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clear signs of improvement, the government- public charging point operator (CPO), Equity investor returns expectations in
owned Clean Energy Finance Corporation Fortum Charge and Drive India Private Ltd India rose from around 14% in the first half of
(CEFC) has poured $US7mn ($9.6m) into a (FCDIPL). 2019 to 16-17% over the second half of 2019
Shanghai-based company called “Sunman”. The FCDIPL is a fast-growing e-mobility and the first half of 2020, according to Clean
This means taxpayers, by extension, will infrastructure provider, owning more than 70 Energy Investment Trends 2020 by the CEEW
own a 14 per cent stake in Sunman, which public charging points at close to 40 locations Centre for Energy Finance (CEEW-CEF) and
also has offices in North Sydney and Hong in India, and partnerships with marquee the International Energy Agency (IEA).
Kong. business groups across the country. The higher risk returns expectations reflect
The little-known company was founded in The transaction is expected to close during heightened risk perceptions due to policy and
2015 by leading solar scientist, Dr Zhengrong 2020. market uncertainty over potential contract
Shi, nicknamed the “Sun King” as he is The partnership will create a shared renegotiation by off-takers and the potential
widely regarded as a pioneer in the industry’s ownership structure and Finnfund’s imposition or extension of duties on solar
development. investment will accelerate FCDIPL’s growth photovoltaic imports, the report said.
Dr Shi has invented a new breed of solar plans in the charging infrastructure business India’s renewables sector has been hit by
panel called the “eArc” — which the CEFC’s and reaffirm its market leading position. supply chain uncertainties caused by the
chief executive, Ian Learmonth, is betting The FCDIPL will further continue to offer pandemic and delays in the signing of power
will be “the next big thing” in the industry’s software as a service (SaaS) for operating purchase agreements (PPA) in 2020, the
evolution. electric vehicles (EV) charging infrastructure report said.
Essentially, these are lightweight solar networks and customer interfaces to other “The robust market activity in the first
panels that Sunman says are “revolutionary” CPOs. half of 2020, including the participation
and can be glued “onto any surface”. Sanjay Aggarwal, Managing Director of of a few first-time investors, indicates that
In contrast, traditional solar panels (made Fortum India, said, “For Fortum, this proves India’s renewable energy sector represents
of heavy glass) can only be placed on flat the value of our business which we have built an attractive and resilient investment
rooftops, and often need holes to be drilled over the years and is testimony of our vision destination,” said Arjun Dutt, associate at the
into rooftops during installation. for a cleaner world. This partnership will CEEW-CEF.
further fuel this growth.” The continued interest to invest is a good
sign for India’s energy transition, according
to Lucila Arboleya, economic and financial
India needs more “However, capital spending is likely to
RENEWABLES analyst at IEA.
Finnfund to invest in Fortum investments to meet decline in 2020,” Arboleya said. “Uncertainty
is now growing over India’s ability to attract a
Charge and Drive India renewables target diverse pool of private finance from domestic
and international sources to affordably meet
Finnish clean energy firm Fortum on Monday Although investor interest remains strong in its ambitious renewable energy targets in the
said development financier Finnfund will renewable energy projects in India, capital years ahead.”
invest in Fortum Charge and Drive India. expenditure is likely to decline in 2020, said
According to a company statement, Finnfund a new report, as the Covid-19 pandemic
will invest in a minority share of Fortum’s extracts an economic toll.

Week 45 11•November•2020 www. NEWSBASE .com P13