India receives $400mn funding for new solar and wind farms
The European Investment Bank (EIB) and India’s Yes Bank have financed the country’s renewable energy industry with $400mn in a joint initiative.
The banks announced the news on 19 December, stating that Yes Bank would be in charge of the co-financing program for solar and wind facility development.
The EIB confirmed that “eligible solar projects” had been acknowledged in the Karnataka, Telangaga, Maharashtra, and Rajasthan states.
“India and the European Union are committed to the Paris Agreement and tackling climate change,” reported EIB’s Vice President, Andrew McDowell.
“This new $400 million initiative demonstrates the shared vision and commitment of both the European Investment Bank and Yes Bank to increasing renewable energy power generation across India,” he added.
India’s Ministry of New and Renewable Energy recently announced the country’s plan to build the world’s largest solar-wind hybrid project in the Andhra Pradesh state.
The plant is expected to have the capacity of 160MW, with 120MW sourced from solar power and the remaining 40MW generated from wind.
The project will cover approximately 1,000 acres of land, and will include a battery storage system making it adaptable to weather conditions.
Drax advances biomass strategy with Pinnacle acquisition
The Group’s enlarged supply chain will have access to 4.9 million tonnes of operational capacity from 2022. Of this total, 2.9 million tonnes are available for Drax’s self-supply requirements in 2022, which will rise to 3.4 million tonnes in 2027.
The £424 million acquisition of the Canadian biomass pellet producer supports Drax' ambition to be carbon negative by 2030, using bioenergy with carbon capture and storage (BECCS) and will make a "significant contribution" in the UK cutting emissions by 78% by 2035 (click here).
This summer Drax will undertake maintenance on its CfD(2) biomass unit, including a high-pressure turbine upgrade to reduce maintenance costs and improve thermal efficiency, contributing to lower generation costs for Drax Power Station.
In March, Drax secured Capacity Market agreements for its hydro and pumped storage assets worth around £10 million for delivery October 2024-September 2025.
The limitations on BECCS are not technology but supply, with every gigatonne of CO2 stored per year requiring approximately 30-40 million hectares of BECCS feedstock, according to the Global CCS Institute. Nonetheless, BECCS should be seen as an essential complement to the required, wide-scale deployment of CCS to meet climate change targets, it concludes.