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Green Globe: Rating agency sees India adding 8.5 GW in renewable capacity

India may increase its renewable generation capacity between 8 GW and 8.5 GW in the current fiscal year, The Economic Times reported Oct. 17, citing ICRA Ltd.

The rating agency sees even further healthy growth by the next fiscal year. "The project awards so far provide a reasonably healthy visibility for [renewable energy] capacity addition in FY2019 and FY2020," Sabyasachi Majumdar, ICRA group head of corporate ratings, was quoted as saying.

According to the report, the share of renewable energy in India's generation mix is currently at 7.7%. It is expected to grow to 12% to 13% by fiscal year 2022. An earlier Reuters report noted that India has a 227-GW renewable energy target by March 2022.

But ICRA also said the lack of inter-state transmission infrastructure could impede capacity additions, particularly wind. The Indian government had already lowered wind capacities offered in its upcoming options to 1,200 MW, the Financial Express reported.

Meanwhile, the top solar makers in Taiwan recently completed their merger to better compete with peers in China, Forbes reported Oct. 17.

In January, Gintech Energy Corp., Neo Solar Power Corp. and Solartech Energy Corp. agreed to a a stock swap deal. The combined company is now known as United Renewable Energy Co. Ltd.

"The Proposed Merger can facilitate the vertical integration of (the) solar industry and construct a winning business model by leveraging each company's strengths to optimize capacity and increase bargain power as well as market shares," the companies said in a Jan. 29 news release. The three companies have been involved in different production segments of the solar energy supply chains for more than 10 years.

Jamaica is on track to achieve 30% of its electricity from renewables within two years.

"We now have a combined supply of just about 120[MW] of renewable electricity power, which is currently in our grid and that will put us to about 15[%] and 18[%] of electricity generation… so it is quite likely we will achieve the 30[%] by 2020 if we continue at this pace," Prime Minister Andrew Holness said in an Oct. 17 news release. The country's National Energy Policy calls for 20% renewables in the country's energy mix by 2030.


* The government of New South Wales, Australia, approved the construction of the 100-MW Bomen solar project, pv-tech reported.

* In Germany, the green energy surcharge on electricity bills will be reduced by 5.7% in 2019, according to Reuters.

* The Islamabad Chamber of Commerce and Industry is urging Pakistan's government to focus on renewable energy, The Nation reported.

* ContourGlobal PLC is in talks with Iberdrola SA for the potential acquisition of a 50-MW solar facility in Spain, the company confirmed in an email to S&P Global Market Intelligence.

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