India to create US$2 billion renewables equity fund
From following fiscal year, an initial fund of more than US$ 1 billion will be available to both personal as well as public firms. Reuter’s sources claimed that India is especially keen to bring in pension plan as well as insurance funds from Canada and also Europe, as reported in PV Tech Power last year. Indeed, such funds have the tendency to suit the renewable resource field where tasks could have extensive agreement life times of up to 25 years,
The National Investment and Infrastructure Fund, component of the finance ministry, will certainly provide US$ 600 million for the very first provision of the equity fund. The remainder will originate from India’s biggest utility NTPC, the Indian Renewable Energy Development Agency (IREDA) as well as Rural Electrification Corporation.
Modi and May unveil £10 million UK-India solar R&D drive
The Indian as well as UK head of states Narendra Modi and also Theresa May have revealed plans to establish a joint research and development centre to support solar advancements.
Speaking earlier today at the start of the India-UK Tech Summit in New Delhi, Modi said that the Indian and also UK scientific research neighborhoods were “offering remedies for clean energy and also climate change mitigation”.
“We have agreed to develop [the] India-UK Clean Energy R&D Centre on solar power with joint investment of ₤ 10 million,” Modi included.
An Indian federal government release verified that it would certainly be spending INR500 million (₤ 6 million) over 5 years with a matching contribution from Research Councils UK as component of the Newton Bhabha Fund, an initiative to unite UK and also Indian R&D sectors.
Sunrun bucks US residential install slump
Sunrun reported third quarter income of US$ 112.0 million, up US$ 29.4 million, or 36% from the third quarter of 2015.
US dedicated residential PV installer Sunrun has actually reported a 23% increase in PV installations in the third quarter of 2016, bucking a downturn sought after in the quarter as well as overall sluggishness in the sector this year.
Sunrun reported third quarter installations of 80MW, going beyond guidance of 72MW, a 23% increase on the previous quarter as well as 40% higher, year-on-year.
The business likewise directed 4th quarter installs at 80MW and also had booked 79MW of planned installs in the third quarter. Consequently, Sunrun restored previous full-year setup guidance of 285MW, up from a range of 270MW to 280MW.
“We are pleased to deliver Q3 results that beat targets on customer installations, net present value and cost improvements, and to raise guidance slightly for the full year,” said Lynn Jurich, Sunrun’s chief executive officer. “We have achieved these targets by consistently executing our strategy of delivering the industry’s most valuable and satisfied customer base, aligning our product offerings with customer demand and taking share in attractive markets. We are proud to partner with our growing base of customers to lead a transition to clean energy that will grow for decades to come.”
Sunrun reported third quarter revenue of US$112.0 million, up US$29.4 million, or 36% from the third quarter of 2015. Operating leases and incentives revenue grew 36% year-over-year to US$43.2 million. Solar energy systems and product sales grew 35% year-over-year to US$68.9 million.
Management kept in mind in its earnings call that its focus on particular elements of the Californian market and multi-channel partner approach with local installers lagged the growth and market share gains.
“We far surpassed our initial forecast of bookings for BrightBox solar plus PV products with hundreds of orders and the terms of our supply agreement with LG for batteries would have been unimaginable just a few quarters ago,” added Jurich in the earnings call.
In Q3 total creation cost were $3.37 per watt, an improvement of $0.30 or 8% from Q2 ’16 levels. Image: Sunrun