Industry updates


Solar Rooftop in Bangalore
The distribution utility BESCOM will soon allow “net metering” for its customers. Net Metering is the process of allowing solar(NYSEARCA:TAN) rooftop homeowners to sell their excess solar electricity to the grid. Read More...

Wind energy generation picks up in TN
Wind energy generation has picked up in the past three days and is expected to gain momentum in the coming weeks. Sources in the wind energy sector say winds picked up from April 10 to 17 and dropped for a few days. Read More...

Solar Power for Schools in Rural India
India is one of the most energy hungry developing countries in the world. More than 2.5GW of solar PV installations have been commissioned in India since the year 2009. Due to the power crisis faced by many states in India, many local governments are installing rooftop PV systems. Read more...

Suzlon bags 370 MW orders in first three months of 2014
NEW DELHI: The Suzlon Group bagged contracts for wind energy capacity of 370 MW in the first three months of this year, with projects spread across Europe and India. Read More...


NREL Unlocking Secrets of New Solar Material
A new solar material that has the same crystal structure as a mineral first found in the Ural Mountains in 1839 is shooting up the efficiency charts faster than almost anything researchers have seen before—and it is generating optimism that a less expensive way of using sunlight to. Read More...

Solar Wind Wins Approval for $1.5 Billion Arizona Power Tower
Solar Wind Energy Tower Inc. won approval from an Arizona city to develop a $1.5 billion project that would use ambient desert heat to create a draft to generate electricity, in a concrete colossus that would be the tallest structure. Read More...

Too Conservative? EIA Projects Renewables to be 16-27 Percent of US Electricity Supply by 2040
Today, the U.S. Energy Information Administration (EIA) released its renewable electricity generation projections as part of its "Annual Energy Outlook — 2014" (AEO2014). Read More...

A Molecular Approach to Solar Power
It’s an obvious truism, but one that may soon be outdated: The problem with solar power is that sometimes the sun doesn’t shine. Read More...

Bloomberg News

India Invites Bids for $8 Billion Renewable Grid Upgrade

India will begin construction this year on an $8 billion project backed by Germany’s development bank to upgrade its grid to handle a more than doubling of renewable power capacity by 2022.

Vikram Solar Opposes Dumping Duties as Manufacturer Split

Vikram Solar Pvt., an Indian panel maker, has opposed a government recommendation to impose dumping duties intended to protect local manufacturers.

India Plans Solar Parks to Host Up to 20 Gigawatts

India will provide low-cost loans and grants to set up solar power parks across the country to host as much as 20 gigawatts of capacity, about 10 times what it has built to date.

India Seen Adding Wind Capacity After Tax Credit Revived

India may add an additional 1,000 megawatts of wind energy a year after the government revived a tax incentive.

India Plans Biggest Solar Auction of 1,500 Megawatts

India plans to auction 1,500 megawatts of solar-power capacity in its biggest tender yet, saying photovoltaics may supply power as cheaply as coal five years earlier than it expected.

Infosys Plans to Invest in 200 Megawatts of Renewables

Infosys Ltd. plans to invest in 200 megawatts of clean-power plants by 2018 to meet the energy needs of India’s second-largest software services exporter.

Suzlon’s Loss Narrows as India Wind Market Improves

Suzlon Energy Ltd., India’s biggest wind-turbine maker, reported a narrower loss in the fiscal first quarter as it benefits from improving margins and policy decisions in its home market.

GE Invests in 126 Megawatts of Wind Farms in India

A unit of General Electric Co. (GE) has invested in three Indian wind farms comprising 126 megawatts of capacity under development by Atria Power Corp.

Suzlon Plans to Double India Installations, List Unit

Suzlon Energy Ltd., the Indian wind-turbine maker that defaulted on bonds, expects to more than double installations in its home market this fiscal year before a planned listing of its German unit.

India’s Uttar Pradesh Plans 300-Megawatt Solar Auction

India’s Uttar Pradesh state has invited companies to bid for contracts to build 300 megawatts of solar photovoltaic capacity.

India Solar-Credit Demand Rises to 4-Month High in July

Demand for Indian solar-energy credits rose to a four-month high in July after a power utility entered the market seeking to comply with government clean-energy targets.

India Vows to Buy Local as Solar Dumping Deadline Passes

India’s power minister asked domestic solar equipment makers to start idled capacities, pledging the government would ensure buyers for their products.

Suzlon Seeks Japanese Partner to Tap Offshore Wind Market

India’s Suzlon Energy Ltd. may seek a Japanese partner to make offshore wind turbines, attracted by access to cheap yen loans as projects at sea get costlier and more complex.

Tata Solar to Supply 20-Megawatt Acme Plant in India

Tata Power Solar Systems Ltd., a unit of India’s biggest industrial group, won an order to supply panels for a 20-megawatt photovoltaic project in the country.

ReneSolaSuppling 5.4 Megawatts of Modules for Project in India

ReneSola Ltd., a Chinese solar-panel maker, will sell 5.4 megawatts of modules to Welspun Energy Pvt. Ltd. for a project in India.

Tanti Plans Senvion Bond Sale in Bid to Revamp Suzlon

Suzlon Energy Ltd.’sSenvion SE unit is preparing to raise about 500 million euros ($665 million) in a bond sale this year to fund a takeover of the parent’s global business servicingwind turbines.

Climate Change Threatens South Asia’s Escape From Poverty

The economies of South Asia, home to half the world’s poor, stand to lose almost a quarter of their gross domestic product annually by the end of the century should they fail to fight climate change.

Welspun Group May Invest $2.5 Billion in Renewables

India’s Welspun Group plans to invest 150 billion rupees ($2.5 billion) over the next three years in clean-energy plants, the Press Trust of India reported.

Inox Wind Plans IPO as Modi Policies Spur India Market

The wind-turbine making unit of India’s Inox Group plans to raise about 10 billion rupees ($163 million) selling shares as Prime Minister NarendraModi’s government spurs a revival of Asia’s second-biggest wind market.

Modi May Lose $3 Billion Plant to Iran as Coal Runs Short

Domestic coal shortages are prompting India’sNational Aluminium Co. to plan construction of a $3 billion smelter complex abroad, possibly in Iran, underscoring the task Prime Minister NarendraModi faces to boost energy output.

Vikram Solar to Build India’s First Floating Solar Plant

Vikram Solar Pvt., an Indian panel maker, won a contract to build the South Asian nation’s first floating solar power plant on a lake in eastern India.

India Invites Bids for $8 Billion Renewable Grid Upgrade

India will begin construction this year on an $8 billion project backed by Germany’s development bank to upgrade its grid to handle a more than doubling of renewable power capacity by 2022.

Bloomberg New Energy Finance videos

BNEF’s Goldie-Scot on electric cars driving energy storage investor returns

Bloomberg’s Logan Goldie-Scot discusses the expanding market for energy storage investors as electric energy vehicles grow in popularity.

BNEF’s Chase on solar affordability pushing power to new heights

Bloomberg’s Jenny Chase discusses a forecast calling for solar energy to account for 5-7 percent of all power globally by 2030.

BNEF’s Henbest on record-breaking offshore wind deal

Bloomberg’s SebHenbest examines the level of renewable energy investment as a new offshore wind project in the North Sea sets a record for clean energy funding.

BNEF’s Bullard on Q2 2014 surge in clean energy investment

Global clean energy investment surged to $63.6bn in the second quarter of 2014, up 33% compared to the first quarter and 9% compared to Q2 2013, according to the latest authoritative figures from research company Bloomberg New Energy Finance.

Nathaniel Bullard walks through the reasons behind this surge, from the big financings for wind and solar projects sized in the hundreds of megawatts, to the busy activity in the installation of small-scale rooftop photovoltaics.

Bloomberg New Energy Finance white papers

McCrone: six eye-catchers in our 2030 picture of world energy

Spotting important details on a large canvas can be difficult, whether it is Suleiman The Magnificent sitting anachronistically at a table in Paolo Veronese’s The Wedding at Cana or, in a different art form, Elon Musk’s 11-second cameo in Iron Man 2.
Bloomberg New Energy Finance’s latest forecast for global power – our 2030 Market Outlook – is a large canvas in its own right, one that we hope is worthy of even greater attention than the revered Iron Man 2.

McCrone: competitiveness is not just about reducing technology costs

Funny how the same product can taste a lot better, or worse, depending on the location: an Italian ice cream provides delicious relief on a mercilessly hot and humid afternoon in New York, but is not so refreshing on a wet morning in Brussels. A dram of whisky is best in front of a roaring fire on an icy night in Scotland. It is not so clever at lunchtime on a summer’s day in Sydney.
It is similar in energy. A generation choice that is attractive in one part of the world may not be nearly so tasty in another. Gas-fired generation might head up the menu in one country, it could be hydro-electric in another, or nuclear, or coal, or geothermal, or wind, or solar.

Bloomberg New Energy Finance’s Week in Review


Last week saw President Enrique Pena Nieto sign legislation to open formally Mexico’s state-controlled energy industry to private investment. These laws complete the steps to end the monopoly on energy production held by state-owned Pemex since 1938, and form the framework under which the energy sector will operate. The government hopes to attract some $23.5bn in investment over the next three years thanks to the new rules, said energy minister Pedro Joaquin Coldwell on 14 August.


There were two gigawatt-scale announcements from Asia last week, from the world's two most populous countries: China announced that it added 3.3GW of solar capacity in the first half of the year while India said it would provide low-cost loans and grants to install as much as 20GW of new solar capacity.


The electric vehicle market showed signs of revving up last week, while the growth of the UK offshore wind industry took a step back.Panasonic, the main supplier of lithium-ion cells for Tesla Motors electric cars, signed a deal on 31 July to help build a battery factory that the former's chairman, Elon Musk, needs to lower the prices of his vehicles.


The UK emerged from the EU state aid inquisition last week with its electricity market reforms in the clear. With the European Commission’s stamp of approval, Britain is now able to provide wind farms and solar and biomass plants with deals known as contracts for difference (CfD), which encourage investments by guaranteeing payments for 15 years.


Clean energy investment continued to be on the upswing in the second quarter of the year, building on the momentum seen in the first quarter. Investment was up 9% at $63.6bn during the April-June period, with China leading the list of countries pumping money into the sector, followed by the US, according to the latest quarterly update from Bloomberg New Energy Finance.


Suzlon hit the headlines last week after it announced on 9 July that its creditors had approved the company's plan to issue up to USD 577m in convertible bonds. The restructuring plan should help Asia's second-largest wind-turbine maker clear a fundraising hurdle. Suzlon is leading gains this year among global wind-energy companies on expectations that its recovery will be underpinned by a deal with bondholders and by a new government in India that favours clean energy. Having not reported a profit since 2009, the company is seeking to recapture demand after its financial woes slowed its ability to carry out orders.


More than half of electricity generation capacity in Europe will be from renewable energy sources by 2030, and the Asia-Pacific region will spend around $2.5 trillion over the next 16 years on green power technologies like wind, solar and hydro-electric.These are some of the findings from Bloomberg New Energy Finance’s 2030 Market Outlook, released last week.


Germany went through to the quarter-finals of FIFA 2014 after extra-time strikes from its players saw them edge past Algeria to win 2-1.Last week, its renewable energy law, or EEG, also went through, with the country’s lawmakers backing an extensive revision, which curbs subsidies and slows gains in power prices that are the second-costliest in the European Union.

Is India's 100 GW solar road map feasible?

Ever since the new government was sworn in, India has been making all the right noises about its ambitions for solar power. Both Prime Minister Modi, and the Minister for New and Renewable Energy, Mr. Goyal, seem determined to achieve an ambitious target of 100 GW by 2020. After the headline items have been absorbed and expectations have risen, it is now time for delivery. They have their work cut out for them. It cannot be a straightforward process as the goal is so ambitious, the market environment is complex and the technologies changing. However, it needs to be much more thought through than it is at present.

The Indian government’s roadmap to achieving 100 GW in 5 years

This plan shows a very quick initial ramp up from the current 1 GW per year market size. In the upcoming financial year, the government wants to install 7 GW, of which 3 GW is to be of rooftop solar. That is a 100-fold increase from the current total rooftop capacity. In the year after that, India is to be a 18 GW solar market. No country has ever added 18 GW of solar in a year.

According to the analysis, an un-incentivized rooftop solar market would add 1.5 GW by 2018. In the road map, the government is planning to add around 20 GW by the same time. Achieving this will need a substantial policy push.

The only substantial announcement so far has been a plan to provide an interest rate subsidy by using around EUR 1 bn of funds from the German KfW. However, even this has not yet been formalised and it would take at least a year to become operational. The government has also been tinkering with the subsidy mechanism (refer) but that too doesn't seem to be adding up to any larger plan.
The most active market segment at present is utility scale capacity addition through the solar parks model. Yet this, too, is not without roadblocks. There is still some confusion on what parks are ready for the first 3,000 MW of allocations to be auctioned by March 2015. The guidelines for allocations have been changed multiple times in the past weeks, as the situation changed on the ground due to and, infrastructure and funding challenges. International developmental banks have been asked to finance these parks, but there is still not enough clarity on the business models and on how this could work from a lender’s (and investor’s) perspective. Under the current conditions, many investors might just decide to give this opportunity a pass.

The experts believe that India can achieve its ambitious solar targets, but it will need to rapidly step up its policy planning and implementation. What India actually wants to do, is to significantly shift its future energy mix towards renewables. That is strategically sound, but definitely not business as usual. It requires an expanded and improved institutional infrastructure to support a complex, new policy process:an excellently staffed "Central New Energy Command". That should be the starting point. Even with this in place, a build-up as rapid as anticipated will be a stretch. It just takes time to fine-tune the details of a successful policy. Long delays have plagued Indian policy making in solar and other areas in the past. Given the stronge economic fundamentals behind solar market growth in India, the goal could more easily be reached with a slower initial ramp up and larger additions towards 2020.
In the current policy environment, and given the time pressures created by this road map, we see the danger of a knee-jerk reaction: if the market is not quick enough to react, then the government will simply push large projects through directly, using a select group of public and private companies, whose decision-making calculus includes factors not related to the solar opportunity at hand. This will undermine competition and slow down the fall of solar costs. It might lead to a faster capacity addition in the short term, but carries the risk of the market stalling. For solar to be the big success in India that it can, it needs a wide spectrum of innovative players (including start-ups and international companies), a predictable policy framework and a large range of financing options.

166 GW of solar investment interest in India in the coming years

In a research when asked to companies to provide non-binding investment indications for the Indian renewable market. The results show a general willingness to set up a whopping 166 GW of solar power generation capacity and 5 GW per year of solar manufacturing capacity

Prominent and already active private solar developers that have indicated significant plans include Essel Infra Projects (12 GW), Azure Power (11 GW), SunEdison (10 GW), Welspun (8.7 GW), Renew Power (7 GW) and First Solar (5 GW). Ambitious plans have also been submitted by large Indian conventional power companies such as Adani Power (6 GW) and Reliance Power (6 GW). Even though they have forayed into solar project development in the past, these ambitions mark their serious entry into the Indian solar project development landscape. Apart from this, Raasi Solar Energy, a company promoted by ex-member of Indian parliament has submitted plans for 10 GW capacity (refer), Sky Power Global, a large Canada based project developer, has committed to 9.9 GW and a lesser known company, CPEC that had earlier commissioned a project under the Gujarat Solar Policy, has also indicated plans for developing 9 GW of capacity. Amongst public sector companies, significant interest has come from NTPC (3.3 GW), NEEPCO (2.5 GW), Coal India (1 GW) and Satluj Jal Vidyut Nigam (1 GW). In total, 140 developers have made project development commitments

The exercise serves mainly as a measure of the companies’ ambitions, rather than of specific, actionable strategies. On the other hand, there will be many more investors, developers, financiers and manufacturers in the Indian solar market than those who have here stated their intentions. Overall, the mood in the Indian solar market is upbeat and even if a fraction of these intentions stand the test of time, it is very good news for the sector. The limited intentions coming from finance, both on this list and in real life, continue to be of concern. However, what is needed much more than intentions to build solar power, are intentions to buy solar power at viable tariffs and with solid PPAs.

USTDA commits USD 2 billion for Indian renewable energy sector

In a US-India joint statement released yesterday (26th January 2015), the US reiterated its intent to support India's proposed targets on clean energy and climate change. The statement includes seven measures: expanding Partnership to Advance Clean Energy Research (PACE-R), expanding Partnership to Advance Clean Energy Deployment (PACE-D), accelerating clean energy finance, launching air quality cooperation, initiating climate resilience tool development, demonstrating clean energy and climate initiatives on the ground and concluding MOU on energy security, clean energy and climate change On clean energy finance, the US President Barack Obama provided an additional investment commitment of USD 2 billion for renewable energy in India by US.

Trade and Development Agency (USTDA). This is over and above the USD 1 billion commitment made by US-Exim supporting made-in-US equipment supply to India. An MoU for the import credit commitment has already been signed between US-Exim and Indian Renewable Energy Development Agency (IREDA). It is not clear if the USTDA commitment involves a compulsory or preferential US import requirement. Financing by Overseas Private Investment Corporation (OPIC), US government’s developmental bank, did not give any special preference to US equipment while financing Indian solar projects by Azure and SunEdison in the early days of the market. These new announcements take the proposed overseas funding commitments for Indian solar projects and green energy corridors to above USD 8 billion (refer) including other similar (mostly in-principle) commitments made by World Bank, IFC, kfW, ADB and US-Exim. To put this in perspective, India needs investments to the tune of USD 100 billion until 2022 for the ambitious 100 GW target. India has been using the target of 100 GW solar by 2022 as a key bargaining chip in climate change negotiations. The Indian government expects significant international support, especially from the US, in meeting these commitments. The support pledged by the US falls way short of those expectations. But it needs to be appreciated that unlike countries like China and Russia where it is a centrally driven command economy, investments from USA are driven by private sector. Rather than expecting the US government to make significant commitments, India needs to provide an attractive investment environment for the privately owned US companies and financial institutions (and from other countries). The Indian government’s emphasis on simplifying rules and making it easier to conduct business in India is the correct policy path to pursue. Together with a stable regulatory regime and clean governance, that will drive investments not only in renewables but also in the wider economy.

India is getting its solar fundamentals right but the policy is still a 'work-in-progress'

On 31st January 2015,Saturday the Minister for New and Renewable Energy, Piyush Goyal, called for a meeting with solar developers and manufacturers to discuss various aspects related to structuring of accelerated depreciation (AD) mechanism to ensure a level playing field for developers. The minister announced that the government is considering proposals to provide interest rate subvention for developers who don’t claim AD. Separately, there is a proposal to consider how private developers can raise capital through green bonds. But it appears that the developers’ demands for a universal tax-credit structure, like the one in the US, or for waiver of Minimum Alternate Tax (MAT) for solar projects might not be approved by the Ministry of Finance.

The Indian government has announced several bold initiatives to grow solar energy in India in the last few months – new solar targets for 100 GW, strong focus on rooftop segment, setting up of government solar parks for utility scale and ultra-mega scale projects, significant increase in renewable purchase obligations (RPO) and attempts to reduce the cost of financing for solar projects. These are fundamentally sound plans but perhaps unsurprisingly, implementation process and policy clarity is not yet matching up


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