EQ Magazine July / August 2023 Edition

VOLUME 15

OWNER : FirstSource Energy

India Private Limited

PLACE OF PUBLICATION : 95-C, Sampat Farms, 7th Cross Road, Bicholi Mardana Distt-Indore 452016, Madhya Pradesh, INDIA Tel. + 91 96441 22268 www.EQMagPro.com

EDITOR & CEO : ANAND GUPTA anand.gupta@EQmag.net

PUBLISHER : ANAND GUPTA

PRINTER : ANAND GUPTA

PUBLISHING COMPANY DIRECTORS: ANIL GUPTA

ANITA GUPTA

CONSULTING EDITOR : SURENDRA BAJPAI

HEAD SALES & MARKETING

MUKUL HARODE sales@EQmag.net

GRAPHICS & LAYOUT BY : RATNESH JOSHI

SUBSCRIPTIONS : RISHABH CHOUHAN admin@eqmag.net

Disclaimer,Limitations of Liability

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

The data and information presented in this magazine is provided for informational purpose only.neither EQ INTERNATINAL ,Its affiliates,Information providers nor content providers shall have any liability for investment decisions based up on or the results obtained from the information provided. Nothing contained in this magazine should be construed as a recommendation to buy or sale any securities. The facts and opinions stated in this magazine do not constitute an offer on the part of EQ International for the sale or purchase of any securities, nor any such offer intended or implied

Restriction on use

The material in this magazine is protected by international copyright and trademark laws. You may not modify,copy,reproduce,republish,post,transmit, or distribute any part of the magazine in any way.you may only use material for your personall,Non-Commercial use, provided you keep intact all copyright and other proprietary notices. want to use material for any non-personel,non commercial purpose,you need written permission from EQ International.

INDIA

POWER AVAILABILITY IN RURAL AREAS HAS GONE UP TO 22.5 HOURS IN INDIA: MINISTER R K SINGH

RENEWABLE ENERGY

FOURTH PARTNER ENERGY COMMISSIONS ITS FIRST WIND-SOLAR HYBRID PROJECT IN GUJARAT

RENEWABLE ENERGY

SOLINTEG EXPANDS ITS LOW-CARBON DEVELOPMENT BLUEPRINT TO INDIA

PV MANUFACTURING

SAATVIK GROUPS EXTENDS RETAIL ARMS IN EASTERN INDIA BY APPOINTING SOLARTRON AS ITS DISTRIBUTOR FOR SOLAR PV MODULES

CLEANTECH SOLAR ENTERS A LONG-TERM PARTNERSHIP WITH KONICA MINOLTA IN MALAYSIA, COMMISSIONS A 3.4 MWP ON-SITE ROOFTOP SOLAR PV SYSTEM

PIXON COLLABORATES WITH YES BANK TO ACCELERATE ADOPTION OF SOLAR SOLUTIONS AND GREEN ENERGY PRODUCTS IN INDIA

AUSTRALIA – INDIA PARTNERSHIP TOWARDS NET ZERO FUTURE

DIRECT POWER GENERATION FROM METHYLCYCLOHEXANE USING SOLID OXIDE FUEL CELLS

GROWATT TO SHOWCASE SMART ENERGY SOLUTIONS AND INNOVATIONS AT REI EXPO 2023

INDIA NEW METRO LINES, EV CHARGING POINTS TO PUSH UP MUMBAI’S POWER DEMAND BY 150 MW IN A YEAR

HARISH MANIKIREDDY

MR. KETAN VORA WAA Cables Pvt. Ltd.

Dr. Vikas Almadi VNT

MR.

Sungrow India

Founded in 2005, JA Solar is a manufacturer of high-performance photovoltaic products. With 12 manufacturing bases and more than 20 branches around the world, the company’s business covers silicon wafers, cells, modules and photovoltaic power stations. JA Solar products are available in over 120 countries and regions.

INDIA’S FIRST TRANS-NATIONAL POWER PLANT OF 1,600 MW CAPACITY COMMISSIONED BY ADANI GROUP

Electricity supplied from Godda will replace costly power generated in Bangladesh using liquid fuel. Gautam Adani, Chairman of the Adani Group, recently visited Bangladesh Prime Minister Sheikh Hasina in Dhaka to mark the successful commencement of full power supply from the Group’s Ultra SuperCritical Thermal Power Plant (USCTPP) in Godda, India. The Godda USCTPP is Adani Group’s first venture into transnational power projects and, notably, the first commissioned transnational power project in India, where 100% of the generated power is supplied to another nation.

Following the meeting, Gautam Adani expressed his honour in a tweet, acknowledging the completion and handover of the 1600 MW Ultra Super-Critical Godda Power Plant. He commended the dedicated teams from India and Bangladesh who, despite the challenges posed by the COVID-19 pandemic, successfully commissioned the plant in a remarkable time of three-and-a-half years. Adani Power Jharkhand Ltd (APJL), a wholly-owned subsidiary of Adani Power Ltd, recently completed the dependable capacity test for the Godda plant, fulfilling the mandatory requirement under the power purchase agreement (PPA) with Bangladesh. The two units of the plant commenced commercial operations on April 6th and June 26th, with a combined capacity of 1600 MW. APJL will supply 1,496 MW from the Godda USCTPP to the Bangladesh Power Development Board through a dedicated transmission system connected to the Bangladesh grid. The successful commissioning of the Godda USCTPP showcases the Adani Group’s exceptional project management and asset management capabilities. Despite logistical challenges, including the establishment of a 105 km-long transmission line, construction of a private railway line, and implementation of an extensive water pipeline, the project was completed in a record time of 42 months after achieving financial closure. Notably, the project was executed during the COVID-19 pandemic, and Adani’s engineering team adapted to the circumstances by conducting testing and commissioning remotely.

The power supplied from the Godda plant will positively impact Bangladesh’s power situation, replacing costly liquid fuel-generated power and reducing the average cost of purchased electricity. The Godda power plant sets a precedent by being the first in India to operate with 100% flue gas desulphurization (FGD), selective catalytic reconverter (SCR), and zero water discharge systems, ensuring environmentally friendly operations in alignment with government norms. The commissioning of the Godda USCTPP signifies an important milestone for the Adani Group, the Bangladesh Power Development Board, and the strong economic ties between the two nations. Adani Power’s partnership in Bangladesh’s economic growth aims to provide uninterrupted and reliable electricity at a competitive tariff, fostering industrial development and strengthening the Bangladesh economy.

Source: PTI

INDIA’S RENEWABLE

ENERGY INSTALLATIONS TO REACH

45 GW IN NEXT TWO YEARS: CARE EDGE RATINGS

Annual renewable energy (RE) installations in FY24 are to be around 20 GW, led by the solar sub-segment, CareEdge Ratings said.

This is based on the healthy pipeline of over 55 GW assets under development. The subsequent year is expected to see installations of 25 plus GW, leading to a cumulative increase of 45 GW over the next two fiscal, the rating agency said in a sectoral note. The solar sub-segment is expected to lead the way in terms of installations, followed by wind and hybrid capacity. The commercial and industrial segment is also expected to contribute significantly to future capacity additions. These projections are based on the government’s commitment to ensuring the bidding of approximately 50 GW of annual capacity for the next five years to facilitate the achievement of the target of 500 GW capacity through non-fossil fuel sources by 2030.

This will require annual RE installations to exceed 40 plus GW. The trajectory for FY24 includes 10 GW of wind capacity and 40 GW collectively from solar, hybrid, and storage-based capacity. Additionally, key states like Gujarat, Maharashtra, and Karnataka, among others, are actively conducting state-specific auctions to support further capacity additions. Meanwhile, the report stated that the Indian government has awarded a PLI (Production Linked Incentive) scheme of over Rs 18,000 crore to encourage private investment in the solar module supply chain. This is expected to lead to the establishment of a fully integrated module manufacturing capacity of 27.4 GW, a deeply integrated module manufacturing capacity of 16.8 GW, and a partially integrated module manufacturing capacity of 7.4 GW. This capacity is expected to be commissioned between FY24 and FY27. The commissioning of this domestic capacity is anticipated to result in annual forex savings of approximately Rs 90,000 crore.

Source: PTI

POWER AVAILABILITY IN RURAL AREAS HAS GONE UP TO 22.5 HOURS IN INDIA: MINISTER R K SINGH

The average electricity availability in rural areas has gone up from 12:30 hours in 2014 to 22:30 hours at present and it also increased to 23:30 hours in cities from 22.30 hours nine years ago, said Union Power Minister R K Singh.

Singh said this during a Review Planning & Monitoring (RPM) meeting with states and state power utilities, which was convened on 10th & 11th July 2023 in the capital, under the minister’s chairmanship, stated a power ministry statement. The minister mentioned that over the past 7-8 years the government has brought about a sea change in the country’s power sector. “We have added 185 GW of capacity transforming our country from power deficit to power surplus. We have connected the whole country with a single unified grid capable of transferring 1,12,000 MW from one corner of the country to another,” he said.

The government has strengthened the distribution system under DDUGJY and IPDS as well as SAUBHAGYA; constructed more that 2,900 substations, upgraded more than 3,900 substations, he informed. The government has added 8,50,000 ckt kms (circuit kilometres) of HT & LT (high and low tension) lines, 7,50,000 transformers and 1,12,000 ckt kms of agricultural feeders. “As a result of all this the power availability in rural areas has gone up from 12:30 hrs in 2014 to 22:30 hrs today; while in urban areas the national average availability is 23:30 hrs,” he highlighted. The minister stated that together “we made the power sector viable. Today all current power purchase dues are paid on time, while the legacy overdues have come down from Rs 1,39,747 crore to Rs 69,957 crore.” He expressed satisfaction that most of the state/discoms have started implementing reform measures prescribed by the ministry of power under its various initiatives like the Revamped Distribution Sector Scheme (RDSS), Additional Prudential Norms and Late Payment Surcharge (LPS) Rules, 2022.

“As a result, the AT&C (aggregate technical and commercial) losses have reduced to 16.5 per cent from 22 per cent and ACS-ARR (Average Cost of Supply and Average Realizable Revenue) gap has come down to 15 paise/unit from 69 paise/unit,” he stated.

Various reforms recently undertaken in the power sector like Renewable Generation Obligation, mandatory resource adequacy planning and rationalisation of open access charges etc. were discussed during the meeting.

The minister pointed out that tariff should be reflective of cost and up to date and suggested that realistic/ prudent loss reduction trajectories should be adopted by regulatory commissions for discoms to be viable. All the states were advised to follow multi-year tariff regime going forward. He also emphasised on the importance of correct subsidy accounting by the discoms and timely payment of subsidy dues by respective state governments. Discoms were advised to undertake prepaid smart metering of government offices on priority to overcome the issue of outstanding government department dues. The ministry of power has already issued rules along with clear SOP for subsidy accounting and payments which shall be adhered mandatorily by all states/discoms. Nodal agencies (REC and PFC) for RDSS presented the status of progress in their respective states under the scheme. The status of tendering/award and progress of works sanctioned under RDSS was reviewed for all the participating discoms. Discoms were advised to expedite implementation of works and ensure quality of works being undertaken under the scheme. It was noted that most states/discoms were on track as regards to qualifying parameters and eligible to receive funding. In most states the tendering action has been completed and works have been awarded. Some states/discoms which were lagging were asked to expedite the finalisation of tenders and award of works. The minister expressed satisfaction over performance of the sector.

He expressed his belief that with concerted efforts we will be able to achieve further improvement in quality and reliability of power supply thus ensuring better quality of life for people of the country.

UNION POWER MINISTER REVIEWS PROGRESS OF DEVELOPMENT OF INTER-STATE TRANSMISSION SYSTEM

uring the meeting here, emphasis was laid on completing the projects in a timebound manner across the country, according to an official statement. Besides this, the minister also stressed on how to strengthen the grid system, it said. Keeping in view the fact that Rajasthan has the highest installed capacity in the field of renewable energy, the existing and planned transmission network for evacuation of renewable energy from Rajasthan was discussed in detail, the statement said. The Union Minister for power, new and renewable energy took stock of issues, problems and options available for timely completion of projects related to transmission lines related to renewable energy generation in Rajasthan, it said. Officials of various departments related to the power projects attended the meeting.

Source: PTI

AHMEDABAD NEEDS RS 4.4 LAKH CRORE TO TURN NET ZERO CITY

BY 2070

In the span of one year, from 2021 to 2022, the residents of Ahmedabad released a staggering 15.1 million tonnes of carbon dioxide (CO2) into the atmosphere, resulting in a per capita burden of 2.1 tonnes of CO2. To transform Ahmedabad into a net zero city and mitigate greenhouse gas emissions, the city will need to allocate Rs 4.4 lakh crore over the next 47 years towards enhancing its infrastructure and systems.

These findings were outlined in a comprehensive report called the “Climate Resilient City Action Plan” (CRCAP), prepared for the Ahmedabad Municipal Corporation (AMC) with support from the CapaCITIES II project. The project is funded by the Swiss Agency for Development and Cooperation (SDC) and implemented by International Council for Local Environmental Initiatives (ICLEI) South Asia. Ahmedabad stands as one of the pioneering cities in India to develop such a comprehensive plan. At present, Ahmedabad consumes a substantial amount of energy, equivalent to 98.5 million gigajoules (GJ) per year, primarily derived from coal burned in thermal power plants and the usage of fuels like diesel and petrol. To put this in perspective, this energy consumption is comparable to burning 9.8 trillion 10watt LED light bulbs for an hour. A net zero city refers to one that balances its greenhouse gas emissions through the utilization of renewable energy sources and the implementation of carbon reduction practices. Key strategies to achieve this goal include the electrification of buildings and transportation, increased energy efficiency, and an overall reduction in energy consumption.

The CRCAP encompasses six key sectors: energy supply and demand, transportation, solid waste management, water supply and sanitation, urban greening and biodiversity, and disaster risk reduction. For each sector, the plan establishes targets, indicators, actions, timelines, responsibilities, costs, and benefits necessary to attain net zero resilience by 2070. For instance, in the energy sector, Ahmedabad aims to reduce its total energy consumption by 30% and increase the share of renewable energy to 50% by 2030. To achieve this, the city plans to implement energy efficiency measures in buildings, industries, and street lighting, encourage rooftop solar installations, and explore waste-to-energy projects. In the transportation sector, Ahmedabad aims to reduce greenhouse gas emissions by 40% and increase the share of public transport to 60% by 2030. This will entail expanding the Bus Rapid Transit System (BRTS), introducing electric buses and vehicles, and enhancing pedestrian and cycling infrastructure, as stated in the CRCAP report.

Union Minister for Power RK Singh chaired a meeting to review the progress of development of the inter-state transmission system.

INDIA’S POWER CONSUMPTION GROWS BY 4.4 PER CENT TO 139.23 BILLION UNITS IN JUNE

Power consumption grew by 4.4 per cent to 139.23 billion units in June this year compared to last year. In the year-ago period, power consumption stood at 133.26 billion units (BU), higher than 114.48 BU in June 2021, according to government data.

The peak power demand met, which is the highest supply in a day, rose to 223.23 GW in June 2023. The peak power supply stood at 211.72 GW in June 2022 and 191.24 GW in June 2021. The power ministry had estimated the country’s electricity demand to touch 229 GW during the summer season. But the demand did not reach the projected level in April-May this year due to unseasonal rains.

INDIA’S GREEN HYDROGEN PUSH AND CHALLENGES

India wants to become a global hub for the production of green hydrogen, manufactured by splitting water molecules using renewable energy. It is an ambitious plan for a country whose hydrogen consumed currently is produced mostly with fossil fuels. Although first production is expected only in 2026, India has been negotiating bilateral agreements with the European Union, Japan and other countries to start exporting the fuel. Below are some details about India’s green hydrogen push and challenges.

Power consumption was affected in March, April and May this year due to widespread rains in the country. Experts said that unseasonal rains in March, April and May affected the power consumption in the country. However, they stated that the power consumption growth was not that bad in June this year. Rains reduced the demand for electricity as people used fewer cooling appliances compared to the previous year, according to experts.

Source: PTI

PRODUCTION TARGET GOVERNMENT SUPPORT

India aims for annual production of 5 million metric tons of green hydrogen by 2030, which would cut about 50 million metric tons of carbon emissions and save more than $12 billion on fossil fuel imports. Indian companies including Reliance Industries, Indian Oil, NTPC, Adani Enterprises, JSW Energy, ReNew Power and Acme Solar have made announcements for setting up a cumulative annual green hydrogen manufacturing capacity of 3.5 million metric tons. As of now, most of the 5 million metric tons of hydrogen consumed in the country is produced with fossil fuels.

In January, India approved an incentive plan of 174.9 billion rupees ($2.11 billion) to promote green hydrogen. This would be atleast 10% of the cost to produce green hydrogen. New Delhi has also extended a waiver of transmission fees for renewable power to hydrogen manufacturing plants commissioned before January 2031.

AUCTIONS CHALLENGES

The government has kicked off auctions under its incentive programme for manufacturing electrolysers used to make green hydrogen. Bidding for support for green hydrogen production has yet to start. Five states including industrialised ones like Maharashtra and Gujarat have announced benefits like concessional electricity and duty-reimbursements on production of green hydrogen and its derivatives.

Green hydrogen is currently more expensive to produce than hydrogen made using fossil fuels, costing about $2 more per kilogram. The other issue is that renewable energy is not available round-the-clock and battery storage is still not economical. The country expects a requirement of 125 gigawatts of renewable energy by 2030 for production linked only to the incentive programme. India’s current installed renewable base is 127 gigawatts. Europe, Korea and Japan, being renewable resourcedeficient, are likely to be the key markets for green hydrogen but trade barriers are a major worry. India has raised its concerns with Germany on barriers imposed in a global green hydrogen tender called by that country last December. India also faces competition from heavily subsidised markets like China and the United States.

Source: Reuters

NEW METRO LINES, EV CHARGING POINTS TO PUSH UP MUMBAI’S POWER DEMAND BY 150 MW IN A YEAR

Mumbai’s power demand is growing day by day and the latest estimates show the rise in electric vehicle (EV) charging stations and the introduction of new Metro lines in a year will push the demand by 150MW.

Power experts said the government should push existing projects of transmission corridors to bring additional power to the city. One such project–the 400 KV Kharghar-Vikhroli line by Adani Transmission–is on the verge of completion before the year-end and is likely to bring 1,000MW to Mumbai. Experts said all clearances and assistance should be given for expediting other transmission corridor projects, the Kudus Aarey transmission corridor by Adani Transmission (1,000MW) and the Mumbai Urja Marg by Sterlite Power (2,000MW).

Mumbai’s peak power demand has been recorded at 4,129MW and is expected to increase to 5,000MW by 2025, requiring additional transmission corridors to meet the rising demand. “Mumbai’s embedded power generation is limited to 1,800MW as on date, with the balance demand being drawn from the National Grid for which the existing transmission corridors have a limited capacity of about 2,200 MW,” pointed out an official from Adani Electricity which serves over 60% of city consumers.

Power expert Ashok Pendse warned that “we cannot be lax and will have to bring additional power from outside, which is why the new transmission corridors should come up on priority”. He further said apart from new corridors, the main transmission network of the state also needs to be strengthened. “In the past, at Talegaon, a few state feeders had tripped and led to blackouts in Mumbai. This should be avoided,” he added.

Tata Power president (T&D) Sanjay Banga said: “Mumbai has witnessed unprecedented growth in its power demand this year. We recognise the immense potential and significance of new consumer segments, with EV charging stations spearheading the adoption of electric vehicles in the city, Metro Railways acting as lifelines of transportation and fostering sustainable urban development, and data centers being the pillars of digital transformation and these segments have resulted in a spurt in the overall demand. We observed an increase in peak demand amongst our consumer base this summer season and have been able to meet the load effectively through our PPAs of 1,400MW.”

When contacted, an Adani Electricity spokesperson said: “The Metro lines presently served by us consume 20MW electricity and this will increase to around 80MW in a few years. In the case of our electric vehicle charging stations, the 50MW demand will increase to over 200MW over the next few years. We are geared up to meet the growing demand from electric vehicles and mass transit systems through sustainable and competitive electricity supply.”

Devanand Pallikuth, head of Power System Control Centre at Tata Power, said in case of EV charging done overnight (as observed in several housing societies), there will be no problems at all as peak demand is usually low at night. “We have to see how much power is consumed during the day time at public and private charging of EVs and the running of new Metro corridors,” he said.

A V Shenoy, member of Urja Prabodhan Kendra, a power sector think-tank, said with the major shift to EVs in the past couple of years and a 40 times increase in registrations across Mumbai, the overall demand for power will certainly go up. “It is the government’s responsibility to strengthen the system and infrastructure of the transmission grid so that more power can be wheeled to Mumbai,” he said.

Pendse said apart from EVs and the Metro, there is a general 4% to 5% rise in power demand annually due to new power connections from new housing colonies and commercial establishments, malls and shops across Mumbai.

MR. KETAN VORA

Managing Director & CEO

WAA Cables Pvt. Ltd.

EQ: What is the opportunity in India currently ,---in terms of projects in tender , pipeline etc..opportunities in manufacturing etc .?

KV: Opportunity in Renewable energy sector: The opportunity in India for Renewable sector projects and other allied businesses like Inverter, Battery, Pump – Motor, cables and wires, Thermal etc and it’s manufacturing is huge right now as India's energy demand is expected to accelerate faster than any other country in the coming decades due to its sheer size and enormous potential for growth and development. Therefore, it is imperative that most of this new energy demand is met by low-carbon, renewable sources. India's announcement that it intends to achieve net zero carbon emissions by 2070 and to meet 50% of its electricity needs from renewable sources by 2030 marks a historic point in the global effort to combat climate change. With increased support from the Government in policies and economics – allocation of Rs. 19,500 Crore (US$2.57 billion) for a PLI scheme to boost manufacturing of high –efficiency solar modules. , this sector has become attractive from an investors perspective and working towards achieving goal to achieve net zero carbon emission.

The domestic cables and wires industry has registered robust growth over the last five years led by the government’s focus on providing power to all and gradual pickup from the housing market. The wire and cables market in India has the potential to grow by USD 1.65 billion during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 3.80%. The development of infrastructural projects by the government and investment is driving the growth of the wire and cable market in India.

EQ: What type of market do you anticipate in 2023 in terms of Utility / C&I, Residential?

KV: Decarbonisation efforts have taken centre stage in India since our Hon’ble Prime Minister announced India’s Net Zero goals by 2070. India’s leadership of the International Solar Alliance has also brought considerable focus on solar energy. All this has resulted in a significant addition of Renewable Energy (RE) capacity in India in the last few years. However, as far as solar energy is concerned, the majority of the

capacity addition has been in the utility-scale segment – large plants that supply green energy directly to the grid. The Utility, C&I and residential sector struggled in 2022 due to rise in solar module import prices, and demand, which caused delay in projects. However, as government has introduced new policies to promote domestic manufacturing, this industry is hopeful for strong rebound in 2023. A key expectation in 2023 is from the Commercial and Industrial sector (C&I) sector. The sector is largely expected to pick a significant part of the slack from the utility scale projects that faced challenges of pricing or other aspects.

As Commercial and Industrial (C&I) customers consume close to 50% of the power produced in India, thereby being the single largest segment. There are some major reasons driving C&I segment, like-

1. More awareness in the industrial segment about the environment impact of their operations and companies have started taking steps towards incorporating sustainable methods.

2. Fall in the tariffs of renewable energy, making it more clear for those industries which are energy intensive, to go for renewable energy as it helps them to save larger amount on their electricity bill.

3. Also, technological advancement and business model also helps in growth.

4. As India aims to increase its non-fossil fuel based power capacity to 50% of total capacity by 2030, more RE capacity will get added.

EQ: Which region or states looks most promising to you for 2023?

KV: In India, several regions and states have shown significant potential and promise in the renewal energy sector. However, this Industry is dynamic and its development is subject to various factors such as government policies, infrastructure development, and solar resource availability.

Opportunity in Cables & wires Industry:

The top 6 states for installed renewable capacity in India are Rajasthan, Gujarat, Maharashtra, Karnataka, Tamil Nadu and Telangana. The reason behind is their climate, state government initiative and improved policies, State and Central government’s approved budget and many projects for enormous capacity of solar energy production.

Rajasthan with 16.4 GW Installed Capacity, has the highest solar power generation potential of any state in the country. Rajasthan plans to install 30,000 MW of solar energy capacity by 2025. Whereas, Gujarat with 8.8 GW Installed capacity, has recently identified 1,00,000 hectares of wasteland in the Kutch district to build the world’s largest renewable energy park with a 30,000 MW capacity. This project would be a mix of solar and wind power. Maharashtra with Installed Capacity 16 GW, has recently signed MoUs to add projects to generate 5,220 MW of renewable energy for Rs 41,000 crore

If we look at Southern India, Karnataka with 8.1 GW Installed Capacity,is the third largest producer of solar energy in India. Karnataka has 1,000 MW of projects in the queue. Tamilnadu having 6.5 GW Installed Capacity-has immense renewable energy potential, with access to sources such as wind, solar, biomass, biogas, hydropower, etc. The Tamil Nadu Generation and Distribution Corporation is planning to install solar power plants with a total capacity of 20,000 MW by 2030 and also planning to develop district level solar parks. India’s southernmost state Telangana with 4.6 GW installed capacity, ranks fifth in terms of solar power generation capacity. The state also chose a distributed solar installation plan, which has resulted in savings of almost 450 crores. The state is also home to the largest floating solar PV plant in India with a 100 MW capacity.

EQ: How much manufacturing capacity India has in terms of Solar Modules, Inverters, Cells etc and what’s your anticipation in capacity addition in 2023?

KV: India has solar cell manufacturing capacity of approximately 4.7 GW as of September 2022. This is expected to increase by seven fold by the end of CY 2024.

India's solar photovoltaic (PV) module manufacturing capacity exceeded 39 GW at the end of September 2022 and is expected to reach around 110 gigawatts (GW) by the financial year (FY) 2026, which will make the country selfsufficient.

As far as anticipation in manufacturing capacity addition in 2023, the positive market developments in the first months of 2023 promise another solar boom year, expected to result in 341 GW of newly-added solar to the grid, by the end of the year – equal to 43% growth. India’s cumulative module manufacturing nameplate capacity has more than doubled from 18 GW in March 2022 to 38 GW in March 2023. Compared to FY2022, Indian PV exports (by value) have already risen by more than 5x in FY2023. Between 2020 and 2023, the nameplate capacity for both cells and modules more than doubled in India. We estimate that the operational capacity for both cells and modules is between 50-60% for most manufacturers.

EQ: What kind of growth do you see coming in the residential sector demand ?

KV: Power consumption grew 9.5 per cent to 1,503.65 billion units year-on-year in 2022-23, mainly due to higher demand amid a rise in economic activities, showed government data. India has emerged as a major player in the global energy market, with the country ranking third in the world for primary energy consumption, according to the India Energy Outlook 2021 report by the International Energy Agency (IEA). The residential sector has been a significant driver of solar energy demand in many countries, and it is expected to continue experiencing growth in the coming years. It can be influenced by factors specific to each market, including local economic conditions, utility regulations, consumer preferences, and government support. Continued innovation, favourable policies, and public awareness will play significant roles in shaping the growth of the residential sector’s demand for solar energy.

VRINDA NANO TECHNOLOGIES... EMERGING COMPANY, BUILDING A BETTER & GREENER TOMORROW

Dr. Vikas Almadi Managing Director

VNT offers solutions ranging from highly efficient telecom power systems and power management systems, to wireless solar string monitoring solutions, earthing and lightning protections, and state-of-the-art fire protection solutions. VNT offers Safety Audit services to various industries and helps Renewable energy developers do the power systems study. VNT is connecting India through its telecom solutions. Our Super High-Efficiency SMPS is powering the telecom towers all over our country even in remote areas, enabling telecom connectivity for the end-user and enriching their lives. We empower solar farms with an array of energy-efficient and sustainable solar solutions. Solar String Combiner Boxes with Monitoring from VNT are a plug-and-play solution for solar installations that makes supervision easy. We develop accessible power generation resources and assist with utility-scale and rooftop projects for businesses in India and abroad by leveraging our ingenuity, portfolio, and commitment.

Aligned with the UN SDGs, our Sustainable Development Agenda is to pioneer solutions that aid in the utilisation of renewable energy in the domains of telecommunication, fire safety, asset monitoring, and lightning and surge protection. VNT is contributing to India’s goal of becoming carbon neutral by 2070. Our vision is "To help the world become greener, connected, and protected." And mission is in line with our. Vision "To simplify and provide innovative and efficient energy systems" . We are currently diversified into five main verticals: telecom, Solar and BESS, EV. Utilities+ Industries In the Climate Change Space, we see strong emergence of e-Mobility, Energy Storage. Our unwavering passion for harnessing innovative technologies has propelled us to spearhead the delivery of cutting-edge solutions. At VNT, we are fully committed to meeting your present needs while strategically planning for future business endeavours. With an unwavering focus on safety and quality control, we strive to provide unmatched solutions that cater to the ever-evolving requirements of the critical sectors we support. Integrity and a strong dedication to serving others form the cornerstone of our holistic approach.

We prioritize addressing critical priorities and developing comprehensive strategies that align with your business objectives. As we continue on this path, we remain steadfast in our mission to deliver unparalleled solutions that expand horizons and elevate business utility. Join us as we embark on an exciting journey of technological advancement, anticipating your needs and paving the way for a successful future...Our enthusiasm for leveraging innovative technologies has bolstered us in spearheading the delivery of solutions by harnessing technological advancement. We are committed to increasing business utility by anticipating your present needs and planning future business strategies.

We deliver unparalleled solutions in their scope of expandability to cater to the ever-challenging needs of the critical sectors we support, with safety and quality control as our highest priorities. Our integrity and willingness to serve underpin our holistic approach to addressing critical priorities and developing comprehensive strategies.

What is your market share of string monitoring boxes and string combiner boxes in India?

VNT has been manufacturing string combiner boxes and string monitoring boxes for last seven years. We have supplied more than 25 GW of solar power plants in PAN India, and have approx. 50% market share as of today’s date and emerged as clear leaders. We strive to acquire 60-70% market share in 2–3 years.

You have been in the market for a long time and are growing a lot. What has been your strategy for growth and success?

We are glad to inform that Vrinda Nano Technologies has supplied power management solutions to more than a 100,000 telecom sites and supplied combiner boxes, monitoring devices in more than 25 GW of solar power plants, and started successfully with EV charger solutions for various sectors. We have started various new verticals catering to consumer, industrial, railway, and defense sectors, and developed new high efficiency rectifiers and SMPS for telecom. VNT was incorporated in 2003 with the vision of providing reliable solutions and comprehensive services of the highest quality in order to ensure customer satisfaction.

Due to our vast experience with evolving technologies , we design our soutions as per field requirements. We have capacity to deliver large capacities with well controlled processes. We offer package of products and irreplicable knowledge on site solutions and safety, We have willingness to serve the customer needs and keep the uptime as high as possible. The company brings decades of expertise to its clients' businesses through its integrated approach that meets stringent expectations for power management solutions, energy conservation, fire safety, lightning and surge protection, and asset monitoring.

In the ever-challenging business sectors such as telecommunications, renewable energy, defense, railways, and others, the company constantly seeks new and innovative ways to make every operation reliable, flexible, safe, and sustainable. It focuses on enhancing business utility and intervention to work for a client, anticipating client needs today, and preparing business strategies for tomorrow. With a dedicated team of technical experts and certified professionals, our maintenance services allow businesses to manage unforeseen risks. We place a high value on comprehensive earthing audits, electrical health and safety audits, energy audits, and more, from visual inspections to comprehensive risk consulting. Our long-term vision and commitments put the resilience and reliability of our services to the test.

What are your plans for overseas expansion? Currently, you are operating in all markets; what’s the future plan?

We have started our operations in the Philippines, UAE, Indonesia, and Saudi Arabia. We will soon be entering in the North American market. We are always committed to providing worldclass products with an aspiration of Indian roots and a global mindset.

What are your views on the same, and how do you plan to tap this growing opportunity?

VNT is taking a bold step into the flourishing EV market in India, recognising the tremendous potential of the EV ecosystem. With electric vehicle sales in India predicted to hit a whopping 1.7 million units in FY 2023 and sales surging at an impressive rate of 130 percent YoY and a projected 153 percent growth in FY 2023, VNT has already bagged many orders for EV charger solutions and is confident of growing the EV vertical in line with the growth of emobility in the country.

MR. HARISH MANIKIREDDY

Senior Manager- Operations

Sungrow India

EQ: How did Sungrow overcome Covid lockdown for supply chain activities for production at factory?

HM: We as a global company have lots of supply chain activities involved in production and we are also faced with difficulties during the covid lockdown period like all others, but we take this lockdown period as challenge and worked proactively with our Suppliers, Logistics partners and internal cross functional teams. We planned raw materials purchase both locally and imported during lockdown with the support of our suppliers and logistics partners. We followed government regulations strictly on social distance. Day to day we interact in meetings, understand situations outside, take necessary steps to achieve our target to complete the production and dispatches on time without any delays.

EQ: What kind of impact faced by Sungrow on BIS certification notification on raw materials / finished goods at the time of customs clearance?

HM: Sungrow India has not much impacted due to BIS certification. The number of testing laboratories are not many in India for the variants or models that are offered by Sungrow, and it takes lot of time for getting BIS certifications. However, we have faced little difficulties in terms of customs clearance process. MNRE is very aware of the situation about testing laboratories in India and delays of getting certifications, So given exemptions notification on quarterly basis to customs which has supported us to custom clear our products using self-declarations.

EQ: How was the impact on Imported FG Inverters because of 20% customs duty hike on BCD (basic Customs duty from 10% to 20%)?

HM: The BCD Increase from 10% to 20% on inverters has impacted on sales majorly for all the Inverters suppliers. As we have seen, most of the customers are not ready to take the hit due to the extra cost of 10%. Fortunately, Sungrow have strategically planned to the local manufacturing facility in India which over comes this challenge easily and we are top in the competition where customers have shown interest in our Made in India inverters products. We are proud to say that we are contributing to “Atmanirbhar Bharat mission” as part of our Prime Minister top priorities in Renewable Energy industry and contributing to improve the Indian economy and providing clean power for all.

EQ: What is the Role of Logistics in Supply Chain Management?

HM: The entire process of monitoring the transportation of goods and services from one place to its intended destination

is termed as “logistics.” The term logistics was originally used to refer to the transportation of equipment to military armies on the ground. However, in modern times, logistics is not just limited to its definition. It can shapeshift very easily to fit into the demands of an organization. It is more than just delivering the final goods to the consumers. The logistics department is also tasked with the responsibility of warehousing, managing outbound and inbound transportation, planning to meet demands, and handling materials. They are also in charge of inventory management, transport management, and fulfilment of orders.

EQ: What is the Difference Between Supply Chain Management and Logistics?

HM: Supply chain management and logistics are two very different processes. While supply chain management is confined to the bigger picture, logistics is comparatively small.

a. Logistics is all about producing the goods in one organization and distributing them amongst the consumers who demand the goods.

b. Supply chain management, on the other hand, is a group of organizations that strive to distribute goods in voluminous quantities among their consumers. In this sense, it is a large-scale operation involving multiple moving parts.

EQ: What are the Main Challenges Related to the Supply Chain that Solar Companies are Currently Facing?

HM: The supply chain is a vast and fruitful field, brimming with immense opportunities for exploration and experimentation. In the present competitive market, companies that do not invest in supply chain management end up paying a hefty price.

These companies fail to consider many crucial factors like:

a. Rising costs throughout the supply chain.

b. Consumer demands for improved delivery speed and customer satisfaction.

c. Volatile risks in the supply chain such as market fluctuations, trade disputes, etc.

d. The complexities of risk and cost management.

MAHAPREIT AND GEAPP LAUNCH SOLARISATION OF AGRICULTURAL IRRIGATION INITIATIVE IN INDIA

MAHAPREIT and GEAPP launch a 500 MW agriculture solarization programme, which will attract an investment of INR 2500 crores in solar energy for the state of Maharashtra.

The 500 MW solarisation programme will benefit 100,000 farmers over the next two years.

Mahatma Phule Renewable Energy and Infrastructure Technology Limited (MAHAPREIT) and the Global Energy Alliance for People and Planet (GEAPP) have held a successful partner meeting in Mumbai. The meeting focused on the upcoming 500 megawatts (MW) tender in Maharashtra, building on the partnership established earlier this year through a Memorandum of Intent (MoI). The MoI aims to accelerate the adoption of renewable energy and promote sustainable development in India. The partner's meeting served as a platform for MAHAPREIT and GEAPP to strategies and collaborate on the implementation of renewable energy initiatives. During the meeting, MAHAPREIT and GEAPP drew the roadmap for the implementation of the 500 MW tender for PM-KUSUM C/Mukhyamantri Saur Krushi Vahini Yojana. This will benefit the state in three ways - bringing an investment of INR 2500 crores in solar energy, reducing CO2 emissions by 400,000 tonnes annually, and supporting 100,000 farmers.

Today's meeting is a step forward in our collaborative effort with GEAPP to drive the clean energy transition in Maharashtra. We are positive that through this partnership, we will enable the state target of 7000 MW solar power generation by the end of 2025, as per the Mukhyamantri Saur Urja Krishi Vahini 2.0, said Mr Bipin Shrimali, Chairman and Managing Director, MAHAPREIT.

GEAPP in India is supporting MAHAPREIT by appointing a Project Management Unit (PMU), which will help MAHAPREIT conduct land surveys, identify land parcels, aggregate demand, and conduct tenders to onboard EPC players. PMU will also monitor the programme execution and liaise across government departments on behalf of MAHAPREIT. Within a month’s time, MAHAPREIT and GEAPP plan to launch a cluster-led SME solarisation initiative with an objective of 500 MW of decentralised solar. Sangli, Nasik, Ichakranji, and Kolhapur have been identified as the focus districts for the first leg of the programme. Discussions with local MSME associations have been initiated. Post the success of the first phase; the programme will be scaled across other districts of Maharashtra.

Mr. Saurabh Kumar, Vice President-India, GEAPP, said, “The roadmap that we have prepared in our meeting today is a step towards the collective goal of MAHAPREIT and GEAPP. The Government of India has introduced many schemes & programmes targeted towards improving the earnings of farmers and small enterprises between 2017 & 2019 and has been focused on their welfare. GEAPP has already started discussions with local MSME associations, and the PMU will support the effective and efficient roll-out of the programme. GEAPP in India is also working with a facility manager to create a credit guarantee mechanism to unlock financial linkages for this sector”.

Senior officials from MAHAJENCO, MSEDCL, MEDA and MERC attended the meeting.

GROWATT SHINES BRIGHT WITH SHINE ELITE INDIA - HYDERABAD EDITION AND LAUNCHES INNOVATIVE

PV INVERTER

Hyderabad, India - July 28, 2023 - Growatt, a global leader in the renewable energy industry, organized the prestigious SHINE ELITE INDIA - HYDERABAD EDITION Solar Technical Program at Hotel Raddison Blue on July 27, 2023. The event witnessed the launch of the much-anticipated MID 33-50KTL3-X2 PV inverter and garnered participation from esteemed guests and key distributors from all over India.

The event was graced by prominent personalities, including Shri N. Janaiah, VC & MD of TSREDCO, who was the Guest of Honor, and Shri Y. Satish Reddy, Chairman of TSREDCO, who presided as the Chief Guest. Also in attendance was GV Prasad, GM at TSREDCO. The esteemed presence of these dignitaries reflects the significance of the event and Growatt's commitment to promoting solar awareness and sustainable energy solutions in the region. The highlight of the occasion was the launch of the MID 33-50KTL3-X2 PV inverter. With features like higher yields, maximum efficiency of 98.8%, and the maximum DC input current reaches 16A for each string, making it an ideal match for high-power and bi-facial solar modules. With a maximum 50kW per unit, the MID 33-50KTL3-X2 establishes a new record in power density innovation. Moreover, the inverter's safe and reliable design, including IP66 protection degree, fuse-free design, and Type II SPD on DC&AC side, ensures superior performance and safety for customers.

Speaking at the event, Shri Y. Satish Reddy appreciated Growatt's efforts in the renewable energy sector and extended the support of the Telangana Government and TSREDCO for all the company's initiatives and expansion plans in the state. This collaboration signifies a vital step towards promoting clean and sustainable energy solutions in Telangana.

Shri N. Janaiah emphasized the tremendous growth in Telangana's renewable energy sector over the past 6-7 years and reaffirmed TSREDCO's commitment to creating promotional activities that increase solar awareness among the people. He assured full support from TSREDCO for Growatt's future endeavors in the region.

Key members of the Growatt team present at the event were Mr. Shantanu Sirsath (Technical Head India), Mr. Abhishek Samaiya (General Manager India - Sales), Mr. Bhaskar Reddy (Key Account Manager - Sales - South India), and Mr. Sunesh Menon (Product Engineer India). Their expertise and dedication reflect Growatt's commitment to providing smart and innovative PV solutions. The SHINE ELITE INDIA - HYDERABAD EDITION was a resounding success, showcasing Growatt's commitment to driving solar adoption and sustainable energy solutions across the country. With the launch of the MID 33-50KTL3-X2 PV inverter, Growatt further solidifies its position as a pioneering force in the renewable energy sector.

RENEW ANNOUNCES APPOINTMENT OF THREE INDEPENDENT DIRECTORS

New Board members to replace retiring Directors.

Will increase gender diversity of the Independent Board.

ReNew Energy Global Plc (“ReNew”) (Nasdaq: RNW, RNWWW), India's leading renewable energy company and a preferred decarbonisation partner, announced that the Board of Directors has appointed Ms. Paula Gold-Williams, Ms. Nicoletta Giadrossi and Mr. Philip Graham New as Non-Executive Independent Directors with effect from August 23, 2023. The appointment is subject to the approval of the Company’s shareholders at the ensuing Annual General Meeting of the Company and, if approved, the respective term of office for each appointee will last until the Annual General Meeting scheduled to be held in the calendar year 2025. ReNew is committed to diversity and inclusion at all levels, and having more women directors on the Board is an important step towards the goal. The Company will continue to have majority of independent directors on its Board. Mr. Ram Charan and Ms. Michelle Robyn Grew, Independent Directors of the Company retire on August 22, 2023 due to expiry of their term. The tenure of Mr. Philip Kassin, MKC Investments LLC Nominee and Independent Director is expiring on August 22, 2023 in terms of the Articles of Association of the company due to expiration of the director nomination rights of MKC Investments LLC. The non continuation of the directors afore-mentioned was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.

PROFILE OF NON-EXECUTIVE INDEPENDENT DIRECTORS

Paula

Gold-Williams

Ms. Gold-Williams is the former President and CEO of CPS Energy, a fully integrated electric and natural gas municipal utility based in San Antonio, Texas. Currently, she serves as a corporate director on the board of Emera, Inc., a utility holding company headquartered in Nova Scotia, Canada. Additionally, she is the Chair of the Keystone Policy Center, a board member, and Treasurer of EPIcenter, and an Energy Pillar Co-Chair of Dentons Global Smart Cities Communities Initiatives and Think Tank. She is part of the US Secretary of Energy’s Advisory Board (SEAB). Ms. Gold-Williams has held other board positions, including First Vice Chair of the Electric Power Resource Institute (EPRI) and Chair of the San Antonio Chamber of Commerce. Ms. Gold-Williams earned an Associate Degree in Fine Arts from San Antonio College, a BBA in accounting from St. Mary’s University, and a Finance and Accounting MBA from Regis University in Denver, Colorado. She is a Certified Public Accountant and a Chartered Global Management Accountant.

Nicoletta Giadrossi

Ms. Giadrossi holds various leadership roles in prominent companies. She is currently Chair of Gruppo FS Spa in Italy, Chair of MSX International Ltd, and Sustainability & HSE Committee Chair in TKE, Germany.

She also serves on the board of Royal Vopak N.V., Amsterdam, and participates in their Audit and Remuneration committee. Her past roles include being a board member of Brembo S.p.A., an Italian automotive components manufacturer, where she chaired the Remuneration Committee and was a member of the Audit, Risk & Sustainability Committee. Ms. Giadrossi has extensive experience in leading and participating in audit, risk, sustainability, and remuneration committees. Her executive career spans 30 years in energy, engineering, and capital goods. Notably, she served as President, Europe, Africa, India, for Technip from 2014 to 2016, and as EVP, Head of Operations, for Aker Solutions from 2012 to 2014. Prior to that, she held various executive positions at General Electric Company, including General Manager for GE’s Oil and Gas, Refinery & Petrochemicals Division. Ms. Giadrossi began her career at The Boston Consulting Group. She holds a BA in Economics and Mathematics from Yale University and an MBA from Harvard Business School. Solutions from 2012 to 2014. Prior to that, she held various executive positions at General Electric Company, including General Manager for GE’s Oil and Gas, Refinery & Petrochemicals Division. Ms. Giadrossi began her career at The Boston Consulting Group. She holds a BA in Economics and Mathematics from Yale University and an MBA from Harvard Business School.

Mr. New is a non-executive director at Norsk Hydro ASA since May 2022 and serves on its audit committee since June 2023. He also holds the position of non-executive director at Almar Water Solutions B.V. since March 2017. Previously, he was CEO of Energy Systems Catapult Limited from November 2015 to May 2022. Before that, he had a long career at BP p.l.c., where he led their bioenergy businesses and served as CEO of BP Alternative Energy, overseeing wind, solar, and technology venturing activities. Mr. New actively contributes to energy transition initiatives, holding positions on various advisory panels and committees related to energy transition, including the U.K. Automotive Council and the U.K. Research and Innovation’s Faraday Battery Challenge. He also chaired the U.K. Electric Vehicle Energy Taskforce for four years and conducted an independent review of the potential for a U.K. sustainable aviation fuel sector, commissioned by the U.K. Department for Transport. Mr. New holds a Master of Arts in Philosophy, Politics, and Economics from Oxford University.

Philip Graham New

ANNOUNCEMENT

HUASUN ENERGY: THE LARGEST HJT PRODUCT MANUFACTURER’S FIRST SHOW IN INDIA!

Huasun will participate in Renewable Energy India Expo 2023(REI),which will be hold on Oct 4-6 in India Expo Center, Great Noida. As the largest HJT product manufacturer in the world, Huasun will display Himalaya series G10 and G12 high-efficiency HJT solar modules, as well as corresponding HJT cells and wafers, at booth #5.55 in hall 5.

Aiming at the current energy structure and climate features in India, Huasun chooses to show the high-performance products that can represent its latest technology. Delving into HJT 3.0 technology and putting it into large-scale production, the champion efficiency of Huasun’s HJT cells in mass production is 25.6% and the R&D highest efficiency exceeds 26.1%. The Himalaya G12 series modules which are based on HJT 3.0 cells achieve a peak power output of 730.55W with a maximum efficiency of 23.52%, solidifying its industry-leading position.

Besides, Huasun adhered to the net-zero goal. The lifecycle carbon footprint of G10-144 type module is merely 366.12g/W CO2e, marking the first time that a photovoltaic module can achieve lower than 400g/W CO2e, showcasing its significant advantage.

Huasun’s high-efficiency HJT modules have the advantages of ‘four highs’ (high efficiency, high power output, high bifaciality, high reliability) and ‘four lows’ (low temperature coefficient, low attenuation, low LCOE, low carbon emissions), as well as featuring a 15-year product warranty and 30-year industry-leading linear performance warranty. These features ensure that they can bring more stable power generation performance and higher reliability. Based on these merits, Huasun's HJT modules are suitable for various scenarios, from residential rooftop to utility-scale power station. REI 2023 will be Huasun’s first show in India. At this show, Huasun will start remarkable journey for different application scenarios and provide higher performance products for the market!

REPUTED CAPITAL MARKET INVESTORS LED BY ANIL KUMAR GOEL, PRASHANT JAIN AND NEERAJ GUPTA PARTICIPATE IN

ORIANA POWER'S PRE-IPO FUNDING

• Jaipur-based Manoj Agarwal and MSMEx’s Amit Kumar, too, pick up minority stakes.

• The company has recently introduced TrueRE as its corporate brand, highlighting the intent to further diversify into other renewable energy avenues – beyond solar.

The SME IPO-bound Oriana Power Limited has successfully closed its pre-IPO round, with the participation of several reputed stock market veterans. The marquee investors include Chennai-based Anil Kumar Goel, JSW Energy’s Prashant Jain, Meru’s founder Neeraj Gupta, Jaipur-based Manoj Agarwal and MSMEx’s Amit Kumar.

Chennai-based Anil Kumar Goel, well-known for his sterling value-investing track record in sugar and textile stocks, led the pre-IPO round. Tikri Investments, the personal fund of JSW veteran Prashant Jain, also picked up a minority stake in the pre-IPO round. Meru’s founder Neeraj Gupta, the pioneer in the appbased taxi ecosystem and now a serial investor and advisor, also invested in his personal capacity. While other investors, including Jaipur-based renowned long-only veteran Manoj Agarwal and Amit Kumar, founder of MSMEx, India's largest Live Online Coaching and Handholding platform for MSME business owners, also participated in the round. Among India’s fastest-growing solar energy solution providers, Oriana Power recently filed Draft Red Herring Prospectus (DRHP) with NSE Emerge for its proposed initial public offering (IPO). The IPO comprises the issue of 50.55 lakh Equity Shares (Face Value Rs 10/) through the book-building route. The company has appointed Corporate CapitalVentures Private Ltd as Lead Manager for the issue, while Skyline Financial Service Private Ltd. will be the Registrar to the issue. As per the DRHP, the company will utilise issue proceeds from the IPO towards meeting its working capital requirements (Rs. 23 crore), investment in subsidiary companies (Rs. 20 crore), capital expenditure for expansion purposes (Rs. 2 crore) and general corporate expenses.

Co-founded by entrepreneurs Anirudh Saraswat, Rupal Gupta and Parveen Kumar Jangra, Oriana Power commenced operations in 2017. As per the DRHP, the three promoters currently hold 83.40% in the company. Post issue, the promoters' stake would stand reduced to 61.41% in the company. For the year ended March 31, 2023, the company's revenue stood at Rs. 134 crore compared to revenue of Rs. 101 crore in the same period of 2022. However, the company's profit after tax almost doubled to Rs 12.69 crore during the year ending March 31, 2023, from Rs 6.96 crore registered in the previous fiscal year, as per the DRHP. The company has recently introduced TrueRE as its corporate brand, highlighting the intent to further diversify into other renewable energy avenues – beyond solar.

Oriana Power is a company that specialises in providing solar energy solutions to industrial and commercial customers. The company offers low-carbon energy solutions by installing on-site solar projects such as rooftops, groundmounted systems, and off-site solar farms, i.e., Open access. Its business operations are primarily divided into two segments: Capital Expenditure (CAPEX) and Renewable Energy Service Company (RESCO). The company caters to marquee clients comprising eminent corporates, including Hindustan Petroleum Corporation, Hero Motocorp, Indraprastha Power Generation, JK Laxmi Cement Limited, Tata Memorial Hospital, Hindustan Copper, National High-Speed Rail Corporation, Modern Delhi Public School, Faridabad, Sarvodya Kanya Vidyalaya, Umang Dairies, Hero Cycle, Maral Overseas (Bhilwara group), Mrs Bector (Cremica), Mahindra CIE, Sona BLW, RACL Geartech, among others. In May 2023, the company successfully commissioned a 2.7 MWp single rooftop solar power plant at the Indian Oil Corporation Ltd (IOCL) refinery in Panipat, Haryana, for Indian Synthetic Rubber Private Limited (ISRPL). During April 2023, the company also successfully commissioned a novel 800kW AC/1MWp DC floating solar power plant at Dabok Mines of Udaipur, Rajasthan, for Udaipur Cement Works Limited (UCWL).

BUSINESS & FINANCE

NORFUND ANNOUNCES REPEAT INVESTMENT INTO FOURTH PARTNER ENERGY; ADDITIONAL ₹350 CR TOWARDS EQUITY INFUSION

IFC TO ALSO PUMP IN ₹560 CR TO FINANCE

IN ATHARGA, KARNATAKA

Norwegian Investment Fund for developing countries – Norfund announced a fresh investment of ₹350 Cr into India’s leading renewable energy solutions platform, Fourth Partner Energy (4PEL). This is the second round of equity infusion by Norfund into 4PEL, following its $100 Mn investment in June 2021.

Speaking about this development, Anders Blom, Vice President at Norfund said, “the past 2 years has given us a thorough understanding of the technical prowess and execution capabilities at Fourth Partner Energy. We have also journeyed together in commencing wind power generation in Gujarat, while developing hybrid parks across Tamil Nadu and Karnataka. The company has grown from an asset base of 550 MW in 2021 to 1.35 GW today. 4PEL’s leadership team is determined to balance the planet with profitability – while adhering to the highest standards of integrity, ESG and health & safety norms. To further our partnership, Norfund is excited to infuse an additional ₹350 Cr into 4PEL as they inch closer to the 3.5 GW asset portfolio target by 2025.”

Echoing Norfund’s sentiment, Vivek Subramanian, Co-Founder & Executive Director at Fourth Partner Energy added, “India’s green energy ecosystem is entering into a transformative phase –corporate leaders today are no longer talking about merely adopting clean energy but ensuring RE100. This makes what we do at 4PEL essential as we are arguably, India’s only integrated Renewable Energy solutions provider with in-house capabilities in delivering end-to-end solar, wind, hybrid, battery storage and EV charging solutions on a single platform to the corporate client.

Norfund’s repeat investment is reflective of our strong partnership and our USP in today’s renewables marketplace – in fact all our investors since the inception of the firm including Chennai Angels, Infuse Ventures, TPG Capital have carried out multiple rounds of equity investment with 4PEL.” Throwing light on the company’s recent developments on debt funding, Vivek added, “On the debt side as well most lenders like BII, Oiko Credit, responsAbility, SBI, IREDA and TCCL have repeated their commitment. To fuel our business expansion, Fourth Partner has also tied up ₹560 Cr as project finance from IFC for execution of 90 MW of rooftop solar assets pan-India and our 75 MW solar park in Atharga, Karnataka. In Indonesia, we have raised $9 Mn from responsAbility for business expansion – our fourth tranche from the Swiss Climate Action fund, and the first for Indonesian operations.

Fourth Partner Energy has announced a 600 MW ISTS (Inter State Transmission System) project in Karnataka, on the back of commissioning its first Wind Solar Hybrid project in Gujarat last month. For this fiscal, company has off-site solar and wind projects under development in Tamil Nadu, Karnataka, Maharashtra and Uttar Pradesh, while continuing to bet big on on-site solar energy projects pan-India.

4PEL’S ROOFTOP SOLAR PROJECTS AND 75 MW SOLAR PARK

The company has an installed portfolio of 1.35 GW currently and is targeting a 3.5 GW asset base by 2025.

NEURON ENERGY SECURES INR 200 MILLION FUNDING LED BY EQUANIMITY INVESTMENTS AND RAJIV DADLANI GROUP

EV smart battery manufacturer Neuron Energy has successfully raised INR 200 million in their Pre-Series A Round. The investment was led by Equanimity Investments and the Rajiv Dadlani Group and also saw participation from Chona Family Office (Havmor Group) and Kayenne Ventures, alongwith reputed Family Offices and HNI investors.

This funding round marks a major milestone for the promising lithium-ion EV smart battery manufacturer, Neuron Energy, which has been rapidly growing since its inception in 2018. The Company plans to use the funds primarily to support key initiatives, such as obtaining essential ICAT Certifications and investing in mould development, along with strengthening the workforce by expanding the R&D team and hiring CXO’s and senior management. Furthermore, the funding will fuel Neuron’s expansion of Li-Ion smart batteries for EV 2W’s and 3W’s while aiding in the brand’s venture into drone batteries. The Company has a low capex and low opex business model, thereby enjoying high operating leverage, also have been growing profitably YoY and is on track to cross Rs. 100 Crores in Net Sales Revenue this year and is confident to achieve Net Sales of over Rs. 500 Crores, with robust profitability, over the next few years, highlighting the Company's strong desire, to capture a larger market share and its firm commitment, to achieving significant sales growth in the dynamic and rapidly growing EV industry. With a focus on producing high-quality smart batteries and offering the highest service standards, Neuron has established itself as a trusted and reliable brand among OEMs. The Company provides lithium-ion and lead-acid technology smart batteries for E-Bike, E-Rickshaws, and Golf Carts. Neuron Energy has a large export and domestic network, for sales in E-Bike smart batteries. Their branded products are sold through their extensive pan India network, of multiple Depots and Distributors. Neuron Energy has also increased its export footprint, to the Middle East, Europe, and South-East Asia

Rajesh Sehgal, Managing Partner of Equanimity Investments commented

“The EV landscape in India is evolving and is expected to gain pace in the coming years, as India moves towards a well-planned holistic trajectory by making significant progress towards an electric future. This also makes battery manufacturing a huge opportunity, as it is at the heart of the energy ecosystem transition. Our conviction in the founders' capabilities and the inherent robustness of the company, makes them well-positioned to contribute towards shaping the future of EVs in India.”

Commenting on the Fund raise, Pratik Kamdar, CEO & Co-Founder, Neuron Energy said, "This fundraise marks a crucial milestone in our company's growth journey. Our esteemed investors bring extensive expertise in scaling businesses and will play a pivotal role in guiding our expansion. The funds raised will not only enhance our manufacturing capabilities but also bolster our workforce across all levels. Neuron Energy is committed to serving a broader customer base with top-of-the-line, rigorously tested lithium-Ion smart battery packs, and this funding will undoubtedly propel us towards achieving that goal."

Rajiv Dadlani, from the Family Office of the Rajiv Dadlani Group, said "As long-term growth investors, we recognise the enormous opportunity of the EV industry. Neuron Energy demonstrates remarkable potential to become the market leader with their exceptional efficiency in delivering top-quality products. The Company and its Founders are highly committed to delivering rigorously tested and safe-to-use Li-Ion smart batteries, a key factor that has sparked significant investor interest. We are confident that with our guidance, support and long-term approach, Neuron Energy will continue to thrive and set new standards in the industry."

In addition to the funding, Neuron Energy actively seeks to establish a strategic partnership, with a leading EV two-wheeler manufacturer, to establish a dedicated state of the art facility. Furthermore, the company has strengthened its expertise by appointing Mr. Chandrasekhar for Strategy and Growth and Mr. Subramanian for Technology Development guidance to its advisory board, further reinforcing its capabilities and positioning in the market. Chandrasekhar Rajagopalan is a seasoned professional who was earlier associated with Essel Group as a President and President of Commercial & CFO of Reliance’s Petrochemical division. On the other hand, Ramki Subramanian is an experienced Senior Management professional who is the Managing Director and Global Director for Mobility with DowAksa USA LLC.

CAPITAL OUTLAY ON ROADS, RENEWABLES SEEN RISING ~35% IN THIS AND NEXT FISCALS TO RS ~13 LAKH CR, BACKED BY STRONG EXECUTION PACE

The combined capital outlay1 on roads and renewables in the current and next fiscals is seen rising to Rs ~13 lakh crore, a whopping ~35% growth compared with the preceding two fiscals, backed by strong execution speed. The pace of construction of roads and capacity addition in renewables is seen increasing 25% (refer to chart 1 in annexure) and 33% (refer to chart 2 in annexure), respectively, over the current and next fiscals. This bodes well for the economy, given the high multiplier effect of road development and the critical role renewable energy can play in achieving India’s energy transition. The growth is expected to sustain over the medium term, supported by conducive policies, strong investor interest and healthy financial profiles, leading to stable credit quality of companies in the CRISIL Ratings portfolio in both sectors.

Says Gurpreet Chhatwal, Managing Director, CRISIL Ratings, “The pace of execution of renewable energy projects is set to increase 33% to ~20 GW per annum over current and next fiscals (~15 GW per annum in the past two fiscals) supported by a healthy executable pipeline of ~50 GW of projects as on March 31, 2023. Similarly, road construction is set to accelerate 25% to 12,500-13,0002 km per year over the current and next fiscals on continued healthy awarding of projects and step up in execution by road construction players.”

A supportive policy environment adds its own spurs. For instance, steps such as late payment surcharge has helped keep dues from discoms to renewable generators in check3 . In roads, the introduction of the hybrid annuity model (HAM) has speeded up execution and drawn in investments. Further, initiatives such as Atmanirbhar Bharat, forbearance during the pandemic, and emergence of infrastructure investment trusts (InvITs) have afforded a fillip to both sectors.

Says Manish Gupta, Senior Director and Deputy Chief Ratings Officer, “Investor interest has been encouraging, with Rs 75,000-80,000 crore raised through equity and asset monetisation in the past two fiscals in both sectors. Continued focus on asset monetisation and equity raising, along with healthy cash flows will keep the capital structure balanced in both sectors. So, despite higher capital outlays, rated renewables4 and road5 entities should have a healthy average debt service cushion of 1.2-1.3 times over the tenure of debt on their balance sheets, which supports their credit profiles.”

But challenges remain such as risks of aggressive bidding and execution by new entrants. Rationalisation in bidding strategies will be crucial to sustain profitability and maintaining quality. In the milieu, timely asset monetisation will remain important in the roads sector as InvITs continue to grow. For renewables, if geopolitical developments affect supply chains, it may impact the internal rate of return and pose a risk to our estimates.

Conducive policy milieu, healthy leverage, strong investor interest to keep credit profiles stable.

PIXON COLLABORATES WITH YES BANK TO ACCELERATE ADOPTION OF SOLAR SOLUTIONS AND GREEN ENERGY PRODUCTS IN INDIA

The partnership will contribute towards enabling the adoption of sustainable energy practices by MSMEs, while also helping them curtail their expenses towards power and fuel. It will also aid in the seamless distribution of PIXON's best-inclass quality products such as highly efficient solar panels and other technologically advanced products in the solar ecosystem. The collaboration is part of YES BANK’s YES KIRAN programme, an attractive lending proposition which aims to revolutionise the global initiative of adopting renewable sources of energy as a primary source.

Speaking about the partnership, Mr. Dhavan Shah, Country Head- SME Banking, YES BANK said, “At YES BANK, we are deeply committed to supporting small and mid-sized enterprises in their journey towards profitability and growth by curating propositions that can empower them to become energy efficient. Our partnership with PIXON is a testament to this effort. We are happy to join hands with team at PIXON to support the adoption of solar technologies and green energy products in India. Given our vast presence across the country, we aim to reach out to a wide network of customers and help them become early adopters of renewable sources of energy.”

Mr. Sumit Mehta, Co-founder & Director of PIXON said, "We are glad to partner with YES Bank and envisage strengthening our footprints across PAN India. With PIXON’s 1 GW state-of-the-art Solar Module manufacturing capacity and Yes Bank’s prominent financial support, this partnership will bring together our capabilities to accelerate solar adoption in India. Now our quest for sustainability gets more empowered through our green energy offerings, and we hope that it will help the nation to unlock and enable future energy by creating a truly Atmanirbhar India."

Established in 2019 as a prominent solar module manufacturing company, PIXON has emerged as a leader in the field. With its 1 GW European technology manufacturing line for solar modules and the upcoming Multi-Busbar Modules range, PIXON has achieved a significant milestone in establishing itself as a key player in the ever-growing renewable energy industry. Being the top 10 solar module manufacturing companies in India, we are dedicated to providing superior quality products and cost-effective solutions to our clients.

PIXON, a leading solar module manufacturer announced that it has partnered with YES BANK, to bring forth innovative financial solutions for Micro Small and Medium Enterprises (MSME) who wish to install solar panels at their premises.

SOUTHEAST ASIA'S RENEWABLE INVESTMENT TO TOP $76 BILLION BY 2025, BOOSTING ENERGY INDEPENDENCE AND COMPETITIVENESS

Southeast Asian national oil companies (NOCs) and traditional upstream players are progressively focusing on cleaner and more environmentally friendly energy initiatives. Rystad Energy's analysis reveals a consistent commitment to these initiatives in the years to come, with investments set to exceed $76 billion from 2023 to 2025. The upward trend is set to continue, with a projected total outlay of $119 billion by the end of 2027. This expenditure will be driven by investments in wind, solar and geothermal projects.

Regional NOCs like Indonesia’s Pertamina are expanding their participation in geothermal, while Malaysia’s Petronas aims to establish a notable presence in the carbon capture, utilization and storage (CCUS) market. The Malaysian NOC announced ambitious plans to build the world's largest dedicated facility by 2025, actively pursuing partnerships with international entities to unlock regional project potential. When fully operational, the initiative will have the capacity to capture 3.3 million tonnes per annum (MTPA) of carbon dioxide (CO2) and securely store the collected CO2 within the reservoirs of the Sarawak region over its 25-year operational lifespan. While the total project cost remains undisclosed, Rystad Energy’s estimates suggest it could reach $260 million by 2025. Similarly, Gentari, a wholly-owned subsidiary of Petronas, has made substantial investments in solar capabilities, seeking to harness the nation's considerable renewable energy potential.

Southeast Asia has historically seen slower progress in the development of clean energy projects. Effective collaboration between private and public sectors becomes crucial to ensure the region's sustainable long-term growth. Asia is currently making significant strides in prioritizing the shift towards greener energy sources, supported by the renewed focus of NOCs. This strategic approach will be pivotal in driving Southeast Asia's transition forward to sustainable energy, says Afiqah Mohd Ali, senior supply chain analyst with Rystad Energy.

Independent Power Producers (IPPs) lead green growth in Southeast Asia

Pertamina Geothermal Energy (PGE), a subsidiary of the Indonesian NOC, takes the lead among competitors in low-carbon expenditure. PGE's dedication to expanding geothermal projects is demonstrated by its investments of about $1.6 billion between 2023 and 2026, actively contributing to the growth of Indonesia's geothermal capacity. Similarly, Petronas collaborates with international operators, Eni and Euglena, to explore decarbonization solutions alongside its ongoing focus on the Kasawari CCUS project. In terms of international investment, global majors like Shell and ExxonMobil are displaying interest in Southeast Asian lowcarbon prospects, but their immediate investments have primarily focused on Europe and North America. Between 2023 and 2026, Petronas will spend $450 million on CCUS projects and

$330 million on hydrogen developments. Vietnamese NOC PetroVietnam is collaborating with Danish company Orsted and T&T Group to launch the country’s first offshore wind projects. This partnership underscores their commitment to diverse portfolios and regional low-carbon development. The project aims to generate about 13,665,600 megawatt-hours (MWh) annually, utilizing 20-megawatt (MW) turbines standing 150 to 200 meters tall. The estimated investment in the project is between $11.9 and $13.6 billion, demonstrating their strong dedication to sustainable advancement.

Oil and gas service companies following suit

Oil and gas service providers are embracing a dual strategy, capitalizing on the immediate demand for their services in the oil and gas sector while simultaneously strategizing for low-carbon expansion. As Southeast Asian governments and financial institutions extend incentives, service companies are increasingly motivated to participate in low-carbon ventures. This backing plays a crucial role in fortifying the regional supply chain and effectively addressing the escalating need for renewable energy infrastructure. Amid Southeast Asia's ambition to elevate the renewable energy share in its power generation mix to at least 30% by 2040, service companies are stepping up to meet this challenge. Local service companies may face limitations in expanding into renewables, especially in terms of working capital and expertise. Operators can play a crucial role in providing support for local services companies to develop their portfolios in low-carbon sectors.

Southeast Asia's energy transition efforts are propelled by different countries within the region, each leveraging its unique advantages. From 2022 to 2026, Vietnam, the Philippines and Indonesia are poised to emerge as dominant forces in Southeast Asia's low-carbon landscape. Vietnam's Power Development Plan VIII is geared towards significantly reducing reliance on fossil fuels by expanding both onshore and offshore wind capacity. Meanwhile, the Philippines has made a resolute commitment to boosting the share of renewable energy in its generation mix. This commitment includes ambitious targets: achieving a 35% reliance on renewables by 2030 and pushing further to reach 50% by 2050. These efforts are generating anticipation to attract substantial foreign investment into a diverse range of solar, wind and energy storage projects. In contrast, Indonesia is offering fiscal incentives to catalyze investments across various low-carbon sectors, including geothermal, CCUS, solar and wind, with the aim of achieving net-zero emissions by 2060. Additionally, Malaysia and Thailand have their sights set on achieving net-zero greenhouse gas emissions by 2050 and 2065, respectively. These countries' strategies and incentives form the foundation of their energy transition goals, with an emphasis on attracting third-party investments to support their ambitions.

BUSINESS & FINANCE

MAHARASHTRA PIONEERS GREEN HYDROGEN WITH APPROVED POLICY OF RS 8,500 CRORE INVESTMENT

Maharashtra’s cabinet meeting marked a significant milestone as the state approved the Green Hydrogen Policy, making it the first state in the country to announce such a progressive initiative. Chief Minister Eknath Shinde presided over the meeting, and an impressive budget of Rs 8,562 crore was sanctioned for the policy’s implementation.

The introduction of the National Green Hydrogen Mission by the Prime Minister, with a target of producing 5 million tonnes of green hydrogen annually by 2023, has prompted Maharashtra to harness the potential of green hydrogen and its associated products. The current hydrogen demand in the state stands at 0.52 million tonnes per annum, projected to rise to 1.5 million tonnes by 2030. Under the newly announced policy, projects procuring renewable energy through open access, from either in-state or out-of-state power distribution companies, power exchanges, or for selfconsumption, will be eligible for incentives. All green hydrogen and related production projects must be registered with the Energy Office, with submission of project facility details to Mahaurja based on an electrolyzer capacity of 25 thousand per MW. To encourage the growth of these projects, a 50% concession on transmission charges and a 60% concession on wheeling charges will be granted for the next ten years from the project implementation date. Standalone and hybrid power plants will receive 100% concession in power tariffs for the next 10 and 15 years, respectively, and will also be exempt from cross-subsidy and surcharges.

Additionally, as per the Package Scheme of Incentives 2019, a subsidy of ₹50 per kg will be provided for blending green hydrogen into gas for a duration of 5 years. The first 20 green hydrogen refueling stations will be eligible for a 30% capital cost subsidy, up to a maximum of ₹4.50 crore. Furthermore, the first 500 green hydrogen-based fuel cell passenger vehicles will receive a capital cost subsidy of up to ₹60 lakh per vehicle, subject to a 30% capital cost subsidy. Land designated for green hydrogen projects will enjoy full exemption from local body tax, non-agricultural tax, and stamp duty. Moreover, an annual budget of ₹4 crore for ten years has been approved to facilitate skilled manpower recruitment, training, skill development, and streamlined administrative procedures. The Green Hydrogen Policy demonstrates Maharashtra’s commitment to renewable energy and sustainable development, paving the way for a greener and more environmentally conscious future.

Source : PTI

WORLD BANK APPROVES $1.5 BILLION FINANCING FOR INDIA’S LOW CARBON ENERGY SECTOR

The financing will help India promote low-carbon energy by scaling up renewable energy, developing

green hydrogen and stimulating climate finance for low-carbon energy investments.

The World Bank said it has approved $1.5 billion in financing to accelerate the development of India’s low carbon energy sector. The financing will help India promote low-carbon energy by scaling up renewable energy, developing green hydrogen and stimulating climate finance for low-carbon energy investments, the bank said in a statement.

The program aims to scale up renewable energy supply by reducing costs and improving power grid integration, while helping India reach its committed 500 gigawatts (GW) of renewable energy capacity by 2030. The government plans to issue bids for 50 GW of renewable energy each year from FY23-24 to FY27-28, which will avoid carbon emissions of 40 million tons per annum by 2026.

The program will support the successful implementation of the National Green Hydrogen Mission that aims to stimulate $100 billion in private sector investment by 2030, said Auguste Tano Kouame, World Bank Country Director for India.

That World Bank said that while India’s per capita energy consumption was only one-third of the global average, demand was expected to grow rapidly with the expansion of the economy. This calls for a phasing down of fossil-based energy sources in line with India’s goal of achieving net-zero by 2070, the statement added.

Source : PTI

INDIAN GOVT EARMARKS RS 1,43,332 CRORE WORTH INCENTIVES TO 12 STATES FOR POWER SECTOR REFORMS

12 States receive Rs. 66,413 crore incentives for Reforms in Power Sector

Rs. 1,43,332 crore incentive available in 2023-24 for Power Sector Reforms

The Department of Expenditure, Ministry of Finance, has given a boost to reforms by the States in power sector by providing financial incentives in the form of additional borrowing permissions. This move aims to encourage and support the States in undertaking reforms to enhance the efficiency and performance of the power sector.

The initiative was announced by the Union Finance Minister in Union Budget 2021-22. Under this initiative, an additional borrowing space of up to 0.5 percent of the Gross State Domestic Product (GSDP) is available to the States annually for a four-year period from 2021-22 to 2024-25. This additional financial window is dependent on implementation of specific reforms in the power sector by the States. The initiative has spurred State Governments to initiate the reform process, and several States have come forward and submitted details of the reforms undertaken and achievements of various parameters to the Ministry of Power. Based on the recommendations of the Ministry of Power, the Ministry of Finance has granted permission for reforms undertaken in 2021-22 and 2022-23 to 12 State Governments. Over the last two financial years, they have been allowed to raise financial resources of Rs. 66,413 crore through additional borrowing permissions.

The breakdown of the amount allowed for each State as an incentive to embark on the reform process is as follows:

In the financial year 2023-24, States can continue to avail themselves of the facility of additional borrowing linked to power sector reforms. An amount of Rs. 1,43,332 crore will be available as an incentive to States for undertaking these reforms in 2023-24. States that were unable to complete the reform process in 202122 and 2022-23 may also benefit from the additional borrowing earmarked for 2023-24 if they carry out the reforms in the current financial year.

The primary objectives of granting financial incentives for undertaking power sector reforms are to improve operational and economic efficiency within the sector and promote a sustained increase in paid electricity consumption.

To be eligible for the incentives, State governments must undertake a set of mandatory reforms and meet stipulated performance benchmarks. The required reforms include:

Progressive assumption of responsibility for losses of public sector power distribution companies (DISCOMs) by the State Government.

Transparency in the reporting of financial affairs of power sector including payment of subsidies and recording of liabilities of Governments to DISCOMs and of DISCOMs to others.

Timely rendition of financial and energy accounts and timely audit.

Compliance with legal and regulatory requirements.

Upon completion of these reforms, a State’s performance is evaluated based on specific criteria to determine its eligibility for the incentive amount which may range from 0.25% to 0.5% of GDP based on performance. The evaluation criteria include:

Percentage of metered electricity consumption against total energy consumption, including agricultural connections.

Subsidy payment by Direct Benefit Transfer (DBT) to consumers.

Achievement of targets for reduction in Aggregate Technical & Commercial (AT&C) loss.

Meeting the target of reduction in Average Cost of Supply and Average Realizable Revenue (ACS-ARR) Gap.

Reduction in cross subsidies.

Payment of Electricity bills by Government Departments and local bodies.

Installation of prepaid meters in government office.

Use of innovations and innovative technologies.

Furthermore, States are eligible for bonus marks for privatisation of power distribution companies. The Ministry of Power serves as the nodal Ministry for assessing the performance of States and determining their eligibility for granting additional borrowing permission.

ACME GROUP SIGNS LAND AGREEMENT TO SET UP A GREEN HYDROGEN AND GREEN AMMONIA PROJECT AT TATA STEEL SEZ’S GOPALPUR INDUSTRIAL PARK, ODISHA

Diversified renewable energy company ACME Group signed the land agreement with Tata Steel Special Economic Zone Limited (TSSEZL) for 343 acres for its Green Hydrogen and Green Ammonia project at the Gopalpur Industrial Park (GIP) in Odisha, making it the first ever Green Hydrogen project of the State. ACME Group plans to partner with Japan’s IHI Corporation for this project.

The agreement was signed between Shri Manikanta Naik, Managing Director, TSSEZL, and Shri Sandeep Kashyap, Chief Operating Officer, ACME Group, in the presence of Shri Hemant Sharma, IAS, Principal Secretary, Industries Department and Chairman, IDCO & IPICOL, Government of Odisha. ACME Group plans to set up a nearly 1.3 MTPA green ammonia production facility at GIP. This green ammonia will be produced from green hydrogen, and the production facilities will be powered by renewable power. The project will be established at Tata Steel Special Economic Zone’s Gopalpur Industrial Park at Gopalpur in Ganjam District of Odisha. The Green Ammonia produced at this facility will be exported to markets in West and East from the existing Gopalpur port facilities.

Mr. Manoj K Upadhyay, Founder & Chairman, ACME Group said, “We are grateful to the Hon'ble Chief Minister of Odisha Shri Naveen Patnaik Ji, Department of Industries, Govt of Odisha, and other stakeholders for extending support to ACME Group's Green Hydrogen and Green Ammonia project in the State. We have signed the land agreement with Tata Steel Special Economic Zone Limited (TSSEZL) for setting up the facilities. We extend our sincere gratitude to the Hon’ble Union Minister for Power, New and Renewable Energy Shri R K Singh Ji and Ministry of New and renewable Energy for their constant support and persuasion to take up the Green Hydrogen and Green Ammonia project to make India a global hub for Green Hydrogen and its derivatives. This project will help us to offer Make In India Green Hydrogen and Green Ammonia to domestic and international markets at competitive price. We are also happy to announce the great outcome of the recently held Invest Odisha Summit in Tokyo led by Hon'ble Chief Minister of Odisha and delegation, which will be fructified through this project. Japan’s IHI signed a preliminary agreement during the summit to invest in green energy project in Odisha.”

Mr. Hemant Sharma, IAS, Principal Secretary, Industries Department and Chairman, IDCO & IPICOL, Government of Odisha, said, "We envision Odisha as the hub of Green Hydrogen and Green Ammonia and a leader in the Green Fuel Economy. The state government is firmly committed to green energy, recognizing it as the fulcrum of our future. To catalyze this vision, we're offering best-in-class incentives. Our progressive policy is a testament to our dedication towards a sustainable and prosperous future.”

Mr. Manikanta Naik, Managing Director, Tata Steel Special Economic Zone Limited, said, "We are glad that with plug-and-play infrastructure, multi-modal logistics connectivity, ready environmental clearance, and a clear land title, Gopalpur Industrial Park, in a very short span since its inception, is fast emerging as the preferred investment destination of India. We would also like to thank the government of Odisha for its industry-friendly policies and incentives that are attracting investments to the state of Odisha."

"We already have some valued clients operational in the industrial park and attracted investment of around Rs 4,000 crore, and we are eagerly looking forward to a lot more investors coming forward, adding to the industrial progress of the region, " he added.

TSSEZL, a 100% subsidiary of Tata Steel, is developing its flagship industrial park, Gopalpur Industrial Park (GIP), in Odisha’s Ganjam district. The company aims to develop the GIP as an emerging manufacturing hub for both domestic and export-oriented industries.

MAHA GOVT HAD OFFERED RS 39,000 CRORE INCENTIVES TO FOXCONN, RS 10,000 CRORE MORE THAN GUJARAT: SAMANT

Maharashtra minister Uday Samant said the Eknath Shinde-led government had offered Rs 39,000 crore incentives to Vedanta-Foxconn for its semiconductor manufacturing project, which was Rs 10,000 crore more than what was offered by neighbouring Gujarat.

Addressing a press conference here, he also said that if Foxconn or any other semiconductor manufacturer wants to set up a plant in Maharashtra, the government has kept 2,000 acres ready for the purpose. In September last year, Vedanta-Foxconn decided to shift its proposed semiconductor plant to Gujarat from Maharashtra, which kicked up a political blame game between the Shinde government and the opposition Maha Vikas Aghadi (MVA). Two days back, Taiwan’s Foxconn announced that it has withdrawn from a USD 19.5 billion semiconductor joint venture with mining baron Anil Agarwal’s Vedanta Ltd as the venture struggled to get a technology partner to make chips that are used in mobile phones to refrigerators and cars.

Agarwal’s metals-to-oil conglomerate responded saying it was “fully committed to its semiconductor fab project and we have lined up other partners to set up India’s first foundry. To a query on Foxconn’s move, Samant said, “You will be surprised to know that the Gujarat government had offered Rs 29,000 crore incentives to Foxconn-Vedanta (to set up the project). Today I am saying this on record that we had offered Rs 39,000 crore incentives (to the company), a difference of Rs 10,000 crore as compared to what was offered by Gujarat.”

CM Shinde and Deputy Chief Minister Devendra Fadnavis had taken this initiative, he said. Without naming the erstwhile Uddhav Thackeray-led MVA government, Samant said, “The earlier dispensation allotted the land to the company in an eco-sensitive zone and the company was asked to set up its project there…Can a project come up in an eco-sensitive zone?” “But after coming to power, we removed the eco-sensitive zone and we have set aside 2000 acres of land. Suppose tomorrow they change their mind or some other semiconductor project comes up, then we have ready land available with us,” the minister said.

Samant announced that the Maharashtra government would table a white paper on circumstances in which the VedantaFoxconn project went outside the state in the monsoon session of the legislature.

Source : PTI

CENTRAL GOVT APPROVES POWER TRANSMISSION PROJECTS WORTH RS 75,408 CR

The Central government has approved Rs 75,408 crore worth of power transmission projects to be offered under the bidding route, which would make it the largest tranche, so far, under the tariff-based competitive bidding (TBCB).

A

Last month, the National Committee on Transmission (NCT) under the aegis of the Ministry of Power (MoP), convened with a draft agenda of projects worth Rs 64,000 crore. This is expected to evince high interest from the private sector for these large-scale power-based infrastructure projects, which will connect some of the mega renewable energy zones (REZs) in the country with the national grid. Moreover, projects for connecting green energy installations will enable new power lines and green corridors to enhance the share of renewable sources. The last tranche of a similar magnitude in power transmission projects was opened to the private sector in 2015, with eight projects totalling Rs 50,000.

Source : PTI

BPCL TO RAISE $2.19 BILLION IN GREEN ENERGY PUSH

State-owned oil marketing company Bharat Petroleum said it approved raising up to 180 billion rupees ($2.19 billion) through an issue of equity shares on a rights basis underscoring India’s push to achieve net zero-emissions goals.

The details of the issue, including the price, right entitlement and timing will be intimated separately after the board approval, it said in an exchange filing. The company had last week said the funds will be used to achieve “energy transition, net zero and energy security objectives.” The Indian government is set to inject multi-billion-dollar equity in its three big state refiners –Bharat Petroleum, Indian Oil Corp and Hindustan Petroleum Corp Ltd – in return for funding towards the firms’ energy transition projects.The three refiners together aim to invest 3.5-4 trillion rupees to achieve their net zeroemissions goals by 2040, sources told Reuters last week.

Indian Oil, which is also planning to launch a rights issue, approved doubling its authorised share capital to 300 billion rupees. The oil ministry had also asked Hindustan Petroleum to make a preferential share allotment to the government, per the Reuters report.

Source: Reuters

BUSINESS & FINANCE

BP, TOTAL WIN IN $14 BILLION GERMAN OFFSHORE WIND SITE TENDER

Oil majors BP and TotalEnergies emerged as the winners in a 7 gigawatt (GW) offshore wind site auction in Germany worth 12.6 billion euros ($13.96 billion), highlighting the appeal of renewable assets across Europe.

The move comes as European oil giants seek to grow their low-carbon businesses by entering the renewables sector, a market traditionally dominated by utilities, even though returns for solar and wind projects have come under pressure in recent years due to supply chain constraints and rising interest rates. “The results confirm the attractiveness of investments in offshore wind power in Germany,” said Klaus Mueller, president of Germany’s energy regulator Bundesnetzagentur. He called the move an important step towards reaching a national offshore capacity goal of 30 GW by 2030. Analysts at Jefferies noted the high price for the auction, adding that it implied “high interest in European offshore wind sites from energy companies/developers”. Three sites in the tender for building 2 GW of offshore turbine capacity are located around 120 km (75 miles) northwest of the island of Heligoland in the North Sea and one with 1 GW lies in the Baltic Sea, some 25 km away from the island of Ruegen.

BP won the rights to develop two projects, marking its entry into offshore wind in continental Europe and representing 4 GW out of the total, it said in a separate statement. “This is a significant milestone for BP, showing our commitment into an integrated energy company,” BP head of offshore wind Matthias Bausenwein said. The power from the windfarms will be used to produce low-carbon, or green, hydrogen and biofuels as well as to supply BP’s electric vehicle charging network, he said. Awards for the other two sites, which include rights to develop, build and operate the plants and to receive network connections, went to TotalEnergies, the French company said in a statement.

Our entry into offshore wind power in Germany, Europe’s largest electricity market, is a key step in the implementation of our strategy to become an integrated profitable player in the electricity markets, TotalEnergies CEO Patrick Pouyanne said.

Ninety percent of the revenue from the tender will go to reducing electricity costs and marine protection measures, the regulator said. BP said the move was fully aligned with its integrated energy strategy and disciplined capital allocation, adding it expected returns from the project of between 6% and 8%. BP’s initial payments totalling 678 million euros, equivalent to 10% of the bid amount, will be paid by July 2024. The remaining 90% will be paid over a 20-year period when the projects become operational. TotalEnergies said it will pay the German Federal government 582 million euros, adding an annual contribution would also be paid to the electricity transmission system operators in charge of connecting the projects for 20 years from the sites’ commissioning.

INTERNATIONAL SOLAR ALLIANCE SIGNS MOU WITH AFRICA50 TO FINANCE SOLAR PROJECTS

The International Solar Alliance (ISA), a platform for increased deployment of solar energy technologies, and Africa50, the pan-African infrastructure investment platform, announced that they had signed a Memorandum of Understanding (MoU) to support and finance solar projects in Africa. According to a press statement, the MoU was signed in Lomé, Togo, at the Infra for Africa Forum and General Shareholders Meeting of Africa50.

Infrastructure is in dire need, as progress in Africa is impossible without it. This is the key component of our road map. We must create more bankable projects because private sector involvement in infrastructure is inevitable, according to Faure Gnassingbé, president of the Republic of Togo. In order to create bankable projects that the private sector can fund, Africa50 collaborates with African governments and project sponsors. It also invests equity in infrastructure projects. The 400 MW Benban Solar Plants in Egypt, the largest in Africa, represent its most recent investment in this field.

The foundational tenets of Africa50’s investment strategy are clean energy and a sustainable transition. According to Alain Ebobissé, CEO of Africa50, “ISA and its network represent a wealth of expertise and connectivity in the solar area that the African continent can benefit from. ISA is starting a Solar Finance Facility to reduce investment risk, and a SolarX Startup Challenge to find and support cutting-edge solar companies for investment.

This partnership promises to supply a huge number of homes with the affordable, clean energy needed for development in Togo and the rest of Africa. Ajay Mathur, Director General, ISA, stated, “We intend to work together on the supply of technical skills to enable the development and implementation of solar projects throughout African nations, combined money mobilisation to co-finance solar initiatives within the area.

He continued by saying that efforts to increase public awareness and strengthen capacity-building for African solar power projects would also be prioritised. The two organisations will also work together to strengthen each other’s capacities and use their respective networks to raise money and public awareness for African solar projects in the European and Indian markets.

Source : PTI

MEGHALAYA TO SPEND RS 100 CR FOR CHIEF MINISTER’S SOLAR MISSION

The state government will be spending over Rs 100 crore for implementation of the Chief Minister’s Solar Mission in the state.

Informing this, Chief Minister Conrad K Sangma said, “We have finalised the paperwork and we hope this month itself we will be announcing. Almost roughly about Rs 100 crore will be spent from the government on this project.” “There will be a component of government subsidy, loan component and individual beneficiary component also but we will try our best to maximize the subsidy given from the government side and the technology would be a basic technology where we will have the solar panel, the battery and the inverter,” he said.

Stating that the system will be very stable, Sangma said, “In situations where the current is not there the battery will take over which will normally charge by solar but even if it is raining and it is not possible then through the normal circuit also it will be charged.”

Source : PTI

A

utomaker Mahindra & Mahindra (M&M) is in advanced discussions with British International Investment (BII) and some other global investors to raise up to Rs 5,000 crore ($605 million) for its electric vehicles (EV) unit, a report has said. If the talks on Mahindra Electric Automobile reach a successful conclusion, the British development financier will be making its second-round investment in the Mumbai-headquartered automaker, the Economic Times has reported. The deal valuation is likely to be 10-15 percent more than the earlier round of funding, which valued Mahindra’s EV subsidiary at Rs 70,070 crore ($9. 1 billion), the report said, citing unnamed sources. BII inked a pact with Mahindra Electric to pump in Rs 1,925 crore ($250 million) in July 2022 via compulsory convertible preference shares, which would result in a stake of 2. 75-4. 76 percent, depending upon milestones achieved, the report said.

MAHINDRA & MAHINDRA IN TALKS FOR RS 5,000 CRORE EV PUSH FROM BRITISH INTERNATIONAL, OTHERS ADANI GREEN TO RAISE RS 12,300 CR TO FUND EXPANSION

“Even though we have not appointed a banker to commence fundraising, our EV business continues to attract interest from investors,” a Mahindra spokesperson said in an emailed response to the financial daily’s queries. “Our approach has been consistent in terms of raising a small amount of funds to reduce dilution.” Mahindra has outlined a capex of nearly Rs 10,000 crore to set up a manufacturing facility in Telangana to make electric three- and four-wheelers between FY22 and FY27, the company said in customary disclosures to stock exchanges. The maker of the Scorpio, Thar and XUV range of SUVs is poised to roll out five new EV models between April and October 2025. M&M expects its electric SUV penetration to be 20-30 percent of its overall SUV portfolio by FY27—200,000 annual EV volume at the upper end.

Source : PTI

The board of Adani Green Energy (AGEL) cleared plans to raise up to Rs 12,300 crore by way of qualified institutional placements (QIPs) of shares or any other share-sale instrument. The company will use the proceeds to repay debt and expand capacity. Two group companies — Adani Enterprises (AEL) and Adani Transmission — had earlier announced they would raise Rs 21,000 crore via the QIP/share sale route. All QIPs will be launched later this year. Adani promoter entities, too, are raising funds to prepay debt. American financial powerhouse GQG Partners (GQG), along with other investors, acquired on June 28 via block deals additional shares worth Rs 8,200 crore from the Adani family in the group’s flagship Adani Enterprises and AGEL. Within days, promoter companies sold a 3 per cent stake in Adani Transmission to raise Rs 2,666 crore from GQG and other investors. The promoter companies had in March raised Rs 15,446 crore by selling shares to GQG. Later that month, GQG bought from the market additional shares worth Rs 3,800 crore in Adani group companies. GQG’s investment led to a revival in Adani Group shares. In June, GQG’s total investment in AEL and AGEL increased to Rs 23,200 crore.

Banking sources said GQG saw value in Adani companies that have emerged as critical infrastructure developers in India’s private sector. “Adani portfolio companies offer a one-stop play for India’s growing infrastructure theme with no equivalent alternative,” said a banker. Adani Group companies came under a bear attack after a report by US-based short seller Hindenburg Research alleged in January that the conglomerate manipulated its stock price. The company denied the allegations, and later, a committee appointed by the Supreme Court did not find any fault in market regulator the Securities and Exchange Board of India’s investigation. Adani Green shares have lost almost half of their valuation from the pre-Hindenburg peak and are trading at Rs 961 apiece, with a total market valuation of Rs 1.52 trillion. AGEL has emerged as the largest and fastest-growing renewable energy player in India. Its green capacities have grown at a 33 per cent compound annual growth rate over the past five years, outpacing the industry average of 15 per cent. Currently, the size of its renewable energy portfolio stands at 20.4 gigawatts (Gw) — 8.2 Gw operational and another 12.2 Gw under-construction and near-construction projects. The company is targeting a 45-Gw portfolio by 2030.

Source : PTI

In July 2022, British International Investment signed a pact with Mahindra Electric to invest Rs 1,925 crore via compulsory convertible preference shares

Banking sources said GQG saw value in Adani companies that have emerged as critical infrastructure developers in India’s private sector

REPORT SUGGESTS EIB COULD ANNOUNCE 500 MILLION EURO FUNDING FOR RENEWABLE ENERGY SECTOR

The EIB had committed to investing one billion euros in India’s green hydrogen sector earlier in 2023.

EIB is working on important negotiations towards the first phase of its investments in renewable energy. We are going to invest not just in green hydrogen but in onshore windmills and solar panels sector, CNBC-TV18 quoted EU Investment Bank’s Vice President Kris Peeters as saying.

He added that the European private sector is very keen on exploring opportunities in India’s green hydrogen, adding that European electrolyzer maker John Cockerill is interested in India. “We at EIB are seeing what European electrolyzer maker John Cockerill can do not just in Europe but also in India,” he said.

Apart from this, Kris Peeters mentioned that the bank is not mulling to make future investments in China, which brings a huge opportunity for India. “The world is looking to India and what it is doing in energy, climate, and its cities. Time for India to tell the global financing world about the huge investment opportunity that lies here,” he said. The European Investment Bank has till now invested 4 billion euros in India.

OLA PROGRESSES WITH IPO PLANS AS ELECTRIC SCOOTERS GAIN POPULARITY IN INDIA

Driven by the stupendous demand for electric scooters, Ola Electric Mobility Pvt managed to leapfrog its progress and is now in line for an initial public offering sooner than its founder previously imagined.

The Indian startup firm began selling electric scooters in late 2021. On company’s IPO plans CEO of Ola Electrics, Bhavish Aggarwal, said that he was expecting four to six years of revenue for company’s IPO plans.

“Now I can feel that it will be much earlier. Ola Electric has grown and matured faster than I had initially planned because the market response has been very strong,” the thirty-seven-year old CEO told Bloomberg in an interview. The company is backed by major firms like SoftBank Group Corp and Tiger Global Management. Once a new entrant in the EV segment, Ola Electrics now owns 38% share in the market. It has sold more than 239,000 electric scooters since December 2021, according to data from the Society of Manufacturers of Electric Vehicles. Throwing light upon the experience of buyers, Ola Electric CEO said that demand is fuelled by first-time scooter buyers. But most of Ola Electric’s customers now are already fully-fledged converts.

When to expect Ola electric motorbike and car ?

Bhavish Aggarwal is planning to expand his company by unveiling a motorbike by the end of 2023 and a battery-powered car in 2024. He also warned that the timeline can be changed. The CEO of the firm is also planning to export scoters to Southeast Asia, Latin America, and Europe. Ola Cabs got as far as selecting banks for a $1 billion IPO in Mumbai, Bloomberg News reported in August 2021, but that never materialized. The company, which competes against Uber Technologies Inc., is a “profitable business for us now,” Aggarwal said in last week’s

interview in Delhi. He didn’t comment on any renewed attempts to list, nor did he mention a date for a possible Ola Electric IPO.

‘Tesla is for the West, Ola is for the rest’

Amid the global popularity of Tesla and its entry in India, Ola electric CEO said, ‘Tesla is for the west, Ola is for the rest’. He is also building a 115-acre battery factory in southern India, pitting him against billionaire Mukesh Ambani’s Reliance Industries Ltd. This will help him with manufacturing lithium-ion cells primarily for Ola Electric vehicles. This will also open venues for the company to sell cars on a bigger scale and increase margins, said Aggarwal. Designing vehicles from scratch will give the company more control of quality and costs in a market where mos EVs are converted from gasoline models, he said.

PROJECTS

ACME GROUP ACHIEVED FINANCIAL CLOSURE OF RS 4,000 CRORE DEBT FOR THE FIRST PHASE OF GREEN HYDROGEN AND AMMONIA PROJECT IN OMAN FROM REC

AND SIGNS MOU WORTH RS 21,000 CRORE WITH REC TO FUND 380 MW RTC, FIRST PHASE OF ODISHA AND TAMIL NADU GREEN AMMONIA PROJECTS, 600 MWHR OF PUMP HYDRO PROJECT

Diversified renewable energy company ACME Group announced securing Rs 4,000 crore loan from one of the India’s largest green infrastructure financial institutions Rural Electrification (REC) Limited for its Green Hydrogen and Green Ammonia project in Oman. The loan will be utilized to commence the first phase of the pioneering Green Hydrogen and Green Ammonia project, to be established at the Special Economic Zone (SEZ) in Duqm, Oman. The first phase of the facility is expected to produce 100,000 tonnes of Green Ammonia annually and will be expanded to 1.2 million tonnes per annum with about 3.5 GW of electrolyzer capacity, which will be powered by 5.5 GWp of the solar PV plant.

ACME Group also announces the signing of a significant Memorandum of Understanding (MoU) with REC Limited amounting to over Rs 21,000 crore of loans for setting up 380 MW ( round the clock renewable power ) RTC, phase 1 of Odisha and phase 1 of Tamil Nadu

Speaking about the development, Mr. Shashi Shekhar, (Retd IAS) and Vice-Chairman of ACME Group, said, "The securing of debt for the green hydrogen and ammonia project in Oman is an important milestone. We will start the construction activities soon and build one of the most advanced technologies and create a state-of-the-art facility. As a company deeply committed to offering comprehensive green energy solutions, ACME Group is thrilled to receive support from two of the largest funding agencies in the renewable sector. This endorsement not only strengthens our resolve but also stands as a testament to ACME Group's unwavering dedication and proven track record in establishing top-quality assets. Going forward, we are actively exploring the establishment of round-the-clock (RTC) energy solutions, encompassing solar, wind, hydro pump storage, green hydrogen, and ammonia."

Green Ammonia projects and 600 MWhr of Pumped Hydro Project. The MoU was formalized during the 14th Clean Energy Ministerial and 8th Mission Innovation meeting (CEM14/MI-8) held in Goa.

Mr Vivek Kumar Dewangan, Chairman and Managing Director, REC, said, "REC expresses its eagerness to collaborate with ACME Group across the entire renewable energy value chain. These projects are poised to play a pivotal role in facilitating the energy transition journey and contributing significantly to achieving India's green energy targets. REC has consistently been at the forefront of supporting cutting-edge technologies that not only address the challenges posed by climate change and environmental degradation but also foster a conducive investment environment. The partnership between REC and ACME Group marks a significant step towards a sustainable and greener future for the nation.”

RENEW SIGNS MOUS FOR INR 640 BILLION (~US $7.8BN) FOR GREEN ENERGY PROJECTS PFC, REC COMMIT TO DEBT FUNDING OF INR 320 BN (~US $3.9 BN) EACH

According to the MoUs signed with the lenders at the Clean Energy Ministerial meeting in Goa, ReNew will receive INR 320 billion (~US $3.9bn) each from PFC and REC for financing its current and upcoming energy transition projects. The MoUs support the ongoing efforts to further the clean energy transition under India's G20 presidency. In terms of funding, ReNew is among the top companies to have signed agreements with the two leading financial institutions in India. The company will utilize the funds for new projects including solar, wind, hybrid, energy storage, solar modules and cell manufacturing, and green hydrogen.

Kailash Vaswani, President, Corporate Finance at ReNew said: “We have a long-standing relationship with PFC and REC, who are among the biggest lenders to the energy sector. These MoUs will help us meet our current and future financing needs

and demonstrate ReNew’sability to raise long-term financing for large-scale green energy projects. We will leverage this relationship for our energy transition goals.”

GMR SMART ELECTRICITY DISTRIBUTION COMPANY SECURES

RS. 7,593 CRORES ORDER FOR SMART METERING PROJECT

GMR Smart Electricity Distribution Pvt. Ltd, a subsidiary of GMR Power and Urban Infra Limited (GPUIL) has been awarded a prestigious order worth Rs.7,593 crores to implement a large-scale smart metering project under the RDSS program- a timeline-based reforms plan initiated by the Ministry of Power, Government of India.

The order, received under the DBFOOT (Design, Build, Finance, Own, Operate, and Transfer) model, entails 75.69 lakh prepaid smart meters across two discoms Dakshinanchal Vidyut Vitran Nigam Limited (DVVNL) and Purvanchal Vidyut Vitaran Nigam Limited (PuVVNL), making it the largest combined package order of its kind. The scope of the project encompasses the design, supply, installation, commissioning, operation, and maintenance of prepaid smart meters infrastructure covering consumer premises, as well as at the network level, including distribution transformers and feeders for an aggregate period of 10 years, supported by cutting-edge technology and software solutions, ensuring endto-end automated system management. Installation of smart meters will majorly contribute to the turnaround journey of the power distribution sector by eliminating billing and collection losses and thereby enhancing the financial sustainability of the discoms.The project will span 22 districts covering prominent areas such as Varanasi, Prayag Raj, Agra, Mathura, and Aligarh among others.

Commenting on the wins, Mr. Srinivas Bommidala, Chairman – Energy, GMR Group, said "These wins underscore GMR’s commitment to pivot into green and technology-based energy business with customer-centric growth strategy. With this mandate, GMR group makes its entry into the B2C business in the power sector at a substantial scale and will create value for GPUIL shareholders. We consider this as a good beginning for our Energy 2.0 strategy of new growth business areas in the Power Sector and have plans in the offing for further initiatives in this space.

JUNIPER GREEN ENERGY INKs Rs. 5000Cr MOU AT G20 SUMMIT

Juniper Green Energy signs a Memorandum of Understanding with Power Finance Corporation for Rs.5,000 Crores, towards financing of Renewable Energy projects

On the sidelines of the G20 Summit at the 14th Clean Energy Ministerial (CEM) meeting, Juniper Green Energy signs a Memorandum of Understanding (MOU) for Rs. 5,000 Cr with Power Finance Corporation Limited (PFC) for funding its upcoming 1200 MW of Renewable Energy projects. With the above development Juniper Green Energy is on track to achieve more than 4000 MW of capacity by 2027 with a diversified portfolio of solar, wind and hybrid projects. Juniper Green Energy aims to be a pivotal player in contributing to accomplishing India’s “Net Zero” target. Juniper Green Energy has an existing portfolio of about 800 MW with an under-construction capacity of 435 MW and a development pipeline of more than 3000 MW of solar, wind and hybrid projects under various stages of development.

Speaking on this development, Parag Agrawal, CFO of Juniper Green Energy, said “We are thankful to PFC for reposing confidence in us towards fulfilling our mission of delivering the promise of a sustainable future for posterity. The collaboration will support us in pursuing exciting opportunities as we play a critical role in meeting the exponential growth of sustainable energy for India.”

RENEWABLE ENERGY

COP28 HOST UAE PLEDGES TO TRIPLE RENEWABLES

The oil-rich United Arab Emirates said it would triple renewable energy production as part of a raft of environmental initiatives announced, months before it hosts UN climate talks.

The UAE, one of the world’s biggest exporters of emissions-producing crude oil, also unveiled national strategies on hydrogen and electric cars. Few details were revealed about the new policies, announced five months before the COP28 talks in Dubai where nearly 200 nations will wrestle with how to tackle global warming and its impacts. Ministers approved an “updated national energy strategy” that aims to “triple the contribution of renewable energy over the next seven years”, Prime Minister Sheikh Mohammed bin Rashid Al Maktoum, Dubai’s ruler, said after a cabinet meeting. Up to 200 billion dirhams ($54 billion) will be invested over the same period to meet growing electricity demand, he said in a statement.

Another initiative “aims to consolidate the country’s position as a producer and exporter of low-emission hydrogen over the next eight years” by developing supply chains and infrastructure, and setting up a research and development center, Sheikh Mohammed said.

The UAE, a desert nation of about 10 million people, most of them expatriates, will also build a national network of charging stations as part of a “national policy for electric vehicles”. Chinese-based WeRide will receive the country’s first national license for self-driving cars, the statement added. The UAE’s hosting of the November-December COP negotiations has been criticized by climate activists who question whether one of the world’s biggest oil producers should have such a key role in the fight against global warming. The Gulf monarchy argues that oil remains indispensable to the global economy and is pushing the merits of carbon capture—the process of removing carbon dioxide, the main greenhouse gas, as fuel is burned, or from the air. In 2021, ahead of COP26 in Glasgow, the UAE said it was targeting net zero domestic carbon emissions by 2050—a calculation that does not include pollution from exported oil.

Source : PTI

POWER MINISTRY TO BENCHMARK BIOMASS PELLET PRICES

Ministry of Power (MoP) has decided to benchmark the prices of biomass pellets used for co-firing in Thermal Power Plants (TPPs). The decision comes in view of evolving market conditions for biomass pellets and requests received from stakeholders including thermal power plants, pellet manufacturers, farmers, bankers etc.

The benchmarked price shall take into account the business viability, impact on electricity tariff and efficient & faster pellet procurement by power utilities. Price Benchmarking of pellets will enable the TPPs as well as Pellet Vendors to establish a sustainable supply mechanism for co-firing of pellets. The benchmarked price, as finalised by the committee under CEA, will be effective from 1st January, 2024. Till the time the recommendations of the committee are implemented, the power utilities shall go for short term tenders for meeting the immediate requirement of biomass pellets for their TPPs. Shri R.K. Singh, Union Power Minister said that cofiring of biomass in coal based power plants is a key policy of the Government towards energy security, reduced use of fossil fuels and at the same time to increase income of farmers. Revised policy shall help in achieving these goals faster.

Explaining the decision, Shri Alok Kumar, Secretary, Power said that the decision would encourage farmers, entrepreneurs as well as thermal power utilities to strive to establish a sustainable biomass ecosystem, achieve the targets for co-firing, reduce stubble burning and help to ensure a cleaner and greener future for the citizens of India.

In another modification of the policy, it has been directed that since the availability of torrefied biomass pellets is presently limited in the country, the torrefied pellets shall only be procured by utilities for which it is technically unavoidable and utilities which can use non-torrefied pellets should utilise the same only. In line with the Biomass policy, which mandates cofiring of Biomass with coal in Thermal Power Plants, so far around 1.80 Lac MT of biomass fuel has been cofired in 47 thermal power plants in the country totalling a capacity of 64,350 MW. Out of this, more than 50000 MT has been cofired during the first two months of FY ’23-24, which has also surpassed the previous highest-ever annual quantity. Further, about 114 Million MT of biomass pellets are at various stages of the tendering. A purchase order has been placed for approx. 69 Lakh MT of biomass pellets by thermal power plants. With the enabling policies in place and thrust from MoP through the SAMARTH mission, substantial growth of Biomass cofiring in TPPs across the country is envisaged.

:

CLEANTECH SOLAR ENTERS A LONG-TERM PARTNERSHIP WITH KONICA MINOLTA IN MALAYSIA, COMMISSIONS A 3.4 MWP ON-SITE ROOFTOP SOLAR PV SYSTEM

Cleantech Solar, a leading provider of renewable energy solutions to corporations in Southeast Asia and India, announces the commissioning of a 3.4 MWp rooftop solar PV systemat the manufacturing facility of Konica Minolta Business Technologies (Malaysia) Sdn. Bhd.in Malacca, a subsidiary of the Japanese multinational technology company Konica Minolta, Inc.(Konica Minolta).Under a long-term Power Purchase Agreement (PPA), Cleantech Solar will provide full turnkey financing, designing, installing, maintenance and operation of the PV system across the period of the agreement.

This partnership between Cleantech Solar and Konica Minoltais expected to generate approximately 66GWh of clean energy during the system’s lifetime,equivalent to a reduction of nearly 52 kilotonnes of CO2 emissions. The solar PV system will contribute to the multinational company’s sustainability efforts in Malaysia, powering a part of their operations with clean, renewable solar energy.

Mr. Yoshiyuki Atarashi, Managing Director ofKonica Minolta Business Technologies (Malaysia) Sdn. Bhd., said: “Konica Minolta joined RE100 in January 2019, a global leadership initiative that brings together businesses committed to sourcing 100% renewable energy for their operations. Konica Minolta aims to procure 100% of the power used in its own business activities from renewable energy sources by 2050. Malaysia is a tropical country, located strategically for obtaining sunlight throughout the year and is therefore perfect for solar panel installation. We are glad to be in a cooperative partnership with Cleantech Solar to develop this 3.4 MWp solar project, as we aim to expand our use of renewable energy and contribute towards reducing CO2 emissions.

As a manufacturer practicing Sustainable Development Goals (SDGs), we always promote and engagein many activities toreduce CO2 emissions at our production sites with a variety of energy conservation support programs that comply with Konica Minolta Environmental Policy. In the long term, we aim to achieve energy savings with stable supply and simultaneously minimise global warming concerns from daily operations.”

Mr. Sachin Jain, CEO of Cleantech Solar, said:“It is heartening to see industry leaders readily embrace renewable energy and we are glad to be Konica Minolta’s trusted solar partner in Malaysia, helping them further their sustainability goals with our state-of-the-art solar PV system. In keeping with the company’s focus on sustainable growth,this switch to cost-competitive solar power at zero capital investment will help them reduce emissions significantly whilst improving their bottom line.Congratulations to both teams on this partnership!”

RENEWABLE ENERGY

RENEWABLE ENERGY IN DEVELOPING COUNTRIES: OPPORTUNITIES AND CHALLENGES

The African continent is a gold mine for anyone with a vision for advancement in renewable energy, with 33 of the world's 47 least developed nations snuggled within its boundaries and yet more than half of the population lacking access to power. According to the most recent International Energy Agency (IEA) report for the sector, Renewables 2022, global renewable power capacity is now expected to increase by 2400 gigawatts (GW) over the period of 2022–2027, which is equal to the entire power capacity of China at the time.

Substantial segment of population in the developing and underdeveloped countries still not having access to electricity, are expected to be equipped with renewable energy. The world is expected to add as much renewable power in the next half-decade as it did in the previous twenty, with renewables expected to account for almost 90% of the expansion of global electricity over the next five years. By 2025, the sector is expected to surpass coal as the primary source of electricity worldwide. Renewable energy has emerged as a vital solution for addressing both energy needs and environmental concerns. While developed countries have made significant strides in adopting renewable energy sources, the untapped potential for renewable energy in developing countries is immense. We explore the opportunities and challenges associated with renewable energy adoption in developing countries and the role of carbon credits in this transformation.

OPPORTUNITIES:

Abundant Renewable Resources: Developing and underdeveloped countries, as discussed on Africa in the introduction, often possess rich renewable resources such as solar, wind, hydro, and biomass, offering vast potential for clean energy generation. Harnessing these resources can help meet growing energy demands sustainably.

Energy Access and Rural Electrification: Many developing regions still lack access to reliable electricity. Renewable energy projects can play a crucial role in providing decentralized energy solutions, particularly in rural areas, improving livelihoods and fostering economic growth. Grid extension for electricity are frequently not cost-effective in remote rural locations. Off-grid renewable technologies offer a viable and affordable substitute.

Job Creation and Local Development: The renewable energy sector has the potential to stimulate local economies by creating jobs across the value chain, from manufacturing and installation to operation and maintenance. This can help alleviate poverty and empower communities.

Investment: However, since 2015, developing-country investment in non-hydro renewable energy has outpaced that of developed-country investment, making for 54% of worldwide renewable energy investment in 2019. Lack of capital has been the biggest hurdle for developing countries to adapt renewable energies, which seems to be a changing trend now.

Carbon Credits: It serves a dual purpose. Developing countries can achieve their carbon neutrality goals and also generate additional revenue by monitizing these credits.

CHALLENGES:

Financing: The upfront costs of renewable energy projects can be a significant barrier in developing countries. Mobilizing adequate financial resources, attracting investments, and establishing favorable policies and incentives are crucial to accelerate renewable energy deployment. Though along with the recent upsurge of green consious finance, things are changing in the developing world regarding this but leaves a lot to be desired.

Infrastructure and Grid Integration: Developing countries often face challenges in upgrading existing infrastructure and integrating renewable energy sources into the grid. Enhancing grid reliability, implementing smart grid technologies including substantial storage, and establishing robust transmission networks are essential for effective renewable energy integration.

Capacity Building and Technology Transfer: Developing countries lack support in building technical expertise and knowledge transfer for the successful implementation of renewable energy projects. The need for collaborative partnerships and capacity-building programs is immense and can eventually bridge this gap.

CARBON CREDITS GENERATION:

The generation of carbon credits is a crucial aspect of renewable energy adoption in developing countries. By embracing clean energy sources and actively reducing greenhouse gas emissions, these nations can earn valuable carbon credits. These credits can then be traded in the global carbon market, offering an avenue for additional revenue streams. This not only attracts investments but also promotes sustainable development by incentivizing the transition to low-carbon practices. Verified carbon credits create opportunities for developing countries to financially benefit from their renewable energy efforts while contributing to global climate change mitigation efforts.

THE PATH AHEAD:

Renewable energy holds immense potential to catalyze sustainable growth in developing countries. Abundant renewable resources, such as solar, wind, hydro, and biomass, offer a clear path to a greener and more prosperous future. By embracing clean energy sources, improving energy access, and fostering local development, these nations can uplift communities, spur economic progress, and address environmental challenges simultaneously. However, challenges remain in the form of financing, infrastructure, and capacity building. Securing investments and implementing modern infrastructure are crucial for successful renewable energy integration. Collaborative efforts, supported by international cooperation, can bridge knowledge gaps and accelerate progress. Developing countries stand at the brink of a transformative energy revolution. Through strategic planning, innovative solutions, and collaborative partnerships, they can unleash the full potential of renewable energy, contributing significantly to a sustainable and low-carbon future for all.

FOURTH PARTNER ENERGY COMMISSIONS ITS FIRST WIND-SOLAR HYBRID PROJECT IN GUJARAT

70 MW wind-solar hybrid project to help mitigate 1.5 Lk tons of CO2 emissions annually. Plant to deliver clean energy at 25-35% cheaper than grid tariffs to corporate clients in the State.

India’s leading renewable energy solutions platform, Fourth Partner Energy announced the commissioning of its wind-solar hybrid project in Gondal, Gujarat. This 70 MW project marks 4PEL’s foray into Hybrid RE solutions and will supply clean energy to companies like Filatex, Linde, Nexus Malls (a Blackstone Group Co.), Deccan Chemicals and other marquee clients. Executed in under 10 months, this 70 MW plant will generate nearly 163 mn units of clean energy annually, while cutting carbon emissions by over 1.5 Lk tons. This project comprises of 14 Wind turbines supplied and erected by GE.

Announcing the commissioning of this project, Karan Chadha, Head of Business Development at Fourth Partner Energy highlighted that combining solar and wind power results in improving predictability of energy supply and a higher utilisation of evacuation & distribution infrastructure. “This is the first of many hybrid projects in the pipeline for 4PEL as it helps us deliver maximum green power to our clients at highest cost-savings per unit. We will soon commission projects across Karnataka, Tamil Nadu and Maharashtra. The C&I renewables market in India is set to grow by over 45 GW in the next 5 years – and 4PEL is committed to meeting that demand by offering the entire suite of integrated RE solutions. Today’s corporate client wants to maximise renewables consumption: while hybrid projects can deliver a Capacity Utilisation Factor (CUF) of nearly 60% compared to standalone wind or solar projects at 20-30%, further combining hybrid with BESS (Battery Energy Storage System) can take that to 80%. These are the customisations we deliver to our customers, not just in Gujarat but pan-India.”

Through this plant, 4PEL is supplying 10.8 MW of hybrid, clean energy to Filatex, one of India’s leading polyester yarn manufacturers. “Reducing the Carbon footprint at our Dahej & Dadra facilities has always been top priority for Filatex. Through this collaboration with Fourth Partner, we will look to procure nearly 50 mn units of green power annually, at cost-savings of nearly Rs 10 Cr per year. 4PEL’s execution expertise alongside delivering the project in a timely manner despite various challenges, sets them apart as market leaders. We look forward to a longterm partnership with their robust team”, said Madhu Sudhan Bhageria, CMD, Filatex.

The project finance for this hybrid plant has been funded by Aseem Infrastructure Finance, which is backed by NIIF (National Investment and Infrastructure Fund). Aseem Infra has provided a customized debt solution of up to Rs 300 Cr to meet the specific needs of the project. Speaking about the investment, Virender Pankaj, CEO of Aseem Infra said, “we take immense pleasure in supporting this project of Fourth Partner Energy, which will deliver clean and affordable electricity to Gujarat’s corporate sector. Aseem is always looking to back transformative infra projects as is reflected in our highquality asset book. Our relationship with Fourth Partner Energy is an on-going one as their impact-driven, energy transition assets fit right in with Aseem’s vision of developing a futuristic, green India.”

one as their impact-driven, energy transition assets fit right in with Aseem’s vision of developing a futuristic, green India.”

CLEANMAX INAUGURATES 400 MW WIND SOLAR HYBRID PROJECT IN GUJARAT

CleanMax Enviro Energy Solutions, Asia’s leading C&I renewable energy company inaugurated a 400 MW wind solar hybrid project in Babra, Gujarat, in the esteemed company of clients and employees involved in the construction of the project.

Representatives from Hubergroup, Bayer, Gerresheimer Glass, Navin Fluorine International, Calibre Chemicals, BASF, Piramal Pharma, Atul, Gujarat Fluorochemicals, Macleods Pharmaceuticals, NOCIL, Hero MotoCorp, Plastic Omnium, Hindalco Industries, Munjal Kiriu Industries, Ascenso Tyres, MG Motor, Larsen & Toubro, L&T MHI Power Turbines, APM Terminals, Nestlé, Finolex Industries, RR Kabel, Schott Glass, Banco Aluminium, and Welspun Specialty Solutions graced the occasion. This is the first project to have the latest 3.3 MW Envision turbines. This project was completed within 16 months of inception, and it was ensured that only unutilized commercial parcels of available land in the area be purchased/leased for this project. The total area of the project is around 800 acres. This project will account for 741,440 metric tons of CO2 equivalent abatement per annum.

Kuldeep Jain, Founder & Managing Director – CleanMax Enviro Energy Solutions Pvt. Ltd. said, “We are excited to achieve completion of the largest wind-solar hybrid farm for the C&I sector. It has been a great learning experience for the entire CleanMax family, and I am proud of the way we have come through and delivered. The hybrid farm will contribute immensely to the country’s energy transition goals by helping industries become sustainable. CleanMax has always been a pioneer in adopting new technologies. To ensure best results for our clients we are installing best in class systems for optimum generation which in turn will make businesses sustainable.”

Tejus AV, Chief Commercial Officer - CleanMax Enviro Energy Solutions Pvt. Ltd. said, “It’s a proud moment for all of us at CleanMax with this capacity addition because for the first time any IPP has demonstrated tower manufacturing combined with logistics, I&C capabilities in C&I open access market. Team has done fantastic job helping customers in their carbon reduction journey.”

Nikunj Ghodawat, Chief Financial Officer - CleanMax Enviro Energy Solutions Pvt. Ltd. said, “this is a one of the largest RE parks in the country dedicatedly serving C&I demand and further demonstrates CleanMax’s ability to finance, execute and deliver on its RE commitment to its customers in a timely manner.”

Col. Narendra Verma, Chief Operating Officer (Utility Scale RE Projects) – CleanMax Enviro Energy Solutions Pvt. Ltd. Said, “CleanMax has again demonstrated and proven its capabilities and customer focus by timely delivery of its 400 MW wind solar hybrid project in the state of Gujarat, the highest by any C&I developer in the year. The speedy execution and commissioning of the project has set a new benchmark for the industry and established a proven path for future projects in line with our aspiration to be the partner of choice for C&I customers in India and abroad.”

SOLINTEG EXPANDS ITS LOW-CARBON DEVELOPMENT BLUEPRINT TO INDIA

Recently, Solinteg officially announced its expansion of the global low-carbon development blueprint to India with a robust partnership with iNVERGY.

This landmark collaboration signifies the introduction of Solinteg's industry-leading Integ M series 3-50kW hybrid inverters, alongside intelligent solar energy storage solutions, to the Indian PV market. Solinteg 3-50kW hybrid inverter, featuring single-phase 3-8kW and three-phase 4-12kW options for residential applications, as well as three-phase 10-20kW and 25-50kW variants for C&I applications, boasts an impressive PV input current of up to 30A and 110% three-phase unbalanced output function. It also supports 1.1 times overloading capacity and within 10ms UPS switching, providing users with safe and stable power supply and lower energy costs. Backed by innovative and advanced energy storage concepts, these inverters will provide a strong driving force for India's green energy transition. Besides hybrid inverters, Solinteg also provides Integ R series smarter meters, brand new communication modules as well as Integ E series energy storage batteries for the Indian market.

Anchored by this collaborative spirit with iNVERGY, we're supremely confident that our innovative prowess will flourish in the Indian market, blossoming into a resounding triumph for sustainability! remarked Yasif, Sales Director in India of Solinteg.

AMPIN ENERGY TRANSITION SUPPLIES SOLAR POWER TO JK CEMENT FROM ITS MISHRIKH SOLAR PROJECT IN UTTAR PRADESH

AmpIn Energy Transition, a leading energy transition platform is supplying 10MWp of solar power from its 30MWp solar plant in Mishrikh, Uttar Pradesh to JK Cement, a leading cement manufacturer. AmpIn is the First and Largest IPP to have a strong solar portfolio in the state having commissioned back-to-back solar open-access projects.

The forward-thinking partnership marks a significant milestone in India's transition towards clean energy sources & stands as a testament to the joint dedication of both companies to reshape India's energy landscape, reduce carbon footprint, and drive transformative progress in the realm of clean energy, especially in the infrastructure sector.

AmpIn Energy Transition has started the delivery of power to our Aligarh Unit from their recently commissioned 30MWp Mishrikh Solar Project. It’s a testament of our unwavering commitment to sustainability and our drive to accelerate the widespread adoption of Green Power across our manufacturing locations. With this 10MWp solar offtake, we will be taking the overall RE replacement to more than 60% in our overall energy mix at Aligarh Manufacturing Plant , thereby reducing more than 10,780 tonnes of CO2 annually. This marks a significant milestone in our journey towards reducing CO2 emissions and driving the transition to clean energy by joining forces. We sincerely appreciate AmpIn Energy Transition for their invaluable efforts in facilitating the seamless supply of renewable energy to our Aligarh Plant. Mr. Madhav Singhania, DMD & CEO, JK Cement said.

With this 10MWp solar offtake, JK Cement will be taking the overall RE replacement to more than 60% in its overall energy mix at their Aligarh Manufacturing Plant, thereby reducing more than 10,780 tonnes of CO2 annually.

This is our 5th solar open access project in the vibrant state of Uttar Pradesh and with this, we are not just harnessing the power of the sun but also shaping a brighter, more sustainable future. This initiative reflects our commitment to powering the renewable energy transition in the country by helping customers reach 100% RE and exemplifies our dedication to innovation, sustainable development, and empowering communities. We are thankful to the JK team for choosing us as their RE transition partner & happy to have them as our repeat customer in the state, said by Mr. Pinaki Bhattacharyya, CEO and MD, AmpIn Energy Transition.

With a total investment of Rs 1337 Cr, AmpIn has cumulative solar project portfolio of 300MWp across 7 locations in the state of Uttar Pradesh, out of which 120 MWp is operational and 180MWp is at advance stage of execution. AmpIn is actively involved to invest new capital to develop more renewable projects and provide RE transition options to C&I consumers in the state.

APRAAVA ENERGY BAGS TWO GREEN ENERGY INTERSTATE TRANSMISSION PROJECTS IN RAJASTHAN

Part of evacuation scheme for 20 GW Renewable Energy in Rajasthan to the national grid. First greenfield transmission projects of Apraava Energy.

Apraava Energy, a leading integrated energy solutions provider, has been awarded two interstate transmission projects in Rajasthan under the GoI’s tariff based competitive bidding process. In line with the Transmission Service Agreement executed by the SPVs, the projects will be developed by Apraava under BOOT (build, own, operate and transfer) model. The projects are part of the scheme developed for the evacuation of 20 GW power from Renewable Energy Zones (REZs) in Rajasthan under Phase 3. These are Apraava’s first greenfield transmission projects.

SPV Name Project details

FATEHGARH III TRANSMISSION

LIMITED

FATEHGARH IV TRANSMISSION LIMITED

• ~230 Km of 400 kV D/c transmission line from Fatehgarh 3 to Badla 3

• 5x500 MVA Pooling Substation ( Fatehgarh 4)

• ~ 22Km of 400 kV

D/c transmission line from Fatehgarh 4 to Fatehgarh 3

Commenting on the successful bids, Mr. Rajiv Ranjan Mishra, Managing Director, Apraava Energy, said, "These two wins will further enhance our capabilities in the transmission business and help accelerate our growth strategy. As India witnesses an increasing share of renewable energy, the need for a robust transmission network to evacuate this power is also growing and we are well placed to contribute to this need. Apraava will work closely with stakeholders in Rajasthan and the Central Transmission Utility (CTU) to successfully build the networks and contribute to India's green goals."

Mr. Naveen Munjal, Director – Business Development & Commercial, Apraava Energy, added, "We are geared to put our energy in action and play an active role in building robust transmission networks that will enable transmission of electricity to every corner of the country. These two projects will bring economic opportunities to the region and help create more jobs. We will leverage our years of experience in operating three wind farms namely Bhakrani (102.4 MW), Tejuva (100.8 MW), and Sipla (50.4 MW) in Jaisalmer Region in successfully setting up these greenfield transmission projects in the state."

Apraava Energy will be responsible for the ownership, financing, development, design, engineering, procurement, construction, commissioning, operation and maintenance of the project, and to provide transmission services for a period of 35 years. At the end of the 35 years, the project will be transferred to the Central Transmission Utility (CTU). The construction timelines for both the projects are 18 months.

In November 2019, Apraava Energy first entered the power transmission sector by acquiring a 100% stake in Satpura Transco Private Ltd, which owns an intrastate project in the state of Madhya Pradesh. In 2021, the company acquired a 49% shareholding in Kohima Mariani Transmission Ltd. (KMTL) and a further 25 percent stake in February 2023.

SET TO POWER THE NATION, STERLING AND WILSON RENEWABLE ENERGY LIMITED WINS ORDERS WORTH INR 826 CRORE

Sterling and Wilson Renewable Energy Limited (SWRE), a leading home-grown renewable EPC, announced that it has won orders worth INR 826 crore in the first four months of FY 2023-24.

The orders aggregate to around 1 GWp and include projects in Rajasthan, Uttar Pradesh and Gujarat. Scope of work for all projects include design, construction and commissioning. The projects will create hundreds of construction jobs, thus benefiting the local community.

Mr. Amit Jain - Global CEO, Sterling and Wilson Renewable Energy Group said, “Renewable sector plays a vital role in India’s journey towards clean energy. For us at SWRE, India continues to be a key market and we have been working together with different stakeholders, towards boosting renewable capacity in the region. All orders clocked in these four months are from our recurring partners and is a testament of our expertise in the industry. Our partnerships hold immense value for us, and we are grateful for their continued trust and confidence in us.”

“This accomplishment reflects upon our team’s dedication and hard work. Over the past decade, we have been a dominant player in the domestic market and are poised to delivering high-quality renewable solutions that drive sustainability and make a positive impact on the world and look forward to spearheading the journey with continuous growth and innovation”, he added.

AMPIN ENERGY SIGNS A PPA WITH JCAPCPL FOR 2.8

MWP SOLAR

PROJECT

AmpIn Energy Transition, a leading energy transition platform and India's first truly balanced Renewable Energy IPPhas entered into a 25-year Power Purchase Agreement (PPA) with JCAPCPL(a JV between Tata Steel & Nippon Steel) to supply 2.8 MWp of solar energy for its plantin Jamshedpur.

Ujjal Chakraborti, Managing Director of JCAPCPL, and Pinaki Bhattacharyya, Managing Director and CEO AmpIn Energy Transition signed the agreement to initiate the implementation process. Under the terms of this agreement, AmpIn Energy Transition will install solar panels for JCAPCPL with a robust capacity of 2.8 MWp, harnessing the power of sun to generate clean and renewable energy. This will not only help JCAPCPL to reduce its carbon footprint but also solidify its role as a frontrunner in sustainable business practices within the industry.

Mr. Chakraborti, expressed his enthusiasm for this transformative partnership, stating, "We are excited to join hands with AmpIn Energy Transition to harness the power of solar energy. This collaboration is a testament to our unyielding commitment to greener operations and creating a brighter, more sustainable future. We are confident that this partnership will continue to yield a measurable outcome in our journey towards sustainability and we look forward towards a continued association with them."

Echoing this sentiment, Mr. Bhattacharyya, stated, "Our partnership with JCAPCPL marks a significant milestone in our mission of powering the renewable energy transition in the country. AmpIn is a trusted RE partner of corporates to reach 100% RE & by leveraging the power of renewables , we aim to drive positive change in the energy landscape, fostering a cleaner and sustainable environment for generations to come."

This strategic alliance between JCAPCPL and AmpIn Energy Transition not only underscores the potential of clean energy but also paves the way for similar initiatives that can redefine the corporate approach to sustainability. As the solar panels become operational, the 2.8 MWp of energy generated will be seamlessly integrated into JCAPCPL's operations, further enhancing its commitment to responsible and environmentally conscious practices.

GREENING THE INDUSTRIAL LANDSCAPE: INTEGRATING RENEWABLE ENERGY AND SUSTAINABILITY SERVICES

In the face of Paris Agreement and the latest report from IPCC, pressing environmental challenges and the need to transition towards a more sustainable future, industries are being called upon to play a pivotal role in minimizing their environmental impact. One of the most promising strategies to achieve this is the integration of renewable energy sources and sustainability services into the industrial landscape. By harnessing the power of renewable resources and adopting sustainable practices, industries can not only reduce their carbon footprint but also pave the way for a greener and more resilient future.

The industrial sector is a significant contributor to greenhouse gas emissions, resource depletion, and environmental pollution. As societies grow and economies expand, the demand for industrial production and energy consumption rises, exacerbating these issues. The urgent need to address these challenges has led to a transitional shift in how industries approach their operations.

Embracing Renewable Energy Sources

One of the cornerstones of greening the industrial landscape is the adoption of renewable energy sources. Traditional industries heavily rely on fossil fuels for their energy needs, resulting in substantial emissions of carbon dioxide and other pollutants. Integrating renewable energy technologies such as solar, wind, hydroelectric, and geothermal power can significantly reduce these emissions while providing a reliable and sustainable source of energy. Solar panels installed on factory rooftops can harness the power of the sun, converting it into electricity to power operations. Wind turbines strategically placed and connected to national/regional grid can capture the energy of the wind and contribute to the energy grid. Furthermore, repurposing abandoned industrial sites, e.g. mines, spent O&G well, abandoned thermal power plant, etc, for renewable energy installations minimizes land use and repurposes previously degraded areas.

A Holistic Approach

Beyond renewable energy, sustainability services play a crucial role in greening the industrial landscape. These services encompass a wide range of practices aimed at recycling, reducing waste, conserving resources, and promoting overall environmental responsibility. Energy Efficiency: Industries can employ energy-efficient technologies and practices to optimize energy usage. Upgrading machinery, improving insulation, and implementing smart energy management systems can lead to significant reductions in energy consumption. Waste Minimization and Recycling: Implementing waste reduction strategies, promoting recycling programs, and utilizing circular economy principles can dramatically cut down on the amount of waste generated by industrial processes. Water Management: Industries can adopt responsible water usage practices to ensure sustainable water resources. Implementing water-efficient technologies and reusing water in various processes can mitigate water scarcity concerns. Supply Chain Optimization: Collaboration with suppliers and partners to enhance sustainability throughout the supply chain is essential. This includes selecting ecofriendly materials, reducing transportation emissions, and promoting ethical sourcing. Green Infrastructure: Incorporating green spaces within industrial complexes can improve air quality, provide habitat for local wildlife, and contribute to the well-being of employees.

Economic and Environmental Benefits

The integration of renewable energy and sustainability services not only benefits the environment but also offers tangible social and economic advantages. While there might be a substantial initial investment required for the installation of renewable energy systems and the adoption of sustainable practices, the long-term benefits far outweigh the costs. Jobs & Livelihoods: Deployement of renewable energy creates more than 4 times jobs than conventional coal / fossils and the genedder equity in livelihood opportunity is subtantially increased. 32% of global RE workforces consits of women (IRENA). Cost Savings: Renewable energy sources have the potential to reduce energy bills over time, leading to significant cost savings for industries. Moreover, efficiency measures and waste reduction can lower operational costs. Market Advantage: Consumers are increasingly favoring products and services from environmentally responsible companies. By showcasing their commitment to sustainability, industries can enhance their brand reputation and market competitiveness. Regulatory Compliance: As governments worldwide tighten environmental regulations, industries that are proactive in adopting greener practices will find it easier to comply with evolving standards. Resource Resilience: Incorporating renewable energy sources reduces dependence on finite fossil fuels, enhancing resource security and resilience against energy price fluctuations.

Barriers and Solutions

Despite the numerous benefits, the transition to a greener industrial landscape may encounter challenges. Upfront costs, technical limitations, and resistance to change can hinder progress. However, these obstacles can be overcome with the right strategies. Governments and organizations have to seriously consider offering incentives such as tax breaks, grants, and subsidies to help industries offset the initial costs of adopting renewable energy technologies. Continued research and development in renewable energy and sustainability technologies will also lead to more efficient and affordable solutions. Educating industry stakeholders about the benefits of greening their operations and providing case studies of successful transitions can inspire widespread adoption. However, for individual companies, integrating with professional experts in providing sustainability services is the most logical step forward. This helps them in achieving their environmental goals with minimum blow to the economic prospects and sometimes it can even result in earning more incentives.

The integration of renewable energy sources and sustainability services into the industrial landscape holds the key to a more environmentally friendly and economically viable future. By embracing these changes, industries can mitigate their environmental impact, contribute to global efforts to combat climate change, and position themselves as leaders in the pursuit of a sustainable world. Through collaboration, innovation, and dedication, we can usher in an era of green industrial transformation that benefits both present and future generations.

Author Manish Dabkara Chairman & MD EKI Energy Services

366.12G/W CO2e ! HUASUN RELEASED CARBON FOOTPRINT REPORT CERTIFIED BY

TÜV RHEINLAND

Based on a life cycle assessment methodology and rigorous verification of carbon emission data, Huasun's Himalaya Series G10-144 high-efficiency HJT solar modules have been proved to only 366.12g/W CO2e in carbon emission. This marks the first instance of photovoltaic module carbon emission certified by a third party falling below the 400g/W CO2e. Compared to other photovoltaic products, HJT modules possess a clear advantage in carbon emissions. Due to their unique structure, the efficiency of HJT cells remains unaffected even when the wafer thickness is reduced. As a result, using ultra-thin wafers can effectively decrease carbon emissions. Moreover, the high-efficiency in mass production, combined with low-temperature manufacturing processes and a simplified "four-step" production approach, further reduce energy consumption, and minimize carbon emissions.

Dan Zhou, CEO of Huasun Energy, stated, "By improving production processes, enhancing technological capabilities, and exploring photovoltaic products with stronger environmental attributes, we have further reduced carbon emissions of Huasun's HJT modules."

In the future, Huasun will keep delving into HJT technology, offering high-performance and high-quality photovoltaic products to transform HJT modules carbon footprint from an low-carbon to zero-carbon

Recently, Huasun Energy officially released the carbon footprint report for its HJT modules, which has been certified by TÜV Rheinland.

SEIZING THE DECADE IN INDIA: SHELL AND TERI OUTLINE A PATH TOWARDS SUSTAINABLE DEVELOPMENT AND NET-ZERO EMISSIONS

“INDIA TRANSFORMING TO A NET-ZERO EMISSIONS ENERGY SYSTEM: A call to action to 2030” outlines what India will need to do this decade in order to be on a trajectory to meet its 2030 commitments and its Net Zero Emissions (NZE) 2070 Goal

Energy lies at the heart of India's development aspirations, from ensuring a better life for its 1.4 billion people to realising a USD 5 trillion climate economy. At the same time India confronts an energy trilemma: Balancing energy security, energy equity, and environmental sustainability while pursuing decarbonisation. To successfully navigate this trilemma, concerted efforts and partnerships are essential among the government, businesses, and civil society. Decisions made in this decisive decade will determine India’s ability to decarbonise while ensuring continued economic growth and development.

The report launched on August 1 by The Energy and Resources Institute (TERI) and Shell, INDIA TRANSFORMING

TO A NET-ZERO EMISSIONS ENERGY SYSTEM outlines what India needs to do this decade (from now until 2030) to help meet its net-zero emissions target while also delivering energy security and energy equity. The report presents four potential scenarios, all aiming to achieve net-zero emissions within India's energy system by the latter half of this century. It highlights the need for (i) Increasing electrification in energy end use sectors. (ii) Meeting electricity demand increasingly from non-fossil sources. (iii) Developing low-carbon alternatives such as hydrogen and biofuels for hard-to-electrify segments. (vi) Deploying digital solutions to enable low carbon alternatives. (vi) Supporting circular economy business models to drive resource efficiency. (vii) Creating an enabling environment for planning, establishing and scaling up carbon removals after 2030 to address the most expensive and hardest-to-abate residual emissions. It further emphasises the need for policy interventions, technological advancements, and behavioural changes to facilitate the transition towards more-sustainable energy practices. It also highlights the new economic and business opportunities for India to position itself as a leader and to leapfrog to more energy and emissions-efficient technologies and solutions.

Highlighting the need for conducive regulatory framework that will help India decarbonise, Dr Vibha Dhawan, Director General, TERI, said, "India possesses a remarkable prospect to establish itself as a prominent global front-runner in low-carbon technologies and solutions. To seize this opportunity, India must give paramount importance to establishing a conductive regulatory framework that promotes growth and encourages innovation. In addition, businesses and companies must play an active role in supporting India's ambition of achieving net-zero emissions. Significant contributions can be made by investing in renewable energy, hydrogen, and bioenergy sectors. By capitalising on this potential, India can propel itself towards a future driven by low carbon and energy efficient technology, surpassing the greenhouse gas-intensive paths pursued by advanced economies at present.”

The INDIA TRANSFORMING TO A NET-ZERO EMISSIONS ENERGY SYSTEM report has further identified ten key areas this decade for policy and investment action, in order to fully realise India’s ambition and potential to be a climate change-maker:

1. Harness the co-benefits of energy transition to drive broader sustainable development goals.

2. Develop a vibrant low-carbon manufacturing industry.

3. Expand electricity transmission and distribution networks.

4. Ramp up investments in energy storage and renewables integration.

5. Increase the use of hydrogen and bioenergy to decarbonize hard-to-abate sectors.

6. Establish a robust policy framework for investing in natural carbon sinks.

Speaking at the launch, Nitin Prasad, Chairman, Shell Group of Companies in India, said, “Shell has been a thought leader in India’s energy transition journey jointly with TERI for over a decade. Building on this collaboration, the report explores pathways for India until 2030 to achieve its commitments, emphasising the pivotal role of renewable energy, energy efficiency, and electrification in its decarbonisation efforts.”

7. Implement the strategic roadmap for carbon capture and storage (CCS) and incentivise investments in carbon removal.

8. Introduce carbon pricing measures to drive low-carbon businesses and consumer choices.

9. Foster sectoral collaborations and coalitions to accelerate action.

10. Take the opportunity to deliver a just transition by equitably sharing costs and benefits.

DECARBONISATION

ONGC TRANSFORMING INTO A LOW-CARBON ENERGY PLAYER IN A BIG WAY: TO SCALE UP RENEWABLE PORTFOLIO TO 10 GW BY 2030

Energy Maharatna has crafted a robust roadmap to scale up its low-carbon energy portfolio significantly. In line with the Hon’ble PM’s vision on renewables, which was spelt out in his Independence Day speech on 15 August 2023, ONGC has aligned itself with India's ambitious goals and is wholeheartedly contributing to the nation's aim to curtail carbon emissions by 1 billion tons and simultaneously reduce carbon intensity by 45% by 2030.

ONGC has been a pioneer in adopting various decarbonization levers resulting in significant amount of emission reductions over the years. Integrating sustainable practices into core operations have enabled reduction in Scope-1 and Scope-2 emissions by 17% in last five years. ONGC has reduced its emissions by 2.66% in FY’23. ONGC plans to significantly increase its spending on green initiatives to reduce its carbon footprint as a broader effort to achieve Net-Zero for Scope-1 and Scope-2 emissions by 2038. ONGC is in advanced stage of crafting collaborations with leading players in the energy space on various low-carbon energy opportunities including renewables, green hydrogen, green ammonia and other derivatives of green hydrogen. The company's strategic partnerships in the Oil to Chemical (O2C), refining, and petrochemical sectors reflect an astute understanding of India's evolving energy landscape.

ONGC is planning to set up two green-field O2C plants in India. ONGC is charting a roadmap for opportunities in renewable energy and low-carbon sectors. ONGC is investing around ₹1 trillion by the end of this decade, on its multiple green initiatives and is planning to scale up its renewable portfolio to 10 GW by 2030. ONGC is also actively exploring collaborations with leading players to leverage various low carbon energy opportunities including renewables, green hydrogen, green ammonia and other derivatives of green hydrogen. Moreover, there's an increasing focus on research and development in carbon capture, utilization, and storage (CCUS) technologies to mitigate emissions from existing processes.

However, oil and gas exploration and production (E&P) will remain the cornerstone of its energy business. Extensive exploration in known basins as well as frontier plays, sustained production from existing fields and exploitation of deep-water fields remain the central areas of emphasis. ONGC's commitment to time-bound and technology-intensive IOR/EOR schemes, serves as evidence of their ability to unlock additional commercial value from existing producing pools or standing reserves. It’s significant development and redevelopment projects are strategically positioned to contribute substantial increments of oil and gas to our portfolio. In recent years, ONGC has persistently pushed the frontiers of exploration, expanding its boundaries. Under our ‘Future Exploration Strategy’, ONGC has set up an ambitious target to bring 5 lakh square kilometers of area under active exploration by acquiring one lakh square km every year, spending ₹10,000 crore annually on exploration by 2025.

ONGC is dynamically evolving to meet changing realities. While maintaining our immediate focus on Exploration and Production, we are also crafting a future-ready ONGC that exemplifies resilience, agility, and adaptability. With each step forward, its discourse and actions will align more with that of an 'energy' company rather than solely an oil and gas explorer and producer.

DECARBONISATION

AUSTRALIA – INDIA PARTNERSHIP TOWARDS NET ZERO FUTURE

An exclusive partnership will see Australia’s Sunrise CSP group and India’s Engineers India Limited sign an agreement in ‘Concentrated Solar Thermal Power

Australia’s Sunrise CSP (Concentrated Solar Power) and India’s Engineers India Ltd (EIL) forged a collaborative agreement by executing a Memorandum of Understanding (MoU).

The MoU will facilitate an exclusive partnership in Concentrated Solar Thermal (CST) power for:

• Projects in the Oil & Gas sector in India

• Projects, other than in the Oil & Gas sector, located in India, for domestic clients with single potential order size of over INR 300 million;

• Projects where EIL has contributed to the identification & finalisation of international clients based on mutual discussion & agreement with Sunrise CSP.

AUSTRALIA – A RENEWABLE ENERGY SUPERPOWER

With a vast coastline and immense open spaces, Australia has some of the best wind resources in the world and the second highest potential for solar power. Australia is already the largest per-capita producer of solar energy in the world. Per head, Australia ranks seventh in the world for renewable energy patents. 90% of commercial solar cells globally use Australian technology. Australia is taking action on climate change by legislating an ambitious emissions reduction target of 43% by 2030 and net zero by 2050.

Speaking about the MoU at today’s event, Ms. Catherine Gallagher, Minister - Commercial and Senior Trade and Investment Commissioner, South Asia for the Australian government said, “As a nation, Australia is committed to building a net-zero future.

It gives me immense pleasure to know that Australian companies such as Sunrise CSP are able to partner with India’s leading Engineering, Project management consultancy and EPC companies contributing their expertise to India’s net zero agenda.”

“With India undertaking energy transition to achieve Net Carbon Zero targets, Australian companies can offer a range of innovative technologies and products for Indian companies in the renewable energy space", Ms. Gallagher said.

Speaking at the MoU signing, Mr Artur Zawadski, Chief Executive Officer and Director of Sunrise CSP said, “Joining hands with EIL, a global leader in the engineering of critical energy infrastructure, will put Sunrise CSP and our Big Dish solar concentrator at the forefront of nation building energy solutions. He added “Together we aim to deliver the clean heat of the sun to industrial production at all scales and all temperatures – from heating and cooling a major cancer hospital as we are in Gujarat today, to making vital chemicals like hydrogen & ammonia, to national-scale power solutions delivering electricity ondemand - and all of our technology for this we Make in India. For us this strategic alliance is a game-changer!”

While congratulating the team on forging the alliance, CMD EIL, Ms. Vartika Shukla expressed, “The Strategic Collaboration between EIL and group companies of Sunrise CSP is a unique initiative and a collective effort in driving positive environmental impacts through shared vision and innovative technological solutions. Concentrated Solar Power (CSP) technology has wide applications and could also be integrated with the existing industrial facilities and process plants. We are poised to leave a lasting imprint towards transforming the global energy landscape in years to come.”

Sungrow India has achieved a significant milestone of completing 5 years of the Indian manufacturing journey that began in 2018 in line with Govt of India’s “Aatmanirbhar Bharat” initiative with dispatches of string & central inverters from the India factory.

Country Manager of Sungrow India Mr. Sunil Badesra said, “Sungrow India started an inspiring mission to serve local customers with high quality, reliable, and locally manufactured products, making a significant contribution to the remarkable “MAKE IN INDIA” initiative. We take great pride in informing you that we have done many value additions in the past 5 years. We took the first crucial step with the right intentions and our determination to this market has led us on a path of progress we remain committed in continuous increase in value addition of our products locally as much as possible as we continue to strengthen our local manufacturing capabilities.”

Sungrow India Factory Head Mr. Mallikarjun added, The annual production capacity upgrade to 10GW has resulted many value additions to “MAKE IN INDIA” initiatives. Our factory area has expanded to 1,90,000 Sqft and local manpower increased manifold since starting, offering more job opportunities for Indians. In the meantime, increasing test capacities will provide customers with a more stable inverters supply, a new digitalized production line for higher efficiency, etc. Sungrow has always been committed to insight into customer needs and this Gigawatt facility is fully equipped in delivering the customers with more reliable products and service in the future. Over the past five years, the improvement of “MAKE IN INDIA” shows the deep cultivation of Sungrow in the Indian solar market, we are very grateful for witnessing this significant milestone with our Customers who have given us great support, and Sungrow will continue to make improvements in “MAKE IN INDIA” to accelerate India’s clean energy transition and provide “Clean Power for All”.

MAKE IN INDIA: A SIGNIFICANT MILESTONE ACHIEVED BY SUNGROW INDIA INSOLATION ENERGY LIMITED (INA SOLAR) RECEIVES

THE MSME-2023 AWARD

Insolation Energy Limited (INA Solar), a Leading Solar panel manufacturing company from Rajasthan, India, has been conferred with the MSME- 2023 Award by Forti. This award was given to the company's Chairman Mr. Manish Gupta, Managing Director Mr. Vikas Jain by Shri

Rajendra Rathod,

Leader of Opposition, Rajasthan Legislative Assembly.

The company's chairman Manish Gupta told that Insolation Energy Limited is the Rajasthan's largest solar panel manufacturing company since 2017 with its active participation to achieve the country's green energy target and today INA Solar has established its strong presence not only in Rajasthan but pan India. To promote green energy, it is ensuring its participation in energy security along with the country's Make in India policy. INA Solar is the only solar panel manu- facturing company in the country which is listed on BSE-SME. Chairman Man- ish Gupta and Managing Direc- tor Vikas Jain thanked the Insola- tion family and all its distributors and dealers for this award. INA Solar is into the business of manu- facturing high efficiency solar panels, batteries and inverters in various sizes.

He also told that the company is participating in various schemes of the country like Jal Jeevan Mission, Kusum Residential Roof Top Solar, BSNL and Solar Park and will enter the international market through its world class products. At present, the combined generation capacity of both the units of the company is 700 MW per annum which will increase to 1200 MW in the coming years and will set up another 500 MW solar cell manufacturing unit.

TATA POWER REVOLUTIONIZES EV CHARGING EXPERIENCE; LAUNCHES RFID ENABLED ‘EZ

CHARGE' CARD

Tata Power, one of India's largest and fastest growing EV charging solutions provider, has unveiled the EZ CHARGE card, an advanced RFID (Radio-frequency identification) card that promises to redefine the EV charging experience for lakhs of electric vehicle (EV) owners across the country.

The EZ CHARGE card, launched at the Bombay House by Dr. Praveer Sinha, CEO & MD, Tata Power, and Mr. Shailesh Chandra, MD of Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility. The card offers unparalleled convenience with its Tap, Charge, and Go functionality. The RFID card features a built-in chip that enables efficient, secure, and seamless initiation of charging sessions and payment for same. Based on their pre-set recharge value, users can automatically begin the charging process by simply tapping the EZ CHARGE RFID card on the Tata Power EZ charger. Once the vehicle is charged, EV owners can embark on their journeys with ease and confidence. Tata Power's extensive EV charging infrastructure, which includes over 40,000 home chargers, 4000+ public and semipublic charging points, and 250 bus-charging points, spans 350 cities with a presence in 550 cities. The company plans to set up 25,000 charging points in the next five years, further supporting the growth of the EV ecosystem in the country.

As the largest and fastest growing EV Charging player in India, we are delighted to bring another innovative offering to further enhance customer experience. The Tata Power EZ CHARGE card is a new frontier integrating RFID technology with our Charge Point network to offer a quick, simple and easy charging solution to EV owners. We continue to collaborate with Tata Motors to accelerate EV adoption and enable a sustainable mobility for all Indians. said Dr. Praveer Sinha, CEO & MD, Tata Power .

Mr. Shailesh Chandra, MD of Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility said “We have been continuously improving the ownership experience for our EV customers through thoughtful interventions and initiatives. To further improve the charging process for our customers, today, we are launching the EZ Charge Card offered by Tata Power. This solution is easy to use, intuitive and also helps overcome infrastructural challenges such as mobile network availability, while ensuring privacy for all users. It significantly simplifies the charging process at public or community chargers, especially for those who would prefer a physical device to an app-based experience and for chauffeur-driven vehicles. Creating accessible charging infrastructure is key to driving faster EV adoption.”

The EZ CHARGE Card offers added benefits, especially for areas with limited mobile network coverage, ensuring EV owners can charge their vehicles and pay without any hindrance. The RFID card can be linked with the EZ Charge account, allowing users to share access without sharing sensitive app information, thus ensuring privacy and security. The card streamlines the charging and payment process, making transactions quicker and more efficient.

DIRECT POWER GENERATION FROM

METHYLCYCLOHEXANE USING SOLID OXIDE FUEL CELLS

Researchers have successfully generated electricity directly from methylcyclohexane, an organic hydride, using solid oxide fuel cells, with lower energy than conventional catalytic dehydrogenation reactions.

Methylcyclohexane is very promising as a hydrogen carrier that can safely and efficiently transport and store hydrogen. However, the dehydrogenation process using catalysts has issues due to its durability and large energy loss. Recently, Japanese researchers have succeeded in using solid oxide fuel cells to generate electricity directly from methylcyclohexane and recover toluene for reuse. This research is expected to not only reduce energy requirements but also explore new chemical synthesis by fuel cells.

Methylcyclohexane (MCH), a type of organic hydride, is expected to be an excellent hydrogen carrier because it remains liquid at room temperature, is easy to transport, has low toxicity, and has a higher hydrogen density than highpressure hydrogen. Dehydrogenation—the process of removing hydrogen atoms from molecules—in the presence of a catalyst, yields hydrogen and the byproduct toluene, which can then be used to generate electricity to produce CO2-free power. However, the dehydrogenation reaction is an endothermic reaction, and energy loss as well as the facilities required for the reaction are issues. Recently, a team of researchers from Japan, led by Professor Akihiko Fukunaga from the Department of Applied Chemistry at Waseda University, has succeeded in generating electricity directly from MCH using solid oxide fuel cells (SOFC). Their work was made available online on July 4, 2023 in Volume 348 of Applied Energy.

The research team tried to perform two processes simultaneously in a fuel cell: dehydrogenation from organic hydrides, which is an endothermic reaction, and electricity generation, which is an exothermic reaction.

To achieve this, they used an anode-supported solid oxide fuel cell with a higher operating temperature than that of a polymer electrolyte fuel cell. They operated it at a temperature that did not allow pyrolysis of organic hydrides and under conditions that prevented carbon deposition at the electrodes. The production ratio of toluene to benzene was 94:6. This achievement demonstrated the possibility of generating electricity without using dehydrogenation facilities which were conventionally required and using less energy than that required for dehydrogenation reactions using catalysts.

In addition, “It was elucidated that by changing the conditions, oxygen groups could be introduced into the aromatic skeleton using a fuel cell” reveals Fukunaga.

These results indicate that the MHC reacts with the conducting oxygen ions in the SOFC to successfully generate electricity. Thus, power can be generated directly from MHC, and the energy required for direct power generation is lesser than that required for the conventional catalyst-assisted dehydrogenation reaction of MCH.

"Fuel cells have been studied and developed as devices that produce highly efficient, carbon-free electricity through the electrochemical reaction of hydrogen and oxygen. In this study, we have demonstrated that this device can be applied to control dehydrogenation reactions from organic hydrides and oxygen substitution reactions of aromatic rings. In the future, new synthetic chemistry may be created by applying fuel cells." concludes Fukunaga. Here’s hoping that the proposed technology will pave the way to a sustainable hydrogenbased society!

FIMER INVERTERS POWER THE BESS SYSTEMS OF A LEADING IT MULTINATIONAL COMPANY TO FULFILL ITS 100% RENEWABLE POWER OBLIGATION

FIMER recently supplied its 2 MVA inverters to Capgemini for its BESS system. The company has implemented multiple initiatives that have contributed towards a 100% renewable energy power supply and aids to reduce 70,000 tonnes of carbon emissions per year.

FIMER has supplied its BESS compatible inverters

PVS980-58BC 2 MVA for two Capgemini office campuses. One 3.5 MW BESS system was installed by Arcedo System in Mumbai and another 2.5 MW system was installed by Replus Engitech in Noida. Both projects were commissioned in 2023. FIMER supplied three 2 MVA PCS (Power Conversion Systems). The FIMER PVS98058BC bidirectional converters are perfect for large scale energy storage systems, ensuring grid stability for power plants with intermittent energy sources. With high DC input voltage, efficiency, reliable components, and a compact modular design, the converters offer a quick return on investment. This solution enables the storage of excess renewable energy generated during day and its use during evening peak hours. The PCS can also support load demand when there is insufficient solar energy. Additionally, FIMER PCS features a Black Start Mode/ Grid forming mode, allowing it to form the grid in V/F mode during power outages. When the grid is restored, the PCS can operate in grid following mode and act as backup mode.

KN Sreevatsa, Country Managing Director (India) says “BESS is the optimal solution to guarantee an uninterrupted power supply under all conditions. FIMER's inverters are best equipped to support stable power source maximizing revenue and offering added value to operators. We are proud to partner with Capgemini revolutionising energy independence for a massive organization.”

Mr. Sandeep Vangapalli, Managing Director of Arcedo Systems, commented “We can unlock the true and full potential of solar energy with advanced storage solutions. This project aligns with our unwavering commitment to innovation, sustainability, and responsible stewardship of our planet. By integrating battery energy storage with solar power generation, we are taking a significant step towards creating a cleaner, more reliable, and more resilient energy future for generations to come. We chose FIMER due to our best experience with their products and service previously. Considering the best design fit available for BESS, we decided to partner with FIMER for this project”.

OHMIUM AND AQUASTILL FORM STRATEGIC COLLABORATION TO PRODUCE GREEN HYDROGEN FROM SEAWATER

New application of sustainable desalination technology powered using waste heat to enable expansion of green hydrogen production

Ohmium International (“Ohmium”), a leading green hydrogen company that designs, manufactures, and deploys advanced Proton Exchange Membrane (PEM) electrolyzers, announced a strategic collaboration with Aquastill, one of the leaders in modular membrane distillation technology that uses the sustainable power of waste heat for desalination. The collaboration will enable Ohmium to use desalinated seawater as an input in green hydrogen production. By integrating Aquastill’s desalination capabilities with Ohmium’s modular green hydrogen electrolyzers, the collaboration will create new decarbonization opportunities for businesses operating in coastal areas by providing a more efficient, sustainable and affordable way of producing clean energy. In addition, the innovative integration of modular desalination units will facilitate new applications for cost-effective green hydrogen production, including co-locating PEM electrolyzers with offshore wind farms, to enable the production of green hydrogen at-source. Ohmium and Aquastill have begun assessing optimal integration of these technologies, with the intention of having these fine-tuned modules commercially available as soon as possible.

This strategic collaboration is a great example of how the innovative integration of Ohmium and Aquastill’s technologies can enable the expansion of green hydrogen production to new sectors and geographies, said Arne Ballantine, CEO of Ohmium International. "Utilizing Aquastill’s membrane technology to efficiently produce green hydrogen from seawater has the potential to be a game changer for companies operating in coastal or rural regions that want to affordably and sustainably decarbonize.”

Aquastill’s technology is powered by the residual heat from Ohmium’s electrolyzers and the membrane distillation process simultaneously provides additional cooling capabilities for the electrolyzer. Unlike other energy intensive desalination technologies, the waste heat membrane-based distillation process has minimal energy requirements. These advanced desalination modules feature a modular and compact system design, making them easily transportable to wherever clean water is needed.

We are excited to be working with Ohmium, to successfully pair their cutting-edge PEM electrolyzers with our membrane distillation technology – providing an ideal platform to expand the transformational impact of green hydrogen production to other industries,” said Bart Nelemans, CEO of Aquastill. “We have already begun to test the integration of our respective technologies, and we are confident that as a result of this joint collaboration we will be able to produce cost-competitive green hydrogen from seawater, while simultaneously helping decarbonize the operations of companies operating in coastal regions.

PRODUCT GROWATT TO SHOWCASE SMART ENERGY SOLUTIONS AND INNOVATIONS AT REI EXPO 2023

The Renewable Energy India (REI) Expo 2023 will be held at India Expo Centre & Mart from Oct. 4-6. As a leading distributed inverter solution supplier, Growatt will showcase its comprehensive product portfolio and state-of-the-art technology at Booth 101 in Hall 7.

Displaying Growatt’s groundbreaking MID 33-50KTL3-X2 product, a game-changer for the C&I segment, boasting an impressive 98.8% conversion efficiency. The MID X2 series ensures optimal energy conversion by featuring 3/4 MPPTs and a 16A string current, making it compatible with high power modules. With IP66 protection and AFCI & Type II SPD on DC & AC sides, it’s your ideal partner for safe and green energy transformation. Furthermore, Growatt’s ingenious OSS (Online Smart Service) system integrates intelligent string monitoring, smart IV curve scanning, and oneclick diagnostics embody ingenuity.

In the quest for energy self-sufficiency and cost reduction, businesses are increasingly adopting energy storage systems. This drive takes center stage at the Expo, where Growatt will shine with its diverse energy storage solutions, notably the outstanding ‘WIT 50-100KTL3-HU/AU’. The WIT series highlights advanced functions including built-in UPS, black start capability, 100% unbalanced output, 110% continuous AC overloading, and seamless compatibility with the APX commercial battery.

At the Expo, Growatt will highlight its dynamic NEO 2000MX micro-inverter series, crafted for small rooftop or balcony PV scenarios. It hosts 4 independent MPPTs, securing peak performance for each panel, and supports a 15A string current, compatible with 600W+ solar modules. The impressively low start voltage of 20V enables early activation and extended operation and the Communication Gateway (Weblink) realizes panel-level performance monitoring.

“Growatt’s exhibition at REI Expo, recognized as Asia’s leading renewable energy-focused B2B exhibition, will involve a wide range of smart energy solutions, including the high-string current MIC -X2 & MIN -X2 singlephase grid-tied inverter and the powerful MAX series C&I grid-tied inverters”, said Rucas Wang, regional director of Growatt. Additionally, the Thor AC/DC EV chargers and the portable Infinity series power stations are equally showcased. “These offerings address ever-changing user-side demands, emphasizing Growatt’s mission to enable everyone to benefit from sustainable energy”, Wang affirmed.

MID 33-50KTL3-X2

NEO 2000M-X

WIT 50-100KTL3-HU/AU

GROWATT UNVEILS THE ‘MID 33-50KTL3-X2’: AN

INNOVATIVE C&I SOLUTION FOR INDIA

Growatt, a global leading distributed energy solution provider, has established a mature development platform that enables us to develop and iterate products efficiently. Guided by our diligent R&D team's unwavering efforts, we proudly introduce our latest gem – the ‘MID 33-50KTL3-X2’ inverter, poised to address critical challenges faced by the rapidly developing photovoltaic (PV) industry.

India has grown into a trailblazer in the ever-evolving landscape of the global solar industry. Recent strides in module manufacturing have sparked a surge in demand for higherwatt peak modules. To seamlessly synchronize with these advancements, allied PV systems such as inverters, storage solutions, and balance of system (BOS) components must also evolve in tandem. Growatt's latest ‘MID 33-50KTL3-X2’ inverter emerges as the quintessential partner for higher current rating PV modules with its sleek, compact design, playing a pivotal role in significantly reducing the Levelized Cost of Energy (LCOE) in the Indian solar industry.

Revolutionizing Performance: Key Features of the MID X2 Series

Maximized Efficiency: The MID X2 series ensures optimal energy conversion, harnessing solar power to its fullest potential with an exceptional efficiency of 98.8%.

Compatibility Redefined: With a string current of 16A, the MID X2 integrates with high-power modules, laying the foundation for enhanced energy output.

Multi-MPPT Versatility: Equipped with 3/4 Maximum Power Point Trackers (MPPTs) and accommodating 6/8 strings per inverter, the MID X2 offers unparalleled flexibility in string design.

Innovative Design: A fuse-free architecture coupled with IP66 protection empowers the MID X2 to brave diverse environmental conditions, ensuring seamless functionality.

Safety First: The inverter features Active ARC protection (AFCI) and Type II Surge Protective Devices (SPDs) on both DC and AC sides, guaranteeing uncompromising safety.

Compact Powerhouse: Despite its impressive capabilities, the MID X2 maintains a remarkably small footprint at 580/435/230mm and a weight of 37kg, streamlining installation and maintenance.

Intelligence at Its Core: Intelligent string monitoring, smart IV curve scanning, and one-click diagnosis propel the MID X2 into the realm of smart inverters, empowering remote monitoring and maintenance.

The Path to Lower LCOE: Unleashing Potential with the MID X2 Series

With multiple MPPT options, it offers unparalleled flexibility in string design, curbing mismatch losses and maximizing energy yield. Supporting higher current modules up to 16A and allowing a DC side overload of up to 50%, the MID X2 achieves an elevated DC/AC ratio, translating to increased efficiency and productivity. Beyond its prowess in power generation, the MID X2 series slashes balance of system costs. Its fuse-free design and compatibility with properly rated aluminum cables eliminate wear and tear concerns, bolstering longevity and performance. With AFCI, PID protection, and Type II SPDs safeguarding against potential hazards, the MID X2 series presents itself as a comprehensive safety solution.

Empowering Your Solar Ambitions: MID X2 Series

Growatt's relentless pursuit of innovation and excellence has cemented its status as a preferred brand among customers. The MID X2 series, with a 60% reduction in size and weight compared to similar-rated models, perfectly aligns with the technological zeitgeist. Tailored to meet your commercial and industrial solar energy needs, the MID X2 series stands out as an embodiment of ingenuity, promising to fuel your solar aspirations and drive a sustainable future.

The MID X2 series is engineered to revolutionize your solar journey by optimizing solar power utilization.

GCLSI AND SAEL FORGE NEW PATH IN INDIAN MARKET WITH 1.1 GW N-TYPE HIGH-EFFICIENCY MODULE FRAMEWORK AGREEMENT

GCL System Integration Technology Co., Ltd. ("GCLSI") has signed a framework agreement for supply of 1.1 GW N-type high-efficiency modules with SAEL Industries Limited ("SAEL"), marking a new milestone for GCLSI in further expanding its global business operations. This project represents one of the biggest photovoltaic (PV) module procurements in the Indian market in recent years. The signing ceremony was held at GCL Energy Center, Suzhou, China on August 22. Mr. Zhu Yufeng, Vice Chairman and President of GCL Group, Chairman of GCLSI, Mr. Zhang Kun, Executive President of GCLSI, Mr. Krishan Mehta, Vice President of GCLSI Global Marketing Center, and Mr. Jasbir Singh Awla, Managing Director of SAEL were present at the ceremony.

GCLSI is a leading onestop renewable energy service provider with multiple manufacturing facilities in China. SAEL is one of the leading PV project developers in India, engaged in setting up multiple utility-scale projects throughout the country. The partnership between the two companies has brought a breath of fresh air to the Indian solar PV industry and solidified GCLSI's position as a market leader.

This is the beginning of a long term relationship between GCLSI and SAEL. I feel that with the signing of this agreement, GCLSI has taken a step further towards becoming the market leader in the PV module industry", said Zhang Kun, Executive President of GCLSI.

We see GCLSI as a strategic partner for our ambitious plans of installing more than 2 GW of ground mounted PV projects in India each year", said Jasbir Singh Awla, Managing Director of SAEL.

GCLSI had recently launched their 20 GW N-type high-efficiency cell manufacturing project based in Wuhu, China. The ambitious project reflects GCLSI's commitment towards further strengthening its existing fully integrated PV industrial chain. According to The World Economic Forum (WEF), India is projected to lead the world in solar-based growth due to its rapidly growing demand for energy and abundant sunshine throughout the year. Prime Minister Narendra Modi has set a goal to generate 450 gigawatts of renewable energy by 2030, which is five times the current capacity. If achieved, this would mean that India will generate 60% of its electricity from non-fossil fuel sources by 2030, surpassing the 40% target set in its Paris pledge. With India's ambitious renewable energy targets, supportive government policies, and increasing demand for sustainable solutions, GCLSI aims to become a trusted partner in India's journey toward a greener future by leveraging its cutting-edge technologies, extensive industry experience, and commitment to innovation.

SAATVIK GROUPS EXTENDS RETAIL ARMS IN EASTERN INDIA BY APPOINTING SOLARTRON AS ITS DISTRIBUTOR FOR SOLAR PV MODULES

Saatvik group is delighted to share a revolutionary partnership that precisely reflects its dedication towards sustainability and environmental responsibility.

In order to sell its top-quality Solar PV modules throughout the eastern area, Saatvik Group, "India's Top & Premium Quality Solar PV Module Manufacturer," recently formed a strategic alliance with Solartron, leading solar EPC company with its headquartered based in Kolkata. Company seeks to develop its footprints in the eastern area in response to the expansion and demand for sustainable energy there. Solartron is a trusted provider of services in rooftop & C&I segment in India and takes care of the energy requirements. Solartron brings an eco-friendly and affordable solar solutions for residential as well as for commercial spaces.

Mr. Pushpendra Samadhiya (National HeadSales) stated that appointing Solartron as their authorized distributor will surely boost the reach and footprint for Saatvik Modules in Eastern India. This strategic decision reflects our commitment to expanding our market presence and enhancing our reach in the Eastern India region.

Solartron's expertise and extensive network align perfectly with our goals for growth and sustainability. As a prominent player in the renewable energy landscape, we believe that Solartron's reputation and capabilities will play a pivotal role in effectively promoting and distributing our products.

Saatvik is engaged in the manufacturing and supplying of high-efficiency Solar PV modules using M10 and G-12 technology. With innovations as the key core area, Saatvik has established state of the art manufacturing unit in the Ambala (Haryana) with a current annual production of up to 3GW/annum and seeking the demand company is expanding its production line in Gandhidham Gujarat by establishing 2GW/Annum State of the Art integrated Modules & Cell assembly line.

Saatvik has recently set a new benchmark by supplying 1.5GW solar modules across India including marquee projects engineered and executed well-known industry players.

SHAKTI PUMPS (INDIA) LIMITED CLINCHES MILESTONE

KUSUM-3 SCHEME WORK ORDER

WORTH INR 350 CRORES

AS PART OF THE PM KUSUM SCHEME, THE COMPANY HAS ALWAYS BEEN NUMBER ONE.

Shakti Pumps, a pioneering name in solar pumping solutions, marks a significant achievement as it clinches a substantial work order valued at Rs. 350 crore from the Green Energy Development Agency (HAREDA) in Haryana. This work order falls under the prestigious KUSUM Scheme-3, an initiative spearheaded by HAREDA. Shakti Pumps, a company renowned for its unwavering commitment to innovation and excellence, has consistently played a crucial part in the landscape of sustainable agriculture. The business was formerly the biggest pump provider for Kusum Yojana Phases 1 and 2, therefore its selection for Phase 3 represents a significant shift in the agriculture industry. The impact of this transformational project will be amplified by an additional 7,700+ pumps, which will be added to the nearly 13,000 pumps that have already been placed throughout Haryana during the first two phases.

Mr Dinesh Patidar, Chairman of Shakti Pumps, expressed his gratitude, stating, "We extend our heartfelt thanks to the farmers of Haryana and the dedicated HAREDA team for their unwavering trust and support. This initiative empowers farmers to conserve water and electricity through solar energy utilization while enhancing agricultural productivity via micro-irrigation techniques." This program, which is in line with Shakti Pumps' fundamental beliefs of environmental sustainability, provides a variety of benefits for the farming community.

Mr Patidar went on to emphasize, "This marks the dawn of a new era in Indian agriculture. The adoption of solar pump technology has brought tremendous joy to our farmers, and we are thrilled to have them as active partners in this transformational project.

ISA ANNOUNCES WINNERS OF THE SOLARX STARTUP CHALLENGE: BOOSTING SOLAR INNOVATION IN AFRICA

ISA’s SolarX Startup Challenge focuses on developing scalable and replicable business models to accelerate the global transition towards clean energy. The first edition of the initiative provisions for successful solar projects and solutions to be first launched in Africa and subsequently replicated in different regions and contexts.

At a side-event of the G20 Energy Transitions Working Group meeting in Goa, the International Solar Alliance, announced the 20 winners of its SolarX Startup Challenge. 20 companies from 10 African countries were declared winners, who will work to increase solar deployment in the Africa Region. Out of the 20 winning companies, 7 are led by women entrepreneurs. Maximum number of winning companies (4) belong to Kenya, and Nigeria, Rwanda, Uganda have 3 winning companies each. Along with a cash grant of USD 15,000 each, the winning startups will receive support from ISA, Invest India, WAIPA, GOGLA and other partner organisations. They will benefit from mentorship programmes, investor connections, and market access programmes, enabling them to implement their innovations on a larger scale.

Congratulating the winners and sharing his delight at the successful conclusion of this first leg of the Challenge. Dr. Ajay Mathur, Director General, ISA, said, “Entrepreneurship and finance will be essential drivers of progress in the solar sector. They are crucial for fostering technological advancements, cost reductions, market growth, job creation, energy independence, environmental sustainability, and scalability. By encouraging innovation and supporting entrepreneurial ventures, ISA will facilitate the unlocking of the full potential of solar energy, facilitating the transition to a sustainable and low-carbon future.”

The SolarX Startup Challenge is a pioneering initiative by the International Solar Alliance (ISA) aimed at stimulating entrepreneurship and driving solar energy deployment in African ISA Member Countries. A total of 182 start-ups applied from 28 countries, including Botswana, Burundi, Cameroon, Congo, Cote d’Ivoire, Egypt, Ethiopia, France, Ghana, India, Israel, Kenya, Mauritius, Mozambique, Namibia, Nigeria, Rwanda, Sierra Leone, Somalia, South Africa, Tanzania, Togo, Tunisia, Uganda, United Kingdom, United States of America, Zambia, and Zimbabwe. The problem statement, technical and financial innovations to accelerate the deployment of off-grid solar applications (mini-grids and SHS) received the maximum number of entries capping at 109. The ten problem statements focused on accelerating the deployment of off-grid solar applications, enhancing cost competitiveness for solar drying and other productive use applications, supporting grid integration for rooftop solar systems, combining solar with other applications to boost smallholder incomes, lowering the

cost and improving the efficiency of solar equipment, exploring innovative solar business models for emerging use cases, leveraging AI and IoT for solar energy applications, developing an ecosystem for manufacturing balance of system components, creating practical business models for high-efficiency DC pumps, and utilising services or software for land mapping. The SolarX Startup Challenge invited applicants to submit innovative, costeffective, and scalable solutions to tackle persistent challenges in the solar sector. The initiative aimed to promote the solar energy industry, bridge the energy crisis gap, and foster the growth of the solar startup ecosystem.

The journey of the SolarX Startup Challenge began on 10 November 2022 at COP27 in Sharm-el-Sheikh, Egypt, where it was officially launched. Following a rigorous evaluation and shortlisting process conducted through April-June 2023, the winners have now been selected. The winning startups are:

1

2

3

7

NEXT-GEN TECHNOLOGY ROADMAP: HJT ERA IS RAPIDLY APPROACHING !

On July 19, the Photovoltaic Industry Supply Chain Development Forum in 2023 was successfully held in Xuancheng, Anhui, China. Jimmy Xu, Chairman of Huasun Energy, attended the roundtable session. He engaged in in-depth discussions with industry leaders on topics such as the next-gen technology roadmap for the photovoltaic industry, strategies for distinctive competitive advantage, and supply chain integration.

The surge demand in photovoltaic market has accelerated the technological iteration in solar industry. Facing the different n-type technology, Jimmy Xu stated that both Topcon and HJT are third-gen mainstream technology pathways following PERC, which will lead the development of photovoltaic cell technology in the coming years. At present, Topcon is progressing more rapidly, with its production capacity set to exceed 600GW by 2023, while HJT production capacity is projected to reach 150GW by 2025. With this rapid progress, Jimmy Xu believes that the HJT era will arrive sooner than expected. HJT technology will replace outdated production capabilities, and this is an irreversible trend. Regarding the challenges that the current new technology pathways face during the industrialization process, Jimmy Xu pointed out that HJT needs to address the stability of its upstream material supply chain and strive to achieve a balance between high efficiency and high production capacity.

To make photovoltaics a mainstream energy source, reducing reliance on special elements, such as precious metals and rare elements, is a significant mission for solar companies. HJT has made rapid progress in this aspect. With the application of 0BB and silver-plated copper, the silver paste cost of HJT is expected to eventually be lower than that of PERC. At the same time, the low indium target solution is about to be fully introduced in mass production. The goal is to reduce indium usage in manufacturing by more than 2/3, ultimately achieving indium-free production. Additionally, the HJT process boasts a simple and intelligent production process, potentially becoming a "lights-out factory", reducing labor costs in the future.

DISTINCTIVE COMPETITION: CONCENTRATING ON CORE BUSINESS

Confronted with product homogeneity, Jimmy Xu believes that as the photovoltaic industry matures, homogeneity becomes inevitable. To stand out in such market, the key is to adhere to technological innovation and distinctive approach. While most global companies opted for Topcon, Huasun chose to embrace HJT, becoming the first mover and successfully seizing a pioneering advantage in mass production. Looking ahead, as HeterojunctionPerovskite tandem cell mass production technology becomes mature, the company will continue to bring groundbreaking advancements to the photovoltaic industry, ushering in a new era defined by "HJT+X".

THE FIRST COLLABORATIVE INNOVATION PLATFORM FOR THE HJT INDUSTRIALIZATION HAS BEEN ESTABLISHED!

For the HJT industry, to achieve massive and healthy development, it requires the active participation of the entire supply chain to drive technological advancements. Recently, Huasun Energy has officially launched the establishment of a collaborative innovation platform for the HJT industrialization. The platform has attracted active responses from 58 member entities, including companies along the photovoltaic industry chain, as well as universities and research institutes, aiming to promote technology progress and cost reduction while fostering the growth of HJT industry.

Among the leading and most promising high-efficiency cell technologies in current use, HJT stands out with the highest upper limit and tremendous potential for industrialization. HJT is on the verge of large-scale industrialization. To achieve this goal, it is essential for companies across the supply chain to unite and engage in collaborative innovation in various areas, including cell & module manufacturing, production equipment, upstream raw materials, and perovskite-stacked cell. This collaborative innovation across the industry chain will promote the healthy and orderly development of HJT industry. The main functions of the collaborative innovation platform for the HJT industrialization are as follows: Building a stable and dependable industrial chain for heterojunction/perovskite-stacked technology. Accelerating research institutions' focus on fundamental research and original innovations in this field. Advancing the standardization of HJT industrialization. Creating a new ecosystem that combines HJT technology with the finance and investment sectors.

Jimmy Xu, Chairman of Huasun Energy, stated that the current goal for the photovoltaic industry is not merely achieving grid parity. Instead, it aims to become a mainstream energy source. Jimmy emphasized that only HJT and heterojunctionperovskite stacked technologies have the potential to fulfill this role. The technology stands out due to its shorter process, thinner silicon wafers, higher power generation, lower carbon footprint, and minimal indium usage compared to other photovoltaic products.

In the past three years, through the relentless efforts of the team, Huasun has successfully achieved the initial commitment of efficiency improvement and cost reduction. The moment when HJT becomes a key milestone in mainstream technology is fast approaching. "To achieve this goal, we rely on the tremendous power gathered from the entire industry supply chain. We warmly welcome more aspirants to join the innovation platform," said Jimmy Xu.

FEATURED

GRUNER RENEWABLE ENERGY ANNOUNCES INDIA’S FIRST NAPIER GRASS BIO-CNG PLANT; SIGNS AGREEMENT WITH BIOENERGY GERMANY

• Gruner Renewable Energy (GRE) and BioEnergy Germany have signed the partnership agreement to develop 100 Bio-CNG plants using multiple feedstocks like Napier grass, in India.

• The plant, developed for APSS Adarsh Bio Agro Pvt. Ltd is India’s first Napier grass plant and has a daily input capacity of 50 TPD (Tons Per Day), producing an output of 3 metric tons of gas per day.

GRE, a leading name in the renewable energy sector has announced India’s first Napier Grass Bio-CNG plant, based in Lasanpur Village, Wardha district of Maharashtra. This state-of-the-art Napier Grass Bio-CNG plant is scheduled to be completed in November 2023. When operational, the plant will mark a significant milestone in India's quest for cleaner and greener energy solutions. The partnership between GRE and BioEnergy Germany represents a historic moment, as it is the first time in the history that BioEnergy Germany has joined forces with an Indian company to develop bioenergy plants harnessing the potential of Napier Grass. This partnership extends to developing 100 Bio-CNG plants using multiple feedstocks like Napier grass in India.

With more than 20 years of experience in the renewable energy sector, BioEnergy Germany is a renowned expert in developing Biogas plants with a strong presence in over 12 countries across the globe. Overall, BioEnergy Germany has been a part of more than 300 Bio-CNG plants. GRE has conceptualized and constructed the Napier Grass Bio CNG plant for APSS Adarsh Bio Agro Pvt. Ltd, showcasing their commitment for promoting sustainable bioenergy production practices and empowering the region. Napier Grass, a fast-growing and high-yield energy crop holds immense promise as a renewable resource for producing Compressed Natural Gas (CNG). With its rapid growth rate, high energy content, and minimal water requirements, Napier Grass has emerged as an eco-friendly and sustainable alternative to conventional fossil fuels.

The Napier Grass Bio-CNG plant in Maharashtra will not only provide a clean and reliable energy source but will also promote agricultural sustainability and new avenues for rural development. The project is expected to bolster economic growth and create employment opportunities in the region.

Utkarsh Gupta, CEO, GRE while expressing his enthusiasm said, "We are delighted to collaborate with BioEnergy Germany to introduce India's first Napier Grass Bio-CNG plant. This is a crucial step towards achieving energy independence while significantly reducing our carbon footprint. The project aligns perfectly with our vision of a cleaner and more sustainable future for India.”

"Investing in sustainable energy resources today will ensure a brighter and greener tomorrow for generations to come. GRE and BioEnergy Germany are committed to driving innovation in the renewable energy sector and accelerating the transition towards a cleaner and greener energy landscape in India," added Gupta.

Dr. Nils Rottmann, CEO, BioEnergy Germany, Thailand and Mr. Dirk Simon, Corporate Communications Head, from the company, along with over 100 clients from various regions across the country converged in Nagpur recently for an event that offered more insight about the plant besides exploring the potential of BioCNG plants in India. The event that lasted for a day also focused on two critical aspects: the prospects of Napier grass as a feedstock for renewable energy expansion and the utilization of cutting-edge technology to achieve high-quality bioenergy production.

Talking about their association with GRE, Dr. Rottmann shared, “India presents a tremendous opportunity for sustainable energy growth, and we are thrilled to be part of this exciting journey with GRE. At BioEnergy Germany, we bring to the table a wealth of experience, expertise, and groundbreaking technology that is poised to revolutionize the renewable energy landscape. Our focus on efficiency, sustainability, and environmental responsibility aligns perfectly with GRE's values, making this partnership a natural and prosperous fit.”

The Napier Grass based Bio-CNG plant in Maharashtra is set to pave the way for more such pioneering initiatives in the future. Recently, GRE unveiled its ambitious plan to transform the country's energy landscape by establishing a robust network of Bio-CNG plants. GRE is aiming for a turnover of INR 1000 crore, by the end of the current financial year. In India, the recorded yearly annual production yield of Napier grass is approximately 150-200 tonnes per acre, which stands notably above (by 25-35 tonnes per hectare) alternative to energy grasses such as miscanthus and switchgrass.

HINDUSTAN POWER EXCHANGE GETS CERC’S NOD FOR HIGH PRICE CONTRACTS; MOVE AIMED AT FURTHER DEEPENING POWER TRADING MARKET

As a part of this development, HPX will now offer these contracts in the High Price Day Ahead Market and High Price Term Ahead Market segments. The move comes as a part of the Commission’s efforts to further enhance market dynamics, deepen the market, and provide more opportunities for members to manage their risk and optimize their energy portfolios. The High Price Contingency Contracts will provide added stability to the energy market during periods of volatility. The HP-DAM pricing has been established with a floor price of zero to mitigate any adverse impact on the integration of renewable energy in the national grid. Simultaneously, the forbearance price has been set at ₹20/ kWh as per the Commission’s order dated 31.03.2023 in Petition 4/SM/2023 (Suo-Motu). With the fresh alternative of HP-TAM these high price generators can plan for sale of their power to interested beneficiaries under longer term contracts of upto 90 days. This would give them an opportunity to secure fuel supply in advance and plan their operations basis the underlying contracts, moving away from the sole dependency on clearance in the DAM segment.

Commenting on the development, Mr. Naveen Singh, Vice President & Head, Business Development, Hindustan Power Exchange, said, " With the CERC nod to introduce High Price contracts on HPX, we have been successful in delivering two new products for the Power Market within a short time-span of just one year of starting our business operations in July last year. Till date these high-price generators had just one option to sell power, that is through participation in the HP-DAM segment. With these new segments the generators can plan their power sale to interested buyers for up to 90 days, giving HP-generators sufficient clarity to plan their fuel procurement, logistics etc. This also ensures a level playing field across different market segments, gives more choice to the consumers and promotes competition.”

Hindustan Power Exchange Limited (HPX), India’s new age power exchange promoted by PTC India Ltd, Bombay Stock Exchange, and ICICI Bank, has got approval from the Central Electricity Regulatory Commission (CERC) for the introduction of high price contracts in three key markets: High Price Day Ahead Market (HP-DAM), High Price Term Ahead Market (HP-TAM), and High Price Contingency Contracts.

FEATURED

NTPC GROUP WINS GW SCALE RE ORDERS IN TBCB MODE IN Q1-2023

NTPC Renewable Energy Limited (NTPC REL) received the Letter of Award for 550 MW Solar Project at a tariff of ₹2.56/kWh, won in RECPDCL's 1250 MW ISTS-Connected solar tender published in Dec-2022.

This power will be utilized under the GoI’s Aug’2022 scheme for flexibility in Generation and scheduling of Thermal Power stations through bundling with RE capacity. The project is to be executed within a period of 18 months and will require capital investment of ₹2800 Cr . With allotment of this 550 MW capacity, NTPC REL will have to execute more than 2 GW RE capacity to fulfill the capacity won in TBCB mode in Q1-2023 alone.

As on date, NTPC group has 3.3 GW RE operational capacity, 6 GW is under different stages of implementation, another 12 GW under tendering including 4 GW Energy Storage System and a major hydrogen based energy storage cum microgid system.

NTPC is committed to achieve 60 GW of Renewable Energy Capacity by year 2032 and be a major player in Green hydrogen technology and Energy storage domain.

VIBRANT ENERGY SIGNS A PPA WITH ULTRATECH CEMENT LIMITED FOR DELIVERING 21.60 MW RENEWABLE

ENERGY PROJECT

Vibrant Energy (Vibrant), a leading corporate renewable energy solutions provider, has concluded agreements for providing 21.60 MW of Wind project in Maharashtra. The project will deliver green power to Ultratech’s multiple facilities in Maharashtra.

SWRE ANNOUNCES NEW ORDER FROM GIPCL WORTH INR ~1,130 CRORE

SWRE achieves a hat-trick in Khavda, with capacity totalling to over 3.8 GWp in the region

Mr. Srinivasan Viswanathan, CEO, Vibrant Energy, said "We are excited to partner with Ultratech and accelerate their green energy transition. This partnership marks a significant step towards a sustainable and carbon-neutral future. This will act as a catalyst for transforming not just the cement industry but other energy-intensive industries as well."

The project is expected to generate about 72 million Units of green power on an annual basis that would help Ultratech reduce its carbon footprint and achieve their sustainability targets.

Sterling and Wilson Renewable Energy Limited (SWRE) (BSE Scrip Code: 542760; NSE Symbol: SWSOLAR), announced that it has received a Letter of Intent (LoI) from Gujarat Industries Power Company Limited (GIPCL), for its proposed 600 MWac (equivalent to 750 MWdc) solar PV project at Khavda. The total bid value, including O&M for 3 years would be ~INR 1,130 crore (including taxes & duties). The project comprises two blocks, with each block of 300 MWac. Scope of work includes design, engineering, supply, construction, erection, testing, and commissioning along with a 3-year operation & maintenance contract.

Commenting on the occasion, Mr. Amit Jain, Global CEO, Sterling and Wilson Renewable Energy Group said, “We have started FY 2024 on a high note, with this prestigious order from GIPCL. With this, our total order booking in this fiscal jumps to over 1.6 GWp worth ~ INR 1,800 crore. The India solar EPC market has experienced significant growth. And amidst this boom, SWRE has emerged as one of the top players in the domestic market in terms of order booking. We continue to have a robust pipeline with high contribution from PSUs, and remain on track to achieve our domestic order inflow guidance.”

“This win demonstrates the trust and leadership of SWRE’s project management capabilities and expertise. I am particularly proud of my team for their untiring efforts in winning this order. I would also like to thank our partners for their continued support”, he further added.

BROOKFIELD SIGNS MOU WITH RELIANCE INDUSTRIES FOR ONSHORE RENEWABLE POWER AND DECARBONIZATION EQUIPMENT MANUFACTURING IN AUSTRALIA

Brookfield Asset Management has signed a Memorandum of Understanding (MoU) with Reliance Industries, a Fortune 500 company and India’s largest private sector enterprise, to explore opportunities to manufacture renewable energy and decarbonization equipment in Australia

The MoU aims to both accelerate and de-risk Australia’s energy transition by enabling it to locally produce clean energy equipment such as PV modules, long duration battery storage and components for wind energy. Under the terms of the MoU, Brookfield will work with Reliance to explore avenues of direct capital investment and development of skills, knowledge and expertise in the renewable energy sector of stralia to facilitate the nation’s transition to a net zero future. Reliance and Brookfield will evaluate the establishment of advanced operations in Australia to make/ or assemble equipment used in the construction of renewable energy projects supplying equipment to all players in the market including Origin Energy Markets. Reliance has strong expertise in solar panel technology and long duration battery storage technology. It is currently in the process of setting up one of the world’s largest integrated renewable energy manufacturing facilities in India.

The MoU with Reliance is one of the key initiatives being undertaken by Brookfield to bring global manufacturing technology and expertise to Australia. In March this year, it signed a binding agreement with EIG to acquire Origin Energy. The proposed acquisition is currently going through the relevant approvals processes. As part of its proposed acquisition of the Origin Energy Markets division, Brookfield along with its institutional partners and global institutional investors GIC and Temasek have set out a plan to invest between A$20 billion and A$30 billion over the next ten years to accelerate its energy transition. The MoU with Reliance intends to support this investment to ensure consistent and adequate supply of the clean energy equipment required to develop up to 14 GW of new, large-scale generation and storage capacity in Australia. Independent analysis undertaken for Brookfield indicates the establishment of onshore sovereign manufacturing capability for the energy transition has the potential to create approximately 18,000 direct and indirect jobs, many in regions most impacted by the transition such as the Hunter Valley in New South Wales and the La Trobe Valley in Victoria.

Luke Edwards, Brookfield Renewable

Head of Australia, said: “Australia has a proud history of manufacturing and an abundance of raw materials, but the industry is not currently cost competitive. The energy transition creates an opportunity to bring advanced manufacturing processes created offshore to Australia, which would secure the supply of critical equipment for the transition to help drive down Australia’s emissions faster and contribute significantly to job creation. We want to help kickstart a new era in local manufacturing that will benefit domestic renewables developers, including Origin Energy Markets, and many communities around Australia. We are establishing these types of global partnerships in manufacturing now to allow us to get started as quickly as possible given the ever-reducing timeline for Australia to reach its first emissions-reductions targets in 2030.”

Anant Ambani, Director, Reliance

New Energy Limited, said: “At Reliance, we are firmly committed to the mission of creating a global clean energy ecosystem that is both beneficial to humanity and compatible with nature. Towards this end, Reliance is pursuing opportunities of investment in India and globally with great enthusiasm and passion. We are confident that Reliance and Brookfield will explore avenues in green energy in Australia, accelerating the nation’s transition to a Net Zero future and providing a fillip to the global green energy movement.”

Brookfield is uniquely placed to support these manufacturing initiatives given its track record in committing long-term capital to enable the energy transition, and its innovative approach to largescale investments in re-shoring of essential and strategic manufacturing processes and supply chains such as its investment in the US$30 billion Intel Chip plant in Nevada.

APRAAVA ENERGY SIGNS MOUS WITH REC AND PFC FOR FUNDING ITS WIND, TRANSMISSION, AND ADVANCED METERING PROJECTS

Apraava Energy, a leading integrated energy solutions provider, has signed Memorandum of Understanding (MoUs) with REC Limited (Rural Electrification Corporation) and PFC (Power Finance Corporation Limited) for financial assistance worth INR 9120 crore (USD 1.1 billion) to develop Apraava’s wind, transmission and Advanced Metering Infrastructure (AMI) projects in the country. This milestone reaffirms Apraava’s sharp focus on growth in green and low-carbon businesses and alignment with India’s energy transition goals.

The signing of MoUs took place as part of the Green Finance Summit organised by REC on the sidelines of the Green Business Summit Clean Energy Ministerial (CEM) and Energy Transition Working Group (ETWG) Ministerial held on July 21, 2023 in Goa against the backdrop of India’s G20 Presidency.

Commenting on the development, Mr. Rajiv Ranjan Mishra, Managing Director, Apraava Energy, said, “This partnership further strengthens our roadmap to deliver sustainable and integrated growth in the future. India has set bold renewable energy targets, and Apraava Energy is poised to partner with the country in its net zero ambitions. We thank REC and PFC for placing their trust in our aspirations for a better world.”

Over the last few years, Apraava has diversified into newer areas of the energy value chain such as transmission and advanced metering that will support the acceleration of the transition to a greener economy in India. Going forward, aligned with the vision of our shareholders, the company will focus on strengthening our existing low-carbon portfolio and foraying into new business areas including non-generation and customer-focused energy businesses.

NTPC REL SECURES BID FOR 80 MW FLOATING SOLAR PROJECT AT OMKARESHWAR RESERVOIR IN MADHYA PRADESH

for 80 MW

The bidding was conducted on 8th August 2023 by Rewa Ultra Mega Solar Limited (RUMSL), the JV Company of Solar Energy Corporation of India (SECI) and MP Urja Vikas Nigam Ltd. The discovered tariff is ₹3.80/kWh and the energy generated from the project shall be used by MP state DISCOMs. With completion of this project, the floating solar capacity of NTPC shall be 342 MW. The biggest Floating Solar project in the country is of 100 MW capacity located at NTPC Ramagundam in Telangana. As on date, NTPC Group has 3.3 GW RE operational capacity, 20 GW RE capacity in pipeline, including 4 GW Energy Storage System and country’s first Green Hydrogen based PNG blending project.

NTPC is committed to achieve 60 GW of Renewable Energy capacity by 2032 and be a major player in Green Hydrogen Technology and Energy Storage domain.

NTPC Renewable Energy Limited is the successful bidder

Floating Solar capacity at Omkareshwar Reservoir, Khandwa, Madhya Pradesh.

SINENG TO SUPPLY THE LARGEST SOLAR POWER PLANT IN THE WESTERN BALKANS, ADVANCING ALBANIA'S RENEWABLE ENERGY GOALS

Sineng Electric, a leading provider of renewable energy solutions, proudly announces its participation in the 140MW Karavasta solar farm developed, built and operated by Voltalia, which stands as the largest photovoltaic (PV) plant in the Western Balkans and Albania's first utility-scale PV plant. This groundbreaking project not only encapsulates Sineng's intense devotion to shaping a greener world but also marks a significant milestone in Albania's journey towards sustainability.

Albania’s Ministry of Infrastructure and Energy, driven by ambitious climate objectives, endeavors to add an additional 1 Gigawatt (GW) of renewable capacity through at least three procedures, positioning Albania as a net exporter of renewable energy by 2030. This solar project which deploys Sineng's cutting-edge EP-6250-HCUD/30 MV turnkey stations, plays a pivotal role in realizing these targets, with the innovative solutions leading the way.

By choosing the EP-6250-HC-UD/30 turnkey stations, renowned for their exceptional advantages such as a maximum DC/AC ratio of up to 1.8, impressive generation efficiency, and enhanced overloading capability, the project developed by Voltalia will ensure improved reliability and optimize the return on investment for the entire PV system.

With Sineng's industry-leading solutions and exceptional services, the Karavasta Solar Project emerges as a catalyst for a greener ecosystem while paving the way for economic decarbonization. Once commissioned, the plant will generate sustainable electricity, effectively satisfying the annual consumption needs of nearly 220,000 inhabitants. Furthermore, this significant achievement will mitigate over 29,165 tons of CO2 emissions annually, equivalent to an outstanding 9.5% reduction in the industrial sector's carbon emissions in Albania.

Jianfei Li, Vice President of Sineng Electric declared, "The Karavasta Solar Project is acting as a driving force behind the significant expansion of local energy sources.

Sineng stands honored to be chosen by Voltalia and be part of this transformative initiative, offering technologically superior and environmentally conscious solutions. We firmly believe that this landmark project will set a benchmark for the adoption of renewable energy in the Western Balkans."

RENEW ANNOUNCES RESULTS FOR THE FIRST QUARTER (Q1 FY24) AND FISCAL 2024 ENDED JUNE 30, 2023

ReNew Energy Global Plc (“ReNew” or “the Company”) (Nasdaq: RNW, RNWWW), a leading decarbonization solutions company, announced its consolidated unaudited IFRS results for the three month period ended June 30, 2023.

OPERATING HIGHLIGHTS:

• As of June 30, 2023, the Company’s portfolio consisted of 13.7 GWs, a 6.3% increase year on year, of which ~8.4 GWs are commissioned and 5.3 GWs are committed.

• 415 MWs commissioned in Q1 FY24, increasing our operating MWs to 8,395 MWs, an increase of ~10%.

• Total Income (or total revenue) for Q1 FY24 was INR 24,659 million (US$ 300 million), compared to INR 25,007 (US$ 305 million) for Q1 FY23. Net profit for Q1 FY24 was INR 2,983 million (US$ 36 million) compared to a net loss of INR 104 million (US$ 1 million) for Q1 FY23. Adjusted EBITDA for Q1 FY24 was INR 18,599 million (US$ 227 million), as against INR 20,157 million (US$ 246 million) in Q1 FY23. Cash Flow to equity (“CFe”) for Q1 FY24 was INR 9,584 million (US$ 117 million) compared to INR 14,562 million (US$ 177 million) in Q1 FY23.

• Days Sales Outstanding (“DSO”) ended Q1 FY24 at 114 days, a 118 day improvement year on year.

FY 24 GUIDANCE

We are reiterating our FY24 guidance. The Company expects to complete construction of 1,750 to 2,250 MW’s by the end of Fiscal Year 2024. The Company’s Adjusted EBITDA and Cash Flow to equity guidance for FY24 is subject to weather being similar to FY23.

FEATURED

TATA POWER SIGNS MOU WITH THE GOVERNMENT OF MAHARASHTRA FOR DEVELOPMENT OF 2800 MW OF PUMPED HYDRO STORAGE PROJECTS

• With a proposed total investment of approximately Rs. 13000 Cr, these projects will support Maharashtra's and Country’s clean energy landscape .

• 1800 MW Pumped Hydro Storage Project to be located at Shirawata, Pune district and 1000 MW PSP at Bhivpuri, Raigad district.

• Projects will support to Maharashtra Government's goal of achieving a $1 Trillion economy by 2028 ; will generate employment for over 6,000 people.

• One of the company’s largest pumped hydro projects, aimed at stabilizing the grid with seamless integration with renewable energy sources.

• The pumped hydro project will support existing solar and wind plants to provide 24/7 power supply thereby promoting greener energy landscape.

Tata Power, one of India's largest Integrated Power companies, and the Government of Maharashtra have signed a Memorandum of Understanding (MoU) to develop two large Pumped Hydro Storage projects (PSP) with a combined capacity of 2800 Megawatts (MW) in the state. These projects, with an estimated investment of approximately Rs. 13000 Cr, will be situated at Shirawta, Pune (1800 MW) and Bhivpuri, Raigad (1000 MW) districts. The collaboration is poised to drive the state towards its ambitious goal of becoming a $1 Trillion economy by 2028 while concurrently generating employment for over 6,000 people.

The MoU signing ceremony was held at the Mantralya in Mumbai and graced by esteemed dignitaries, including the Hon’ble Deputy Chief Minister of Maharashtra, Shri Devendra Fadnavis; Ms. Abha Shukla - Principal Secretary, Energy Department; Dr. Praveer Sinha - CEO & MD of Tata Power; Mr. Vijay Namjoshi - Chief-Generation, Tata Power; Mr. Prabhakar Kale - Chief-Hydros, Tata Power, along with other distinguished guests.

The signing of this MoU is a major step forward in the Tata Power’s journey towards clean and green energy future. Pumped Hydro Storage is a reliable and efficient way to store energy, and these projects will support the renewable solar and wind projects to ensure reliable, 24/7 consistent power supply. This is a historic moment for both Maharashtra and Tata Power, and we are proud to be a part of this initiative. said Dr Praveer Sinha, CEO & MD, Tata Power.

These projects are set to support Maharashtra's and Country’s energy landscape, leveraging the kinetic energy of water to create a stable and reliable power supply. During times of excess energy, water will be pumped from lower reservoir to higher reservoir, and during peak demand, the stored water will power turbines, thereby generating electricity. This initiative will significantly enhance energy security by providing peaking and continuous power supply along with other renewables such as solar and wind. With the setting up of 2800 MW pumped hydro capacity, these projects will significantly contribute to cleaner capacity addition in the country.

The Western Ghats, with their natural topography and favourable geology, offer immense potential for Pumped Storage Hydro Projects. Tata Power's legacy in this region spans a century, operating three hydro power projects - Khopoli Hydro Generating Station, Bhivpuri Hydro Generating Station, and Bhira Hydro Generating Station that includes 150 MW Pumped Storage Hydro project. The clean and sustainable power generated from these projects has played an important role in the economic and commercial development of Mumbai and its surroundings, while the water released from these plants has been instrumental in the overall economic growth of the Raigad and Thane districts.

Tata Power's initiative of clean energy adoption is an effort to contribute to a greener future. This MoU ensures grid stability, seamless integration of renewable sources, and a lasting impact on the energy landscape. The projects' scalability and efficiency reinforce Tata Power’s commitment to a greener tomorrow, transforming the energy landscape for future generations.

HINDUJA RENEWABLES WINS 80 MW TENDER IN THE WORLD’S LARGEST SINGLE-LOCATION FLOATING SOLAR PARK ALONG THE BANKS OF NARMADA AT OMKARESHWAR, MADHYA PRADESH

In what is expected to be the world’s largest single-location floating solar park, to be developed in two phases with a total installed capacity of 600 MW, along the banks of the holy Narmada River at Omkareshwar Reservoir in Khandwa district of Madhya Pradesh, Hinduja Renewables has won the tender for 80 MW.

Hinduja Renewables was declared the successful bidder for Unit C in the Phase II of the project at a tariff of INR 3.89/ kWh yesterday (8th August 2023) by Rewa Ultra Mega Solar Limited (RUMSL), the solar park developer and the tendering authority for this project. RUMSL is a joint venture between the Solar Energy Corporation of India and Madhya Pradesh Urja Vikas Nigam.

Asian Development Bank (ADB) is funding the common infrastructure of this project. Hinduja Renewables has already achieved GW scale capacity with several projects under commissioning in different parts of the country. It is actively exploring opportunities in the energy storage and green hydrogen spaces to complement its Multi Giga Watt renewable energy portfolio planned in the coming years.

NTPC STARTS TRIAL RUN OF HYDROGEN BUS IN LEH

Towards achieving Carbon-Neutral Ladakh, NTPC is setting up Hydrogen Fuelling Station, Solar Plant and providing 05 Nos Fuel Cell buses for operation on intracity routes of Leh.

The first hydrogen bus reached Leh on 17th August as part of 3-month-long process of field-trials, roadworthiness tests and other statutory procedures. This will be the India’s first ever deployment of hydrogen buses on public roads. The first of its kind Green Hydrogen Mobility Project at 11,562 ft is co-located with dedicated Solar plant of 1.7 MW for providing renewable power. The fuel cell buses are designed for operation in sub-zero temperature in rarefied atmosphere, typical to such altitude locations which is a unique feature of this project.

NTPC is committed to achieve 60 GW of Renewable Energy capacity by 2032 and be a major player in Green Hydrogen Technology and Energy Storage domain. The company is taking up several initiatives towards decarbonization such as Hydrogen blending, Carbon Capture, EV buses, Smart NTPC Townships etc.

Yes!

For 1 Issue:

o Indian citizens Rs. 200

o International $ 25 / € 20

For 1 Year (12 issues):

o Indian citizens Rs. 2400

o International $ 300 / € 240

1.- My Cheque/DD in favour of “FirstSource Energy India Private Limited” for Rs…………………………………………………………………… Drawn on………………………………………is enclosed herewith.

Date/Signature:

2.- I will pay by Credit Card Type: ..........................................................................