EV UPDATES

State

Bihar Madhya Pradesh Puducherry Chhattisgarh Uttar Pradesh

Telangana

Kerala

Chhattisgarh Jammu & Kashmir

Madhya Pradesh

Punjab

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DISCOM

Capacity (MW) PPA/PSA signed by NTPC Bihar DISCOMs 300

MPPMCL 200

PED CSPDCL UPPCL UPPCL UPPCL UPPCL 100

190

140 85

20

20

UPPCL 20

Telangana DISCOMS Telangana DISCOMS Telangana DISCOMS Telangana DISCOMS Telangana DISCOMS Telangana DISCOMs Telangana DISCOMs Telangana DISCOMs Telangana DISCOMs Telangana DISCOMs Telangana DISCOMs KSEBL 150

300

230

139 161

250 296

90

20

56

735

90

PPA/PSA signed by NHPC CSPDCL 400

JKPCL JKPCL MPPMCL 20

600

300

MPPMCL 380

MPPC 320

PSPCL 300 Tariff (₹/kWh)

2.60

2.63 2.63

2.25

3.17

3.02 3.06

3.02

3.02 2.86

2.86

2.69 2.86

2.86

2.86

2.86

2.74 2.69 2.69

2.45

2.97

2.55 2.56

2.55

2.55

2.55

2.55 2.56

Source: Lok Sabha Update

INSTALLED CAPACITY TRENDS

The share of Wind Power has decreased by two percent in 2021 compared to 2020 installation, as it has a market share of 29 percent in 2021, of the total installed capacity among Hydro (excluding pumped storage), Wind and Solar. In 2021, Solar Power installed capacity constitute 36 percent share

among the total installed capacity of Hydro, Wind, and Solar Power, on the other hand, the share of Hydro Power (excluding pumped storage) was in the decreasing mode on yearly basis and decreased by 3 percent, but the installed capacity has increased by 1.34 percent year over year from 2020 to 2021.

In 2011, the share of Hydro Power as mentioned in the above chart was 69 percent, which has gradually decreased year over year since 2011. The Ministry of Power is also putting RPO compliance for

Hydro Power to give a boost to the segment, and the installations have started to increase for Hydro by 1.34 percent from2020 to 2021.

APPROVED LIST OF MODELS AND MANUFACTURERS (ALMM)

The Ministry of New & Renewable Energy has issued Approved List of Models and Manufacturers (ALMM) order dated 2nd January 2019. Due to the pandemic, government officials were not able to inspect the foreign production unit, even domestic players are facing issues to enlist their capacity. Below are the only Indian manufacturers who can get their registration under the ALMM list-l by December 2021.

Many large Solar PV tenders are mentioning the requirement of ALMM registered panels, but the Indian Solar Market is being dominated by Chinese players who are not able to get their capacity under ALMM to be supplied to this project. As of Q4 2021, around 10,726 MW of manufacturing installed capacity has been enlisted with 41 companies, compared to Q3 2021 where 34 companies were listed with 8,872 MW of capacity.

Approved list - I of Solar PV Module Manufacturers as Per the List issued by MNRE

Manufacturer Enlisted Capacity (MWs / Year) Location Country

1 Mundra Solar PV Ltd. 2 Vikram Solar Ltd. 3 Bharat Electronics Ltd. 4 Emmvee Photovoltaic Power Pvt. Ltd. 5 ORB Energy Pvt. Ltd. 6 Tata Power Solar Systems Ltd. 7 Swelect Energy Systems Ltd. 8 RenewSys India Pvt. Ltd. 9 Premier Energies Ltd. 10 Visaka Industries Ltd. 11 Websol Energy System Ltd. 12 Sova Solar Ltd. 13 Goldi Solar Pvt. Ltd. 14 Australian Premium Solar (India) Pvt. Ltd. 15 Solex Energy Ltd 16 Topsun Energy Ltd. 17 Waaree Energies Ltd. 18 Waaree Energies Ltd. 19 Waaree Renewables Pvt. Ltd. 20 Icon Solar-En Power Technologies Pvt. Ltd. 21 PV Power Technologies Pvt. Ltd. 22 Saatvik Green Energy Pvt. Ltd. 23 Navitas Green Solutions Pvt. Ltd. 24 Central Electronics Ltd. 1100 Tunda, Mundra SEZ, Mundra, Gujarat, India 970 Falta SEZ, South 24 Parganas, West Bengal, India 10 Jalahalli, Bengaluru, Karnataka, India 500 Bettahalasuru, Bengaluru, Karnataka, India 50 Yeshwanthapura, Bengaluru, Karnataka, India 300 Electronic City, Bengaluru, Karnataka, India 140 Dabaspet, Nelamangala, Bengaluru, Karnataka, India 750 FAB City, Hyderabad, Telangana, India 482 Annaram, Medak, Telangana, India 30 Gajalapuram, Miryalagunda, Nalgonda, Telangana, India 250 Falta SEZ, 24 Parganas (South), West Bengal, India 240 Banskopa, Durgapur, West Bengal, India 500 Pipodara, Surat, Gujarat, India 50 Tajpur, Sabarkantha, Gujarat, India 45 GIDC, Vitthal Udyognagar, Anand, Gujarat, India 100 Linch, Mehsana, Gujarat, India 1000 Tumb, Umbergaon, Valsad, Gujarat, India 500 Surat SEZ, Diamond Park, Sachin, Surat, Gujarat, India 500 Nandigram, Umbergaon, Valsad, Gujarat, India 125 Dighari, Mandir Hasaud, Arang, Raipur, Chhattisgarh, India

India India India India India India India India India India India India India India India India India India India India 200 Tarapur Textile Park Ltd., Boisar East, Palghar, Maharashtra, India India 240 Dubli, Ambala, Haryana, India India

100 Hojiwala Industrial Estate, Surat, Gujarat, India 35 Industrial Area, Sahibabad, Uttar Pradesh, India India India

25 Patanjali Renewable Energy Pvt. Ltd 26 Jakson Engineers Ltd. 27 Himalayan Solar Pvt. Ltd. 28 Sun N Sand Exim (India) Pvt. Ltd. 70 UPSIDC Industrial Area, Greater Noida, Uttar Pradesh, India

India 80 Ecotech III, Udyog Kendra, Greater Noida, Uttar Pradesh, India India 40 HSIIDC Industrial Estate, Alipur Barwala, Panchkula, Haryana India 40 HSIIDC Industrial Estate, Bahadurgarh, DisttJhajjar, Haryana India

29 Insolation Energy Pvt. Ltd 30 Pennar Industries Ltd 31 GreenBrilliance Renewable Energy LLP 32 M/s. Sanelite Solar Pvt. Ltd. 33 M/s. Gautam Solar Pvt. Ltd. 34 M/s. Solarium Green Energy LLP. 35 Novasys Greenergy Pvt. Ltd

36 Pahal Solar

37 Pixon Green Energy Pvt. Ltd.

38 Alpex Solar Pvt. Ltd.

39 Vikram Solar Ltd.

40 Contendre Greenergy Pvt. Ltd.

41 Ritika Systems Pvt Ltd.

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100 Khasra No 766/2, Vill-Bagwara, TehAmer Jaipur, Rajasthan 75 Chandpur, Sadasivapet, Sangareddy, Telangana India India

50 GIDC Estate, Waghodia, Vadodara, Gujarat

India 20 Bhagyalaxmi Industrial Estate, Rakanpur, Gandhinagar, Gujarat India 110 Sector-8A IIE, Sidcul Haridwar, Uttrakhand249403, India. India 70 At Bhamasra, Ta:Bavla, Dist: Ahmedabad 382240, Gujarat, India India 100 Khasra No. 185, Mouza: Mahalgaon, Tehsil: Kamptee, Nagpur-441202, Maharashtra India

100 189, Block No.-71, Olpad Sayan Road, Atodara, Olpad Surat-394540, Gujarat. 355 R.S. No. 157/1, 158/1, 158/2, 165/1, 166 of Khijadiya Nana, R.S. No. 15/1 of Depaliya, Padadhari, Rajkot Gujarat-360110 240 Plot No. I-25 &I-26, UPSIDC, Site-5, Kasna, Greater Noida, Uttar Pradesh-201306 India

India

India

972 B1000A, B1100C, Indospace Industrial Park, Panruti Pvt. Ltd., Survey No-2/A, Sriperumbudur Taluk, Panaiyur Village, Kanchipuram, Tamil Nadu603302, India. 47 Unit No: I/6, Rajlakshmi HiTech Industrial Park, Sonale Village, Bhiwandi, Maharashtra India

India

40 G-166, Industrial Area, Neemrana - II, Alwar-301705, Rajasthan, India. India

Source: MNRE

The Solar PV module manufacturers from Gujarat got the maximum capacity of approved capacity under the ALMM List-l, having a capacity of 4.73 GW with 15 companies, followed by Karnataka with 5 companies of 1 GW capacity. Telangana got four companies listed with 1.337 GW production capacity, West Bengal got two companies with 1.22 GW. Chhattisgarh, Haryana,

and Uttarakhand with just a single company listed under ALMM List-l.

Tamil Nadu has an upcoming Solar Panel manufacturing unit of 4 GW from Tata Power Solar, the state has announced the inauguration of 1.2 GW of Solar PV Module manufacturing unit of Vikram Solar in 2021. Even, First Solar also announced 3.3 GW of manufacturing units in Tamil Nadu, soon going to be online.

SCHEMES AND RELIEF PACKAGES TO PROMOTE LOCAL MANUFACTURING OF SOLAR PANELS

(i) Modified Special Incentive Package Scheme (MSIPS) Scheme of Ministry of Electronics & Information Technology: The scheme mainly provides a subsidy for capital expenditure –20 percent for investments in Special Economic Zones (SEZs) and 25 percent in non-SEZs. The Scheme was open to receive applications till 31st December 2018.

(ii) Production Linked Incentive (PLI) Scheme for High-Efficiency Solar PV Modules: To enhance India’s manufacturing capabilities and exports, on 28th April 2021, the MNRE has issued the Scheme Guidelines for PLI Scheme ‘National Programme on High-Efficiency Solar PV Modules’, with an outlay of ₹4,500 crore ($594.75 million). The Scheme has provisions for supporting the setting up of integrated manufacturing units of high-efficiency Solar PV modules by providing PLI on sales of such Solar PV modules.

(iii) Preference to ‘Make in India’ in Public Procurement in Renewable Energy Sector: MNRE vide its Order No. 283/22/2019-Grid Solar dated 09th September 2021, has inter-alia, prescribed that in public procurement of items in respect of which there is sufficient local capacity and local competition, only Class-I local supplier shall be eligible to bid. Class-I local supplier means a supplier or service provider, whose goods, services, or works offered for procurement, has local content equal to or more than 50 percent. Solar PV modules are one of the products identified as having sufficient local capacity and competition.

(iv) Domestic Content Requirement (DCR): Under some of the current schemes of the MNRE, namely CPSU Scheme Phase-II, PM-KUSUM, and Grid-connected Rooftop Solar Programme Phase-II, wherein government subsidy is given, it has been mandated to source Solar PV cells and modules from domestic sources.

(v) Imposition of Basic Customs Duty on import of Solar PV cells & modules: The Government has announced the imposition of BCD on import of solar PV cells and modules with effect from 01 April 2022.

(vi) Discontinuation of Customs Duty Concession benefits: Ministry of Finance (Department of Revenue) vide its Gazette Notification No. 7/2021-Customs dated 01 February 2021, has rescinded its earlier Notification No. 1/2011-Customs dated 06.01.2011 thereby withdrawing the benefit of concessional customs duty on the items imported for initial setting up of the Solar power projects with effect from 02 February 2021.

STEPS TAKEN BY THE GOVERNMENT

TO INCREASING SOLAR ENERGY GENERATION IN THE COUNTRY

Declaration of trajectory for Renewable Purchase Obligation (RPO) up to the year 2022. Permitting foreign direct investment (FDI) up to 100 percent under the automatic route. Waiver of ISTS charges for inter-state sale of Solar and Wind power for projects to be commissioned by 30th June 2025. Setting up of Solar parks to provide land and transmission to RE developers on a plug and play basis. Schemes such as PM-KUSUM, Solar Rooftop Phase II, 12,000 MW CPSU Scheme Phase II, etc. Laying new transmission lines and creating new sub-station capacity for evacuation of renewable power under Green Energy Corridor Scheme. Notification of standards for deployment of Solar PV system/devices. Setting up of Project Development Cell for attracting and facilitating investments. Standard Bidding Guidelines for tariff-based competitive bidding for procurement of power from Grid Connected Solar PV and Wind Projects. Government has issued orders that power shall be dispatched against Letter of Credit (LC) or advance payment to ensure timely payment by distribution licensees to RE generators. Launch of Green Term Ahead Market (GTAM) to facilitate sale/purchase of Renewable Energy including Solar power through exchanges.

TO ARREST THE PRICE HIKE OF ELECTRICITY

(i) Government of India announced a Liquidity Infusion Scheme (LIS) through PFC and Rural REC as a part of the Aatmanirbhar Bharat Abhiyan. Under this intervention, REC and PFC are extending special long-term transition loans up to 10 years to discoms. As on 07 December 2021, PFC & REC have disbursed ₹1,03,387 crore ($13.856 billion) to various Power discoms. This has reduced the burden of late payment surcharge (LPS) of discoms.

(ii) CERC, in accordance with the directions issued by the Government of India under section 107 of the Electricity Act, 2003, had issued an order to the effect that if any delayed payment by the discoms to the generating companies and inter-state transmission licensees

beyond 45 days from the date of the presentation of the bills falls between 24.03.2020 and 30.06.2020, the concerned distribution companies shall make the payment with LPS at the reduced rate of 12% per annum.

(iii) The Electricity (Late Payment Surcharge) Rules, 2021 notified on 22.02.2021 have reduced the rate of late payment surcharge. This will reduce the financial burden of Discoms.

(iv) Discoms have also been permitted to exit from the PPA of Central Generating Stations which have completed 25 years. This will reduce the power purchase cost of the Discoms.

TO PROMOTE RENEWABLE ENERGY

SCHEME FOR SOLAR ENERGY

I. Permitting FDI up to 100 percent under the automatic route II. Waiver of ISTS charges for inter-state sale of Solar and Wind power for projects to be commissioned by 30th June 2025 III. Laying of new transmission lines and creating new sub-station capacity for evacuation of renewable power. IV. Declaration of trajectory for RPO up to the year 2022. V. Setting up of RE parks to provide land and transmission to RE developers on a plug and play basis. VI. Schemes such as PM-KUSUM, Solar Rooftop Phase II, 12,000 MW CPSU Scheme Phase II, etc. VII. Notification of standards for deployment of Solar photovoltaic system/devices. VIII. Setting up of Project Development Cell for attracting and facilitating investments. IX. Standard Bidding Guidelines for tariff-based competitive bidding for procurement of power from gridconnected Solar PV and Wind projects. X. Government has issued orders that power shall be dispatched against Letter of Credit (LC) or advance payment to ensure timely payment by distribution licensees to RE generators. XI. Green Term Ahead Market (GTAM) was launched to facilitate procurement of REpower through power exchange in the country.

a) Rooftop Solar Programme Ph-II DETAILS OF MAJOR SCHEMES FOR PROMOTION OF SOLAR ENERGY

Addition of 4000 MW RTS capacity in Residential Sector through provision of Central Financial Assistance (CFA). In addition, incentives to Discoms for initial 18000 MW RTS capacity addition. "(i) For Residential Sector - Central Financial Assistance (CFA) of 40% for capacity up to 3 kWp - CFA of 20% for capacity beyond 3 kWp and up to 10 kWp - CFA of 20% for GHS/RWA capacity up to 500 kWp (limited to 10 kWp per house and total upto 500 kWp) (ii) For Discoms incentives up to 10% of project cost of new installations in a year depending upon achievements in capacity addition above baseline."

"b) Grid connected Solar PV Power Projects by the Government Producers under CPSU scheme." "c) Solar Park Scheme for setting up of 50 Solar Parks and Ultra Mega Solar Power Projects targeting over 40,000 MW of solar power projects." d) Pradhan Mantri- Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM- KUSUM) Total size of the scheme 12, 000 MW.

Total size of the scheme 40, 000 MW.

"Component A: Setting up of 10,000 MW of Decentralized Ground/Stilt Mounted Power Plants Component B: Installation of 20.00 Lakh Stand-alone Solar Pumps Component C: Solarisation of 15 Lakh Grid Connected Agriculture Pumps including through feeder level solarisation"

Source: Lok Sabha Update

VGF of upto Rs. 55 lakhs/ MW; actual VGF is decided through bidding.

"Upto ₹25 lakh per Solar park for preparation of Detailed Project Report (DPRs). ₹20 Lakh per MW or 30% of the project cost including Grid-connectivity cost, whichever is lower."

"Procurement Based Incentive (PBI) to the DISCOMs @40 paise/kWh or ₹6.60 lakhs/ MW/year, whichever is lower, for buying solar/ other renewable power under this scheme. The PBI is given to the DISCOMs for a period of five years from the Commercial Operation Date of the plant. Therefore, the total PBI that payable to DISCOMs is ₹33 Lakh per MW. CFA of 30% of the benchmark cost or the tender cost, whichever is lower, of the standalone solar Agriculture pump is provided. However, in North Eastern States, Sikkim, Jammu & Kashmir, Ladakh, Himachal Pradesh and Uttarakhand, Lakshadweep and A&N Islands, CFA of 50% of the benchmark cost or the tender cost, whichever is lower, of the stand-alone solar pump is provided. CFA of 30% of the benchmark cost or the tender cost, whichever is lower, of the solar PV component will be provided. However, in North Eastern States, Sikkim, Jammu & Kashmir, Ladakh, Himachal Pradesh and Uttarakhand, Lakshadweep and A&N Islands, CFA of 50% of the benchmark cost or the tender cost, whichever is lower, of the solar PV component is provided."

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HYDROGEN UPDATES

Reliance New Energy Solar and Stiesdal Sign a Cooperation Agreement for Hydrogen Reliance New Energy Solar Limited, a wholly-owned subsidiary of Reliance Industries Limited, and Denmarkbased Stiesdal A/S (Stiesdal) signed a cooperation agreement for technology development and manufacturing of Stiesdal’s HydroGen Electrolyzers in India. The agreement was signed during a state visit of Denmark to India and announced in the presence of the Prime Minister of both countries (India & Denmark).

GAIL to Build Green Hydrogen Plant in India State-owned GAIL (India) Ltd will build India's largest green hydrogen plant in the next 12-14 months. The company is looking at building a 10 MW electrolyzer capable of generating 4.5 tonnes of green hydrogen daily. GAIL has already floated a global tender to buy the electrolyzer and is hoping to get delivery in the coming 12-14 months. It will take 12-14 months to put the plant, the company has also finalized 2-3 sites for the unit including one at Vijaipur in Madhya Pradesh, where the company has a gas processing plant.

ReNew Power Wants to Set Up Green Hydrogen Production Facility in Madhya Pradesh The company is keen to set up a 50-kiloton green hydrogen production unit in the state said Chairman and Managing Director of ReNew Power, which will be the first project of this capacity in the world. He said hydrogen produced from green energy is useful from point of view of environmental protection. Considering the abundant Solar and Wind energy available in the state, there is ample potential for green hydrogen production in the state. Renew Power is ready to invest ₹18,000 crore (US$ 2.414 billion) in the proposed project. This will employ about 2,000 people. Ohmium Ships First Hydrogen Electrolyzer Unit to The United States Ohmium International, through its Indian subsidiary, has shipped its first unit of electrolyzer from India to the United States, as a first step towards establishing India as a global hub for green hydrogen generation. The electrolyzer has been manufactured by Ohmium at its Bengaluru plant, India’s first green hydrogen electrolyzer Gigafactory. This was set up to ensure the availability of end-to-end solutions within the country and reduce dependency on imports for this key equipment (electrolyzer). This development comes as a breakthrough for the start-up’s ongoing mission in alignment with the nation’s ‘Make in India’ and net-zero emission commitments. L&T and ReNew Announce Partnership for Green Hydrogen Business in India Larsen & Toubro (L&T), India's leading engineering conglomerate, and ReNew Power India's leading renewable energy company announced a partnership agreement to tap the emerging green hydrogen business in India. Under this agreement, L&T and ReNew will jointly develop, own, execute and operate green hydrogen projects in India. L&T and ReNew Power signed an agreement to tap $2 billion green hydrogen business opportunities in two years in India and the neighbouring countries, quoted by the CEO and MD of L&T.

India’s First Green Hydrogen Microgrid Projects Coming Up at Simhadri NTPC has awarded a project of “Standalone Fuel-Cell based Micro-grid with hydrogen production using electrolyser in NTPC Guest House at Simhadri. It is India’s first Green Hydrogen-based Energy Storage Project. It would be a precursor to large-scale hydrogen energy storage projects and would be useful for studying and deploying multiple microgrids in various off-grid and strategic locations of the country. The hydrogen would be produced using the advanced 240 kW Solid Oxide Electrolyser by taking input power from the nearby floating Solar project. The hydrogen produced during sunshine hours would be stored at high pressure and would be electrified using a 50 kW Solid Oxide Fuel Cell. This unique project configuration is designed inhouse by NTPC. Bloom Energy to Power India’s First Green Hydrogen Microgrid NTPC has awarded the project of ‘Standalone Fuel-Cell based 50 kW Micro-grid Pilot project with hydrogen production using electrolyzer’ to Bloom Energy India at NTPC Simhadri (Andhra Pradesh). This will be India’s first green hydrogen-based energy storage project and one of the world’s largest. The hydrogen would be produced using the advanced 240 kW Solid Oxide Electrolyser by taking input power from the nearby floating Solar project. EV UPDATES

PFC Forays into Financing Green Energy Projects for Deploying 700 Electric Buses PFC made its foray into financing Green Energy Projects by extending financial assistance of ₹570 crore ($75.89 million) for deploying 700 electric buses under FAME-II initiative to e-mobility platform supported by Government of India and Government of U.K. The initiative will help in providing e-mobility in various cities of Uttar Pradesh viz Meerut, Agra, Lucknow, Kanpur, Varanasi, etc for intra-city operations under the PPP model thus reducing carbon footprint and offering green energy solutions. PFC is all set to play a pivotal role in promoting green and clean energy through EVs. PGCIL Ready to Invest for EV Charging Station Power Grid Corporation of India Limited (PGCIL) is an Indian statutory corporation under the jurisdiction of the Ministry of Power states that the corporation is ready to invest in an electric vehicle charging station. The PGIL board in meeting declared the ₹14.23 crore ($1.89 million) investment, also to create an arm to undertake telecom and digital technology businesses for setting up of electric vehicle charging station in Navi Mumbai under the FAME India Scheme Phase-II.

BEST Electric Buses to be Charged with Solar Brihanmumbai Electric Supply and Transportation (BEST) electric bus rides will now be on 100% green energy as BEST switched from coal-based thermal plants to Solar energy for its 386 buses fleet. BEST is procuring power from the grid from those who opted for Solar PV panels. Subsidy of 40% will be availed for rooftop projects in buildings and BEST is catering to 580kWp of Solar capacity with CFA from the government.

Tata Power Achieves More Than 1000 EV Charging Stations Across the Country Tata Power has a network of more than 1000 EV charging stations across the country, achieving a major milestone in India’s journey towards green mobility. This network of 1000 public EV charging stations provides EV charging experiences for customers across Offices, Malls, Hotels, Retail Outlets, and places of public access, enabling clean mobility and freedom from range anxiety. In addition, there are close to 10,000 home EV charging points, which make EV charging super-convenient for vehicle owners. The Company is planning to have a base of 10,000 Charging Stations as also to enable whole stretches of highways into e-highways across the length and breadth of the country. Greaves Electric Mobility Opens Its Largest EV Production Facility in Tamil Nadu Greaves Electric Mobility, the E-Mobility arm of Greaves Cotton Limited inaugurated its largest EV production facility in Ranipet, Tamil Nadu. The 35-acre plant built to preserve the green terrain surrounding the site is located in the Industrial Centre of Tamil Nadu and will serve as an electric mobility hub for both domestic and export markets. The Plant is part of the ₹700 crore ($93.209 million) investment roadmap announced by the Company to expand its growing share in the Indian electric vehicle market. The Ranipet Plant will have the capacity to produce 120,000 units by end of this fiscal year and gradually ramp up to 1 million units in near future. Goa Approves Policy Aiming For 30 Percent EV By 2025 The Goa government has approved Goa Electric Mobility Promotion Policy (GEMPP) 2021. This policy encompasses several different incentives, subsidies, and goals, all in a bid to electrify Goa. The Goa government hopes to have 50 percent of their ferries running on battery power, in the next four years. Notably, there will be an emphasis on having at least 30 percent of vehicles in Goa to be electric by 2025. This will also be achieved by promoting investment in electric mobility start-ups or companies,

which are looking to set up EV-related ventures like service, maintenance, innovation, skill development, and research & development. Some of the incentives also include benefits around scrapping, waiver on road tax and registration, swappable battery stations, and more. The Goa government will first 3,000 twowheelers, 50 three-wheelers, and 300 four-wheelers. Ministry of Heavy Industries Supports Electric Vehicles by Way of Demand Incentive Ministry of Heavy Industries( MHI), under Phase-II of FAME India Scheme, supported about 1.65 lakhs Electric Vehicles as of 25th November 2021, by way of demand incentive amounting to about ₹564 crore ($75.09 million). Further, 6,315 electrical buses have been sanctioned to various State/City Transport Undertakings under Phase-II of the Scheme. Ministry has also sanctioned 2,877 Electric Vehicles (EVs) Charging Stations amounting to ₹500 Crore (approx.) ($66.57 million) in 68 cities across 25 States/UTs and 1576 charging stations amounting to ₹108 crore (approx.) ($14.37 million) across 9 Expressways and 16 Highways under FAME India (Faster Adoption and Manufacturing of Hybrid & Electric Vehicles in India) Scheme Phase II.

Jio-Bp and Mahindra Group Sign MoU for EV and Low-Carbon Solutions

Reliance BP Mobility Limited (RBML), operating under the brand name Jio-bp and the Mahindra Group, announced a non-binding MoU for exploring the creation of EV products and services, alongside identifying synergies in low-carbon and conventional fuels. The MoU also covers evaluating charging solutions by Jio-bp for Mahindra vehicles including electric 3 and 4 wheelers, quadricycles, and e-SCV (Small Commercial Vehicles – sub 4 ton). This would include captive fleets and last-mile mobility vehicles of Mahindra Group. The partnership aims to leverage the strengths of both companies in the areas of EV products and services.

Mahindra Group and its channel partner locations will be evaluated for the setting up of Jiobp Mobility Stations and EV charging and swapping points apart from utilizing existing Jio-bp stations.

TVS Motor and BMW Motorrad Announce Cooperation Agreement for EV TVS Motor Company and BMW Motorrad announced that they are extending and expanding their long-term partnership with the joint development of new platforms and future technologies, including Electric Vehicles. Based on this decision, TVS Motor Company’s scope will include the design and development of future BMW Motorrad products and delivering worldclass quality, supply chain management, and industrialization. BMW Motorrad and TVS Motor Company will develop common platforms by mutually tapping the emerging technologies in the future mobility space, keeping in mind the global requirements of customer segments in various markets.

MG Motor India Leads the Way in EV Battery Recycling with Attero MG Motor India, in partnership with Attero, has successfully recycled MG’s first EV battery and the metal extracts along with various other commodities from the recycling process can be used to develop new batteries. With this significant achievement, MG Motor India has further augmented its initiatives to strengthen the EV ecosystem, essentially making it greener and sustainable. The move is also in synergy with MG’s ChangeWhatYouCan campaign, encouraging people to make a difference in their own lives and the world around them. MG Motor India has teamed up with Attero recycling to reuse and recycle Li-ion batteries of India’s first Pure Electric Internet SUV - ZS EV. Conclusion

The installations in the fourth quarter of 2021 were the highest in the past two years. There is an exponential growth of Solar installation during this quarter. Duty-free window and upcoming BCD force the developers to commissioned their project during this period. The distributed sector was doing good, and Commercial and Industrial segment installations were increasing quarter over quarter due to upliftment of restrictions and inflow of foreign funds in the sector as Fourth Partner bought the whole rooftop portfolio of ReNew Power, which was backed by foreign investors. India installed over 2.75 GW of Solar Rooftop in the calendar year of 2021. Even the installations in Utility-scale are doing good, there is a seven percent growth quarter over quarter, and the installations were almost three times more than the previous year's installation. But there is a wait and watch situation in 2022 as BCD will be there on the Solar PV module, how the domestic developers will react with that and how Chinese suppliers will come up with the extra cost on Solar PV. 2021 was a great year for the Indian Power industry, such as on 7th July 2021 -highest ever all India demand of 20,0570 MW achieved, over 5 lakh smart-meters installed in Andaman & Nicobar Islands, Bihar, Himachal Pradesh, Madhya Pradesh, Punjab & Rajasthan, Total cleared volume in Green Term Ahead market increased from 785.83 MU in 20202021 to 2,744 MU in 2021-22, REC mechanism redesigned to promote new renewable technologies, while Electricity (Transmission Planning, Development, and Recovery of ISTS Transmission Charges) Rules, 2021 issued to give power sector utilities easier access to electricity transmission network across the country.

The installation in 2021 was going to be more than the actual but due to price fluctuation of the raw materials, along with transportation issues affect the yearly installations. But, as per the current scenario, many under-development projects are going to be commissioned even though the BCD will impose from April 2022, as this is the most crucial year from the JNNSM target which was set for 100 GW by December 2022 for solar.

FEATURED Navitas Solar Launches Solar Water Pumping Systems

To provide a more sustainable and environmentally friendly solution to the water shortage and storage issues in remote areas, Navitas Solar has proudly launched Solar Water Pumps. These pumps are an ideal combination of Green Energy, Economy, and Reliability.

The World has been drawing water using pumps powered by Diesel, IC engines, or utility electricity. Yet, the biggest issue with Diesel pumps is that they have a hazardous impact on the environment. Even the pumps powered by utility electricity are difficult to use in remote areas due to the unavailability of the supply. Hence, Navitas Solar has come up with the Solar Water Pumps. They have a significantly lower environmental impact compared to other pumps since they emit less pollution and help in carbon footprint reduction. We can use them in remote areas where grid connectivity is not yet established or is uncertain. Electricity produced by the Photovoltaic Panels (PV) of a Solar system is used to drive these pumps.

A submersible pump can lift upto 650ft of water and can be installed in large wells. When the well water is 20ft or more above the surface, the submersible pumps can operate directly to turn off Batteries, Solar Panels, and in some cases, Electricity on their own. They pump the water during the day and store it in tanks for future use. However, the only problem in bad weather conditions is that the water cannot be pumped due to the lack of sunlight. Thus, it is advisable to store the water only in good climate conditions.

For the submersible pumps, the maximum recommended pump depth is 50m. Hence they are used in deep-water wells and undrilled areas. We can use them to water livestock, Aerate ponds, home water systems, irrigation, pressurization, and pump wells. However, when the well water supply depth is less than 20ft from the ground, we recommend using a Surface-Mono Block Solar Water Pump, also designed by Navitas Solar. These pumps can pump water up to 200ft or more but cannot pump very high water from deep wells. They can easily lift water from depths of up to 20m.

APPLICATIONS OF SOLAR PUMP:

FEATURES OF SOLAR PUMP:

ADVANTAGES OF SOLAR PUMP: COMPONENTS OF SOLAR PUMPS:

● Livestock watering ● Home water systems ● Pressurization ● Well pumping ● Irrigation for farming ● Drinking and cooking ● Industrial water processing ● Fountains ● Pond/ aquarium/ Swimming pool filtration

● Long-life support and maintenance-free ● Easy installation with internal combiner box ● A high technology control unit, water pump, and motor ● Maximizing energy efficiency (~+40%) with internal MPPT module ● Shorter payback period against DGs ● Zero operating costs ● Battery-free, direct drive system ● Possibility to work with a generator or grid electricity in case of requirement

● No need for fuel ● Easy to move ● Doesn’t require a utility supply ● Used in remote areas ● High durability and performance ● Long service life ● Environmentally friendly ● Extremely efficient PMSM/BLDC motors ● Stainless steel rotor ● Rare-earth magnets that can withstand 160◦ C high-quality ceramic carbon thrust bearing ● Leak-proof motor filled with water for frictionless operation ● 100% stainless steel AISI304 parts for submersible application ● Sand guard ● Warranted for 5 years

PUMP AND MOTOR:

CONTROLLER: It matches the output and input power of the pump and solar panels and provides voltage protection. With the pump controller, the operator adjusts the pump pressure, flow, frequency, operational times, etc. According to the end-use requirements, there are various categories of pump controllers to choose from, depending on the solar pump motors (AC or DC). ● Built-in MPPT for maximum output ● Sensor less dry running protects the controller. Tested as per MNRE and BIS requirement ● Warranted for 5 years ● Remote monitoring ● Remote start-up and stop ● Short circuit protected ● IP54 and IP65 certified controllers

DOMESTIC MANUFACTURERS APPLAUD MNRE’S MOVE TO INCLUDE OPEN ACCESS & NET-METERING PROJECTS UNDER ALMM

In an office memorandum released by the Ministry of New and Renewable Energy (MNRE), the Government of India has expanded the scope of “Approved List of Models and Manufacturers” (ALMM) and will be applicable to Open access & Net-Metering Projects from April 1st 2022.

These include projects set up for sale of electricity to the Government under the Guidelines issued by Central Government under section 63 of Electricity Act, 2003 and projects under Component A of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) program. Officials from North India Module Manufacturers Association (NIMMA), Indian Solar Manufacturers Association (ISMA) and All India Solar Industries Association (AISIA) and industry leaders have welcomed the decision. “The move will help provide necessary ammunition to the Make in India movement. It will also help smaller manufacturers expand capacities and improve business as the industry will see an uptake in demand.”said, Mr.

Manish Gupta – President, NIMMA

“We are thankful to the government for taking this step which will help consumers to get better quality and reliable supplier, lenders and investors will have more confidence on their investment as module is major and most important component of solar power projects. Domestic Industry is suffering for long time due to almost 90% imports of solar modules. Local Manufactring capacity in India which is more than our requirement now will have some business. Thanks for supporting domestic solar manufacturing industry and huge employment

,” said Mr. Hitesh Doshi – President, All India

Solar Industries Association.

“The ALMM policy amendment by MNRE is a significant announcement in interest of all stake holders . The announcement has come at an appropriate time, just when BCD will be implemented. The combined effect of both these policies will be massive, and I am sure India will grow to become a solar manufacturing hub in the com-

ing years.” said, Mr. Bharat Bhut – Co-

founder & Director, Goldi Solar, leading Indian Solar Manufacturer

MG MOTOR INDIA AND ACMA FORGE AN ALLIANCE TO PROMOTE SKILL DEVELOPMENT IN THE EV COMPONENT INDUSTRY

ACMA will utilise ZS EV to educate and foster skill development in the EV component industry

MG Motor India has joined hands with the Automotive Component Manufacturers Association of India (ACMA) with a vision to educate and foster skill development in the EV component industry. ACMA will conduct a study on ZS EV to promote skill development in the component segment, syncing with the alliance’s objective of supporting the development of the EV ecosystem. It will work in tandem with the IIT Delhi campus of Sonepat to further its research on the deployment of electric vehicles in urban India. Commenting on the announcement “We are grateful to MG Motor for providing us with this opportunity. A futureready workforce for manufacturing electric vehicles is the need of the hour and this collaboration will help the auto component makers in upskilling themselves and remaining relevant.” said, Mr. Sunjay J

Kapur, President, ACMA

“MG Motor and ACMA will collaboratively add value to the EV component industry by imparting education and skill development to create a futureready workforce. The alliance is also aligned with MG’s vision of CASE mobility, learning & skill development, and overall commitment to strengthening the EV ecosystem.” said, Mr.

Rajeev Chaba, MG Motor India (President and MD)

The association is in line with MG’s vision to support and develop the ecosystem for the electric vehicle. Previously, MG had formed an alliance with IIT Delhi – Centre for Automotive Research and Tribology (CART) for similar research.

FEATURED SJVN – Creduce (JV) in 1500 MW, Largest Indian Hydro Power Based Carbon Credit Deal

Creduce Technologies Private Limited – HCPL JV announces winning the bid for India’s single largest Hydro Power Carbon Credits project with Satluj Jal Vidyut Nigam Ltd. This project under joint venture could result in creation of more than 80 million carbon credits from Satluj Jal Vidyut Nigam’s vintage project making it the biggest public-private collaboration for claim and trade of carbon credits in the country in recent times.

Looking at the current International Carbon Market Prices, This carbon credit project activity is poised to fetch approx USD 100 Million revenue into SJVN’s books. The Satluj Jal Vidyut Nigam Ltd (SJVN) that began with a single project and State operation (i.e. India’s largest 1500 MW Nathpa Jhakri Hydro Power Station in Himachal Pradesh), today has commissioned several projects totalling more than 2500 MW of installed capacity. Besides the Nathpa Jhakri project SJVN also has Rampur Hydro Power project in Himachal Pradesh with a capacity of 500 mw together with consolidated installed and upcoming wind and solar power contributing to another 500 mw. SJVN decided to avail the carbon credits and Invited Bids from the eligible Service providers. Creduce – HPCL JV emerged as the winner of rigorous tendering process and Won the Project. With this project activity, SJVN and Creduce are also aiming to align with the new rules emerging from the Paris Climate Agreement.

The additional revenue will also bolster efforts for SJVN’s additional projects that it is implementing and operating in Himachal Pradesh, Uttarakhand, Bihar, Maharashtra, Uttar Pradesh, Punjab, Gujarat and Arunachal Pradesh in India besides neighbouring countries of Nepal and Bhutan.

Commenting on the mega collaboration, Shailendra Singh Rao, Founder, Creduce says, “Pursuant PM Modi’s announcement at COP26, Creduce has embarked on the ambitious journey of creating and servicing withing the Compliance and Voluntary Carbon Credits framework for all green projects to claim and utilize carbon credits. We are honoured to be a part of this deal where we would help SJVN claim millions in carbon credits and subsequent revenues over the coming decade.”

With SJVN’s vintage and future produce, the numbers would definitely help enhance the health of this balance sheet and support implementation of more such projects in the State of Himachal Pradesh and the country. This announcement is a major step towards the mission of achieving net-zero emissions by the year 2070 as announced by Prime Minister Narendra Modi during the COP26 summit. “We are proud to have partenered with Creduce to help de-carbonise the Indian and global economy. It is incumbent among each firm, be it government or private to commit to the carbon markets and help the fight against climate change,” said Kartik Upadhyay, Managing Director, Hydel Consultants Private Limited.

Goldi Solar partners with SRK Knowledge Foundation to solarize the entire village of Dudhala, Gujarat

Goldi Solar, a global solar panel manufacturer and EPC services provider, in partnership with Shree Ramkrishna Knowledge Foundation (SRKKF) today laid the foundation stone for the solarization of the village of Dudhala in Southern Gujarat. 450 KW solar rooftop projects will be used to power around 350 houses and public areas such as anganwadis and gram panchayat.

Once complete, this would be the first village to be completely powered with solar panels by a foundation. Instead of providing financial aid, this move will empower close to 2000 lives to earn money from the solar rooftop systems.

Ishver Dholakiya, Founder & Managing Director, Goldi Solar said, “This plan has been undertaken under Shri Govindbhai Dholakia’s mentorship and vision to give back to society. It is a proud moment for Goldi Solar to take up this project in empowering people with better quality of life. We also believe that this project truly captures the true spirit of PM Modi’s Atmanirbhar campaign and takes a step towards providing 24×7 power for all. We thank SRKKF for giving us the opportunity to truly make a difference to the lives of many.” Shree Ramkrishna Knowledge Foundation (SRKKF) is the CSR arm of Shree Ramkrishna Exports, a leading Indian diamond company. Apart from setting up renewable energy, the foundation will provide free wi-fi services, healthcare, medical infrastructure and service to Dudhala. Commenting on the initiative, Founder-Chairman of SRK Exports, Shri Govindbhai Dholakia said, “SRK Exports is known for its world-class green facilities. In line with the efforts towards sustainable development, I was inspired to develop a village powered with 100% renewable source of energy. Dudhala is my native village where I was born and spent my early childhood. The love for my homeland motivated me to do good for the people of my village.”

FEATURED EKI ENERGY SERVICES VENTURES INTO DUBAI

Expanding its offshore presence, the company has established its wholly owned subsidiary – Enking International FZCO in Dubai free zone W orld’s premier Carbon Credit Developer and Supplier, EKI Energy Services Limited announced that it has established its presence in Dubai, the business hub of Western Asia. Expanding its footprint in the global carbon market, EKI has incorporated a wholly owned subsidiary company named – “EnKing Interna-

tional FZCO (“The Company”)” in Dubai free zone (IFAZA).

With this subsidiary, EKI will be able to widen the scope of its climate actions to newer markets. The company currently has over 2500 clients across 40 countries and its offerings include Carbon

Credit/Asset Management, Carbon Credit Generation, Carbon

Credit Supply, Carbon Credit Offsetting, Carbon Footprint Management, Sustainability Audits, as well as Carbon Neutrality and

Climate Positive initiatives.

“We are truly excited to set foot in the beautiful city of Dubai. This strategic move will enable us to strengthen our operations in the Middle East as we fast track the climate change ambitions of businesses here. As we continue to expand our presence globally, we promise to consistently endeavor to build a sustainable future in all the markets with our comprehensive bouquet of turnkey solutions for carbon asset management”. Mr. Manish Dabkara, CEO

and CMD, EKI Energy Services Ltd.

ADITYA THACKERAY LAUNCHES SPECIAL CELL DEDICATED TO ELECTRIC VEHICLES IN MUMBAI

Aditya Thackeray launches special cell dedicated to accelerate Electric Vehicles in Mumbai. Stressing on the acceptance of EV among the general public, Thackeray said that Maharashtra has witnessed a jump of 157 percent in EV registration since the announcement of EV policy.

On February 23, Maharashtra Cabinet Minister Aditya Thackeray launched a special cell dedicated to accelerate Electrical Vehicles `transition and adoption’ in Mumbai. The ‘Mumbai EV Cell’ was launched under Brihanmumbai Municipal Corporation (BMC) and in collaboration with a company called WRI India.

Stressing on the acceptance of EV among the general public, Thackeray said that Maharashtra has witnessed a jump of 157 percent in EV registration since the announcement of EV policy (in July 2021).

We launched the Mumbai EV cell, a BMC and WRI partnership, to accelerate EV transition and adoption. With experts working towards sustainable mobility, this cell will assist in creating a network of charging stations, supporting battery development and market penetration, tweeted Aditya Thackeray who is also the Guardian Minister of Mumbai Suburban District.

Source : ani

INDIA POWER CONSUMPTION GROWS 1.5 PER CENT IN FIRST FORTNIGHT OF JANUARY AMID THIRD COVID WAVE

India’s power consumption grew marginally at 1.5 percent in the first fortnight of January to 49.34 billion units (BU) compared to the same period a year ago, showing the impact of local restrictions imposed by states amid the third wave of COVID-19.

India’s power consumption grew marginally at 1.5 percent in the first fortnight of January to 49.34 billion units (BU) compared to the same period a year ago, showing the impact of local restrictions imposed by states amid the third wave of COVID-19.

During January 1 to 14 in 2021, electricity consumption stood at 48.59 BU, as per power ministry data. During January 1 to 14 in 2021, electricity consumption stood at 48.59 BU, as per power ministry data. Power consumption in the entire January last year was 109.76 BU, which was 4.4 per cent higher than 105.15 BU in January 2020. According to the data, peak power demand met or highest supply in a day rose to 179.59 GW during January 1 to 14 this year, compared to 178.88 GW in the same period of the previous year. It was 189.39 GW for the entire month of January 2021, and 170.97 GW in January 2020. Experts are of the view that the slowdown in power consumption growth in the first fortnight of January clearly shows the impact of local restrictions imposed by states amid the third wave of COVID-19 which affected industrial and commercial demand. The third wave of the pandemic hit the country in January 2022, which has forced many states to impose local restrictions like night and weekend curfews. They have also taken measures like banning dining in bars and restaurants.

Indian conglomerate Reliance Industries, South Korea’s Hyundai Motor Co and automaker Mahindra & Mahindra are among companies that have submitted bids under the country’s $2.4 billion battery scheme, two sources told Reuters. India last year finalised an incentive program to encourage companies to invest in the local manufacturing of batteries as it looks to establish a domestic supply chain for clean transport and build storage for renewable energy. T he last day to submit technical bids. Softbank Group-backed Ola Electric, engineering conglomerate Larsen & Toubro and battery makers Amara Raja and Exide have also submitted bids, the sources said. None of the companies named by the sources immediately responded to requests for comment. India wants to establish a total of 50 gigawatt hours (Gwh) of battery storage capacity over five years, which it expects will attract direct investment of about $6 billion. To qualify for the incentives, companies must set up at least 5 Gwh of storage capacity and meet certain local content conditions, all of which would require a minimum investment of more than $850 million. Around 10 companies have submitted bids totalling close to 100 Gwh, the sources said. India was also encouraging global companies such as Tesla Inc, Samsung, LG Energy, Northvolt and Panasonic to invest. Clean auto technology is a key part of India’s strategy for cutting pollution in major cities and reducing oil dependence. But electric vehicles (EVs) currently make up a fraction of total sales in the country mainly due to their high price as batteries are imported. The South Asian country wants electric cars to make up 30% of private car sales by 2030 and for electric motorcycles and scooters to make up 40% of such sales, driving demand for batteries which currently contribute about 35% to 40% of the total vehicle cost.

The experts opined that the power demand as well consumption would remain subdued due to local restrictions imposed by the states. Power consumption had grown by 3.4 per cent in December 2021 to 109.25 BU from 105.62 BU in the same month of 2020. In November 2021, power consumption grew by 2.5 per cent to 99.32 BU from 96.88 BU in November 2020. Many states had imposed lockdown restrictions after the second wave of the pandemic in April 2021, which affected the recovery in commercial and industrial power demand. Curbs were gradually lifted as the number of COVID cases fell. Power consumption witnessed a 6.6 per cent year-on-year growth in May 2021 at 108.80 BU, from 102.08 BU in the same month of 2020. In June 2021, it grew nearly 9 per cent to 114.48 BU, compared to 105.08 BU in the same month in 2020. In July 2021, it rose to 123.72 BU from 112.14 BU year-on, while in August power consumption surged by over 17 per cent at 127.88 BU compared to 109.21 BU in the same month in 2020. Power consumption in September 2021 witnessed flat growth at 112.43 BU, mainly due to delayed monsoon.

Source : PTI

RELIANCE BIDS FOR INCENTIVES UNDER BATTERY SCHEME

INDIA BOSCH TO BUY SOLAR POWER FROM AMP ENERGY IN KARNATAKA

Amp will help energise three Bosch plants in and around Bengaluru

Bosch Limited, supplier of technology and services in India, has partnered with Amp Energy India, a renewable Independent Power Producer (IPP), for its solar energy requirements. Bosch Limited and Amp Energy India have signed a Power Purchase Agreement (PPA) for procurement of solar power for 25 years. This project will provide solar power to energise three Bosch plants in and around Bengaluru and by switching to solar power, Bosch will also help reduce carbon footprint by about 31,000 tonnes of CO2 per annum. The solar open access facility commissioned this month will generate about 43 million units of green energy per year for Bosch Limited and will meet about 40 per cent of its energy consumption. Reliance New Energy Solar becomes promoter in Sterling and Wilson Renewable Energy The solar project capacity is 30 MW and would be provided from Amp Energy India’s open access facility in Mallat Village, Raichur district in Karnataka. This is Amp’s third open access project in Karnataka.

“Solar energy adoption by top companies in India has seen a major growth over the last few years, especially post the challenges posed by the Covid pandemic. We are thankful to the Bosch team for extending their continuous support to us since the beginning. With this partnership, we are sure Bosch will set up benchmarks for other conglomerates to follow to switch to clean energy for their growth in the country and move towards accomplishing their RE100 targets,” Mr. Pinaki Bhattacharyya, MD and CEO, Amp Energy India

INDIA, A KEY MARKET FOR BOSCH

“Bosch globally is stepping up its investments in green energy there by investing in renewable in-house generation power plants and entering into exclusive long-term purchase agreements with partners like Amp Energy. India is an important and key market for us, and we would like to help the country reach its true potential. We are happy to partner with Amp Energy for this project that has helped achieve our sustainability objectives in a timely manner,”

said Mr. Soumitra Bhattacharya, Managing Director, Bosch Limited & Regional President, Bosch Group in India

. Amp Energy India has developed large open access projects such as the Solar Open Access Project in Maharashtra (30MW), the captive solar open access project in Uttar Pradesh (42MW) and its second open access project in Maharashtra (13.5MW).

AZURE POWER REFINANCES ITS 600 MWS ISTS CONNECTED SOLAR PROJECT AT THE LOWEST RATE OF INTEREST IN ITS PORTFOLIO TO DATE

AVAADA ENERGY PRIVATE LIMITED TO RAISE INDIA’S LARGEST AAA RATED GREEN BOND BY ANY RENEWABLE ENERGY DEVELOPER

1. It is the largest owned and operated single site solar project in India, fully commissioned in December 2021. 2. The rate of interest of 7.2% p.a. – fixed for 42 months – is the lowest in terms of rupee financing for Azure Power.

Azure Power a leading independent sustainable energy solutions provider and power producer in India, today announced successful refinancing of its existing project finance facility of INR 23.50 billion (~USD 313 million) utilized towards construction of its largest project – 600 MWs Interstate Transmission System (ISTS) connected solar project implemented by Azure Power Forty Three Pvt Ltd, a Special Purpose Vehicle (SPV).

Avaada Energy Private Limited to Issue Green Bonds for INR 1440 Cr (USD 192 million) at 6.75% making it India’s largest AAA rated green bond by any renewable energy developer.

The project was fully commissioned recently in December 2021. The refinancing has been completed at a rate of interest of 7.2% per annum, which is fixed for 42 months and the lowest rate of interest for any project finance facility in terms of rupee financing for the company’s existing portfolio so far. ABOUT THE PROJECT

This is the largest solar power project in India, owned and operated at a single location by any developer. The project is 600 MWs (897 MWp) Interstate Transmission System (ISTS) connected solar project in Bikaner, Rajasthan, allocated by Solar Energy Corporation of India (SECI).

The power generated from the project is being supplied to SECI at a tariff of INR 2.53 (~US 3.5 cents) per kWh under the Power Purchase Agreement executed with SECI for 25 years. The project was commissioned in multiple phases, with the last 100 MWs commissioned in December 2021.

Avaada Energy, India’s leading solar project developer, today announced that it is raising green bonds for INR 1440 Cr (USD 192 million) in the Indian capital market at 6.75% making it India’s largest AAA rated Green Bond by any renewable energy developer. The bonds are certified by Climate Bonds Standard Board of the Climate Bonds Initiatives and are also compliant with the SEBI guidelines for Green Debt Securities. The bonds will be listed on the Bombay Stock Exchange (BSE), having a tenure of 3 years. The issuance earned the highest rating by CRISIL ratings. Axis Bank and ICICI Bank are the arrangers of the issue.

Avaada Energy is a leading Indian renewable energy IPP with a multi-GW portfolio. With the issuance of Green Bonds, Avaada has joined a select club of Indian firms to have raised capital through bond issuance. India is one of the fastest-growing markets for green energy globally. Hon’ble Prime Minister Shri Narendra Modi has been very categorical about his commitment to renewable energy. In the recently concluded COP26, where he also gave India’s gift ‘Panchamrit’- the five nectar elements to the world to address the climate change.”

One of the major elements of ‘Panchamrit’ is the higher deployment of renewable energy. As announced by Hon’ble PM, India will meet 50% of its energy needs through renewable energy sources by 2030. Towards this end, the country will have an installed base of 500 GW of renewable energy assets.

The issue saw overwhelming interest & participation from various banks & financial institutions. Speaking on the occasion Mr. Vineet Mittal – Chair, Avaada Group said, “It is a proud moment for Avaada family and reflection of confidence shown by investors on Avaada’s impeccable execution track record and high performing assets.

ESG financing has witnessed major strides in the last few years. The response to bond issuance in the domestic market is extremely encouraging. It will help developers to raise capital domestically and avoid exposure of foreign exchange currency risk and achieve a reduction in fundraising costs.” Avaada Energy, a leading solar project developer is currently backed by PTT Group- Thailand, which is a Fortune 500 firm and one of the major oil and gas companies globally.

VEDANTA ALUMINIUM LAUNCHES ‘RESTORA’, INDIA’S FIRST LOW CARBON ‘GREEN’ ALUMINIUM

Unveils two products — Restora and Restora Ultra. Restora is the first Indian primary aluminium to be made using renewable energy. Restora Ultra is the first Indian aluminium with an ultra-low carbon footprint in collaboration with Runaya Refining.

Vedanta Aluminium Business, India’s largest producer of aluminium and value-added products, launched ‘Restora’, its low carbon, ‘green’ aluminium brand. The company unveiled two product lines – Restora (low carbon aluminium) and Restora Ultra (ultra-low carbon aluminium) under the brand.

Vedanta Aluminium is the first major non-ferrous Indian metals producer to manufacture low carbon products (primary aluminium) for customers worldwide, exhibiting a strong step towards its commitment of achieving Net Zero Carbon by 2050. Both products have been verified as low-carbon aluminium post assessment by an independent, global verification assurance firm.

With Restora, Vedanta Aluminium will address the fast-growing global demand for low carbon aluminium, driven by greater climate consciousness. Vedanta’s Restora is being manufactured at the company’s world-class aluminium smelter using renewable energy. Restora has a GHG emission intensity that is well below 4 tonnes of CO2 equivalent (tCO2e) per tonne of aluminium manufactured – the global threshold for aluminium to be considered as low carbon aluminium, and Restora Ultra has an even lower carbon footprint that is amongst the lowest in the world.

Restora Ultra, is made from recovered aluminium through Vedanta’s partnership with Runaya Refining, one of India’s fast-growing manufacturing start-ups focussed on creating innovative solutions for the resources sector and leverages patented technology licensed from TAHA International S.A. for processing aluminium dross at Vedanta’s plants. Under the Restora Ultra product line, the company will offer aluminium recovered from dross (a by-product of the aluminium smelting process). Restora Ultra is also a testament to Vedanta’s sharp focus on ‘zero-waste’ through enhancement of its operational efficiencies. Vedanta Aluminium has the capability to tailor-make Restora and Restora Ultra as Billets, Primary Foundry Alloy (PFA), Wire Rods, Slabs, P1020 Ingots, and more, customized to the needs of the end-use industries. Vedanta Aluminium already has interest from discerning, environmentally conscious customers for the first production volume of 100 kilo tonnes of Restora and Restora Ultra aluminium.

It is a strategic imperative for the company to reduce carbon emissions across every process stage. As a result of this unwavering focus, Vedanta Aluminium has reduced its GHG emissions intensity by 21% in FY21 while almost tripling its production, over FY12 baseline. The company is also a member of the prestigious Dow Jones Sustainability Index (DJSI) family, is ranked 4th amongst global aluminium producers in 2021.

Vedanta Aluminium currently produces one of the largest ranges of aluminium and its value-added product offerings. The company is India’s largest producer and exporter of aluminium billets, and the world’s largest producer of wire rods, excluding China. It offers manufacturing excellence in aluminium, global technology partnerships, deep R&D and innovation capabilities, and an evolved technical services cell for customers.

Aluminium is the ‘metal of the future’, with potential for greater applications in a climate-conscious world. The metal is pivotal to the world’s transition to all potential clean energy technologies for a low-carbon future. Towards this end, the company has brought together technical, operations and marketing expertise in a Centre of Excellence to develop new products and product applications for sunrise sectors such as electric mobility, solar/renewable energy, green buildings, aerospace and more.

Vedanta Aluminium Business, a division of Vedanta Limited, is India’s largest manufacturer of aluminium, producing half of India’s aluminium at 1.97 million tonnes per annum (MTPA) in FY21. It is a leader in value-added aluminium products that find critical applications in core industries. With its world-class Aluminium Smelters, Alumina Refinery and Power Plants in India, the company fulfils its mission of spurring emerging applications of aluminium as the ‘Metal of the Future’ for a greener tomorrow.

Launching the Restora brand, Rahul Sharma, CEO – Aluminium Business, Vedanta Ltd., said, “The launch of Restora, marks a proud moment in our commitment to decarbonize our operations as well as provide our customers an unmatched competitive advantage with sustainable aluminium products. Our holistic solutions are market-responsive and tailored to support evolving needs of customers. Restora has a GHG emission intensity which is almost half of the global threshold for low carbon aluminium. With consumers becoming increasingly conscious of the provenance of the products they use, Vedanta’s Restora will provide them the assurance that the aluminium they purchase has amongst the lowest carbon footprints in the world.” Speaking about co-creating Restora Ultra, Annanya Agarwal, co-founder, Runaya, added, “We are delighted to collaborate with Vedanta to create this innovative new product. With near-zero carbon footprint, Restora Ultra is a shining example of the value-creation that happens when we bring together innovation and leadingedge technologies for true business sustainability. Runaya has been working towards disrupting the linear economy model by building in principles of circularity and sustainability into the design of the resources industry.”

NET METERING VS GROSS METERING

The biggest change occurred in generation of electricity in this era is Distributed Generation (DG)! The change that anyone would only imagine of is true these days. Yes, it is possible to generate our own electricity. The credit goes to Renewables for sure.

Customers are able to install Rooftop Solar plants and generate their own electricity. India has solar insolation in abundant form so that rooftop solar has truly become a boon for users. Various policies launched by Government are useful for the end users to install solar rooftop.

The basic issue in solar generation is that the generation is intermittent, so the end user might face problems in the nighttime if the solar rooftop is standalone type. The problem can be solved by installing solar rooftop with a battery that in daytime, user uses the solar generation and in the nighttime user uses the power from the battery. However, the rooftop solar with the battery becomes too costly.

The problem can be solved by another method and that is grid connectivity. The solar rooftop is connected with the grid, so that the deficit power can be imported from the grid and the surplus power can be exported to the grid. Therefore, the end user will get the electricity continuously despite of having intermittent generation of solar. Majority of the solar rooftops are grid connected.

There are two arrangements defined by governments to design solar rooftop: Net metering and Gross metering.

Generally, a bidirectional net meter is connected which is able to measure the bidirectional energy like the electricity imported to the user from the grid and the electricity exported to the grid by the user.

If the exported electricity is higher than the imported electricity, then the end user may or may not get compensation depending on the state’s net metering policy rules and regulations for supplying surplus electricity into the grid.

In simple words, consumer may use the energy generated by soar rooftop plant and then may export the excess energy to the grid and in case of deficit, the consumer will use the energy imported from the grid.

The consumer is compensated at a fixed feed in tariff for the energy generated as well as exported to the grid and has to pay the retail supply tariff for the electricity imported from the grid.

The feed in tariff and the retail supply tariff are generally of different rates. Mostly, feed in tariff is at lesser rate than retail supply rate.

In simple words, consumer has to export all the energy generated by rooftop solar plant to the grid and then consume the electricity by importing the energy from the grid.

NET METERING

In Net Metering, the electricity generated by solar rooftop plant is adjusted against the imports. Electricity produced by solar rooftop is deducted from the total energy consumption of the user over a period. The adjustments are based on different periods like monthly, bimonthly, half yearly or yearly based on the state government policies.

In Gross Metering, two unidirectional gross meters are installed in the arrangement. One gross meter counts the energy being imported to the end user from the grid and the other gross meter counts the energy exported from consumer to the grid.

GROSS METERING

BIHAR’S FIRST FLOATING SOLAR POWER PLANT TO BE COMMISSIONED

The solar power plant will be directly connected to the utility power grid from where power will be supplied to consumers

Central Electricity Regulatory mission (CERC) has granted Trading License to SJVN Limited for interstate trading of electricity. The Commission said that SJVN meets the requirements of the Act and the Trading License Regulations for grant of inter -State trading license.

Iihar Renewable Energy Development Agency (BREDA) is set to commission the state’s first two MW floating solar power plant in Darbhanga, said electrical superintending engineer Sunil Kumar Das. As many as 40,04 photovoltaic (PV) panels, each capable of generating 500-watt electricity, will be installed in a pond in Darbhanga’s Kadirabad locality by Delhi based firm AVAADA. Rohit Kumar Singh, the project manager of AVAADA, said the work for the floating solar power plant started in October last year. However, the foundation work only began on November 15. It is now ready for commissioning, said Singh. The solar power plant will be directly connected to the utility power grid from where power will be supplied to consumers. The project is a part of efforts to tap as well as to generate mass awareness about solar energy. The floating solar power plant has been built in line with the state government’s promotion of clean energy. Source : hindustantimes

SJVN TO ENTER POWER TRADING BUSINESS: CMD, SJVN

Shri Nand Lal Sharma, Chairman & Managing Director of

the company said that by the grant of Trading License, another feather has been added to SJVN’s Cap, giving a big boost to its business. SJVN will now be trading electricity generated by any public & private generating companies including com- Mr. Nand Lal panies like SJVN Arun-3 Power Develop- Sharma ment Company (SAPDC), SJVN Thermal Pvt. Limited (STPL) and other upcoming Director(Personnel) Subsidiaries in Renewable Sector. Sh. SJVN Ltd Sharma stated that efficient execution of electricity trading in a competitive environment will ultimately benefit consumers in the spirit of the open access regime brought about by the Electricity Act, 2003 and subsequent CERC & SERC regulations. Sh. Sharma further said that, "SJVN aims to be a one-stop source for any generator and consumer wanting to trade power in the country and contribute to the evolution of a robust and competitive electricity market in India." Sh. Sharma emphasized that SJVN has an adequate infrastructure, with state-of-the-art communication facilities and qualified and experienced staff for this task. SJVN has an energetic core business team with enormous knowledge of power sector related to renewable and non-renewable energy and trading thereof. Sh. Sharma further said that, SJVN will focus on fulfilling power supply deficiencies across various states while also addressing seasonal and regional variance of demand and supply. SJVN will also consolidate the power of small and medium power generators and trade into bulk power consumers. While SJVN currently has the requisite infrastructure and personnel to carry out trading activities efficiently, all incremental support system, manpower, and infrastructure requirements shall be dealt with as per need. SJVN aims to commence intra-state trading operations in India by tying up contracts to the extent of 900 MW round the clock or equivalent. Sh. Sharma informed that SJVN has a strong portfolio of 41 projects of 16432 MW capacity and has already bagged 1670 MW Solar Power capacity through competitive Bidding Process. Many more Projects in the Renewable Sector are under bidding process, he said. SJVN has already established its footprints in nine States of India viz Himachal Pradesh, Bihar, Maharashtra, Uttar Pradesh, Uttarakhand, Gujarat, Punjab, Arunachal Pradesh and in two neighbouring countries namely Nepal & Bhutan. These projects, Sharma told, will add up to realization of the company’s Shared Vision of capacity building of 5000 MW by 2023, 12000 MW by 2030 & 25000 MW by 2040.

INDIA I INDIA’S AMBITIOUS COP26 PLEDGE WILL RUN INTO FUNDING HURDLE, SAYS ICRA

Prime Minister Narendra Modi’s pledge to add 500 gigawatts of non-fossil fuel energy sources by 2030 is likely to face a funding hurdle as massive investments will be required to boost capacity, according to ICRA Ltd.

India will require up to Rs 45 lakh crore worth of investments by 2030 to meet that pledge, analysts Rohit Ahuja and Madhura Nejjur said in the rating agency’s first-ever climate series report. “Availability of adequate funding avenues remains critical to achieve capacity targets.” India made ambitious commitments at the COP26 climate summit in Glasgow last year. The country announced a two-phased plan—increasing non-fossil fuel capacity by 2030 and then targeting netzero emissions by 2070. While net zero is a distant target, the 2030 commitments will require urgent interventions on the policy and investment front. Till FY30, ICRA said, the country will need to spend Rs 20-25 lakh crore for adding more capacity. Another Rs 10-15 lakh crore will be required for the supporting transmission infrastructure and storage capabilities.

NO PROGRESS DESPITE NATIONAL CLEAN AIR PROGRAMME: ANALYSIS

Three years since the National Clean Air Programme (NCAP) was implemented across India to reduce particulate matter levels in 132 cities by 2030 per cent, data showed there has been little or no progress on ground.

An analysis of the government’s air quality data showed that not only have most non-attainment cities reduced PM 2.5 and PM 10 levels marginally, some have also recorded an increase. The Union government launched the NCAP on January 10, 2019 to address air pollution in 102 cities, to which 20 more cities were added later in the year and 10 more subsequently. These 132 cities are called non-attainment cities as they did not meet the national ambient air quality standards (NAAQS) for the period of 2011-15 under the National Air Quality Monitoring Program (NAMP). The country’s current annual safe limits for PM 2.5 and PM 10 are 40 and 60 micrograms/per cubic metre (ug/m3). The NCAP has set a target of reducing key air pollutants PM10 and PM2.5 (ultra-fine particulate matter) by 20-30 per cent in 2024 taking the pollution levels in 2017 as the base year to improve upon. The Ministry of Environment, Forests and Climate Change and Central Pollution Control Board are leading the programme at the national level. At the state level, state pollution control boards are mandated to develop the city action plans and monitor their implementation by identified departments and agencies. An analysis of air quality monitoring data from the Continuous Ambient Air Quality Monitoring System (CAAQMS) shows that among the cities where PM 2.5 and PM 10 levels for 2019 and 2021 were available and monitors had an uptime of at least 50 per cent, Varanasi in Uttar Pradesh recorded the highest reduction. Only 36 out of the 132 cities met the criteria. Varanasi’s annual PM 2.5 levels reduced 52 per cent from 91 ug/m3 in 2019 to 44 ug/m3 in 2021 and its PM 10 levels reduced 54 per cent from 202 ug/m3 in 2019 to 93 ug/m3 last year. In 2019, Varanasi had just one CAAQMS monitor which increased to four by 2021. The other cities that have already met its reduction target of at least 20 per cent were Hubli in West Bengal where PM 2.5 and PM 10 reduced by 42 and 40 per cent respectively and Talcher in Odisha which saw a PM 2.5 reduction

of 20 per cent and PM 10 reduction of 53 per cent. Ahmedabad recorded a 26 per cent decrease in PM 10 levels. On the other hand, Navi Mumbai’s PM 2.5 levels increased from 39 ug/m3 to 53 ug/m3 and PM 10 levels increased from 96 ug/m3 to 122 ug/m3 from 2019 to 2021. Three years later, none of the analysed non-attainment cities have met the Central Pollution Control Board’s PM 10 safe standard of 60 ug/m3. The NCAP Tracker ranked the 10 most and least polluted cities in 2019 and tracked the performance of these based on PM 10 and PM 2.5 data available from CAAQMS. Considering only those cities where monitors recorded a minimum uptime of 50 per cent, a total of 38, 46 and 58 cities were analysed and ranked in 2019, 2020 and 2021 respectively. Similarly, the tracker also ranked non-attainment cities (which recorded at least 52 days of data each year) based on NAMP data for the years 2017 to 2020. However, the number of monitored days for 2020 was not available and hence all cities have been considered. While in the same city, CAAQMS and NAMP monitors are placed at different locations and hence, cities have been ranked separately. Ghaziabad in Uttar Pradesh with annual PM 2.5 levels above 100 remained at the top of the table in the most polluted cities except 2020 when Lucknow ranked first with an annual PM 2.5 level of 116. Most other cities like Noida, Delhi, Moradabad and Jodhpur saw only a marginal dip in PM 2.5 levels and remained in the top 10 polluted non-attainment cities throughout the year. Varanasi with its drastic dip in PM 2.5 levels went from the fifth rank in 2019 to the 37th in 2021. While four of the top 10 polluted cities were from Uttar Pradesh, West Bengal had three cities — Howrah, Asansol and Kolkata -on the list.

Source : ians

BUSINESS & FINANCE BLACKSTONE TO INVEST $3 BLN IN INVENERGY RENEWABLES

• Blackstone’s commitment is one of the largest renewable investments in North American history • Investment will provide significant capital to drive an accelerated build-out of Invenergy’s clean energy platform • Since 2019, Blackstone has committed nearly $13 billion in investments that Blackstone believes are consis tent with the broader energy transition • CDPQ and Invenergy management remain majority owners of the company and Invenergy will continue as managing member

Today, Blackstone Inc. (NYSE: BX) announced that funds managed by Blackstone Infrastructure Partners have entered into a definitive agreement with Caisse de dépôt et placement du Québec (CDPQ) and Invenergy for an approximately $3 billion equity investment in Invenergy Renewables Holdings LLC (“Invenergy Renewables” or “the company”), the largest private renewable energy company in North America. Blackstone’s investment will provide capital to accelerate Invenergy’s renewables development activities. CDPQ and Invenergy management remain majority owners of the company and Invenergy will continue as managing member. Invenergy Renewables is one of the largest and most well-respected renewable energy developers, with over 175 projects totaling nearly 25,000 megawatts developed across four continents, focused on long-lasting partnerships with utilities, financial institutions and commercial and industrial customers. The generation projects developed by the company power the equivalent of 8.5 million homes. Invenergy has received numerous industry recognitions, notably a #4 global rank for “Top Power Generators” based on renewables capacity by Energy Intelligence New Energy in 2020. The company’s developed projects have offset approximately 167 million tons of carbon dioxide, or approximately the annual emissions of the state of New York. Invenergy Renewables has a significant development and construction pipeline, and its affiliate Invenergy Transmission is solving power delivery challenges by advancing some of the world’s most innovative transmission infrastructure projects. The company is building both the largest wind and solar projects in the United States, that combined will deliver nearly 3 gigawatts (GW) of clean energy by 2023. Commenting on the transaction,

“Blackstone is committed to investing behind the energy transition and Invenergy is the clear independent leader in the renewable energy sector. We look forward to a long-term partnership with the Invenergy and CDPQ teams and are excited to invest alongside them to support the accelerated buildout of Invenergy’s clean energy portfolio.” Mr. Sean

Klimczak, Global Head of Infrastructure at Blackstone

“We are proud to have the opportunity to work with Michael Polsky and the worldclass team at Invenergy. Invenergy has built an outstanding platform for delivering clean energy – which is essential to our future – and we are honored to be a part of their mission.” Mr.

Matthew Runkle, Senior Managing Director in the Infrastructure Group at Blackstone

“The Invenergy team is pleased to welcome Blackstone, a leader in the renewable investment space, as our partner. We greatly value our long-term relationship with CDPQ and are thrilled to continue to accelerate the clean energy transition with Blackstone’s additional investment and capabilities.” Mr. Jim

Murphy, President & Corporate Business Leader at Invenergy

“For nearly a decade, we have worked alongside Invenergy to build a key global player in the energy transition, in the United States and around the world. Michael Polsky, Jim Murphy and their team raise the bar when it comes to developing and operating sustainable energy solutions, making their company a true innovator and leader in its field. We are delighted to welcome our long-term partner Blackstone as a new investor, combining our global reach and resources to help position Invenergy for continued growth.” Mr. Emmanuel Ja-

clot, Executive Vice President and Head of Infrastructure at CDPQ

The investment in Invenergy Renewables is the most recent example of a number of clean energy companies Blackstone is proud to support. Since 2019, Blackstone has committed nearly $13 billion in investments that Blackstone believes are consistent with the broader energy transition. Additionally in 2020, Blackstone announced a plan to reduce carbon emissions by 15% in aggregate within the first three years of ownership across all new investments where Blackstone has control over energy usage. Lazard and CIBC served as M&A advisors to Blackstone and Kirkland & Ellis as legal advisor to Blackstone. Mayer Brown was legal advisor to CDPQ, and Sidley & Austin and White & Case represented the company and Invenergy.

Blackstone Infrastructure Partners is an active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors. We seek to apply a long-term buy-andhold strategy to large-scale infrastructure assets with a focus on delivering stable, long-term capital appreciation together with a predictable annual cash flow yield. Our approach to infrastructure investing is one that focuses on responsible stewardship and stakeholder engagement to create value for our investors and the communities we serve.

BLACKSTONE INFRASTRUCTURE PARTNERS

BUSINESS & FINANCE GREEN BONDS WILL PROP ADANI’S FUTURE GREEN PLANS

Gautam Adani’s plans to revamp his business empire into the world’s largest renewables player are on a roll. The initiative to tap the green bond market to fund this change is certainly bearing fruit as his ambitious $20 billion investment plan gets underway.

Adani Green Energy, which takes care of the renewables business, has been very active in the green bond market, raising $750 million through the market last September. It will not be the last as Adani reportedly told Nikkei Asia that the Group would use the market to fund its $20 billion investment plan. The $20 billion investment plan is part of Adani’s bigger game plan to invest across the entire renewable energy chain over the next decade. It includes production and manufacturing processes along with distribution and entails a ginormous sum of $70 billion. So far, investments have been made towards the manufacturing of equipment, including electrolysers. The Group is eager to cut down its dependence on fossil fuels, aiming to triple its renewable power generation capacity in the next four years. Currently, the share of renewables in electric generation is 21% and is expected to account for almost two-thirds once things fall into place. Adani stated that going green was the logical choice as it opened up new avenues for growth. “Our actions indicate that we are putting our money where our mouth is as over 75% of our planned Capex until 2025 will be in green technologies,” he quipped, in one of his rare interviews, to Nikkei Asia. Talking about funding for his ambitious project, Adani placed his confidence on green bonds. “Over the process of its development, Adani Green Energy has matured its capital management plan. The organization has a cycle of funding under-construction assets and then de-risking operational projects through US-dollar green bond refinancing, thereby releasing the credit line for the next set of construction projects”, he pointed out. Additional sources include debt raising and equity capital, as well as the Group’s internal cash flows. As of the last financial year, the Group companies had accrued $4.3 billion (Rs. 323.4 billion) in earnings before interest, taxes, depreciation and amortisation.

Adani dismissed any notion of competing with fellow billionaire Mukesh Ambani. Ambani has revealed similar plans to turn his business into a net-zero carbon emitter by 2035. However, Adani maintained that there was enough space for everyone when it came to renewables. However, he asserts that the Adani Group will become the world’s largest renewables company in the nottoo-distant future. The company achieved its target of 25 GW renewables capacity a full four years ahead of schedule. “This puts us well on track to be the world’s largest renewable power generating company by 2030,” he declared. Source : PTI

RENEW POWER RAISES $400 MILLION VIA DOLLAR BONDS

ReNew Power has raised USD 400 million from global debt investors, making it the second issue from the country after Reliance Industries’ mop-up of USD 4 billion.

The renewable energy firm said the money was raised by the Mauritius-based Clean Energy Holdings, a wholly-owned subsidiary of Renew Energy Global Plc that is the parent of the operating firm ReNew Power. It offered a coupon of 4.5 percent to the USD 400-million 5.25-year senior secured dollar notes. The money will be used to refinance existing highcost debt and fund capital expenditure, among other uses, the Gurugram-headquartered and Nasdaq-listed company said. The dollar notes are certified green bonds by the Climate Bond Initiative and will be listed on the Singapore Stock Exchange. These green bonds have a tenor of 5.25 years and are the first high-yield issuance out of the ASEAN and South Asian regions in the new year. The issue was subscribed 40 percent each by American and Asian investors and the balance by EMEA (Europe, the Middle East and Africa)-based investors and most of the subscribers are long-only fund managers and pension funds. So far, ReNew Power has raised in excess of USD 3.5 billion from eight issuances,

of which, seven are outstanding, it said. ReNew Power President (Corporate Finance) Kailash Vaswani said the money will be used to refinance existing high-cost debt and fund capital expenditure of its subsidiaries and for other corporate purposes. The company is among the largest independent renewable energy producers developing, building, owning and operating utility-scale wind and solar energy projects, hydro projects and distributed solar energy projects. As of November 2021, its total capacity stood at 10.3 gigawatts (GW) across, including commissioned and committed projects. On January 6, Reliance had raised USD 4 billion in foreign currency bonds issue, which is the largest from the country so far to retire existing debt. The issue was “nearly three times oversubscribed with a peak order book aggregating around USD 11.5 billion”, the oil-to-retail giant said.It added that this was the largest-ever foreign currency bond transaction from the country, eclipsing ONGC Videsh’s USD 2.2-billion US dollar bonds issue in 2014. Reliance has a cash balance of Rs 2.59 lakh crore and a gross debt of Rs 2.55 lakh crore as of September 2021.

DECARBONISATION TO SEE $395 BN CAPEX BY 2030: REPORT At COP21 in Paris, as part of its nationally determined contributions, New Delhi had committed to achieve 40 per cent of installed electricity capacity from non-fossil energy sources by 2030.

As the country moves more aggressively towards its decarbonization goals with the overall energy economy shifting towards greener fuels, a

Wall Street brokerage has said this space will see a capex of USD 395 billion by 2030.At COP21 in Paris, as part of its nationally determined contributions,

New Delhi had committed to achieve 40 per cent of installed electricity capacity from non-fossil energy sources by 2030. But the target was achieved well ahead of schedule in November 2021 with installed renewable energy capacity reaching 150.05 GW, and nuclear energy capacity at 6.78 GW, said the

Union Ministry of New and Renewable Energy last month and reiterated its commitment to achieving 500 GW of installed electricity capacity from non-fossil fuel sources by 2030. This brings total non-fossil fuels based installed energy capacity to 156.83 GW, or 40.1 per cent of the total installed capacity of 390.8 GW, in line with the government announcement at the COP26 at Glasgow in November. Addressing the media, Amish

Shah, a research analyst at Bank of America Securities India, said the country now is aligned with large economies on decarbonization efforts.

And this added focus will see the country incurring USD395 billion in capex towards decarbonization during the decade ending 2030.He did not however disclose how much of this has already been invested. The decarbonization move includes curtailing diesel intake, more aggressive shift to renewable energy, stepping up natural gas supply and intake, fledgling private sector push for becoming net-zero, improving energy efficiency by privatizing power distribution across the country, better water treatment facilities. Besides, increasing biofuel production, ramping up hydrogen supply and bringing in stringent decarbonization regulations are also part of the government’s green energy move. Efforts in this direction also include expanding rail freight capacity to ensure more goods are ferried by the railways, more metro rail projects by reducing diesel-powered public transport, improving technology at existing thermal plants, completing railway electrification, moving faster on the BSVI transition across the automobile industry, among others, the brokerage said.

MR. HONEY RAZA

Sales Head

Ginlong (Solis) Technologies

EQ: What is Ginlong Solis’s highest commissioned capacity in India?

EQ: What new products will Solis introduce to its Indian customers? What are the key products introduced in India Renewable Leadership Summit? EQ: Will EVs become a viable choice for mass adoption in the absence of cheaper energy storage technologies?

EQ: Which technology, in your opinion, will lead the solar inverter industry in the future?

HR: At present in utility we are having 70MWs plant which is getting part commissioned in Assam. Considering the rooftop installation we have various 8MW to 10MW plants which are running very well across various geographies of India. Total capacity is now 2GW with more than 1 lakhs of inverters supplies so far. Globally we have supplied 20GW+ shipments.

HR: Recently we have launched our off grid product in the range of 4k – 5k. These product are the having top notch design which can support Solar PV, Grid or any other generation source and External Battery pack. It can operate in conditions where there is no grid at all and can also be used to optimize the overall system efficiency by drawing minimum power from grid with no export. Another advantage for these products is the compatibility with both Lead Acid and Li-on batteries with a variety of battery brands . Product is also having the most required feature of one click fast charging. It Supports 1PH Parallel Connection- Support max 1p units parallel connection on 1PH System & Support 3PH Parallel Connection- which Support Balanced/Unbalanced parallel connection on 3PH System. Max total 10 units per system. HR: I think with the new policy liberalization on EV Charging stations from the central government, the flexibility of setting up the EV charging station shall be eased which is a step closer towards mass adaptation. Also I am counting on the PLI schemes to make a sustainable eco system for energy storage technologies.

HR: I still perceive Grid Tied segment to perform well as compared to other technologies. The reason is evident from the fact that the current storage capacity is limited also the technology is already proven one. The rooftop has great penetration because of various support reasons be it a land or system’s modularity. Simultaneously Utility projects are very well adoption the string inverters which can provide better efficiency and optimize the overall O&M cost. This translates in lowering the LCOE cost of the plants.

EQ: What is the highest rate of Solis inverter performance? Do these inverters perform equally well in all weather conditions?

HR: All the inverters from Solis are tested under extreme test conditions like temperature test like heat run or extreme cold conditions. Solis Inverters are designed to endure these climatic extremities. We have experience of working in most toughest terrains or the world. Parallelly we are regularly sharing our knowledge sharing segment where installers and end users can get to know the best practices for handling such equipment.

EQ: Do you detect any significant distinctions between the Indian and other large markets when it comes to inverters? What do you consider to be your most significant market challenge?

HR: India has done very well last year in 2021 if you compare with US or Australia. Europe, Brazil and China Domestic market is still doing well which has support us in overall better revenues. We expect there would be a slight slowdown in Q1, 2022 due to the expect BCD on modules announcement but despite this I am bullish on the total installation to be done this year. Certainly, it would take some time to overcome this taxation change. Overall around increase of 30% capacity as compare to last year, would be figure which would be decent one.

EQ: Can you tell us about Ginlong Solis’ response to the COVID19 pandemic, the following lockdown, and any financial consequences?

HR: During the reporting period, COVID-19 brought some inevitable pressure and challenges to Ginlong Solis. However, the company’s capacity rapidly recovered increased to seize more domestic and foreign market share through the positive response of the company.” Ginlong Solis pointed in the announcement that due to the recent rapid recovery of overseas market demand, the shareholders of listed companies will increase significantly during the reporting period.

As a leading manufacturer of string inverters, Ginlong Solis has achieved steady growth in recent years. In Q3 of last year the company reported its strongest ever quarter. Yiming Wang, the president of Ginlong Solis, said that the company has launched some new products since Q3 of 2019. At the same time, the company promoted sales in traditional and emerging markets with marketing channels and marketing teams. Solis expansion into overseas markets continues to increase with the growth of Ginlong Solis’s overseas offices, the company’s product improvements, new technology response and competitive prices. As a result, , Ginlong Solis boosted its global market share.

In Q3 of 2020, since there is no time limit for pre-installation of residential systems, the average monthly installation numbers continue to grow. Sales of commercial inverters are growing rapidly as component and system costs continue to come down. “We expect several markets may exceed 1GW each year, and there will be a gradual improvement over time as installations accumulate and years of use grow.

EQ: What are your plans in India over the next two years? Is there anything new you’re intending to release in the first half of 2022?

HR: We are aggressive about the India market and so is the response. We are very strong in residential and C&I with the total installation, that’s why we are the No 1 Solar Inverter Company of India, and achieved almost 80% growth as compared to last years overall. Projects with our utility product of 255k picking up very fast with total installation around 300MW by FY 2021. Next two years we are planning to achieve 80% to 90% growth. This year we are also in process to launch many more products in storage and Utility segments. Utility product shall be of higher capacity than our present product with more advanced features.

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