Azure Power receives $10.5 million solar rooftop funding from World Bank

Azure Power, an independent solar power producer in India, today announced it has been granted Rs 67.83 crore ($10.5 million) of low-cost debt financing through the State Bank of India (SBI)-World Bank Grid Connected Rooftop Solar PV Program.

The loan is granted for 15 years with an interest rate of 8.35 per cent per annum, among the lowest interest rates availed by solar power developers in India, according to a statement issued by the company.

“We are pleased to announce our partnership with SBI and World Bank which will enable us to lower the energy bills of our customers by providing clean and sustainable solar energy. We are excited to expand our Azure Roof Power platform in India with the support of SBI and World Bank,” Inderpreet Wadhwa, Chairman and Chief Executive Officer, Azure Power said.

Under the SBI-World Bank: Grid Connected Rooftop Solar PV Program, the World Bank and the International Bank for Reconstruction and Development (IBRD) approved a line of credit of $625 million to support the government’s goal to expand rooftop solar capacity to 40,000 Megawatt (Mw).

The company said its Azure Roof Power platform has over 1,000 Mw capacity projects across 18 states. Its customers include commercial real estate companies, a chain of premium hotels, distribution companies in smart cities, warehouses, Delhi Metro Rail Corporation (DMRC) and Indian Railways.

Apple offers $1bn green bond for clean energy

Apple Inc offered a $1 billion bond dedicated to financing clean energy and environmental projects on Tuesday , the first corporate green bond issued since President Donald Trump withdrew the US from the Paris climate agreement. The offering comes over a year after Apple issued its first green bond of $1.5 billion -the largest by a US corporation -as a response to the 2015 Paris agreement.Apple said its second green bond was meant to show that businesses were still committed to the goals of the 194 nation accord.

“Leadership from the business community is essential to address the threat of climate change and protect our shared planet,“ said Lisa Jackson, Apple's vice presi dent of environment, policy and social initiatives. Apple CEO Tim Cook was one of several CEOs who appealed to Trump to stay in the pact.

The tech giant said proceeds from the bond sales would be used to finance renewable energy , energy efficiency at Apple facilities and in its supply chain and procuring safer materials for its products.

Today’s Top Solar Developers Have Become Storage Developers, Too

The solar industry is no longer just talking about pairing energy storage with solar generation.

An increasing number of solar-plus-storage projects have been cropping up around the country, as lithium-ion prices drop lower and customers get more comfortable with storage technology. The AES plant in Kauai set a record-low price in January, only to be beaten by Tucson Electric Power's sub-4.5 cents per kilowatt-hour PPA announced in May -- proving this technology isn't just for islands and remote microgrids anymore.

For the large developers in particular, storage makes the solar product more appealing to a utility by giving the power plant flexibility and mitigating its effects on grid operations. On the islands of Hawaii, storage has already become necessary for adding major solar capacity; on the mainland, its value increases along with renewable penetration.

To get a handle on just how extensive the interest in storage-backed solar is, I got a list of the 10 largest utility-scale solar developers from my colleagues at GTM Research and tracked down the storage status of each one.

Seven of the top 10 solar developers have incorporated storage into their business strategy, and have either deployed storage alongside PV or are pursuing hybrid installations. The remaining three did not comment on how storage fits into their plans.

"This is well beyond one developer -- this is really a trend we're seeing in the industry," said Colin Smith, a solar markets analyst at GTM Research. "Solar-plus-storage has become a forced differentiator in the industry."

First Solar: Bidding on storage

The thin-film solar specialist first invested in energy storage in 2015, when it joined a $50 million investment round in German startup Younicos. At the time, First Solar CTO Raffi Garabedian commented, "As the promise of storage continues to evolve, we are eager to understand how it will broaden our own power plant offerings.”

These days, the No. 1 U.S. solar developer routinely permits new projects in the western U.S. for the possible addition of storage, because so many customers are asking about it, said Scott Rackey, head of PV-plus-storage development at First Solar.

"It’s a small cost to gain the optionality later," Rackey said.

First Solar has been bidding on solar-plus-storage, including several projects at the scale of 100 megawatts of PV with 100 megawatts of battery capacity. The ideal ratio varies depending on the local grid, Rackey noted: the Southeast tends to have more appetite for PV generation during the day than Arizona, for instance, where oversupply of nondispatchable PV is becoming a challenge.

"It’s really become cost-effective in roughly the last year or year and a half for dispatchable PV," Rackey said. "We can deliver energy comparable to or less expensively than a new-build fossil fuel plant."

Expect some storage news from this company, then, in the months to come. First Solar, by the way, prefers the svelter acronym "PVS," rather than the cumbersome hyphenations of "solar-plus-storage."

Florida Power & Light: Systems deployed

Florida's regulated utility has three grid-scale storage systems of 250 kilowatts developed by S&C Electric, according to the GTM Research Energy Storage Data Hub. FPL also committed in its last rate case to implement a 50 megawatt battery storage pilot program available to all customer classes.

The utility also joined the Obama administration's White House energy storage summit last year, pledging several demo projects: a battery back-up system at the southern tip of Everglades National Park; second-life electric vehicle batteries deployed in residential parts of Miami; and "a portable system to be tested during the 2017 Miami Open at Crandon Park Tennis Center on Key Biscayne." 

These storage projects are not paired with solar, though. FPL recently launched a building spree of solar farms across the state of Florida, with eight 74.5 megawatt plants slated to open in the next year. So far, none of them appear to have storage in the mix. This utility's take on a hybrid solar plant pairs it with natural gas.

Still, the utility is building knowledge in storage deployments as it ramps up solar capacity. Those two product streams could converge in the next few years.

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ICICI Bank commissions 200 solar-powered ATMs

New Delhi, ICICI Bank commissioned over 200 solar powered ATM sites in the last one year as part of its efforts to reduce carbon footprint and use more clean energy.

ICICI Bank has reduced its overall energy consumption in large offices and branches from 198 million units in 2013-14 to 164 million units in 2016-17, saving 34.2 million units in last three years, the bank said.

"This is equivalent to the amount of energy that can power 42,000 rural households for an entire year. Additionally, the bank has commissioned over 200 solar powered ATM sites," ICICI Bank said in a statement on the occasion of the World Environment Day.

There has been reduction in the banks overall carbon emission by nearly 40,000 tonnes due to these efforts, which is equivalent to planting 1,94,000 trees to offset the volume of carbon di-oxide emissions.

"Over the last few years, the Bank has focused largely on reducing its carbon footprint and bringing in more efficient technologies and processes. We have taken several measures to ensure the Bank actively contributes towards environmental sustainability," ICICI Bank MD & CEO Chanda Kochhar said.

She said the bank has been leveraging on technology constantly and has helped customers in adopting more of digital modes of banking.

In Germany, solar panels are transforming home life and offering energy independence

In Germany, something of an energy transition is taking place. In 2016, renewables made up 29 percent of gross electricity generation, with wind power, biomass and solar photovoltaics leading the way.

Now, a number of German households are looking to harness the power of the sun and gain energy independence by combining solar photovoltaic (PV) panels with 'smart' battery storage.

According to its makers the sonnenBatterie, combined with a PV system, could help users meet around 75 percent of their annual energy needs with self-produced, clean energy.

Markus Grillinger is one such user. His home has solar panels on its roof and a sonnenBatterie system inside. "It takes the electric power right from our roof – we get it over the panels – and then it is saved within the sonnenBatterie," he said. 

Having a storage system enables flexibility. "We… can use the electric power during the whole day, and save it here and use it also by night," Grillinger added.

SonnenBatterie's offering is just one of many domestic storage systems being developed. Much like the sonnenBatterie, Tesla's Powerwall, for example, enables users to store solar in the day and then use it during the night, when the sun has gone down.

Back in Germany, sonnenBatterie's Philipp Schroder sought to highlight the potential energy transformation that could take place over the coming years, in which homeowners become 'mini utilities'.

"In Germany we have 1.7 million solar systems, they are all owned by citizens," he said. "So what we see is that consumers become producers," he added.

"If you become a producer, why should you pay for your electricity? You're your own producer… all we do is we link them together to become a sustainable and effective utility.

Solar power may become cheaper than coal in India

Solar power tariff may fall below Rs3 per unit after the SECI auction of solar power projects at Bhadla, Rajasthan

India’s solar power prices may be set to fall below those of thermal (coal) energy.

This is based on an expected cost of around Rs2.90 per unit for the solar power projects at Bhadla in Rajasthan that have received 51 bids. This price is less than the average rate of power generated by the coal-fuelled projects of India’s largest power generation utility, NTPC Ltd, at Rs3.20 per unit.

State-run Solar Energy Corporation of India (SECI), which is running the bid process for 750 megawatt (MW) of solar power capacity at two parks, has received bids totalling 8,750 MW. The bidders include some first-time participants in India, such as Saudi Arabia’s Alfanar.

The solar space has already seen a significant decline in tariffs from Rs10.95-12.76 per kilowatt-hour (kWh) in 2010-11. The previous low was Rs3.15 per kWh, bid by France’s Solairedirect SA in an auction last week to set up 250MW of capacity at Kadapa in Andhra Pradesh.

This low was preceded by Rs3.30 per unit quoted for a 750MW project at Rewa in Madhya Pradesh.

Ashvini Kumar, managing director of SECI, credits the Rewa bid with being a tipping point. The structuring in terms of payment guarantee and offtake arrangement was the trigger for the sharp drop in prices and signalled the arrival of the low solar power tariff regime, he explained.

“Prices have been falling and then came RUMS (Rewa Ultra Mega Solar park)...and that kind of created history. There was aggressive bidding. A lot of credit was given to the structuring of the PPAs (power purchase agreements), bids and offtake arrangement, security by state and things like that,” said Kumar.

He added that a sub-Rs3.00 per unit price is possible.

In Bhadla, while Saurya Urja Company of Rajasthan Ltd is developing a 500 MW park, Adani Renewable Energy Park Rajasthan Ltd is developing another of 250 MW capacity. Rajasthan Renewable Energy Corporation Ltd is a joint venture partner in both.

While a total of 24 bids totaling 5,500 MW were received for the 500 MW capacity on offer, the 250 MW park saw 27 bidders totalling 3,250 MW.

After the financial bids are opened within four weeks, a reverse auction process will be run to select the developers.The bidders include Aditya Birla Renewable, Hero Solar, SBG Cleantech One Ltd, ReNew Solar Power Pvt. Ltd, ACME Solar Holdings Pvt. Ltd, Green Infra and Azure Power.

Kumar also attributed the growing bidders’ interest to tripartite agreements (TPAs) between the Reserve Bank of India, the Union government and the state governments, which provided comfort to power producers against payment defaults by state electricity boards (SEBs).

Nasa's hotly anticipated solar mission renamed to honour astrophysicist Eugene Parker

Nasa has announced its hotly anticipated mission to send a spacecraft into the sun’s outer atmosphere has a new name.

Formerly known as the Solar Probe Plus mission, the endeavour will now be known as the Parker Solar Probe, honouring the American solar astrophysicist Eugene Parker who predicted a high speed solar wind – the stream of charged particles, or plasma, that flows from the sun out into space.

Parker, a professor emeritus at the University of Chicago who will turn 90 on 10 June, put forward his theory in 1958. It was initially met with scepticism. “People just thought it was crazy,” said Justin Kasper, a space scientist at the University of Michigan and lead investigator for one of the probe’s scientific research projects. But later observations proved the prediction correct.

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Parker’s work delved into a longstanding puzzle. While the temperature at the centre of the sun is about 15mC, further out things get complicated. “One of the mysterious things about our sun’s atmosphere is the [sun’s] surface, which is glowing visible in the yellow and white, is 6,000C, but the corona – its atmosphere – is at 1m-5mC,” said Kasper.

The incredible temperatures in the corona, Parker realised, would create an unstable situation, meaning the sun’s atmosphere is no longer pulled back by the star’s gravity but instead escapes into space.

“Parker said that by a couple of solar radii, the atmosphere would hit the speed of sound, it would break the sound barrier in the sun’s atmosphere, [and] by 10 solar radii it would be going supersonic,” said Kasper. “We enter the space age, and one of the first things we discover is this supersonic solar wind.”

With the probe set to investigate the origins of solar wind, including the mysterious heating of the sun’s atmosphere and how the solar wind accelerates to astonishing speeds of up to 400 miles per second, the renaming of the mission is a fitting tribute to Parker.