RECPDCL Invites Bids for 223 MW ISTS-Connected Solar Projects

Clean Energy Tech Firm Ecozen Raises $30 Million for Global Expansion

SJVN Green Energy Invites Bids to Source Land for 200 MW Solar Projects in Assam

Avaada Inks ₹45 Billion Refinancing Deal for Four Solar Projects in Rajasthan

Daily News Wrap-Up: Application Process for ALMM Inclusion and Renewal

Australia Adds 5.9 GW of Renewable Capacity to the Grid in 2023

POWERGRID Wins Contracts to Evacuate 18 GW of Renewable Energy

MNRE Seeks Feedback on Guidelines for PM-Surya Ghar Rooftop Solar Program

Apple Partners with CleanMax to Power India Operations with Renewable Energy

Explainer: Application Process for ALMM Inclusion and Renewal


					<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="https://cms.mercomindia.com/wp-content/uploads/2024/03/amazon_polly_64908.mp3?version=1711696233">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>The government-owned lender Indian Renewable Energy Development Agency’s (<a href="https://www.ireda.in/ireda-functions-and-duties#:~:text=Indian%20Renewable%20Energy%20Development%20Agency%20Limited%20(IREDA)%20was%20established%20on,and%20Energy%20Efficiency%2FConservation%20Projects." target="_blank" rel="noopener">IREDA</a>) Board, in its recent deliberation, has approved a borrowing program totaling up to ₹242 billion (~$2.9 billion) for the fiscal year (FY) 2024-25.</p>
<p>The borrowing initiative encompasses various avenues for fund procurement, showcasing IREDA&#8217;s strategic approach to financing renewable energy projects in India.</p>
<p>The borrowing plan includes a diverse range of instruments, including taxable bonds, green taxable bonds, subordinated tier-II bonds, perpetual debt instruments, green masala bonds, green foreign currency bonds, foreign currency bonds, term loans from domestic banks and financial institutions, lines of credit from international agencies, public and private placement of tax-free bonds.</p>
<p>It will also include capital gains bonds, commercial papers, short-term loans, cash credit facilities, working capital demand loans from banks, foreign currency non-resident loans from banks, and external commercial borrowings from domestic and international financial markets.</p>
<p>By tapping into diverse funding sources, IREDA aims to facilitate the development and deployment of renewable energy projects while ensuring financial sustainability and flexibility.</p>
<p>In another development, the Ministry of New &amp; Renewable Energy (<a href="https://mnre.gov.in/" target="_blank" rel="noopener">MNRE</a>) issued an order dated March 27, 2024, conveying the decision of the Appointments Committee of the Cabinet (ACC).</p>
<p>The order pertains to entrusting the additional charge of the post of Director (Technical) at IREDA to Bijay Kumar Mohanty, who currently serves as the Director (Finance) at IREDA.</p>
<p>This appointment is effective for six months commencing from March 5, 2024, or until the appointment of a regular incumbent or until further orders, whichever occurs earliest.</p>
<p>Prior to this appointment, the additional charge of the post of Director (Technical) was held by Pradip Kumar Das, who serves as the Chairman and Managing Director of IREDA until March 4, 2024.</p>
<p>In December, IREDA <a href="https://www.mercomindia.com/ireda-loans-program-rooftop-solar-pm-kusum-consumers/" target="_blank" rel="noopener">launched</a> its retail division with an emphasis on providing loans in the Business-to-Consumer (B2C) sector. The strategic initiative targets borrowers under the PM-KUSUM program, rooftop solar consumers, and other B2C segments.</p>
<p>The Central Public Sector Enterprise’s status was <a href="https://www.mercomindia.com/iredas-status-upgraded-the-way-for-navratna-status" target="_blank" rel="noopener">elevated</a> from ‘Schedule B’ to ‘Schedule A,’ providing the agency greater financial autonomy and enabling strategic decisions to enhance its mission of expediting renewable energy adoption nationwide. This status elevation is expected to empower the agency with increased financial autonomy to advance renewable energy adoption in India and facilitate green projects in various states.</p>
<p>IREDA <a href="https://www.mercomindia.com/ireda-q3-profit-surges-67" target="_blank" rel="noopener">reported</a> a 67% year-over-year (YoY) increase in profit after tax for the third quarter (Q3) of the financial year (FY) 2023-24 to ₹3.36 billion (~$40.42 million) from  ₹2.01 billion (~$24.18 million).</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/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</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/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
<br />
<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
</div>
<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
</div></div><div class="clearfix"></div></div></div>

IREDA Board Approves ₹242 Billion Borrowing Program for FY 2024-25

<p>The African Development Bank (AfDB) approved a ~$27.78 million proposal to secure a loan from Société Générale de Banque in Côte d&#8217;Ivoire (SGBCI), Crédit Agricole Corporate, and Investment Bank (Crédit Agricole CIB) to help Zola EDF Côte d&#8217;Ivoire (ZECI), an African solar power kit supplier.</p>
<p>The loan will be available in the local currency and AfDB will act as partial credit guarantor by covering part of the guaranteed loan facility.</p>
<p>&#8220;The financing is in line with the 2016-20 National Development Plan of Côte d’Ivoire, the Strategic Plan for the energy sector, and the Electricity for All program initiated by Ivorian authorities to electrify all localities by 2020,” said Amadou Hott, the African Development Bank’s vice president in charge of energy.</p>
<p>The initiative will provide solar home systems to approximately 100,000 rural households based on pay-as-you-go (PAYGO). It is the first large-scale local currency financing model for the off-grid renewable energy sector in Africa. The Grameen Crédit Agricole Foundation will also participate in the funding of ZECI while monitoring environmental and social rules.</p>
<p>According to the World Bank, the global <a href="https://mercomindia.com/solarhome-convertible-note-offering/" target="_blank" rel="noopener">PAYGO solar industry</a> has attracted over $773 million in funding over the last five years. The estimated impact of these investments has been far-reaching, with approximately $5.2 billion in economic savings to households as they switch from conventional fuels to off-grid solar devices.</p>
<p>This project will also benefit the bank’s High 5S vision, “Light Up and Power Africa.” It aims to power 75 million African households by 2025.</p>
<p><a href="https://mercomindia.com/afdb-loan-renewable-energy-projects/" target="_blank" rel="noopener">Last year</a>, <a href="https://www.afdb.org/en/" target="_blank" rel="noopener">AfDB</a> approved $324 million in loan support for two renewable energy projects, in Morocco and Côte d’Ivoire. The loan is in line with the <a href="https://www.afdb.org/fileadmin/uploads/afdb/Documents/Generic-Documents/Brochure_New_Deal_2-En.pdf" target="_blank" rel="noopener">New Deal on Energy for Africa</a>.</p>
<p>Earlier, <a href="https://mercomindia.com/african-development-bank-solar-loan/" target="_blank" rel="noopener">Mercom reported that</a> <a href="https://www.afdb.org/en/">AfDB</a> approved a $1.5 million grant from the Sustainable Energy Fund for Africa (SEFA) to support the Nigerian government’s implementation of Phase 1 of the Jigawa 1-GW Independent Power Producer (IPP) Solar Procurement Program.</p>
<p>Off-grid solar has a bright future in poor and underdeveloped parts of the world, while the funding for these emerging markets has also witnessed a significant increase over the years. According to Mercom’s <a href="http://store.mercom.mercomcapital.com/product-category/solar-reports/" target="_blank" rel="noopener">Solar Funding and M&amp;A Reports</a>, the global off-grid solar market saw deals worth $97 million in 2015. While approximately $147 million was raised in 2016, the sector witnessed exponential growth in 2017 and raised a whopping $243 million.</p>
<p>Image credit: AfDB</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/nitin/" class="vcard author" rel="author"><span class="fn">Nitin Kabeer</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft wp-image-9822" src="https://mercomindia.com/wp-content/uploads/2018/04/nitin-2.png" alt="" width="99" height="105" /><span style="font-family: Calibri"><span style="color: #000000"><span>Nitin is a staff reporter at Mercomindia.com and writes on renewable energy and related sectors. Prior to Mercom, Nitin has worked for CNN IBN, India News, Agricultural Spectrum and Bureaucracy Today. He received his bachelor’s degree in Journalism &amp; Communication from Manipal Institute of Communication at Manipal University and Master’s degree in International Relations from Jindal School of International Affairs. <a href="https://mercomindia.com/author/nitin/">More articles from Nitin Kabeer</a></span></span></span></p>
</div></div><div class="clearfix"></div></div></div>

AfDB Approves $28 Million Loan for Off-Grid Solar in Africa’s Côte d’Ivoire

loan-approval

Get the most relevant India solar and clean energy news.

RECENT POSTS