Weekly News Wrap-Up: Canadian Solar Soon on Chinese Capital Markets, Freyr Energy Launches App
Canadian Solar Inc. announced that it has decided to list its business on Chinese Capital Markets. According to its press statement, the company said it would pursue a listing of its ...
Africa-Based REDAVIA Gets $1.73 Million Loan to Expand its Solar Power Leasing Model
African solar developer REDAVIA announced that it received €1.5 million ($1.73 million) as its first catalyst loan from Energy and Environment Partnership Trust Fund (EEP Africa). REVADIA develops solar projects ...
Bangladesh-Based SOLshare Raises $1.1 Million for Solar Microgrids
IIX Impact Partners, a debt and equity crowdfunding platform, announced that it has helped Bangladesh-based clean energy firm SOLshare close a $1.1 million (~₹81.9 million) financing round that will help ...
SunEdison Restructures Its Rooftop Solar Business
SunEdison Infrastructure Limited, a Chennai-based renewable energy company, has entered into a framework agreement to restructure and transfer under-construction commercial and industrial (C&I) and other businesses of the company to ...
IREDA Has Set Aside ₹100 Billion for Renewable Energy Projects in 2020
Mercom India hosted a webinar on key trends shaping the Indian solar market based on its recently released India Solar Market Update report for the first quarter of 2020. The ...
Ola Electric Acquires Amsterdam-Based Electric Two-Wheeler Maker Etergo BV
Ola Electric Mobility Private Limited, a subsidiary of Indian cab aggregator Ola Cabs, announced that it has acquired Etergo BV, an Amsterdam-based electric scooter maker. The value of the transaction remained ...
Government to Inject ₹900 Billion to Help Ailing Power DISCOMs Amid Coronavirus Crisis
In a press conference in New Delhi, Finance Minister Nirmala Sitaraman announced that power distribution companies (DISCOMs) would receive ₹900 billion (~$12.03 billion) as part of the Government of India’s ...
Technology and Financing Could Unlock Underserved SMEs in Rooftop Solar: Interview
After five consecutive years of growth, the rooftop solar market in India had a rough year in 2019 with installations totaling 1.1 GW, which was a 33% decline year-over-year. Now ...
Wind Turbine Maker Siemens Gamesa’s Revenue Slips 7.7%
Siemens Gamesa Renewable Energy (SGRE), a wind turbine maker, has reported a 7.7% fall in revenue in the second quarter of the financial year 2020 (January-March) as a result of ...
Despite COVID-19 Slowdown, SolarEdge Reports 59% Rise in Revenue YoY in Q1 2020
SolarEdge Technologies Incorporated (SolarEdge), an Israel-based solar solutions provider, registered a revenue of $431.2 million (~₹32.41 billion) in the quarter ending March 31, 2020, a 59% increase from $271.9 million ...
Newly Operational Projects Take Adani Green’s Revenue Up by 24% in FY 2020
Adani Green Energy Limited (AGEL), the green energy wing of the Adani Group, announced that its revenue rose 24% to ₹25.49 billion (~$339.8 million) in the financial year (FY) 2020, ...
Taiwan’s Chenya Energy Receives Financing for World’s Largest Floating Solar Project
Taiwanese solar power developer, Chenya Energy Company Limited, announced that it received TWD 7.2 billion (~$239.2 million) financing for a 180 MW floating solar project in the Changhua Coastal Industrial Park ...
Another Japanese Bank Says No to Financing New Coal-Powered Projects
Japan-based Sumitomo Mitsui Financial Group Inc (SMFG) has decided not to provide support to the newly-planned coal-fired power projects. The policy change will come into effect from May 1, 2020 ...
AfDB Extends €12.46 Million for Expansion of Renewables in an African Island
The African Development Bank (AfDB) announced that it would donate €12.46 million (~₹1.05 billion) to finance the Energy Transition and Institutional Support Program (ETISP) in the Democratic Republic of São ...
AfDB and Nigeria Launch National Electrification Project to Boost Energy Access
The African Development Bank (AfDB) and the Government of Nigeria announced the launch of their National Electrification Project (NEP), which aims to help improve access to energy by promoting private ...
Fourth Partner Receives ₹5 Million Loan to Provide Solar for Non-Profit Entities
Fourth Partner Energy, an Indian distributed solar energy firm, has received a loan of ₹5 million (~$67,167), from Grameen Impact India (GIII), a non-banking finance corporation (NBFC) registered under the ...
IFC to Invest Over ₹18 Million in Rooftop Solar Projects in West Bank
The International Finance Corporation (IFC), the financial wing of the World Bank Group, and Massader, a subsidiary of the Palestine Investment Fund (PIF), announced that they signed a loan agreement ...
Impact of Basic Customs Duty on Solar Cells and Modules: Winners and Losers
Basic customs duty (BCD) on the import of solar cells and modules was announced at 20% in the Union Budget for 2020-21. While the exemption on this duty remains in ...
AfDB Sponsored Off-Grid Energy Access Fund Successfully Raises $59 Million
The African Development Bank (AfDB) recently announced that the Facility for Energy Inclusion’s Off-Grid Energy Access Fund (FEI OGEF) reached its final equity close target of $59 million (~₹4.17 billion) ...
First Loss Protection Can Open up Third-Party Rooftop Solar Market
The rooftop solar market slowed down significantly in 2019 along with regulatory hurdles and the overall downturn in the economy – it has yet to recover. Because of the liquidity ...
IFC to Lend $36 Million to Mahindra Renewables for a 250 MW Solar Project in Rajasthan
The International Finance Corporation (IFC), the financial arm of the World Bank, has announced its plan to lend $36 million (~₹2.57 billion) for a 250 MW solar project by Mahindra ...
U GRO Capital and Sunvest Capital Launch ₹200 Million Solar Financing Program in India
U GRO Capital, a financial technology company, has entered into a partnership with Sunvest Capital, a non-banking financial company (NBFC) focused on providing rooftop solar financing. The two have announced ...
ReNew Power Gets $350 Million in Debt Financing from OPIC to Scale Solar and Wind Projects
ReNew Power has secured fresh debt financing of up to $350 million (~₹24.91 billion) from the Overseas Private Investment Corporation (OPIC). The funds will be utilized by ReNew Power to support ...
World Bank Pledges $200 Billion to Combat Climate Change
Global financial institution World Bank has pledged a corpus of $200 billion for climate action over a five-year period. The World Bank has set this corpus to meet climate targets set by ...
Sri Lanka Secures $50 Million Loan Facility from ADB to Develop Rooftop Solar
The Ministry of Finance and Mass Media in Sri Lanka has announced that it has entered into an agreement with the Asian Development Bank (ADB) wherein the bank will loan ...
