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“ The Grid-connected Rooftop Solar program is critical to harnessing India’ s solar potential. This additional financing will strengthen the capacity of key institutions and help in bringing international best practices to support the program fulfill its aim of developing at least 400 MW of GRPV across India.”
Junaid Ahmad, World Bank Country Director in India
Despite energy shortages, and the high cost of backup supply, rooftop solar PV systems have not yet become widespread in India. This is primarily due to the lack of adequate financing, unfamiliar technology and low consumer awareness. Until now, those that wanted to install solar rooftop PV systems had to pay the full cost up-front. The total capacity of rooftop solar, therefore, remains low. These solar PV installations will provide clean, renewable energy, and reduce greenhouse gas emissions by displacing thermal generation. The GEF will address a number of constraints in successful investments in GRPV. This includes commercial, policy and regulatory, technical and financing challenges. The GEF grant includes knowledge support to the Electricity Distribution Companies( Discoms), training for State Nodal Agencies( SNAs), learning and knowledge sharing programs for policy makers and regulators to develop regulatory frameworks, technical training for investment bankers and technical and knowledge capacity building programs for project developers and SMEs, all of which will be guided by the Ministry of New and Renewable Energy alongside the World Bank.
“ The knowledge and advisory support being made available through the GEF grant complements the financial support to the parent program. The overall Program of rooftop solar financing has just become effective, so we intend that this grant will be utilized quickly, to help build the capacity of utilities to implement solar rooftop projects, ensure smooth implementation of GRPV regulations, and help SMEs and NBFCs to access debt for rooftop projects.”
Simon Stolp,
World Bank’ s Lead Energy Specialist
The GEF Program is one of the largest and longest standing trust-funded programs in the World Bank Group. Since 1991, when the World Bank helped to establish the GEF, it has integrated global environmental benefits across the Bank programs through more than 790 investment projects and programs in 120 countries.
Source: worldbank
Lightsource to invest Rs 6,500 cr in India in 2-3 years
UK-based Lightsource Renewable Energy will invest Rs 6,500 crore over the next 2-3 years to set up 1000 MW solar energy projects in India.
“ The company is looking at developing 1000 MW of solar power projects entailing an investment of Rs 6,500 crore over the next 2-3 years,” Lightsource Renewable Energy Ltd Managing Director and Head India Operations Rupesh Agarwal told PTI.
L ightsource recently won a 50 MW solar project in Maharashtra under the Centre’ s ambitious solar programme. This is the maiden solar project secured by the company in India. We are eyeing 1000 MW of solar power projects in the country which is bare minimum in the backdrop of government’ s ambitious target of adding one lakh MW by 2022.
We would like to do even more than targeted 1000 MW in coming years depending on the auctions of these projects,” Agarwal said. He added that the company will“ only secure projects through competitive bidding in India as it has no plans to procure projects through MoUs or otherwise”.
He also said Lightsource will operate alone in the country and is unlikely to tie with any domestic or other operator for the execution of the projects. Earlier last year, Lightsource had announced tie-up with SREI Infrastructure Finance Ltd as its the first partner for foraying into Indian solar energy space. Lightsource Renewable Energy – one of the largest solar PV energy generators globally had recently appointed Agarwal as Managing Director for its India operations. In the last 5 years, Lightsource has deployed over 2 billion pounds to develop and operate 1300 MW of solar PV plants in the United Kingdom.
The company has a number of firsts to its credits such as the Thames Water 6.5MW plant, the world’ s first deep water floating solar PV installation or the first large scale solar plant in the island of Ireland, installed in the Belfast International Airport, that saves over 2,345 tonnes of carbon per year.
Source: PTI www. EQMagPro. com EQ December 2016 37