Page 15 - AfrElec Week 45

AfrElec NEWS IN BRIEF AfrElec

Australia invests $9.6mn

China’s Sunman

Consumers could potentially see their power
bills drop within years if Australia’s latest bet
on solar energy pays off.
With Australia-China relations showing no
clear signs of improvement, the government-
owned Clean Energy Finance Corporation
(CEFC) has poured $US7mn ($9.6m) into a
Shanghai-based company called “Sunman”.
This means taxpayers, by extension, will
own a 14 per cent stake in Sunman, which
also has offices in North Sydney and Hong
Kong.
The little-known company was founded in
2015 by leading solar scientist, Dr Zhengrong
Shi, nicknamed the “Sun King” as he is
widely regarded as a pioneer in the industry’s
development.
Dr Shi has invented a new breed of solar
panel called the “eArc” — which the CEFC’s
chief executive, Ian Learmonth, is betting
will be “the next big thing” in the industry’s
evolution.
Essentially, these are lightweight solar investment will accelerate FCDIPL’s growth renegotiation by off-takers and the potential
panels that Sunman says are “revolutionary” plans in the charging infrastructure business imposition or extension of duties on solar
and can be glued “onto any surface”. and reaffirm its market leading position. photovoltaic imports, the report said.
In contrast, traditional solar panels (made The FCDIPL will further continue to offer India’s renewables sector has been hit by
of heavy glass) can only be placed on flat software as a service (SaaS) for operating supply chain uncertainties caused by the
rooftops, and often need holes to be drilled electric vehicles (EV) charging infrastructure pandemic and delays in the signing of power
into rooftops during installation. networks and customer interfaces to other purchase agreements (PPA) in 2020, the
“Already, we’ve got an incredible uptake CPOs. report said.
of solar rooftops — there are 2.4mn roofs in Sanjay Aggarwal, Managing Director of “The robust market activity in the first
Australia with conventional panels on,” Mr Fortum India, said, “For Fortum, this proves half of 2020, including the participation
Learmonth told the ABC. the value of our business which we have built of a few first-time investors, indicates that
over the years and is testimony of our vision India’s renewable energy sector represents
for a cleaner world. This partnership will an attractive and resilient investment
further fuel this growth.” destination,” said Arjun Dutt, associate at the
RENEWABLES CEEW-CEF.
The continued interest to invest is a good
Finnfund to invest in Fortum India needs more sign for India’s energy transition, according
to Lucila Arboleya, economic and financial
Charge and Drive India investments to meet analyst at IEA.
“However, capital spending is likely to
Finnish clean energy firm Fortum on Monday renewables target decline in 2020,” Arboleya said. “Uncertainty
said development financier Finnfund will is now growing over India’s ability to attract a
invest in Fortum Charge and Drive India. Although investor interest remains strong in diverse pool of private finance from domestic
According to a company statement, Finnfund renewable energy projects in India, capital and international sources to affordably meet
will invest in a minority share of Fortum’s expenditure is likely to decline in 2020, said its ambitious renewable energy targets in the
public charging point operator (CPO), a new report, as the Covid-19 pandemic years ahead.”
Fortum Charge and Drive India Private Ltd extracts an economic toll. As much as 15.3 GW of solar photovoltaic
(FCDIPL). Equity investor returns expectations in projects (including solar-wind hybrid) was
The FCDIPL is a fast-growing e-mobility India rose from around 14% in the first half of sanctioned in competitive tenders in the
infrastructure provider, owning more than 70 2019 to 16-17% over the second half of 2019 first half of 2020, comparable to the capacity
public charging points at close to 40 locations and the first half of 2020, according to Clean sanctioned over the full year 2019.
in India, and partnerships with marquee Energy Investment Trends 2020 by the CEEW
business groups across the country. Centre for Energy Finance (CEEW-CEF) and
The transaction is expected to close during the International Energy Agency (IEA).
2020. The higher risk returns expectations reflect
The partnership will create a shared heightened risk perceptions due to policy and
ownership structure and Finnfund’s market uncertainty over potential contract

Week 45 12•November•2020 www. NEWSBASE .com P15