Daily News Digest: IREDA’s revenue target of £27.49bn from renewables lending
Here are some of the day’s notable cleantech announcements from around the world:
Indian Renewable Energy Development Agency (IREDA) sign a Memorandum of Understanding (MoU) with the Ministry of New and Renewable Energy and set an annual performance target for 2021-2022. The central government has set a target of ₹27.49 billion (~$365.99 million) for operating income along with various key performance related metrics such as net worth yield, rate of asset turnover and earnings per share. IREDA said it is poised for exponential growth in the coming years in the renewable energy sector with an additional central government equity injection of ₹15 billion (~$199.73 million). dollars). The company would provide an additional loan facility of around ₹120 billion (~$1.59 billion) and further contribute to the Indian government’s renewable energy target.
Solar Energy Corporation of India (SECI) sign a memorandum of understanding with the Jammu and Kashmir State Power Development Corporation for the provision of project implementation services for a 10 MW saffron-based agro-photovoltaic (PV) power plant in Pulwama, Kashmir.
The Government of India and Australia sign a letter of intent on new and renewable energy technologies. The letter of intent would pave the way for reducing the cost of new and renewable energy technologies and scaling up deployment to improve global emissions reductions. It would also focus on increasing production and deploying ultra-low-cost clean, solar-powered hydrogen. Countries also established a forward-looking action plan for energy efficiency technologies, grid management, research and development collaboration, flue gas desulphurization, biomass or hydrogen co-combustion , optimization of the water cycle, integration of renewable energies, batteries and electric mobility.
The Timken Company, an American manufacturer of bearings and power transmission products, has has received An order to provide high-precision drives for the world’s largest single-site solar power project. Its solar tracking technology would be used to precisely position solar panels in line with the sun for the Al Dhafra PV2 site in Abu Dhabi, United Arab Emirates. The project is expected to become fully operational in 2022. The project would meet the electricity needs of 160,000 homes across the UAE while reducing approximately 2.4 million metric tons of carbon dioxide emissions.
Aurora Solar, a software platform for selling and designing solar energy, and Mosaic, a financing platform for improving residential and energy-efficient solar energy in the United States, announcement a new partnership to accelerate large-scale solar adoption. The partnership would allow solar installers to seamlessly access their Mosaic account at Aurora to provide homeowners with competitive financing options and near-instant loan pre-approval for their solar and storage projects.
Saint-Gobain India and IIT Madras have sign a MoU to develop a 100% renewable energy research park. The company would support the IIT Madras Research Park with funding of ₹10 million (~$133,211) over the next three years. IIT Madras Research Park intends to create a robust energy storage mechanism within the campus that would allow it to operate primarily with energy generated from renewable sources.
Harsh is a journalist at Mercom India. Previously with Indian Express, he covered mainstream stories. He holds a Masters in Journalism from the Symbiosis Institute of Media and Communication, Pune.
More articles from Harsh Shukla.