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					</table><p>In the fourth quarter (Q4) of calendar year 2024, the average cost of large-scale solar power projects in India <a href="https://www.mercomindia.com/average-cost-of-large-scale-solar-projects-down-8-3-yoy-in-q4-2024" target="_blank" rel="noopener">fell</a> over 8% year-over-year (YoY), according to Mercom’s recently released Q4 and Annual 2024 India Solar Market Update. However, the average project cost rose 1.6% quarter-over-quarter. The average selling price of India-made modules registered under the Approved List of Models and Manufacturers order rose in Q4 due to high demand and increasing component prices. Solar modules accounted for almost 47% of the project cost in Q4 2024, up from nearly 46% in the previous quarter.</p>
<p>Wind-solar hybrid open access power projects can <a href="https://www.mercomindia.com/open-access-hybrid-projects-can-meet-up-to-90-of-energy-cost-of-ci-units" target="_blank" rel="noopener">meet</a> 85-90% of the power requirements of big commercial and industrial (C&amp;I) consumers in Tamil Nadu, according to industry experts. At the recent C&amp;I Clean Energy Meet hosted by Mercom in Chennai, experts from leading solar companies discussed the benefits of rooftop solar systems, open access projects, and battery energy storage systems (BESS) for the C&amp;I sector.</p>
<p>The Uttar Pradesh New and Renewable Energy Development Agency <a href="https://www.mercomindia.com/uttar-pradesh-invites-bids-for-2-mw-rooftop-solar-projects" target="_blank" rel="noopener">invited</a> bids to implement 11 kW to 50 kW on-grid hybrid rooftop solar power projects with a battery backup on multiple government buildings across Uttar Pradesh. The project’s tentative capacity is 2 MW. The project’s expected cost is ₹440 million (~$5 million). The scope of work entails the design, supply, installation, testing, and commissioning of the project. It also includes providing operations and maintenance services for five years, which can be further extended by five years.</p>
<p>Continuing the trend of municipal corporations tapping the market to raise funds for infrastructure and green energy initiatives, the Agra Nagar Nigam <a href="https://www.mercomindia.com/agra-civic-body-plans-raising-%E2%82%B9500-million-for-7-5-mw-solar-project-via-bonds" target="_blank" rel="noopener">proposed</a> a ₹500 million (~$5.8 million) municipal bond issue to part-finance a 7.5 MW solar project. It filed preliminary papers with the market regulator Securities Exchange Board of India, for private placement of up to 1,250 redeemable, non-convertible municipal bonds with a face value of ₹400,000 (~$4,634), with four separately redeemable principal parts of ₹100,000 (~$1,158) each.</p>
<p>Government-owned lender Indian Renewable Energy Development Agency <a href="https://www.mercomindia.com/ireda-issues-perpetual-bonds-to-raise-%E2%82%B912-47-billion" target="_blank" rel="noopener">issued</a> its first-ever perpetual bonds worth ₹12.47 billion (~$144.5 million) at an annual coupon rate of 8.4%. By issuing the bonds, IREDA targets enhancing its Tier-I capital for a stronger financial foundation. IREDA also received a fund of ₹244.8 million (~$2.6 million) from the Income Tax Department towards partial relief for the assessment year 2011-12 related to certain disallowances. A refund of ₹1.95 billion (~$22.6 billion) is also under process for similar relief for 2010-11, 2012-13, 2013-14, and 2015-16 to 2018-19.</p>
<p>The Philippines’ Department of Energy <a href="https://www.mercomindia.com/philippines-issues-terms-for-9-3-gw-renewables-auction-with-energy-storage" target="_blank" rel="noopener">released</a> the Terms of Reference for the fourth round of the green energy auction. This auction round aims to add 9,378 MW of renewable energy capacity from ground-mounted, rooftop, and floating solar and onshore wind projects. It is the first auction to incorporate renewable energy and energy storage systems, with an additional 1,100 MW of solar capacity integrated with BESS.</p>
<p>The Dhaka Electricity Supply Company (DESCO) <a href="https://www.mercomindia.com/bangladesh-issues-eoi-for-120-mw-solar-projects-in-dhaka" target="_blank" rel="noopener">floated</a> an expression of interest to set up 120 MW on-grid solar power projects under the design-build-finance-operate and maintain model in Dhaka. The project involves setting up 120 MW solar projects in eight lots in eight operational circles of DESCO. The project will utilize rooftops and urban spaces within DESCO’s jurisdiction for solar power generation.</p>
<p>Fuel cell manufacturer Ballard Power Systems <a href="https://www.mercomindia.com/ballard-q4-revenue-falls-misses-expectations" target="_blank" rel="noopener">reported</a> a revenue of $24.5 million, a 48% YoY decline in Q4 of 2024, reaching $24.5 million. The revenue missed analyst’s expectations by $4.05 million. All business segments reported declining revenues, reflecting broader industry challenges, including prolonged policy uncertainty and funding constraints. Heavy-duty mobility segment revenue fell 42% YoY to $16.8 million despite a 9% growth in bus revenue.</p>
<p>Sweden-headquartered battery developer and manufacturer Northvolt <a href="https://www.mercomindia.com/battery-manufacturer-northvolt-files-for-bankruptcy-in-sweden" target="_blank" rel="noopener">filed</a> for bankruptcy in Sweden. The company’s board of directors approved the move to secure a viable financial and operational future. Following the filing, a Swedish court-appointed trustee will oversee the process, including the sale of the business and its assets and the settlement of outstanding obligations. Last year, Northvolt filed for bankruptcy protection in the U.S., seeking restructuring under Chapter 11 of the bankruptcy code.</p>


Daily News Wrap-Up: Large-Scale Solar Project Costs Down 8% YoY in Q4 2024

<p>The Board of Directors of the <a href="https://www.afdb.org/en/" target="_blank" rel="noopener noreferrer">African Development Bank</a> (AfDB) has approved a multinational financing program for distributed energy service companies (DESCOs).</p>
<p>The program will contribute to the installation of an estimated 45 MW of distributed solar photovoltaic (PV) projects which will provide clean energy access to 900,000 households (4.5 million people) by 2025.</p>
<p>The ‘DESCOs Financing Program’ promotes securitization financing techniques to address barriers to accessing finance for DESCOs, while supporting their growth and expansion in existing and new markets. The program will also facilitate local currency financing for DESCOs and provide local lenders with risk mitigation instruments to support them.</p>
<p>Elaborating on the program, Wale Shonibare, AfDB’s Acting Vice-President for Power, Energy, Climate Change, and Green Growth said, “The bank will provide critical technical guidance and credit enhancement to DESCOs and local financial intermediaries.”</p>
<p>“Accelerating access to universal, affordable, reliable, sustainable, and modern energy for underserved populations requires innovative financing solutions. Innovations such as receivables-backed financing structures provided by the program are vital in the bank’s efforts to unlock private sector participation and local currency financing for the energy sector,” Shonibare added.</p>
<p>Stefan Nalletamby, AfDB’s director for Financial Sector Development, said the program would help build capacity within DESCOs and local financial intermediaries in executing securitization structures and other innovative frameworks for accessing finance. “It will also promote financial inclusion by availing consumer financing to customers in rural areas, building credit history, and encouraging the uptake of mobile payment solutions,” Nalletamby added.</p>
<p>Solar home systems present commercially viable, climate-resilient, and modern solutions to provide clean energy access to off-grid populations in Sub-Saharan Africa. DESCOs have seen extensive growth owing to the rapid proliferation of mobile banking and pay-as-you-go (“PAYGo”) technologies that allow low-income customers to pay off their purchases over an extended period.</p>
<p>“This program will enhance the impact of DESCOs by enabling them to access financing that is tailored to their operations. It is also a great example of collaboration between the European Commission and the African Development Bank,” said Dr. Daniel Schroth, AfDB’s Acting Director for Renewable Energy and Efficiency.</p>
<p><a href="https://mercomindia.com/india-offgrid-solar-easy-finance-paygo/" target="_blank" rel="noopener noreferrer">Meanwhile</a>, according to the latest PAYGo Market Attractiveness Index, India has achieved a high score in the overall numbers, demonstrating a relatively robust performance in the sector and Asia as well. Indonesia and Kenya were top performing countries in the PAYGo model for the off-grid market.</p>
<p>Last year, <a href="https://mercomindia.com/afdb-loan-28-million-off-grid-solar-africa/" target="_blank" rel="noopener noreferrer">the AfDB approved</a> a ~$27.78 million proposal to secure a loan from Société Générale de Banque in Côte d’Ivoire (SGBCI), Crédit Agricole Corporate, and Investment Bank (Crédit Agricole CIB) to help Zola EDF Côte d’Ivoire (ZECI), an African solar power kit supplier. The loan was to be made available in the local currency, and AfDB was the partial credit guarantor by covering part of the guaranteed loan facility. The initiative aimed at providing solar home systems to approximately 100,000 rural households based on pay-as-you-go (PAYGO) model.</p>
<p>Image Credit: AFDB</p>


AfDB Approves Multinational Financing Program for 45 MW of Distributed Solar Projects

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