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Study on Common Risk Mitigation Mechanism (CRMM) for Solar Power Generation Projects in Solar Rich Countries Commissioned

India along with countries like Argentina, Burkina-Faso, Chad, France, Ivory Coast, Mali, Namibia, Niger, Nigeria, Senegal, Uganda and Yemen has jointly commissioned a study to define and structure a Common Risk Mitigation Mechanism (CRMM) for solar power generation projects in solar rich countries. The commissioning of the study is aimed at dramatic reduction in the cost of finance for renewable energy and the overall price of electricity. The exercise is part of the international efforts aimed at implementing the the Paris Declaration of the International Solar Alliance (ISA) adopted on 30 November 2015.
The study has been entrusted to a task force chaired by Terrawatt Initiative (TWI), the World Bank Group, the Currency Exchange Fund (TCX), the Council on Energy, Environment and Water (CEEW) and also the Confederation of Indian Industries (CII). Each of the participating countries will also appoint a qualified representative who will cooperate with the task force and provide information regarding the country specific expectations, experience and needs of the task force. All the countries lying fully or partially between the Tropics are also invited to join the task force and support this initiative in order to attract investments into solar sector.

Need

The Council on Energy, Environment and Water calculates the cost of capital to form a substantial amount in the total costs of renewable energy. In India it accounts for 70% of the total cost of solar Power. In this regard, the CRMM is expected to offer a simple and affordable tool that will develop a secure environment for private institutional investment in solar assets.

ISA

On the first day of the COP-21 summit, the International Solar Alliance was launched by Indian Prime Minister Narendra Modi and French President Francois Hollande as a union of countries with abundant sunlight. Under this alliance, 121 countries that fall within the tropics {i.e. between Tropic of Cancer and Tropic of Capricorn} have been invited to make collaborative efforts to harness solar energy to generate the electricity. Most of these countries fall within Asia, Africa and South America.There are three objectives behind the International Solar Alliance. First is to force down prices by driving demand; second is to bring standardization in solar technologies and third is to foster research and development.

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Adani Group inks MoU with Tamil Nadu Government to set up 650 MW solar power plant

Adani Group has inked a memorandum of understanding (MoU) with Tamil Nadu Government to set up 650 Mega Watt (MW) solar power plant in Ramanathapuram district.

The group will set up five solar power units at a cost of 4,536 crore rupees. Around 70 per cent of the investment will be through internal accruals, while the reaming investment will be from institutional investors and debt.

The construction process of project is expected to begin in July 2015 and it will be operational by February or March 2016.

The entire power produced from the project will be purchased by Tamil Nadu Generation and Distribution Corporation Ltd (Tangedco) at cost of 7.01rupees per unit for the next 25 years.

It should be noted that this plant will help state to meet its solar power target set it solar energy policy launched in 2012. Till date Tamil Nadu government has signed agreements with 32 private players for purchasing 1,084 MW.

Besides Tamil Nadu, Adani group is setting up solar plants different states across India including in Rajasthan (5,000 MW), Jharkhand (10,000 MW) and Gujarat (5,000 MW).

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