India and exported globally.</p>
<p>“The culmination of this public-private partnership will help India accelerate its clean energy transition and offers the way forward for India and others to reach net-zero targets while also improving public health, creating jobs, and building a stronger and more resilient economy,” said Michael R. Bloomberg, UN Special Envoy on Climate Ambition and Solutions and Chair, CFLI.</p>
<p>Some of the solutions announced by CFLI India members are:</p>
<ul>
<li><u><a href="https://www.macquarie.com/" target="_blank" rel="noopener">Macquarie Group</a></u> launched a blended finance platform offering specialized counterparty financing options to drive electric vehicle adoption amongst Indian fleet operators. The platform has leveraged a $200 million equity commitment from the United Nation’s Green Climate Fund.</li>
<li>Tata Motors announced partnerships with the State Bank of India, HSBC India, HDFC, Axis Bank, and Tata Capital to offer attractive loans and leasing solutions for small commercial and retail EVs, aiming for a 10-12% EV market penetration by 2030.</li>
<li>Tata Group and Larsen &amp; Toubro are exploring opportunities to work with the World Bank to improve municipal finance in Indian cities.</li>
<li>Kotak Mahindra Bank will raise up to $100 million of commercial capital to develop municipal infrastructure services across wastewater, solid waste management, and other green infrastructure.</li>
</ul>
<p>“Unlocking large financial commitments for climate projects in emerging markets calls for close collaboration across the public and private sector,” said Shemara Wikramanayake, Managing Director and Chief Executive Officer at Macquarie Group and Co-Chair, CFLI India.</p>
<p>CFLI was <a href="https://www.mercomindia.com/uk-invest-india-renewable-energy" target="_blank" rel="noopener">launched</a> in 2021 by India’s Minister of Finance, Nirmala Sitharaman, and the then UK Chancellor and current Prime Minister, Rishi Sunak, to mobilize private capital for India’s sustainable infrastructure.</p>


CFLI Announces Climate Finance Solutions Worth $6.5 Billion for India

<p>Here are some noteworthy cleantech announcements of the day from around the world:</p>
<p><strong>The 45 MW hydro-floating solar hybrid project at Sirindhorn Dam by the Electricity Generation Authority of Thailand (EGAT) has </strong><a href="https://www.egat.co.th/en/news-announcement/news-release/world-s-largest-hydro-floating-solar-hybrid-at-sirindhorn-dam-begins-commercial-operation-and-egat-to-move-ahead-with-15-more-projects-nationwide" target="_blank" rel="noopener"><strong>begun</strong></a><strong> commercial operations. </strong>The project would generate solar electricity during the day and hydropower from the dam when there is no sunlight or during peak power demand at night. The project is controlled and managed by energy management and weather forecast systems to increase the stability of the power system. EGAT plans to build a renewable energy control center that uses artificial intelligence to increase power generation efficiency. Placing solar panels on the water surface is supposed to help reduce the panels&#8217; heat, making it 10-15% more efficient than solar panels installed on land. It also reduces water evaporation in the dam by around 460,000 m3/year.</p>
<p><a href="http://www.tatapower.com/" target="_blank" rel="noopener"><strong>Tata Power</strong></a><strong> is offering energy audit services to its commercial and industrial (C&amp;I) customers in Mumbai. </strong>This initiative is in line with the company&#8217;s commitment to conservation and efficient use of energy by its consumers. The company claims these audits have benefitted its C&amp;I customers, such as hospitals, malls, hotels, commercial complexes, and factories, by providing them an opportunity to save up to 10%-15% on their energy bills and giving them an actionable recommendation to save up to 45 MUs.</p>
<p><strong>Georgia Power has </strong><a href="https://www.georgiapower.com/company/news-center/press-releases.html" target="_blank" rel="noopener"><strong>released</strong></a><strong> its draft Request for Proposals (RfP) for ~1,030 MW of new utility-scale renewable resources with in-service dates in 2023 and 2024.</strong> The RfPs are the second of two utility-scale renewable solicitations from the company&#8217;s 2019 Integrated Resource Plan (IRP). IRP authorized Georgia Power to procure energy from a total of 2,000 MW of utility-scale renewable resources. The company will begin accepting bids in Q1 2022. Renewable resources greater than 3 MW in size and located in the continental United States can participate in the RfPs, which seek both energy-only and renewable-coupled storage products.</p>
<p><strong>QNET&#8217;s philanthropic initiative, RYTHM Foundation, has </strong><a href="https://www.prnewswire.com/news-releases/qnets-csr-arm-supports-electrification-project-to-light-up-the-lives-of-470-villagers-in-meghalaya-301417701.html" target="_blank" rel="noopener"><strong>partnered</strong></a><strong> with the Global Himalayan Expedition to bring solar energy to remote tribal communities in Meghalaya </strong>and upgrade the healthcare infrastructure in the region. The project is expected to bring electricity to 470 villagers and solar power to a primary healthcare center serving 23,000 residents. The RYTHM Foundation has initially pledged to support the project for one year. Villagers must open a community bank account, and each household must contribute ₹100 (~$1.35) monthly to support maintenance and troubleshooting managed by a village electricity management committee.</p>


Daily News Wrap-Up: Thailand’s 45 MW Hydro-Floating Solar Project Begins Operations

<p>Here are some noteworthy cleantech announcements of the day from around the world:</p>
<p><strong>India&#8217;s space agency ISRO would soon give the world a &#8216;solar power calculator&#8217; that will use satellite data to measure the solar energy potential of any region in the world. This application will help to decide the location of solar energy projects across the globe. </strong>This was <a href="https://pib.gov.in/PressReleasePage.aspx?PRID=1769062" target="_blank" rel="noopener">announced</a> by Prime Minister Narendra Modi at the COP26 global climate summit in Glasgow. <b>The application </b>will strengthen the One Sun One World One Grid initiative. Modi launched the Green Grids Initiative &#8211; One Sun One World One Grid jointly with U.K. Prime Minister Boris Johnson at the &#8216;Accelerating Clean Technology, Innovation and Deployment&#8217; leader&#8217;s event at COP26.</p>
<p><strong>FTC Solar, a provider of solar tracker systems, technology, software, and engineering services, announced that it had been </strong><a href="https://www.prnewswire.com/news-releases/ftc-solar-announces-its-first-solar-project-in-africa-301417153.html" target="_blank" rel="noopener"><strong>awarded</strong></a><strong> a solar project in Africa</strong> since entering this new market earlier this year. The project will use FTC Solar&#8217;s latest Voyager+ tracker solution, which offers all the advantages of FTC&#8217;s two-panel-in-portrait design, including industry-leading installation speeds, high slope tolerance, reduced part count, and DC collections advantage, while being optimized for the industry&#8217;s large new format solar modules. The 1MW project has been developed by AAAS Energy in conjunction with BUAN, with the last mile development and EPC works being undertaken by Soventix, South Africa. The power produced will be cheaper and support research and data collection with regards to the agrivoltaic concept. The project is expected to begin generating power in early 2022.</p>
<p><strong>IndianOil will </strong><a href="https://iocl.com/NewsDetails/59295" target="_blank" rel="noopener"><strong>install</strong></a><strong> Electric Vehicle (EV) charging facilities at 10,000 fuel stations over the next three years. </strong>The proposed EV charging network will facilitate an uninterrupted driving experience for EV users and boost the country&#8217;s EV manufacturing ecosystem. IndianOil has been evaluating emerging trends in mobility, focusing on relevant areas in the EV value chain, and exploring potential business opportunities to stay ahead in the transition curve. IndianOil has 448 EV charging stations and 30 battery swapping stations across the country. IndianOil has collaborated with Tata Power, REIL, PGCIL, NTPC, Fortum, Hyundai, Tech Mahindra, BHEL, and Ola for setting up EV chargers at its fuel stations. Initially, a mix of chargers suited for 2W/3W will be provided, which will be further upgraded as per requirement and market conditions.</p>
<p><strong>The United Arab Emirates and the International Renewable Energy Agency (IRENA) have </strong><a href="https://www.irena.org/newsroom/pressreleases/2021/Nov/UAE-and-IRENA-Launch-USD1-billion-Global-Finance-Platform-to-Accelerate-Renewable-Energy" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the Energy Transition Accelerator Financing (ETAF) Platform – a new global climate finance facility to accelerate the transition to renewable energy in developing countries.</strong> The UAE committed $400 million in funding provided by the Abu Dhabi Fund for Development (ADFD) toward the platform&#8217;s goal of securing a minimum of $1 billion in total funding. The new UAE-IRENA partnership to establish the ETAF platform builds on the long-term collaboration between IRENA and ADFD, including seven cycles of the $350 million IRENA-ADFD Project Facility. Between 2013 and 2020, the facility financed 26 projects in Asia, Africa, and the Americas, notably small island developing states.</p>
<p><strong>Leeward Renewable Energy has </strong><a href="https://www.leewardenergy.com/leeward-renewable-energy-begins-construction-on-100-megawatt-rabbitbrush-solar-project/" target="_blank" rel="noopener"><strong>commenced</strong></a><strong> construction of the 100 MW Rabbitbrush solar project in California, in the U.S.</strong> Leeward had previously signed two 15-year power purchase agreements (PPAs) with Central Coast Community Energy (CCCE) and Silicon Valley Clean Energy (SVCE) to supply electricity from the plant. McCarthy Building Companies is the engineering, procurement, and construction contractor on the project in Kern County, including a 20 MW/50 MWh battery. Construction is expected to be completed by the end of July 2022. The facility is estimated to begin operation by the end of August 2022.</p>


Daily News Wrap-Up: ISRO Develops Calculator to Measure Solar Energy Potential

<p>The Asian Development Bank (<a href="https://www.adb.org/" target="_blank" rel="noopener">ADB</a>) announced that it had raised its climate financing targets for developing member countries to $100 billion from $80 billion for 2019- 2030.</p>
<p>The expanded climate finance ambition is key to ADB’s efforts to support its developing member countries. ADB said many of these countries were taking bold action to promote a green and inclusive recovery from the Covid-19 pandemic and climate crisis.</p>
<p>The bank expects the total climate financing from its resources in 2019-2021 to reach about $17 billion.</p>
<p>In 2018, ADB said it would ensure at least 75% of its overall operations to support climate action with the financing of $80 billion by 2030.</p>
<p>The additional $20 billion will support the climate agenda in new avenues for climate mitigation, including energy storage, low-carbon transport, and energy efficiency. The bank’s cumulative climate mitigation finance is expected to reach $66 billion.</p>
<p>The additional financing will also be used to scale up and design projects, in climate-sensitive sectors like urban, agriculture, and water, with the purpose of climate adaption and enhanced resilience. The bank expects its cumulative adaptation finance to reach $34 billion.</p>
<p>ADB is expected to support private sector initiatives with $12 billion in climate finance from its resources and anticipates crowdfunding of an additional $18 billion to $30 billion.</p>
<p>Mercom had <a href="https://mercomindia.com/adb-to-discontinue-financing-coal-projects/" target="_blank" rel="noopener">reported</a> that ADB would discontinue financing any new coal-fired capacity for power and heat generation or any facilities associated with new coal generation. The bank also indicated that it would support developing member countries to mitigate the health and environmental impact of existing coal-fired power plants and district heating systems by financing emission control technologies.</p>
<p>In December 2020, ADB <a href="https://mercomindia.com/adb-approves-loan-bengaluru/" target="_blank" rel="noopener">approved</a> a loan of $190 million (~₹13.9 billion) to upgrade the power distribution system in Bangalore for its ‘Bengaluru Smart Energy Efficient Power Distribution’ project.</p>
<p>In the same month, ADB also <a href="https://mercomindia.com/adb-upgrade-uttar-pradesh/" target="_blank" rel="noopener">approved</a> a $430 million multi-tranche financing facility to improve the power supply reliability and quality in Uttar Pradesh.</p>


Asian Development Bank Increases its Climate Financing Target to $100 Billion by 2030

<p>The International Finance Corporation (<a href="http://www.ifc.org/wps/wcm/connect/corp_ext_content/ifc_external_corporate_site/home" target="_blank" rel="noopener">IFC</a>), a member of the World Bank Group, plans to invest $150 million in Aditya Birla Finance Limited (<a href="http://adityabirla.com/businesses/Profile/aditya-birla-finance-limited" target="_blank" rel="noopener">ABFL</a>).</p>
<p>The loan amount would be utilized by ABFL to fund solar projects in select states of the country.</p>
<p>ABFL is a 100 percent subsidiary of Aditya Birla Capital Limited (ABCL), which is the holding company for all the financial services businesses of the Aditya Birla Group (ABG).</p>
<p>The IFC will make the investment through Non-Convertible Debentures (NCDs) issued by ABFL or INR External Commercial Borrowings (ECB) loan which would comply with the guidelines set by country’s apex banking body, the Reserve Bank of India (RBI). The NCD issuance shall comply with the guidelines set by the Securities and Exchange Board of India (<a href="https://www.sebi.gov.in/" target="_blank" rel="noopener">SEBI</a>) for green bonds.</p>
<p>“The ECB loan would be issued under Track III of RBI’s ECB guidelines, or subscription to secured, fixed, rated, listed Non-Convertible Debentures (NCDs) proposed to be issued by ABFL,” the IFC said in a media statement.</p>
<p>The project will be the first dedicated climate finance funding for ABFL and will give it an opportunity to foray into the global climate finance market.</p>
<p>“The IFC&#8217;s engagement with ABFL will support the latter&#8217;s commitment to the renewable energy sector, sending a positive signal to the market, and is likely to attract other local and international financial institutions to increase their investment in this sector,” the IFC statement added.</p>
<p>The IFC, the private investment arm of the World Bank, has been actively involved in the developing countries, providing them with the required investments and advisories to promote private sector’s development.</p>
<p>Recently, Mercom <a href="https://mercomindia.com/ifc-loan-50-million-mahindra-renewables/" target="_blank" rel="noopener">had reported</a> that the IFC has also planned to provide $50 million as senior or IFC-A loan to Mahindra Renewables Private Ltd. (MRPL). MRPL, a Mahindra Group company, will use the loan to develop a 250 MW grid-connected solar photovoltaic (PV) project in Madhya Pradesh’s Rewa Ultra Mega Solar Park.</p>
<p>In <a href="https://mercomindia.com/cleanmax-solar-raises-ifc/" target="_blank" rel="noopener">November 2017</a>, <a href="http://www.cleanmaxsolar.com/" target="_blank" rel="noopener">CleanMax Solar</a>, an Indian rooftop solar developer, raised $15 million in investment from the IFC. The IFC had planned to invest in compulsorily convertible debentures in CleanMax Solar. This was the first time IFC was buying equity shares in a distributed-generation firm. The proceeds of the IFC investment will be utilized to fund the construction of green field solar projects across India.</p>
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