Renewable Energy Current Affairs - 2019

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India, US ink MoU to establish PACESetter Fund

India and United States (US) have signed a Memorandum of Understanding (MoU) on cooperation to establish the PACESetter Fund in New Delhi.

The MoU was signed by Richard Verma, US Ambassador to India and Upendra Tripathy, Secretary, Union Ministry of New and Renewable Energy (MNRE).

The PACESetter Fund seeks to support the Promoting Energy Access through Clean Energy (PEACE) track of the US-India Partnership to Advance Clean Energy (PACE). In turn, it will accelerate the commercialization of off-grid clean energy with the help of early-stage funding grants to develop and test innovative systems, products and business models.

US-India PACE is a flagship initiative on clean energy that combines the resources of several US agencies and different Ministries of India. It was established with a corpus fund of about 50 crore rupees with both the countries contributing equally.

A steering Committee comprising the Secretary of the MNRE and US Ambassador to India and 3 representatives from each side has been constituted to oversee the fund management.

Month: Categories: International

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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).

Month: Categories: Business, Economy & Banking

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