BUSINESS & FINANCE
BUSINESS & FINANCE
India and U . S . Launch $ 95 Million Clean Energy Projects
The U . S . recently announced two financial projects worth $ 95 million in India to bring more energy-efficient appliances torural sector , as part of its efforts to continue the global transition to zero-and-low carbon energy sources .
T he US has committed $ 70 million in Overseas Private Investment Corporation ( OPIC ) financing for renewable energy projects in India ; and announced to launch a $ 20 million partnership this week with the philanthropic sector to bring more efficient appliances torural Indian villages . The $ 75 million OPIC financing is for a utility-scale PV project in Telangana . It is sponsored by ReNew Power Ventures . This commitment represents the rapid mobilisation of financing under a $ 250 million facility to support up to 400 MW of new solar power projects in India across multiple states , the White House said . Further the OPIC and Indian Government will this week formally launch a $ 20 million distributed solar facility in partnership with leading philanthropies , it said .
Known as US-India Clean Energy Finance program ( USICEF ), it will address a key financing gap in the Indian distributed solar market by funding early-stage project preparatory work , it said . USICEF is anticipated to unlock up to $ 400 million in longterm debt financing from OPIC and private sector investors , the White House said . According to the White House fact sheet , the Rockefeller Foundation ’ s Smart Power for Rural Development Initiative is also announcing a new partnership with the Clean Energy Ministerial ’ s ( CEM ) Global Lighting and Energy Access Partnership ( Global LEAP ) to accelerate
“ When deployed it is expected to reduce energy consumption by over 50 per cent for rural households , increase revenue for mini-grid operators by over 300 per cent per household , and generate rural employment for people involved in distribution and supply chain management of the devices ,” it said .
the deployment and use of energy efficient off-grid devices in rural India . The US Department of State will , subject to Congressional notification , provide funding for Global LEAP to support the development and roll out of a programme to deploy energy- efficient devices such as televisions , fans , and refrigerators at selected Smart Power supported mini-grid sites , the White House said . It will also develop a strategy for a programme-wide scale-up targeted to reduce energy costs for some of the poorest people in India .
Noting that the US President Barack Obama ’ s leadership has catalyzed a global transition towards a clean energy economy , the White House said from 2010-2015 alone , the US has invested in more than $ 11 billion in international clean energy finance . At the same time , the US has made research and development a top priority . Key achievements include establishing Mission Innovation ( MI ), with the leaders of 19 countries , to accelerate innovation by doubling public investment in clean energy research and development to $ 30 billion over five years .
CleanMax Solar commits Rs 1,200 cr for Karnataka
I n an interaction with DH , CleanMax Solar South India Business Development Head Andrew Hines said the company will set up a solar farm with a total capacity of 200 mW . “ Besides rooftop solar plant , we are present in supplying power from a solar farm to the grid . With a progressive policy of Karnataka , we are planning a long-term investment of producing 200 mW ,” he said . CleanMax has commissioned 30 mW solar farm in Tumakuru district in March 2016 . “ Our second farm is expected to come up in March , and that will be another 50 to 60 mW . Karnataka solar policy provides some sort of incentives for solar plants , set up until March 2018 . Under that window we are looking to set up a plant of approximately 200 mW ,” he said . Hines said each mega watt will have a capex investment of Rs 6 crore and so the total investment for 200 mW will be Rs 1,200 crore . Besides , 0.5 mW rooftop solar plant at Bengaluru airport , the company also plans to come up another project with Bangalore Metro . “ We are India ’ s largest supplier of solar power under the corporate sector with different models . The first one is we install rooftop solar plant and supply directly to them . The second model is we supply power from a solar farm in a rural area into the grid and then the corporate consumer can avail it ,” he said . He said in corporate model , the company offers investment . “ Then we own and operate the plant for 20 – 25 years and sell the solar power to our customers . From our customers ’ perspective , it is a zero investment opportunity for them . So all they have to do is get into a contract with us to buy the solar power that will also be at a discount of whatever their power supplier offers ,” he said .
“ There are two ways that we raise capital - One from within the company itself and the second for a particular project . So , for a specific project we can raise some capital at a project level also ,” he said . The Mumbaiheadquartered ClearMax has completed 72 projects across 20 plus industries with presence in Rajastahn , NCR , Haryana , Gujarat , Maharashtra , Karnataka , Tamil Nadu and Telangana .
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