EQ Magazine June 2019 Edition by EQ Int'l Solar Media Group

Lysaght/Solar/EQ/0619

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CONT EN T

VOLUME 11 Issue # 06

Disclaimer,Limitations of Liability While every efforts has been made to ensure the high quality and accuracy of EQ international and all our authors research articles with the greatest of care and attention ,we make no warranty concerning its content,and the magazine is provided on an>> as is <<basis.EQ international contains advertising and third –party contents.EQ International is not liable for any third- party content or error,omission or inaccuracy in any advertising material ,nor is it responsible for the availability of external web sites or their contents

INDIA IEEFA BRIEFING NOTE: INDIA’S ELECTRICITY SECTOR TRANSITION STILL ON TRACK DESPITE A WEAK FY2018/19

13 INDIA

INCREASED POWER SUPPLIES KEEP PRICES UNDER CONTROL: INDRA

INDIA RELOOK GST ON SOLAR SECTOR, HC TELLS PANEL

40 INTERNATIONAL BELECTRIC BUILDS BATTERY STORAGE FACILITY FOR AUDI

The data and information presented in this magazine is provided for informational purpose only.neither EQ INTERNATINAL ,Its affiliates,Information providers nor content providers shall have any liability for investment decisions based up on or the results obtained from the information provided. Nothing contained in this magazine should be construed as a recommendation to buy or sale any securities. The facts and opinions stated in this magazine do not constitute an offer on the part of EQ International for the sale or purchase of any securities, nor any such offer intended or implied Restriction on use The material in this magazine is protected by international copyright and trademark laws. You may not modify,copy,reproduce,republish,post,transmit,or distribute any part of the magazine in any way.you may only use material for your personall,NonCommercial use, provided you keep intact all copyright and other proprietary notices. want to use material for any non-personel,non commercial purpose,you need written permission from EQ International.

ELECTRIC VEHICLE Electric Vehicle Outlook 2019

JUNE 2019

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DISTRIBUTED SOLAR

BUSINESS & FINANCE

MARUTI SUZUKI PLANS TO INVEST RS 24 CRORE ON SOLAR PLANT AT GURUGRAM FACILITY

ADANI GREEN SHARES JUMP 4.8% AS PROMOTERS SELL STAKE TO MEET SEBI NORM

INTERVIEW MR. RUCAS WANG

INTERVIEW

MR. RAVI KAILAS

TECHNOLOGY LONGI 72 BIFACIAL HALF CELL MODULE ACHIEVES WORLD RECORD WITH 450W FRONT-SIDE POWER

64 66 INTERVIEW

MR. MANISH GUPTA

68 OPINION

India’s growing solar power programme could leave behind a trail of waste

OPINION Oriano completes 9 projects for Cleantech Solar across amultiple statestates

INTERVIEW

MR. CHETAN SHAH

EQ NEWS Pg. 08-50 SOLAR PROJECTS

INTERVIEW

AMPLUS SECURES 150 MW OPEN ACCESS SOLAR PROJECTS, TO INVEST RS. 750 CRORES IN HARYANA

MR. SAURABH BHANDARI

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INTERVIEWS Pg. 64-71

JUNE 2019

LONGi Solar is a world leading manufacturer of highefficiency mono-crystalline solar cells and modules. The Company, wholly owned by the LONGi Group (SH601012), has focused on p-mono for 19 years and is today the largest supplier of mono-crystalline products in the world. LONGi Solar&#39;s module shipment in 2018 ranked top 4 in the world, and mono module shipment has remained No.1 in the world from 2016 to 2018. The Company has its headquarters in Xi&#39; an, China and branches in Japan, Germany, America, India, Malaysia, AustraliaWith strong focus on R&amp;D, production and sales &amp; marketing of mono-crystalline silicon products, LONGi Solar is committed to providing better LCOE solutions and promoting worldwide adoption of mono-crystalline technology.

JUNE 2019

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JUNE 2019

INDIA

EXXONMOBIL, GAIL GEAR UP FOR INDIA GREEN JOINT VENTURE ExxonMobil’s focus on India is an acknowledgement of growing importance of the world’s third largest energy consumer. The proposed ExxonMobil-GAIL tie-up comes against the IL&FS agreeing to sell its 874 megawatts.

ExxonMobil Corp., the world’s most valuable energy company, may shortly form a partnership with state-owned GAIL (India) Ltd to set up a green energy platform in India.

he US oil major’s increasing focus on India is an acknowledgement of the growing importance of the world’s third largest energy consumer. The proposed joint venture (JV) to be announced shortly by the Irving, Texas-based company also marks a change in the international energy architecture, with India at the centre of oil majors’ future growth plans. The proposed ExxonMobil-GAIL tie-up comes against the backdrop of Infrastructure Leasing and Financial Services Ltd (IL&FS) agreeing to sell its 874 megawatts (MW) operational wind energy portfolio to the state-run gas utility for ₹4,800 crore in its first asset sale since it started defaulting on payments last year.

The discussions are on. We are likely to make an announcement in a fortnight or so,” said B.C. Tripathi, chairman and managing director, GAIL (India) Ltd. Oil giants are looking to diversify and invest in India’s green economy as the conventional hydrocarbon space undergoes technological disruption. For example, Malaysia’s staterun oil and gas company, Petroliam Nasional Bhd or Petronas has acquired Amplus Energy Solutions Pvt. Ltd, one of India’s largest rooftop solar power producers. “Gail will tie up with ExxonMobil for a new energy venture. They will set up a joint venture for green energy sources. ExxonMobil will invest in it. The idea is to expand their clean energy presence,” said a second person aware of the development, requesting anonymity. With the biggest expense being the cost of capital in the green energy business, the financial heft of global oil majors will help India’s clean energy sector. India has been working on the largest clean energy programme and has an installed renewable energy capacity of 74.79GW. Of this, solar and wind power accounts for 25.21GW and 35.14GW, respectively. India’s energy demand is expected to grow at 4.2% over the next 25 years. An ExxonMobil spokesperson said in an emailed response on 10 May, “We do not have any information for your story.” The spokesperson instead recommended Mint to contact the US-India Strategic Partnership Forum (ISPF) and the Federation of Indian Petroleum Industry (FIPI), an industry coalition. A USISPF spokesperson in an emailed response said, “we’re reaching out to Exxon.” Queries emailed to FIPI on 11 May remained unanswered till press time.

JUNE 2019

Russia’s Rosneft, Norway’s Statoil ASA, France’s Total SA and Royal Dutch Shell Plc have also been exploring opportunities in India’s clean energy space. Some of these global majors already have a presence in the Indian conventional hydrocarbon space. While BP Plc partners Mukesh Ambani-controlled Reliance Industries Ltd in exploration and production ventures, the two are also partners in an equal joint venture for sourcing and marketing gas.Also, Saudi Arabian Oil Co., the world’s largest oil producer, is looking to reportedly buy a stake in RIL’s refining and petrochemicals businesses and has partnered with Indian state-run oil companies for setting up the world’s largest oil refinery and petrochemical complex in Maharashtra. Abu Dhabi National Oil Co. (Adnoc), the state-run oil firm of the United Arab Emirates, has also picked up a part of Saudi Aramco’s stake in the $44 billion refinery. The Adani group also recently entered into an agreement with France’s Total to jointly develop multienergy offerings in the Indian market which include fuel retail and liquefied natural gas. “While the ExxonMobil play is only limited to green energy today, it is the starting block. It is a foot in the door,” added the second person cited above. ExxonMobil has an existing energy relationship with India and had entered an agreement with Petronet LNG Ltd to supply liquefied natural gas (LNG) from its Gorgon project in Australia. It also inked a memorandum of understanding with GAIL in March to collaborate on natural gas market development opportunities in India. “The (March) agreement builds on the strong history of productive cooperation between GAIL and ExxonMobil,” the ExxonMobil spokesperson added. Asia has been leading the global clean energy push. According to International Renewables Energy Agency (IRENA), a third of global power generation capacity or 2,351 GW is now being fuelled by renewable energy sources. A 2 April IRENA report said that 171 GW of renewable energy was added in 2018, resulting in 2,351 GW or a third of global power generation capacity being fuelled by green energy. Of this Asia accounted for 61% of new capacity in 2018, with China, India, Japan and South Korea accounting for most of this. Source: livemint

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JUNE 2019

INDIA

IEEFA BRIEFING NOTE: INDIA’S ELECTRICITY SECTOR TRANSITION STILL ON TRACK DESPITE A WEAK FY2018/19 FY2018/19 turned out to be a sluggish year for both the thermal as well as renewable sectors in India in terms of increased generation capacity. In total, only 12GW of net new power generation capacity was added; compared to an average of 22GW added between FY2012/13 and FY2016/17 and 17GW in FY2017/18.

ndia introduced 5.8GW of new coal-fired capacity but shuttered 2.4GW of end-oflife thermal power plants during the year, resulting in net new thermal capacity adds of just 3.4GW. This is the lowest level of thermal coal power plant net adds in a decade.New on-grid capacity additions in renewable energy stood at 8.6GW (6.5GW of solar, 1.6GW of wind and 0.5GW from other sources) for the financial year ending in March 2019 – a disappointing 40% drop from the peak renewable energy installs achieved in 2016/17.

7-8GW commissioned by March 2020, owing to import restrictions on solar modules for two years (imposed in July 2018). In spite of this, 9GW of rooftop solar could be installed in the coming three years given the 68% growth rate in annual installs during calendar year 2018.Wind power will most likely bounce back with potentially 5GW of new capacity under construction right now with a commissioning deadline in FY2019/20. There are challenges which could hinder acceleration of renewable energy capacity. The government of India must anticipate these challenges and plan to mitigate the risks as soon as possible, Shah added.

The briefing note, India’s electricity sector transition still on track despite a weak FY2018/19, projects renewable additions through 2021/22 based on auction and tender activities during the past 18 months.

According to co-author and IEEFA research associate Kashish Shah, “the continued decline in thermal capacity additions was foreseeable given the ongoing financial distress of the thermal power sector and the loss of competitiveness compared with domestic renewable energy. Against this, the slowdown in renewable capacity additions at half the government’s targeted runrate contradicts expectations.” The briefing note underscores policy uncertainties as well as a lack of grid infrastructure as some of the key reasons for below-expected renewable capacity installations in FY2018/19.Despite the evident chaos in incomplete installations, India exited the year with 22.5GW of renewable capacity auctions awarded but yet to be built, and another 37GW under various stages of tendering and bidding. Given the existing trajectory of wind and solar as well as other renewable sources of biomass and run-of-river (RoR), IEEFA forecasts India will reach 144GW renewable energy capacity by FY2021/22, not far from the aspirational 175GW target set back in 2015. This places India on track for a run-rate that will exceed its 275GW target in 2027.IEEFA expects another near flat year for utility-scale solar with

JUNE 2019

The briefing note outlines some of the challenges of grid expansion: ‘time-of-day’ pricing policies, land allocation issues, and setting fair upper caps on auction tariffs. Tim Buckley, co-author of the briefing note and IEEFA’s director of energy finance studies, views FY2018/19 as a ‘blip’ for the Indian renewable energy industry and expresses confidence that the longterm technology and price-based fundamentals of renewable energy will continue their upward trajectory.The energy security gains for India are compelling, particularly now that 100% electrification coverage has been achieved. This opens up enormous potential for progressive decarbonisation and growth in both the transport and stationary power sectors. In addition, the country’s ballooning annual oil import bill provides ample justification for supporting Prime Minister Narendra Modi’s grand solar ambitions.

India’s coal-fired capacity expansion has already declined to just 3-4GW of annual net additions, down 80% on installation activity from just three years ago. Ongoing reliance on domestic coal-fired power is a ‘necessary evil’ over the medium term to keep the lights on in a giant economy that is targeting sustained 7-8% annual GDP growth and further electrification, says Tim Buckley. IEEFA deems as necessary the successful resolution of some of the 96GW of proposed new coal-fired power plant capacity that is currently stuck in the planning, approval and construction phases, in order to facilitate the retirement of 40-50GW of approaching endof-life, highly polluting thermal power plants.For India to reverse the trend of over 20GW of annual thermal power capacity additions in the first half of this decade and be able to exit the decade with 20-40GW of annual renewable energy additions, would provide the world with a shining example for others to emulate.

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JUNE 2019

INDIA

RELOOK GST ON SOLAR SECTOR, HC TELLS PANEL The solar industry was disappointed as the said ad-hoc valuation did not provide a fair estimate of the actual split of goods and services. The industry was disappointed as the said ad-hoc valuation did not provide a fair estimate of the actual split of goods and services. Typically, the said ratio in the solar sector is around 90:10. The new formulation also brought with itself several implementation challenges.Earlier, divergent decisions from the Authority for Advanced Rulings (AAR) led to huge confusion in the industry over the applicable tax rate. AAR had ruled both 5% and 18% levies, though the industry felt that the government intent was to tax solar power systems NSE 1.02 % at the lower rate. The industry is of the view that applying 18% tax would derail India’s plan to add 100 GW of green power by 2022.

he Delhi High Court has directed the Goods and Services Tax Council to review the tax structure for solar power projects. The decision was in response to a writ filed by the Solar Power Development Association, which had challenged the latest tax formulation for solar power generating systems unveiled. The court has asked the GST Council to relook at the mater in consultation with the Central Board of Indirect Taxes and Customs and the ministry of new and renewable energy. It has given the government two months to revert and scheduled the next hearing in August.

Between divergent AARs and an ad hoc basis of fixing a presumptive valuation between goods and service, the solar sector has had a chaotic induction into GST…(order) holds out hope of a quick and definitive solution to this long-standing problem of the solar industry,” said Rohan Shah, the counsel who represented the industry.

TAX CONUNDRUM The government, following industry representations on the impact of divergence in tax practices, provided a deemed valuation provision that entailed taxing 70% of contract value as goods, taxable at 5%, and balance 30% as services, taxable at 18%.

JUNE 2019

To its credit, the government did try to provide a solution, however, it couldn’t meet industry needs,” said Prashanth Agarwal, partner at indirect taxes at PwC. Agarwal said this development again gives an opportunity to the industry to represent to the government to have this matter sorted in line with the actual facts and to try and bring in necessary clarity under GST. Source: economictimes.indiatimes

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INDIA

RENEWABLE ENERGY GROWTH UNLIKELY TO KEEP UP WITH INDIA COAL IMPORTS, SAYS FITCH India is expected to maintain the current level of thermal coal imports as the country’s energy demand is likely to increase, ratings agency Fitch Ratings Inc. said in a report. Growth in renewable energy capacity may not be able to keep pace, it said.

INCREASED POWER SUPPLIES KEEP PRICES UNDER CONTROL: INDRA Increased power supplies from various sources, in comparison to demand, has subdued its prices at the exchanges over the last two months, India Ratings & Research has said in a recent release.

ccording to Ind-Ra, short-term power prices did not see any major movement during May 2019, as hydro generation remained strong due to a better snow season in FY19. Coal availability with thermal generators has also improved, with coal inventory increasing almost 99% year-on-year to 31.6 million tonnes (mt) in April 2019 (April 2018: 15.9mt). Coal production increased 1.0% year-onyear to 45.3mt in April 2019. With improvement in coal inventory, the number of power stations with subcritical levels of coal inventory decreased to two in April 2019 from 28 in April 2018. Improvement in private sector capacity utilisation can be attributed to improvement in AdaniNSE -0.10 % Power Limited’s Mundra plant’s owing to reduction in their coal costs. Capacity utilisation of the Mundra plant, which has a capacity of 4620MW, rose to 83.43% in April 2019 (April 2018: 3.88%). Plant capacity utilisation of central and state sector declined 170bp and 300bp, respectively, in April 2019. In April 2019, as energy supply increased at a slightly higher rate than energy demand, energy deficit and peak deficit narrowed to 0.4% (April 2018: 0.5%) and 0.3% (0.9%), respectively. With the onset of summer season, energy demand increased 1.4% on a month-on-month basis. During FY19, 12.1GW of generating capacity was added, driven by an 8.6GW addition in the renewable segment and 3.5GW in the thermal segment. The renewable capacity addition was driven by a solar capacity addition of 6.5GW and a wind capacity addition of 1.6GW during FY19. Despite slower thermal capacity addition, India’s power segment remains reliant on thermal generation, which had a total capacity of 200.7GW as of April 2019. Source: IndRa

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“Fitch expects India to maintain its level of thermal coal imports,” the ratings agency said. Domestic output of dry fuel and logistics bottlenecks in coal transportation will also affect supply of coal to the market, it said. “Indian coal imports increased by about 2 percent year-on-year in the nine months to March 2019,” it added. India’s thermal power plant utilisation increased in the second half of 2018 “driven by higher electricity demand and lower capacity addition,” it said.

tate-owned power utilities led the growth in thermal electricity generation, Fitch said adding that the utilisation of the central government-owned and private sector plants increased slightly. Fitch sees cost-competitive renewable energy to account for a larger portion of India’s electricity generation in the medium term, and to put pressure on thermal plant utilisation. India imported 164.21 million tonne of non-coking coal in 2018-19 as against 144.99 million tonne in 2017-18, according to mjunction services, a business-to-business ecommerce company that also publishes research reports on coal and steel verticals. Non-coking coal is mainly used as thermal coal or power general. India coal imports increased to 233.56 million tonnes in 2018-19 as compared with 214.61 million tonnes imported in 201718, according to mjunction Services. Source: bloombergquint

JUNE 2019

INDIA

RERC ORDER PUTS ROOFTOP SOLAR PROJECTS IN A BIND

TALETTUTAYI SOLAR EMERGES LOWEST BIDDER IN AUCTION WITH RS 2.87/UNIT TARIFF

Rajasthan electricity regulator’s decision on not allowing rooftop solar power producers to carry forward unconsumed power till a year and limiting it to one month or billing period has clouded the prospects of the sector with new projects slowing down substantially.

Talettutayi Solar Projects Three Private Ltd has emerged as the lowest bidder in an auction conducted by Solar Energy Corporation of India, quoting a tariff of Rs 2.87 per unit

rior to the Rajasthan Electricity Regulatory Commission’s (RERC) order, rooftop solar power projects could adjust the electricity generated within a year which helped education institutes and companies. But the new norm has caught the universities or colleges, which remain closed during summer vacations or the factories that are shut down for maintenance off guard, as their underutilized power generated during the period will automatically lapse. Even though the regulator has kept the domestic projects out of the stringent mechanism, their share in the rooftop segment is just a fraction.

Out of the 250 MW solar energy projects on the block, Talettutayi Solar bagged 50 MW at a tariff of Rs 2.87 per unit followed by Tata Power Renewable Energy quoting Rs 2.88 per unit for 100 MW at Dondaicha Solar Park in district Dhule of Maharashtra,” a source said.

In the amendment to the connectivity and net metering for rooftop and small solar grid interactive systems, RERC said, “It would be appropriate that the surplus electricity, if any, at the end of billing period should lapse and no payment be made for the same being inadvertent power to the discoms. However, for domestic category such electricity shall be paid.

Describing the amendment a retrograde step, Sunil Bansal, general secretary of Rajasthan Solar Association, said, “Rajasthan has been given a target 2,304 megawatt of rooftop solar power. So far, the installation capacity is close to only 300 MW. The change in net metering regulations by RERC will make it more difficult to reach anywhere closer to the target.” Bansal said the RSA wants RERC to roll back the strangulating policy measure. Similarly, in the same order RERC also capped generation capacity to 4.8 units for a one megawatt project.For example, one megawatt solar installation can normally produce only 4.8 units at a capacity utilisation factor of (CUF) of 20%. Source: economictimes.indiatimes

JUNE 2019

alettutayi Solar is based out of Gurugram.The source also informed that state-run NTPC also won 100MW in this auction quoting a tariff of Rs 2.91 per unit.According to a statement by NTPC, the company participated in the 250 MW tender floated by state-owned SECI for Dondaicha Solar Park.

The company said in the reverse auction held, NTPC won 100 MW of solar capacities at a levelised tariff of Rs 2.91 per unit, applicable for 25 years. This solar project shall be set up by NTPC under EPC (engineering procurement and construction) mode and shall add to the installed capacity of NTPC.With this, NTPC’s total capacity won under tariff based competitive bidding goes up at 345 MW, it added. Source: PTI

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INDIA

TRANSMISSION LINES FOR RENEWABLE PLANTS IN 3 STATES TO COST RS 12,682 CRORE The power transmission system to evacuate electricity from 25,000 MW of solar and wind plants in western India will cost Rs 12,682 crore and will have annual tariff impact of Rs 2,156 crore in the first five years.

he infrastructure would be built for 8.9 giga-watt (GW) solar generation capacity in Rajasthan, 1.5 GW wind and 2 GW solar plants in Gujarat and 2 GW wind and 1 GW solar units in Maharashtra. According to the calculations, the system would prepare the grid to handle electricity worth `9,318 crore per year, which is about 4.3 times the annual transmission cost. The estimates have been made by the Power Grid Corporation of India (PGCIL), the central transmission utility. On an annualised basis, charges are seen to be around `1,776 crore. This comes at a time when the longstanding impediment of inadequate transmission infrastructure for renewable power developers has forced the government to reduce capacities offered in reverse auctions, along with delay and cancellation of under-subscribed tenders. The Solar Energy Corporation of India had projected that bidding for about 18 GW solar and 10 GW wind generation capacities were to be done by FY19-end.The transmission schemes are implemented either through the tariff-based competitive bidding (TBCB) or underregulated tariff mechanism by PGCIL. However, most of the projects are now being tendered through tariff bidding, increasing the scope of private players.

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FE was the first to report that private power transmission companies were apprehensive that PGCIL would quote “unreasonably low” prices in upcoming bids for renewable energy transmission projects, and sought the suo motu intervention of the CAG to prevent PGCIL from bidding aggressively. About `2.7 lakh crore would be required till FY22 to build the additional electricity transmission system, the national electricity plan on transmission published by the Central Electricity Authority said. The money would be spent on the 1.1 lakh circuit km of transmission lines and 3.8 lakh mega volt amp of sub-stations required to support new generation capacities and make the infrastructure more flexible to accommodate the evolving trends in power consumption. Government reports have also suggested that tariffs of coal-based electricity may be raised by as much as `0.45/unit, about 13% of the average all-India power price, to accommodate renewable energy in the system. Source: financialexpress

JUNE 2019

INDIA

CERC SAYS SOLAR SAFEGUARD DUTY IS “CHANGE IN LAW”, ALLOWS COMPENSATION FOR ACME In a landmark judgment, power sector regulator Central Electricity Regulatory Commission (CERC) has held that the imposition of safeguard duty on imports of solar cells and modules amounts to a “change in law” event for the developers who must be compensated for the increased expenditure.

he order came on two similar petitions filed by ACME Solar Holdings subsidiaries – ACME Rewa Solar Energy and ACME Jodhpur Solar Power – against Solar Energy Corporation of India (SECI) and three discoms of Jaipur, Ajmer and Jodhpur.SECI had issued a tender for setting up grid-connected Solar PV Projects in Bhadla Phase III Solar Park in Rajasthan for an aggregate capacity of 500 Megawatt and the ACME subsidiaries were selected as developers for the setting up a solar power project of 100 MW capacity in Rajasthan.The ACME firms entered into Power Purchase Agreements (PPAs) in September 2017 with SECI for the setting up the 100 Mw project. SECI also entered into backto-back PSAs for sale of electricity purchased from the two firms to the discoms. ACME also engaged its own firm ACME Cleantech Solutions as contractor and executed an Agreement for Supply of Goods in February 2018. However, through a notification issued in July 2018, the centre imposed safeguard duty on the import of solar cells and modules at a rate of 25 per cent for the first year (July 2018 to July 2019) and 20 per cent and 15 per cent, respectively, for each of the six months’ period following July 2019.ACME submitted that the duty resulted in an increase in recurring and non-recurring expenditure and has adversely impacted its business. The solar company argued that the imposition of safeguard duty is covered under Article 12 of the PPAs which provide for “Change in law” and the relief for such an event may be allowed. On their part, SECI and the discoms opposed ACME’s plea on multiple grounds. Firstly, being a competitively bid project, there cannot be any additional claim except as allowed under the PPAs.

The contentions of the Petitioners are misconceived as the incidence of safeguard duty is not on the event of setting up of a solar power plant but is on transaction of import of solar modules. The provision under the PPAs explicitly deals only with the event of setting up of solar power plant, and not on a tax on any input for setting up the plant,” the respondents said. Secondly, the delay in importing the solar cells and modules is attributable to ACME or its contractors and sub-contractors and meanwhile the imposition safeguard duty levy had come into effect.Thirdly, the developers did not establish to the satisfaction of the Commission that there has been an actual expenditure and outflow of money on account of payment of safeguard duty to the revenue authorities. Hence, no relief can be granted.The Respondents in the case – SECI and the discoms – also argued that the petitioners are not procuring the solar cells from any imported sources, but are procuring from their own group company. The imposition of assessment of tax is, therefore, not on the petitioners but on the importer of solar cells.

JUNE 2019

Pronouncing the judgment, the three member CERC bench comprising I S Jha, M K Iyer and P K Pujari said the imposition of safeguard duty is covered as an event classified as “Change in law” under the Article 12 of the PPA. The Commission directed the petitioners to make available to SECI all the relevant documents exhibiting clear correlation between the projects and the supply of imported goods. The Claim based on discussions shall be paid within sixty days of the date of this Order or from the date of submission of claims by the Petitioners, whichever is later, failing which it will attract late payment surcharge as provided under PPAs,” the order said. Experts say the regulator’s stance should not come as a surprise as the general legal opinion on this issue has been clear – developers rightly deserve a compensation for safeguard duty that came into effect after the project was bid out.

However, it is the implementation of the compensation that could lead to delays. Unlike regulator determined cost plus tariff, in case of competitively bid out projects, the components of the tariff to be looked at for deciding the exact quantum of relief might become disputed between the parties. That may cause delays,” said Debasish Mishra, Partner at Deloitte Touche Tohmatsu. Source: energy.economictimes.indiatimes

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INDIA

STRESS METER: DISCOMS’ DUES TO GENCOS AT RS 3,800 CRORE A high-level empowered committee on stressed power assets, formed under the chairmanship of Cabinet secretary in July 2018, had proposed a payment security mechanism through which REC and PFC (now merged) can make upfront payment to independent power producers.

tate-run electricity distribution companies’ (discoms) dues to power producers stood at Rs 38,023 crore at the end of 2018-19, up 59.8% from a year earlier and 65% of these were “overdues” with payment default of 60 days or more. The dues include those to independent power producers (about 46% of the total) and state-run utilities like NTPC, DVC and NHPC. The steep rise in dues comes at a time when generation units with combined capacity of 40 gigawatts (GW) are stressed and the sector is still grappling with the fall-out of several years of muted demand growth. To make matter worse, the private power producers are still waiting for payment of another Rs 6,865 crore from discoms as costs pass-through under the ‘change in law’ provision although these were approved by the regulators. Also, about 15,000 MW of generation units are preparing to furnish additional bills for about Rs 17,000 crore to the discoms after the Central Electricity Regulatory Commission recently allowed them to claim compensation for the additional cost of coal procured through alternative sources due to Coal India’s failure to meet the supply obligations. Receivables on this account have been accumulating since March 2017.

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According to data available with the power ministry’s ‘praapti’ portal, private power producers to which discoms owe the most are Adani Power (Rs 3,449 crore), Bajaj Power Ventures (Rs 2,330 crore), GMR Energy (Rs 1,888 crore), Sembcorp Energy (Rs 1,319 crore) and Tata Power (Rs 959 crore). Discoms’ failure to clear the dues to the producers coincides with these cashstrapped entities reporting financial losses of Rs 21,658 crore at the end of FY19, up 4.4% year-on-year, reversing the declining trend since the UDAY scheme for these entities’ revival was launched in November 2015. Apart from the conventional power producers, the renewable energy developers have also started facing problems of delayed payments by discoms. Tamil Nadu, Telangana and Andhra Pradesh, the states which house more than 35% of the solar and wind power plants of the country, are increasingly becoming more undisciplined in their payment cycles to renewable power producers. Icra wrote: “The overdue receivable position for the renewable IPPs (wind & solar) in states such as Telangana and Andhra Pradesh have worsened to about 8 to 11 months, while that from utility in state of Tamil Nadu has been even higher with overdue receivable position exceeding 15 months for few entities rated in Icra’s portfolio.” A high-level empowered committee on stressed power assets, formed under the chairmanship of Cabinet secretary in July 2018, had proposed a payment security mechanism through which REC and PFC (now merged) can make upfront payment to independent power producers. However, the group of ministers comprising RK Singh, Nitin Gadkari, Suresh Prabhu, Piyush Goyal and Dharmendra Pradhan constituted to examine these recommendations hasn’t approved the payment security mechanism.

Source: financialexpress

JUNE 2019

INDIA

CERC SAYS SOLAR SAFEGUARD DUTY IS “CHANGE IN LAW”, ALLOWS COMPENSATION FOR ACME With the re-election of the NDA, the Central government is expected to continue the policy focus on augmentation of RE based capacities, mainly wind and solar.

he policy support by the central government, as well as improved cost competitiveness, has increased the share of renewable energy (RE) based capacity in the overall installed power generation capacity to 21.8% as on March 31, 2019, from 12.9% as on March 31, 2014. Similarly, the share of RE based generation in the overall generation mix at all India level increased to 9.2% in FY19 from 5.6% in FY15. With the re-election of the NDA, the Central government is expected to continue the policy focus on augmentation of RE based capacities, mainly wind and solar.

NTPC SIGNS MOU WITH MINISTRY OF POWE India’s largest power generating company, NTPC signed the Memorandum of Understanding (MOU) with Ministry of Power for the year 2019-20. NTPC has kept key targets as Rs 20,000 crore for capital expenditure and generate 310 Billion Units (BU) of electricity under excellent category. The corporation would also ensure 10.4 Million Metric Tonnes of coal production in a bid to strengthen fuel supply to its power stations.

However, renewable IPPs, especially wind and solar energy plants, are facing challenges in terms of a mixed trend with respective to collection pattern from state distribution utilities, with deteriorating receivable position in a few states. “As a result, serious efforts are required by the utilities towards improving the operating efficiencies and this coupled with timely subsidy support as well as adequate tariff revisions by the state regulators remain extremely critical for a sustained improvement in the financial performance, going forward”, Majumdar added.

TPC Ltd is committed towards enhancing operational efficiency and simultaneously aiming to increase its revenue by 12% by employing measures to strengthen financial performance for the year 2019-20. The MoU was signed by Shri Gurdeep Singh, Chairman and Managing Director, NTPC Ltd. and Shri Ajay Kumar Bhalla, Secretary, Ministry of Power, Government of India in the presence of senior officials of NTPC and Ministry of Power. As part of MOU, company shall ensure operational efficiency and incorporate measures to ensure upgradation of relevant technological parameters in line with Central Public Sector Enterprise (CPSE) Conclave, in addition to continuous project monitoring and human resource management across its project sites. With a mission to provide reliable power and related solutions in an economical, efficient and environment friendly manner, driven by innovation and agility, NTPC consistently works towards accelerating power development in India. NTPC group recorded a gross generation of 305.90 BU during 2018-19, as against 294.27 BU in the previous year thereby registering an increasing of 3.95%. NTPC has an installed capacity of 55,125 MW.

Source: indiainfoline

Source: ntpc.co.in

Sabyasachi Majumdar, Senior Vice President & Group Head – Corporate ratings, ICRA, says, “The re-election of the NDA government is a positive development for the RE sector and would provide policy stability for the sector. The support for schemes such as KUSUM, roof-top and off-grid solar applications is expected to continue under the new government, along with support for the growth of domestic manufacturing in the solar power segment. However, improvement in the transmission infrastructure, especially in the inter-state network for supply of wind and solar power from high generation potential regions in the western and southern regions to other regions, will remain critical.” The project awards by the central nodal agencies and state distribution utilities in CY2017 and CY2018 provide a reasonably healthy visibility for RE capacity addition in FY2020 with expected addition of about 11-12 GW in FY2020. This is expected to increase the share of RE in the all India generation to about 10% by FY2020, as per ICRA’s estimate.

JUNE 2019

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INDIA

REIL INKS MOU WITH GOVERNMENT OF INDIA FOR FY 2019-20 MOU Rajasthan Electronics & Instruments Limited (REIL) has signed performance MoU for the financial year 2019-20 with the Department of Heavy Industry, Ministry of Heavy Industries & Public Enterprises Govt. of India & has set yet another highest target with 18% growth in revenue from operations and 31% growth in profit.

r. A.K. Jain, Managing Director, REIL signed MoU for performance targets of the Company for the year 2019-20 with Dr. A. R. Sihag, Secretary, Department of Heavy Industry, Ministry of Heavy Industries & Public Enterprises, Government of India at New Delhi. On this occasion, Dr. Jain stated that Company will strategically contribute in emobility mission of the Government of India through manufacturing & setting up of EV Charging Infrastructure under FAME Scheme. The Company also look forward to contribute in Skilling India mission by bridging the skill gap at various levels in the areas of Agro Electronics, Renewable Energy & E-mobility and hence, creating employment opportunities to bring livelihood for masses, in addition to its on-going activities aligned with national missions such as Make in India, National Solar Mission, National Dairy Plan, Digital India and Swachh Bharat Mission. On this occasion Managing Director Dr. Jain assured Secretary that the Company will continue to move on progressive path and will achieve set targets with the support of Government of India, State Government, other stake holders and dedicated team of REIL employees.

DELHI PEAK POWER DEMAND CROSSES 6,000 MW: TATA POWER With the summer heat pushing the capital’s peak power demand to this season’s highest of 6,011 MW, Tata Power Delhi Distribution Ltd (TPDDL) said it successfully met the demand of 1,690 MW in its jurisdiction without any network constraint. TPDDL, which supplies electricity to north and northwest parts of Delhi, said in a statement that the highest peak demand registered in the discom’s area last year was 1,967 MW. “Tata Power Delhi Distribution successfully met the high peak power demand of 1,690 MW without any network constraint as Delhi touched a record high of 6,011 MW, highest for this season,” it said.

We are expecting the peak power demand to reach 2,150 MW in our area this summer, TPDDL Chief Executive Sanjay Banga said in a statement. “To meet this demand, we have long-term tie-ups amounting to around 2,000 MW and other arrangements and up to 500 MW including renewable power, through power import banking/ bilateral imports with other states to ensure regular supply and take care of any contingency requirements,” he added.

Source: psuconnect.in

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Source: IANS

JUNE 2019

INDIA

BJP’S ₹100 TRILLION INFRA INVESTMENT PROMISE TO PLAY OUT IN NDA’S SECOND TERM Last five years have seen massive spending in roads, railways, water, irrigation and urban infrastructure. Experts see huge investment in roads and ports, with renewables being govt’s priority sector.

The Bharatiya Janata Party’s (BJP) promise to invest ₹100 trillion in infrastructure across the next five years has fired up optimism in the sector, with the party securing a thumping win in the 17th Lok Sabha elections.

he last five years have seen massive spending in roads, railways, water, irrigation and urban infrastructure. With a spate of mergers and acquisitions, the secondary market was active as well. In the roads sector alone, 52 projects worth ₹37,019 crore were sold between 2015 and 2018, besides the new 30-year lease toll-operate-transfer (TOT) model introduced to recycle capital and auction operating road assets to private equity investors.

The first TOT auction fetched ₹9,681 crore, a 50% premium over the base price. “With the continuity in the government, the total budgetary allocation towards the major infrastructure segments is estimated to grow and remain in the range of ₹4-4.5 lakh crore per annum,” said Shubham Jain, group head and vice-president, corporate ratings, Icra Ltd. An executive at a road developer, who did not wish to named, said that now that elections are over, he expects the next round of TOT auctions soon. “Even though round 2 of TOT auctions were cancelled, we expect NHAI to seek bids for a package in Bihar, Jharkhand, Tamil Nadu and Uttar Pradesh next month. This will be in the range of ₹4,500-5,000 crore. This will push activity in the roads sector again now that private equity investors are comfortable with policy continuity and are looking for opportunities to invest.”

Prateek Jhawar, director, Avendus Capital, concurred, “We’re going to see a huge increase in infrastructure over the next 5-10 years. If you look at the BJP manifesto, they spoke of ₹100 trillion investment in infrastructure by 2024 whereas the UPA manifesto focused on social expenditure, which the industry was unsure of. I see huge investment in roads and ports primarily, and renewables is a sector completely backed by the Narendra Modi government.” “The industry was afraid that if the government changed, the 175GW target of installed capacity by 2022 would not continue. The government coming back is huge positive especially for the roads and renewables sector,” he added.

JUNE 2019

In order to boost the economy and job creation, the government needs to keep investing in infrastructure, particularly urban infrastructure, smart cities, electric vehicle charging stations, upgradation of public transportation – all of these are expected to draw investments, Jhawar said . But the difference this time is who will take development risk. “Development institutions have never really made money on their investments and I think the government will find creative ways to bring private capital to take development risk as well now, just as they did with the hybrid annuity model in roads.” Another area of focus should be modernization of ports. So far, we have invested in building only physical infrastructure and terminal capacity. But now the focus should be on modernization and automation, creating rail lines that connect ports to the hinterland, Jhawar said. “Even at Jawaharlal Nehru Port Trust (in Mumbai) , it takes almost 24-36 hours to move cargo out. A lot more investment is required to shorten this.” In its first term, the NDA set an ambitious target of 175 GW of installed renewable energy capacity by 2022. Today, India stands at roughly 70GW from wind, solar and hybrid sources, and bidding has been driven by the Solar Energy Corporation of India which assures regular payments to plant developers. Source: livemint

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INDIA

NSEFI GETS COVETED MEMBERSHIP OF IRENA COALITION FOR ACTION National Solar Energy Federation of India gets the coveted membership of IRENA Coalition for Action. The IRENA Coalition for Action forms a key international network to discuss industry trends, determine actions, share knowledge and exchange best practices with the vision to drive the global energy transition in line with the Sustainable Development Goal on energy.

ts mission is to convene a global dialogue amongst non-governmental and governmental stakeholders to develop actions to increasing the share of renewables in the global energy mix. The Coalition brings together over 90 leading renewable energy players including private sector companies, industry associations, civil society, research institutes and intergovernmental organisations. IRENA has 185 member countries to cooperate for the growth of renewable energy. It is worth mentioning that Pranav Mehta who is also the Chairman of Global Solar Council, is the member of 7 member steering committee at IRENA which oversees the functioning of all subgroups and their working.

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Responding to this NSEFI Chairman Pranav Mehta who is also the chairman of Global Solar Council said We are delighted to get this coveted membership of IRENA coalition for action and be a part of this important international coalition Source: NSEFI

JUNE 2019

INDIA

SQUARE ONE: DISCOM DEBT TO REACH PRE-UDAY LEVELS THIS FISCAL Cost-reflective tariffs and a material reduction in AT&C losses critical for turnaround

ANNEXURE RED STREAK After declining in fiscals 2016 and 2017, discom debt is set to rebound to pre-UDAY levels

Source: CRISIL Ratings, UDAY website and annual reports. E is estimates and F is forecasts.

JUNE 2019

ggregate external debt of stateowned electricity distribution companies (discoms) is set to increase to pre-Ujwal Discom Assurance Yojana (UDAY) levels of Rs 2.6 lakh crore by the end of this fiscal. With most states having limited fiscal headroom, continuous financial support to their discoms may be difficult. So discoms have to become commercially viable through prudent tariff hikes and a material reduction in aggregate technical and commercial (AT&C) losses, CRISIL’s analysis of discoms in 15 states1, which account for 85% of the aggregate losses, shows. As per the memoranda of understanding that states had signed under UDAY in fiscal 2016, their discoms were to initiate structural reforms by reducing AT&C losses by 900 basis points (bps) to ~15% in fiscal 2019, and also implement regular tariff hikes of 5-6% per annum. In lieu, state governments took over three-fourths of discom debt, thus reducing the interest cost burden.While discoms enjoyed the benefit of debt reduction, structural reforms have been slow to come by. For instance, AT&C losses reduced by only 400 bps by December 2018 from pre-UDAY levels and average tariff increase were a paltry 3% per annum.

Further improvement in operations may face challenges because the focus on new rural connections without adequate tariff hikes can increase losses, said Subodh Rai, Senior Director, CRISIL Ratings. “Add to that the funding needs for budgeted capital expenditure, and the external debt of discoms would balloon to ~Rs 2.6 lakh crore1 by the end of fiscal 2020.” That arithmetic is based on the assumption of average tariff increase of 2%, and partial funding of losses through state government grants, in line with the commitments made under UDAY.As in the past, that leaves the states with two options: take hard decisions to get their discoms back into shape, or prepare for another bail-out. In 2016, most states had the fiscal headroom to assume three-fourths of the debt of their discoms, but now, because of deterioration in state finances over the past few years, the latitude is limited.

Nine of the 15 states under CRISIL’s study, accounting for more than two-thirds of the total external debt of discoms, are already in breach of the Fiscal Responsibility and Budget Management Act bound of 25% debt to gross state domestic product ratio, said Naveen Vaidyanathan, Associate Director, CRISIL Ratings. That makes structural reforms of discoms, especially ensuring cost-reflective tariffs and a material reduction in AT&C losses using measures such as smart metering, a critical need. Any delay would increase the pain for the power sector, especially for the generating companies, investors and lenders.

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INDIA

INDIA TO MAINTAIN ITS LEVEL OF THERMAL COAL IMPORTS: FITCH India is expected to maintain the current level of thermal coal imports as the country’s power demand is likely to increase, said a report by Fitch Ratings

INCREASING SHARE OF RENEWABLES IN ENERGY SECTOR POSES REGULATORY CHALLENGE: MOODY’S The increasing share of renewables in the total energy mix of the country may lead to an increase in regulatory risk for coal-based projects in the long term, global ratings agency Moody’s Investors Service

he higher share of renewable energy in the total energy mix presents a key regulatory challenge in terms of integrating new renewable capacity, while protecting investments already made in coal-based capacity, it said. Despite the mounting pressure to move to a lower carbon economy, the agency does not consider this risk high, at least over the next 3-5 years. It said predictability of tariff regulations enhances the credit profile of regulated electric companies and added that the Central Electricity Regulatory Commission has been responsive to changes in power sector trends.

Over the last 20 years, regulations for the Indian utilities sector have been progressive and supportive of the power companies, and factored in technological advancements, its Vice President and Senior Analyst Abhishek Tyagi said.

The regulatory framework in India is more independent, transparent and established as compared with Asian peers such as China and Indonesia, the agency said. “Regulations in India have also balanced the interests of all stakeholders, Tyagi said. The Indian electricity regulations allow a fair return on investment for generation and transmission companies, while ensuring that any benefits from technology, operational efficiency and debt refinancing are shared between the utilities and their customers, he said.

Growth in renewable energy capacity may not be able to keep pace, it said. “Fitch expects India to maintain its level of thermal coal imports,” the rating agency said. Domestic output of dry fuel and logistics bottlenecks in coal transportation will also affect supply of coal to the market, it said. “Indian coal imports increased by about two per cent y-o-y (year-on-year) in the nine months to March 2019,” it added. “India’s thermal power plant utilisation increased…in 2H18, driven by higher electricity demand and lower capacity addition,” it said. State-owned utilities led the growth in thermal electricity generation, it said adding that the utilisation of the central government-owned and private sector plants increased slightly.

itch said it expects cost-competitive renewable energy to account for a larger portion of India’s electricity generation in the medium term, and to put pressure on thermal plant utilisation. India imported 164.21 million tonne of non-coking coal in 2018-19 as against 144.99 million tonne in 2017-18, according to mjunction services, a business-tobusiness e-commerce company that also publishes research reports on coal and steel verticals. Non-coking coal is mainly used as thermal coal or power general. India’s coal import increased to 233.56 million tonne (MT) in 2018-19 as compared with 214.61 MT imported in 2017-18, according to mjunction services.

Source: PTI

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Source: PTI

JUNE 2019

BUSINESS & FINANCE

CDPQ AND LIGHTSOURCE BP FORM £150 MILLION SOLAR FINANCING PLATFORM

POLYCAB Q4 NET PROFIT DOWN 27% AT RS 137.25 CRORE

Caisse de dépôt et placement du Québec (CDPQ), a long-term institutional investor, and Lightsource BP announced a debt investment of £150 million (CAD260 million), to finance a portfolio of solar assets owned and managed by Lightsource BP. Lightsource BP is a global leader in the funding, development and long-term operation of solar projects.

Wires and cables manufacturer Polycab India reported a 27.26 per cent decline in its consolidated net profit to Rs 137.25 crore for the fourth quarter ended March 31, mainly on the back of an increase in expenses.

he facility will initially be used to finance a diversified portfolio composed of over 100 solar projects located across various countries and totalling more than 700 MW. Over time, the facility could expand with further investment from CDPQ funding assets developed through the Lightsource BP pipeline.This partnership aligns perfectly with CDPQ’s investment strategy in addressing climate change through low-carbon investments. Alongside Lightsource BP, it invests in solar projects, an asset class that will continue playing a key role across the energy transition landscape.Founded in 2010, Lightsource BP has established operations across EMEA, APAC and the Americas, supported by an in-house team of over 350 specialists. With over 2 GW of solar capacity currently under management, Lightsource BP’s ambition is to become the world’s first global solar brand, targeting around 10 GW in the next 5 years.

We’re very proud to be partnering with CDPQ. This platform marks the beginning of a very exciting opportunity for both companies as it supports both Lightsource BP’s ambition to become a world leading owner and operator of solar assets and CDPQ’s commitment towards sustainable investing. We intend to grow the platform and seek further funding for assets to be developed over the next few years, said Paul Mc Cartie, Group Chief Investment Officer, Lightsource BP.

Lightsource BP has high-quality assets and has built itself an enviable positioning in its industry, and CDPQ is thrilled to support the company in its global development, said Marc Cormier, Executive Vice-President, Fixed Income. “This transaction is perfectly aligned with CDPQ’s willingness to participate in the energy transition, primarily by investing in low-carbon assets, as we have just increased our investment target for these assets by 2020.” CDPQ announced at the end of March that it had raised its 2020 low-carbon asset under management target from $26 billion to $32 billion. This initiative is part of CDPQ’s investment strategy to address climate change and capture opportunities from the transition to a low-carbon economy. CDPQ also aims to reduce its carbon footprint by 25% per dollar invested by 2025. Source: Caisse de dépôt et placement du Québec

JUNE 2019

The company, which was listed, had reported a net profit of Rs 188.71 crore in the year-ago period, it said in a BSE filing.

ts income from operations for the quarter, however, increased 15.85 per cent to Rs 2,444.79 crore from Rs 2,110.24 crore in the corresponding period a year ago.The company’s expenditure for the quarter increased to Rs 2,280.6 crore, from Rs 1,837.47 crore in the fourth quarter of 201718, which reflects the fluctuation in commodity prices.For the fiscal year 2018-19, Polycab’s profit after tax (PAT) increased 39.53 per cent to Rs 500.36 crore, while the income from operations grew 15.05 per cent to Rs 7,955.98 crore as against Rs 358.56 crore and Rs 6,914.95 crore, respectively, in 2017-18.

Last fiscal has been a year of record performance with all business segments performing well, especially after the company launched its IPO (initial public offering). We have delivered on both top-line and profitability for FY19 and believe that we can continue this industry outperformance in the years to come, the company’s Chairman and Managing Director Inder Jaisinghani told reporters here. He further said the company was on the expansion mode and has planned a capital expenditure of around Rs 175-200 crore for the current fiscal, which will be largely used for expanding our wires and cables manufacturing capacity.“Nearly 25 per cent of it will be utilised towards the fast-moving electrical goods business, which includes electric fans, LED lighting and luminaries, switches and switchgears, solar products and conduits and accessories,” Jaisinghani added. Source: PTI

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BUSINESS & FINANCE

REPUBLIC OF KOREA PLEDGES $355 MILLION TO SUPPORT ASEAN GREEN INFRASTRUCTURE AND OCEAN HEALTH Asian Development Bank (ADB) President Mr. Takehiko Nakao and the Republic of Korea Deputy Prime Minister Mr. Nam-ki Hong signed a Declaration of Intent to support green infrastructure in Southeast Asia.

TRINA SOLAR TO HIT 4GW MILESTONE IN INDIAN MARKET Trina Solar is seeing strong momentum in India’s commercial and industrial (C&I) segment as it approaches its 4GW of installed capacity milestone there.

Gaurav Mathur, Trina Solar India director, says the 4GW milestone will likely be reached in the next few months and is testament to the strong relationships Trina Solar’s sales team has developed with customers. Indian (C&I) businesses are particularly keen and generally require 50-500kWp; installations. Solar is proving to be very popular with Indian companies in the: textile, pharmaceutical, chemical, logistics and information technology industries, he adds.

&I customers are drawn to solar energy because it is cheaper than using electricity from the grid.Some C&I customers pay to have a solar system installed, while there are others that sign a long-term electricity user contract with an energy supplier that then pays for the solar system in return for the resulting revenues.Owners and financiers of solar installations are now looking more to tier-one manufacturers because of reputation, warranties and reliability ratings. There was a shake-up in the Indian market, with some tier-two solar module manufacturers effectively exiting the market due to fierce price competition for utility-scale projects.But overall there is strong awareness in the Indian market for the benefits of solar as a: clean, reliable and cost-effective source of energy.

Source: cleanfuture.co.in

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he Republic of Korea pledged $350 million for cofinancing and $5 million grant for technical assistance towards the Association of Southeast Asian Nations (ASEAN) Catalytic Green Finance Facility, with a focus on projects to boost ocean health. The signing was held at the 52nd Annual Meeting of ADB’s Board of Governors in Nadi, Fiji.Through the facility, the financing from the Republic of Korea will support the implementation of ADB’s new Action Plan for Healthy Oceans and Sustainable Blue Economies, which was announced at the Annual Meeting. The Action Plan will expand financing and technical assistance for ocean health and marine economy projects to $5 billion from ADB and cofinancing partners from 2019 to 2024. The ASEAN Catalytic Green Finance Facility was launched on 4 April 2019 in Chiang Rai, Thailand and is part of the ASEAN Infrastructure Fund, a regional financing initiative established by ASEAN governments and ADB in 2011 and administered by ADB. Mr. Nakao and Mr. Hong also signed a joint Declaration of Intent to collaborate for the preparation of the 53rd Annual Meeting of the ADB Board of Governors in Incheon Metropolitan City, Republic of Korea, from 2 to 5 May 2020. This will be the third time the Republic of Korea will host the meeting. It hosted ADB’s 37th Annual Meeting in Jeju Island in 2004 and ADB’s 3rd Annual Meeting in Seoul in 1970.ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion. Established in 1966, it is owned by 68 members—49 from the region. Source: adb.org

JUNE 2019

BUSINESS & FINANCE

PFS REPORTS RS 37 CRORE NET PROFIT IN Q4 FY19 PTC India Financial Services (PFS) reported net profit of Rs 36.76 crore crore in fourth quarter of fiscal 2018-19. The company had posted a loss of Rs 264.68 crore in the January-March quarter of 2017-18.

Total revenue during March quarter stood at Rs 331.05 crore, up from Rs 296.75 crore in the year-ago period, it said in a release.

or the full fiscal 2018-19, the company registered a net profit of Rs 184.14 crore. It had posted a loss of Rs 100.23 crore in 2017-18. Revenue during the year rose to Rs 1,336.51 crore from Rs 1,185.15 crore.

PFS said it sanctioned fresh loans of Rs 5,124 crore last fiscal, while Rs 4,085 crore were disbursed

Last year was challenging year for financial sector as a whole and for NBFCs in particular. We tied over the liquidity challenges and our strategy is to work on all possible dimensions simultaneously so as to strengthen our credit standing, said Pawan Singh – Managing Director & CEO, PFS. Singh said the company will continue to grow in renewable sector in which it has negligible stress and has huge growth opportunities in future.“We will also be tapping the growth opportunities in new similar areas of businesses like SBG city gas distribution, annuity based sewage treatment plants, electrical transportation/charging stations, last mile energy efficiency solution,” Singh said. Stock of PFS closed 3.69 per cent higher at Rs 16.85 on the BSE. Source: PTI

JUNE 2019

PTC INDIA FINANCIAL SERVICES EXPECTS 15% LOAN GROWTH IN FY20, SAYS CEO PAWAN SINGH Pawan Singh said PTC India would like to maintain gross and net NPA flat or marginal improve for FY20 The company is looking at loan growth of 15 percent in FY20, said Singh.

he higher cost of funds has impacted PTC India Financial Services’ earnings in the fourth quarter as non-banking financial companies (NBFC) continue to face liquidity challenges, said Pawan Singh, managing director and CEO.“We are focusing largely on sustainable finance and renewable sector and there is an ample growth opportunity which is happening and will happen in the current year also,” he added. According to him, tightening market gives ample room to expand and do business.On the interest margins front, Singh said, “As far as the issue of the shrinking of our interest margin is concerned, it’s primarily because the thermal assets which we had on our book, 2 particular assets, where we have stopped recognizing the interest income. The impact of that is almost Rs 13 crore this quarter. Its onetime impact which has happened which has probably affected our net interest income.”Talking about business, he said, “Our net interest margin (NIM) stands at 2.62 percent for FY19 and the asset book has grown by roughly about 8 percent but we also had some non-performing assets (NPAs) which we had written off technically and if we account for that it would have been close to 11 percent.”He further said that PTC India would like to maintain gross and net NPA flat or marginal improve for FY20. The company is looking at loan growth of 15 percent in FY20, said Singh.

Source: cnbctv18

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BUSINESS & FINANCE

PIRAMAL, CPPIB TEAM UP FOR $600 MN RENEWABLE ENERGY INVIT Billionaire Ajay Piramal-led Piramal Enterprises Ltd and Canada Pension Plan Investment Board (CPPIB) have signed an initial pact to co-sponsor a renewable energy-focussed Infrastructure Investment Trust (InvIT).

The InvIT will have an initial corpus of $600 million (Rs 4,160 crore) with an option to increase it further, Piramal said in a statement. The Canadian pension fund will contribute $360 million to this corpus while Piramal will put in $90 million. The InvIT will seek to acquire up to 1.5-2 gigawatt of stable and cash-generating renewable energy assets on a hold-to-maturity basis, the statement said. Source: vccircle

AQUILA CAPITAL FUND TO RAISE CASH FOR RENEWABLES INVESTMENT VIA LONDON IPO

It said it plans to acquire mostly operational assets which generate income and Aquila Capital has identified opportunities across Iberia and Scandinavia which could be suitable for acquisition.

Aquila European Renewables Income Fund said it seeks to raise 300 million euros ($337 million) for clean energy investment through an initial public offering (IPO) on the London Stock Exchange, it said. The fund, owned by Hamburg-based Aquila Capital, wants to invest in solar, wind and hydropower assets across continental Europe and the Republic of Ireland.

We are excited to float our fund in London which has established itself as the home of investment trust listings in Europe including a number of renewable funds, said Ian Nolan, chair of the fund. Source: reuters

PANASONIC ANNOUNCES COLLABORATION AND ACQUISITION AGREEMENT WITH GS-SOLAR Panasonic Corporation announced that it has reached a collaboration and acquisition agreement with GS-Solar (China) Company Ltd. in the field of photovoltaic technology. Under the agreement, GS-Solar (China) will acquire Panasonic’s solar manufacturing subsidiary, Panasonic Energy Malaysia, while establishing a new company with Panasonic. GS-Solar (China), has been specializing in solar cell technol-

ith GS-Solar holding a 90% share and Panasonic owning the remaining 10%, the two companies will jointly operate and invest in this new company in Japan, focused on the research and development of HIT technology.Panasonic also made another equally important announcement that a joint venture with Toyota Motor Corporation covering the urban development business is formed. Based on this world-class collaboration, GSSolar (China) will integrate Panasonic’s cutting-edge innovations and manufacturing technologies in the field of HIT, combining these with its own competencies to drive progress and breakthrough developments in efficient heterojunction technology and set milestones for the development of the energy industry. This collaboration also enables GS-Solar (China) to help start the industrialization and large-scale expansion of next-generation heterojunction technologies on a global scale.

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ogy research and development and product manufacturing for more than 10 years, with an aim towards playing a leading role in achieving grid parity. Through this collaboration, GS-Solar (China) will take a leading global position in the field of photovoltaic application with its heterojunction technology. The company’s exceptional technological achievements have been highly commended by Panasonic.The collaboration will also see Panasonic actively mobilize energy storage technologies, home energy management systems and emergency power storage systems, as well as other new energy resources, to help support the development of advanced heterojunction technologies and improve their product competitiveness. In addition, the company will further integrate the HEMS, PV modules, storage batteries, ECO Cute heat pump systems, and electric vehicle charging solutions. Panasonic will also expand the scope of collaboration with GS-Solar (China), with areas of common development including zero energy consumption buildings (ZEH), the adaption of new energy management systems to the era of feed-in tariff subsidies, and the application of many solar energy-related products and technologies to emergency power energy storage systems for use during natural disasters. Source: GS-Solar

JUNE 2019

BUSINESS & FINANCE

APICORP INKS USD 75M MURABAHA TERM FACILITY WITH SAUDI BASED COMPANY ALFANAR The Arab Petroleum Investments Corporation (APICORP), a multilateral development financial institution, has signed a strategic five year Murabaha financing facility worth USD 75 million with Alfanar Company (“Alfanar”), one of the leading developers and EPC for clean energy and manufacturer of electrical products, in support of Alfanar’s renewables energy projects, including the wind project in Spain.

Jamal Wadi, Chief Executive Officer, Alfanar Global Development said, “With an existing portfolio exceeding 1.5 GW of renewable development projects around the globe, Alfanar is committed to further double its portfolio in the next few years. The signing of the Murabaha agreement with APICORP brings us a step closer to realising our commitment. This partnership with APICORP comes at a time when Alfanar is also diversifying its portfolio and venturing into new markets.”

Nicolas Thevenot, APICORP’s Managing Director, Head of Corporate Finance, commented: “APICORP is committed to encouraging Saudi companies in their pursuit of opportunities beyond their home market. In this particular case, we are happy to support Alfanar towards their renewable energy projects globally. This is in line with APICORP’s focus to support global sustainability through projects driven by environmentally conscious and renewable principles.”

lfanar is a Saudi based company headquartered in Riyadh and engaged in manufacturing of electrical products, design engineering and O&M services, with activities focused in Middle East, Europe and Asia. The company has successfully leveraged its expertise in electrical equipment manufacturing and, in the engineering, procurement and construction (EPC) of power transmission and distribution projects in KSA to develop and operate renewable energy projects globally.Alfanar is aiming to tap into the growing demand of renewable energy in various countries around the globe. The company aims to deploy 3 GW by 2022 with an intention to grow the portfolio to 4-5 GW by 2025.Baker & Mckenzie, Bahrain acted as APICORP’s legal counsel on the financing and Hogan Lovells, Dubai advised Alfanar. Source: apicorp.org

JUNE 2019

INDIA FUND FEST ACHIEVES RS 25 CR INVESTMENTS; SOLAR POWER, EVS TOP ATTRACTIONS The scene at Ritz Carlton on was one of excitement with finalist founders of 28 startups, selected through a rigorous filtering process out of 14,000 applications received, seeking spot funding from 12 plus investors. They were from a wide range of industries including solar energy, electric vehicles, e-commerce, technology, agriculture, animal husbandry, Ayurveda, water conservation, payment gateway etc.

he selection of these startups was made by an eminent jury and through a proprietary ‘Investor Readiness Report’ process, ensuring the companies are thoroughly vetted. Out of 14,000 plus interested companies, 553 were shortlisted through the initial screening. After further filtering, 100 Investment Readiness Reports were prepared. The next round of assessment brought the number down to 35 and then the final most eligible 28 finalists were selected. It was a tough and thorough process of selection.There were 12 Master Investors and one Deal Master, Nalin Singh of Natio Cultus, on the panel of the TV show format. The invited audience included 100 plus partners who were incubators, mentors, investors and business experts from Indonesia, Singapore, USA and other countries. There were 31 partners who wholeheartedly and actively supported by outreaching their network to encourage companies to apply for the event. Many finalists were referred by the partners. Out of 28 startups who pitched, 13 received offers from the investors and 8 were accepted. This totals to confirm spot deals in excess of INR 25 Crores. With an additional three deals still open, the number is expected to touch INR 42 Crores. One deal was struck by a member of the audience. On the confirmed deals alone, this is India’s largest single-day startup funding event ever.The organisers are Natio Cultus Consultancy Pvt. Ltd. who had ideated and executed successful editions of this event in 2017 and 2018. This year they partnered with Horses Stable a TV web series, which was launched recently. The recorded event will be telecast in the future episodes of Horses Stable.

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BUSINESS & FINANCE

PIRAMAL GROUP TO BUY RENEWABLE POWER PROJECTS OF MYTRAH ENERGY, SAYS REPORT

GOODWE COOPERATES KRANNICH SOLAR WITH FOR THE INDIAN MARKET GoodWe and Krannich Solar, one of the leading distributors for photovoltaics worldwide has signed a cooperation agreement for the distribution of their inverters in the Indian market.

Piramal and CPPIB are well aware of the assets of Mytrah Energy and discussions for its acquisition have been in the fray for some time now, Piramal Group had provided $277 million in loans to Mytrah Energy through non-convertible debentures to help provide exit options to existing investors.

In a bid to make a potential acquisition in the newly launched private firm InvIT, co-owned by the Piramal Group and the Canadian pension fund CPPIB, the Ajay Priamal-owned company is planning to buy the operational renewable power projects of Mytrah energy, reported The Economic Times. Piramal and CPPIB are well aware of the assets of Mytrah Energy and discussions for its acquisition have been in the fray for some time now, the report said, quoting sources.Piramal Group had provided $277 million in loans to Mytrah Energy through non-convertible debentures to help provide exit options to existing investors such as IDFC Alternatives, AION Capital, Merrill Lynch, and Goldman Sachs, the daily said, adding that the loan amount provided to the energy firm is due in the next five years. Mytrah Energy has a 2,000-MW of operational and in-the-works renewable power with assets spread across 15 wind farms in Rajasthan, Gujarat, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Punjab, and Tamil Nadu, the report added.

oodWe is a leading manufacturer of PV inverters and energy storage solutions. With 12GW installed in more than 100 countries, GoodWe solar inverters have been largely used in residential rooftops, commercial systems, and energy storage systems.The product range includes single-phase, three-phase and hybrid inverters of the series NS, DNS, SDT, SMT, MT, EM and ET, which already achieved great success in India thanks to their unique technical advantages, compact design, easy installation and quick return on investment. Thanks to the excellent quality of the products, GoodWe has been singled out with the All Quality Matters Award of TÜV Rheinland for the last 4 years in a row.To start the collaboration, the two partners hosted a successful customer training in Hyderabad, where customers received an intensive product training and could get in touch directly with representatives from both companies.

James Hou, GoodWe Sales Head for India said: We are very excited to partner with Krannich Solar in the Indian market. As a leading photovoltaic wholesalers in the world, Krannich Solar can always serve photovoltaic installers in an expert and effective way. Together we will constantly provide excellent service for our customers, constantly improving and enhancing the quality and tailoring the features of our products, exceeding the requirements of the Indian Market.

Sandeep Banodiya, Sales Director of Krannich Solar India said: We are very pleased to start working together with GoodWe. The inverters complement our product range very well as they offer our customers excellent quality and significant added value. With GoodWe we will create a winning partnership in the Indian market. Krannich Solar therefore now offers even more innovative inverter solutions for every requirement.

Source: cnbctv18

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JUNE 2019

BUSINESS & FINANCE

SEMBCORP ENERGY INDIA POSTS 12 PC RISE IN Q1 PROFIT AT RS 385 CR Sembcorp Energy India Ltd posted a 12 per cent rise in its first quarter net profit at Singapore dollar 75 million (about Rs 385.12 crore) on the back of better performance of its renewable energy business.

he Singapore-based Sembcorp Industries’ Indian arm had posted Singapore dollar SGD 67 million profit in the same period of the previous year, the company said in a statement. Sembcorp Energy India Ltd (SEIL) reported a turnover of SGD 386 million (about Rs 8,873 crore) in the quarter under review amid stress in the Indian power sector. Its renewable energy business delivered superior profit from operations at SGD 26 million as against SGD 13 million a year-ago with improvement driven by better wind resource. With the strengthening of its self-operation and maintenance practice, renewable business in India reversed an accrued maintenance fees (SGD 7 million) which are no longer payable, the company said adding that benefits from operational and other synergies due to the amalgamation of the two thermal plants were reflected in the performance. The company, which follows the calendar year as accounting year, had reported a profit of SGD 67 million on a turnover of SGD 441 million during January-March 2018. The company said performance of SEIL Thermal Project 1 was negatively affected by the shutdown of Unit 1 from January 1 to February 24, 2019, the company said adding that the insurance claims process is underway. Meanwhile, Project 2 earnings improved on better short-term contracted positions and lower coal costs. SEIL’s results are part of Sembcorp Industries’ 1Q 2019 results that were announced. Sembcorp Industries posted a net profit of SGD 93 million for the first quarter of 2019, up from SGD 77 million a year-ago, on improved performance from the energy business. Turnover was SGD 2.5 billion compared to SGD 2.8 billion in the first quarter of 2018.

In 1Q 2019, our energy business continued to perform well with improved contributions from India and the UK. We also grew our energy portfolio, with the completion of the 427-megawatt Sirajganj Unit 4 power plant in Bangladesh in April 2019. We now have a global energy portfolio of over 12,400 megawatts, with 11,800 megawatts in operation and 650 megawatts of renewables under development, Neil McGregor, Group President & CEO of Sembcorp Industries said. At present, Sembcorp Energy India has a total capacity of 4.37 gigawatts (GW), comprising 2.64 GW thermal power projects in Andhra Pradesh and over 1.7 GW renewable energy projects (including the under-construction ones) spread across seven energy-rich states in the country. The SECI-1 project is supplying renewable power to Bihar, Uttar Pradesh, Jharkhand and Delhi. The company also commenced supplying 250 MW of power to Bangladesh from its power project in Andhra Pradesh earlier this year. Work on the balance 550 MW renewable energy projects which is under construction is progressing and expected to be commissioned in phases this year, according to the company. The company’s long-term outlook for the Indian power market continues to remain positive, it said. Source: PTI

JUNE 2019

ADANI GREEN SHARES JUMP 4.8% AS PROMOTERS SELL STAKE TO MEET SEBI NORM The two promoters of Adani Green Energy — Adani Tradeline LLP and Universal Trade and Investment — plan to sell 87.5 million equity shares at Rs 43 apiece.

dani Green shares jumped as much as 4.8% after the promoters said they were planning to sell up to 5.59% stake in the company through the offer for sale (OFS) route. The two promoters of Adani Green Energy — Adani Tradeline LLP and Universal Trade and Investment — plan to sell 87.5 million equity shares at Rs 43 apiece. he OFS will open for subscription for non-retail investors and for retail investors. The OFS enables promoters to dilute their holdings in listed companies in a transparent manner with a wider participation through the stock exchange platform. The promoters of Adani Green had 86.5% of the equity share capital as on 31 March 2019. The OFS has been launched to meet the market regulator’s minimum public shareholding norm. As per the Securities and Exchange Board of India’s (Sebi’s) regulation, every listed company needs to maintain a public shareholding of at least 25%. In a separate development, Adani Green Energy and ReNew Power emerged as the only two bidders in the latest tranche of Solar Energy Corporation of India’s wind solar hybrid tender for 1,200 MW of capacity, according to a media report. Adani Green Energy made techno-commercial bids for 600 MW, the report added. Solar Energy Corporation of India is the renewable energy ministry’s nodal agency through which it conducts wind and solar auctions At 11:24am, Adani Green shares were trading 2% higher at Rs 44 apiece on BSE. Source: news18

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ADANI GREEN ENERGY Q4 LOSS WIDENS TO RS 94 CR; PLANS TO RAISE UP TO RS 5K CR The company also said it has won 250 MW wind and 150 MW solar bids in the March quarter. Post completion of all the bids won and projects under implementation, the company’s operational capacity would be 4,560 MW.

dani Green Energy reported widening of its consolidated loss to Rs 94.08 crore for the March quarter, mainly due to higher depreciation and borrowing cost. The company had posted a consolidated net loss of Rs 42.81 crore in the quarter ended March 31, 2018, it said in a statement. Depreciation in the fourth quarter of 2018-19 was at Rs 293 crore, up by 77 per cent. Interest and bank charges rose to Rs 274 crore from Rs 142 crore a year ago. The increase in finance cost was primarily on account of capitalisation of interest during project phases and ramp up of capacity in the previous year, it added. The company’s total income in the March quarter was Rs 718.73 crore, up from Rs 416.68 crore in the same period of the previous year. For the 2018-19 fiscal, the firm’s consolidated loss swelled to Rs 475.05 crore from Rs 137.51 crore in the previous financial year. Total income in 2018-19 increased to Rs 2,130.99 crore from Rs 1,519.27 crore. As on March 31, 2019, the company’s gross debt stood at Rs 12,236 crore (including Rs 1,596 crore debt of group companies). Net debt was Rs 10,734 crore (gross debt less cash and cash equivalents including margin money deposits with banks of Rs 744 crore and trade receivable of Rs 758 crore). The company also said it has won 250 MW wind and 150 MW solar bids in the March quarter. Post completion of all the bids won and projects under implementation, the company’s operational capacity would be 4,560 MW.

The company’s Chairman Gautam Adani said, “To fully take advantage of India’s Renewable Energy potential over the next few years will require new initiatives from central and state governments — beyond policy and programs currently in place — to support the engagement and participation of power sector stakeholders including Renewable Energy industry and developers, grid operators, public and private finance providers, consumers, and others.”

GREENLIGHT PLANET RAISES USD 2.36 MILLION Greenlight Planet said it has raised USD 2.36 million (about Rs 16.5 crore) for its off-grid solar projects in the country, through support of Trine, a Swedish investment company that enables individuals to invest sustainably.

or the first time Greenlight Planet has sourced debt financing from individuals by connecting with 1,822 investors to fully fund the USD 2.36 million loan, the company said in a statement issued here. The company plans to utilise the funds to provide 5.6 lakh people with electricity while reducing an estimated 1.28 lakh tonne of carbon emissions as fossil fuels can be replaced with solar energy.

GroupM elevates South Asia COO Prasanth Kumar as CEO. GroupM, part of global advertising conglomerate WPP group, Said it has elevated its South Asia Chief Operating Officer Prasanth Kumar as Chief Executive Officer. He will take over from Sam Singh, who is leaving GroupM to take on a senior role at ByteDance, a technology company specialising in content platforms. Singh will leave GroupM at the end of June, while Kumar will take up the role of CEO with immediate effect. * HPL Electric and Power Q4 FY19 PAT up 73 pc at Rs 12.6 cr

Jayant Parimal, CEO, Adani Green Energy, said, “We have reached an operational capacity of 2.02GW, and are on course to reach 4.56GW by FY 2021.” At its meeting, the board also approved a proposal to raise up to Rs 5,000 crore through various means, including issue of equity shares and convertible bonds.

Electric equipment manufacturing firm HPL Electric and Power reported a 73 per cent increase in consolidated net profit for the quarter ended March 31 at Rs 12.6 crore as against Rs 7.2 crore last year, mainly on the back of higher revenues. Its total revenues for the quarter under review increased 12.1 per cent to Rs 352.5 crore from Rs 314.6 crore in corresponding quarter last year, the company said in a statement. For fiscal 2018-19, the company reported a PAT of Rs 32.7 crore and revenue of Rs 1,158.5 crore as against Rs 27.6 crore and Rs 1,036.3 crore in 2017-18, respectively. Source: PTI

Source: zeebiz

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JUNE 2019

BUSINESS & FINANCE

RENEW POWER TO RAISE $350 MILLION IN BONDS ReNew Power Ventures, a renewable independent power producer, plans to raise $350 million in dollar-denominated bonds to refinance its existing debt. The company is currently conducting roadshows in Europe, people close to the development told FE. The company has a total debt of Rs 23,845 crore as on March 31, 2018 at consolidated level with significant maturities in FY21 and FY22. The bonds will have a tenure of three years and will be issued by Mauritius-incorporated special purpose vehicle Zeus Energy Holdings, sources said.

he new fund raising plan comes close on the heels of ReNew raising $375 million in green bonds in March to refinance external commercial borrowings and for capital expenditure in green projects. Another $475 million was raised in February 2017. The previous bonds had a coupon rate of 6% and 6.75%, respectively. “The $350 million bond is likely to be priced below 10% including the hedging cost,” sources said. Barclays, Goldman Sachs (Asia), HSBC, JPMorgan are the book running lead managers for the deal, the sources said.

When contacted, ReNew Power CMD Sumant Sinha did not respond to messages sent to him. However, in his March press release, he said: “Our history of financial prudence, investing in high-quality assets and creating value for all our stakeholders has enabled us to regularly raise funds to fuel our rapid growth. We are happy that our bond offering received such an enthusiastic response, especially when the renewables sector is facing challenges in raising capital.”

ReNew Power has around 4,000 MW of operational capacity of wind and solar power projects and a project pipeline of 2,400 MW. The company has 485 MW of the wind-power assets, with the rest held by various special purpose vehicles. The company has expanded considerably over the last two years both by way of own developments and acquisitions leading to huge amount of debt. Although, the company has raised significant amount of equity from promoters during the said period, Gearing remains high at 3.75x as on March 31, 2018, according to rating agencies. Source: financialexpress

ADANI GREEN TO RAISE 500 MILLION DOLLAR IN GREEN BONDS Majority of the company’s existing debt belong to PSEPL at $212 million and AGEUPL at $100 million. Adani Green Energy, the renewable energy arm of Adani Enterprises, is in process of raising $500 million in green bonds for capital expenditure and refinancing of debt by the middle of June, people close to the development told FE. The fundraising was done by the three wholly-owned subsidiaries of Adani Green Energy – Adani Green Energy (UP) Ltd (AGEUPL), Parampujya Solar Energy Pvt Ltd (PSEPL) and Prayatna Developers Pvt Ltd (PDPL) to finance and refinance solar power plants and related transmission infrastructure in India, the sources said.

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JUNE 2019

n email query sent to Adani Green did not elicit any response till the time of going to press. The bond would have a tenure of five and a half years and the proceeds would be used to pay off at least 70% of the existing debt, while the remainder would go towards new and under construction projects in solar and transmission segments, sources said. Majority of the company’s existing debt belong to PSEPL at $212 million and AGEUPL at $100 million.

“The company’s existing borrowings were used to purchase property, plants, and equipment for their solar electricity generation facilities and their dedicated transmission infrastructure. Eligible green projects will comprise exclusively 100% solar energy-powered plants and dedicated transmission infrastructure for them,” sources said A part of Gautam Adani-led Adani Group, Adani Green operates a portfolio of 25 utility-scale solar energy projects, with 930 megawatt of total installed capacity. The projects are spread across eight states of Karnataka, Telangana, Chhattisgarh, Uttar Pradesh, Punjab, Andhra Pradesh, Rajasthan and Maharashtra. Source: financialexpress

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BUSINESS & FINANCE

PV PANEL CLEANING FIRM RAISES ANGEL INVESTOR FUNDING Artificial Intelligence Powered Autonomous Robotic Solar Panel Cleaning Solution Provider Indian Start-Up Skilancer Gets Undisclosed Amount As Alfa Ventures Funding: Media

CANADIAN SOLAR SIGNS 1,800 MW MODULE SUPPLY AGREEMENT WITH EDF RENEWABLES NORTH AMERICA – LARGEST MODULE SUPPLY AGREEMENT IN THE COMPANY’S HISTORY Canadian Solar Inc. (the “Company”, or “Canadian Solar”) (NASDAQ: CSIQ), one of the world’s largest solar power companies, announced that the Company has signed a multi-year module supply agreement with EDF Renewables North America to deliver 1,800 MW of high efficiency poly solar modules for projects in the US, Canada, and Mexico.

tilizing unique multi-year contractual terms, Canadian Solar will supply its bifacial enhanced wafer BiHiKu (CS3W-PB) and enhanced wafer HiKu (CS3W-P) modules to EDF Renewables’ multiple solar projects. This module supply agreement is the largest single module supply agreement signed in Canadian Solar’s 18-year history, and is an anchor of the company’s 3+ GW of forward-committed contracts in the North American market through 2023. n Indian start-up incubated at Indian Institute of Management Lucknow that provides artificial intelligence powered autonomous robots to clean solar panels has secured investment from angel investor Dhianu Das’s Alfa Ventures. The proprietary fund makes seed investments in start-ups. Skilancer Solar Pvt. Ltd., the beneficiary start-up will use the undisclosed amount to upgrade its design and technology while also building its team and expand geographically, reported local media. Robotic cleaning solutions do away with the need to use water for solar panel cleaning while at the same time the technology is touted to make manual cleaning procedures redundant. A quick solution, it also saves power generation losses expected because of dirt deposits on the panel surface.

Skilancer says it uses 4 direct drive motors on the entire assembly and that the system runs directly on the array frame structure with no load bearing on the panels or their frames, as per information shared on the company website. Skilancer will have to compete with Israel based solar PV panel cleaning technology provider Ecoppia that moved to India with a manufacturing facility in Chennai in 2016 to capture market share in one of the largest solar markets in the world.

EDF Renewables North America is pleased to announce this substantial module supply agreement with Canadian Solar Inc. The agreement demonstrates our confidence in the bifacial module technology to support our robust pipeline of contracted projects over the next 5 years, said Tristan Grimbert, President and CEO of EDF Renewables North America.

We are excited to partner with EDF Renewables to help them bring a stable supply of clean, reliable solar energy to the North American market,” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “As the US market recovers from the uncertainties brought by Section 201 tariffs and rushes to meet the step-down of the Investment Tax Credit deadline, we are seeing a significant rebound of demand in the US solar market which impacts module supply across the entire region. This contract continues to strengthen the global partnership between EDF Renewables and Canadian Solar.

Source: taiyangnews.info

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Source: Canadian Solar Inc.

JUNE 2019

BUSINESS & FINANCE

TWO FORMER OSTRO EXECUTIVES TO SET UP CLEAN ENERGY FIRM Ranjit Gupta, Murali Subramanian are in talks with Temasek, EQT to raise $500 mn. Gupta and Subramanian are starting the new firm after Ostro was acquired by ReNew.

Ranjit Gupta and Murali Subramanian, the former head honchos of global private equity firm Actis Llp’s Ostro Energy Pvt. Ltd, are in talks with Singapore’s state investment firm Temasek Holdings Pte. and Swedish private-equity firm EQT Partners to raise around $500 million to set up a green energy platform in India.

upta and Subramanian were former chief executive officer (CEO) and chief operating officer (COO) of Ostro Energy, respectively. Their next innings in the Indian clean energy space follows the acquisition of Ostro Energy by ReNew Power Ventures at an enterprise value of $1.5 billion, in India’s largest renewable energy deal last April. Factors such as size, quality and age of the Ostro Energy assets were key attractions for ReNew Power.

“They (Gupta and Subramanian) are in talks with Temasek and EQT. Temasek is expected to make the substantive part of the investment. It will be similar to what Actis did with Ostro,” said one person aware of the development, requesting anonymity. Another person, who also did not want to be named, said: “There have been preliminary talks. Nothing has been finalized.” Backed by Actis, Gupta and Subramanian spearheaded the growth of Ostro Energy through a prudent renewable energy auction strategy, entailing an equity investment of $280 million and a debt of about $900 million. It helped Ostro Energy leapfrog from a 50 megawatt (MW) project in Rajasthan to 1.1 gigawatts (GW) when it was sold. Mint had reported on 12 July that Temasek’s investment strategy in India was to sharpen focus on areas such as platform investments to tap specific opportunities. With a $235-billion portfolio, Temasek has significant exposure to Singapore and Asia. EQT Partners has so far raised around €61 billion through 29 funds. It has around €40 billion under management and portfolio companies in Europe, Asia and the US. Subramanian and a spokesperson for EQT Partners declined to comment. Gupta could not be immediately reached for comment. In an emailed response, a Temasek spokesperson said: “As a matter of policy, we decline to comment on market speculations and rumours.” Last year, Temasek had agreed to invest $400 million in the National Investment and Infrastructure Fund (NIIF), a fund set up by the government of India to boost infrastructure financing in the country. Its India portfolio stands at around $10 billion, with an average annual investment of $1 billion. The Singapore firm has bought stakes in AU Small Finance Bank Ltd, Adani Ports and Special Economic Zones Ltd and payments technology firm Pine Labs. It has also invested in technology companies such as CarTrade and PolicyBazaar.

JUNE 2019

There has been growing interest in India’s clean energy space. ExxonMobil Corp., the world’s most valuable energy company, for instance, plans to form a partnership with state-owned GAIL (India) Ltd to set up a green energy platform in India. Malaysia’s state-run oil and gas company, Petroliam Nasional Bhd, or Petronas, has also acquired Amplus Energy Solutions Pvt. Ltd, one of India’s largest rooftop solar power producers. India has been working on the largest clean energy programme and has an installed renewable energy capacity of 74.79GW. Of this, solar and wind power account for 25.21GW and 35.14GW, respectively. With competitive solar bids and India’s wind energy sector having transitioned from a feed-in tariff regime, which ensures a fixed price for wind power producers, to tariff-based competitive auctions, obtaining finance at the lowest cost has become key. Source: livemint

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distributed solar

ENERPARC INDIA COMMISSIONS A UNIQUE SOLAR POWER PLANT FOR DELHI AIRPORT Necessity is mother of all innovations and those are the kind of challenges which excites Enerparc. We were presented with challenging task of carrying out the first-of-its-kind solar relocation project, in an operational airport, for our longstanding partner Delhi International Airport Limited (DIAL).

BRIDGESTONE INDIA AIMS TO REDUCE 150,000 TONS OF CO2 EMISSION IN THE NEXT TWO DECADES The Bridgestone Group has set a target of a 35 per cent reduction in CO2 emissions per net sales from operations and products’ after-use by 2020.

ridgestone’s two plants in India have opted to use solar power. The Pune Plant in Chakan has currently installed 1 MW of Solar energy capacity and is in the process of setting up another 4 MW of capacity which will commence operations by September 2019. The Indore plant in Kheda, in Madhya Pradesh in Central India, has 1 MW solar energy capacity that is being enhanced by another 1 MW slated to be operational by the third quarter of 2019. While using solar energy is good for the environment, it also reflects positively in monetary terms. 1MW of solar power results in savings of nearly 59 million rupees worth of electricity expenses in 20 years.

Parag Satpute, Managing Director, Bridgestone India, said “Usage of clean energy is key to Bridgestone’s sustainability goals. In sync with this, our adoption of solar energy reduces the dependence on conventional forms of energy leading to a reduction in the carbon footprint. 1 MW of solar capacity saves an estimated 1000 tonnes of CO2 emission per year. By this estimate the 7MW of solar capacity will save an estimated 150,000 tons of CO2 emission over two decades. For us in India, this is a step towards the company’s global long term commitment of achieving a 50% reduction of CO2 emissions by 2050 and beyond.” The Bridgestone Group has set a target of a 35 per cent reduction in CO2 emissions per net sales from operations and products’ after-use by 2020.

ecessity for this challenging task came from the requirement of space to carry out expansion for the DIAL runway number 4. The selected patch of land for the runway expansion happens to pass through the existing 5MWp solar power plant installed a few years back. The option that stood before team Enerparc was to relocate the existing plant to new location. The teams of DIAL and Enerparc did extensive work to find an alternate location to reinstall this plant. Plans were laid out to ensure that the transition proceeded with minimal disruption in power generation, keeping in mind the highest safety standards, following stringent guidelines of an operational airport. After getting hosts of approvals including that from DGCA for glare analysis, the relocation work started in full swing. The broad plan was to dismantle 2.5MWp at the earliest and relocate to the new location so that half of the plant capacity would continue to power DIAL with green energy. In a record time of one month, the 2.5MWp was successfully commissioned. The project is relocated and energised and producing energy; this is the first of its type assignment of shifting an existing solar project inside an active airport and successfully commissioning it. Source: enerparc.in

Source: auto.ndtv

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JUNE 2019

distributed solar

ROOFTOP SOLAR PROJECT: 2,78,000 PEOPLE REGISTER IN KERALA Rooftop solar power project, jointly undertaken by Kerala State Electricity Board and Agency for NonConventional Energy and Rural Technology (ANERT) is gaining popularity across the state. It is reported that a total of 2,78,000 people have registered for the project in its first phase.

he KSEB has been carrying out a feasibility study in its second phase as the first phase registration is already completed. The feasibility study in Malappuram is almost done and it will be completed in other districts by May 31. At present, KSEB has been implementing two solar power projects across the state. The first one is rooftop solar panel project sponsored by KSEB. KSEB will set up solar plants on rooftop of buildings at their own expense. A fixed percent of the produced power will be granted to the building owner for free or the building owner can purchase the power for a long period.

In the second project, the beneficiaries should set up the plan at their own expense. Either the building owner can use the power completely or KSEB will purchase power from him at a fixed rate. In both projects, KSEB will be in charge of the maintenance of the plant. In Kerala, largest number of people registered for the project in from Thrissur. A total of 40,903 people registered for rooftop solar power project. Whereas least number of registrations was reported at Pathanamthitta. Only 7,947 people registered here. District-wise registrations at a glance. Source: english.mathrubhumi

HPPL INSTALLS ROOFTOP SOLAR POWER UNITS AT IT’S MANUFACTURING PLANTS Huhtamaki-PPL Ltd (HPPL), India’s flexible packaging specialist is installing state-of-the-art 1.8MW rooftop solar power units at six key manufacturing plants across India. The rooftop solar power project will reduce 20 MT of CO2 emissions annually; equivalent to planting about 100,000 trees.

ll installations are equipped with net metering, online performance monitoring and high-end safety systems and will be operational within the year. The project was carried out in partnership with Swiss headquartered Talesun Energy and EnergyX.

Commenting on the project, Dr Arup Basu, managing director, Huhtamaki-PPL said, “This project forms part of our larger environmental sustainability program that includes reduction of carbon footprint, developing innovative recyclable laminate structures and helping shape a circular economy. It is important for industry players like us to help build awareness among consumers that by using flexible packaging, they are being environmentally responsible.” Source: thepackman.in

JUNE 2019

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distributed solar

MARUTI SUZUKI PLANS TO INVEST RS 24 CRORE ON SOLAR PLANT AT GURUGRAM FACILITY The first solar power plant was set up in 2014 at Manesar, with 1 MW capacity. In 2018, it was further expanded to 1.3 MW. Maruti Suzuki India said it will invest Rs 24 crore to set up a 5 MW solar power plant at its Gurugram facility.

he company recently laid the foundation stone for the captive solar power plant which is expected to be commissioned in the current financial year, Maruti Suzuki India said in a statement. The proposed plant will help offset CO2 emissions to the tune of over 5,390 tonnes annually, for the next 25 years, it said adding that the plant would be the second grid-based solar power plant for Maruti Suzuki. The first solar power plant was set up in 2014 at Manesar, with 1 MW capacity. In 2018, it was further expanded to 1.3 MW.

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This solar power initiative is in line with the company’s philosophy to adopt environment-friendly technologies and lower CO2 emissions, Maruti Suzuki India MD & CEO Kenichi Ayukawa said. Through this solar power plant facility the company will harness renewable energy for its business needs over the next 25 years, he added. Source: PTI

JUNE 2019

distributed solar

GLOBAL OFF-GRID SOLAR MARKET REPORT Every six months, GOGLA and The World Bank Group’s Lighting Global program publish the Global Off-Grid Solar Market Report, a market intelligence series on sales and impact of off-grid solar lighting products, sold by GOGLA and Lighting Global affiliates. Since 2019, the report also includes sales numbers of off-grid appliances, in partnership with the Efficiency for Access Coalition.

JULY – DECEMBER 2018 GLOBAL OFF-GRID SOLAR MARKET REPORT Globally, we can report the sale of 3.9 million off-grid solar lighting products in the second half of 2018 with an installed stand-alone solar capacity of 32.39 MW worldwide. Solar home systems continue to see an increase in sales. From July to December 2018, 480,000 solar home systems were sold by affiliates, a 77% increase compared to the same period in 2017 and a 133% increase compared to 2016. Products sold via pay-as-you-go (PAYGo) recorded a 30% increase compared to the first half of 2018, reaching a volume of 950,000. Cash sales did not grow compared to the preceding period. For the first time, the report looks into the sales of off-grid solar appliances, namely TVs, fans, refrigeration units and solar water pumps. It is important to highlight that the reported sales do not represent the whole global market for off-grid solar appliances.

In total, sales of 350,000 off-grid solar appliances were reported from July to December 2018, with TVs (160,000) and fans (180,000) being the most widely sold appliances according to the data collected. The report also highlights the life-changing impact of offgrid solar. The most significant impact trend for the second half of 2018 is the increase in the number of people now benefiting from Tier 2 energy access as a result of the increasing sales of larger solar home systems, which has seen a boost of 33% compared to the first half of 2018. Close to 5 million people now have access to enough energy each day to power a range of appliances. The impact figures are based on the sales numbers of offgrid solar lighting products only (solar lanterns, multilight systems and solar home systems). Source: gogla.org

MAHINDRA SUSTEN, MITSUI TO JOINTLY DEVELOP SOLAR POWER PROJECTS IN INDIA Mahindra Susten announced entering into a partnership with Japan-based Mitsui & Co to jointly develop and operate solar power generation projects in India.

Commenting on the development, Mahindra Susten CEO Basant Jain said: “This collaboration between two leading groups will help us target opportunities in the commercial and industrial sectors, which are going to play a key role in meeting India’s ambitious renewable energy targets.”

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itsui’s Infrastructure Projects Business Chief Operating Officer Kazumasa Nakai said: “We are delighted to partner with Mahindra Susten and contribute to India’s shift to a low-carbon society. Utilizing Mitsui’s global network, together we aim to expand the business to 150MW by 2023. Marvel will be engaged in development of multiple grid connected and distributed projects. “These projects will help the customers to reduce their carbon footprints and move towards green renewable energy,” it said.

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international

ACORE STATEMENT ON INTRODUCTION OF “CLEAN ENERGY FOR AMERICA ACT” Statement from Gregory Wetstone, President and CEO of the American Council on Renewable Energy (ACORE) We commend Senator Wyden for his leadership in introducing the Clean Energy for America Act, a technology-neutral bill that would at long last modernize the federal tax code for 21st century power generation. The proposal would drive economic growth by creating a level playing

field in electricity markets, improving affordability and reliability for consumers, creating plenty of good-paying American jobs, and reducing greenhouse gas emissions. ACORE welcomes the opportunity to work with Senator Wyden and others in Congress to advance the Clean Energy for America Act through the legislative process this year.

Source: acore.org

UK BECOMES FIRST COUNTRY TO DECLARE A ‘CLIMATE EMERGENCY’ The UK is the first national government to declare an environmental and climate emergency. The decision marks a renewed sense of urgency in tackling climate change, following a visit to Parliament by teenage activist Greta Thunberg , the broadcast of David Attenborough’s documentary ‘Climate Change: The Facts’ and 11 days of protest by environmental group Extinction Rebellion that paralysed parts of London.

here are now some 49 million people living under national, city and local declarations of a climate emergency around the world. While there is no precise definition of what constitutes action to meet such an emergency, the move has been likened to putting the country on a “war footing”, with climate and the environment at the very centre of all government policy, rather than being on the fringe of political decisions. a bipartisan UK Parliament passed an extraordinary measure: a national declaration of an environment and climate emergency.Extinction Rebellion climate change protesters held up banners as they briefly blocked the road near the Bank of England, in the City of London recently. Extinction Rebellion created blockades at various locations in the British capital for 10 days. Extinction Rebellion climate change protesters held up banners as they briefly blocked the road near the Bank of England, in the City of London recently. Extinction Rebellion created blockades at various locations in the British capital for 10 days. The UK are legally committed to a 80 per cent reduction in carbon emissions by 2050 (relative to their 1990 levels) and was recently recognised as one of just 18 developed economies that have driven down carbon dioxide emissions over the last decade.Some city and local councils have set out their climate emergency policies to become carbon zero by 2030 built around renewable energy supplies, more energy-efficient housing and a host of other measures. In Parliament implies further national reductions and investment in this space. The year 2030 is an important target. In spite of what climate contrarians might voice very loudly, five of our planet’s warmest years on record have occurred since 2010,whilst 2018 experienced all manner of climate extremes that broke numerous global records.It’s sobering to realise that, because the oceans are a major sink of heat, the estimated 40-year delay

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in the release of this energy back into the atmosphere means the conditions of the last decade are in part a consequence of our pollution from the 1970s. With the planet to experience further warming from the heat held by the oceans, there is increasing international focus on meeting the United Nation’s Paris Agreement which was signed by 197 countries in 2016. This ground-breaking agreement has the ambitious global aim of preventing global temperatures from reaching 2 degree Celsius above pre-industrial levels (the late nineteenth century) by 2100, and ideally should be no more than 1.5 degree Celsius.A report by the Intergovernmental Panel on Climate Change (the IPCC) has suggested that meeting this target means annual global carbon emissions must effectively halve between now and 2030, and then fall to zero by 2050. This is a target the UK opposition party Labour are now calling for. More recent studies suggest even more ambitious cuts may be required. Research in Australia has investigated the cost to the global economy if the Paris Agreement is not met and the world gets 4 degree Celsius warmer. The values are eye-watering: an estimated USD 23 trillion a year over the long-term.This has been likened to the world experiencing four to six global financial crises on the scale of 2008 every year. The welcome announcement from the UK is a major step in the right direction and potentially a watershed moment for a more sustainable global future. Source: asianage

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international

BELECTRIC BUILDS BATTERY STORAGE FACILITY FOR AUDI Battery storage completes smart grid on EUREF Campus in Berlin. Another project demonstrating BELECTRIC’s expertise in integrating a huge variety of battery systems.

a new battery storage facility was officially inaugurated at the EUREF Campus, a green innovation cluster in Berlin. BELECTRIC was contracted to build the storage system for Audi, with its 20 batteries sourced from test vehicles belonging to the car manufacturer. The system is part of the Mobility2Grid research project and its 1.9 MWh total capacity is intended to complete the campus’ micro smart grid.

On the EUREF Campus, we’ve seen a present-day example of how the energy and transport sectors can work together effectively and compatibly in the future. I’m pleased that BELECTRIC has been able to be part of this groundbreaking project, said Frank Amend, the BELECTRIC Management Board member responsible for batteries and hybrid systems. This battery storage system will allow Audi to provide an important link between volatile generation from renewable energy sources, different consumers and state-of-the-art power grids. At BELECTRIC, we assisted with system integration for this storage facility by drawing on the wide experience we’ve been able to gain from our extensive track record of implementing other storage projects.

he architecture and control system are designed so that the storage facility built by BELECTRIC can be used for a variety of applications in the power grid – stabilising the grid, temporarily storing renewable energy, flattening peaks, improving the energy supply along with a co-generation plant, and providing highly specialised grid services such as reactive power compensation. Source: belectric

NIGERIA TO ISSUE GREEN BOND OF UP TO $49 MILLION The government had previously said it was planning a bond programme for environmental projects as part of its move to align with a global push to expand the market for finance to fight climate change. Nigeria will issue a green bond of up to 15 billion naira ($49 million) to fund environmental projects, the country’s debt office said

he government had previously said it was planning a bond programme for environmental projects as part of its move to align with a global push to expand the market for finance to fight climate change. Nigeria issued a maiden 10.69 billion naira green bond with a five-year tenor in 2017 to fund projects to develop renewable energy. The statement did not specify the planned tenor of the new bond. The Debt Management Office (DMO) on said the second issuance was part of a bid to cut greenhouse gas emissions by 20% by 2030.

“Eligible green projects can be classified under three themes within the green bond framework, namely renewable energy, afforestation, and transportation,” it said in a statement.

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It said it would hold roadshows in Lagos and Abuja. The debt office said it was working on the offer with Chapel Hill Denham Advisory Limited, Capital Assets Limited, Rand Merchant Bank Nigeria Limited, and Stanbic IBTC Capital Limited Source: reuters

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international

THE EUROPEAN COMMISSION, EIB AND BREAKTHROUGH ENERGY VENTURES ESTABLISH A NEW EUR 100 MILLION FUND TO SUPPORT CLEAN ENERGY INVESTMENTS Breakthrough Energy Ventures Europe (BEV-E), a new EUR 100 million investment fund was established by the European Commission, the European Investment Bank and Breakthrough Energy Ventures during the Fourth Mission Innovation Ministerial meeting in Vancouver, Canada.

he fund will help develop innovative European companies and bring radically new clean energy technologies to the market. It will support Europe’s best clean energy entrepreneurs whose solutions can deliver significant and lasting reductions in greenhouse gas emissions. The first of its kind, it caters to the capital intensity and long development horizons that energy technologies need. Funding for BEV-E will include a EUR 50 million contribution from the European Investment Bank guaranteed by InnovFin, a financial instrument funded through the EU’s research and innovation programme, and a EUR 50 million contribution from Breakthrough Energy Ventures, an investor-led fund committed to supporting cutting-edge companies in the energy sector.

Bill Gates, Chairman of Breakthrough Energy Ventures, said: Breakthrough Energy Ventures-Europe is a great example of driving innovative ways for the private and public sectors to collaborate, deploy capital, and build companies. We have the resources to make a meaningful difference, and the flexibility to move quickly. That’s a rare and powerful combination.

Ambroise Fayolle, Vice-President of the European Investment Bank responsible for innovation, added: “Successfully tackling climate change needs CO2neutral energy production – and we do not have much time to achieve this. Deployment of cutting-edge technologies must be accelerated. This financing will allow new technology to replace fossil-intensive energy generation. The European Investment Bank is pleased to work with world class partners to support the Breakthrough Energy Ventures Europe fund.”

Maroš Šefčovič, Vice-President of the Commission for the Energy Union, said: Business as usual is not an option. We need to boost our investments with more than 500 billion euro each year to achieve a carbon neutral economy by 2050. I am pleased that our pilot cooperation with Breakthrough Energy has taken off so fast. This is pioneering work: aligning private and public investment in cutting-edge innovation, to the benefit of the Energy Union and our climate.

Carlos Moedas, Commissioner for Research, Science and Innovation, said: “By setting up the Breakthrough Energy Ventures Europe fund in record time, we are delivering on our commitment to boost public-private investments in clean energy innovation. It is only through joining forces across sectors and continents that we can tackle climate change and build a sustainable future.” The fund will invest in five major energy-related sectors where efforts are essential in fighting climate change: electricity, transportation, agriculture, manufacturing and buildings. Investments are expected to start in the second half of 2019, at which time EU Member States and countries associated with Horizon 2020 will be eligible to apply for BEV-E funding. The new fund will contribute to fulfilling the EU’s commitments outlined in the Commission’s “Clean Energy for All Europeans” package, including proposals designed to support clean energy innovation, increase energy efficiency, boost renewable energy usage and reform the European energy market. The European Parliament and the Council of the EU have adopted all proposals from the package. Source: eib.org

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JUNE 2019

international

JAY INSLEE TOUTS $9 TRILLION CLIMATE PLAN AS ECONOMIC BOOM Democratic presidential candidate Jay Inslee is pitching a $9 trillion-plus climate action plan that he touts as an economic renaissance and scientific necessity, putting the Washington governor at the forefront of White House hopefuls pushing for sweeping action to combat the causes and effects of a warming planet.

nslee compares his “Evergreen Economy” plan, which combines public and private spending, to President Franklin Roosevelt’s New Deal, the mobilization of the U.S. manufacturing base during World War II and the 1960s NASA mission to reach the moon.

We didn’t go to the moon because it was easy, but because it was hard,” Inslee told The Associated Press ahead of the release of his 38-page plan. “We need a common purpose … that meets the scientific necessity.” Inslee’s proposal comes as some Democrats on Capitol Hill push a “Green New Deal” with a similar focus, but the former congressman, who has spent decades as a leading advocate for combating rising carbon levels, is seeking to carve out his own path on the issue. The plan would marshal 28 new or existing programs to shift U.S energy markets from fossil fuel dependence to renewable sources; transform U.S. automobile manufacturing and construction practices; and remake the nation’s infrastructure from public transit to municipal water and rural electric cooperatives. Inslee projects about $300 billion in annual government spending over the first decade of the plan, with incentives he says will generate about $600 billion in matching private sector investment on everything from expanding solar energy to rebuilding dilapidating water systems like the Flint, Michigan, infrastructure that has garnered national headlines. Among Inslee’s ideas are a ReBuild America program that would help retrofit existing public and private structures to meet new energy standards and a new version of the post-World War II “G.I. Bill” targeted to help coal industry workers who lose jobs in a transition to renewable energy. The coal worker aide would include guarantees for health insurance and pension benefits, in addition to funds for career training. Inslee and his aides note that many of the ideas stem from public and private initiatives already being undertaken in cities and states around the country. Aides say Inslee plans a series of events highlighting some of those efforts, beginning at a wastewater treatment plant in Washington, D.C., that uses thermal hydrolysis to convert wastewater into electricity.

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Inslee already had called for setting standards that would require the nation’s entire electrical grid and all new vehicles and buildings to be carbon pollution free by 2030, while phasing out all coal-fired power by 2035. His latest proposal adds additional goals, attaches a price tag and details how the federal government would meet them. “There is no middle ground on climate,” Inslee said, alluding to recent reports that former Vice President Joe Biden, the Democratic front-runner, might pursue a more limited approach to combat the effects of increasing carbon dioxide levels in Earth’s atmosphere. Biden has pushed back on those reports and promises to unveil his climate-change platform in the coming days, the first of what his aides say will be a series of major policy proposals. Another candidate, former Texas Rep. Beto O’Rourke, has offered a climate policy that calls for $5 trillion of public and private spending over a decade. O’Rourke does not call for as aggressive a timeline as Inslee has for reducing carbon emissions. Inslee acknowledges that getting such sweeping proposals through the existing Congress is a near impossibility. Inslee’s own historical references — FDR’s New Deal and World War II mobilization, John F. Kennedy’s NASA investments — all occurred when Democrats had controlling majorities in Congress. In FDR’s case, New Deal programs were passed using large Democratic advantages. Democrats today must contend with a Republican Senate, and they face an uphill battle to flip enough seats in 2020 to reclaim the majority. Senate Majority Leader Mitch McConnell, meanwhile, has declared himself “the Grim Reaper” and promised to block policies he dismisses as socialist. Even Democratic House Speaker Nancy Pelosi is an open skeptic of the Green New Deal resolution pushed by progressive favorite and freshman Rep. Alexandria Ocasio-Cortez. Inslee says combating those dynamics requires electing more Democrats and eliminating the Senate filibuster, but also approaching the climate discussion without getting caught up in ideological labels. “We need a president guided by science,” he said. “We need a president who uses the bully pulpit.” Source: AP

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EGYPT EXPECTS GIANT SOLAR PARK TO BE FULLY OPERATIONAL IN 2019 Egypt expects the 1.6 gigawatt solar park it is building in the south of the country to be operating at full capacity in 2019, the investment ministry said in a statement

he $2 billion project, set to be the world’s largest solar installation, has been partly funded by the World Bank, which invested $653 million through the International Finance Corporation. Some parts of the park are already operating on a small scale, while other areas are still undergoing testing. Egypt aims to meet 20 percent of its energy needs from renewable sources by 2022 and up to 40 percent by 2035. Renewable energy currently covers only about 3 percent of the country’s needs.

Egypt’s energy sector reforms have opened a wider door for private sector investments, World Bank President David Malpass said during his visit to the site alongside Egypt’s Investment Minister Sahar Nasr. Egypt is on a drive to lure back investors who fled following the 2011 uprising with a slew of economic reforms and incentives the government hopes will draw fresh capital and kickstart growth. Most of the foreign direct investment Egypt attracts goes toward its energy sector. Source: in.reuters

CHINA APPROVES 20.76 GW OF SUBSIDY-FREE SOLAR, WIND POWER PROJECTS China approved its first batch of subsidy-free wind and solar projects with a combined capacity of 20.76 gigawatts (GW), the country’s top planning agency said

hat follows China’s vow in January to launch a series of unsubsidized renewable power projects this year to tackle a payment backlog amid a decline in construction costs in the sector. The National Development and Reform Commission (NDRC) also urged grid

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companies to sign long-term power purchase contracts with operators of the unsubsidized renewable projects, it said in a statement. A total of 56 wind power projects, 168 solar power projects and 26 pilot distributed renewable projects in 16 cities and regions in China were approved by the NDRC. By April, China had installed wind power capacity of 280 GW and solar capacity 130 GW, official data showed. Source: in.reuters

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international

WAAREE ENERGIES VENTURES INTO VIETNAM WITH A 49.5 MW SOLAR PROJECT Waaree Energies, India’s leading solar PV manufacturer and leader in the EPC and rooftop segment, has announced the commissioning and inauguration of their 49.5 MW ground-mounted solar project in Vietnam.

he project, in association with Song Giang Solar Power JSC, marks Waaree’s footprint in South East Asia. Developed in the Khanh Hoa province, the plant is expected to generate more than 78,600 MWh per year. Waaree’s international projects are expected to contribute over 15% to their overall revenue in FY 2019-20; and this project will mark the completion of over 600 MW Solar EPC projects. The project, approved by Vietnam Electricity for 45 MW AC, 49.5 MWp DC, has Waaree as the turnkey EPC partner and the brand will also be responsible for the supervision of the plant’s Operations and Maintenance. Aligned with the objective of achieving Vietnam Government’s target of 12 GW from solar installations, this project will mark Waaree’s presence and expertise internationally. Vietnam, one of the 20 fastest growing economies in the world, has witnessed USD 6.8 billion investment per year in the power sector. Tapping into this growth potential, Waaree’s strategic foray into the Vietnamese market has also generated over 500 jobs for locals residing in the region.

Speaking on the project, Sunil Rathi, Director, Waaree Energies says, Demand for energy in Vietnam is expected to increase by 10% by 2020 and Waaree is targeting this growing demand. With 100 MW international projects in the pipeline, we are looking forward to aid the solar transition globally. The project is a testament to the quality of work Waaree has delivered till date and the faith that big scale players have in Waaree, across the globe. We pride ourselves with our excellent quality standards which are at par with our international counterparts, making us a significant player in the global industry. Our 5 years projections indicate a substantial growth in our international operation.

Being Waaree’s first solar power plant in South East Asia, it has a direct current (DC) feature, which has been installed on a 60-hectare site in Cam Ranh City. Local state-owned power company, ‘Vietnam Electricity’, will be the purchaser of the plant’s output and has signed a contract for 20 years based on the feed-in tariff (FiT), set by the Vietnam government. Waaree Energies has clientele spanning across 68 countries, and has a significant revenue stream from their PV manufacturing, franchise and EPC segments. Source: waaree

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international

CHINA TO ALLOCATE $435 MILLION SUBSIDIES FOR SOLAR PROJECTS IN 2019 China will allocate 3 billion yuan ($434.55 million) worth of subsidies for new solar projects this year, the National Energy Administration (NEA) said in a statement

f the total, 750 million yuan will be allocated to rooftop power projects with a combined capacity of 3.5 gigawatts (GW), and the rest will be assigned for solar stations.For the first time, Beijing will set an annual cap on solar subsidies, in the nation’s latest bid to limit the capacity of subsidized solar projects and ease a payment backlog that stands at 120 billion yuan. The subsidies will not be applicable for under-construction solar projects which are unable to connect to power grids by the end of this year, the NEA said. Solar operators are required to submit applications for subsidies to the NEA by July 1, stating their expectations on installed capacity and annual operating hours of projects. Beijing has been striving to boost competition in the solar industry by getting rid of low-efficiency projects, amid a plunge in equipment costs and surge in production capacity. The energy regulator had said last month it will give priority to the construction of solar and wind projects that can operate without subsidies this year. China, the world’s biggest emitter of greenhouse gases, plans to end subsidies for new onshore wind power projects at the start of 2021, a milestone for the renewable energy sector that has traditionally relied on preferential policies to encourage developers to build plants. By the end of 2018, China had installed solar power stations of 174 GW capacity and generated about 177.5 billion kilowatt-hours of electricity in the entire year, official data showed. Source: reuters

SOUTH KOREA CONFIRMS PLANS TO STEP UP SHIFT TO RENEWABLE POWER South Korea’s energy ministry said it had finalised plans to raise the share of the country’s power output generated from renewable sources amid growing criticism over its air quality.

outh Korea’s energy ministry on Tuesday said it had finalised plans to raise the share of the country’s power output generated from renewable sources to as much as 35 percent by 2040. The plan was largely unchanged from a draft released in mid-April that aimed to boost renewable power generation more than four-fold from current levels, while reducing coal and nuclear power. Asia’s fourth-largest economy is shifting towards cleaner energy amid growing criticism over its air quality. At present, coal power accounts for about 40% of the country’s total electricity needs, while renewable power makes up nearly 8%.

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Source: reuters

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international

THAILAND APPROVES POWER PLAN, EXPECTS CAPACITY TO REACH 77 GW BY 2037 Thailand’s cabinet approved a national energy plan that looks to add 56 gigawatts (GW) of power by 2037, a senior official said.

The Power Development Plan 2018-2037 (PDP2018), which maps out the long-term energy needs and capacity of the country, expects Thailand to add 56,431 megawatts of new capacity by 2037 to reach a total capacity of 77,211 megawatts, Nathporn Chatusripitak, government spokesperson told reporters.

Thailand currently has a power generation capacity of 40,000 megawatts, with 20,000 megawatts to go offline over time, he said. By 2037, 53 percent of total capacity would be from natural gas, 20 percent from renewable sources, 12 percent from coal and the remainder from other sources including imports, Nattaporn said.

he previous plan from 2015 estimated natural gas would make up 40 percent of total Thai energy by 2036 and coal up to 25 percent. Source: reuters

DEMOCRATIC PRESIDENTIAL CANDIDATE O’ROURKE LAYS OUT $5 TRILLION CLIMATE PLAN U.S. presidential candidate Beto O’Rourke laid out one of the most detailed climate policies so far in the crowded Democratic field, calling for a $5 trillion investment in clean energy technology and infrastructure over 10 years with a goal of reaching net-zero emissions by 2050.

’Rourke, the former Texas congressman, made climate change the focus of his first major policy announcement, unveiling the plan ahead of a campaign stop meeting with scientists at the iconic Yosemite National Park in California.

The greatest threat we face — which will test our country, our democracy, every single one of us — is climate change, O’Rourke said in a statement. The plan lays out a series of executive actions that would reverse the “energy dominance” policies of President Donald Trump, who has been rolling back environmental regulation to increase domestic fossil fuels production.O’Rourke’s measures include U.S. re-entry into the Paris Climate Agreement, ordering a reduction in methane emissions from oil and gas operations, halting new drilling leases on federal land and restoring pollution standards for power plants.His plan also calls for raising taxes on the wealthy and on corporations to help fund some $5 trillion in projects to modernize infrastructure and clean energy technology over a decade.The net-zero goal in O’Rourke’s and other climate plans means reducing carbon dioxide and other greenhouse gas emissions 100 percent or offsetting them by as much as is emitted. The bill will be funded with the revenues generated by structural changes to the tax code that ensure corporations and the wealthiest among us pay their fair share and that we finally end the tens of billions of dollars of tax breaks currently given to fossil fuel companies, O’Rourke’s legislative proposal states.

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The plan appears to align with some of the principles of the Green New Deal, a bold set of policy goals introduced by congressional Democrats, that would transform the U.S. energy economy to 100 percent renewable sources by 2030, using federal funds to invest in modern infrastructure and green job programs.Most of the Democratic presidential candidates, including Bernie Sanders, Kamala Harris and Elizabeth Warren, have embraced the Green New Deal, which has become a focus of attacks by the Republican party, which calls it unfeasible.Other candidates have announced some specific policy measures related to climate change and the environment in recent weeks, and Warren has unveiled a public lands policy that would ban new drilling and mining leases on federal lands. Environmental group the League of Conservation Voters praised O’Rourke’s plan, saying that it offered “the kind of leadership we need from the next president.” Still, the upstart Sunrise Movement, the youthled group that has pushed the Green New Deal into the spotlight, said O’Rourke’s plan fell short of what they said scientists said was necessary to fend off the worst impacts of climate change.The Green New Deal calls for achieving net zero emissions within a decade, not by mid-century, as O’Rourke’s plan sets out.

Beto claims to support the Green New Deal, but his plan is out of line with the timeline it lays out and the scale of action that scientists say is necessary to take here in the United States to give our generation a livable future, said Sunrise founder Varshini Prakash. Source: in.reuters

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RESEARCH & ANALYSIS

STRONG GLOBAL SOLAR MARKET OUTLOOK At Europe’s leading solar trade event Intersolar Europe, SolarPower Europe launched its Global Market Outlook 2019-2023, showing that solar power reached important milestones in 2018, with an even more optimistic picture forecasted for the next five years.

Christian Westermeier, President of SolarPower Europe, said: “2018 was a unique year for the entire global solar industry, as we exceeded the magic installation mark of 100 GW per year for the first time, which led the solar power sector to grow to over 500 GW or 0.5 TW. Last year, we again saw strong cost improvements with solar becoming the lowest-cost power generation source in more and more regions. At the same time, new applications have quickly progressed, such as floating solar, while corporate renewable Power Purchase Agreements have reached a double-digit GW-level, and a market for merchant solar has emerged in several countries.”

total of 102.4 GW of solar power went on the grid around the world last year. That’s still 4% more than the 98.5 GW installed in 2017 and this is in comparison to two very high-growth years: 2017 and 2016, which had growth rates of around 30% and 50% respectively. The main reason for last year’s slower solar market growth was the contraction of the Chinese market, which, at 44.4 GW, shrunk by 16% compared to its record 52.8 GW in 2017. While other leading solar markets also shrank (India, Japan) or stagnated (US) for various reasons, many new and emerging as well as re-emerging markets more than compensated for this slower growth period of the tier 1 group. In 2018, 11 countries installed more than 1 GW of solar; that’s two more compared to the nine GWscale solar markets in 2017. SolarPower Europe’s Medium Scenario estimates that the number will significantly increase to 16 countries in 2019. Europe as a whole added 11.3 GW in 2018, a 21% increase over the 9.3 GW installed the year before mainly because of the EU’s binding national 2020 targets. In 2019, SolarPower Europe’s Medium Scenario sees demand surge by over 80% to 20.4 GW, and an 18% growth to 24.1 GW in 2020, which would be a new installation record, surpassing the 22.5 GW Europe added in 2011.

Walburga Hemetsberger, CEO of SolarPower Europe commented: “Global solar demand continued to grow last year, as new emerging markets have embraced solar’s attractive business case – a clean, versatile and low-cost power generation source. This market diversification means interest in solar is rising at a rapid pace.” Hemetsberger added: “In Europe, we have entered a new era of solar growth and with the recently concluded Clean Energy Package, we have a new framework for solar that will see our technology thrive even more in the coming years. We now look to EU member states to put ambitious solar targets in place and ensure robust implementation guidelines in their 2030 National Energy and Climate Plans (NECPs).”

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On a global level, in its Medium Scenario, SolarPower Europe anticipates that around 128 GW of new PV capacity will be installed in 2019, which would translate into a 25% market growth. This will lead to a cumulative installed capacity of 645 GW, which is about 4% higher than assumed in last year’s Global Market Outlook. The solar TW-level will most likely be exceeded in 2022. The 5-year Global Market Outlook expects that global solar power generation capacities will add nearly 800 GW and reach a total solar power generation capacity of 1.3 TW in 2023.

Michael Schmela, Executive Advisor of SolarPower Europe, said: “Solar is making significant strides and this is very good news for the energy transition. However, we need to quickly accelerate the deployment of solar power to meet the Paris agreement targets. Solar is ready in terms of both technology and affordability for a much greater uptake of our clean energy source to help mitigate the climate crisis.” According to the International Renewable Energy Agency (IRENA) an average of over 400 GW of renewables have to be installed per year until 2050 to keep temperature rise below 2°C. In 2018, around 180 GW of renewable power capacity was installed.

Figure: World total solar PV market scenarios 2 Source: solarpowereurope.org

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RESEARCH & ANALYSIS

NEW IRENA REPORT ON COSTS FOR RENEWABLE POWER REAFFIRMS RENEWABLES AS LOW-COST SOLUTION TO BOOST GLOBAL CLIMATE ACTION Renewable power is the cheapest source of electricity in many parts of the world already today, the latest report from the International Renewable Energy Agency (IRENA) shows. The report contributes to the international discussion on raising climate action worldwide, ahead of Abu Dhabi’s global preparatory meeting for the United Nations Climate Action Summit in September.

ith prices set to fall, the cost advantage of renewables will extend further, Renewable Power Generation Costs in 2018 says. This will strengthen the business case and solidify the role of renewables as the engine of the global energy transformation.

KEY FINDINGS Costs from all commercially available renewable power generation technologies declined in 2018. The global weighted-average cost of electricity declined 26% year-on-year for concentrated solar power (CSP), followed by bioenergy (-14%), solar photovoltaic (PV) and onshore wind (both -13%), hydropower (-12%), geothermal and offshore wind (both -1%). New bioenergy, hydropower, onshore wind and solar PV projects now commonly undercut new fossil fuel-fired power generation.

Global weighted-average costs of electricity from bioenergy, hydropower, geothermal, onshore and offshore wind have been within the cost range of fossil fuel-fired power generation since 2010. Utility-scale solar photovoltaic (PV) power fell into the fossil-fuel cost range in 2014 and concentrating solar power (CSP) in 2018.

Cost forecasts for solar PV and onshore wind continue to be revised as new data emerges, with renewables consistently beating earlier expectations. At the beginning of 2018, IRENA’s analysis of auction and PPA data suggested that the global weightedaverage cost of electricity could fall to just under five US cents per kilowatt-hour (USD 0.049/kWh) for onshore wind and five and a half cents per kilowatt-hour (USD 0.055/kWh) for solar PV in 2020. A year later, the potential value for onshore wind in 2020 has dropped a further 8%, to four and a half cents per kilowatt-hour (USD 0.045/kWh), while that of solar PV drops 13%, to less than five cents for kilowatt-hour (USD 0.048 /kWh).

Onshore wind and solar PV will soon offer less expensive electricity than any fossil-fuel option, without financial assitance. Within the International Renewable Energy Agency (IRENA) database, over three-quarters of the onshore wind and four-fifths of the utility-scale solar PV project capacity that is to be commissioned next year shows lower prices than the cheapest new coal-fired, oil or natural gas option.

New solar and wind installations will increasingly undercut even the operating-only costs of coal-fired plants. The total lifetime costs of new onshore wind and solar PV projects installed in 2020 and beyond are set to cost less than the operating costs of existing coal‑fired plants, with system-wide planning keeping integration costs to a minimum.

Low and falling technology costs make renewables the competitive backbone of energy decarbonisation – a crucial climate goal. All countries need to cut carbon-dioxide (CO2) emissions in line with the Paris Agreement, which aims to keep the rise in global temperatures “well below 2oC” this century. Beyond the power sector, cost decreases can unlock decarbonisation for industry, transport and buildings. IRENA’s analysis sees electricity use growing from less than one-fifth of energy demand to nearly half by 2050, largely on the back of cost-competitive renewables.

In many parts of the world, renewables are already the lowestcost source of new power generation. As solar and wind costs keep falling, this will become the case in even more countries. Source: irena.org

JUNE 2019

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RESEARCH & ANALYSIS

GLOBAL SINGLE-PHASE INVERTER MARKET ADDED 11GW IN 2018 — IHS MARKIT IHS Markit released its annual PV inverter market report in early May. The world grid-connected PV inverter shipments remained almost flat in 2018. While the world grid-connected three-phase PV inverter shipments were slightly down at 93,427 MW, shipments of the single-phase segment increased by 11.2% to 11,098 MW last year.

he growth was boosted by strong residential PV demand across the globe. SolarEdge and SMA, which remained the No.1 and No.2 single-phase inverter supplier respectively, was followed by Growatt in the third place. Growatt, a Chinese inverter brand which focuses on rooftop solar inverter solutions and has been gaining market share for the past three years, is close to challenge SMA for the ranking. According to Photovoltaic Brand Lab (PVBL), Growatt is the No.1 residential inverter brand in China.

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According to IHS Markit, there’s an apparent growth transition from utility-scale solar farms to distributed solar installations. This process has taken place in US, Europe and China. And in fact in Germany, the installations of utility-scale solar farms are very limited now, leaving room for smaller solar systems to be developed for residential and commercial use. Another trend in rooftop solar is the self-consumption model, which means solar storage solutions will play increasingly important role in this sector. As the growth momentum of utility-scale solar weakens, inverter companies are looking at the rooftop market for higher growth. However, the landscape of rooftop solar are quite different. Rooftop solar systems are widely scattered and product reliability and service capability really matter. Customers prefer inverters companies that provide high quality products, local after-sales services and online service capabilities. Source: growatt

JUNE 2019

TECHNOLOGY

ABB LAUNCHES NEXT GENERATION CENTRAL INVERTER WITH UNIQUE COOLING CAPABILITIES ABB’s enhanced PVS980-58 central inverter was showcased at Europe’s largest solar event, underlining ABB’s portfolio of pioneering solar solutions

he PVS980-58 central inverter, which is shortlisted for the Intersolar Award 2019, delivers high-power capabilities with 1500V. It enables one of the highest DC/AC ratios up to 2.5, with power levels up to 5,000kVA at 690VAC, for EPCs, developers and end users.This advanced inverter can also be delivered as an integrated solution of a plug and play compact skid PVS980-CS or pad mounted solution, PVS980-MVP, with all major components matched from the ABB portfolio. The new solution houses all electrical equipment needed to rapidly and effortlessly connect the solar plant to any medium-voltage (MV) grid in the world, up to 10MVA with the PVS980-MVP.It also features a unique hybrid cooling concept based on twophase thermosiphon (patented) and forced air-cooling technology to provide high efficiency and low auxiliary power losses. The central inverter creates optimum performance and high uptime to the grid, while improved lifetime and reliability are guaranteed as stress on components is reduced through effective cooling and automatic fan speed control.

Giampiero Frisio, Head of ABB’s Smart Power Business line explains: “We are very excited to launch one of the largest, state-of-the-art central inverters in the market.“Drawing on unrivalled expertise gained over 50 years in the industrial power conversion market, ABB is proud to have developed one of the most efficient, sustainable and cost-effective central inverters available. The unique approach to inverter design and technology ensure that PVS980-58 delivers high performance, increased uptime and long lifetime with reduced maintenance for large PV power plants of the future.” Combined with proven components, a compact and modular design, and full lifecycle services from ABB, the PVS980-58 reduces the overall system cost and Levelized Cost for Energy (LCOE).As a durable central inverter with built-in features, it has been designed to deliver a safe and high performing product with advanced software functionality enabled by ABB Ability™ and capabilities to support greater grid stability.

JUNE 2019

FURTHER FEATURES OF THE PVS980-58 INCLUDE: High performing inverter output power giving more than double output, compared to previous generation models to achieve one of the industry’s highest power rated inverters as a part of a highly compact plug and play power block. ABB patented 3-level ANPC (Active Neutral Point Clamping) topology – modulating up to 1500VDC to deliver high efficiency with no voltage derating at high altitudes. Proprietary ABB Framework modelling environment to create accurate and easy to update ‘digital twin’ simulation models, supporting higher penetration of renewable energy to grid due to predictable behavior of the system even before connection. Dual layer galvanized steel and aluminum enclosure and corrosion resistive frame to protect internal components over the lifetime of the inverter, even in direct sunlight. It also offers excellent protection against high wind and is arc proofed. Inverter is sand dust tested and has high ingress protection of IP55 and UL Type 3R, including particulate filtering and environmental options for use in extreme locations. It delivers a sustainable and ecological solution converting direct current into high quality and CO2 free alternating current, while increased power density reduces the amount of waste by up to 35 percent during the lifecycle of the PV system. Due to its long design lifetime, further environmental advantages are gained as fewer component changes are required, thereby reducing the number of raw materials used and presenting a sustainable option. Single low-voltage (LV) winding connection to transformer in 5 MW power block level, delivering savings on MV side BOS costs. At Intersolar, ABB will also showcase additional solutions for the solar power industry which focus on delivering continuous operation, higher reliability and return on investment, enabling customers to take full advantage of savings by adopting 1500VDC and 800VAC technologies.ABB will highlight its sun-to-socket solutions on Stand B2.210. Visitors will experience the future of solar energy and take advantage of intelligent control through several digitalization tools which will also be on show to deliver the next generation solar power plant technologies. Source: new.abb

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TECHNOLOGY

GOODWE: THE WORLD’S 7TH LARGEST PV INVERTER SUPPLIER, ACCORDING TO WOOD MACKENZIE GoodWe: the world’s 7th largest PV inverter supplier, according to Wood Mackenzie

ith a volume of more than 4 GW of capacity shipped in 2018 and more than 12 GW of total capacity installed all over the world, in 2018 GoodWe reached the ranking of the 7th largest supplier of PV inverters on a global scale. That information according to the recently released report by Wood Mackenzie and titled Global Solar PV inverter market: Market shares and shipment trends 2019.

This is not the first time that according to an authoritative international institution GoodWe makes it to the list of the largest suppliers of PV inverters (IHS and Bloomberg on previous years have also identified us a major supplier). The fact that an organization as reputed as Wood Mackenzie classifies our company on that ranking makes us very proud and it is a joy to share this with our global customers.First, the hard facts of this report: in 2018, the GoodWe shipments of PV inverters reached 4% of the global market share, which in itself is remarkable, considering how fast the global market has been growing and how rapidly this trend intensified last year. In two large central regions of the world, Europe and Asia-Pacific, GoodWe maintained an outstanding performance: last year, GoodWe supplied 3% of the inverters acquired by the European market, which made our company the top 10 largest supplier of this continent, which also happens to be the regional market with the fastest growth in the world and consequently, the strongest contributor to the growth of solar in the world.In Asia-Pacific, GoodWe reached a 5% of the market share, making our company the 4th largest supplier, which is remarkable given the volumes involved and the size of the national markets of this region, that include the largest world markets of China and India and the sophisticated market of Australia.

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The year of 2018 was very challenging for the Chinese solar industry, but GoodWe still managed to expand in the global market and the inclusion of our company on the Wood Mackenzie top ten list bears witness to those efforts. It is also worth mentioning that the more than 4 GW volume shipped by GoodWe last year was 35 times more than what we shipped in 2012 and more than double of what we shipped in 2016. The Wood Mackenzie report fully illustrates that despite the challenges of last year, GoodWe has managed to maintain a remarkable high rate of annual growth that since 2012 has averaged 100%.Across the world the solar industry is experiencing a fresh wave of growth and the demand has continued to expand and diversify. The quality expectation of consumers around the world has become more complex and the inverter suppliers are forced to innovate and deliver value to meet the rising demand and excel amid fierce competition. GoodWe’s competitors are formidable companies and being part again of the big leagues is not a small feat in these times of rapid evolution.The continuation of GoodWe on the selected group of the world top largest PV inverter suppliers rests on several factors. Three of them stand out: GoodWe has understood that service is of critical importance to win customers trust and satisfaction and as such it has set up local service teams in Europe, Latin America, India, Australia, Korea and other markets. The expansion seen over the past year of the GoodWe businesses across the world is just a reflection of those efforts.Another factor is that GoodWe is distinguished by its capacity to react quickly to the customer demand, something that has been allowing the company to improve its products over significantly short periods of time.Last but not least, it is worth mentioning the wide and expanding portfolio of GoodWe products that allow the company to cater to different market segments and within these, meet the quality expectations of different kinds of customers.To all our partners and potential customers, we would like to tell you that when you buy or consider to buy a GoodWe inverter you are acquiring the product of a reputed brand that is among the top 10 global suppliers. Rest assured that this carries our commitment to provide you with value and the best service. Being part of the Wood Mackenzie top ten list gives us the motivation to keep improving on all respects. Source: goodwe

JUNE 2019

TECHNOLOGY

LONGI RELEASED NEW SERIES OF HIGH-POWER MODULES – 430W HI-MO4 AND REAL BLACK Highlighting its growing strength in the industry, LONGi has released a new series of modules that set an industry benchmark – the new generation Hi-MO4 and REAL BLACK high efficiency modules.

i-MO4 has all the advantages of the previous series of Hi-MO modules, but enhanced with a new generation of advanced monocrystalline PERC cell and the encapsulation technology of halfcell and bifacial construction. With HiMO4, the industry now has with a new higher power and more reliable choice in PV module.Compared to the HiMO3 half-cell bifacial module released in 2018, Hi-MO4 retains Hi-MO3 characteristics of bifacial power generation, achieving 8-20% gain in back power generation in various ground-surface environments with high reliability and low attenuation.Highlights of Hi-MO4:

GREATLY IMPROVED MODULE POWER Hi-MO4 deploys upgraded PERC technology based on 6 busbars, with cell efficiency reaching 22.5%. While the front-side power Hi-MO3 is 380W (72 cells), Hi-MO4 increases this to more than 420W, peaking at 430W. Lower LCOE When compared to Hi-MO3, BOS cost – when Hi-MO4 is deployed – can be reduced by approximately 7%, and LCOE by 1.4%. Combined with tracking systems, LCOE can be further reduced.With its advanced product technology, LONGi has ranked first in global monocrystalline cell and module shipment for four consecutive years. Total shipment of bifacial modules reached 1.5GW. Released together with Hi-MO4 is an all new, all-black series module – REAL BLACK. Designed with the advantages of “good looks, high power and high reliability”, REAL BLACK will be available for rooftop PV applications. With its all-black appearance and consistent color, REAL BLACK can be perfectly matched with the roof and local ecology, maximizing aesthetics and high power.

Introducing the new products, Li Zhenguo, President of LONGi, said, “Efficiently wins and producing cost-effective and high-quality products is the technological innovation of LONGi. We expect the release of Hi-MO4 will play an important role in reducing the cost of electricity and promoting grid parity. REAL BLACK will bring a new aesthetics and high power to rooftop PV users. LONGi will continue to invest in R&D to develop reliable high efficiency products and helping the PV industry upgrade its technology.” The release of the new generation Hi-MO4 and REAL BLACK will lead a new trend of module technology development and support the realization of grid parity. Source: LONGi Solar

JUNE 2019

LONGI 72 BIFACIAL HALF CELL MODULE ACHIEVES WORLD RECORD WITH 450W FRONT-SIDE POWER LONGi announced that the front side power of its 72-cell Bifacial half ccut module exceeded 450W, achieving the world’s highest power in this module type. This new record was tested and verified by renowned certification agency TÜV-SÜD.

his is another validation of LONGi’s strategy of enterprise growth through technological innovations. On April 24 last year, the power of LONGi 60-cell monocrystalline half-cut PERC module exceeded 360W, setting the world record of the highest power of 60-cell PERC half-cut module.

Dr. Lv Jun, Vice President of LONGi Solar, said: “LONGi monocrystalline half cell module combines monocrystalline PERC cell technology and bifacial half cell module construction to effectively reduce package loss and increase average output by 5-10W. Half cell has obvious advantages in power generation under weak light and shadow conditions and excellent heat spot resistance. This new record in module power is another step in our innovative breakthrough and journey.” The positive conversion efficiency of LONGi monocrystalline PERC cells reached 24.06%, breaking through the industry’s previously theoretical PERC cell efficiency limit of 24%. Continuously refreshing the world record shows LONGi’s continuous technological leadership.As reported in LONGi’s 2018 financial results, the company invested USD183.58 million in R&D in 2018 and has a team of about 548 staff in R&D. LONGI has registered 526 patents and its products and technology are always in the leading positions in the industry.The transformation towards clean and low carbon energy is accelerating globally and with it, the growth of photovoltaics is increasing rapidly. According to the International Energy Agency (IEA), the total global installed capacity of photovoltaic is expected to reach 1721 GW by 2030, and further increase to 4670 GW by 2050. Innovations in photovoltaic technology will be at the forefront and high efficiency and high quality photovoltaic products are the “main force” to promote energy change.

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TECHNOLOGY

INNOVATION: GROOVY NEW SOLAR TECHNOLOGY MAY BE FUTURE OF RENEWABLE ENERGY An innovative 3D solar-cell design with a radically different architecture which drives down the costs of cell manufacture may define the future of renewable energy as it potentially reduces optical losses within a device, according to UK scientists.

he scientists at the University of Sheffield and energy technology company Power Roll in the UK have demonstrated how a unique architecture based on a surface embossed with micro-grooves could also make solar power more efficient.The innovative 3D design removes many of the manufacturing process steps required by existing photovoltaics (PV) modules and allows new materials to be used that would not usually be appropriate in regular solar cells.

There is global interest in using solar cells to generate low carbon, green electricity. The design of the back contacted solar module is both innovative and elegant, and can potentially reduce optical losses within the device, said professor David Lidzey from the Department of Physics and Astronomy at the University of Sheffield, who led the research. The devices we have demonstrated have a promising efficiency, whereby seven per cent of sunlight power falling onto a single photovoltaic micro-groove device is directly converted to electrical power, this is already around a third of what the best performing but expensive solar cells produce today, Lidzey said. Power Roll predicts that solar modules produced using this design will weigh only a fraction of an equivalent-power conventional solar module which could benefit less developed and off grid areas of the world where it is not viable to transport heavy solar panels as well as a wide range of other applications.

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Researchers said other benefits of the design include removal of expensive transparent conductive oxides, the use of simple and low cost electrical interconnections and the ability to tune electrical output to match user requirements.

Over the last 40 years, the majority of solar cells have been based on a conventional flat structure, in which layers of different materials are deposited one upon another to create the solar cell, said Trevor McArdle, Senior Research Scientist at Power Roll. However, we have developed a radically different architecture to make solar cells using a surface patterned by micro-grooves that individually are a fraction of the width of a human hair, McArdle said.

The study was published in the journal Energy and Environmental Science.“We believe that our patented architecture is a game changer. The market opportunities for our solar PV product are significant, including off-grid solutions, commercial and domestic systems, powering the internet of things, portable power generation and military applications. This technology will deliver significant economic and social benefits to end users,” said Neil Spann, CEO of Power Roll. Source: PTI

JUNE 2019

TECHNOLOGY

SOLAREDGE UNVEILS NEW SMART STOREDGE SOLUTIONS AT INTERSOLAR SolarEdge Technologies, Inc. (“SolarEdge”) (NASDAQ: SEDG), a global leader in smart energy, announced that it will be expanding its StorEdge solution with the launch of new inverters optimized for the combined management of solar, storage, and home energy. The company will also preview its own commercial and residential batteries to complement its smart solar energy portfolio.

T RENEWSYS LAUNCHES INDIA’S FIRST 6 BB SOLAR PV CELLS India’s first 6BB solar PV cells with improved dimensions will deliver higher module power and improved performance compared to standard 5BB cells and modules Cells manufactured using world class European equipment

RenewSys, India’s first integrated manufacturer of Solar PV Modules & its components – Encapsulants, Backsheets and Solar PV Cells, is the first Indian company to launch the production of six Bus Bar (6BB) Solar Photovoltaic (PV) Cells and modules.

he 6BB cells,part of RenewSys’ RESERV® range of solar PV cells, will be manufactured using world class European PV cell equipment, in a clean room facility.Increasing the number of Bus Bars (BBs) in a photovoltaic cell along with improved gridline design improves the cell efficiency by lowering the series resistance and thus reducing the resistive loss. The refined design of RenewSys RESERV 6BB cells optimises the collection of current, reducing losses due to cell shadowing. Lower power degradation due to reduction in the distance travelled by charge carriers under thermal cycling, improvement in reliability, long term stability and lower susceptibility to power degradation due to micro-cracks are the additional, significant benefits of 6BB cells and modules.High efficiency 6BB cells with this improved design will therefore increase the module power output.RenewSys also holds the distinction of launching India’s first 5BB cells, India’s only bi-facial Glass- Backsheet PV module, DESERV Extreme and India’s only comprehensive in-house module reliability laboratory. Source: renewsysindia

JUNE 2019

he StorEdge expansion will include three new additions to the solution portfolio. In June of 2019, SolarEdge will introduce to the market a single phase inverter with HD-Wave technology that integrates the management of solar, storage, and home energy into one inverter. The combination of all of these functions into one inverter will simplify installation, improve system RoI, and increase self-consumption. A second enhancement to StorEdge is the planned addition of a three phase inverter that can be DC coupled to one or more 48V batteries to support the growing European solar-plus-storage residential market. The third addition to be showcased at InterSolar are the SolarEdge commercial and residential batteries, which will be added to the StorEdge offering in order to provide a comprehensive storage solution. Committed to providing flexible solar-plus-storage installation options, SolarEdge batteries are expected to be available worldwide in the beginning of 2020 and the company will continue to support StorEdge’s compatibility with multiple battery vendors.

As the evolving solar energy market focuses on increasing self-consumption and grid stabilization, PV-plus-storage solutions are becoming a critical factor in the proliferation of smart solar energy ecosystems,” stated Lior Handelsman, SolarEdge’s VP of Marketing and Product Strategy, Founder. “By expanding StorEdge and adding batteries to SolarEdge’s core offering, we will provide a seamless energy experience for both installers and system owners.” The addition of commercial and residential batteries to its StorEdge offering will allow SolarEdge to offer an end-to-end, compatible storage solution that fully synchronizes PV, battery, and site-level energy management. The Li-Ion, high-voltage NMC batteries will offer energy management by stacking multiple value streams, including demand management (peak shaving), both site-level and aggregated self-consumption maximization, ancillary services, tariff optimization (ToU), in addition to supporting micro-grid applications. As the batteries are designed for full compatibility with StorEdge, the planning, design, installation, service and warranty process are designed to be significantly simplified. The batteries will be able to be either AC or DC coupled with StorEdge, with DC coupling allowing for superior efficiency and PV oversizing. Source: solaredge

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TECHNOLOGY

VIKRAM SOLAR ANNOUNCES SUCCESSFUL LONG DURATION PV RELIABILITY TEST RESULT

Test conducted by PVEL LLC on SOMERA monocrystalline silicon and ELDORA polycrystalline silicon PV modules ikram Solar, one of India’s leading module manufacturers and a prominent rooftop solar & EPC solutions provider announced a successful PQP (Product Qualification Program) tests result. The assessment was done by PVEL LLC, an independent solar test lab previously operated by DNV GL. This announcement was made on the sidelines of Inter Solar EU 2019, where Vikram Solar is present at booth A1.714. Earlier in 2017, Vikram Solar had claimed a position in the PV Module Reliability Scorecard Report 2017, published by the leading global certification body DNV GL. This year, the company submitted its SOMERA monocrystalline silicon and ELDORA polycrystalline silicon photovoltaic (PV) modules for accelerated stress testing and characterization under PVEL LLC’s (PVEL) Product Qualification Program (PQP) 2019. The results met and exceeded international quality and performance benchmarks.

Mr. Ivan Saha, Business Unit Head of Manufacturing & CTO, Vikram Solar, expressed “At Vikram Solar, we have always been focused towards upholding high quality and performance standards. Our consistency in meeting international standards testifies our commitment to our customers and investors. We are glad that our investments in state-of-the-art production technology, top quality Bill of Materials and quality control strategies are paying off and this milestone re-iterates the long term performance and bankability guarantees that we bring to the table.”

He also added, “Bankability of projects will not only ensure that solar gains a greater pie in the energy mix, but will also improve the confidence of investors and developers. We are proud that we have been consistently giving customers the right solar modules to make projects bankable.” The PQP is a comprehensive evaluation of environmental sensitivities and degradation mechanisms of PV module designs. Realworld failure mechanisms are simulated in a controlled laboratory environment, and stateof-the-art module characterization techniques are utilized to measure the performance of the panels as they progress through the protocol. Vikram Solar PV modules went through extremely long duration (upto 4X IEC) test protocols like – Thermal Cycling, Damp Heat, UV Exposure, Dynamic mechanical load, PID test, Light Induced Degradation, low to nil power degradation after these tests.Vikram Solar is spearheading India’s solar revolution with 1040 MW EPC capacity portfolio including commissioned and under execution, Rooftop and Ground-mounted projects. The company currently has a manufacturing capacity of 1.1 GW and has customer base across 6 continents.

Source: sunbeam-communications

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JUNE 2019

TECHNOLOGY

SAMSUNG SDI INTRODUCES NEW ESS PRODUCTS AT ‘EES EUROPE 2019’ The company showcased the latest ESS technologies at the world’s largest ESS exhibition. It also unveiled E3, an ESS model with energy density enhanced by 20%. The company meets the industry’s first ESS fire-resistance test standard from UL, demonstrating its safety design capability.

Samsung SDI (KRX:006400) launched a variety of products including high-capacity ESS (Energy Storage System) to strengthen its position in the market.

he company showcased the latest ESS technologies at ‘ees (electrical energy storage) Europe 2019’ held in Munich, Germany for three days, under the slogan “Energy for the Next” which means preparing the next generation of ESS. The ees Europe 2019, which welcomes more than 1,100 ESS companies from 150+ countries, is one of the biggest ESS exhibition in the world. This year, Samsung SDI participated in ees Europe for the sixth time. The company exhibited its new ESS product E3, an ESS model with energy density enhanced by 20% compared to the previous model. High energy density can achieve space-efficiency because it enables even small-sized ESS to contain a large amount of energy. Designed for utility and commercial, the model can be widely used to supplement uneven energy production of some renewable energy such as solar and wind power or to store cheap, off-peak electricity for peak hours at commercial ESS facilities.E3’s greatly enhanced energy density is made possible by high energy density cell technology. Samsung SDI improved E3’s energy density through the innovation of internal materials without changing the size of embedded battery cells. The design of the rack and module were also optimized to enhance energy density further while maintaining product size. With its higher capacity in the same size as the previous product, it is regarded as an evolved product due to its increased availability and cost-effectiveness in terms of installation and maintenance. This year, Samsung SDI attracted attention with its further improved safety design technology. The company demonstrated its unrivaled safety design capability by meeting the industry’s first ESS fire-resistance test standard from Underwriters Laboratories (UL), a global safety certification company. With this technology, Samsung SDI is set to be a leading company for much safer ESS.On top of that, Samsung SDI drew favorable responses from customers while showcasing full ESS product lineup that reflects customer’s needs, such as 100Ah cells for ESS and high voltage ESS modules for home.

We are constantly upgrading our products based on the distinguished technologies, said Jeongwook Kim, Executive Vice President and head of Samsung SDI Strategic Marketing Office. “We will take the lead on the market with improved ESS products.” The demand in global ESS market is surging thanks to policies that promote renewable energy. According to the data by SNE Research, a market researcher, the global ESS market is expected to grow by 31 percent per year, from 11.8 gigawatt hours last year to 77.6 gigawatt hours in 2025.

JUNE 2019

JINERGY 450W HJT MODULE IN THE SPOTLIGHT IN INTERSOLAR EUROPE Jinneng Clean Energy Technology Ltd. (Jinergy), a China-based technology-driven PV manufacturer, made its debut at Intersolar Europe 2019 (A1.710, Messe Munchen, Munich), with 450W HJT module and other high efficiency modules.

nergy restructuring and transformation are common concerns and as a clean and renewable energy source, PV will have a significant role and the whole PV industry is working together to bring down LCOE for grid parity. By following technology iteration and continuous R&D input, Jinergy offers a series of solutions, including high efficiency poly modules, PERC mono modules and super-high efficiency HJT modules.Adopting largesize wafer and MBB technology as well as hydrogen passivation after-treatment and three film coating process, Jinergy’s high efficiency poly module offers higher power output and lower LID and PID, bringing more benefits for investors. Moreover, with bifaciality of 78%, Jinergy PERC dual-glass bifacial module generates 5%-25% more power from backside. Power generation and LCOE are significantly optimized.With power output over 450W, Jinergy’s HJT module, JNHM72-450, became spotlight of the exhibition. Featuring bifacial power generation, excellent low light performance, ultra-low temperature coefficient and degradation, overall power generation of Jinergy HJT module is increased by 44% when compared to regular polycrystalline modules. Currently, Jinergy HJT cell average mass production efficiency reached 23.79%, and efficiency of new experimental cells reached 24.73%. By virtue of high efficiency and reliable quality, Jinergy is widely recognized. In 2018, overseas shipments of Jinergy accounted for 40% of its total shipments.

Being newly added to BNEF Tier 1 solar module manufacture list, we are expanding our global reach and enlarging shipment to overseas market to 50% this year. Cutting-edge technologies and reliable products are our levers to crack overseas market. We are working on large-size wafer, MBB and bifacial module in order to meet market demands,”according to Dr. Liyou Yang, general manager of Jinergy. Source: Jinneng Clean Energy Technology Ltd.

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TECHNOLOGY

HUAWEI PIONEERS INTELLIGENT LEAP AT INTERSOLAR EUROPE 2019 marks the opening day of Intersolar Europe 2019, where Huawei unveils its innovative FusionSolar Residential and Commercial Smart PV Solution, as well as FusionSolar 6.0 Smart PV Solution for optimal LCOE with bifacial modules. At this year’s event, Huawei is expanding on the theme of “Roads to a Digital PV World”.

DIGITAL PV SOLUTION FOR OPTIMAL LCOE At the event, Huawei is also demonstrating its leading FusionSolar 6.0 Smart PV Solution that covers utility-scale scenario. SUN2000-185KTL thoroughly integrates digital information technology and AI with photovoltaics.

3% HIGHER YIELDS, FUSIONSOLAR 6.0 + BIFACIAL MODULE: DIGITAL PV SOLUTION FOR ULTIMATE SAFETY & BETTER EXPERIENCE SUN 2000 3-20KTL Inverter & 375W-P2 2nd Generation Optimizer Solution made its debut at 2019 Intersolar. It will be applied for residential as well as small scale commercial & industry rooftop scenarios. For simple rooftop scenario, Huawei provides a simple inverter that can implement MPPT to obtain maximum power from PV strings. For complex rooftop scenario, Huawei provides full optimizer solution, which can achieve up to 30% higher yields contributed by optimizing each panel performance.

Comparing to the traditional solution, FusionSolar 6.0 makes yields increased by over 3% and O&M efficiency increased by over 50%. Multiple MPPT adapted to bifacial modules achieve minimizing PV string mismatch.

SMART MPP TRACKING ALGORITHM LEADS WIDER, FASTER & HIGHER YIELDS: Huawei patented multi-peak algorithm achieves tracking the highest power peak in 200 milliseconds. With 9 maximum power point trackers (MPPTs), it could reduce string mismatch effectively.

<5S AUTO MODULE PHYSICAL VIEW CREATION BY AI IMAGE RECOGNITION:

Image Identification of module layout template via commissioning App to quickly create module physical layout for monitoring.

AI POWERED AFCI TO PROACTIVELY MITIGATE FIRE RISK: Arc fault detection and confirm mechanism and accumulated machine learning capability for reliable & wide range arc fault identification.

SMART I-V CURVE DIAGNOSIS FOR MASSIVE MODU-LE HEAL]TH CHECK REMOTELY: One click massive string I-V curve scanning in monitoring system to identity under-performing modules and generated diagnosis report automatically, less on-site O&M cost.

BUILT-IN PID RECOVERY FOR BETTER MODULE PERFORMANCE: Inverter applies regulated voltage between PV- to PE to boost the string voltage to ground to recover module PID effect.

DIGITAL TURBO: As an important part of solar PV industry, FusionSolar Residential and Commercial Smart PV Solution takes leading ICT & AI technology to upgrade customers solar experience, making it faster and easier than ever before.

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CUTTING-EDGE SMART I-V CURVE DIAGNOSIS 3.0: Big-data analysis can proactively discover low-performance unit, achieving the revolution from passive maintenance to active preventive maintenance. Moreover, application of AI evolves the operation and maintenance of PV plants towards “Autonomous driving”. Compared with manual I-V Curve test, it performs full detection of 100 MW strings and generates the diagnosis report in 15 minutes, rebuilding a more efficient and lower cost O&M model.Consequently, the LCOE (Levelized Cost of Electricity) will be reduced by over 8%, which can promote a comprehensive intelligent upgrading of PV industry. Source: wmglobal

JUNE 2019

TECHNOLOGY

RISEN ENERGY’S NEWLY RESEARCHED HDT TECHNOLOGY MADE ITS DEBUT IN MUNICH Risen Energy Co., Ltd. (hereinafter referred to as “Risen Energy”) brings a newly researched and developed technology outcome HDT (Heterojunction Double-side Technology) to this year’s Intersolar Exhibition in Germany, and launched the latest innovative achievement to the media and industry on the first day of the exhibition.

his new type of HDT module deploys high efficiency double-side heterojunction cell technology. HDT is a type of double-side light-receiving heterojunction cell, which has the characteristics of low production temperature, high conversion efficiency and low temperature coefficient. HDT cell highest conversion efficiency can exceed 23%. Besides, HDT module can generate power from both sides and achieve 10%~30% additional energy yield. HDT cell deploys half-cut design, which can effectively reduce the loss of module internal resistance, hot spot effect and shadow shading, improving product reliability. HDT also boasts of its stable temperature co-efficient the absolute value of power and temperature coefficient can be reduced by 40%, and HDT modules can achieve 6%~9% additional energy yield in high temperature environment. HDT solar cell deploys N-type mono-crystalline wafers, which reassures the product performance stability. HDT cell technology is highly anti-PID (Potential Light-induced Degradation) and is excellent on anti- LID (Light Induced Degradation) performance . The seven highlights of HDT technology are correspondent with the seven layers of HDT cells, and complement each other.

President of Risen Energy, Wang Hong commented, “Heterojunction cell technology and its concept have been discussed for many years. Due to its sophisticated technological structure and high cost, the terminal users always felt the distance with HDT. For the past few years, Risen Energy made consistent efforts on R & D and made another milestone progress on HDT and its mass production, right after Jäger high efficiency mono-crystalline technology. Risen Energy shortened the gap between the ‘luxury’ HDT and terminal customers and unveiled the secret technology, which combines silicon technology, amorphous silicon technology, half-cut procedure, double-side process, to terminal applications. HDT is another solid proof for Risen Energy’s sustainable innovation and will be another ‘surprise’ Risen Energy presented to our global clients. “

JUNE 2019

SUNGROW UNVEILS THE WORLD’S MOST POWERFUL STRING INVERTER AT INTERSOLAR EUROPE 2019 Sungrow, the global leading inverter solution supplier for renewables, unveiled a 1500Vdc string inverter SG250HX at Intersolar Europe 2019. The standout 250kW inverter, designed for optimal performance, is now available for pre-sale.

he SG250HX is the world’s most powerful 1500Vdc string inverter, featuring a high capacity of 250kW. It comes with the high voltage of 1500Vdc and 800Vac, enabling cost saving on DC and AC cables. The product is of a maximum efficiency of 99% and compatible with bi-facial modules, offering a higher yield. The system features 12 MPPTs and a flexible block design allowing for up to 6.3 MW blocks, making it an ideal solution for hilly utility-scale applications.Particularly with an ingress protection level of IP66 and an anti-corrosion grade of C5, the compact inverter is resilient in harsh conditions like desert and coastal areas. With smart forced air-cooling technology, the SG250HX can operate without derating at extremely high temperatures. The system is also inserted with fault diagnostic and IV-curve scan function, making it easier for operation and maintenance. Embedded anti-PID function will lead to much less module degradation. Also, the improved Power Line Communication (PLC) shall decrease installation cost without excessive communication wiring. In a bid to co-work with the probable storage segment, the inverter can be connected to storage systems with equipped storage interface.

Sungrow is excited to bring forth another disruptive string inverter technology to Europe, maximizing ROI for our customers at unforeseen levels, said Stefan Froboese, Technical Director, Sungrow EMEA. "Europe is witnessing an increase in activity for unsubsidized solar portfolios, whilst private renewable PPAs are poised to become more prevalent. Sungrow is dedicated to paving the way for grid parity across Europe with growing technical innovations and accelerating the global step to fulfill its corporate mission of “clean power for all”.

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TECHNOLOGY

REC GROUP UNVEILS THE ALPHA SERIES AT INTERSOLAR EUROPE – THE WORLD’S HIGHEST POWER 60-CELL SOLAR PANEL REC Group, the leading European brand for solar photovoltaic panels, unveiled on day 1 of Intersolar Europe a ground-breaking new solar panel.

he REC Alpha Series delivers industry-beating power of up to 380 watt-peak (Wp), making this the world’s most powerful 60-cell solar panel. Based on proprietary panel design with revolutionary cell technology, the new product is already acknowledged by a granted design patent.

CEO Steve O’Neil is thrilled with the Alpha: “At REC, it is the next generation which matters. And we trust in the power of next-generation technology. The Alpha is a completely fresh take on solar power generation. It opens up a big power gap beyond what is commercially available today. By offering such a high value solar panel, REC is again setting new trends, and creating a ‘win-win-win’ opportunity for REC, our partners and solar professionals, as well as home owners and business who want to make a difference for the next generation.”

Emerging from REC’s leadership in half-cut cell technology, the Alpha is built around 120 half-cut heterojunction cells (HJT) and advanced connection technology, designed by engineering experts from Germany and Singapore. With HJT, REC combines the benefits of crystalline silicon solar cells with those of thin film technologies for much higher efficiency and energy yield, even at higher temperatures. The Alpha features also REC’s pioneering and award-winning ‘Twin Panel’ design for better performance in shaded conditions and REC’s unique thin frame design which allows the Alpha to withstand snow loads of 7000Pa.The Alpha delivers the world’s best power density on a 60-cell module, a key consideration when space is tight – like on any rooftop. With the REC Alpha Series, customers will get over 20 percent more power from the same area and the same number of panels – or, put other way, the same energy output from less space. This reduces the Balance of System (BoS) costs. Source: REC Solar Group

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JUNE 2019

TECHNOLOGY

JINKOSOLAR OFFICIALLY LAUNCHES NEW BIFACIAL MODULE WITH NEW TRANSPARENT DUPONT BACKSHEET AT INTERSOLAR EUROPE 2019 JinkoSolar Holding Co., Ltd. (the “Company,” or “JinkoSolar”) (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, officially launched the latest addition to the Company’s range of premium Cheetah products, the “Swan” bifacial module with new DuPont Clear DuPont™ Tedlar®-based backsheet at Intersolar Europe 2019. The global launch was done in collaboration with DuPont and PV Magazine.

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he Swan module represents the next iterative development in bifacial power generation as it gradually become a mainstream technology. By combining high-efficiency mono PERC Cheetah bifacial cells and clear DuPont™ Tedlar® film for backsheets, Swan modules can achieve power output of up to 400W on the front side and up to 20% energy gain from the rear side. Leveraging the transparent backsheet, Swan bifacial panels can produce the same power output levels and rearside energy gain as dual-glass bifacial modules, weigh less, are easier to install and include a 30 year power warranty. In addition, they can generate more BOS cost savings due to their lower weight and decreased cost of installation and mounting which helps them generate higher IRR and lower LCOE for bifacial module PV projects.

JUNE 2019

JinkoSolar and DuPont share a common philosophy of excellence, quality and innovation, and strive to promote the continuous improvement of solar panel power output and durability said Frank Niendorf, General Manager Europe, JinkoSolar. “We look forward to further diversifying our global product portfolio by including a new bifacial module with DuPont’s Clear DuPont™ Tedlar® film. By this we will offer another competitive value proposition with longterm field-proven performance, research and innovation capabilities to our customers worldwide. We are honored to be able to further promote the sustainable development in the solar industry together with a reliable partner like DuPont.”

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TECHNOLOGY

SUNGROW’S COMPREHENSIVE PRODUCT LINEUP SHINES AT INTERSOLAR EUROPE 2019 Sungrow, the global leading inverter solution supplier for renewables showcased its presence at Intersolar Europe 2019 with its comprehensive product portfolio among which are a new 1500Vdc string inverter SG250HX, energy storage systems as well as floating PV systems for diverse array of applications, demonstrating the strong R&D capability and commitment to the European market.

N Commenting on the new product launch, Eric Wang, Global Business Director, DuPont Photovoltaic Solutions said: “We are proud to count as a strategic partner to JinkoSolar, the world’s leading module manufacturer. By providing solar material innovation based on more than 35 years of unrivalled field-proven performance and reliability, we continue to lower the overall LCOE of solar systems, whilst helping to extend the expected lifetime to 30 or more years.”

otably, Sungrow presented smart solutions for utility-scale solar plants. The SG250HX, the world’s most powerful 1500Vdc string inverter, is optimized for hilly utility-scale installations. The system, resilient to harsh conditions, is characterized by 12 MPPTs, maximum efficiency of 99%, anti-PID, IP66 and C5 protection and allows for up to 6.3 MW block design, enabling unprecedented yields. Also showcased was the 1500Vdc 6.25MW turnkey solution which is deployed globally at a gigawatt volume for flat utility-scale applications.Committed to penetrating the residential solar market, Sungrow introduced a striking portfolio for the very first time in Europe, ranging from 2.5kW to 10kW. The residential hybrid inverter SH10RT on display is customized for an optimal performance with three-phase design. The residential system with a hybrid inverter and battery is a smart solution that guarantees not only maximum yields but also optimum charging and discharging capabilities. Tailored for commercial & industrial installations, the string inverters SG110CX and SG50CX are high-profile products with compact design, multiple MPPTs and bifacial module compatibility.State-ofthe-art energy storage systems were showcased, in particular the ST5480kWh-5000HV-MV, designed for utility-scale applications. This standard ‘5MW-1 Hour ESS system’ features the integration of storage converters, lithium-ion battery banks and advanced energy management systems, MV transformer and more in three 40-ft containers, ensuring easier O&M and maximizing benefits. The ESS system ST68kWh-50HV was also highlighted, a technology optimized for C&I installations.

Europe is one of the most dynamic and fastest-growing solar markets with sophisticated and challenging grid codes. Sungrow is committed to technical innovations and delighted to supply increasingly prominent offerings to local customers and partners,” said Jack Gu, President of Sungrow PV & Energy Storage Division. Source: Sungrow Power Supply Co., Ltd

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JUNE 2019

ELECTRIC VEHICLES

Electric Vehicle Outlook 2019 The Electric Vehicle Outlook is our annual long-term forecast of how electrification and shared mobility will impact road transport from now to 2040. The report draws on our team of specialists around the world and also looks at how these trends will affect electricity demand, oil use and demand for battery materials.

WHAT’S NEW IN THE 2019 EV OUTLOOK? This year’s forecast includes new analysis on how shared mobility will impact vehicle sales patterns, on the long-term demand for freight, and on how electrification will play out in the commercial vehicle market. We have also included our latest analysis on the outlook for battery prices and battery chemistry. BNEF clients can access the full report, its breakdown by technology and region, as well as the underlying Excel data and previous editions. Go to client page or access on the Bloomberg Terminal. If you are not a client, you can read an excerpt of the findings in a free public summary.

JUNE 2019

The important updates in this year’s EV Outlook are the following: A comprehensive forecast of electrification in the global commercial vehicle market. This includes light, medium and heavy duty trucks in urban, regional and long-haul duty cycles. It also covers other alternative drivetrains like natural gas and hydrogen fuel cells. A more detailed view of the impact that autonomy, ride-hailing and sharing will have on the overall car market, including a new overall vehicle-demand forecast. An updated EV cost model that includes the cost of a home EV charger to more accurately reflect the costs individuals face to go electric. An updated e-bus forecast taking into account 2018 sales, urbanization forecasts and manufacturing capacity. A more detailed view of oil displacement by market and refined products. Updated lithium-ion battery price and chemistry forecast based on our most recent market survey. We have developed a battery chemistry forecast for each of the new segments covered in this year’s report. Update on metals availability for batteries based on our supply/demand forecast for key metals including cobalt, lithium and nickel. Finally, we have re-run our consumer adoption bass-diffusion model using the most recent EV sales data and vehicle pricing. The EV market is still in the early stages so each additional year of data helps calibrate results.

Source: about.bnef

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SOLAR PROJECTS

AMPLUS SECURES 150 MW OPEN ACCESS SOLAR PROJECTS, TO INVEST RS. 750 CRORES IN HARYANA Amplus Solar, Asia’s leading distributed solar power company has secured the government approval for 2 projects totaling 150 MW for supply of solar energy under open access route to industries in Haryana. Amplus expects to make a capital investment of 750 crores for these projects.

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mplus had signed an MoU with Department of Renewable Energy, Govt for Haryana, in 2016 to invest Rs. 1,000 crore in solar sector in line with the Haryana Solar Policy that has a target of 3200 MW solar projects. The Gurgaon-headquartered Amplus will set up these projects under group captive model in Sirsa and Bhiwani districts where it has already acquired 575 acres of land undera longterm lease. Construction of the plant is expected to begin soon and will be operational this year.

Haryana is in the forefront of development with inclusion of clean energy to power the growth. The state hosts large number of multi-national commercial and industrial conglomerates. These companies are very enthused with this support from the state government for adoption of green energy. These projectsalso provide steady flow of income to the local populations during construction and operation of the plant. We essentially are creating a clean technology based ecosystem to support the local population for a better livelihood for current as well as future generation. said Sanjeev Aggarwal, CEO & MD, Amplus Solar. Amplus already has developed several marquee rooftop projects of over 15 MW under RESCO model in Haryana and is already supplying solar energy to customers like Mahindra Defense, Rapid Metro, Motherson Group, Fortis hospital, Yamaha and several others. Amplus commissioned India’s largest single location open access solar farm of 175 MWp at Gadag, Karnataka that supplies solar power to more than 30 industrial and commercial customers including GE, Oracle, Lafarge, CISCO, and Honda.

JUNE 2019

exclusive interview

MR. RAVI KAILAS FOUNDER AND CHAIRMAN, MYTRAH ENERGY 64

JUNE 2019

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exclusive interview

NURTURING AN ENTERPRISE WITH SOCIETY AT THE FULCRUM OF OPERATIONS Radical changes are never easy to implement – but as an entrepreneur, I had learned that transition and transformation are always the most difficult and most rewarding periods of one’s existence, writes Kailas. “In a free enterprise the community is not just another stakeholder in business but is in fact the very purpose of its existence.” This quote by Jamshed ji Tata always struck a chord with me. Trusteeship, or the idea of holding surplus wealth in trust for the greater welfare of society has a long and storied history in India. The idea was popularized by Gandhi, who dreamed of an egalitarian society created, not out of violence, but from the moral reform and voluntary trusteeship of the wealthy. To Gandhi, wealth did not belong to any individual. Those who created surplus wealth, beyond the standard of living enjoyed by the majority, should treat such wealth as belonging to the greater community, and see it as something created for the sole purpose of enhancing the welfare of that community.Jamsetji Tata, the famed founder of the Tatas, exemplified this philosophy. He understood that creating value for a greater community defined entrepreneurship. Throughout my three decades as an entrepreneur, I worked across domains, geographies, problems and people and created various successful ventures. At 16, I travelled to India’s distant ports, arbitraging heavy machinery in shipwrecked auctions and reselling them to industrial companies. At 25, I founded Zip Telecom, raising $15 million (significant capital in the early 2000s) in one of India’s first venture-backed companies. At 30, I founded a real estate options company that was just one piece of paper: a cleverly structured options contract that allowed me to profit from the commercial real estate boom in Mumbai. At 45, I raised $80 million in equity on the London Stock Exchange for Mytrah, one of India’s first independent renewable power producers, armed with no experience in infrastructure and two full-time employees. But in spite of these material successes, I felt a serious intellectual and spiritual void throughout most of my entrepreneurial career. Something fundamental was amiss, I felt, despite the external validations of success. I had lost sight of the core purpose of my art form and I had to find my way back. Radical changes are never easy to implement – but as an entrepreneur, I had learned that transition and transformation are always the most difficult and most rewarding periods of one’s existence. Once I was able to confront that I had lost sight of fundamental purpose, I stepped away from entrepreneurship, exiting all three companies I was actively managing within months. I vowed not to return until I had found deeper meaning, and embarked on a five year journey of introspection, reflection, meditation and learning. During those five years, I read books on the history of entrepreneurship and the origins of capitalism. I was searching for the answers to fundamental questions: what was the purpose of the activity to which I had dedicated so much of my time and efforts? What was its ultimate aim or value? What was the relationship between wealth and value, and how could they would either be defined and distributed by an entrepreneur? How did the current practice of entrepreneurship create detrimental impact on society – such as widespread inequality, adverse climate change, social unrest, or the erosion of democracy?

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Whereas books offered me the context to diagnose my qualms, meditation offered a practical reworking of my relationship with myself and the world. I realized that as an entrepreneur, I had been focusing on my ego: my idea of entrepreneurship, my success, my tangential solutions. I had lost sight of the entrepreneur as the guardian and steward of value-creation, not for oneself, but for an ecosystem of stakeholders and for society at large. When I founded Mytrah Energy, I was just exiting my period of introspection. I had studied various models of corporate ownership – and I deeply wanted to build a company whose fundamental purpose of creating value for society at large would be built into the organization itself. Despite looking at multiple historical examples, the answer was much closer to home: trusteeship. By entrusting my shares at the inception of Mytrah to a charitable trust, I forever changed the identity of the company. No matter what size Mytrah became, it would always be a company that was founded with an inextricable link to deliberate, collective value creation. Unknown to most people at Mytrah, they worked for a company where the majority of “shareholder value’ or profit would go to others. The shares I entrusted would be worth more than 1 billion dollars by 2017. I only hope that they will be worth many, many more times that amount in the future decades. Yet I also cannot ignore that this amount is barely the tip of the iceberg when we consider the social development shortfall in India, a shortfall that amounts to tens of trillions of dollars. For this country to see proper infrastructure and service in education, sanitation, livelihood and basic well-being, the scale of efforts and capital required is enormous. On the other hand, over the next two decades, India will be creating an extraordinary amount of wealth – given the 7% GDP growth every year, nearly $15 trillion will be added to the economy. The most pressing question remains: how will this wealth be put to use? We must work to aggregate resources for the development needs that face this country. Indeed, rather than various fragmented, disconnected efforts at social development, India could benefit from resource-sharing and knowledge-sharing across the many organizations operating within its borders. Only by sharing resources and knowledge and tackling issues in cooperation will we see the scale of change required to build a new India. Source: everythingexperiential.businessworld.in

JUNE 2019

exclusive interview

MR. MANISH GUPTA DIRECTOR , INSOLATION ENERGY 66

JUNE 2019

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exclusive interview EQ: Proposed Safeguard Duty on Module/Cells Import…What are your views on this ? MG: The Safeguard duty had been brought with right intent by the GOI but is lacking on the implementation part. With Safeguard Duty imposition and BIS issue, the Chinese imports are fairly restricted specially for small size rooftop plants but the manufacturers in Special Economic Zone (SEZs) enjoy all privileges and export advantages compared to Domestic Tariff Area units. These SEZs don’t pay export duty, GST, electricity charges, and now in some cases they are not even paying safeguard duty but are selling in India. The Domestic Tariff Area units pay GST, safeguard duty, and GST on safeguard duty and their working capital gets blocked. This has created a huge imbalance in India. The price gap between SEZ and Domestic Tariff Area unit prices of modules is ₹1-1.5/W.

EQ: What is your suggestion regarding Safeguard duty to Government / Foreign Module Makers / Indian Manufacturers / Developers / Policy Makers / Regulators etc. Please share your Road Maps – Pricing, Technology etc…? MG: We feel that the Safeguard Duty is a welcome step but it should be equally applicable for DTA/SEZ units. Also the quantum of the duty should be different for cell and modules based on the requirement of respective manufacturers. Further the duration of the Safeguard Duty should be such that there is no bypassing of it since the gestation period of the utility scale power plants is 18 to 24 months. It is also to be noted that the interest of the developers also need to be taken care of so that it’s a win win situation for all stakeholders. We strongly believe that the Safeguard Duty is timely reprieve, to give impetus to the manufacturing sector Govt should come out with robust policies/incentives to help vertical integration across the value chain from silicon manufacturing to module manufacturing.

EQ: Upcoming & Trending Opportunities with Bifacial , PERC, Wind-Solar Hybrid, Floating Solar etc…? MG: We at Insolation Energy are very focused at upgrading quality and bringing new upcoming technologies. We are already into Bifacials and Mono PERC.We are also working on 1500V modules and also exploring the micro inverters option. We firmly believe that by adopting new innovative technologies we can improve the module efficiency thereby improving the quality and bringing down the cost.

EQ: What according to you is the current opportunities, biggest challenges, in Indian Solar Market.? MG: The cost of solar PV cells has dropped precipitously in the past few years due to a glut of cheap Chinese supply, which is a challenge for Indian module manufacturers. Some of India's biggest solar equipment makers are facing financial collapse as they are priced out by the Chinese. Their solar modules are cheaper than those made by Indian companies. Inflow of cheap modules, supported by Chinese government subsidies, has further challenged the Indian module manufacturing sector. Ambiguity regarding Safeguard Duty implementation and lack of clarity on Anti Dumping Duty is another big challenge faced by domestic manufacturers. With 100 GW of target by 2022 there is plenty of opportunity for all players the only thing required is long term stable policy from GOI

EQ: What is the likely price trend of solar modules in upcoming quarters.?

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MG: Pricing at this stage cannot be commented as it will be controlled by various factors like Cell price, Dollar Rupee conversion rate, application of Safeguard Duty. Also the prices are dependent on the supply of raw material in China. With the new Government in place let the market settle down and let the stability takes place.

EQ: How much modules have you supplied to India till now, what is the target/expectation in 2019-2020.? MG: Insolation Energy has supplied more than 60 MW of modules till now. The company expects to cross 80 MW of module supply in FY 2019- 20. Our modules have been supplied across varied customer segments like Retail/ Corporate/OEM etc. Our clients include leading project developers, system integrators, EPC & OEM players. Our modules have been well accepted in the market and are highly appreciated for their quality & performance. Within a short period of time we have been able to make our presence felt through our brand “INA”.

EQ: Please describe in brief about your company, directors, promoters, investors, its vision & mission ? MG: Insolation Energy is a dream project initiated by Mr. Vikas Jain and Mr Manish Gupta .Both of them are qualified Engineers and are working together since last 20 Years in various sectors like Construction Steel, Health & Fitness. The Group also owns two solar power plants in Independent Power Producer mode. Out of these one is in near Ujjain, M.P. (2MW) and another one in Bikaner, Rajasthan (1 MW).Insolation Energy was started as an inspiration under the “ Make in India “ initiative of the Govt. of India. Ours is a state of the art, Rajasthan’s first fully automatic module manufacturing plant. We manufacture high quality solar pv modules with international benchmarks.

EQ: What is the size of your company in terms of manufacturing capacities, growth chart, future expansion plans, revenues, shipments, ASP’s, financial figures? MG: We are in process of enhancing our production capacity and very soon it will be doubled. We are also planning to go in for joint ventures with some developers to bid the projects jointly and start a dedicated production line for projects. We are also focussing on exports and have identified few overseas markets where we will be launching our modules shortly. We are participating in international trade shows and also exploring tie ups with overseas players to go global. Our plan is to make “INA “a true International Brand. We hope to achieve 100 Cr turnover this financial year.

EQ: What are your plans for India, your view on the GOI target of 100GW Solar Power by 2022 ? MG: The GOI has set up a target of 100 GW by 2022.Of this 60 GW is planned through ground mounted projects and another 40 GW through rooftop projects .With more than 30 GW of installations till date we hope that the GOI will achieve this target but rooftop projects need aggressive pushing to achieve 40 GE.

EQ: Kindly highlight your product, technology & company USP’s, distinctive advantages etc…? MG: We manufacture high quality solar pv modules with international benchmarks. Our range of products include- Sapphire Series (Polycrystalline Modules) Ruby Series (Monocrystalline Modules) Our modules are available in 72/60/36 cells with A grade quality raw material and are highly efficient. Some of the prominent features of our module include- Superior Module Efficiency as per International Benchmarks. Positive Power Tolerance 0/+5 W. PID free Modules with long term reliability. Glass with Anti Reflective Coating improves light transmission. Salt mist, Ammonia, Blowing Sand and Hail Resistant Passed. Excellent Energy generation in weak light. Sustain Heavy Wind & Snow loads (2400 Pa & 5400 Pa). We see Insolation Energy as one of the best Solar PV Module Manufacturers in India on which Customers can rely upon. We have very stringent quality standards. Our modules pass through more than 50 in house quality tests. The prominent ones are: Pre Lamination inline EL tester Post Lamination inline EL tester Inline Testing- Hipot ,Sun Simulator Post EL Inline automatic visual inspection Wet leakage current test

JUNE 2019

exclusive interview

MR. CHETAN SHAH DIRECTOR , GOLDI SOLAR PVT. LTD.

EQ:1- Proposed Safeguard Duty on Module/Cells Import…What are your views on this? EQ:2- What is your suggestion regarding Safeguard duty to Government / Foreign Module Makers / Indian Manufacturers / Developers / Policy Makers / Regulators etc.? CS: The imposition of safeguard duty on solar cells and module imports has been in effect since July 30, 2018. This move by the Directorate General of Trade Remedies (DGTR) created a temporary chaos in the Indian solar industry, ultimately resulting in reduced demand for a few months. But gradually, after the initial storm had subsided, demand started picking up. All the big solar developers who used to procure imported solar modules began to source them from the domestic market. This greatly benefited the domestic module manufacturers. Secondly those manufacturers who used to import solar panels, also started running their manufacturing capacities to optimal levels. Even the handful of domestic cell manufacturers have benefited from imposition of safeguard duty with their order books full for the coming months. However, in India, the operational solar cell manufacturing capacity is very meagre. It is hardly enough to meet the country’s burgeoning demand.India will auction close to 25 GW to 30 GW of projects a year. Domestic manufacturers are not in a position to manufacture over 3 GW or 4 GW. The Indian cell manufacturing also lacks the technology to deliver high efficiency solar cells. These shortcomings will create a huge demand-supply gap for solar cells. Going forward, at least 80% will be imported. Besides, after imposition of safeguard duty on solar cells from China, these were imported from other countries like Vietnam, Thailand and Cambodia without paying SGD. So, the government did not benefit in any special way by imposing duty on solar cells. For this move to be effective, the government should first create a favourable environment to boost cell manufacturing in India along with ample support for developing latest technologies.

JUNE 2019

And till the time cell manufacturing capacities reach optimal levels so as to bridge the demand-supply gap, the government should exclude solar cells from safeguard duty. The HSN code for solar cells and solar modules is the same. So, imposing a safeguard duty on one will automatically drag the other in the duty net. One classic example of avoiding this situation is the policy implemented by Turkey wherein the government there made import duty applicable on only that portion of glass that would cover solar cells. In this way, a solar panel came into the tax duty net whereas it protected cells from getting taxed. In simpler words, the solar cells that are covered under glass will attract duty whereas loose solar cell imports will not attract duty. This move benefited Turkish panel manufacturers in a big way. One of the disadvantages the DTA units found themselves in, on account of safeguard duty imposition was against manufacturers in SEZs (Special Economic Zones) with the latter enjoying all privileges and export advantages along with concessional tariffs and charges compared to Domestic Tariff Area units. Though SEZs are meant only for exports, they were selling in domestic market as well. This caused a huge disparity for DTA units in terms of opportunities. Whereas the Domestic Tariff Area units pay safeguard duty and GST on safeguard duty which blocks their working capital to a certain degree.Tweaking its policies and creating a favorable environment for domestic manufacturers, and encouraging investments in enhancing technologies is the need of the hour and expected from the GOI. This will ultimately create a win-win situation for the domestic cell manufacturers, the solar module manufacturers and developers.

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exclusive interview

MR. SAURABH BHANDARI FOUNDER & CEO, SOLARMAXX

EQ: Solar Trade Wars: What is Your View?

SB: The safeguard duty on solar cells and modules is proving to be a bigger issue for local manufacturers than was anticipated considering there are only a handful Indian cell manufacturers. The present scenario is resulting in the industry not being lucrative or supportive to small scale manufacturers or new entrants. To have a safeguard duty is good for the long run but to implement it altogether on raw material and finished product at the same time has slowed down a growing sector. It is fair enough to have high tariffs on finished solar modules but the local cell manufacturing market needs to grow manifold before such regulations so that the overall sectors growth does not get affected. Meanwhile, the government does not want to pay more to procure power and has cancelled multiple auctions citing high tariffs, which was due to the safeguard duty that they imposed. It seems that we will continue to see a tug of war and the uncertainty that comes with it for the foreseeable future. India is somewhere having conflicting desires to procure cheap solar equipment on one side and to encourage domestic manufacturing base through imposition of import duties. The latter means slower capacity additions and higher tariffs in the short run. Two years is inadequate to create a robust manufacturing base to compete globally, such measures can only be successful once we already have a large existing cell manufacturers base. A consistent long-term solar policy is the need of the hour.

EQ: RoofTopSolar: Whats the future and your role SB: India's dependence on thermal power will take time to dilute till most home owners choose to power their rooftop spaces with solar and the grid connections to the rural areas get extended and powered with solar projects. With lack of space, new utility scale power plants will gradually fade and the market will be -

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- dominated for the manufacturers providing services for rooftop projects because they need no additional land space. Further with rooftop solar the site of power generation and consumption is the same hence saving on network losses or additional expenditures required for development and modernization of the present power grids. Turnkey Rooftop Solar power projects is our area of foray at SolarMaxx and we are committed to help the nation meet its targets of 40GW by 2022. At SolarMaxx we have covered many housing societies along with independent domestic projects across north India. The new generation is finding ways to protect the environment and “Go Green”. If the living place is such that it helps in reducing carbon footprint and also save money it acts as an added advantage for people. Several known brands and industries have covered their sheds/roofs into a power house with SolarMaxx. Be it our projects at listed companies such as Saboo Sodium Chloro Ltd. at Nava or NBC Ltd. Jaipur or at garment and handicraft manufacturers such as J C Home Tex, Sitapura, Usha Precision at Macheda or Vogue Exports at Bindakaya, every single project be it small or big helps save money and avail tax benefits to the companies and savings to the individuals. Where the huge sheds of industries are normally left unutilised, they are now being used as a solar power house generating electricity and bringing savings in various forms to the enterprise. As a module manufacturer, we are aggressively looking at supplying our modules to EPC companies for rooftop installations. At the same time we are actively looking at expanding our EPC vertical across India with a strong focus on rooftop installations. SolarMaxx Turnkey Solar Power solutions is the way forward for our domestic as well as institutional and industrial rooftop segments.

JUNE 2019

exclusive interview EQ: Whats your commitment towards the solar sector in India SB: Commitments are important in every business, even in solar energy sector, as the decision to buy solar panels, is an important financial decision for most of the people. SolarMaxx solar panel prices are very affordable and can easily be purchased by the families and by commercial user alike. We are providing SolarMaxx solar panels at affordable and comprehensive prices across India and this will only help in building up the sector as a whole when quality is available at affordable prices. India is working to meet its 100GW solar power target by 2022 as part of its global climate change commitments. We at SolarMaxx as a turnkey solar power solutions provider with inhouse manufacturing, R&D facility are hopeful that we will all together as an industry exceed the targets given the competitive and ever-growing market for solar, no matter what challenges come our way. We at SolarMaxx partner with several community and religious institutions and offer them our best possible pricing for their solar rooftop projects to support a good cause because when such public locations turn solar, they help spread a word amongst people to switch to an environment friendly path too. There was a time when environmentalists would seek the involvement of religious institutions to spread the green message, considering that they attract a large number of devotees. They often proposed that pilgrims could plant trees. Now a days such institutions and individuals have adopted alternate energy which will in-turn make a larger impact on the society considering the large number of followers that visit religious monuments and pilgrims.

EQ: Message for the readers on World Environment Day SB: It is not in the hands of the governments alone to act on climate crisis. This politics needs a transformation - a mass movement and an action from people to solve the climatic crisis is the only way out. Encouraging environment friendly practices in each and every sphere of our life, saying no to plastics, reducing waste and going minimalistic is the call of the hour. Making the right choices in our everyday life decisions can take us all a long way in saving our planet. As the World Environment day approaches, we at SolarMaxx would like to urge all the readers here to spread a word around and encourage Green Living practices for a better tomorrow. Increasing energy efficiency by using cleaner renewable sources of energy such as solar or wind, as individuals we can contribute in a big way. By far Solar Power seems to be the best solution against conventional energy to fight the carbon emissions at all levels. A 1 MW solar power plant can cut down carbon emissions by about 1000 tonnes per annum, this is almost like planting 5000 trees annually. Of course, trees have the added advantage of producing oxygen as well but the need for power gets solved with this clean form of energy. A one-time investment in solar yields benefits for over 2 decades and saves the depleting resources for the future generations.

JUNE 2019

Solar as a technology is becoming extremely cost effective, under economies of scale, and is capable of reducing our dependency on expensive fuel and gas, thus, acting as a peacemaker for the end users. The environmental awareness that’s created through the Environment Day is important in helping the world move towards better ecological practices. So, make solar on your top priority list and celebrate the World Environment Day with Solar Energy. Whether you are going solar for savings or environmental reasons, the result is the same - you are helping yourselves and the planet earth.

EQ: Kindly highlight your strengths and USP which gives your company a distinct advantage as compared to your competitors. SB: We focus on sourcing of extremely high-quality raw material from some of the most renowned brands globally. SolarMaxx Solar PV Modules are TUV certified by a globally recognized agency. Our modules have gone through a series of stringent tests to receive the necessary IEC certifications. For the satisfaction of Indian consumers, we have also got our modules tested at the MNRE approved test centre in India. Besides getting and renewing these certifications on a regular basis, we stringently control each stage of our manufacturing process to prevent the production of a sub-standard or lowquality module. We are increasingly looking at automation in our production processes to avoid human intervention as much as possible in the entire production process. This has definitely led to increased “quality” output of modules. Being a local manufacturer and service provider always gives us an added advantage for the trust we have acquired of a decade of working in the Solar Energy sector in Rajasthan and its neighbouring states.

EQ: Kindly enlighten our readers on the performance of your modules in India in various geographic locations SB: Quality, performance, and durability of the solar panels is the prime concern of our users. With a trust of over a decade in the field of solar energy, SolarMaxx has secured a strong ground in Rajasthan's Solar market. “We have used SolarMaxx solar system and found it efficient, they give very satisfactory after sales service.” says Mr. K H Shah, Chairman of Rajesh Motors. As a solar PV module manufacturer producing high-efficiency mono and polycrystalline PV modules in our production facility at Jaipur we deliver modules as per the customers geographic location. Polycrystalline PV modules offer a better temperature coefficient for higher temperature regions and hence we focus more on poly panels for the hotter climate areas of North Western India around Rajasthan and Haryana. SolarMaxx partners with community institutions to turn them solar to spread a positive message in the society and promote alternate energy.

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exclusive interview

MR. RUCAS WANG REGIONAL DIRECTOR SOUTHEAST ASIA, GROWATT

EQ: What’s the capacity you have supplied to India in the last fiscal year? What is your target/expectation in 2019-2020? And what’s the foundation for such target? RW: : For last fiscal year 2018-2019, Growatt had shipped a total capacity of approximately 190 MW to India. In this new fiscal year, we are looking at an annual sales growth of 200% to 300%. A large proportion of the expected growth benefits from our increasing investment in India since early 2018. Growatt kept increasing our staffing in India and up until now we have over 15 service engineers for customer service. They have received professional product and technical training from Growatt and are well prepared to solve PV system issues across India. So far we have established our service center and warehouse in Hyderabad and service offices in 8 major cities to provide on-site service across India. Our toll-free service hotline (1800 120 600 600) has also been set up to provide fast response for our customers. Our efforts and hard work paid off. On May 21, Growatt received Best Service Network Solar Inverter Company of the Year for rooftop at the annual solar conference in Mumbai.

EQ: What’s your current business strategy in India? RW: Growatt is known for its focus on residential, commercial and industrial inverter solutions. Our product and technological advantages in these sectors are well recognized among the industry. And we are one of the leading inverter brands in rooftop sector in India. We are now the World No.3 Single-Phase Inverter Supplier according to the latest data released by IHS Markit. Therefore, we will strengthen our position and advantage in rooftop market and single-phase inverters. And as we have more service and sales engineers joining our Indian team. We can provide better service for developers and project clients of the commercial and industrial rooftop and utility-scale solar. With such strong foundation, we are confident ot contribute 10 times sales growth to our company in these sectors in this fiscal year.

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EQ: What according to you is the current opportunities, biggest challenges, in Indian Solar Market. RW: Indian solar market has many opportunities. It’s TOP3 solar market across the globe, which means great market potential and business opportunities for inverter companies. And Indian government has been supporting the development of solar energy with consistent policies.Under this backdrop, clients are increasingly demanding of inverter manufacturers. They want best functionalities of solar inverters at best prices. So the competition are very intense. And that poses a great challenge to the R&D capability of inverter brands. As a leading inverter brand Growatt has its advantages from this aspect. Our R&D strength will enable us to continue to meet the market demand and reach our sales target. Another challenge is the BIS certification, which is still under draft. We’ve developed a couple of new inverter models that are in the list to be launched once the BIS certification standards are finalized. These new inverters have got outstanding functionalities and are very competitive in terms of price. So they would meet the market demand very well.

EQ: Can you tell us more about your new inverter models? RW: Growatt R&D engineers set out to develop future PV solutions by integrating IoT technology and modern design. This next generation inverters, including MIN 2.5-6k TL-X, MID17-25kTL3-X, MAC 50-60kTL3-X, MAX 50-80kTL3 have got cool and elegant design. Their internal layout designs have been optimized to ensure maximum efficient and heat dissipation in order to suit the harsh operating conditions in India. They have got multi PPTs to make configuration flexible on irregular rooftops. By installing our monitoring accessories, clients can log onto our Online Smart Service (OSS) platform to monitor, upgrade and manage the installed PV systems. When end users report system failures, clients and our service engineers can quickly analyze and diagnose the fault points and solve the issues, saving time and money for O&M. End users can use the monitoring system to read their system production and consumption. We expect this smart tool will become popular among our clients.

JUNE 2019

opinion

India’s growing solar power programme could leave behind a trail of waste India has an ambitious solar power programme but currently no proper policy or mechanism to address the waste from solar panels. An estimated 200,000 tonnes of waste from solar photovoltaic panels could pile up in India by 2030 if no action is taken. Leaching of hazardous chemicals into the ecosystem can result in the loss of biodiversity, decreased growth and reproductive rates in plants and animals, and several other health hazards like adverse impact on kidney function, nervous, immune, reproductive and cardiovascular systems. While recycling could be a good system to manage the waste and an economic opportunity as well, it is still at a nascent stage and some components of PV panels are not recyclable as yet.

olar power may promise a bright future for India’s energy requirements, but behind the sheen is a growing mountain of waste. While the national government is pushing an ambitious solar power programme for India, it has, so far, failed to put in a mechanism to address the problem of waste, including environmentally hazardous materials, from solar photovoltaic panels that can be hazardous to the environment. A recent report by renewable energy consulting firm Bridge to India (BTI) said that the solar photovoltaic (PV) panels waste volume in India is estimated to grow to 200,000 tonnes by 2030 and around 1.8 million tonnes by 2050 – almost 200 times the weight of the Eiffel Tower. India’s current solar power target is 100,000 megawatts (100 gigawatts) by 2022, raised from 20,000 MW in June 2015 by the National Democratic Alliance (NDA) government. This 100-gigawatt target includes 40 GW rooftop and 60 GW through large and medium grid-connected solar power projects and India has advanced towards this target with the installed solar power capacity increasing from 2,631.93 MW in March 2014 to 28,180.71 MW in March 2019. However, this also means the amount of solar panel waste has increased during this time, with cases of early retirement of the panels. The lifetime of each PV panel is usually 20-25 years. Panels may be discarded earlier because of site accidents and poor quality. As per MNRE, it is estimated that for each MW of solar power, 75 MT (metric tonne) of PV modules are needed. BTI’s report explains that a solar photovoltaic panel is essentially made up of glass, metal, silicon and polymer fractions. While glass and aluminium, together constituting around 80 percent of the total weight, are non-hazardous, a few other materials used in the panel, like polymers, lead and cadmium compounds, are potentially environmentally hazardous.

JUNE 2019

“Leaching of lead has a huge environmental impact—loss in biodiversity, decreased growth and reproductive rates in plants and animals, and several other health hazards—adverse impact on kidney function, nervous, immune, reproductive and cardiovascular systems. Cadmium is a carcinogen with high toxicity as well as high accumulation potential in humans,” said the report. It also stressed that the polymer component used in solar modules is difficult to recycle and can only be incinerated which again poses “a significant health and environmental risk due to the formation of highly corrosive gases at the incineration stage.” “If landfilled inappropriately, waste and waste constituents can find ways into soil and water, resulting in a potentially damaging impact on the ecosystem,” it added. Experts have been emphasising that while solar installations are growing at a robust rate, little attention has been paid to module recycling in India.

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opinion

INDIA HAS NO POLICY TO DEAL WITH SOLAR PANEL WASTE AS OF NOW Surbhi Singhvi of BTI, who is one of the authors of the report, told Mongabay-India that “right now there is no policy to deal with the waste from the solar sector in India.” Solar waste just finds a mention in one place – the tender documents (of solar projects) – wherein it is said that the solar power developers are responsible to dispose the waste in line with the electronic waste rules. But the e-waste rules make no mention of the solar panel waste. So, it is no one’s responsibility, Singhvi explained.

“I believe that an effective mechanism for solar waste disposal can be put in place if the entire industry collectively works towards it and cooperates with each other,” wrote Tripathi, in his foreword for the BTI report adding that hoped the nation takes timely action on the matter rather than wait for the problem to become too big to handle.

The problem is not years away. It is right here right now. Developers have waste lying with them right now and this waste is mainly solar panels that get damaged in transportation or solar panels that were of poor quality that had to be replaced or damaged due to other reasons. This early life retirement of modules needs to be taken care of,” she said.

A senior official of Indian government ministry of new and renewable energy (MNRE), while wishing anonymity, admitted that the problem of waste from solar industry is on their radar now. MNRE is spearheading the renewable energy programme in India. “There is no national policy addressing this issue as of now. But we are working on it. Soon there may be a national regulation to tackle this problem,” said the official while adding that the problem of waste from solar modules also provides an economic opportunity to recover and recycle. Arun K. Tripathi, who is director general of the National Institute of Solar Energy (NISE), said that being one of the apex institutions in the field of solar energy it is their moral responsibility to set the right example in solar waste recycling and its safe disposal.

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Studies reveal that India in the next few years itself the country could face a huge amount of waste from the solar sector. Photo by Citizenmj/Wikimedia Commons.

JUNE 2019

opinion IS RECYCLING A VIABLE OPTION RIGHT NOW? Though all stakeholders recommend proper recycling for managing solar power waste, the report said that the reality is that the solar PV waste recycling is still at a nascent stage globally, both in terms of technical standards and physical infrastructure. “The waste is usually sent to laminated glass and metal recyclers that recover 70-80 percent of the material by weight. Advanced recycling technologies can potentially push this up to 92 percent. Most materials other than glass, aluminium, and copper are usually not recovered and must be incinerated or landfilled. Unfortunately, PV module recycling is still not commercially viable,” the report said.

“There are clear environmental and commercial benefits of properly disposing of solar waste. So, if you look at solar modules there is some amount of silver. While it is very small by weight, it is quite big in terms of commercial value. Then there is solargrade silicon – which is about 40 percent by value. Because of the presence of such high-value materials, there are substantial commercial gains to be made. But the problem is that in India we don’t have the requisite recycling facilities that can recover these materials. Right now we are not even able to separate glass from the metal frame, leave alone taking out silver or silicon from the modules,” report author Singhvi said. She also stressed that for recycling to make commercial sense there need to be facilities all around India otherwise huge transportation cost would be involved – which is not viable. The total estimated cost including transportation can vary between $400-600 (approximately Rs. Rs 28,000-42,000) per tonne, which is far above the value of the recovered material. Singhvi informed that the European Union (EU) has already taken a lead in addressing the problem with a comprehensive plan for allocating liability, setting recovery and recycling targets, treatment requirements, and consumer awareness. “If right practices are followed, there is a clear commercial and environmental gain. The right practices include using water efficiently in the cleaning of panels and proper recycling of solar panel waste,” she added.

THE GLASS USED IN SOLAR PANELS IS ALSO A CAUSE OF WORRY Recently, the National Green Tribunal (NGT) was hearing a case regarding the use of “antimony-containing glasses in solar photovoltaic panels and the possible environmental risks or consequences at the end of life of such solar panels.” Solar panels contain a substance called antimony, used to improve stability of the solar performance of the glass upon exposure to ultraviolet radiation or sunlight, which would leach from the glass when the waste panels were exposed to wet conditions. Realising that there is no policy or rules on management of antimony-containing glass used in solar panels, the NGT in an order in February 2019 had directed the environment ministry to complete the exercise of preparing and declaring a policy or rules for management of antimony-containing solar glass panels within three weeks after the receipt of the blueprint from the MNRE. In March 2019, the MNRE had made public a draft of the blueprint to deal with antimony-containing solar panels. The draft noted that solar panels with antimonycontaining glass (SPACG) may be considered as a ‘low effect’ waste that needs to be regulated for environmentally safe handling, recycling or disposal. Antimony is a silvery-white metal that is found in the earth’s crust. It is a type of heavy metal. Commercially, the most used compound of antimony is antimony trioxide (ATO), which is a white powder and slightly soluble in water, and the other compound is potassium antimony tartrate, which was used as an emetic (a medicine that induces nausea and vomiting) during the Middle Ages. The MNRE draft blueprint noted that antimony in the form of potassium antimony tartrate is a toxic compound but the textured solar glasses used in solar

JUNE 2019

PV modules contain antimony in the form of antimony trioxide, which is considered by the World Health Organization to have very low toxicity, due to its low solubility in water and poor bioavailability. It also noted that that toxicological effects of antimony that may release from solar panel glass, even if it exceeds the specified WHO norms, will be less. The MNRE’s draft blueprint also noted that the recycling facilities for the solar panels with antimony-containing glass at the end of life is not yet available in the country. The draft is expected to be finalised soon after which environment ministry is expected to come out with a policy on it. “Such facilities may be created by industry once the adequate quantity of PV waste is available for recycling and also a policy framework that stipulates the responsibility to the generator or producer for sending the waste for recycling,” the draft added. It also suggested that considering the leaching potential of antimony, the end-of-life solar panels may be treated as ‘low effect waste’ and handled as per the provisions under Hazardous and Other Wastes Management Rules, 2016.

On this, BTI’s Surbhi Singhvi said that “most of the environmentally hazardous materials used in modules lie outside of the glass.” “For example, lead is used in modules which is extremely hazardous and dangerous to the environment. Then there are various polymers that cannot be recycled. You can only incinerate them and when that is done HFCs are emitted which again pollutes the air. However, the antimony case represents the first step towards ensuring appropriate disposal of solar waste,” she said.

PROPER RECYCLING IS IMPORTANT TO JUSTIFY THE ‘GREEN ENERGY’ TAG Experts believe that there is no doubt regarding the benefits of solar power but they feel that to justify the ‘green energy’ tag, the solar sector needs to adopt a proper process to address critical issues like end-of-life recycling. Satish Sinha, who is an associate director with Toxics Link, said that, no thought has been given to the expected waste from the solar sector. “In about 15-20 years from now, this waste could pose a serious threat on account of large volumes and the absence of an ecosystem comprising of policy framework and technology to manage this waste. The waste arisings are not only solar panels but also connectors, cables, storage devices etc. making it extremely complex to handle. It has always been the case that new materials or products are introduced in the market with little or no thought to its end of life management, finally passing the burden to society. Electronic waste is a case wherein the country pushed ahead with digitisation and connectivity but did not plan for the end of life management of waste and is now struggling to find a meaningful solution,” he said. On a query regarding the environmental impact of the manufacturing process, he explained that, at present, India is not a major manufacturer of solar panels since most of it is manufactured abroad and is primarily only assembled in India.

Source: cnbctv18

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opinion

Oriano completes

9 projects for Cleantech Solar across multiple statestates 76

JUNE 2019

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opinion

13.75 MWp installed by Oriano for Cleantech Solar across 9 projects in 7 states/UTs in India. 10 MWp solar power plant in the final stage of completion. Oriano has been ranked in top 10 solar EPC players in India according to annual EPC rankings by Bridge to India.

riano Solarfurther strengthened its position in solar EPC business with the completion of9 projects totaling 13.75MWp located across7 states/UTs including Madhya Pradesh, Andhra Pradesh, Maharashtra, Tamil Nadu, Karnataka, Puducherry andRajasthan in the last 6 months.Additionally, a 10 MWp solar PV power plant is in the final stage of completion. Oriano Solar was selected to do the Engineering, Procurement and Construction (EPC) for these projects.

These projects were quite challenging considering multiple locations and difficult land parcels. However, Oriano Solar with itsspeed of execution, commissioned the solar PV projectsin a very tight schedule, said Prashant Kothari, Director of Finance & Operations, Cleantech Solar.

K.G. Vijayvarghia, Business Head – EPC, Oriano Solar, said “We have a vision to cross 1 GW of execution by Oriano by 2022 that can offset carbon dioxide emission of 1.2 million metric tons annually and collectively contribute in India's Solar Energy goal of 100 GW by 2022.”

These plants will generate clean energy that will offset annual carbon dioxide emission of 29,300 metric tons and have created 310+ construction jobs over a period of 6 months.

Raju Shukla, Cleantech Solar Founder and Executive Chairman said “These projects will help industrial and commercial customersto have substantial cost savings without having to make capital investment and meet their sustainability goals. We are happy to have chosen Oriano as an EPC partner to build these projects.”

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Cleantech has been a key partner in our growth journey from our initial days and we are proud of working with Cleantech Solar on various projects. We are thankful to our partners, suppliers and developers who have trusted us in our capabilities, said Sameer Shah, Cofounder & Chairman, Oriano Solar.

JUNE 2019

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