Wholesale solar power prices have reached another record low in India, faster than analysts predicted and further undercutting the price of fossil fuel-generated power in the country.
The tumbling price of solar energy also increases the likelihood that India will meet – and by its own predictions, exceed – the renewable energy targets it set at the Paris climate accords in December 2015.
India is the world’s third-largest carbon polluter, with emissions forecast to at least double as it seeks to develop its economy and lift hundreds of millions of citizens out of poverty.
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Per-capita electricity use peaked in the U.S. in 2007. With the exception of a post-recession rebound in 2010, it has declined every year since. I already wrote a column about this epochal shift last month, but the chart that went with it is so remarkable that I'm going to recycle it here.
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The New Development Bank, jointly founded by the BRICS countries, and the Brazilian Development Bank have decided to give a loan of $ 300 million to develop the South American country’s renewable energy sector. The loan agreement was signed by Xian Zhu, vice president and chief operations officer of the NDB and Marcelo Siqueira, legal director of Brazilian Development Bank. KV Kamath, the president of the NDB, was among those present on the occasion. The loan has been sanctioned to facilitate sustainable development of energy infrastructure of Brazil through investments in at least five renewable energy and associated transmission projects.
A part of the loan has also been earmarked for the purpose of on-lending by BNDES to projects by way of debentures, a statement by the NDB said. This would assist BNDES in its efforts to develop an alternative financing source for renewable energy projects and facilitate in further development of secondary market for infrastructure financial instruments. It is estimated that the loan will enable investments that will add around 600 MW to the Brazilian power generation capacity.
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