Finance

According to Bridge to India, close to 1.5 GW of PV projects are currently under development in India. It forecasts that over 1 GW of new capacity will be installed this year. Meanwhile, 2014 is expected to see new installations exceeding 2 GW. Jasmeet Khurana provides a project update and looks at the different state policies.

When Suntech defaulted on $541 million of convertible U.S. bonds in March, solar players across the world were watching. The very public, and long-expected, failure of the former poster boy of solar, Zhengrong Shi, has left the PV industry asking what Wuxi Suntech’s insolvency means for solar.

An affiliate of the Hefei City government in China has agreed to purchase LDK Solar subsidiary, LDK Solar High-Tech (Hefei) Co., Ltd for around RMB 120 million (US$19.4 million, €14.7 million). Originally the subsidiary was to be sold to the Shanghai Qianjiang Group. LDK expects to occur a loss of $80 million to $90 million.

While the Tracking Clean Energy Progress 2013 report, released by the International Energy Agency (IEA) in New Delhi today, commends the rapid uptake in solar and other renewables worldwide, it reports that clean energy progress has stalled. It further calls for more transparent and predictable policy support for renewables.

According to reports, Suntech Power Holdings Co. Ltd may sell its stake in the Global Solar Fund Sicar (GSF Sicar), in a bid to reduce its over US$2 billion debt mountain.

Germany will launch its support program for photovoltaic battery storage systems on May 1. Funding totaling €25 million will be available in the first year from German state bank KfW.

Austria started its subsidy round for PV power plants on Friday. A total budget of €36 million has been set aside. With this budget more than 24,000 power plants with a total capacity of 115 MW are expected to be developed.

In a bid to persuade lenders to cough up more cash, ReneSola has launched a Bankability Book which, it says, provides a “comprehensive guide” to its business, and will help European and U.S. businesses, in particular, secure financing faster.

Germany reportedly added 290 MW of new photovoltaic capacity in March, according to the Federal Environment Minister. While the Federal Network Agency’s figures are still to be released, if the information proves true, the solar subsidy degression planned for May could decelerate.

Renewable energy promotion in Poland has suffered a number of setbacks. Discussions over the draft law, originally scheduled to come into play this January 1, are, once again, underway. According to reports, the Economy Ministry is seeking to lower subsidies for photovoltaics, wind and biomass.