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SoftBank’s India solar ambitions may gain from Modi’s EV push

According to reports, SoftBank Group is in talks with the Indian government to facilitate the use of renewable energy like solar to charge electric vehicles in the country, a senior executive at the Japanese group’s local unit informed. India is considering electrifying all its vehicles over the next 15 years, a plan that could boost SoftBank’s solar ambitions in the country if the government adopts renewable energy to charge the vehicles. SoftBank, which has said it will invest up to $20 ... Read More »

REC says over 10% lending this financial year will be in renewables

According to reports, as the country ‘s energy sector increases focus on renewable options, one of the main power finance companies, Rural Electrification Corporation (REC), expects its lending to the industry to grow significantly in the current financial year. “More than 10 per cent of our total lending this financial year would be in the renewable energy sector,” said P V Ramesh, chairman and managing director, REC. In 2016-2017, eight per cent of the total lending activity was towards the ... Read More »

Power Finance Corporation to revamp its lending portfolio

According to reports, Power sector’s key financier Power Finance Corporation (PFC) is looking to shift its focus from conventional energy to other upcoming sectors such as transmission, last mile distribution infrastructure and renewable energy. Lagging power demand and rising non-performing assets (NPAs) in the thermal power sector has pushed it to revamp its lending portfolio. “Our funding for last mile transmission and distribution projects in states is increasing. The ‘24X7 Power for all’ scheme alone envisages an investment of Rs ... Read More »

Eastspring to invest in Continuum Wind Energy unit

According to reports, Eastspring Investments, the Asian asset management arm of Prudential Plc, has agreed to invest in a subsidiary of Morgan Stanley-backed Continuum Wind Energy Ltd, as it seeks more opportunities for such investments across Asia. The investment in Watsun Infrabuild Pvt. Ltd will be Eastspring’s first bet on India’s infrastructure sector, the company said in a statement. The deal is likely to close this month. The statement didn’t disclose the amount Eastspring has committed but said that this ... Read More »

CCEA likely to approve IREDA IPO tomorrow

According to reports, the Cabinet Committee on Economic Affairs is likely to approve the initial public offer of state-run Indian Renewable Energy Development Agency (IREDA), a move aimed at mobilising more funds for clean energy. “The initial public offer proposal of IREDA is listed for the meeting of the Cabinet Cabinet Committee on Economic Affairs (CCEA) scheduled tomorrow,” a source said. The source said that under the listing proposal, the IREDA would issue fresh 13.90 crore shares, which would increase ... Read More »

Solar energy boom brings Indian manufacturers to financial collapse

According to reports, some of India’s biggest solar equipment makers are facing financial collapse, priced out by Chinese competitors as Prime Minister Narendra Modi’s government prioritises cheap power over local manufacturing despite his ‘Make in India’ push. Though President Donald Trump is pulling the United States out of the Paris accord on climate change, India is sticking to its huge renewable energy programme. That has created a multi-billion-dollar market for Chinese solar product makers, who are facing an overcapacity at ... Read More »

Hero Future Energies to set up solar charging stations for electric vehicles

According to reports,  Hero Future Energies Pvt. Ltd, a company promoted by the Munjal family, plans to enter the battery storage business and set up charging stations to tap India’s emerging electric vehicles (EV) market, chief executive officer Sunil Jain said. The plan comes at a time when the ‘Bharat Charger’ specifications for electric vehicles are being firmed up. The department of heavy industries (DHI) has submitted its report on these specifications for charging stations to a government committee on ... Read More »

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