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EQ IN EXCLUSIVE CONVERSATION WITH MR. SAHIL KEJRIWAL MANAGING DIRECTOR
GSE RENEWABLES
INDIA PVT. LTD
EQ: How much business have you done last Financial year in India?
SK: During the fiscal year 2023-2024, GSE Renewables (GSER) achieved a noteworthy turnover of INR 72 Crores (Unaudited), marking an impressive 360% growth compared to the preceding fiscal year. Specifically, in FY22-23, GSER reported a turnover of INR 20 Crores. This upward trajectory underscores the company’s strategic advancements and its ability to adapt to market dynamics, positioning it for sustained success and growth.
EQ: What’s your target or anticipated business for this FY for India?
SK: With our upcoming Open Access Parks along with our existing Rooftop portfolio, we are expecting to cross 80Crores in our turnover. Our target for the current fiscal year in India revolves around the strategic expansion of our business operations. GSER is shifting gears to broaden our offerings from On-site Solar to Off-site (Open Access) Solar, aligning with favourable regulatory conditions and market opportunities. This shift represents a proactive approach to fueling the growth of our business. Our primary focus this year is to consolidate our presence in the Off-site Solar segment and capitalize on the increasing demand within the Renewable Sector. To support this expansion, we are planning to strengthen our team, ensuring we have the necessary expertise and manpower to effectively meet the rising demand and deliver value to our clients.
EQ: What are your current product / technology / service offerings?
SK: At GSER, our offerings span a wide spectrum of services within the renewable energy sector, tailored to drive the development, construction, and operation of sustainable energy projects. Our core services include: i. Investment Banking and Management: We provide strategic financial guidance and management services to support the investment and financing needs of renewable energy projects.
ii. Project Development and Execution: GSE specializes in all aspects of project development, from initial site selection and feasibility studies to the turnkey construction of renewable energy installations.
iii. Asset Management and Advisory: We offer comprehensive asset management services aimed at optimizing the financial and operational performance of solar assets, including monitoring, reporting, optimization, and compliance management.
Our focus is on delivering efficient and innovative solutions, utilizing advanced technologies like drones and robotics for project maintenance and optimization.
EQ: What are the product launch plans for this year?
SK: I would say that our current focus at GSE Renewables is directed towards Offsite (Open Access) Solar Projects, leveraging the favorable policies by DISCOM. We’re excited about our upcoming Solar farm dedicated to C&I customers, offering sustainability solutions with minimal investment requirements. Moreover, GSER has strategic plans to further expand our business operations.
EQ: What sort of pricing road map, demand – supply gap you anticipate for this FY?
SK: In terms of pricing roadmap and demand-supply dynamics for this fiscal year, the renewable energy market presents a promising outlook. Globally, the market size has been growing significantly, with India ranking 4th in this sector. Projections indicate substantial growth, with the market expected to reach USD 3114.73 Billion by 2030, driven by a compound annual growth rate of 16.8% from 2023 to 2030.
In India, approximately 42% of total electricity consumption has transitioned to renewable energy sources, a trend that has been steadily increasing. The government’s focus on sustainability further reinforces this shift, with favorable policies from DISCOM encouraging the development of renewable energy infrastructure. Moreover, there’s a notable trend among businesses towards embracing sustainability, which aligns with the increasing demand for solar energy. Recognizing this trend early on, GSER has been proactive in accommodating the surge in demand for solar energy, recognizing its reliability as a renewable energy source.
INTERVIEW
EQ: Tell us more about your own professional journey, key learnings, key message from yourself.
SK: Our journey started with a deep passion for renewable energy and a vision to contribute to India’s energy transition towards sustainability. We recognized the immense potential of solar energy in India and set out to harness it to drive positive change.Building a startup in the solar sector comes with its fair share of challenges, from regulatory hurdles to market fluctuations. We learned to be resilient in the face of adversity and to adapt quickly to changing circumstances. Flexibility and the ability to pivot when necessary have been crucial to our success.We place a strong emphasis on understanding and meeting the needs of our customers. By listening to their feedback and building strong relationships, we have been able to deliver value-added solutions that exceed expectations. Customer satisfaction is our top priority, and it drives everything we do. Lastly, Our success would not have been possible without the dedication and expertise of our team. We have assembled a talented and diverse team of professionals who share a passion for our mission. Investing in our team’s growth and development has been instrumental in achieving our goals.
EQ: Please tell us more about your company, directors in detail.
SK: Our company is led by two directors, Sahil Kejriwal and Ajay Kejriwal. Sahil Kejriwal brings a wealth of expertise to the table with a B.Sc in Mechanical Engineering and Business Administration from Carnegie Mellon University, USA. He has further enriched his knowledge through executive education programs at renowned institutions such as Wharton, IIM, Flame, and ISB. With over 17 years of experience as a Consultant with McKinsey & Co. USA.
EQ: What is the Opportunity in India Currently…in Terms of Projects in Tender, Pipeline etc…Opportunities in Manufacturing etc…?
SK: Currently, India presents significant opportunities in the renewable energy sector across various fronts. In terms of projects, there is a substantial pipeline of tenders and projects in the renewable energy space, particularly in solar and wind energy. The government’s ambitious renewable energy targets and supportive policies, such as competitive bidding mechanisms and incentives, have spurred investment in renewable energy projects across the country. Additionally, there are opportunities in manufacturing, with initiatives like the Production Linked Incentive (PLI) scheme aimed at boosting domestic manufacturing of solar modules, cells, and other components. This presents an opportunity for India to enhance its self-reliance in renewable energy technology while creating jobs and driving economic growth. Overall, India’s renewable energy sector offers a promising landscape for project development, manufacturing, and investment, positioning the country as a key player in the global transition towards clean energy.
EQ: What kind of market do you anticipate in 2024 in terms of Utility / C&I / Residential?
SK: As of 2024, the Indian solar market is anticipated to see significant growth across utility-scale, commercial and industrial (C&I), and residential sectors. With increasing emphasis on renewable energy and sustainability, utility-scale solar projects are expected to continue expanding, driven by supportive government policies and declining solar module costs. The C&I sector is likely to witness rising adoption of solar power as businesses seek to reduce energy costs and meet sustainability targets majorly their ESG goals. Rooftop solar installations, both in commercial and residential sectors, are expected to gain momentum, aided by favorable net metering policies and improving technology. Overall, solar energy is poised to play a pivotal role in India’s energy landscape, providing clean and sustainable power solutions to meet the growing energy demands of the nation.
EQ: What kind of market do you anticipate in 2024 in terms of Utility / C&I / Residential?
SK: As of 2024, the Indian solar market is anticipated to see significant growth across utility-scale, commercial and industrial (C&I), and residential sectors. With increasing emphasis on renewable energy and sustainability, utilityscale solar projects are expected to continue expanding, driven by supportive government policies and declining solar module costs. The C&I sector is likely to witness rising adoption of solar power as businesses seek to reduce energy costs and meet sustainability targets majorly their ESG goals. Rooftop solar installations, both in commercial and residential sectors, are expected to gain momentum, aided by favorable net metering policies and improving technology. Overall, solar energy is poised to play a pivotal role in India’s energy landscape, providing clean and sustainable power solutions to meet the growing energy demands of the nation.
EQ: Which regions or states looks most promising to you for 2024?
SK: For 2024, when considering solar energy prospects, Maharashtra emerges as the most promising region. This is attributed to several factors, including high tariff rates and favorable policies supporting both Onsite and Offsite solar projects. Particularly noteworthy are the recent policy developments such as the Green Energy Open Access Policy, 2022, and the MERC Open Access (Second Amendment), 2023. These policies have made it feasible for companies, even smaller firms, to opt for Open Access Solar with a minimum requirement of just 100 kWp. This accessibility is opening new avenues for smaller businesses aiming to adopt renewable energy practices and go green.
EQ: What’s your view on the Emerging Green Hydrogen Sector and Possible impact on Scalability of Capacity Addition of RE Assets in India??
SK: As a CEO of a leading solar company in India, I see the emerging green hydrogen sector as a promising opportunity to enhance the scalability of capacity addition of renewable energy assets in the country. Green hydrogen like solar and wind power, offers a sustainable solution to store excess energy and address intermittency challenges. By integrating green hydrogen production with existing renewable energy infrastructure, such as solar and wind farms, we can optimize resource utilization and unlock new revenue streams. The adoption of green hydrogen has the potential to drive further investment in renewable energy capacity expansion, while also contributing to grid stability, decarbonization efforts, and economic growth in India.
EQ: How much manufacturing capacity India has in terms of Solar Modules, Inverters, Cells etc. and what’s your anticipation in capacity addition in 2024?
SK: In terms of solar manufacturing capacity, India has made significant progress, boasting an annual installed high-end solar module manufacturing capacity of 60 GW. India’s manufacturing capabilities have evolved rapidly, transitioning from less than 10 GW of low-wattage polysilicon modules in the financial year 2020-21 to the current 60 GW capacity, featuring high-wattage and technologically advanced Mono Perc, Topcon, and HJT modules. As the demand for Indian modules, especially those listed under
INTERVIEW
ALMM (Approved List of Module Manufacturers), continues to surge, new companies are entering the market. This influx of new players suggests a promising trajectory for manufacturing capacity growth in the upcoming year.
EQ: How does export market out of India looks like to yourself for 2024?
SK: I anticipate a robust export market for solar products out of India in 2024. With the country’s growing manufacturing capacity and expertise in solar technology, coupled with favorable government policies promoting renewable energy, India is poised to become a significant exporter of solar modules, inverters, cells, and related components. By facilitating a conducive policy environment, including export incentives, trade agreements, and streamlined regulations, we can further stimulate the growth of India’s solar export market. Additionally, fostering collaborations with international partners and promoting Indian solar products through trade missions and exhibitions will enhance market penetration and competitiveness. Leveraging India’s strengths in solar manufacturing and project development, we aim to position the country as a leading exporter of solar solutions, contributing to economic growth, job creation, and global efforts towards sustainability.
EQ: What could be the major changes in market in terms of major policy and regulatory announcements in 2024 like New Open Access Rules etc.?
SK: Major changes in the Indian Solar Policy shall be the ceasing of extension of ALMM rule and lowering the threshold of open access eligibility for consumers. Further Maharashtra is expected to release their circular for increasing the rooftop net metering limited to 5MW. Also, GOI may raise the renewable purchase obligation (RPO) targets to further boost companies to go green
EQ: What’s the total installation in India for Zero Export Solar Plants, Open Access Plants and what is the market size in 2024?
SK: 1. The cumulative installed solar capacity in the open access segment stood at 3.2 GW in 2023, making it the highest open-access solar capacity addition in a calendar year. Expectations are this size will experience a two-fold increase in the upcoming financial year.
2. The extension of the Approved List of Models and Manufacturers (ALMM) order until March 2024 and falling module prices drove commercial and industrial (C&I) consumers to commission pending projects and sign new PPAs. Factors such as declining system costs, favorable policies and the green energy open access Rules in several states fueled solar installations through the open access market in 2023
3. The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has given its approval to introduce the Production-Linked Incentive (PLI) Scheme in High Efficiency Solar PV Modules for Enhancing India’s Manufacturing Capabilities and Enhancing Exports boosting the manufacturing and developing capabilities
EQ: What kind of Solar Tariff Trends do you see coming?
SK: The solar tariff trends are expected to continue their downward trajectory, driven by several factors. Firstly, advancements in technology and economies of scale are leading to lower manufacturing costs for solar panels and related equipment. Additionally, increased competition in the solar industry is driving companies to offer more competitive pricing to secure contracts.
Furthermore, supportive government policies and incentives, such as tax credits and subsidies for renewable energy projects, are further incentivizing investment in solar energy, potentially leading to more competitive tariff rates.
Overall, the trend suggests that solar tariff rates are likely to become more competitive and affordable, making solar energy increasingly attractive as a viable alternative to traditional energy sources.
EQ: Visible Changes in RE Industry w.r.t. Energy Storage, RTC, Hybrid RE Projects, Floating etc. and their likely impact.
SK: I recognize the visible changes in the renewable energy (RE) industry, particularly in areas such as energy storage, real-time control (RTC), hybrid RE projects, and floating solar. These advancements, as highlighted by Mercom India, signify a transformative shift towards enhancing the reliability, efficiency, and versatility of renewable energy integration. Energy storage technologies offer the potential to mitigate intermittency issues, improve grid stability, and enable round-the-clock power supply. RTC solutions facilitate better grid management and optimization, ensuring seamless integration of variable renewable resources. Hybrid RE projects, combining multiple energy sources, maximize resource utilization and enhance project economics, while floating solar presents innovative opportunities for utilizing water bodies for solar power generation. Embracing these trends and technologies can unlock new avenues for growth and innovation in the solar sector, driving India’s transition towards a sustainable energy future.
EQ: What kind of growth do you see coming in the Residential Sector Demand?
SK: DISCOMS have maintained their pattern of increasing their tariff every year. Along with introduction of National portal for rooftop solar by MNRE and subsidies from the government for this purpose, the demand in the residential sector is not much behind industrial and commercial sectors. With proper awareness of importance of use of renewable energy and monetary savings through use of rooftop solar system after considering our immense population, Indian residential market for Solar is experiencing an exponential curve towards self sufficiency in electricity.
EQ:What’s your expectations from the Government, Policy Makers and Regulators?
SK: Our Expectation as a significant player in the rooftop C&I market from our respected Policymakers is of streamlined approval processes, transparent regulations, and consistent policies that promote investment and ensure a level playing field for all market participants. Additionally, initiatives to enhance grid infrastructure, promote domestic manufacturing, and provide incentives for renewable energy adoption will be instrumental in driving the continued expansion of the solar sector. Collaboration between industry stakeholders and policymakers is crucial to address emerging challenges and capitalize on opportunities for sustainable development.
FLOATING SOLAR TECHNOLOGY: HARNESSING THE POWER OF WATER
Introduction
As the world continues to grapple with the pressing need for sustainable energy solutions, floating solar technology has emerged as a promising innovation. This technology, which involves installing solar panels on water bodies, offers a unique and efficient way to generate renewable energy. Floating solar photovoltaic (FPV) systems provide a myriad of benefits, from maximizing space utilization to enhancing energy production. This article delves into the intricacies of floating solar technology, exploring its benefits, challenges, and future prospects.
What is Floating Solar Technology?
Floating solar technology refers to the installation of solar panels on floating structures situated on water bodies such as dam reservoirs, thermal power plant reservoirs, lakes, and ponds. Unlike traditional ground-mounted or rooftop solar panels, FPV systems utilize the surface of water bodies, thereby conserving valuable land resources and minimizing water evaporation.
How Does It Work?
The core components of a floating solar system include:
1. Solar Panels: These are similar to those used in traditional solar farms but are mounted on buoyant structures that float on water.
2. Floating Structures: These platforms are designed to remain buoyant and stable, accommodating the solar panels and other necessary equipment such as electrical cables, string combiner boxes etc.
3. Mooring Systems: To keep the floating platforms in place, a robust mooring system is employed, anchoring them to the bed of the water body or using other anchoring methods.
4. Electrical Components: These include inverters, transformers, and cables that connect the FPV system to the power grid.
Benefits of Floating Solar Technology
1. Efficient Use of Space: By utilizing water surfaces, floating solar systems help in conserving land for agricultural, residential, or commercial use.
2. Increased Energy Efficiency: The cooling effect of water helps in maintaining the efficiency of solar panels, leading to higher energy output compared to land-based systems.
3. Reduction of Water Evaporation: FPV systems can significantly reduce water evaporation from reservoirs, which is particularly beneficial in arid regions.
4. Environmental Protection: Floating solar panels can help in reducing the growth of harmful algae by shading the water and limiting sunlight penetration.
5. Scalability and Flexibility: FPV systems can be easily scaled up or down based on energy requirements and the availability of water bodies.
6. Hybrid Energy System: FPV systems can be combined with hydropower and make use of existing grid system.
Challenges and Solutions
Despite its numerous benefits, floating solar technology faces several challenges:
1. High Initial Costs: The initial investment for FPV systems can be higher due to the need for specialized equipment and installation processes. However, costs are expected to decrease as the technology matures and economies of scale are achieved.
2. Environmental Impact: The installation of floating solar panels can impact aquatic ecosystems. Careful planning and environmental assessments are necessary to mitigate adverse effects.
3. Maintenance and Durability: Water environments can be harsh, with potential issues like corrosion and biofouling. Using durable materials and regular maintenance can address these concerns.
Case Studies
Several countries have successfully implemented floating solar projects, demonstrating the technology's viability:
• India: The state of Kerala has launched floating solar projects to tackle land scarcity and boost renewable energy production. Omkareshwar’s 600 MW FSPV, once commissioned completely will be the largest FSPV in the world.
• China: Home to the world's largest floating solar farm, China has invested heavily in FPV systems to complement its renewable energy portfolio.
• Japan: With limited land resources, Japan has embraced floating solar technology, installing numerous FPV systems on reservoirs and lakes.
Future Prospects
The future of floating solar technology looks promising, with ongoing research and development aimed at improving efficiency and reducing costs. Innovations such as hybrid systems, combining floating solar with hydropower, are being explored to maximize energy production. As the global demand for renewable energy grows, floating solar technology is poised to play a crucial role in meeting these needs sustainably.
Conclusion
Floating solar technology represents a significant advancement in the quest for sustainable energy solutions. By harnessing the power of water, FPV systems offer a versatile and efficient way to generate clean energy while addressing land-use challenges. As technology continues to evolve, floating solar is set to become a cornerstone of the global renewable energy landscape.
MODULE CAPACITY VIS-À-VIS
FLASH TESTER MEASUREMENT
UNCERTAINTY
Introduction
Solar PV module is the biggest cost component of the PV plant capex. Depending on the module cost its percentage varies 5055% of total plant capex. The module is priced as Rs./Wp or $/ Wp. It is, therefore, important for the buyers to ensure that they get the exact wattage that they have paid for. However, determination of total wattage received by the buyer is fraught with the measurement uncertainty. Needless to say, all measurement gauges have measurement uncertainty and measurement of module wattage is, therefore, no exception. The impact of receiving wattages lower than the aggregate sum of nameplate module wattages not only has the consequence of paying more upfront than the contract value, but the life-time generation and revenue loss. It is estimated that receipt of 0.1% lower wattage in 100 MWp capacity entails loss of Rs.59 lacs or 5.9 million on NPV basis at a conservative generation estimate of 1.6 mn units/MWp, tariff of Rs.2.5/unit, yearly degradation of 0.4%, module price of Rs.18/Wp and discount rate of 8%. In addition, it may be mentioned that most modules come with positive wattage tolerance and nil negative tolerance. In case, the OEMs specification sheet gives a positive tolerance of 3% then the engineer responsible for estimating the annual energy yield considers one-quarter of it i.e., -0.75% as the module quality gain in place of loss in the PVsyst yield simulation. In a situation where the received wattage is lower than the plant capacity considered for PVsyst analysis, the problem gets compounded because of module quality gain assumption.
Measurement System
The wattage of the module is measured under Standard Test Condition (STC) as per IEC 60904 standard using a Sun Simulator and more commonly known as Flash Tester. STC condition means testing of modules at AM1.5 spectral irradiance, 25oC device temperature and 1000 W/m2 irradiance. The test method is generally known as flash test. This involves a light source whose spectrum closely matches with that of sun and gives off desired irradiance of 1000 W/m2 while the cell temperature of module is maintained at 25oC. For any variance in cell temperature, a correction is applied to the measured power, basis temperature coefficient of power for the module under test. Generally, Xenon lamp is used as a light source. However, depending on how closely the spectrum of Xenon lamp matches to the Sun, uniformity of irradiance over the module area and temporal stability, the flash testers are categorized in different classes, namely, A+, A, B and C. For ready reference, the values of various parameters for different flash testers are given in table 1.
Solar Simulator classification based on characterizing parameters
A+ simulator is in the 300-1200 nm (1 nm=10-9 m), whereas all others are in the wavelength range of 400-1100 nm. In industry, mainly AAA simulators are used having a measurement uncertainty of ±3%. Total uncertainty is the square root of the sum of squares of various sensors uncertainty, such as xenon lamp, temperature, ammeter and voltmeter, etc. The major uncertainty is contributed by the light source as ammeter, voltmeter and temperature sensors have very low level of uncertainty. ±3% uncertainty means that the true value of the module wattage lies within a band of ±3% of the measured value. For example, if the measured wattage of module is 300 Wp and flash tester has a measurement uncertainty of ±3% then the true module wattage may lie in the range of 291-309 Wp. The accuracy of the flash tester is ascertained by frequent calibration using a module which is traceable to a gold standard. It is expected that flash tester is calibrated at least once per shift. The precision of the flash tester is ensured by a Standard Operating Procedure (SOP). SOP helps in reducing the variance in module wattage, if the test is performed multiple times on the same module. However, calibration and SOP cannot help in reducing the uncertainty which is intrinsic to the gauge. In the above backdrop of gauge uncertainty, one must satisfy oneself that the total wattage received is not lower than what one paid for. Most module manufacturers offer nil negative power tolerance and 3% positive tolerance. If the measurement system itself has an uncertainty of 3%, how can one be sure of having received the right wattage. The manufacturers normally provide flash test data of all modules, and the values are always more than the rated wattage of modules. So, if one adds up wattage of all modules without considering the measurement uncertainty, one will always get total wattage more than the wattage obtained by simple multiplication of nominal power rating of module with number of modules. In a situation like this there are no simple answers, and one must resort to statistical analysis of flash test data.
Data Analytics
Module manufacturer shares the flash test data of all modules. If the ordered quantity is large, then the module manufacturing is spread over multiple shifts and possibly for many days. In manufacturing there are common cause and special cause variations. Common causes such intrinsic variability in cell quality and other bill of materials will produce modules of wattage which will have a gaussian distribution. However, special causes may produce modules of wattages predominantly either in lower or higher wattage bin. Thus, by plotting the histogram of module wattage in a lot and comparing it with a lot of similar size produced at different time one can judge the stability of the process. In this context it is pertinent to invoke the concept of process capability index (Cpk). Cpk is defined as:
Here, mean is the average module wattage of either one container or a lot or that of entire lot and ó is the standard deviation. If the measurement uncertainty is more than the standard deviation of the module lot, then higher of the two is taken as ó. The LSL and USL are the lower specification limit and upper specification limit, respectively. The specification limits are generally defined by the purchaser. Let us say that the buyer agrees to purchase modules of 320 Wp nominal wattage and the supply agreement mandates nil negative tolerance and +3% positive tolerance, then the LSL and USL are 320 Wp and 329.6 Wp, respectively. Cpk denotes the process performance and ideally shall be greater than 1. However, in this case because measurement system uncertainty overrides product variability, it is not possible to comment on the process. To comment on the product or process variability, the gauge variability shall be lower than the process variability. Assuming that the mean wattage of the modules in a Lot is normally distributed, one can find out the probability of number of modules having wattages above the USL and the probability of number of modules having wattages below LSL. For this estimation one has to use the Z-table, where Z is defined as:
Thus, the area between the mean module wattage and USL (329.6 Wp) can be estimated using a standard deviation of 3, the measurement uncertainty. After calculating the Z value one can find out the total area between mean and USL by looking up the Z table. Since 50% area of a gaussian curve is on either side of the mean, subtracting the area so calculated from 50% gives the % modules having wattage above USL or 329.6 Wp. Similarly, one can estimate the area of the curve below 320 Wp. If the area above the 329.6 Wp outweighs are below 320 Wp then one can be reasonably confident of having received total wattage not below the contracted wattage. This is illustrated with the help of a case history. This assumes that module wattage has a Gaussian distribution.
Case History
A developer placed order for 25.1 MWp modules of 320 Wp. The agreement with the vendor was 100% 320 Wp modules with nil negative and 3% positive tolerance. The purchase agreement mentioned 3% measurement uncertainty of the measuring system. The modules were supplied in 5 lots. The flash test data for all modules (total 78544 Nos.) was provided basis which the average wattage and standard deviation of wattage for each lot was estimated and same is given in table 2.
Snapshot of the supplied modules
Randomly one of the containers containing 632 modules was selected and histogram of module wattage was plotted, shown in the fig.1. The histogram is skewed towards the lower wattage.
Flash test wattage of 320 Wp nameplate 632 nos. modules contained in single Container.
Likewise, the average wattage of each container was calculated, and histogram of average wattage was plotted, shown in fig.2. It can be seen that there is no uniform trend in module wattage mean of various containers in each lot.
OPINION
Histogram of module wattage mean of containers in various lots
The histogram of all mean wattage of all containers is finally plotted in fig 3. This also does not show an expected ideal gaussian distribution despite sample size being large. The total number of modules is 78544 nos. shipped in 125 containers. The average wattage of all the containers combined is 323.97 Wp with a standard deviation of 1.7 Wp. 58.4% containers have the mean module wattage higher than 323.7 Wp
of mean module wattage of 125 containers having 78544 nos. modules
Conclusions
Using the mean wattage of each lot and for the entire lot, the percentages of modules within the specified range i.e., 320329.6 Wp as well as below 320 Wp and above 329.6 Wp was estimated to ascertain that total wattage received was not below the contracted quantity. The summary of calculation is given in table 3
Summary of module wattage distribution
From the table it is evident that percentage of modules above 329.6 Wp far outweigh than the module percentage below 320 Wp. However, it may be mentioned that here is assumption is that module wattages are normally distributed about the mean value. Furthermore, the nominal wattage of entire module lot of 78544 nos works out to be 25.13 MWp. However, considering the mean wattage of each container, the estimated wattage is 25.45 MWp i.e., 1.24% higher. In PVsyst analysis if the module tolerance is 3% positive and nil negative then the module quality loss factor is taken -0.75%, which corresponds to gain and this analysis supports the assumption.
About the Author
Amitabh Verma has been associated with Renewable Industry since 2006 and, has varied experience. After having superannuated from Aditya Birla Renewables in 2022 as CEO and CTO, he worked as Advisor to Aditya Birla Renewables business for 2 years.
Histogram
CHALLENGES IN SOLAR PHOTOVOLTAIC (PV) MODULE PRICE PREDICTION
Introduction
PV Modules are important component of the PV plant capex. Modules constitute about 50-55% of the PV Plant capex depending on the technology chosen for building the solar plant. The module prices are dependent on following factors under normal circumstances:
Poly-silicon price which, in turn, is dependent on supply-demand.
Supply-demand of solar PV modules in the global market.
Price of module’s Bill of Materials (BoMs), such as high transmissivity glass of 3.2 mm and 2 mm thickness, Ethyl Vinyl Acetate (EVA), Back-sheet or 2 mm rear glass sheet, Aluminium frame, Silver paste, Copper, Sea Freight, etc.
Module prices have shown a reducing price trend over last two decades. Normally, module price follows Swanson’s Law, which states that for every doubling of module capacity module price drops by 22%. Besides, the economies of scale other factors which dynamically change and influence the module price are the technological changes such as height and weight of ingot (Boules), number of ingots per crucible, effective length utilization of ingot, wafer thickness, kerf loss, cell efficiency, finger thickness and no. of busbars and so on. On top of that there are unknown extrinsic factors, such as actory shut-downs due to either accidents or natural calamities, wars, epidemics, maintenance, etc. In short, the price of modules at best can be reasonably estimated subject to these factors not swinging to extremes.
Profitability of solar projects is intimately linked to accurate prediction of module price. This problem is further exacerbated because of the time lag of 12-18 months between bidding and actual module purchase. More than 80% of the modules were earlier imported from China and, as a matter of fact, for solar industry China was and continues to remain so even now, the workshop of the world. Thus, the demand side of the supply chain has always been beset by uncertainty as the market pull is dependent on the governments policies across the globe. Historically, module prices have steadily dropped but there have been years in which prices have hardened instead of softening. However, those years are few and far in between. On all such occasions it has been either caused by the disruption of supply-chain or unusual market pull from a particular geography. The most recent occurrence was in 2021, following Covid 19 where all factors came together to create a singularity and caught many developers by surprise. It so happened that during Covid the module prices tanked and assuming it to be normal many developers considered further price drop in next 12 months for bids which came back to bite them later. Because of Covid many expansions plans were shelved and post Covid when the market recovered, there was an acute shortage of polysilicon. The Polysilicon prices rose from 11 $/kg to 30-35 $/kg. During this period Poly-silicon manufacturers had a gross profit of 50-55%, whereas the modules OEMs’ gross profit was 12-14%. In CY2021 India installed 10.5 GW in total and in CY2022 it rose to 13.5 GW. It may be noted that in CY2024-Q1 alone India installed 10.05 GW. This shows the price elasticity of demand in this sector. Needless to say, due to excess polysilicon capacity now the supply is far more than demand and hence the module prices are all time low in 2024.
Current Module Price Forecast Practice
There are many consulting groups which have publications projecting prices for 1-3 years and sometimes 5 years. These groups also publish weekly price trends and sometimes quarterly as well. Their analysis and forecast are based on telephonic interviews and market intelligence. They have a system of getting industry trend by interviewing industry experts across a wide cross section involving customers and OEMs in all categories on sampling basis. Some are as old as 2009 and others are as new as 2023. They provide price data for entire value chain, namely, polysilicon, wafer, cells, and modules of different formats. Some provide prices specific to geographies as well. There are a few publications which give outlook of Module BoM as well. Many developers subscribe to one or more such data bases and combine it with their own market intelligence to decide future price while bidding. In a normal situation such estimates do not have a wide variance from the actual price, however, any disruption in supply chain creates an uncertainty. Different components of supply chain have different gestation period for capacity augmentation, e.g. longest being for polysilicon and shortest for modules. In an unstable equilibrium when the supply is short of demand and action is taken to bring new capacity online there is a time lag during which prices remain firm. Since many companies increase their capacity simultaneously in response to market it creates a glut in the market and prices come crashing down. Thus, any disturbance in the supply chain leads to boom-and-bust cycles before equilibrium is restored. Currently, the nameplate capacity for 2024 for all components is around 1000 GW plus, whereas projected demand for the year is approximately 500 GW. It is beside the point that it is not easy to predict market’s reaction to the falling prices because of price elasticity of demand. A snapshot of capacity build of crystalline silicon supply chain is given in table 1.
OPINION
Change in price of supply chain components with varying ratio of demand-supply
Accuracy of Present Prediction Methodology
To understand the accuracy of price predictions made by different data bases, one of the predictions for 3 years was randomly selected and the predicted quarterly values were compared with the actual price for 2 years by compiling weekly data over 2 years from 3 different data bases. This exercise was done for various cell and module form factors. However, for simplicity only the results of most common form factor i.e., M10 Mono-facial wafers, cells and modules is presented. These data bases invariably publish prices in 3 buckets, namely, low, average, and high. For the sake of simplicity only average price data were compared. For some components price is given in RMB and the prices were converted to USD using the prevailing exchange rate.
All the price comparisons are on FOB basis and hence any change in freight is not reflected in the analysis. In one of the exercises, the Dec 2021 price forecast of various components for next 3 years was compared with actual prices from Jan 2022 to May 2024. This was to understand the gap between predicted and actual price over longer term of 24 months. Realising the uncertainty and volatility prevailing in the market during 2020-2022, in a separate exercise the datum was shifted by an year and comparison of predictions made in 2022 Dec for next 12 months with actual data was done. Fig.1 shows the comparison of predicted and actual prices for Poly-Si, Wafer, Cell and Module for 8 quarters.
Comparison of price prediction of supply chain components in Dec 2021 with actual prices in next 8 quarters.
It is evident that the predicted prices are either higher or lower than the actual prices. The closest comparison is between predicted and actual price of modules for the first 4 quarters. The dispersion in price data among three data bases is also maximum for the modules and least for wafer and cell. Despite the predicted polysilicon prices being lower than the actual poly-Si prices, the matching of module prices shows that there is a lag or the downstream manufacturers are able to absorb the price upstream price hike to remain relevant in the market.
Fig 2 compares the price prediction made in Dec 2022 for various components for CY2023. The purpose was to see the quality of prediction when many factors, such as glass, silver, freight, copper, etc have reset to their normal price range. This exercise too was carried out for M10 format alone. However, when a similar exercise was done for other size formats the outcome was not very different.
Comparison of price prediction of supply chain components in Dec 2022 with actual prices in next 12 months
It is evident that the predicted prices in Dec 2022 for CY2023 are very different than Dec 2021 prices predicted for 2023. However, inspite of the short-term prediction the convergence of predicted and actual prices in a narrow range is for first 4-5 months. In the outer months the price divergence is very significant. This goes on to prove that long-term price prediction is fraught with uncertainties particulary in situations where supply chain is disrrupted because of singularities.
To understand the interdependence of poly-silicon and module price average, a correlation curve between average poly-silicon price and average module price for 5 years, namely, Jan 2020 to May 2024. A cell efficiency of 23.1% and corresponding wattage of 7.63 Wp was considered for M10 Monofacial PERC cells. 62% material utilization from ingot to wafer was considered for calculating polysilicon g/Wp. The correlation curve is shown in fig.3.
Correlation between Module Price and Polysilicon Price
OPINION
There is a good correlation between Module price and Poly-Silicon price with 80% goodness of fit. The 20% variance may be because of variation in other cell and module price variances, such as chemicals, silver and aluminum pastes, glass, copper, aluminum and EVA.
Summary
It is shown that long-term forecast of module price is challenging as it is dependent on several factors of which some are less complex to quantify but others belong to VUCA (Volatile, Uncertain, Complex and Ambiguous) domain.
To address these complex factors, one must have a finger on the pulse of the industry which is often termed as gut feeling. By nature, VUCA is different than risk as the former is not quantifiable, but latter can be quantified. For illustration the first level of module price breakup is given in fig.4. However, each of these bars can be further broken into its sub-components and prices assigned.
Module price break-up into its basic components for illustration only
The question remains whether it is possible to predict module price more accurately than what is today. Barring the stress cases like war and epidemic it can be reasonably accurately modelled. In the days of Artificial Intelligence (AI) it is not a tall ask. At a slightly watered down version of it could be the Monte Carlo Simulation, where each cost component is estimated in a range and using a probability distribution function, one can estimate module price, but each price point will be attached with a certain probability. In this regard, it is pertinent that corresponding to the spread in module price, the calculated Equity Internal Rate of Return (EIRR) too will have a spread and one will have a better appreciation of risk adjusted EIRR.
About the Author
Amitabh Verma has been associated with Renewable Industry since 2006 and, has varied experience. After having superannuated from Aditya Birla Renewables in 2022 as CEO and CTO, he worked as Advisor to Aditya Birla Renewables business for 2 years.
THE GREEN BOND YOUR INSIGHT INTO SUSTAINABLE FINANCE
TRANSITION UPDATE
The temperature is rising – can AI help?
GDP has decoupled from CO2 emissions, but global investment is still too low to halt the increase in the temperature level. Western governments cannot match China’s investment levels. However, we think AI can help both reduce emissions and create a more sustainable production model.
CAN AI SUPPORT THE SUSTAINABILITY TRANSITION?
Better – but far from good enough
Significant progress that has already been achieved in halting the increase in global CO2 emissions. Over the past 15 years, CO2 emissions have decoupled from global GDP, both by reducing the primary energy consumed per unit of GDP and by reducing the emissions generated per unit of primary energy consumed. It is possible to generate GDP growth without increasing emission levels as much as previously.
It is probably no coincidence that this happened at the same time as renewable energy finally started to take a larger share of the global energy supply. First, it means that a larger share of our total energy supply now comes with no emissions at all. Second, renewable energy is much more effective at translating primary energy into end-user energy consumption than fossil fuels, so the same amount of primary energy provides more energy for end-users.
The result is an economy that generates less emissions per unit of production, allowing emissions to stop rising even as GDP continues growing.This remarkable success is in our view a ‘proof of concept’ for the idea that human ingenuity coupled with large investments in new technologies can allow us to improve living standards for 8bn people on the planet without triggering an ecological and humanitarian disaster. However, while this is all very encouraging, there is no case for resting on any laurels. Halting the increase in emissions is an important first step, but as pointed out in a recent speech, from UN Secretary General Guterres, new data from the World Meteorological Organization (WMO) showing there is an 80% chance the planet will breach 1.5C (2.7F) in warming above pre-industrial times in at least one of the next five calendar years.
World GDP and World carbon dioxide emissions
World investments in fossil vs. clean energy
More renewable investment needed
Establishing proof of concept has to be used as a driver for ramping up investments even faster to trigger the outright reduction in emissions needed to halt the climate disaster. Again, significant progress has already been made. The latest World Energy Investment report from IEA shows that in 2023 more USD were invested globally in renewable power, grids and storage combined than in fossil fuels (Figure 2). The IEA forecast for 2024 suggests that clean energy investment on a broad scale will surpass USD 2tn. This means that global investment in clean energy will be close to double of what is invested in fossil energy.
However, if you only look at the direct investment in new renewable energy supply, we are still investing more in producing fossil energy than in renewable energy. Furthermore, the increase in investment is not evenly spread among the major economies. China is far ahead of the curve after quadrupling clean energy investments since 2020. The US investment level has shown signs of catching up after the introduction of the IRA, while Europe remains far below the peak investment levels from the first surge more than 15 years ago. However, both regions are far behind China, and the gap is even larger for developing economies.
The momentum loss for global investment over the past year is mainly due to China, where it appears that renewable investments have peaked and are levelling off just below USD 70 bn. However, this ‘pause’ has come on the back of a 6x increase in production of solar energy since 2016, a trebling of wind energy and doubling of nuclear energy production in the same time period. China also has the same amount of nuclear power plants under construction as the rest of the world combined. This is no coincidence, because China has deployed the full extent of its policy arsenal to make sure that it will reach its long-term target of capping emissions by 2030 decarbonizing the economy completely by 2060. For a more complete description of what this entailed, turn to Erik Hallden’s article on this topic later in this issue.
New nuclear capacity under construction
Europe and the US continue to play catch up Europe and the US are far behind, but US started to catch up after IRA provided industrial policy framework. However, as the US Presidential election in November draws closer, the ability to ramp up investments in the clean energy space could be limited and the following years could prove more challenging for the clean energy agenda overall if former president Trump returns to office. Europe is still waiting for a ‘proper’ industrial policy with actual money to back it. The EU green deal lacked the spending power of the IRA, and the outcome of the European Parliament elections held at the beginning of June also poses a risk for green investment levels. The voters have rebuked the ‘only stick, no carrot’ plan the EU had presented them with. This was clear before the election and climate policy was not a vote-winner anymore, but that realization could open for a more US-style capexoriented climate/industrial policy. In our view, the current Green Deal would not allow Europe to keep up with and compete against the US and China. Bloomberg New Energy Finance operate with two scenarios the Economic Transition scenario (ETS) and the Net Zero scenario (NZS), where the former trajectory reflects current efforts. Thus, while investments in renewable energy are increasing and there is substantial growth in the wind and solar capacity generation spearing the early stages of exponential growth, this needs to accelerate further. It has to happen at least twice as fast to reach the Paris aligned targets by 2050.
Wind and solar capacity in BNEF scenarios
More batteries needed too Storage is needed to make use of the renewable energy capacity and supply created. This requires batteries to follow the same growth trajectory. Electricity prices tend to turn negative during periods where the sun shines and wind blows and in turn becomes more expensive when energy production from these sources is lacking.
Utility-scale battery storage capacity additions
According to BloombergNEF almost all lithium-ion battery volumes are used for EVs. However, there is also some considerable movement happening in the utility-scale space, where the growth is primarily driven by energy shifting and capacity provision (Figure 7). This could pave the way for the entire electricity system to store energy for future use and not just benefit the EV producers. Although still in the early stages, it is a crucial part of developing the clean energy infrastructure. While the IRA in the US has provided some powerful economic incentives to build more battery factories, a similar push in Europe is lacking, while China is ahead when it comes to the battery efficiency and range for EVs. The overall challenge for battery production is similar to that of renewable energy: it has to happen at a faster pace to shift the growth path aligned with the net zero scenario.
FEATURED
GOODWE UNVEILS STATE-OF-THE-ART SOLAR SERVICE
CENTRE
IN BANGALORE, INDIA,
SETTING
NEW STANDARDS FOR CUSTOMER EXCELLENCE
GoodWe, a leading Smart Energy Innovator, proudly unleashes its Solar Service Centre in Bangalore, India. With a commitment to excellence and customer satisfaction, GoodWe continues to elevate the standards of service within the solar industry.
Nestled in the heart of the tech city, Bangalore, the GoodWe Solar Service Centre is committed to craft exceptional customer experiences.
"Solar Inverters are Heart of Solar Plant, we at GoodWe India have our own team of experts, well trained, experienced and professional engineers who make ensure that your Solar Plant’s heart is functioning well. That's why we've invested in state-of-the-art facilities and assembled a team of experts who are passionate about delivering top-notch service. Our comprehensive range of services includes onsite repair, back-end repair and service, parts, buffer, and scrap management, safety tests, and warranty management services." explains Mr. Awnish Pandey, Service Head, GoodWe India.
The GoodWe Solar Service Centre offers a comprehensive range of solutions covering customer service, on-site support, parts sourcing, and RMA repair. Advanced inventory control systems, ESD safe conditions, and real-time information feed through inhouse developed SFCS ensure smooth operations and traceability.
Safety is paramount at GoodWe. The centre conducts rigorous tests such as the Hipot test function and Aging test to ensure products meet safety norms and quality standards. Repairing checklists provided by GoodWe Headquarters are strictly followed to guarantee both employee and customer safety.
Technological innovation is at the core of GoodWe's service offerings. Load bench tests, DC load bank tests, and the use of Automatic Test Equipment (ATE) support a variety of functional tests, ensuring the highest quality service. The service centre is open from 9 AM to 6 PM IST, Monday to Saturday, ready to address all your concerns.
SNEC 2024 | SINENG ELECTRIC LEADS THE FUTURE OF GREEN TECHNOLOGY
As a global leading PV+ESS solutions provider, Sineng Electric took center stage with its comprehensive portfolio of PV+ESS solutions across four application scenarios, showcasing 15 cutting-edge products that depict a cleaner, more efficient, and sustainable blueprint for future.
Weaving Light into Power: Utility PV Solutions
As the carbon peak and neutrality goals deepen their impact globally, renewable energy installations continue to rise, heightening interest in utility PV plants. In response to increasingly diverse and complex application demands, Sineng Electric presented all-scenario solutions optimized for lower LCOE, leveraging smart green electricity to empower new station developments. Sineng’s 350kW string inverter product, distinguished by its high flexibility and compatibility with large current PV panels, garnered significant attention at the exhibition. Proven through multiple benchmark projects, this product excels in challenging complex and disgusting environments, ensuring high yields for clients.
Another highlight was the 8.8MW MV turnkey station, boasting high grid connection capacity, millisecond-level rapid reactive power response, and industry-leading protection level, making it the top choice for large utility-scale PV plants.
Reserving the Future: Energy Storage System Solutions
As a pivotal force in the new productivity landscape, innovative energy storage is integral to the energy transition. Emphasizing high-efficiency, high-reliability, and user-friendly," Sineng Electric tailored solutions for generation, grid, and consumer sides.
Among one of premier offerings, the 1520V 5MW central MV turnkey station is designed for efficient storage and stable power supply in complex environments. It converters with high-density battery compartments, while modular construction ensures seamless operation and simplified maintenance. Enhanced grid integration capabilities, including a remarkable 1.5 times overload performance for 10 seconds, optimize grid configurations and reduce equipment costs.
Plus showcased was the 1500V 5MW string MV turnkey station, featuring high integration and multi-protection functions. It inherits the brand's efficiency and intelligence while offering higher charging capacity and reduced investment costs, sparking lively discussions at the exhibition.
Navigating Green Commerce: C&I Solar-Plus-Storage Solutions
To drive sustainable development across industries, Sineng Electric debuted 50-150kW inverters paired with a 1.5MW/3MWh energy storage system. The ALL-IN-ONE commercial energy storage system combines aesthetics with highly integrated AC-DC functionality, redefining quality and elegance. Its easy installation, smart O&M, low cost, and high return advantages cater to green power needs while enhancing energy efficiency and balancing supply-demand over the long term.
The 150kW string inverter boasts larger single-unit capacity to minimize BOS costs. Equipped with AI-powered high-performance chips and precise terminal temperature detection with intelligent dust removal, it elevates reliability to new heights, ensuring worry-free operations and conveying Sineng Electric's commitment to safety and technological prowess.
Greening Every Home: Residential Solar-Plus-Storage Solutions
Empowering future lifestyles, Sineng Electric introduced innovative residential solar-plus-storage solutions, tailored for all-scenario residential applications. Globally adaptable and flexible, these products effortlessly accommodate diverse renewable energy needs worldwide.
Aesthetically, they adopt a sophisticated white-appliance style, sleek in design and compact for easy handling and installation, blending seamlessly into modern homes. Functionally, they demonstrate exceptional adaptability and compatibility with all types of market-available components.
Looking ahead, Sineng Electric remains committed to continuous technological breakthroughs and innovations, actively responding to global carbon peak and neutrality goals. With an open mindset, forward-thinking technologies, and superior products, Sineng Electric stands ready to collaborate with global partners in driving energy transformation, promoting low-carbon sustainability, and forging a new chapter in green energy.
GOODWE ESTABLISHES DEDICATED DEPARTMENT TO STRENGTHEN ESG GOVERNANCE AND DRIVE LONG-TERM SUSTAINABILITY INITIATIVES
GoodWe, a leading global company in renewable energy industry, has announced the launch of Sustainable Development Research Institute, a team dedicated to advancing the company’s Environmental, Social, and Governance (ESG) performance and practices.
Established in late 2023, the institute is tasked with formulating mid- to long-term sustainable development plans. It will play a role in promoting the effective implementation of sustainable decisions within the organization, better identifying, assessing, responding to, and continually managing ESG risks. This latest move is the next step in GoodWe’s accelerated focus on sustainability, which Daniel Huang, CEO of GoodWe, described as “a strategic decision of the company’s long-term development.” With inverters at its business core, GoodWe aims to solidify its position as a leading global player in renewable energy sector by offering tailored energy solutions to customers of residential, commercial and industrial, and large-scale segments. By establishing this new team, the company will leverage its renewable expertise and resources to drive positive environmental and social impacts while simultaneously enhancing its prospects for long-term growth and profitability.
“As a company rooted in renewable energy and smart micro-grid, we understand the critical role we play in shaping a more sustainable future.” said Dr. Kenan Zhang, Director of the Sustainable Development Research Institute at GoodWe.
She added, “The purpose of opening this institute is to further optimize our ESG governance framework, develop robust sustainable development plans, and drive meaningful changes within our organization and beyond. Ultimately, we aim to enhance GoodWe and its supply chain’s resilience when facing potential climate and social challenges in the future.”
HUASUN WINS CUSTOMER INNOVATION AWARD FROM H.B. FULLER FOR ITS PIONEERING APPLICATION IN SOLAR INDUSTRY
H.B. Fuller, the largest pureplay adhesives company in the world, held its global awards ceremony in Minneapolis, Minnesota, USA. Recognized for its pioneering application of butyl rubber sealants in solar industry, Huasun Energy proudly received the inaugural Customer Innovation Award.
HB. Fuller’s Customer Innovation Award aims to acknowledge customers across industries for world-changing innovations using adhesive technology. Among the 3 companies selected for this honor, Huasun stands as the sole photovoltaic enterprise “for their ability to offer power that is more efficient and reliable than previous generations of solar modules, helping to facilitate broader adoption of clean energy”.
Founded in 1887, H.B. Fuller is dedicated to the development and application of various functional adhesives, sealants, and other specialty chemicals, and has since become the world's largest pure adhesive company.
As a collaborative partner of H.B. Fuller's butyl rubber products, Huasun is one of the first companies in China to use butyl rubber for photovoltaic module encapsulation. Currently, Huasun has incorporated butyl rubber materials into the production of G12 and G12R heterojunction modules.
This innovative application significantly enhances the moisture resistance of Huasun modules, effectively prolonging the efficient power generation lifespan. This advancement has driven the rapid development and industrialization of heterojunction technology in photovoltaic applications.
We are thrilled to recognize Huasun Energy for its exceptional achievements in innovations ,”said Celeste Mastin, President and CEO of H.B. Fuller. This award is an important affirmation of Huasun's relentless pursuit of excellence in photovoltaic products. Huasun will continue to focus on heterojunction technology and provide the world with greener, more sustainable solar products.
FEATURED
RECORD YEAR OF STRONG GROWTH
RECORD REVENUE GROWTH OF 149.73% YOY AT RS. 876.44 CRORES AND RECORD PAT GROWTH OF 167.55% YOY AT RS. 148.04
CRORES
UNEXECUTED ORDERBOOK OF 2,365 MWP TO BE EXECUTED IN NEXT 18 MONTHS
Waaree Renewable Technologies Limited (BSE: 534618), the Solar EPC Company of Waaree Group, a solar developer that finances, constructs, owns and operates solar projects, has reported its Audited Financial Results for the Quarter and Year ended March 31, 2024.
CONSOLIDATED FINANCIAL HIGHLIGHTS – FY24
KEY PERFORMANCE HIGHLIGHTS
FY24
• Revenue for FY24 stood at Rs. 876.44 crores representing a growth of 149.73% YoY as compared to Rs.350.96 crores in FY23
• EBITDA for FY24 stood at Rs. 207.18 crores as compared to Rs. 83.75 crores in FY23 representing a growth of 147.40% YoY
• PAT for FY24 stood at Rs. 148.04 crores as compared to Rs. 55.33 crores in FY23 representing a growth of 167.55% YoY
Q4FY24
• Revenue for Q4FY24 stood at Rs. 273.25 crores representing a growth of 344.40% YoY as compared to Rs. 61.49 crores in Q4FY23
• EBITDA for Q4FY24 stood at Rs. 75.30 crores as compared to Rs. 22.29 crores in Q4FY23 representing a growth of 237.83% YoY
• PAT for Q4FY24 stood at Rs. 54.18 crores as compared to Rs. 12.28 crores in Q4FY23 representing a growth of 341.41% YoY
Order book Position:
o Unexecuted order book stands at 2,365 MWp
o Bidding pipeline remains robust
KEY UPDATES
The Company has successfully completed the corporate action of a stock split, reducing the face value of its Equity shares in the ratio of 1:5 per share. The face value of shares now stands at Rs. 2/- per share
• Recent Order Wins
o 980 MWp Ground Mounted solar power project
o 412 MWp Ground Mounted solar power project
o 450 MWp Ground Mounted Solar power Project
o 4 MWp Ground Mounted solar power project
Commenting on the results Mr. Dilip Panjwani, CFO, Waaree Renewable Technologies Limited said: "As a company committed to driving sustainable solutions, we are excited to share our progress and the significant opportunities that lie ahead. India has set an ambitious target to reduce the carbon intensity of the nation’s economy by less than 45% by the end of the decade, achieve 50 percent cumulative electric power installed by 2030 from renewables, and achieve net-zero carbon emissions by 2070. The country aims for 500 GW of renewable energy installed capacity by 2030.
The country’s renewable energy market is on the rise, with a record 69GW of bids in FY2024, surpassing the government's target. Solar power, both gridscale and rooftop, remains the primary contributor, accounting for 81% of the added capacity. The installed solar energy capacity has increased by 30 times in the last 9 years and stands at 81.81 GW as of March 2024. Policy initiatives like the PM Surya Ghar: Muft Bijli Yojana aim to further boost solar installations, particularly in residential areas. With a strong balance sheet and disciplined financial management, the focus is on executing profitable projects with higher returns. This progress signifies not only environmental strides but also promising economic prospects in India's renewable energy landscape. We are also pleased to inform you that the board of directors has recommended a dividend of Rs. 1/- for the face value of share of Rs. 2/- each. With a sound balance sheet and disciplined capital management, we are well-equipped for the next phase of growth. We also would like to extend our gratitude to stakeholders for their continued trust and support.”
SIX HIGHLIGHTS! A CLOSER LOOK AT HUASUN HETERO -
JUNCTION AT SNEC
PV POWER EXPO 2024
On June 13, the annual solar energy event, SNEC PV POWER EXPO 2024, grandly opened at the Shanghai National Convention and Exhibition Center. Jimmy Xu, Chairman and CEO of Huasun Energy, was invited as a distinguished guest to inaugurate the expo during the opening ceremony.
The exhibition has already attracted hundreds of thousands of visitors and brought together 3,500 energy companies from around the world to exchange technological innovations and share the latest photovoltaic products. As a leader in heterojunction (HJT) solar technology, Huasun’s booth attracted numerous photovoltaic enthusiasts for viewing and exchanges, demonstrating its strong capabilities and influence as a leading HJT enterprise.
Huasun’s appearance at the 2024 SNEC exhibition was marked by several highlights:
Highlight 1: Debut of Anti-Dust Products, Captivating the Audience
During SNEC, Huasun launched numerous new products, including the high-profile anti-dust series.
On the morning of June 13, Ginger Dai, Head of Product Planning at Huasun, and Pei Shichao, Chief Engineer of Product R&D, officially unveiled Huasun’s new product series- anti-dust HJT modules.
The two newly released anti-dust products feature two design concepts: "prevention" and "discharge," using fullscreen and concealed perforation solutions to enhance the anti-dust and dust discharge performance of the modules.
These designs are applicable across Huasun's entire range of module products, perfect fitting in dusty environments for ground stations, industrial and commercial rooftops, and agricultural photovoltaics. The anti-dust designs help improve conversion efficiency of the modules, reduce power loss, and enhance user benefits.
Highlight 2: Huasun 0BB Star Module Offline Meet-up
Huasun’s 0BB high-power HJT module has sparked significant discussions since its launch earlier this year. As the star exhibit, the 0BB modules attracted numerous attendees for a closer look and in-depth discussion.
Dr. Chen Jingwei, a technical expert from the Product Development Management Center, gave a detailed introduction of the technical advantages of 0BB and shared valuable insights into the HJT+0BB combination, enhancing the viewing and learning experience.
In response to the new photovoltaic time, Huasun, as the world's largest vertically integrated HJT product and solution provider, has been actively integrating industry chain resources and ecosystems.
FEATURED
1. Huasun and Skyworth PV Tech Partnership
- A strategic cooperation agreement was signed by Wang Jiaqiang, Director of Supply Chain Department at Skyworth PV Tech, and Yang Zongyuan, Huasun General Manager of China Sales Division. This collaboration aims to expand the market application of HJT products and marks a new chapter of win-win cooperation. Xiao Zhen, Deputy General Manager of Skyworth PV Tech and Tommy Xu, Senior Vice President of Huasun Energy attended the ceremony.
2. Huasun and CTC Strategic Collaboration
- Zhang Qinghua, Deputy General Manager of China Testing & Certification International Group Co., Ltd. (CTC), and Sarah Tian, Senior Director of Product Development Management Center at Huasun, signed a strategic cooperation agreement. CTC also awarded Huasun three certifications: "Type III Environmental Declaration Supervision Compliance Certificate," "Product Carbon Footprint Supervision Compliance Certificate," and "Best Quality Outdoor Verification Award."
3. Huasun, TÜV SÜD, and National Institute of Metrology Collaboration
- Huasun further expanded its collaboration, signing a tripartite agreement with TÜV SÜD and the National Institute of Metrology, China. Dr. Wang Wenjing, CTO at Huasun, Zhang Zhulin, Reliability and Standardization Institute Director at TÜV SÜD, and Xiong Limin,Chief Metrologist at National Institute of Metrology signed the cooperation agreement, deepening collaboration in the photovoltaic field.
4. Huasun and CCCC Gas & Heating Research and Design Institute
- Huasun and CCCC Gas & Heating Research and Design Institute joined forces, with a cooperation agreement signed and witnessed by Xing Tandeng, Deputy General Manager of the Shanghai Branch and Zhang Luojia, GM Assistant of East China Branch at the CCCC Gas & Heating Research and Design Institute, as well as Key Account Manager Ma Shilei and General Manager Yang Zongyuan of China Sales Division at Huasun.
With these significant partners, Huasun’s development in HJT will be further solidified. As a leader in HJT industrialization, Huasun continues to build a win-win model, deeply integrating industry chain resources to promote faster, more efficient technological upgrades and broader market applications.
Highlight 4: Huasun Colorful HJT Wall – A Popular Photo Spot
At Huasun’s booth, the popular background wall designed with different sizes and colors of HJT attracted many photovoltaic enthusiasts, becoming a must-visit spot in Hall 7.2F.
In addition to the vibrant colorful modules, Huasun’s new distributed residential products, such as photovoltaic tiles and balcony systems, showcased both aesthetics and performance with their exquisite appearance and outstanding quality details.
The steel-framed modules and automated installation system at Huasun’s booth drew many inquiries.
The system offers millimeter-level positioning, autonomous navigation, and obstacle avoidance, with advantages like easy operation, efficient installation, and low costs.
The steel-framed modules featured on-site boast higher strength and hardness, wear resistance, lower material costs, and a lower carbon footprint. With high-reliability encapsulation using double glass and butyl rubber, and 0BB technology, these modules provide customers with high system value and low-carbon solutions.
Highlight 6: Plenty of Prizes, Continuous Excitement!
Besides new product releases, signing ceremonies, and informative technical sessions, Huasun also organized interactive activities like quizzes, games, and live performances. Visitors could enjoy music, play games, win prizes, and even get creative ice cream from Huasun. The numerous benefits created an immersive exhibition experience.
As a pioneer in HJT mass production, Huasun showcased its latest achievements in HJT technology through various new products and technologies. Huasun remains committed to innovation and collaboration, working with industry peers to accelerate the industrialization of HJT, promote the positive transformation and sustainable development of the photovoltaic industry, and jointly embrace a future of green energy!
FEATURED
SOLEX ENERGY REPORTS OUTSTANDING ANNUAL
PERFORMANCE FOR FY 2023-24, MARKING A 126%
YEAR-OVER-YEAR GROWTH
Solex Energy Limited, India's most trusted solar brand, unveiled its financial results for the fiscal year ending March 31, 2024. The company has achieved remarkable growth, showcasing significant improvements across key financial metrics compared to the previous fiscal year.
Financial Highlights for FY 2023-24:
- Revenue from Operations: Achieved INR 3,659.2 million, a substantial increase from INR 1,617.1 million in FY 2022-23, reflecting a 126% year-over-year growth.
- EBITDA: Improved to INR 284.1 million, compared to INR 113.2 million in FY 2022-23, marking a 151% growth.
- EBITDA Margin: Rose to 7.76%, up from 7.00% last year, demonstrating enhanced operational efficiency.
- Profit Before Tax (before exceptional items): Increased significantly to INR 115.4 million, a 200% rise from INR 38.5 million in FY 2022-23.
- Profit After Tax: Grew to INR 87.3 million, compared to INR 27.1 million in the previous year, an impressive 222% increase.
- Net Profit Margin: Improved to 2.39%, up from 1.68% in FY 2022-23.
- Reported Earnings Per Share (EPS): Surged to INR 10.92, up from INR 3.39 in the previous fiscal year.
Balance Sheet Highlights:
- Shareholders' Fund: Expanded to INR 462.4 million, a rise from INR 376.3 million in FY 2022-23.
- Current Liabilities: Grew to INR 1,150.4 million, compared to INR 544.4 million in FY 2022-23, reflecting the company's growing operational scale.
- Non-Current Assets: Reached INR 604.4 million, up from INR 580.6 million last year.
- Current Assets: More than doubled to INR 1,515.3 million from INR 827.2 million in FY 2022-23.
Chetan Shah, Chairman and Managing Director of Solex Energy Limited, stated, “We are pleased to report an outstanding year of financial performance and robust growth. Our strategic initiatives and commitment to operational excellence have resulted in significant gains across all key financial metrics. Seeing the overall demand for our products, we have kickstarted expanding to 1.5 GW with plans to eventually reach 4.5 GW and enter cell manufacturing over the next 2-3 years. The remarkable increase in our revenue and profitability underscores our dedication to driving sustainable growth and delivering value to our shareholders.”
He added, “Solex Energies’ significant revenue and profit increases reflect its strategic investments in expanding operational capabilities and market reach. The company’s strong expenditure control has also led to improved margins.”
Looking forward, Solex Energies remains committed to advancing renewable energy solutions and is well-positioned to leverage future growth opportunities in the sector.
FEATURED
SUNPURE RELEASES WHITE PAPER ON AUTOMATED ROBOTIC CLEANING SYSTEMS IN THE MENA REGION
Sunpure, a leading provider of intelligent PV cleaning solutions, is pleased to announce the release of its latest white paper: "Automated Robotic Cleaning System (ARCS) in the MENA Region – Challenges and Solutions."
This white paper addresses the key pain points of PV cleaning in the MENA region, summarizing ARCS solutions, core advantages, practical experiences, and testing methods for efficient and reliable robot deployment in power plants. It provides a comprehensive view of ARCS applications. The white paper also delves into performance metrics through computational analysis and empirical data, discussing cleaning efficiency, product availability, and module compatibility.
SAATVIK SOLAR PARTNER’S WITH BHASU ENERGY SYSTEM LLP TO PROPEL SOLAR PV ADOPTION IN TELANGANA & ANDHRA PRADESH
Saatvik Solar the prominent Indian Solar PV module manufacturing brand, in the renewable energy sector, has forged a strategic alliance with Bhasu Energy System LLP to bolster the promotion and distribution of solar photovoltaic (PV) modules across Telangana. This partnership marks a significant milestone in Saatvik Solar's mission to accelerate the adoption of sustainable energy solutions in the region.
Under this collaboration, Bhasu Energy System LLP will serve as a dedicated channel partner for Saatvik Solar, leveraging its extensive network and expertise to enhance the accessibility of solar PV modules throughout Telangana. By joining hands with a reputable and dynamic partner like Bhasu Energy System LLP, Saatvik Solar aims to amplify its market presence and cater to the growing demand for renewable energy solutions in the state. As India transitions towards a cleaner and greener future, collaborations like the one between Saatvik Solar and Bhasu Energy System LLP play a crucial role in driving sustainable development and mitigating environmental challenges. Together, they are poised to empower communities, businesses, and industries in Telangana with efficient and eco-friendly solar energy solutions, paving the way for a brighter tomorrow.
Commenting on the Partnership Mr. Pushpendra Samadhiya, “National Head Sales & Marketing” at Saatvik Solar expressed optimism about the collaboration's potential to drive positive change in Telangana's energy landscape. "We are delighted to join forces with Bhasu Energy System LLP in our endeavour to promote sustainable energy practices and expand our market reach in Telangana. By combining our strengths and resources, we are confident in our ability to empower more communities and businesses with reliable solar solutions.
Saatvik Solar ranks among the “Top Solar Module Manufacturers” in India with an annual production capacity of 3GW/Annum. Since inception the company has supplied more than 3GW+ High efficiency Solar PV modules across domestic and international markets. As per the expansion plan company is foraying to set an additional state of the art integrated cell and module’s manufacturing unit in USA by financial year 2024-25 end. Apart company also forays to establish integrated module and cell manufacturing line
FEATURED
GENSOL ENGINEERING LTD. APPOINTS MR. KULJIT
S POPLI AS AN INDEPENDENT DIRECTOR AND MR. ALI IMRAN NAQVI AS AN EXECUTIVE DIRECTOR
Gensol Engineering Limited (BSE: 542851, NSE: GENSOL), a leading player in the renewable energy sector specialising in solar power engineering, procurement, and construction (EPC) services, along with electric mobility solutions, announced that Mr. Kuljit Singh Popli has been appointed as an Independent Director (Non-Executive) and Mr. Ali Imran Naqvi as Director (Executive) to the Company’s board of directors (the “Board”).
Mr. Popli has more than 40 years of rich professional experience in India. He is a Founder Director of Clime Finance Pvt. Ltd. Prior to that he has served as an Advisor with the International Solar Alliance for two years and was Chairman & Managing Director of Indian Renewable Energy Development Agency Limited (IREDA), a leading developmental finance institution in India focusing on renewable energy and energy efficiency projects, from 2014-2019. His leadership resulted in strategic tie-ups with international financial institutions; successful credit enhancement; negotiation of several lines of credit from KfW, AfD, Nordic Investment Bank, World Bank; increase in loan sanctions; new and innovative financial products / schemes etc. enhancing IREDA's credibility and impact in the industry. He has also served as a Director (Technical) in IREDA from 2007-2014. He has also been associated with esteemed organisations like Power Finance Corporation (PFC), National Hydroelectric Power Corporation (NHPC). In addition, Mr. Popli serves as the Honorary Secretary General of the India Energy Forum and the Chairman of the Renewables vertical within the forum. He is an Electrical Engineer from Birla Institute of Technology (Mesra), an LLB from Delhi University and holds a Post Graduate Diploma in Project Management from Punjab University. Mr. Naqvi has more than 14 years of professional experience and has been a valuable team member of Gensol Engineering Ltd. right from its inception. In his erstwhile role as CEO of Gensol Solar EPC (India), Gensol’s advisory portfolio grew to exceed 33,000 MW, with an EPC project base of over 600 MW and ongoing EPC projects of more than 500 MW. Under his leadership, Mr. Naqvi transformed Gensol into a turnkey solar EPC company, successfully executing over 600 MW of solar projects across India. In his new role, he will oversee growth of Gensol Engineering Limited and its subsidiaries.
We are pleased to welcome Mr. Kuljit Singh Popli and Mr. Ali Imran Naqvi to the Gensol board," said Mr. Anmol Jaggi, Managing Directors, Gensol Engineering Ltd. “Gensol’s illustrious track record in renewable energy, diversification & strategic shift in electric mobility solutions and expansion plans demands an experienced board. I am delighted that the board has diversified profiles, extensive knowledge and leadership experience that will add tremendous value to the organization, and I am incredibly excited about the path ahead."
Commenting on coming on board as an Independent Director for Gensol Engineering Ltd., Mr. Kuljit S Popli said, "With a strong commitment to advancing India’s clean energy transformation, Gensol stands as a formidable entity offering solar energy and electric mobility solutions. I look forward to contributing to the company's future growth trajectory. Together, we will continue to advance renewable energy solutions, leaving a lasting impact on the industry and society as a whole.”
Commenting on his new role as an Executive Director for Gensol Engineering Ltd., Mr. Ali Imran Naqvi said, "I am honoured to join the Board and am eager to collaborate with the board members and the leadership team. I see tremendous opportunities for Gensol to advance its strategic vision, drive innovation, and redefine the future of the renewable energy sector globally. Our goal is to lead the charge in sustainable energy solutions, setting new benchmarks for excellence and efficiency. Together, we aim to harness cutting-edge technology and leverage our expertise to etch a conspicuous mark on the canvas of the global clean energy value chain. I am committed to driving our mission forward and creating lasting value for our stakeholders."
HETEROJUNCTION STEPS INTO THE SPOTLIGHT IN THE MIDDLE EAST, HUASUN HJT EXCLUSIVE GALA SUCCESSFULLY HELD IN ABU DHABI
The highly anticipated "HUASUN HJT EXCLUSIVE GALA" took place in Abu Dhabi with resounding success. Following the series of Huasun's overseas workshops on heterojunction (HJT) solar technology in key photovoltaic markets such as Germany, Bulgaria, Brazil, and Japan, this event marks another milestone for the HJT industry. The gathering brought together Huasun’s partners, prominent energy companies, EPCs, distributors from the Middle East and surrounding regions to delve into the technical advancements, project applications, and market potential of HJT products.
With significant demand projected for photovoltaic modules and a promising trajectory of growth, the Middle East emerges as a pivotal emerging market. However, ensuring the reliability of solar modules under the region's unique harsh, hot, and humid desert conditions is paramount. Heterojunction technology, renowned for its inherent reliability and advantages such as a low temperature coefficient of -0.24%, is poised to bolster energy development in the Middle East.
At the workshop, Huasun showcased its cutting-edge 0BB high-power HJT module products tailored to market demands. Christian Comes, Director of Business Development Europe, highlighted the groundbreaking features of Huasun's 0BB products, underscoring their enhanced conversion efficiency and market competitiveness. Designed to thrive in the Middle East's high-temperature environment, these products promise to ensure long-term operational reliability while delivering superior power generation performance.
Jacky Chan, Director of Overseas KA Sales and Project Development at Huasun, emphasized that Huasun's Himalaya series and Everest rectangular series products cater to various needs and maintain exceptional performance across different solar applications, thereby offering novel product options for renewable energy development in regions like the Middle East and South Asia.
Rad Abdalhaq, Sales Manager MENA and Africa at Nextracker, a leading provider of solar tracker and software solutions, elaborated on the synergy between Huasun's heterojunction modules and trackers in power plant design. He also highlighted the unique advantages of Nextracker's smart tracking system in leveraging the bifacial power generation characteristics of heterojunction solar panels
Engr. Ehsan Ali, CEO of Enervetic Technologies, and other Huasun’s key partners delved into topics such as the application of HJT modules and the performance of case projects. The enthusiasm for efficient HJT technology sparked lively discussions among attendees, who expressed optimism about the prospects of the photovoltaic market in the Middle East and surrounding regions. They eagerly anticipate the widespread adoption of technologically advanced solar products like Huasun's HJT modules to accelerate regional energy transformation.
Matthew Jin, Vice President of Huasun, expressed gratitude to experts for their insightful discussions, reaffirming Huasun's commitment to innovation-driven development. He conveyed Huasun's dedication to expanding its business footprint in regions such as the Middle East and South Asia, thereby contributing to the realization of a sustainable, clean, and beautiful future.
SOLEX ENERGY LIMITED MARKS ENVIRONMENT
DAY WITH TAPI RIVER CLEAN-UP INITIATIVE
In celebration of World Environment Day, Solex Energy Limited, India's most trusted solar brand united with the local community to clean the banks of the Tapi River, demonstrating a strong commitment to improving the local ecosystem. This impactful initiative was conducted in collaboration with Project Surat, whose invaluable support helped make the event a success.
Collecting litter from the riverbank is a step towards a cleaner, greener future. The Solex Energy team participated with great enthusiasm, reflecting our dedication to sustainable living and environmental stewardship. We are proud to announce that this river clean-up will become a monthly activity, reinforcing our ongoing commitment to sustainability.
Chetan Shah, Chairman and Managing Director of Solex Energy Limited, remarked, "Our participation in the Tapi River clean-up on Environment Day is a testament to Solex Energy's unwavering commitment to environmental conservation. We believe that sustainable living is the key to a better future, and we are dedicated to making tangible contributions to our community and the planet."
Commitment to the Environment and Sustainability:
• Regular environmental clean-up activities to protect local ecosystems
• Continuous efforts to reduce the carbon footprint of our operations
• Investment in innovative renewable energy solutions
• Promoting sustainable practices within our community and industry.
Looking ahead, Solex Energy remains steadfast in its mission to advance renewable energy solutions. We are well-positioned to leverage future growth opportunities in the sector, continuing to lead the way in sustainable energy.
OSDA SOLAR ENTERS BNEF TIER 1 SOLAR PHOTOVOLTAIC MODULE MANUFACTURERS LIST
On May 23rd Bloomberg New Energy Finance (BNEF) published the latest list of global photovoltaic module manufacturers for the second quarter of 2024.
Osda, with outstanding product performance and reliable brand credibility, ranked on the Tier 1 (first-tier photovoltaic module manufacturer) list. This is a major milestone in the history of Osda and a shot in the arm, at a time when the company is rapidly growing and has recently been awarded the fastest growing company in renewables & semiconductor industry in China for it’s allround development in the solar power industry. Osda Solar has recently launched it’s 10GW Solar Cells manufacturing company in Yancheng, Jiangshu Province, China.
APRAAVA ENERGY’S SOLAR-BASED COMMUNITY
INITIATIVES LIGHT UP CLOSE TO 60,000 LIVES IN INDIA
Apraava Energy, India's leading integrated energy solutions provider, has positively impacted close to 60,000 people from disadvantaged communities across India through its five-year-long solar development program. With people and planet at its core, these initiatives have been implemented in partnership with SELCO, in close to 40 villages and reduced over 130 tonnes of CO2 emissions every year which is equivalent to planting 6500 trees per year.
From enhancing the safety of young girls in schools to electrifying healthcare centres and creating employment opportunities for differently abled individuals and women, these community interventions have ensured all-round development.
Below are the key highlights of the impact on the community through Solar Solutions across five states including Maharashtra, Madhya Pradesh, Karnataka, Haryana, and Telangana:
• Solar lighting installations in villages and schools have provided a sense of safety and security to the people, whether moving about in the evenings or protecting themselves from venomous creatures such as snakes and scorpions.
• Solar electrification in primary health centres has ensured uninterrupted functionality of essential facilities such as labour rooms, baby warmers, and vaccine cold supply chains.
• E-Shala, solar-based fans, and lighting have enhanced access to and the quality of pre-primary education (Anganwadi) in rural areas.
• Digital education kits have enhanced the quality of learning and increased enrolment.
• Interactive learning tools with curated educational content have benefited teachers.
• Solar-powered appliances such as fridges, copiers, scanners, printers, and roti-rolling machines have created employment opportunities for differently abled individuals and women.
Commenting on the success of the initiatives, Dr. Priyesh Modi, Head of Corporate Social Responsibility at Apraava Energy, said, “We are proud to bring our core value of sustainability through responsibility into action by creating solar-powered solutions for the communities that reside around our operations. These interventions have not only focused on all-round community development, but also helped reduce significant greenhouse emissions. Apraava remains committed to working with the communities to address their needs and contribute to building a sustainable future for India.”
FEATURED
HUASUN SECURES POSITION ON BNEF’S TIER 1 PV MODULE MAKER LIST FOR 2Q 2024
On May 23, Bloomberg New Energy Finance (BNEF) released its latest rankings for Tier 1 PV Module Makers in the second quarter of 2024. Huasun Energy, distinguished by its effective and reliable heterojunction (HJT) products, robust brand reputation, and formidable financial ability, has reaffirmed its position within the Tier 1 classification under more stringent criteria.
BNEF's Tier 1 PV module manufacturer ranking stands as one of the most esteemed and authoritative assessments within the industry, evaluating aspects such as product quality assurance, success in government project tenders, support from financial institutions, among others. The revised criteria for Tier 1 status mandate that PV module suppliers must have supplied their own branded products to a minimum of six distinct projects exceeding 5MW each over the past two years and have secured non-recourse financing from at least six different commercial banks, excluding development banks or ExportImport banks.
Notably, Huasun stands out as the sole photovoltaic manufacturer within the listing by virtue of full HJT projects. This underscores Huasun's focused dedication and expertise in advancing HJT technology, while also signifying the international acclaim bestowed upon Huasun's efficient HJT modules and the industrialization progress by reputable professional evaluators. All projects submitted by Huasun for Tier 1 application exclusively feature the utilization of its Himalaya Series HJT modules, underscoring the superior performance of HJT technology and the unwavering trust bestowed by global clientele. As of 2024, Huasun has supplied about 5GW of highefficiency HJT products to more than 40 countries and regions worldwide, including China, Bulgaria, Germany, Switzerland, Japan, and Tunisia.Ensuring sustained customer satisfaction, Huasun consistently delivers superior quality and service. Concurrently, Huasun remains committed to eco-conscious principles, having reduced the carbon footprint of its G10-144 module to 366.12g/W CO2e, thereby contributing to global carbon reduction initiatives.
As a frontrunner in the industrialization of HJT technology, Huasun has successfully established four production bases in Xuancheng and Hefei, located in China’s Anhui Province, as well as in Wuxi, Jiangsu Province, and Dali, Yunnan Province. This forms a vertically integrated industrial chain encompassing silicon wafers, cells, and modules, with an annual capacity of 20GW, firmly establishing itself as a leader in HJT production capabilities. Continuing to delve into the potentials of n-type HJT technology, Huasun has solidified its Tier 1 position, reaffirming its steadfast dedication to technological advancement and extensive manufacturing capabilities. Moving forward, Huasun pledges to maintain vigilance over market trends, serving the global clients with cutting-edge products and top-tier services. In doing so, it aims to propel the photovoltaic sector to the forefront of global energy provision, thereby fostering the transition towards a greener, zero-carbon future.
FEATURED
GOODWE RELEASES 2023 CSR REPORT, MARKING A YEAR OF STRENGTHENING ESG MANAGEMENT
GoodWe, a global leader in solar inverter manufacturing and renewable energy solutions, has released its 2023 Corporate Social Responsibility (CSR) report, demonstrating its commitment to supporting the United Nation’s Sustainable Development Goals (SDGs). Released on April 26, 2024, the report highlights GoodWe’s efforts in corporate governance, product responsibility, sustainable operations, industry engagement, employee development, and community contributions.
The release of the CSR report offers us an opportunity to remain transparent.” Daniel Huang, CEO of GoodWe, stated, “Integrating sustainability into our business strategy is crucial for the longterm development of the company. We’ve focused on renewable energy transition, employee well-being, industry cooperation, and community engagement, and more, hoping to cultivate a responsible supply chain that benefits the larger community.”
Throughout 2023, GoodWe pursued its sustainability development through a series of objectives and initiatives, some of which include:
Establishment of a dedicated team, Sustainable Development Research Institute, responsible for the organization’s ESG strategies and plans
Investment of 0.47 billion RMB in R&D, and has maintained R&D capabilities of over 1,000 professionals
Hosting of the Inverter Installation Experience Workshop within the company to enhance product quality and customer experience through collaborative problemidentifying and solving
Achievement of an annual green power generation of 2.57million kWh at GoodWe’s main manufacturing base, Guangde Industrial Park in Anhui province, China
Accumulation of certifications for 16 inverter products with carbon footprint certificates and 2 with Environmental Product Declaration (EPD) certificates, responding to the challenges of climate change
Launch of Community Display Centers in China and Australia, engaging the general public to share the knowledge of distributed power generation and usage
Delivery of 1604 training sessions, 40 average hours of training per employee, fostering professional development
Implementation of 497 communication and training sessions with suppliers to enhance the supply chain’s green performance
Donation of 1,000,000 RMB for the construction of 8 public welfare distributed power stations with around 376 kw installed capacity in total, bringing the renewable power generation income to backward areas
Dr. Kenan Zhang, Director of GoodWe Sustainable Development Research Institute, shared further plans for sustainability improvements, noting that “the report reflects our ongoing commitment to CSR excellence. Moving forward, we’ll extend our efforts to the wider ESG field, setting higher standards for ourselves and our supply chain to pursue a more sustainable future. Our dedicated team is poised to establish long-term focused subjects, initiate strategic plans, and enhance communication among our business partners and ourselves. The ultimate goal is to drive tangible business results which reflect the shareable value of sustainable development and integrated ESG performance.”
GROWATT SHOWCASES EXTENSIVE PRODUCT PORTFOLIO
AND RECEIVES EUPD RESEARCH TOP
PV BRAND AWARDS AT SNEC PV EXPO 2024
Growatt, a global leading provider of distributed energy solutions, successfully concluded its exhibition at the SNEC PV Expo, held from June 13th to 15th in Shanghai, China. The event highlighted Growatt’s receipt of the Top Brand PV 2024 awards in the inverter and energy storage sectors from EUPD Research and showcased an extensive range of solutions for residential, commercial, offgrid, and various other solar applications.
Lisa Zhang, Vice President of Growatt, commented on their accolades, "As a global top four PV inverter supplier, we are deeply honored to receive these awards. They are a testament to our dedication and R&D efforts in energy technologies and our progress in empowering homes, businesses, and communities worldwide over the past decade. Beyond being a solar inverter company, we specialize in innovative energy solutions that help individuals and corporations generate, save, and manage their energy usage."
Recognized as the world’s largest residential inverter supplier for several consecutive years, Growatt presented its latest residential solutions catering to diverse application scenarios. A key highlight was the NEO Series Microinverters for smaller household PV systems. The new NEO 1200-2000M-X offers advanced functionalities such as redundancy, expandability, and smart communication methods. Additionally, the X2 generation inverter product line features a lower start voltage for extended daily operation and an increased maximum string current of 16A, accommodating PV panels with larger wafers.On the residential storage side, Growatt showcased the Battery-Ready series (MIN XH, MOD XH, and MID XH) inverters, with tailored versions for regional markets such as the US, including the MIN 3000-11400TL-XH-US models. These inverters allow users to start with a PV-only system to reduce initial investment and easily expand to a storage system later with their plug-and-play design.
The manufacturer also offers the versatile SPH 10kW HU inverter, which supports up to six units in parallel for a total of 60kW, integrating a generator port and smart load control function to eliminate grid reliance during outages.With ambitions to expand into larger-scale solar system and build a broader distributed energy ecosystem, Growatt presented the WIT 50-100K Inverter and APX Commercial Battery, designed for large corporate and industrial users. The WIT 50-100K inverter features up to ten MPPTs, a 2.0 DC/AC ratio, and uninterruptible power supply (UPS)-grade grid/off-grid switching capability. Furthermore, the company’s popular MAX Series PV inverter now includes the MAX 320-350KTL3X model. This model ranges from 320kW to 350kW with six MPPTs, each of which can be connected to five strings with a maximum MPPT current of 80A. It is also equipped with an intelligent string breaker to enhance the safety of PV power stations.
“Leveraging our extensive experience and cutting-edge technology in the industry, our solutions are now more comprehensive than ever, empowering both small-scale residential systems and large-scale commercial enterprises to harness and store solar power for optimal energy usage,” Zhang concluded, "As we look to the future, we remain steadfast in our pursuit of innovative solutions that will drive the global transition to renewable energy and ensure a brighter, more sustainable world for generations to come."
DRIVING CHANGE : SOFAR’S PV & ESS INNOVATIONS
TAKE CENTER STAGE AT INTERSOLAR 2024
SOFAR, the global leading provider of PV & ESS solutions, unveils the brand-new residential ESS Power All and SOFAR Cloud monitoring system at Intersolar, the impressive display of which attracts many visitors to the booth.
SOFAR PowerAll– Ideal for Future Home Energy
The three-phase PowerAll embodies the company’s commitment to simplicity, safety, flexibility and intelligence in energy solutions. With features like plug-andplay installation for reduced costs, built-in battery optimizer for automatic calibration, extended warehouse storage capabilities without recharging, and parallel redundancy to prevent single points of failure, it sets a new standard in reliability and efficiency. Safety is also paramount in the design. Apart from electricity and cell separation, aerogel pads, explosion-proof valves to mitigate thermal runaway risks, there’s comprehensive cell temperature monitoring for enhanced protection. The flexibility of the system is unmatched, boasting a modular design for seamless power and capacity expansion, active equalization for easy integration of batteries with varying specifications, and an integrated auto-switch for uninterrupted backup power. Furthermore, intelligence is at the core of the new PowerAll, with a multi-function EMS enabling AC EV charging energy management, fast monitoring with real-time data reading in just 100ms, and hassle-free maintenance for quick upgrades.
SOFAR Cloud –Energy Management in a Digital Way
The SOFAR Cloud provides an all-scenario O&M solution with real-time operational updates and a decadelong historical data storage for fault analysis. Offering automatic upgrades and batch task processing, it optimizes operations with lower costs, and delivers instant fault alerts with various solutions. Designed for user convenience, the system supports mobile monitoring of millions of devices, allowing remote control to minimize maintenance travel expenses. Its user-friendly interface, easy setup and adaptive interaction cater to global users, while the robust architecture ensures stability, security and quick issue resolution.
SOFAR PowerMagic– Maximize Your Commercial Values
As a marvel of engineering, the PowerMagic is endowed with an efficient liquid cooling system and intelligent temperature control, promising unsurpassed cooling capabilities and energy efficiency. The modular design allows for seamless expansion on both DC and AC sides, accommodating up to 6 units in parallel and boasting a maximum storage capacity of 8MWh. Its compatibility with larger cells and an anti-condensation design ensures longevity and lower LCOS, making it a gamechanger in the market.
SOFAR PowerMaster–Optimal Utility PV Solutions
The PowerMaster is an industry-leading solution embodied with cutting-edge technologies. The 3+2 safety system ensures reliable and uninterrupted operation at all times. Notably, the air-liquid hybrid cooling system sets an industry standard by reducing heat dissipation loss by approximately 30%. Moreover, the modular design allows for flexible expansion, enabling a single chamber
storage capacity of up to 3.93MWh for diverse capacity requirements. Convinced by the proven capability to offer significant cost savings and ensure a stable power supply, industry partners PVSelected, EFFEKTA and Energynat signed MoUs with SOFAR, emphasizing the company’s strength and influence in the European market and marking a crucial chapter of its journey towards global net-zero ambition.
Frank Yu, Executive Vice President of SOFAR, believes that the releasing of three-phasePowerAll and SOFAR Cloudrepresents another step towards global net-zero goals through an all-scenario solution portfolio and the integration of clean energy and digital technology. “It demonstrates our commitment to accelerating the penetration of affordable renewable energy. By leveraging our R&D capacity, we hope to continue innovating and bring forth solutions to power a sustainable future for all,” he added.
SINENG ELECTRIC UNVEILS LATEST INNOVATIONS AT
INTERSOLAR EUROPE 2024, DRIVING TOWARDS
A SUSTAINABLE FUTURE
Sineng Electric, a global leading PV+ESS solution provider, garnered significant attention during Intersolar Europe 2024 with the debut of its comprehensive product portfolio tailored for diverse applications.
Amidst the bustling atmosphere, Sineng’s booth became a vibrant hub of innovation and collaboration where industry professionals, thought leaders and renewable energy enthusiasts converged to explore Sineng’s all-scenario solutions, each designed to propel the ongoing energy transition forward through technological advancements.
Residential Solar-Plus-Storage Solutions: Pioneering a Low-Carbon Lifestyle
In light of the escalating demands for energy independence, Sineng rolled out the HTC series all-in-one residential energy storage solution. Crafted to ensure uninterrupted power supply during blackouts, this integrated system incorporates energy controller and battery, offering higher energy density for optimized ROI. The solution supports flexible extension and mixed use of old and new batteries. Complementing this solution are the 5-15kW three-phase hybrid inverter and 3-6kW single-phase hybrid inverter. Additionally, the showcased 3-25kW PV inverters can seamlessly connect with the EnjoySolar smart energy management platform, empowering homeowners to monitor real-time energy flow and consumption.
C&I Solar-Plus-Storage Solutions: Enabling Access to Renewable Energy
At Sineng’s booth, the spotlight shines on C&I applications with the showcase of the 125kW string inverter (SN100(X)/110/125PT) and the 1.5MW/3MWh all-in-one C&I energy storage system (EB-3000KWH(Y)-1500M). The 125kW string inverter, featuring IP66 protection, C5 anti-corrosion rating, type II SPD, and built-in arc-fault circuit-interrupter, ensures the superior safety and reliability. Its compatibility with high-current modules and 1.1 times continuous output capability maximize energy generation, significantly slashing electricity bills for businesses. The all-in-one energy storage system integrates string PCS and batteries, considerably streamlining the installation process, while the independent cluster management minimizes the need to connect batteries in parallel on the DC side, thereby enhancing system security.
Utility PV Solutions: Driving Energy Transition with Extraordinary Reliability
Sineng’s product reliability, quality, and performance solidify its competitive edge and influence in utility PV projects. From string inverters, central inverters to MV turnkey stations, Sineng exhibits a diverse array of solutions. Among them, the 350kW string inverter (SP-350K-H1) captured the interest of the visiting EPCs, developers, and investors due to its compatibility with high-power PV modules and exceptional adaptability in challenging terrains. The 8.96MW transformer station (ITS-8960-MV), with MV transformer and switchgear integrated, supports up to 28 units of 350kW string inverters. Additionally, 2 units of 4.4MW central inverter (EP-4400-HAUD) can be configured into an 8.8MW MV turnkey station
(EP-8800-HA-UD/20~35), featuring multiple MPPTs and PID recovery solution to maximize energy yields and lower the LCOE.
Utility-Scale Energy Storage Solutions: Enhancing Efficiency and Optimizing LCOS
As energy storage is on the rise, Sineng remains at the forefront of innovation in this ever-evolving market. The 5MW central PCS MV turnkey station (EH-5000-HB-UD-35) is engineered for 5MWh DC systems, which reduces parallel connections and increases charge and discharge capacity. Its high energy density in a compact footprint, along with grid support features and 1.5 times continuous overloading capability collectively contribute to lowering the initial investments. Additionally, the 8MW string PCS MV turnkey station (EH-8000-HA-MAR-35) comprises 40 units of 200kW string PCS (EH-0200-HA-M), MV transformer, and more. The solution excels in scalability, flexibility, multi-layer protection, and maintenance. It addresses SOC imbalance between different battery clusters and simplifies periodic battery calibration.
Mr. Qiang Wu, Chairman of Sineng Electric, emphasized the opportunities that Intersolar provided “Intersolar serves as a pivotal platform for us to strengthen the connections with partners and customers, offering invaluable insights into the latest industry developments. At Sineng, we firmly believe that our customer-centric approach, extensive technical expertise, comprehensive aftersales service, and broad product offerings are the cornerstones that will not only sustain but also enhance our leadership in this rapidly evolving industry.”
SOLAR IS GROWING FASTER THAN ANY ELECTRICITY SOURCE AS BIG TECH SEEKS CLEAN ENERGY FOR DATA CENTERS
“Solar energy is outpacing all other electricity sources in growth, driven by Big Tech’s shift towards clean energy for data centers. This trend underscores the increasing adoption of renewable energy in powering digital infrastructure.”
CEOs in the renewable energy sector believe the industry is at inflection point, as Big Tech seeks carbon-free energy to power electricity-intensive data centers.
Solar power is already rapidly growing in the U.S. and is forecast to far outpace natural gas in terms of new power plant additions this year.
But renewables face a massive bottleneck to get connected to the grid, and building out transmission lines to support the growth poses a big challenge.
Cheaper batteries are also needed to scale up 24/7 renewable power.
Solar is booming in the United States as power demand surges, outpacing the growth of any other electricity source and disproving claims that the energy transition is a failure. The energy transition from fossil fuels has faced substantial criticism from leaders in the oil and gas industry, who have argued that renewables still represent a fraction of power generation despite decades of investment. Renewables also face reliability problems, they say, when the sun is not shining or the wind not blowing. To be sure, solar remains a small portion of total electricity generation in the U.S., standing at just 3.9% of the nation’s power mix in 2023 compared to the 43% share held by natural gas, according to the Energy Information Administration, the statistical unit within the Department of Energy. And renewables face substantial logistical challenges in connecting to an aging power grid that is not prepared for the level of new demand the U.S. is facing after a long period of little growth. But leaders in the clean energy industry argue that the sector is reaching a turning point, particularly as Big Tech firms such as Amazon and Microsoft seek clean energy to power data centers that are the backbone of the Internet and artificial intelligence applications. The economic argument for renewables has also strengthened, they say, as the price of solar modules and batteries has fallen.
They are cheaper, they are clean and quite frankly easier to site, so the future is going to be renewable energy,” said Andrés Gluski, CEO of AES Corporation, a power company that has signed large power agreements with the likes of Alphabet’s Google unit and Amazon. AES operates both renewable and gas-powered plants.
Amazon, Microsoft, Meta Platforms and Google alone represented 40% of the demand for large, utility-scale solar projects in the U.S. over the past five years, according to a May research note from investment bank UBS. Renewable demand from these companies, which are all committed to 100% clean energy, is poised to climb — artificial intelligence requires 10 times more electricity than the typical Google search, according to UBS.
Solar is forecast to make up 58% of new electricity generation installed in the U.S. in 2024, according to an estimate from the Department of Energy. A record 36 gigawatts of solar is scheduled to be added to the grid this year, nearly double last year’s increase, while battery storage will more than double to 14.3 gigawatts. Just 2.5 gigawatts of natural gas, by contrast, is expected to be installed in the U.S. in 2024, coming in at just 4% of the 62.8 gigawatts of total planned power additions and the lowest number in 25 years. “We’re seeing this kind of surge in demand for clean power,” said Joseph Rand, energy policy researcher at Lawrence Berkeley National Laboratory. “We’ve seen the economics of wind and solar, for example, become very competitive and very attractive to the point where in many parts of the U.S., those are the cheapest forms that … can generate a unit of electricity.”
Historic power usage
The U.S. is facing a historic wave of electricity demand. As geopolitical tensions encourage protectionism, manufacturing is moving back to the U.S. with the support of the CHIPS and Science Act, which aims to increase domestic semiconductor production, the building block of the digital economy. Though electric vehicle adoption slowed at the end of 2023, a record 1.2 million car buyers went electric last year, 7.6% of the U.S. vehicle market — up from 5.9% in 2022, according to Kelley Blue Book. And Big Tech is building out energy intensive data centers to support the artificial intelligence revolution. In 2023, data centers representing three gigawatt hours of electricity were under construction in the top eight U.S. markets, a 46% increase over 2022, according to real estate services firm CBRE. As these trends collide, electricity demand could surge 20% by 2030 after more than a decade of stagnation, according to an April analysis by Wells Fargo. Data centers are expected to make up 8% of U.S. electricity consumption by the end of the decade — more than double their current share, Goldman Sachs said in April. Explosive power demand poses a challenge to the Biden administration’s goal of converting the U.S. power grid to 100% clean electricity by 2035. “The demand growth and the electrification is all kind of a Catch 22 because the more demand you have, the harder it is to decarbonize,” said Ryan Sweezey, principal analyst for North America power and renewables at the energy consulting firm Wood Mackenzie.
FEATURED
Solar vs. natural gas
Natural gas producers are betting that they are better positioned than renewables to meet the demand, particularly from data centers. They argue that gas is cheap, abundant, quickly deployable and above all reliable. Though a fossil fuel, gas is also playing a role in the energy transition by displacing dirtier coal plants, according to the gas industry. “The primary use of these data centers is big tech and I believe they’re beginning to recognize the role that natural gas and nuclear must play,” Richard Kinder, executive chairman of Kinder Morgan, one of the nation’s largest natural gas pipeline operators, told analysts on the company’s first quarter earnings call in April. “They, like the rest of us, realize that the wind doesn’t blow all the time, the sun doesn’t shine all the time, that the use of batteries to overcome the shortfall is not practically or economically feasible,” Kinder said. Saudi Aramco CEO Amin Nasser effectively declared the transition away from fossil fuels a failure during a March energy conference in Houston, saying wind and solar supply under 4% of the world’s energy. Two-thirds of emissions reductions in the U.S. were due to the transition to gas from coal, Nasser said.
Massive backlog
Dan Shugar, the CEO of Nextracker, pushed back against the argument that natural gas will be the biggest beneficiary of data center power demand. Nextracker is a leading U.S. solar firm, building systems that allow panels to track to the position of the sun, improving the efficiency of solar power plants. Shugar pointed to the massive number of renewable projects in the U.S. seeking connection to the power grid. Nearly 2,500 gigawatts of solar, wind and battery projects were requesting connection in 2023, almost double the entire installed capacity of the current U.S. power plant fleet, according to an analysis by Lawrence Berkeley National Laboratory. There were just over 1,000 gigawatts of solar power seeking grid connection last year, nearly 14 times more than the 79 gigawatts of natural gas that is in the power queue, according to Lawrence Berkeley. Solar demand is rising as the power source has become cost competitive with natural gas in areas. Solar for large utility projects costs $29 to $92 per megawatt hour of electricity, while combined cycle gas plants cost between $45 to $108, according to a June analysis by financial advisory firm Lazard. The costs rise for solar with battery storage, however, to between $60 to $210 per megawatt hour, though tax credits under the Inflation Reduction Act can push those prices down to $38 to $171, the Lazard analysis found. “There’ll be some gas, but we believe based especially on the data published by the DOE, the predominant energy source for these data centers is going to be renewable energy,” Nextracker’s Shugar told CNBC in an interview. The tech companies developing data centers have “very serious sustainability goals and don’t want their power coming from fossil,” the CEO said. “The short story is we see data centers becoming an increasingly significant demand driver for renewables both from [an] aggregate demand standpoint as well as an environmentally preferred source of energy,” Shugar said.
The grid isn’t ready
The U.S. could achieve 90% clean electricity by 2035 if about 1,400 gigawatts of wind and solar capacity are deployed, according to a series of reports published by the University of California Berkeley’s Goldman School of Public Policy and GridLab. While the current backlog of renewables would surpass that threshold, getting those projects authorized for connection to the grid and building out the physical transmission lines pose substantial challenges. Only 20% of projects seeking connection to the grid between 2000 and 2018 were actually completed, according to Lawrence Berkeley.
The rate by which renewables are deployed would need to at least triple to achieve 90% clean electricity over the next decade, said Amol Phadke, senior scientist at the Goldman School and Lawrence Berkeley. But it is taking longer to build power plants after their initial application. For plants that came online in 2023, it took about five years from the initial application for grid connection until construction was finished, said Rand, the Lawrence Berkeley analyst. In 2008, it took just two years, he said. The bottleneck for projects applying to connect to the grid should ease later this decade, said Sweezey, the Wood Mackenzie analyst. Building out transmission, on the other hand, is more challenging because the infrastructure requires complex permitting across multiple state, local and federal agencies, he said. “It’s kind of a maze, a labyrinth of a process,” Sweezey said. “We need to start proactively planning to deliver large scale transmission lines” to demand centers, he said. Historically, most utilities haven’t done this type of planning, focusing instead on near-term reliability issues, the analyst said.
Batteries are essential
The other challenge that renewables face is generating enough power to meet demand when sun and wind conditions are not at their peak. Batteries are key to solving this problem by collecting power during peak weather conditions and dispatching the energy later in the day when it is most needed. Right now, most lithium ion batteries on the market typically store four hours of power though this varies depending on the project. This is not enough to provide reliable power for the entire day, analysts say. Batteries that can store eight hours or more of power are needed on a commercial scale, they say. A fully renewable electric grid is not possible today because banks of longer duration batteries are not currently cost effective, said Reid Ramdathsingh, senior renewables and power analyst at the consulting firm Rystad Energy.
“You’re going to have so much downtime on the batteries that it’s a lot of wastage in terms of the cost,” Ramdathsingh said. “It all comes down to the actual pricing and getting that return on the investment.”
But executives at Fluence, one of the leading battery providers for utility-scale projects in the U.S., see the economics becoming more favorable as energy demand rises. Fluence was launched by AES Corporation and Siemens in 2018. John Zahurancik, president of Fluence’s Americas region, said batteries are about 20 times cheaper than they were in the early 2000s. Batteries face a declining value curve in which each hour of storage is less valuable than the previous hour, Zahurancik said. But as energy demand increases, the value of each additional hour should rise, eventually making longer duration batteries more cost effective, he said. “A lot of this is not so much a technology breakthrough needed, it’s been the economics of scale,” Zahuranick told CNBC. “We’ve been steadily driving costs out of systems that we’ve deployed.”
In California, for example, solar energy represented more than 50% of the state’s power supply from 7:45 a.m. until 5:25 p.m., peaking at about 18 gigawatts or 64% of supply around 1 p.m., according to Grid Status, which tracks major U.S. grids in real time. Batteries were a top three energy source from 7:25 p.m. until shortly before 9:20 p.m., peaking at about 6 gigawatts or 20% of supply at 8:25 p.m. “You can do it 100% with renewables, you just need a whole lot more renewables,” AES CEO Gluski said of meeting power demand. “I do agree that we’re going to need natural gas to shore up … renewables until batteries become ubiquitous and cheap enough to make up for that,” he added. AES has signed agreements to provide renewable power around the clock to some tech companies running data centers. One example is an agreement AES signed with Google in 2021 to power its Virginia data center campus with 90% carbon-free energy on an hourly basis using wind, solar, hydro and battery storage resources. While natural gas will act as a bridge fuel, the CEO said he’s not seeing tech companies, for example, asking for new fossil fuel plants to power data centers. “All of them want to be part of an energy transition,” Gluski said. “I don’t see anybody saying build me gas and coal plants to power my data centers.”
SOLAR POWERED IRRIGATION IMPROVES NUTRITIONAL OUTCOMES IN CHATTISGARH TRIBALS
In Chhattisgarh, solar-powered irrigation has enhanced nutritional outcomes for tribal communities, promoting sustainable agriculture and improving food security.
Limited dietary intake and lack of variety in the meals of tribal families was a cause of malnourishment and stunting among young children in Chattisgarh. This was because the only source of irrigation in the villages was rainfall and so most of the cultivation was done during the monsoons while people either migrated out for work or survived with whatever work they could find. But all this changed after villages in Koriya, Surajpur and Surguja districts were electrified in 2021 through solar panels in every household. Solar photovoltaic sheets convert solar energy to power water pumps at communal taps, light street lamps and provide electricity in these villages. A 90 percent subsidy has been provided by the state government to set up solar pumps and this has helped villagers to irrigate their farmlands. A total of 20,000 irrigation pumps have been installed and about 466 hamlets have been electrified through solar panels in the three districts. After the villages were solar powered, people began irrigating their fields through solar irrigation and drips by drawing water. In 2023, Watershed Organisation Trust (WOTR) reached out to these villages and helped them switch to organic farming for vegetables and develop kitchen gardens in their backyards. They were provided 11 varieties of seeds comprising proportionate amounts of greens, reds, and yellows to complete an all-colour diet. Around 288 households in the region are now regularly harvesting vegetables from their nutrition gardens, feeding nutritious food to their children, and supplementing their families’ incomes.
Green jobs on the rise in India’s renewable energy industry India stands 4th globally in renewable energy installed capacity, 4th in wind power capacity and 5th in solar power capacity, as per International Renewable Energy Agency – Renewable capacity statistics 2023. The recent government initiatives have played a major role in this. For example, the Ministry of New and Renewable Energy has approved 50 solar parks with an aggregate capacity of around 37,490 MW in 12 states across the country as of November 2023. India has also committed to an ambitious 5 part Panchamrit pledge that included reaching 500 GW of non fossil electricity capacity, generating half of all energy requirements from renewables, to reducing emissions by 1 billion tonnes by 2030 at the COP26 held in 2021. India also aims to reduce the emissions by 45 percent and commits to net zero emissions by 2030. About 44 percent of India’s energy requirements at present come from non fossil sources and these are likely to increase as high as 65 percent by 2030, much higher than what it pledged for in the COP Summit in 2021 (Times of India).
Dolphins thrive in the Ganges
The unprecedented efforts being made by the government through the Namami Gange Mission to make Ganga clean and pure, seem to be producing results. The dolphin population is increasing in the river. Experts see this as a positive development that indicates that the dolphins are getting a favorable environment in the Ganga as the water of the river is clean. The number of dolphins is expected to further increase in the coming years.
According to the Wildlife Institute of India, the Ganga and its tributaries harbour about 4,000 dolphins. The number of Gangetic dolphins in Uttar Pradesh is expected to be 2,000, which is more than half of the total number of Gangetic dolphins found in India. This is because of the new tourism policy for the state that has declared the Chambal area as a Dolphin Sanctuary, which has recorded 111 dolphins.
Human activities are changing rivers by altering decomposition rates: Study
Agriculture and urbanisation are likely speeding up the process of breakdown of plant litter in rivers and streams globally, which could contribute to increased greenhouse gas emissions and disrupt the food chain, finds a new study.
Leaves that reach the rivers are decomposed by bacteria and fungi. They are, in turn, consumed by insects, which are then preyed upon by fish. Faster decomposition rates mean the carbon is released into the atmosphere even before the insects get a chance to absorb the carbon from the leaf. This increase in decomposition rates may be problematic for the global carbon cycle and animals, like insects and fish, that live in streams.
The study found that accelerated decomposition rates were observed at higher altitudinal areas in tropical regions such as Central America, the Amazon basin, Western Africa, and the Indo-Pacific. Many areas in middle latitudes with known human impacts such as central Europe, eastern China, central North America, southeastern South America, and Japan also saw elevated decomposition rates while boreal forests exhibit slower rates, especially in northern Asia, eastern Scandinavia, and northeastern Canada. The drivers of increased decomposition rates were higher temperatures and increased nutrient concentrations.
Odisha villagers unite to deal with forest fires
Forest fires continue to destroy ecosystems, threatening both wildlife and local livelihoods. However, villagers from a remote village of Nitigotha have come together to save their forests and prevent forest fires.
The villagers of Nitigotha, who have a deep reverence for the forests that surround their homes, came together and decided not to let the flames consume their natural heritage. They rushed to the forest’s edge, using whatever tools and resources they could find to battle the blaze. Armed with determination and a collective sense of purpose, they cleared away flammable vegetation and prevented the fire from spreading further into their village.
The impact of forest fires extends far beyond the immediate destruction. For example, when the forest is damaged, the animals that rely on it for shelter and sustenance are forced to venture closer to human settlements, leading to increased instances of human-wildlife interactions.
Recognising the urgent need to address these interrelated challenges, the community of Nitigotha has been working closely with the local authorities and conservation organisations to develop a comprehensive strategy for forest fire prevention and management.
One such initiative involves the formation of a multi-stakeholder ‘multi-actor process’ that brings together the pidho (a traditional institution involving a group of villages) leaders, government officials, Panchayati Raj Institution (PRI) representatives, civil society organisations and community members. This platform allows for the open exchange of ideas, sharing of data-driven insights and the coordinated implementation of interventions. The villagers of Nitigotha have also worked along with their local Gram Panchayat Development Plan (GPDP), leveraging funding and resources to support their initiatives. The local authorities have recognised their efforts, commending their dedication and offering to reward other villages that follow the example of Nitigotha.
JSW STEEL’S NEW COATED STEEL PRODUCT TO POWER RENEWABLE ENERGY SECTOR
JSW Steel introduces a new coated steel product designed to enhance the renewable energy sector, supporting the development of sustainable energy infrastructure.
JSW Steel is venturing into the production and sale of a new Zinc-Magnesium-Aluminium alloy coated steel product, JSW Magsure, with the aim to capture 50% of the domestic market share in FY25, Ashwani K Sharma, executive vice president of JSW Steel Coated Business, said in an interview. The move is expected to help India become selfreliant in coated steel products, and is likely to spur demand from the domestic renewable energy sector and other allied sectors. In FY24, the entire demand of 120,000 metric tonnes was met through imports. The company has an order book of 35,000-40,000 metric tonnes until July, out of which nearly 15,000 metric tonnes have already been fulfilled, including 5,000 metric tonnes supplied to Adani Green Energy.
We aim to secure a domestic order book of more than 120,000 metric tonnes for this product, anticipating demand will double this fiscal year. In the first two months, we have delivered 15,000 metric tonnes to major solar clients, such as Adani Green Energy, Amplus Solar, Ayana Renewables, and Intech Solar,” Sharma said. “By FY26, we plan to achieve 70% market share in this category.”
Market Domination
By July, the company will supply an additional 5,000 metric tonnes of JSW Magsure to Adani Group’s green energy arm. Discussions are also underway with Reliance, NTPC, Whirlpool, LG, Samsung, and Haier. Sharma said the company currently has a 71% market share in the solar sector with its existing steel products.
“JSW Magsure will help us capitalize on emerging opportunities in the Indian market while supporting the government’s 2030 renewable energy targets and Atmanirbhar Bharat mission,” said Jayant Acharya, joint managing director and chief executive, JSW Steel, in a statement.
Forging New Frontiers
JSW Steel is the first and only Indian steel company to manufacture and market the alloy coated steel product. This patented innovation, along with other value-added offerings, will be manufactured at its facilities in Karnataka and Maharashtra, with a total capacity of 0.9 million tonnes per annum (MTPA). It has invested around ₹500 crore to set up these facilities.
Since 2020, the Indian Zinc-Magnesium-Aluminium alloy coated steel market has expanded over sixfold from 15,000 metric tonnes to around 120,000 in FY24. JSW expects demand to double to 250,000 tonnes in FY25, reaching a market size of at ₹2,200 crore, primarily fuelled by the renewable energy sector.
INDIA
Galvanized steel undergoes a coating process with a Zinc, Magnesium, and Aluminium alloy, engineered to provide superior corrosion resistance in adverse conditions. This makes the product suitable for various applications, including steel structures in solar installations, silos, guardrails, AC components, and more, which require a higher level of protection against corrosion.
According to the company, India’s reliance on imports has been significantly limiting supplies. “JSW Magsure aims to address the supply limitation by offering an indigenous Made in India product with the shortest delivery timelines,” it said in the statement.
Export Markets
JSW Steel is also exploring export opportunities for JSW Magsure in Europe and the Middle East as the product is manufactured by a handful of global firms like ArcelorMittal, Nippon, and POSCO, using patented technologies. Currently, India imports a majority of the product from South Korean and Chinese firms.
It plans to export 30,000 metric tonnes of SW Magsure in the current fiscal year. “International market size is around 3 million tonnes and we have only sent a few small commercial lots of a few hundred tonnes to Europe for test marketing. We have not contacted any overseas players yet, but by the third quarter of FY25, we plan to export it. This is to be a global product for us.”
HOW CLIMATIC ROADBLOCKS MAY DERAIL INDIA’S PLAN TO BECOME FASTEST-GROWING G20 NATION
Climatic challenges, including extreme weather events and resource shortages, threaten India’s economic growth and its ambition to become the fastest-growing G20 nation. These obstacles can disrupt agriculture, infrastructure, and overall development, requiring urgent climate resilience measures.
The impact of extreme weather extends beyond agriculture. About 93% of India’s workforce is in informal jobs without guaranteed working conditions. When temperatures exceed 40°C, many laborers must stop working to avoid heatstroke, disrupting construction and other outdoor activities crucial for development. Despite its geographical constraints, India has managed to support nearly a fifth of the world’s population. However, recordbreaking temperatures, such as the recent 52 degrees Celsius (125.6 degrees Fahrenheit) in New Delhi, indicate that the country’s climate resilience is being severely tested, posing a critical challenge for both its inhabitants and its broader economic ambitions. India, with its limited natural resources, is more vulnerable to climate change compared to Europe, North America, and China, which have more robust natural endowments. The fragile gains India has made are at risk of being eroded by climate change, threatening the foundations of its growth. Prime Minister Narendra Modi’s election campaign during the Lok Sabha elections highlighted the BJP ruled government’s success in making India the fastest-growing G20 economy. However, much of this progress is dependent on favourable weather conditions. India’s agriculture, the largest in the world after China, relies heavily on the southwest monsoon rains from June to September.
Pre-monsoon heatwaves have become another challenge, affecting crops from March to May. For instance, a heatwave in 2022 reduced wheat output by about 4.5%. The lack of refrigeration and high temperatures can spoil produce before it reaches consumers, leading to increased vegetable prices, which have risen at double-digit rates in eight of the past ten months. This puts pressure on living costs and forces many to rely on cheaper, less nutritious food. The monsoon rains, while breaking the heat, can also bring severe downpours, flooding fields and washing away crops. Hailstorms are becoming more frequent, as seen in Kashmir, which experienced 27 hailstorms in 2022 compared to just two in 2007. Recently, a Reserve Bank report also highlighted that frequent weather shocks caused by climate change pose challenges for monetary policy as well as downside risks to economic growth. The report said that climate change has increased the frequency and ferocity of weather shocks, posing challenges for monetary policy. Climate change directly impacts inflation through adverse weather events affecting agricultural production and global supply chains, climate change could impact the natural rate of interest, and the after-effects of climate change might weaken the transmission of monetary policy actions to financing conditions faced by households and firms.
In the absence of any climate mitigation policies, the long-term output will be lower by around 9 per cent by 2050 vis–vis a no climate change scenario with full pass-through of the physical risks of climate change to the economy. “Lower productivity may lead to a fall in the natural rate of interest. Frequent shocks to inflation will, however, necessitate tighter monetary policy even with a lower natural rate of interest,” the RBI had said. The report also stressed that frequent weather-related disturbances due to climate change pose downside risks to the baseline growth path.
The impact of extreme weather extends beyond agriculture. About 93% of India’s workforce is in informal jobs without guaranteed working conditions. When temperatures exceed 40°C, many laborers must stop working to avoid heatstroke, disrupting construction and other outdoor activities crucial for development. India’s construction sector, vital for economic growth, faces significant challenges due to both heat waves and monsoons. Currently, India has only about 30% of the urban infrastructure needed by the end of the decade. India, responsible for a minimal share of global carbon emissions, must still address its future climate resilience. While solar power installations are increasing, India lags behind China in renewable energy deployment. Public charging infrastructure for electric vehicles is also inadequate, with only 12,146 stations, far short of the number needed by 2030.
All political factions in India share the goal of becoming a prosperous nation. However, this goal is jeopardized by increasingly severe weather patterns. India risks being trapped in a carbon-intensive past, unable to build a sustainable, future-proof economy due to its own extreme climate conditions. The global economy is expected to lose around 19 per cent of income by 2050 due to extreme weather conditions triggered by climate change, according to a study published in Nature journal. India is expected to face a steeper decline, losing 22 percent of its income, according to researchers from the German state-funded Potsdam Institute for Climate Impacts Research, who also predict a global annual economic loss of $38 trillion
by mid-century, even with significant reductions in carbon dioxide emissions starting now. Last month, S&P, Morgan Stanley and Moody’s too have revised India’s growth projections upwards. S&P revises India’s growth projections from 6.4 per cent to 6.8 per cent, Morgan Stanley from 6.1 per cent to 6.8 per cent and Moody’s from 6.6 per cent to 8 per cent for the current fiscal. The growth projections were revised upward by rating agencies, reflecting both
UTTAR PRADESH ACHIEVES
RECORD-BREAKING ELECTRICITY
SUPPLY, SURPASSES MAHARASHTRA IN RENEWABLE ENERGY INTEGRATION
Uttar Pradesh achieves record-breaking electricity supply, surpassing Maharashtra in renewable energy integration, marking a significant milestone in sustainable energy transition.
TINDIA
global and domestic optimism in the country’s economy on the back of robust manufacturing activity and infrastructure spending. Moody expects India to be the fastest growing economy among the G-20 countries on the back of strong government expenditure and domestic consumption. The Modi government has raised capital expenditure from 2 per cent of GDP nine years ago to 3.8 per cent of GDP in the interim budget of 2024, that is about 4.5 times since 2014-15.
his achievement comes amid an intense heatwave that has been gripping the country, particularly the northern and central regions. The soaring temperatures have driven the electricity demand to a new rise as residents seek relief from the sweltering conditions. Uttar Pradesh achieved recordbreaking electricity supply and emerged victorious in effectively integrating renewable energy sources, surpassing Maharashtra. As of May 28, 2024, the state achieved a record electricity supply of 29,282 megawatts (MW), ascending Maharashtra’s highest peak demand of 27,517 MW recorded on May 23. Maharashtra had held the top position for the past two years. This achievement comes amid an intense heatwave that has been gripping the country, particularly the northern and central regions. The soaring temperatures have driven the electricity demand to a new rise as residents seek relief from the sweltering conditions.
Weekly Peak Demand Met Successfully
Uttar Pradesh’s power sector has been put to the test with the following peak demands met successfully over the past week:
– May 23: 28,010 MW
– May 24: 29,147 MW
– May 25: 29,215 MW
– May 26: 29,084 MW
– May 27: 29,261 MW
– May 28: 29,282 MW
– May 29: 29,077 MW
Despite the escalating temperatures, the Uttar Pradesh Power Corporation has been able to continuously supply electricity to meet the increased demand. The state’s power infrastructure includes approximately 4,634 substations serving both rural and urban areas.
Addressing Power Supply Challenges
The surge in electricity demand has impacted only 40 substations, where immediate actions have been taken to ensure a stable power supply by redistributing the load to nearby substations. Efforts are underway to implement permanent solutions as part of the business plan for these stations.
Energy Minister AK Sharma highlighted Uttar Pradesh’s accomplishment, stating, “Earlier Maharashtra held the record of meeting the highest demand in the entire country but now Uttar Pradesh surpassed its record this year.” He added, “We are not only fulfilling the historical demand in Uttar Pradesh, but we are also moving towards supplying it to the entire country.”
Innovations to Combat Heat-Induced Strain on Infrastructure
The extreme heat has caused transformers to overheat and sometimes malfunction. To mitigate this, the state has installed cooling systems to prevent transformers from overheating. “This year the situation is under control. Due to some faults, there are disruptions at many places, and we have made arrangements to fix them,” Minister Sharma assured the people, and asserted that there had been prompt measures in place to address any disruptions caused by faults in the power supply system.
“The Energy Department is making every effort to provide 24-hour power supply to consumers, whether in rural areas or urban areas,” Sharma emphasized.
BILLIONAIRE GAUTAM ADANI’S GREEN TARGETS QUESTIONED IN SNOWCAP ANALYSIS
A recent Snowcap analysis has raised questions about billionaire Gautam Adani’s green targets, scrutinizing the feasibility and transparency of his environmental commitments and sustainability initiatives.
Snowcap Research said ambitious generation predictions and concealed accounting add-backs likely inflated Adani Green’s crucial Run-rate EBITDA metric. Activist investment firm Snowcap Research published a report on Adani Green Energy Ltd focussing on findings related to operational performance, project returns, funding concerns, run-rate EBITDA and related party merchant power sales. The advisory firm said in its analysis that ambitious generation predictions and concealed accounting add-backs likely inflated Adani Green’s crucial Run-rate EBITDA metric. This was also concealed from investors, the report said, claiming, “This includes interest earned on loans, one-off late payment surcharge, and non-cash accounting gains. Not only is this seemingly inconsistent with Adani Green’s reporting of its headline EBITDA number, we believe it is nonsense to include one-off items and non-cash accounting gains in a “run-rate” metric”.
As per Snowcap Research, Adani Green’s projects have yielded an average unlevered return of just 11–12% over the last three years while the firm said that it could generate up to 17% in attractive returns on its projects which will be more than its competitors. “Adjusting for accounting gimmicks, we estimate that Adani Green has achieved an average ~11-12% Return on Capital on projects completed in the past 3 years. For context, Adani Green’s cost of debt is 9.5%,” Snowcap Research noted. The research said that Adani Green’s high debt payment load and declining project returns resulted in minimal free cash flow in recent months, adding, “By our own modelling, we estimate Adani Green can meet just 50% of its 50GW target funding requirement by 2030 – even with the announced equity injection from promoters.”
RECORD INVESTMENTS PROPEL INDIA’S GREEN ENERGY AND TRANSPORT INFRASTRUCTURE EXPANSION: MOODY’S RATINGS-ICRA
Moody’s Ratings-ICRA reports record investments are driving the expansion of India’s green energy and transport infrastructure. This surge in funding supports significant growth in renewable energy projects and sustainable transport, enhancing the country’s efforts towards a green transition.
India is experiencing a transformative wave of investments in its infrastructure, driven by strong economic growth and robust government support. According to recent reports from Moody’s Ratings and ICRA, the country is set to witness substantial capital inflows into both the energy and transportation sectors, reinforcing its commitment to a sustainable and well-connected future.
Moody’s Ratings has highlighted the immense financial commitment required for India’s energy transition. The nation aims to significantly expand its renewable energy capacity, targeting an impressive 500 gigawatts (GW) by 2030. To achieve this, Moody’s estimates that an investment ranging from USD 190 billion to USD 215 billion will be necessary over the next seven years. Furthermore, an additional USD 150 billion to USD 170 billion will be required for upgrades in electricity transmission, distribution, and energy storage.
Abhishek Tyagi, Vice President and Senior Credit Officer at Moody’s, said, “The sizeable pipeline of announced projects will keep the financial leverage of renewable power companies rated by Moody’s high over the next 2-3 years, a credit negative, but the leverage of government-related issuers will remain moderate over the same period, given their relatively strong balance sheets.”
He also noted that while coal will continue to play a significant role in electricity generation over the next decade, the robust pipeline of projects and stable government policies will support the credit quality of energy companies, particularly those related to the government, which will maintain moderate leverage due to strong balance sheets.
“We expect the strong growth in India’s renewable energy capacity to continue, although coal will remain a major source of electricity generation over the next 8-10 years,” Tyagi said. The progress in renewable energy is further underscored by the increase in its share within India’s power capacity mix, which reached around 43 per cent by the end of fiscal 2024. The sustained policy support is crucial for India to achieve its 2030 transition targets and the ambitious goal of net-zero emissions by 2070. ICRA, an affiliate of Moody’s in India, has forecasted a substantial rise in investments across various transportation infrastructures, including roads, ports, and airports. This surge is expected to be fueled by solid government backing, escalating capital expenditures, and a broad pipeline of upcoming projects. The Ministry of Roads, Transport and Highways (MoRTH) has significantly increased its budgetary allocation for the road sector, which now stands at Rs 2.7 lac crore for fiscal 2025, marking an over eightfold increase in the past decade with a 22 per cent compound annual growth rate. Girishkumar Kadam, Senior Vice President and Group Head of Corporate Ratings at ICRA, predicted that road construction would grow by 5 per cent to 8 per cent, reaching 12,500 km to 13,000 km in fiscal 2025, following a robust 20 per cent expansion in fiscal 2024.
Kadam said, “India’s road construction will likely grow 5 per cent-8 per cent to 12,500 km-13,000 km in fiscal 2025, following a robust expansion of around 20 per cent in fiscal 2024. This pace of execution will be supported by a healthy pipeline of projects, increased government capital outlay and greater focus on project completion by MoRTH.”
India’s maritime infrastructure is also set for substantial growth under the Maritime India Vision 2030. The plan aims to enhance port capacity and infrastructure over the next decade, though it may lead to increased competition and pricing pressures due to potential supply-demand mismatches in some regions. ICRA anticipates a 6 per cent to 8 per cent increase in cargo volumes in the current fiscal year, driven by healthy growth in the container and coal segments, despite potential challenges from slower global trade and geopolitical tensions. Airport infrastructure is another critical area of focus, with anticipated investments of Rs 55,000 crore to Rs 60,000 crore over the next three to four years.
These investments will fund projects like new greenfield airports, brownfield developments, and expansions of existing airports under the Airports Authority of India. This development is expected to boost passenger traffic by 8 per cent to 11 per cent, reaching around 407 million to 418 million passengers in fiscal 2025, supported by increased leisure and business travel, improved connectivity, and a rise in international travel. Additionally, ICRA foresees significant investments in data centers, driven by rapid digitalization and favorable policy measures. An estimated Rs 1.5 lac crore will be invested in this sector over the next five to six years. However, ICRA cautions that the addition of large capacities and growing competition could moderate returns for companies in the sector.
GOVT TO FOCUS ON INCREASING CONTRIBUTION OF RENEWABLES IN INDIA’S ENERGY MATRIX: PRALHAD JOSHI
India’s government, led by Minister Pralhad Joshi, plans to boost the role of renewable energy in the nation’s energy matrix. This move aims to reduce dependence on fossil fuels, enhance energy security, and support sustainable development. Investments in solar, wind, and other renewables are expected to drive this transformation, aligning with global environmental goals and India’s climate commitments.
The government will continue to increase the contribution of clean energy in India’s energy matrix, senior BJP leader Pralhad Joshi, who took charge as Union Minister for New and Renewable Energy said. He was accompanied by his wife, daughter and son-in-law. Before taking charge, the minister along with his family members took off his footwear and offered prayers. Speaking to reporters, Joshi said under the guidance of Prime Minister Narendra Modi, a lot of development has happened in this sector and the country stands fourth globally in renewable energy in terms of installed capacity.
“The PM has put faith in me to lead this department and I will try to work hard to live up to his expectations,” he said. On the priorities for the sector, he said, “This (new and renewable) sector is already contributing towards India’s energy security, and we will work in this direction. I will also review the 100-day plan which has now changed to 125 days.” A long-time BJP worker, Joshi, was allocated the portfolio of New & Renewable Energy in the Narendra Modi-led NDA government. He replaces R K Singh who lost the Lok Sabha election from the Arrah constituency. Joshi is a five-time member of Parliament from the saffron party’s bastion of Dharwad in Karnataka. He won the Dharwad Lok Sabha seat by a margin of 97,324 votes, defeating Congress’ Vinod Assoti in the recently concluded Lok Sabha polls.
RENEWABLE ENERGY PUSH LIKELY TO BE INSULATED FROM COALITION COMPULSIONS
The push for renewable energy is expected to remain robust despite coalition politics. This insulation ensures continued investment and policy support for green initiatives, promoting sustainable energy sources like wind and solar power. The unwavering commitment to renewable energy highlights its importance in achieving long-term environmental goals and reducing carbon emissions, regardless of political dynamics.
Industry insiders and experts expect Modi 3.0 to continue with clean-energy policies. They also expect it to prioritise power-sector reforms and incentives for large-scale battery storage systems and green hydrogen Prime Minister Narendra Modi, sworn in for a third successive term on June 10, is likely to continue the push for renewable energy even as his government tries to balance India’s energy security and emission commitments, experts and industry players have said. RK Singh, who as the minister for power and new and renewable energy led the clean-energy push, lost the recently concluded Lok Sabha elections. His replacement is not known as portfolios are yet to be allocated to the 71-member council of ministers who took the oath of office along with Modi.
Last year, the government said that we have to add a capacity of 50 gigawatt of renewable energy every year. We are quite confident that there will be continuity even with the changes within the government with the percentage held by coalition partners changing,” JSW Energy chief executive officer and joint managing director Sharad Mahendra told Moneycontrol in an interview on June 10. In its previous term, the Centre said it aimed to achieve 50 percent cumulative installed power generation capacity from non-fossil fuel sources by 2030. India will have to add about 50 GW of renewable energy capacity annually over the next five years, beginning 2024, to meet the ambitious target. So far, India’s best performance has been 15 GW a year.Coalition politics may not hurt plans
Industry insiders and experts are hopeful that under the new government, where BJP’s allies will have a much greater say, climate-change measures will remain a priority and the policy push towards renewable power would continue across the value chain. They also expect the government to support decarbonising of heavy industries. It’s too early to say anything decisive but policies in the renewable energy sector should continue, Vikram V, Vice President & CoGroup Head, Corporate Ratings at ICRA, said. “There may not be much resistance from the coalition partners in the new government on the policies for renewable energy, given the importance of moving towards sustainable sources of energy and also as the energy is being sourced at a competitive cost,” he said. Unlike other issues where the government may face challenges in getting all NDA partners on board, it would be easier to arrive at a consensus on renewable energy policies, as most other parties, including the opposition Congress, give it top billing.
Mind the gaps
While the renewable energy sector has grown manifold in the previous two NDA terms, there are significant gaps that need to be filled to build generation and evacuation capacities and financing. According to the draft National Electricity Policy, the estimated fund requirement for solar and wind projects during 2022-2032 is Rs 20.67 lakh crore. The industry is hopeful that the government will support it with an increase in the capital expenditure for the new and renewable energy segment in its full budget for 2024-25, expected in July. One big announcement ahead of the election was PM Surya Ghar: Muft Bijli Yojana rooftop solar scheme with an outlay of Rs 75,021 crore.
The rooftop solar programme is one of the biggest announcements in the power sector; other than that, there has not been any big-bang reform,” Suman Chowdhury, chief economist and head of research, Acuite Ratings & Research, said. “But what the previous government has done is they have consistently taken measures to incentivise higher efficiency of state discoms. They have issued several grants and financial support for improvement in efficiencies as many discoms incur losses.”
Chowdhury, like other experts, said much of the growth in the renewable sector would be tied to resolving the pain points in the power-distribution sector. “There is definitely a need for consistent reforms in power distribution, which is controlled by the state government. In my opinion, this will continue as there is no option because this has severe implications for the consolidated fiscal deficit of India,” Chowdhury said. While the government will have to prioritise power-sector reforms, which will need the support from states, all eyes will be on Delhi for more incentives for largescale battery storage systems, green hydrogen and manufacturing for the renewable energy sector.
9,300 HOUSEHOLDS KEEN ON TAPPING SOLAR ENERGY
In a significant shift towards renewable energy, 9,300 households have expressed interest in adopting solar power. This growing enthusiasm highlights the increasing awareness and commitment to sustainable living, reducing dependence on traditional energy sources, and contributing to a greener environment. The move underscores the potential of solar energy in transforming residential energy consumption and promoting eco-friendly practices.
In a leg up to the generation of renewable energy in Goa, over 9,300 households have registered for the PM Surya Ghar Muft Bijlee Yojana for which the operational guidelines were finalised last week and all-India rollout began just lately. Of the total registrations, the scheme as of now will generate 3,508 kw of solar power from 374 households which submitted applications, disclosed a senior official from the GEDA. He said that 59 solar equipment with a total capacity of 497 kw have already been installed under the scheme. The Muft Bijlee scheme offers electricity at low cost to 10 million households across the country, with free electricity up to 300 units every month. It aims to encourage solar power generation by household consumers through a subsidy. The scheme replaces the previous Grid Connected Rooftop Solar Phase II Programme which had been going on since 2019. In Goa the phase II programme has been unable to achieve the target of 150 mw of solar power generation set by the government. The state generated only 4.7 million units (mu) of electricity from rooftop solar power and ground-mounted solar plants in 2022-23, as against total consumption of around 4,430.7 mu of electricity. The PMSG scheme gives higher subsidy of 60% of the benchmark cost of 2kwp as against 50% offered in the earlier scheme. It aims to empower residential households to generate their own electricity and achieve a countrywide target of one crore solar installations with renewable electricity generating capacity of 1,000 billion units in the residential sector by 2027. The Union ministry has said renewable electricity of 1,000 billion units will result in reduction of 720 million tonne of CO2eq emission during the 25 years of lifetime for the rooftop solar projects. The scheme is not for government organisations, commercial or industrial consumers. To be eligible, consumers have to fund the initial investment.
The solar installation must be grid connected with a valid power connection from the electricity department. Further the system needs to be placed on the rooftop, terrace, balcony or on top of a elevated structure. benchmark cost under the PMSG scheme has been fixed at Rs 50,000 per kw for a one kw system, on which the central financial subsidy amounts to Rs 30,000 per kw. The scheme will be implemented by the electricity department, which will also verify the solar installations.Consumers have the option to forgoing the subsidy under the scheme by enabling the Give It Up option on the national portal.
JAKSON GREEN SECURES INR 600 MILLION TO ADVANCE RENEWABLE ENERGY PROJECTS
Jakson Green has secured INR 600 million in funding to advance its renewable energy projects. This investment will support the company’s initiatives in developing and expanding its portfolio of clean energy solutions, including solar and wind projects. The funding aligns with Jakson Green’s commitment to sustainability and reducing carbon emissions, contributing to India’s renewable energy goals
Jakson Green, a new energy transition platform, has secured a sustainable trade facility of INR 600 million ($7.2 million) from HSBC India. This funding will support the company’s working capital requirements for its renewable energy business in India and internationally. Jakson Green is focusing on expanding its renewable energy projects, including solar, green hydrogen, and green ammonia, in regions such as the Middle East, Africa, CIS countries, and Europe.
Chandan Goswami, CFO of Jakson Green, emphasized that the partnership with HSBC India enhances their renewable energy efforts both domestically and globally.
Ajay Sharma, Head of Commercial Banking at HSBC India, reiterated their commitment to supporting the clean energy transition in India and aiding Jakson Green’s growth in the sector. The company, led by renewable energy veteran Bikesh Ogra, aims to deliver 15 GW of clean energy by 2030 and has set up an electrolyser manufacturing unit to support its green hydrogen projects. Jakson Green plans to produce over 0.5 million tons per annum of green hydrogen and ammonia by 2030
GAUTAM SOLAR PARTNERS WITH REDINGTON TO EXPAND ITS SOLAR MODULE FOOTPRINT
Gautam Solar, one of India’s leading manufacturers of Solar Modules has partnered with Redington Limited, a leading technology solutions provider for distributing Gautam Solar’s high-efficiency Solar Modules on PAN India basis. As part of the partnership, Redington will enable the smooth distribution of Gautam Solar’s high-quality Solar Panels including Mono PERC and N-type TOPCon Panels within the solar ecosystem.
The collaboration between the two companies will propel the adoption of solar energy by businesses and retail segments across the country. Gautam Solar, a prominent supporter of domestic manufacturing, aims to bring its products to a bigger retail base through this strategic venture, as it simultaneously works to expand its module capacity with a new manufacturing plant in Haryana.
Sharad Mohanka, COO of Gautam Solar, said, “We are pleased to partner with Redington Solar and anticipate strengthening our solar modules’ distribution footprint across the country. The partnership brings together Gautam Solar’s trusted brand name and industry experience of over 27 years together with Redington Solar’s large distribution network to accelerate the adoption of solar in India. It will further accelerate the country’s march towards its ambitious renewable energy and net-zero goals.”
Pradeep Srikanthan, Vice President of Redington Solar, said, “We are delighted to partner with Gautam Solar, one of the pioneering solar companies in India. This partnership amplifies our commitment to providing cutting-edge solar solutions to our customers. Gautam Solar’s high-wattage Solar Panels, produced using fully automated manufacturing setup, are an excellent addition to our portfolio. Tailored specifically for large-scale plants, these panels will help us in our mission of serving businesses across India with clean energy.”
Redington Limited, an integrated technology solutions provider and a Fortune 500 company, enables businesses in their digital transformation journeys by addressing technology friction – the gap between innovation and adoption. With presence across 38 markets through 60 subsidiary offices, over 290+ associations, and 40,000 channel partners, Redington enables seamless and end-to-end distribution for all categories of IT/ITeS, Telecom, Lifestyle, and Solar products in India, Singapore, South Asia, Middle-East, Africa and Turkey. Through its concentrated focus on technology, innovations, and partnerships, Redington is one of the most trusted distributors of products, services, and solutions across the world.
SUNSOURCE ENERGY COMMISSIONS A SOLAR POWER PROJECT FOR CTRLS,
ASIA’S LARGEST RATED 4 HYPERSCALE DATA CENTER OPERATOR
SunSource Energy is supplying clean power to the Noida Data Center of CtrlS from its Open Access Solar power plant in Jhansi district in Uttar Pradesh
SunSource Energy, a leading distributed solar energy company has commissioned a Solar power project for CtrlS, Asia’s largest rated 4 hyperscale Data Centre operator. Under the terms of the agreement, the Noida Data Center of CtrlS is receiving clean power from SunSource Energy’s Open Access Solar power plant in Gursarai, Jhansi district in Uttar Pradesh. This project will generate approximately 100 GWh of clean energy, offset over 94,640 tonnes of CO2 emission during its technical lifetime and will help CtrlS meet 60% of its annual energy requirement of its Noida Data Center through renewable sources. From a sustainability point of view, this is equivalent of planting 1,89,281 trees, and demonstrates CtrlS’ commitment to reducing its carbon footprint.
Speaking about the project, Santanu Guha, Chief Executive Officer, SunSource Energy, said, “We are glad that CtrlS, Asia’s Largest Rated 4 Hyperscale data center operator, has chosen SunSource Energy to help accelerate their energy transition journey. As one of India's leading solar power developers, we have been facilitating the energy transition of several C&I businesses for fourteen years with our solar solutions.
Dilip Guru, Senior Vice President - International DC Expansion, Renewable Energy and Edge Strategy, CtrlS, said, “At CtrlS, sustainability and responsible growth are part of our DNA. With this project, we are a step closer towards our goal of becoming carbon neutral by 2030. We are happy to partner with SunSource Energy in this initiative.”
Data Centers and data transmission networks account for 1% of the global energy-related greenhouse gas emissions. The Indian Data Center market is one of the fastest growing the world and is expected to grow with a CAGR of 18.79% over the next 5 years, making greening of the sector crucial for the country to achieve its net-zero goals.
SunSource Energy has been working for fourteen years in the renewable energy space. With a presence in major states in India, SunSource has been supporting Commercial and Industrial customers in their energy transition journeys. SunSource provides solar solutions to clients across industry verticals such as Data Centers, Food and Beverage, Automobiles, Cement and Pharmaceuticals.
ADANI GREEN ENERGY REPORTS EBITDA OF RS. 7,222 CRORE, UP
30% YOY,
IN FY24
• RE target for 2030 revised upwards to 50 GW from 45 GW.
• Greenfield capacity addition of 2.8 GW in FY24, representing 15% of India’s total renewable energy capacity addition.
• Run-rate EBITDA stands at a strong Rs. 10,462 crore; Net Debt to Run-rate EBITDA at 4.0x v/s 5.4x last year.
EDITOR’S SYNOPSIS
Financial & Operational Performance
• Revenue increases 33% YoY to 7,735 crore
• Industry-leading EBITDA margin of 92%
• Cash profit increases 25% YoY to Rs. 3,986 crore
• Operational Capacity increases 35% YoY to 10.9 GW
• Deployed 2 GW of 30 GW under construction at Khavda, Gujarat, world’s largest RE project
• Targeted addition of 5 GW+ Hydro Pumped Storage capacity by 2030; kicked off the first project of 500 MW in Andhra Pradesh
• Sale of energy increases 47% YoY to 21,806 million units
Other recent milestones
• Refinanced RG1 bond with fresh issuance of USD 409 mn, oversubscribed by 6.5 times
• ‘Energy Revolution: The Adani Green Energy Gallery’ opened at the Science Museum in London, UK
• Rated ‘A’ in the CDP supplier engagement rating 2023
• Ranked 1st in Asia and among Top 5 companies in the RE sector globally by ISS ESG
Adani Green Energy Ltd (AGEL), India’s largest and fastest growing pure-play renewable energy company, announced financial results for the quarter and year ending 31 March 2024.
The robust growth in revenue, EBITDA and cash profit is primarily driven by capacity addition of 2,848 MW over the last year, consistent capacity utilization factor (CUF) for solar portfolio and improved CUF for wind and solar-wind hybrid portfolio.
The Run-rate EBITDA stands at a strong Rs. 10,462 crore with Net Debt to Run-rate EBITDA at 4.0x as of March 2024 as compared to 5.4x last year.
Mr. Amit Singh, Chief Executive Officer, Adani Green Energy Ltd, said, “I am immensely proud of the team for successfully deployed the first 2 GW of the 30 GW of renewable capacity under construction at Khavda in just 12 months of breaking ground. Our highest capacity addition of 2.8 GW in FY24 demonstrates our strong execution capabilities, and we are confident
of continuing the momentum. Aligned with the country’s need for accelerated integration of renewables into the grid, we are now focused on delivering energy storage in addition to solar, wind, and hybrid projects. Our goal is to commission at least 5 GW of hydro pumped storage projects by 2030. We remain steadfast in our commitment to deliver affordable clean energy at an unprecedented scale and velocity and have set a higher target of 50 GW by 2030, which will contribute towards India’s non-fossil fuel capacity target of 500 GW.”
ESG UPDATES
In March 2024, the Science Museum in London, UK, opened Energy Revolution: The Adani Green Energy Gallery, a major new gallery which explores how the world can generate and use energy more sustainably to urgently decarbonize to limit climate change. The gallery is sponsored by AGEL and through striking displays of contemporary and historic objects from the UK and abroad, interactive digital exhibits, and specially commissioned models, the gallery shows how the past, present and future are shaped by human imagination and innovation and explores how we all have a role to play in deciding our energy future.
AGEL is rated ‘A-’ in CDP Climate Change 2023 assessment displaying environmental leadership. Further, AGEL has been rated in the top most category ‘A’ in the CDP supplier engagement rating 2023.
AGEL is ranked 1st in Asia and amongst top 5 companies in RE sector globally in latest ESG assessment by ISS ESG and placed in prime ‘B+’ band for robust ESG practices and displaying very high level of transparency.
OTHER KEY RECENT MILESTONES:
AGEL has completed refinancing of its existing Restricted Group 1 bond, which was due in December 2024, with fresh issuance of new bonds for an aggregate amount of USD 409 mn. The issue was oversubscribed by 6.5 times and we achieved a pricing of 6.7%, well below the trading bond yield of existing bond. The bond is an amortizing structure bond with 18 years of tenure closely matching the project cashflows thereby de-risking the debt servicing.
AGEL has commenced construction work on its first hydro pumped storage project (PSP) of 500 MW on the Chitravathi river. The project is located at Peddakotla in Sri Sathya Sai district of Andhra Pradesh. The existing reservoir will act as the lower reservoir and the upper reservoir is to be developed. The generation capacity will be 500 MW with estimated 6.2 generation hours in a day. All necessary approvals including the final DPR approval are in place and financial closure has been achieved for the project.
AGEL has a development pipeline of hydro pumped storage projects across Andhra Pradesh, Maharashtra, Tamil Nadu and Telangana. In the first phase, AGEL plans to develop 5 GW+ PSP capacity by 2030.
With this, AGEL’s renewable energy capacity target is now revised upwards to 50 GW by 2030. AGEL is committed to lead large-scale renewable energy deployment with an increasing focus on storage solutions for an accelerated integration of renewables into the grid thereby helping the country move closer to its non-fossil fuel target of 500 GW by 2030.
RESPONSABILITY TO INVEST UP TO USD 35 MILLION IN AMPIN ENERGY TRANSITION PRIVATE LIMITED
AMPIN Energy Transition, a leading renewable energy transition company has announced investment from responsAbility, a leading impact asset manager specializing in private market investments headquartered in Switzerland. As part of its broader USD 500 million climate investment strategy aimed at actively reducing CO2 emissions in Asia, it will invest up to USD 35 million on behalf of its investors in AMPIN.
This investment represents responsAbility's most substantial commitment to climate financing to date and will help AMPIN in growing itsrenewable energyportfolio across India. This is a significant step in responsAbility’s mission to mobilize capital and invest in solutions that generate positive societal and environmental impact in emerging markets. Headquartered in India, AMPIN Energy Transition is a leading renewable energy transition company with a balanced portfolio of more than 3GWp spread across 21 states in the country catering to both C&I and utility customers. Backed by marquee institutional investors across the globe,AMPIN aims to build a renewable energy portfolio of 10 GWp by 2030 and this collaboration with responsAbility is a pivotal step towards our vision of an energy-independent India.
Supporting India’s Renewable Energy Growth
The funds will enable AMPIN to undertake a range of projects under its various SPVs, primarily in commercial and industrial (C&I) solar across a wide spectrum of sectors in India. This includes manufacturing, auto &auto ancillary, pharma, healthcare,hospitals, FMCG and data centers. The company has plans to increase its operating capacity to 10 GWp by 2030 and drive the renewable energy transition in the country by contributing to India’s renewable energy goal of 500 GW of renewable energy installed capacity.
Founder’s Vision for India’s Renewable Energy Transition
“We are happy to collaborate with responsAbilityas this investment will fuel our mission to become the leaders indriving the renewable energy transition for commercial and industrial customers. With this infusion of capital, we are poised to accelerate our efforts in expanding clean energy access, driving economic development, reducing carbon emissions and navigating the country towards a sustainable and self-sufficient energy future.”Pinaki Bhattacharyya, MD & CEO, AMPIN Energy Transition.
ResponsAbility’s commitment to impact investing partnerships in India &South
EastAsia
Sameer Tirkar, Head of Climate Infrastructure Investments, APACat responsAbility said:“Our investment in AMPIN, a leader in the renewable energysector, emphasizes our commitment to renewable energy in India, particularly the C&I solar market. Drawing from our past experiences in the sector, we recognize the value of partnerships in advancing sustainable investing. Through our partnership with AMPIN, we aim to contribute to a more resilient energy infrastructure in India.”
Stefan Issler, Head of Climate Infrastructure Investments at responsAbility said: “We're delighted to partner with AMPIN, signalling our joint commitment to sustainability and a cleaner future. With AMPIN's established network and experienced leadership in India's renewable energy sector, we're poised for an impactful alliance. Together, we'll expand renewable projects, ensuring affordable energy access, driving economic growth in India, and reducing CO2 emissions. It's an exciting venture toward a more sustainable tomorrow!”
WAAREE ENERGIES LTD. APPOINTS MR. AMIT PAITHANKAR AS THE CHIEF EXECUTIVE OFFICER
Waaree Energies Ltd, has announced the appointment of Mr. Amit Paithankar as its new Chief Executive Officer (CEO). With his career spanning over two decades, Mr. Paithankar brings significant experience in driving growth, innovation, and sustainability in his practices.
In his new role as Chief Executive Officer of Waaree Energies Ltd, Mr. Amit Paithankar will strive to utilize his experience and leadership to drive the company to grow in the renewable energy sector. He intends to onboard expertise to drive Waaree Energies Ltd towards sustainable innovation. By prioritizing growth, efficiency and cultivating enduring relationships, Mr. Paithankar’s endeavor will be to guide Waaree Energies Ltd towards advancement that aligns with the ever-changing demands of the renewable energy sector. Before joining Waaree, Mr. Paithankar's was associated as managing director South Asia with Emerson Electric Co. (India) Pvt. Ltd., among other roles. His educational background, includes a Ph.D. in Electrical Engineering and a master of business administration
With the solar industry continually evolving, this is an opportune moment for significant growth in the near future. Waaree Energies Limited has contributed to the clean energy landscape in India. I am excited about making a meaningful contribution to the company's objective of providing sustainable energy solutions said Mr. Amit Paithankar, CEO, Waaree Energies Ltd.
Waaree family extends a warm welcome to Mr. Paithankar as he takes the helm, steering the company toward a future defined by sustainable growth, technological innovation, and leadership.
IOCL AND GPS RENEWABLES COLLABORATE FOR SUSTAINABLE ENERGY SOLUTIONS
IOCL and GPS Renewables have collaborated to develop sustainable energy solutions. This partnership focuses on enhancing clean energy production, optimizing waste-to-energy technologies, and supporting India’s transition to renewable energy sources.
Indian Oil Corporation Limited (IOCL) collaborated with GPS Renewables Pvt Ltd, a biofuels company, to advance sustainable energy solutions in India. The agreement was signed by Mainak Chakraborty, CEO and Cofounder of GPS Renewables, and Santanu Gupta, Executive Director (Alternative Energy), IOCL. The collaboration aims to integrate advanced biogas technologies for converting organic waste into compressed biogas (CBG), providing a cleaner and renewable energy source. The initiative is expected to significantly reduce greenhouse gas emissions and offer a sustainable alternative to conventional fossil fuels. By leveraging their combined expertise, IOCL and GPS Renewables plan to accelerate the deployment of CBG plants across India, the efforts align with IOCL’s long-term strategy for low-carbon development and support its goal of achieving net zero carbon emissions by 2046.
WAAREE ENERGIES LIMITED AND ECOFY EMPOWER INDIAN HOMEOWNERS WITH AFFORDABLE ROOFTOP SOLAR SOLUTIONS AND HASSLE-FREE FINANCING
Waaree Energies Limited, India's largest manufacturer of solar PV modules with the largest aggregate installed capacity of 12 GW, as of June 30, 2023 (Source: CRISIL Report), has established a collaboration with Ecofy, an NBFC backed by Eversource Capital, committed to providing green finance for climate-positive initiatives. Ecofy is committing Rs 100 crores into the partnership, showcasing confidence in Waaree's capabilities and the renewable energy sector's growth potential.
Complementing the government's PM Surya Ghar Yojana 2024 and leveraging favourable market conditions, this partnership is expected to contribute to India's renewable energy transition. By synergizing Waaree Energies Limited's solar expertise with Ecofy's digital financing solutions, through the initiative we aim to accelerate the solarisation of over 10,000 rooftops across households and MSMEs, as envisioned in the PM Surya Ghar Yojana 2024. Through this partnership, we intend to make clean energy more accessible and affordable for homeowners, aiding in achieving the nationwide objective of solarizing households and MSME’s.
Kailash Rathi, Head of Partnerships & Co-Lending at Ecofy, added, "Our collaboration with Waaree signifies a milestone towards solar adoption at a time when the industry is at an inflection point. Over the past 15 months, Ecofy has empowered over 5000 rooftop solar customers. We have invested heavily in this segment enabling penetration through product innovation and instant approvals. As the country prepares for the peak solar season, the collaboration between Ecofy and Waaree is expected to act as a catalyst, and aid in accelerating solar adoption and penetration across diverse segments of society.”
Pankaj Vassal, President of Sales at Waaree Energies Limited, expressed enthusiasm for the collaboration, stating, "Our partnership with Ecofy represents progress towards democratizing solar power accessibility. By integrating our solar solutions with Ecofy's financing platform, we are working towards removing barriers and aiding in accelerating the adoption of solar power across households and businesses. Ultimately, this is expected to empower more people to embrace the benefits of clean energy while collectively building a greener, more environmentally-conscious India."
Waaree Energies Limited and Ecofy expect to play a significant role in achieving India's energy independence goals while assisting households in embracing a greener, more cost-effective way of living.
NTPC GREEN ENERGY LIMITED INKS MOU WITH MAHATMA PHULE
RENEWABLE ENERGY AND
INFRASTRUCTURE
TECHNOLOGY
LIMITED
NTPC Green Energy Limited (NGEL) and Mahatma Phule Renewable Energy and Infrastructure Technology Limited signed a Memorandum of Understanding (MoU), at NTPC Corporate Office, New Delhi for development of Renewable Energy Power Parks and Projects. The collaboration aims to realize the green energy objectives of NTPC and the GOI’s efforts towards energy transition.
The MoU was signed between Shri Rajiv Gupta, Chief Executive Officer, NGEL and Shri Amol Shinde, Chairman and Managing Director, MAHAPREIT in the presence of Shri Jaikumar Srinivasan, Director (Fin & HR), NTPC and other senior officials from NTPC, NGEL and MAHAPREIT. The MoU envisages the joint development of grid connected Renewable Energy Park and Projects including Solar, Wind, Hybrid etc. and/ or solutions thereof up to 10 GW in the state of Maharashtra. NTPC is India’s largest Power Utility with core business of power generation having a total installed capacity of 76+ GW.
As part of increasing its renewable energy portfolio, a fully owned subsidiary has been formed as “NTPC Green Energy Limited” (NGEL) which shall take up Renewable Energy Parks and Projects including business in the areas of Green Hydrogen, Energy Storage Technologies, and Round the Clock RE Power. NTPC Group has ambitious plans of 60 GW of RE capacity by the year 2032 and currently it has 3.5 GW of installed RE capacity and 28+ GW under pipeline.
Mahatma Phule Renewable Energy and Infrastructure Technology Limited (MAHAPREIT) is a wholly owned Subsidiary Company of Mahatma Phule Backward Class Development Corporation (MPBCDC), a State Public Sector Undertaking under Government of Maharashtra which has been setup with an objective to establish and carry on business of generating, trading, operating, leasing and renting Renewable Power.
AMARA RAJA INFRA WINS GREENKO’S 700MWP
SOLAR PROJECT
Part of the Rs 3,232 crore order book of the business in FY’24
Amara Raja Infra Private Limited (ARIPL), part of the $1.75 billion Amara Raja Group, has achieved a significant milestone in the renewable energy sector by securing a solar BoS project of 500MW/700MWp from Greenko.
This project, spanning across a 2,200-acre site near Uyyalavada Town, Kurnool District, Andhra Pradesh, marks ARIPL's largest capacity solar project to date, establishing itself among leaders in the industry. This landmark project contributes to ARIPL's order book, which totals Rs 1,516 crore for Q4 of FY’24. The project scope encompasses Engineering, Procurement and Construction of the entire Balance of System (BoS) for the 700 MWp project, which is part of Greenko’s Integrated Renewable Energy Project, conceived as the world’s first and largest Gigawatt scale project with solar, wind and pumped storage components. Greenko is a leading renewable energy company with 6.8 GW+ operating capacity constituting solar, wind, and hydro power projects across India.
This project from Greenko is a testament to tireless and dedicated efforts by our team in the renewable energy space. We are proud that Greenko among other noteworthy customers continue to choose Amara Raja as a preferred partner. We have been able to scale significantly in a short amount of time, aided predominantly by the level of credibility that we enjoy with our customers,” said Vikramadithya Gourineni, Executive Director, ARIPL.
Over the past many years, we have proven ourselves as a trustworthy partner with high integrity that underscores our unwavering commitment to delivering critical projects as per customer timelines. This project from Greenko is an opportunity for us to prove our worth once again in the ever-evolving solar space,” added Dwarakanadha Reddy, Business Head, Amara Raja Infra (Power).
This milestone achievement adds to ARIPL’s impressive revenue of Rs 1,756 crore for FY’24.
RADIANCE RENEWABLES & THE PRIVATE INFRASTRUCTURE DEVELOPMENT GROUP (PIDG) FORM A JV TO ACCELERATE RENEWABLE ENERGY ADOPTION IN INDIA
The JV is projected to avoid approximately 165k tCO2e greenhouse gas emissions annually. This will support the decarbonisation of the Commercial and Industrial (C&I) sector in India which accounts for approximately 51% of the country’s energy consumption.
Radiance Renewables and the Private Infrastructure Development Group (PIDG) company, InfraCo Asia, announce a joint venture (JV) – Radiance InfraCo Renewables Private Limited. The JV will develop a portfolio of greenfield renewable energy projects for C&I clients in India, enabling them to reduce carbon emissions in their supply chain and operations to meet their sustainability goals. Radiance InfraCo Renewables is projected to avoid approximately 165k tCO2e greenhouse gas emissions each year, with an expected operating life of 25 years. The JV would primarily focus on solar projects and explore opportunities in windsolar hybrids. The portfolio will contribute towards the UN Sustainable Development Goals – 7: Affordable and Clean Energy, 13: Climate Action and 5: Gender Equality. The JV will create a sustainable and scalable platform managed in compliance with international standards of ESG principles. As an Eversource Capital portfolio company, Radiance Renewables is one of India’s fastest-growing renewable energy developers with a portfolio of more than 1 GW of operating and under-development capacity under its operational expenditure (OPEX) model. The company has 79 C&I customers, comprising captive and thirdparty entities, and behind the meter (BTM) / rooftop customers across industries.
Radiance is committed to advancing the decarbonisation of the C&I sector, aiding Corporate India in its energy transition and combating the adverse impacts of climate change. Through our strategic partnership with PIDG, we're bringing together our strengths to propel the journey towards a greener future. This marks a significant step forward to offer both economic benefits and environmental stewardship,” said Manikkan Sangameswaran, Radiance Executive Director & CEO.
With a strong focus on accelerating climate action, PIDG aims to mobilise US$25b by 2033 across South and Southeast Asia and Sub-Saharan Africa.
At PIDG we have developed a scalable approach to mobilise finance and accelerate sustainable development impact where it is most urgently needed. By partnering with Radiance, we are bringing together our collective experience in structuring bankable renewable energy projects to encourage greater private sector participation in India. Through this scalable portfolio approach, we hope to add momentum to India's transition towards achieving net zero emissions by 2070,” said Claudine Lim, InfraCo Asia Director.
With adequate funding and support, renewable energy has the potential to power more than 20% of the C&I sector’s needs through an increase in capacity to ~90GW by 2030. This progress align with India’s target to source 50% of the country’s cumulative electricity power capacity (~500GW) from renewables by 2030 and achieve net-zero carbon emissions by 2070. This partnership resonates with Radiance Renewable’s mission to deliver economic value, mitigate carbon emissions, and promote sustainability across the entire value chain, encompassing ecosystem partners, environmental conservation, and investor interests. It also aligns with the core objectives outlined in PIDG’s 2023-2030 Strategy, which include increasing the pipeline of projects developed to meet international investment standards, mobilising domestic institutional capital for infrastructure investments, and deploying commercial and institutional capital in developing and emerging markets through blended finance structures.
The JV has also been highlighted at the IPEF Clean Economy Investor Forum as a contributor to Pillar III: Clean Economy of the Indo-Pacific Economic Framework (IPEF), which will support the IPEF partners towards achieving their climate goals by accelerating the deployment of clean technologies and facilitating investment.
AVAADA ENERGY SECURES RS 315 CRORE FINANCE FOR CAPTIVE SOLAR PROJECT IN KARNATAKA
Avaada Energy has secured Rs 315 crore in financing for a captive solar project in Karnataka. This funding will support the development of the solar facility, contributing to the region’s renewable energy capacity and promoting sustainable power solutions.
Avaada Group’s arm Avaada Energy said it has secured Rs 315 crore financing from Aseem Infrastructure Finance for a captive solar project in Karnataka. Aseem Infrastructure Finance Ltd (AIFL) is an IFC (Infrastructure Finance Company) established with the aim of playing a transformative role in the growth of Indian infrastructure debt financing, according to a company statement. Avaada Energy, a leading player in the renewable energy sector, has secured financing for its solar PV power project, which is being developed under a long-term captive Power Purchase Agreement (PPA) with the Karnataka Cooperative Milk Producers’ Federation Ltd (KMF), the statement said. The project is located in the Kalaburagi district of Karnataka. KMF, the apex body for the dairy cooperative movement in Karnataka, is rated A+ (Stable) by ICRA. This financing from AIFL, sanctioned as a 21-year project loan facility obtained on very competitive terms, demonstrates Avaada’s derisked project development strategy and strong project financing capability.
Vineet Mittal, Chairman of Avaada Group, said, “This successful financial closure of Rs 315 crore demonstrates our long-standing relationship with Aseem Infrastructure Finance.”
The funding will facilitate the development of this marquee captive project for a cooperative entity, illustrating the pervasive impact of energy transition across the Indian economy, the company said. This project is expected to be completed during Q3 FY25. This initiative aligns with Avaada Group’s broader sustainability strategy and commitment, playing a pivotal role in driving national selfreliance and fostering a greener future.
RELIANCE INKS DEAL WITH NORWAY’S NEL FOR HYDROGEN ELECTROLYSERS
Reliance has signed a deal with Norway’s Nel to collaborate on hydrogen electrolysers, aiming to boost green hydrogen production and advance renewable energy initiatives.
Nel’s entry into India’s renewable hydrogen sector marks a pivotal market expansion with RIL. Reliance Industries Ltd (RIL) has entered into a major technology licensing agreement with Nel Hydrogen Electrolyser AS, a subsidiary of Nel ASA of Norway. As per this deal, RIL gets an exclusive licence to manufacture Nel’s alkaline electrolysers in India and internationally for in-house consumption. This step is a turning point for Nel as it opens a new market for the company in the growing Indian renewable hydrogen sector with RIL’s vision. In his turn, Håkon Volldal, President and CEO of Nel ASA noted the significance of this partnership for the company, underlining Reliance’s scale and its plans for the development of renewable hydrogen in the world. The partnership supports RIL’s strategy of building a new energy value chain of multi-GW, enhancing the availability of clean energy as planned by the company’s chairman Mukesh Ambani.
The agreement allows Reliance to use Nel’s advanced electrolyser technology which is known for its durability and effectiveness. It also paves the way for collaborative research and development to improve performance and bring down costs. Also, Nel will work with Reliance as a supplier for its own projects while simultaneously targeting other segments of the Indian market with other technology offerings. This partnership indicates a combination of Nel’s expertise in technology and Reliance’s efficiency in operations to achieve optimal results in the development of sustainable energy solutions in the global market.
FRENCH ENERGY GIANT ENGIE TO INVEST 7000 CR FOR 2.2 GW RENEWABLE CAPACITY IN INDIA BY 2025
The Indian subsidiary of French energy giant Engie plans to double its installed renewable energy capacity in India to approximately 2.2 gigawatts (GW) by 2025, according to company officials.
Engie India CEO and Country Manager Amit Jain stated that this expansion represents an additional investment of around Rs 7,000 crore (approximately USD 870 million), reported BL. Engie has been active in India’s renewable energy market since 2014 and has thus far invested roughly Rs 8,800 crore (USD 1.1 billion). Its current installed base consists of 800 megawatts (MW) of solar power and 250 MW of wind energy across seven Indian states. The company’s upcoming capacity additions include four recently awarded projects totaling 1.05 GW. Construction has already commenced on a 400 MW solar project in Gujarat, while three other projects awarded by NTPC, NHPC, and SECI—with a combined 650 MW capacity—are slated to begin construction in mid to late 2024 upon signing of power purchase agreements.
“We have 1.25 GW in the pipeline, and we hope to commission them by end-2025 or early-2026,” stated Jain. He affirmed Engie India’s aim to increase its overall renewable energy base to 5 GW by Engie’s global renewable installed capacity currently stands at 41.4 GW across 31 countries, and the group reported revenues of around USD 102 billion in 2023 while employing over 96,000 professionals worldwide.
Jain highlighted India’s importance in Engie’s global strategy, noting the country’s target of adding 800 MW of renewable capacity annually, a significant portion of the group’s global 6 GW yearly goal.
ONGC AND EVERENVIRO FORM JV TO SET UP BIOGAS PLANTS ACROSS INDIA
ONGC and EverEnviro have established a joint venture to develop biogas plants nationwide, promoting sustainable energy and waste management solutions throughout India.
ONGC and EverEnviro Resource Management, a developer of compressed biogas (RNG) in India, have formed a 50-50 joint venture (JV) to set up 10 Compressed Biogas (CBG) plants across India. These plants are expected to reduce India’s reliance on imported gas and boost domestic renewable energy production. The JV between ONGC and EverEnviro will be using diverse feedstocks such as agri waste, agro-industrial waste, energy crops, and municipal solid waste (MSW) aiming to mitigate approximately 7.5 lakh tons of CO2 equivalent annually.
Satyan Kumar, Executive Director, Chief Corporate Strategy, ONGC, said, “ONGC has set sights on being Net Zero by 2038 and hence we recognize the urgency of transition to clean energy by utilizing agro-industrial waste and municipal solid waste.”
EverEnviro aims to establish over 100 CBG plants across India. EverEnviro is already executing 20+ CBG projects across Madhya Pradesh, Uttar Pradesh, Delhi, and Punjab with a significant capital investment of nearly Rs 2,000 crores which will result into an output of 320 metric tons per day of CBG. Eversource Capital is an equal joint venture between Everstone Group and Lightsource bp, a leader in development and management of solar energy projects.
WORLD BANK GROUP AND IMF DEEPEN JOINT EFFORT TO SCALE UP CLIMATE ACTION
The World Bank Group and IMF are intensifying their collaboration to enhance climate action, aiming to address global climate challenges and promote sustainable development.
The World Bank Group (WBG) and the International Monetary Fund (IMF) are deepening their cooperation through an enhanced framework to help countries scale up action to confront the threat of climate change. The collaboration will provide critical support for countries’ climate strategies— through an integrated, country-led approach to policy reforms and climate investments. Within their respective mandates, the World Bank Group and the IMF will leverage their analytics, technical assistance, financing, and policy expertise to enhance country-driven reform programs.
Three principles will underpin the framework:
First, countries, the World Bank Group, and the IMF will work together closely to identify each country’s climate challenges—and the priority policy reforms needed to address them. This process will be informed by the World Bank Group’s Country Climate and Development Reports (CCDRs), the IMF’s climate-related analytics, and countries’ own climate ambitions.
Second, the World Bank Group and the IMF will work with other Multilateral Development Banks and development partners to help countries implement the reforms through technical assistance and financing.
Third, upon request, the World Bank Group and the IMF will help establish country-led platforms designed to mobilize additional climate finance, including from the private sector.
BLUPINE ENERGY
SIGNS AGREEMENT
The enhanced framework will build on lessons learned since the release of the institutions’ Joint Statement on Enhancing IMF-World Bank Collaboration in September 2023. This enhanced cooperation between the two institutions will foster country-driven partnerships, galvanize policy changes, and scale up investments to meet countries’ climate needs. The joint effort will also optimize the increased resources the institutions are dedicating to climate action and crowd-in additional resources from development partners and private sector. The World Bank Group is ramping up its climate action with new measures including devoting 45 percent of annual financing to climate change adaptation and mitigation by 2025, working to bring renewable power to 250 million people in Africa by 2030, and expanding its crisis toolkit to support people on the front lines of the climate crisis. The institution has also optimized its balance sheet and is raising funds for a robust IDA21 replenishment and a new Livable Planet Fund.
The IMF is helping countries build resilience to climate change with support from its Resilience and Sustainability Trust (RST), which is funded by generous contributions from 23 countries. Since it became operational in October 2022, 18 countries have already benefitted from the RST. The enhanced WBG-IMF collaboration framework is expected to further raise the impact of the SDRs channeled through the RST.
WITH DALMIA
CEMENT (BHARAT)
FOR SALE OF 46.87 MW GREEN ENERGY
BluPine Energy has signed an agreement with Dalmia Cement (Bharat) for the sale of 46.87 MW of green energy. This collaboration underscores their commitment to sustainable practices, supporting Dalmia Cement’s goal to enhance its renewable energy footprint and reduce carbon emissions, contributing significantly to the transition towards a greener and more sustainable industrial sector.
BluPine Energy said it has signed an agreement with Dalmia Cement (Bharat) for a solar power project of around 47 megawatt in Karnataka.The solar plant is expected to generate around 93.75 million units (MUs) of electricity annually and offset over 85 thousand tonnes of Co2 emissions each year, BluPine Energy said in a statement. BluPine Energy has signed a Power Purchase Agreement (PPA) with Dalmia Bharat arm Dalmia Cement (Bharat) Limited for the establishment of 46.87MWp solar power plant in Karnataka under the captive structure, the statement said.
GENSOL ENGG HITS THE ROOF ON EMERGING AS L-1 BIDDER FOR GUVNL’S PROJECT
Gensol Engineering’s stock surged after it emerged as the lowest bidder (L-1) for Gujarat Urja Vikas Nigam Limited’s (GUVNL) project. This significant win highlights Gensol’s competitive edge in the renewable energy sector, promising future growth and strengthening its market position in providing sustainable energy solutions.
Gensol Engineering was locked in upper circuit of 5% at Rs 1,067.65 after it emerged as a successful bidder for the for 250 MW/500 MWh battery energy storage system (BESS) awarded by Gujarat Urja Vikas Nigam (GUVNL). The project will supply electricity on an on-demand basis to Gujarat State’s DISCOMs during peak and off-peak hours, thereby extending renewable energy availability beyond solar hours, fulfilling energy storage purchase obligations, and enhancing grid resilience. The project will deliver 250 MW/500 MWh energy for two charge/discharge cycles per day. There is a greenshoe option of awarding second tranche of 250 MW/500 MWh at the discretion of GUVNL at the same terms and conditions; in case of exercise of greenshoe option the project could reach 500 MW / 1000 MWh, potentially generating a total revenue of around Rs 2,680 crore over the 12-year battery energy storage purchase agreement (BESPA) tenure.
Anmol Singh Jaggi, managing director of Gensol Engineering said, This landmark for GUVNL BESS project not only highlights Gensol’s expertise and reliability in the renewable energy sector but also sets a clear direction for our future endeavors. It aligns with Gensol’s commitment to supporting India’s energy transition goals through innovative and sustainable solutions. The BESS market in India is poised for exponential growth, and Gensol is at the forefront, ready to lead this transformation. Securing this project enables us to make a significant impact on the Indian energy market while solidifying our position as a leading industry player in the renewable energy landscape, propelling the future of BESS in India.
Gensol Engineering offers end-to-end EPC and solar advisory services. The company is engaged in providing technical due diligence, detailed engineering, quality control, construction supervision, and other consulting services for solar projects across many countries, including India. The consolidated net profit stood at Rs 19.78 crore in Q4 FY24, steeply higher than Rs 7.38 crore in Q4 FY23. Revenue from operations soared 143.28% to Rs 398.82 crore in Q4 FY24.
INVESTMENT OF $190-215 BN NEEDED FOR INDIA’S 500 GW RE CAPACITY: MOODY’S
Moody’s estimates that India requires an investment of $190-215 billion to achieve its 500 GW renewable energy capacity target. This substantial funding will be crucial to meeting the country’s ambitious clean energy goals and supporting sustainable development.
Investments of $190-215 billion will be needed to achieve the target of 500 gigawatt (GW) of renewable energy capacity by 2030 in India, Moody’s Ratings said. India’s infrastructure companies will be spending on energy transition to meet demand resulting from the country’s relatively strong economic growth. However, government policies and stable regulatory frameworks will support credit quality, Moody’s said in a statement. Moody’s also estimates that another $150-170 billion of investment will be required for electricity transmission and distribution as well as energy storage.
We expect the strong growth in India’s renewable energy capacity to continue, although coal will remain a major source of electricity generation over the next 8-10 years,” Abhishek Tyagi, Moody’s Vice President and Senior Credit Officer said.
RS 1.63 TRILLION KHAVDA MEGA-POWER PLANT VISIBLE FROM SPACE
The Rs 1.63 trillion Khavda Mega-Power Plant, a colossal renewable energy project, is so vast it can be seen from space. Located in Gujarat, this plant significantly boosts India’s renewable energy capacity, emphasizing solar and wind power. Its sheer scale reflects India’s commitment to sustainable energy and reducing carbon emissions, marking a milestone in global renewable energy efforts.
Ahmedabad (Gujarat) [India], June 10 (ANI): A colossal Rs 1.63 trillion (15.8 billion Pounds) wind and solar power project, touted as five times larger than Paris, has begun its first contributions to India’s national grid. The Khavda Renewable Energy Park in Gujarat, India, spans about 200 square miles and promises to be a game-changer in the global renewable energy landscape. UK-based newspaper, Daily Express, reported that this behemoth project is so vast that it is visible from space. Once completed, it will supply enough energy to power a medium-sized country, like Switzerland, and will generate enough electricity for 20 million homes in India, a nation with a population exceeding 1.4 billion, Daily Express reported.
Set to account for over nine percent of India’s total renewable energy production, the Khavda project will be the largest power plant of any kind on the planet. Sagar Adani, executive director of Adani Green Energy Limited–the company behind the project–emphasized India’s responsibility to lead in sustainable energy. The Daily Express quoted Adani, who told CNN, “If India does what China did, if India does what Europe did, if India does what the US did, then we are all in for a very, very bleak climatic future.” He highlighted the catastrophic impact of adding 800 GW of coal-fired thermal capacity, which would nullify global sustainable energy efforts in terms of carbon emissions.
While acknowledging that India still relies on some coal, Adani stressed the country’s significant strides in renewable energy. Gautam Adani, Sagar’s uncle and Asia’s second-richest man, confirmed at the company’s AGM that this initiative represents the largest hybrid renewables park in the world. “This will be the most complex and ambitious project we have ever executed,” said Gautam Adani. Adani added, “Spread over 72,000 acres, this project will be capable of generating 20 GW of green energy. And we intend to build it faster than any project in our execution history.”
Gautam Adani also took to social media platform X to express his pride, and wrote, “Proud to play a crucial role in India’s impressive strides in renewable energy as we build the world’s largest green energy park. This monumental project, covering 726 sq km in the challenging Rann desert, is visible even from space. We will generate 30GW to power over 20 million homes.”
GAUTAM ADANI MEETS BHUTAN PM, SIGNS MOU FOR 570 MW GREEN
HYDRO
PLANT
Gautam Adani met Bhutan’s Prime Minister and signed a Memorandum of Understanding for a 570 MW green hydro plant. This collaboration aims to harness Bhutan’s renewable energy potential, contributing to sustainable development and regional energy security. The project underscores Adani’s commitment to clean energy and strengthens bilateral relations between India and Bhutan.
A
dani Group chairman Gautam Adani has met Bhutan Prime Minister Tshering Tobgay and signed a Memorandum of Understanding with the country’s Druk Green Power Corporation for a 570 MW hydroelectric plant in Chukha province. Further, he praised Bhutan’s efforts to develop infrastructure under the vision of King Jigme Khesar Namgyel Wangchuck and expressed eagerness to collaborate on hydro and other projects in Bhutan. In a post on X, Gautam Adani said, “Absolutely fascinating meeting with Dasho Tshering Tobgay, Hon. Prime Minister of Bhutan. Signed an MoU with DGPC for a 570 MW green hydro plant in Chukha province. Admirable to see @PMBhutan advancing the vision of His Majesty The King and pursuing broad ranging infrastructure initiatives across the kingdom. Looking forward to working closely on hydro & other infra in Bhutan.”
Adani also met with Bhutan King Jigme Khesar Namgyel Wangchuck and felt inspired by the King’s vision for Bhutan and the eco-friendly master plan for Gelephu Mindfulness City. “Honoured to meet His Majesty King Jigme Khesar Namgyel Wangchuck of Bhutan. Inspired by his vision for Bhutan and the ambitious eco-friendly masterplan for Gelephu Mindfulness City, including large computing centres and data facilities,” Adani said on X. “Excited to collaborate on these transformative initiatives as also on green energy management for a carbon negative nation!,” he added.
GUJARAT PLANS ₹
96,000 CRORE TRANSMISSION INFRASTRUCTURE PUSH
Gujarat plans a ₹96,000 crore investment to enhance transmission infrastructure. This initiative aims to support the growing energy demand and integrate renewable energy sources, bolstering the state’s power grid and contributing to India’s energy security.
GETCO will spend ₹96,000 crore over the next 8 years in building transmission infrastructure within the state to be ready for evacuating the growing renewable energy capacity. Gujarat Energy Transmission Corporation (GETCO) will spend ₹96,000 crore over the next 8 years in building transmission infrastructure within the state to be ready for evacuating the growing renewable energy capacity in the State, Jai Prakash Shivahare, Managing Director, Gujarat Urja Vikas Nigam Ltd, the parent company of GETCO, said. He was speaking at the Global Wind Day event held in Delhi. Later, speaking to businessline, Shivahare pointed out that much of the wind and solar capacities were coming up in sparsely populated areas such as Kachh and northern Gujarat, whereas the consumption centres were in places like Ahmedabad, Morbi, Rajkot and Vadodara.
Big plans for RE
Gujarat today has 11,823 MW of wind and 14,182 MW of solar, totalling 26,005 MW. Between 2024-25 and 2030-31, the state expects to add 22,546 MW of wind and 24,694 MW of solar, which will take the total RE capacity to 73,245 MW. During these 7 years, the state also expects to add 2,458 MW of coal (in 2028-29) and 1,620 MW of hydro capacities. As such, there is a need to build adequate transmission capacity in the state.
“If you apply for connectivity, we guarantee that we will give you connectivity,” Shivahare told the gathering at Global Wind Day event.
He told businessline that GETCO has been spending around ₹4,000 crore every year on transmission infrastructure, so in the next 8 years it would only have to spend more. Noting that GETCO is a profitable and under-leveraged company, he said that the Gujarat state government is examining of raising loans for the projects.
3.67 per unit storage cost
Meanwhile, the state has completed two tenders for battery based energy storage—in March and June—and has got levellised costs of storage of ₹4.43 and ₹3.67 a kWhr, respectively. Each tender is for 250 MW of capacity, but the second has a greenshoe option for an equal capacity. Two companies, Indigrid and Gensol, have bagged the projects in the first tender and Gensol in the second.
GUVNL will pay ₹4.48 lakh and ₹3.73 lakh per MW per month to the companies. The input energy will be supplied by GUVNL. The companies are expected to maintain the battery storage system so that the storage loss does not exceed 15 per cent. The storage companies are to supply electricity for two hours each in the morning and evening peak periods.
At present, Gujarat is meeting the morning and evening peak demand by using gas based power plants, where the per-unit cost works out to ₹8.5 and ₹9 a kWhr. Batterystored wind and solar works out considerably cheaper, Shivahare said. Further, since a battery can be switched on and off, “it gives us tremendous flexibility in operation.”
ACME TIES UP RS 5,600 CR LOAN FOR GREEN ENERGY PROJECT IN ANDHRA PRADESH
ACME has secured a ₹5,600 crore loan for a green energy project in Andhra Pradesh. The funding will support the development of renewable energy infrastructure, contributing to India’s clean energy goals and regional economic growth.
ACME Cleantech has arranged a Rs 5,600-crore loan from Power Finance Corporation (PFC) to build a round-the-clock nationwide renewable energy supply project that will be located in Andhra Pradesh, people familiar with the matter told ET. The tenor of the loan could be 17 years, they said. It won the project under a tender process that was conducted by Solar Energy Corporation of India (SECI) in April last year, in which the government agency had floated a tender for development of 1.2 gigawatt of hybrid renewable energy projects with a combination of wind and solar power generation backed by battery storage. The projects will have the ability to supply power nationwide during peak hours without disruptions. ACME, ReNew Power, Hero Future Energies and Amp Energy won parts of the tender. ACME Group and PFC had not responded to ET’s queries until press time. ACME has been awarded 380 megawatts of projects. ReNew Power got the highest award with a nod to construct 600 megawatts or half the total capacity on offer through the tender. The remainder of the tender is split between the two other players. As part of the project, it is compulsory to install an energy storage system with a minimum capacity of 100 megawatt hour for every 100 megawatt of project capacity.
As per the agreement the developer must supply energy corresponding to a maximum of 4,000 kilowatt hours per megawatt of the contracted capacity daily during the cumulative number of peak hours as per the schedule provided by the buying entity. While the power purchase agreement for sale of the power by ACME will be signed with SECI, the agency could enter back-to-back agreements with other off takers such as state-owned power distribution companies. The projects have to be connected to the inter-state transmission system through which the power will be evacuated from the production site. Gurugram-based ACME Group, founded by Manoj Upadhyay, has a large portfolio of solar power projects with almost 10 gigawatts of such projects under construction as per its website. The website also states that the company has 1.5 gigawatts of operational solar power projects.
DBS BANK INDIA PARTNERS WITH CLIMES TO MAKE BUSINESS CLASS FOUND ED EVENTS CARBON NEUTRAL
DBS Bank India has partnered with Climes to make Business Class foundED events carbon neutral. This collaboration aims to offset event emissions by investing in climate-positive projects, promoting sustainability and reducing the carbon footprint of these business gatherings.
In line with its commitment to responsible business practices, DBS Bank India has partnered with Climes, a leading climate finance company, to make all Business Class found ED events carbon neutral. foundED, hosted in partnership with Head start Network Foundation, is the bank’s flagship initiative to celebrate and encourage innovative entrepreneurship. found ED aims to educate entrepreneurs through a series of networking sessions with startup founders, venture capitalists, incubators, and other ecosystem players. This partnership allows the bank to measure the carbon emissions from each foundED event using Climes’ carbon neutral event calculator. Once the emissions are calculated, DBS Bank India will neutralise them by encouraging event attendees to select the carbon avoidance and removal projects they want the bank to support. Attendees can choose from reforestation, agroforestry, and climate-smart agriculture projects in India. During the event, Climes will display real-time data on participant engagement. The partnership kicked off with the Mumbai edition of found ED, with plans to integrate this feature for events in other cities.
Commenting on the partnership, Shoma Narayanan, Managing Director, and Head of Group Strategic Marketing & Communications at DBS Bank India, said, “DBS Bank India continues to lead by example by adopting responsible business operations and making a conscious effort to manage our environmental footprint. As purpose-led and innovative businesses are key to tackling pressing climate issues, integrating such partners into our operations allows us to mitigate the carbon footprint of our events. This also gives us a platform to educate our attendees, partners, and customers on making climate-conscious choices.”
Anirudh Gupta, co-founder of Climes, added, “We are pleased to partner with a Gen-C (GenerationClimate) champion like DBS Bank India. The bank is setting a benchmark with its holistic approach to sustainability. We focus on climate action by collaborating with businesses and helping them adopt our tech-based products to effectively manage their environmental impact. Our goal is to make sustainability an engaging and rewarding experience for all stakeholders, accelerating our collective climate impact.”
As a different kind of bank, DBS focuses on redesigning and rebuilding for a better world. The partnership with Climes is part of the bank’s wider efforts to integrate sustainability principles across operations. To address its carbon, energy, water, and waste footprint, the bank has developed a four-lever approach to systematically drive progress. This includes reducing resource consumption, generating renewable energy, purchasing green products and energy, and utilising Renewable Energy Certificates (RECs) and carbon offsets. Since 2017, the bank has expanded its renewable energy production in India with solar installations across 13 locations in Tamil Nadu and Telangana, adding over 278 kW of capacity.
GENSOL ENGINEERING LTD. EMERGED AS A SUCCESSFUL BIDDER FOR GUVNL’S 250 MW (500 MWH) BATTERY ENERGY STORAGE PROJECT WORTH INR 1340 CRORE
Gensol Engineering Ltd., a pioneer in solar power engineering, procurement, and construction (EPC) services and electric mobility sector, has emerged as a successful bidder for 250 MW/500 MWh standalone Battery Energy Storage Systems (BESS) project from Gujarat Urja Vikas Nigam Limited (GUVNL).
The project will supply electricity on an “On-Demand” basis to Gujarat State's DISCOMs during peak and off-peak hours, thereby extending renewable energy availability beyond solar hours, fulfilling Energy Storage Purchase Obligations, and enhancing grid resilience. The project will deliver 250 MW/500 MWh energy for two charge/discharge cycles per day. There is a greenshoe option of awarding second tranche of 250 MW/500 MWh at the discretion of GUVNL at the same terms and conditions; in case of exercise of greenshoe option the project could reach 500 MW / 1000 MWh, potentially generating a total revenue of approximately INR 2680 Crore over the 12-year Battery Energy Storage Purchase Agreement (BESPA) tenure.
Expressing his optimism about the future of BESS in India and Gensol’s pivotal role in propelling the growth of this sector, Anmol Singh Jaggi, Managing Director, Gensol Engineering Limited said, “It’s a proud moment for Gensol. This landmark for GUVNL BESS project not only highlights Gensol's expertise and reliability in the renewable energy sector but also sets a clear direction for our future endeavors. It aligns with Gensol's commitment to supporting India's energy transition goals through innovative and sustainable solutions. The BESS market in India is poised for exponential growth, and Gensol is at the forefront, ready to lead this transformation. Securing this project enables us to make a significant impact on the Indian energy market while solidifying our position as a leading industry player in the renewable energy landscape, propelling the future of BESS in India.”
Battery energy storage is increasingly deployed worldwide for renewable energy integration and managing grid uncertainties. As part of this project, Gensol will provide state-ofthe-art energy storage solutions combined with advanced energy management systems, ensuring compliance with rigorous availability and efficiency standards. This project underscores the company’s ability to deliver reliable and energy-efficient storage solutions that meet the rising global demand.
Being one of the first major projects of standalone BESS in the country, the potential for BESS is set to experience substantial growth, fueled by robust policy backing from the Government. Securing the project is a testimony of Gensol’s EPC capabilities and efforts towards integration into the value chain, particularly in Advanced Chemistry Cell-based Energy Storage Systems.
SOLAR INVERTER
SINENG ELECTRIC & INFINEON JOIN FORCES TO BOOST
EFFICIENT APPLICATION OF ENERGY
STORAGE
Recently, the global semiconductor leader Infineon Technologies AG announced to provide TRENCHSTOP™ IGBT7 semiconductor devices to Sineng Electric, driving the advancement of Sineng Electric's high-power PCS technology. This collaboration aims to propel the transformation of renewable energy applications.
Partnering with Infineon for Excellence
In recent years, the global energy storage market has been flourishing, intensifying competition, with enhancing power density being crucial for Sineng Electric's standout performance. Sineng Electric's 2MW PCS utilizes Infineon's 1200V EconoDUAL™ 3 power module. Without altering the dimensions of the unit, the power per unit has been increased from 1.725MW to 2MW. With the advantages of higher energy density, small size and high reliability, this product has been recognized by the global market, reflecting the leading position of Sineng Electric and Infineon in the field of PV+ESS.
Markedly Enhanced Power Performance
The EconoDUAL™ 3 medium-power IGBT module package developed by Infineon has become one of the most widely recognized and popular IGBT module packages in the industry since its launch. By combining with the latest-generation of TRENCHSTOP™ IGBT7 chip technology, the EconoDUAL™ 3 module delivers higher power density and up to 30% higher output current for the same size. With the support of highpower density components, Sineng Electric's series of PCS can achieve up to 99% conversion efficiency, supporting rapid power dispatch under high/low voltage, off-grid operation, and "black start", showcasing strong grid adaptability. Furthermore, significant improvements have been made in terms of safety and reliability.
Advancing Global Energy Storage Solutions and Green Transformation
Benefiting from Infineon's advanced technology and cuttingedge devices, Sineng Electric's energy storage products are rapidly advancing in reliability and efficiency, standing out in the competitive energy storage market and becoming the preferred brand for global customers seeking energy storage solutions.
Mr. Jiang Zhengmao, Vice President of Sineng Electric, remarked, "Sineng Electric and Infineon have a long history of cooperation. From PV to energy storage, we have always been side by side and hand in hand. As the world's leading supplier of PV+ESS solutions, Sineng Electric has continued to increase its investment in the energy storage business in recent years, and has been accelerating the breadth and depth of its global market development."
This cooperation with Infineon will effectively bring into play the advantages of both parties to form complementarity and resonance in product development, laying a solid foundation for future optimization of product performance and enhancement of product competitiveness, and contributing more to the global green transformation.
SOLAR INVERTER
HOW TO MAXIMIZE PROFITS IN COMMERCIAL SOLAR PROJECTS WITH EFFICIENT INVERTERS USAGE
In today’s competitive solar energy landscape, optimizing the performance of your commercial solar project is essential for maximizing profits. One of the key components that can significantly impact profitability is the inverter. Both manufacturers and investors are exploring strategies to leverage inverters to enhance solar project’s earnings. A prime example of a company successfully leveraging inverters to earn more profits in a commercial solar project is Jay Precision. This renowned Indian manufacturer of medical devices and automation systems has chosen to power its manufacturing facility with a 800kW rooftop solar system. The system comprises 10 Growatt MAX 80KTL3 LV inverters, which have flawlessly powered all operations for the past four years since installation. In this article, let’s uncover how Jay Precision enhanced profitability of its solar plant.
High Power Rating
Firstly, opting for inverters with higher standalone power ratings and greater adaptability is crucial. These advanced inverters can handle a wider range of operating conditions, ensuring optimal performance and reliability. Growatt MAX series inverters’ capacity range from 50150kW tailored to various C&I scenarios and 185-253kW for utility-scale projects. By choosing inverters that can handle your system’s specific needs, you can minimize downtime and maximize energy production.
Increased Capacity Ratio
Secondly, increasing the system’s capacity ratio by leveraging the inverter's over-sizing and overload capabilities is a smart move. This allows you to squeeze more energy out of your solar panels, ultimately leading to increased profits. The MAX series inverter, with a DC/AC ratio of up to 2 is compatible with high-power modules, ensuring higher energy yields for the entire system.
Muti-MPPT Design
Employing inverters with multi-MPPT design can help reduce mismatch losses in your solar arrays. This technology allows the inverter to track the max. power point of each solar panel string individually. Growatt C&I inverter has up to 10 MPPTs with 2 strings per MPP tracker. Each MPP tracker can achieve its best performance. It also boasts a maximum string current of 16A and an MPPT current of up to 32A, making it perfectly suited for using high-power PV modules.
Optimal Electricity Cost
Another effective way to reduce costs and improve profitability is to replace traditional copper cables with aluminum alloy cables. Aluminum cables are significantly lighter and cheaper than copper, significantly reducing the overall cabling costs of your solar project. Growatt inverters support connection with 300mm diameter aluminum cables, saving more AC cable costs.
Lower O&M Cost
Lastly, intelligent O&M solutions are becoming increasingly popular in the solar industry. These solutions provide real-time monitoring and analysis of your solar system’s performance, enabling you to detect and address any issues promptly. Growatt offers intelligent string monitoring, smart I/V scan and diagnosis as well as online smart service. By reducing downtime and improving system efficiency, these solutions can significantly lower operational costs and enhance the overall profitability of your solar project. Moreover, Growatt C&I inverters are certified with IP66 protection degree, C5 anti-corrosion, AFCI protection and Type II SPD on DC and AC sides, which prolongs its life span and adapt to various applications.
Jay Precision chose Growatt inverters for their efficiency, reliability, and cutting-edge features. Growatt MAX series 80kW and 125kW inverter won the “All Quality Matters” Award of PV Inverter for commercial use with excellent quality and high functionality, ranking first of commercial inverters. “If you seek to slash factory energy use, promote green energy, or boost solar power plant revenue, investing in these high-efficiency inverters is a wise choice”, said Lisa Zhang, Vice President of Growatt.
GROWATT REVEALS NEW COMMERCIAL ON-GRID
SOLAR INVERTERS MAX 150KTL3-X LV
The commercial and industrial (C&I) sector in India has experienced a significant transition from conventional energy sources to renewable sources, driven by the imperative for sustainable development and carbon neutrality. Solar energy, in particular, has emerged as a front runner and is being extensively adopted over the country. With over 12 years of solid presence in India, Growatt, a global leading distributed energy provider, has gained invaluable insights into the market dynamics, enabling itself to craft customized solutions.
As Growatt’s MAX 100KTL3-X LV and MAX 125KTL3-X LV inverters are well received in markets, the company has unveiled a new addition to them: the ‘MAX 150KTL3-X LV’. This product currently stands out as the highest-rated inverter in the low-voltage segment for Cd&I applications in India. First, it has immense energy potential. In a compact design, its string current can reach 22.5A, seamlessly incorporating the latest high-wattage panels. With a DC loading capacity of up to 150%, it optimizes solar harvesting. Second, safety is very paramount when considering system use. Its advanced fuse-free design enhances reliability and efficiency by eliminating the need for internal fuses, which also reduces the maintenance costs. Type II SPD on both AC and DC sides ensures protection against surges, while its IP66 and C5 anti-corrosion rating enable outdoor installations, resilient to harsh weather conditions. Lastly, the MAX 150KTL3-X LV offers ease of operation. Growatt provides a comprehensive monitoring solution designed for remote plant performance tracking. This capability empowers businesses to make informed decisions by leveraging the monitored data.
With an unwavering focus on adapting to the dynamic landscape of the renewable energy sector, Growatt credits its success to the expertise and dedication of its R&D team. By consistently offering tailored solutions to meet diverse customer demands, Growatt solidifies its position as the preferred choice for customers seeking reliable renewable energy solutions.
ENERGY STORAGE
ENERGY STORAGE SOLUTIONS SPARK
MYANMAR’S
SOLAR REVOLUTION
Recently, Growatt successfully held a gathering in Myanmar. This event, centered on solar energy storage, offered a comprehensive exploration of Growatt’s latest advancements across residential and commercial sectors and emphasized the tailored solar solutions for Myanmar.
Some countries and regions may encounter minor power instabilities, such as occasional power outages, as well as some challenges in scheduling and dispatching electricity due to the reliance on hydropower. However, with abundant solar resources, Myanmar has been actively embracing solar energy solutions to tackle the challenges and meet its energy needs. Due to an average solar irradiation of 4.5~5.1 kWh per square meter per day, the country holds immense potential for solar energy development. The Myanmar government has been supportive as well by introducing policies, such as subsidies and tax incentives. As the organizer of this event, Growatt aims to be a pivotal contributor to Myanmar’s solar market. To provide stable energy sources and help people realize energy independence, Growatt brought its comprehensive energy storage solutions, offering optimal electricity generation, enhanced safety, scalability, easy maintenance and more.
One of the highlights was the upgraded version of the SPF series—‘Future-H Series’, an off-grid energy storage solution for residential use. This innovative all-in-one design seamlessly integrates inverters ranging from 6 to 36kW and batteries with capacities of 5.5 to 33kWh into a single, compact cluster. In addition, Growatt also launched two hybrid energy storage solutions: ‘SPH 10000TL-HU’ for families and ‘WIT 50-100K-HU’ tailored for commercial and industrial (C&I) use. The ‘SPH 10000TL-HU’ boasts a powerful 10kW on/off output and a built-in UPS (switching from on-grid to off-grid within 10ms). Besides, it can power generators and provides compatibility with both 48V lead acid and lithium batteries. It allows for up to 3 units to be paralleled for either a 220acV or 380 acV systems. The ‘WIT 50-100K-HU’ can be easily integrated with existing generators to create a novel power supply system. It has a maximum output of 100kW and can readily scale up to 300 kW for both on-grid and off-grid applications and also stands out with a built-in UPS. The ‘MAX 100KTL3-X’ C&I ongrid inverter is also exhibited. With its expanded string current of 15A, it effortlessly accommodates higher-wattage PV modules. Certified for IP66 and C5 anti-corrosion, this inverter guarantees reliable performance even in the harshest environments.
The event also underscored the importance of collaboration and knowledge sharing in driving the solar market. Industry experts shared insights on the latest trends, challenges, and opportunities in the market. Local installers and distributors gained a deeper understanding of Growatt’s products. With Growatt’s significant commitment and the support of various partners, Myanmar is well on its way to realize a sustainable and efficient energy future.
RENEWABLE ENERGY
SHREE CEMENT JOINS RE100 COMMITS TO TRANSITION 100% TO RENEWABLE ELECTRICITY BY 2050
• Power generation capacity from waste heat recovery-based plants ranked among the highest in the global cement industry.
• Sustaining green power consumption at over 55%, the highest in the Indian cement industry.
• Invested Rs. 1050 Cr in 236 MW solar & wind power plants installations. Further investment of Rs. 700 crores planned in FY25 for installing 148 MW plants in 5 states.
Shree Cement, one of India's largest cement producers with an installed capacity of over 56 MTPA, proudly announces its membership in the esteemed RE100 initiative, a global initiative led by Climate Group, advocating for businesses to convert to 100 percent renewable electricity for all their operations. This commitment underscores Shree’s dedication to accelerate the global transition to 100% renewable electricity consumption among influential businesses.
Mr. Neeraj Akhoury, Managing Director, Shree Cement Ltd said on the milestone, "Joining the RE100 initiative is a significant step in our journey towards becoming a modern and green building material company. We are committed to transitioning our operations to 100% renewable electricity consumption and accelerating investments in renewable electricity infrastructure. Our aim is to set a benchmark for sustainability within the cement sector and inspire positive change throughout the industry.”
Mr. Atul Mudaliar, Director of Systems Change-India, Climate Group said, “Shree Cement’s commitment to use 100% renewable electricity by 2050 is commendable. Their plans as part of our RE100 initiative show that businesses in cement and other hard-to-abate sectors can transition their operations to become more sustainable, if they set their sights on this goal. This is the outlook the world needs from businesses to tackle climate change head-on.”
Aligned with national goals, Shree Cement is committed to reducing thermal power consumption and increasing renewable electricity usage. Significant investments have been made to expand the solar and wind electricity portfolio, with 236 MW solar & wind power plants installed across India at a capex exceeding Rs. 1050 Crores. An additional 112 MW solar power plants are under installation in five states - Jharkhand, Haryana, Rajasthan, Uttar Pradesh and Uttarakhand. 36MW wind power plants are under planning in Rajasthan. The total estimated capex towards these solar and wind power plants is over Rs. 700 crores.
Neeraj Akhoury added, “With sustainability as the cornerstone of our growth strategy, we have been pioneers in adopting innovative technologies to minimise consumption of non-renewable sources and reduce emissions. We are also exploring innovative techniques to enhance renewable electricity usage such as battery storage, pump storage, green hydrogen, among others.”
Shree Cement will prioritise close collaboration with stakeholders, local communities, and government agencies to address challenges and promote the widespread adoption of renewable electricity solutions. Furthermore, the company will ensure transparent monitoring and reporting of progress towards renewable electricity goals, demonstrating Shree’s dedication to accountability and sustainability.
PV MANUFACTURING
HUASUN HETEROJUNCTION SOLAR CELLS ACHIEVE
RECORD-BREAKING EFFICIENCY OF 26.5% IN MASS PRODUCTION
In a significant milestone, Huasun G12R and G12 heterojunction (HJT) solar cells have achieved remarkable average efficiencies of 26.01% and 26.15%, with peak efficiencies hitting 26.41% and 26.50% respectively in mass production line. This achievement firmly cements Huasun's position as a leader in the industrialization of HJT technology. The breakthrough not only underscores the technological strides made in mass production efficiency for Huasun HJT solar cells but also highlights the immense potential of HJT technology.
This efficiency surge is attributed to state-of-the-art texturing processes, HJT 3.0 bifacial microcrystalline technology, and the adoption of efficient yet costeffective target materials. Leveraging cutting-edge zero busbar (0BB) module technology and silver-coated copper paste with low-silver-content, Huasun G12R and G12 cells have reached unprecedented levels of efficiency yet minimized the cost. Furthermore, the power output in mass production of Huasun’s 210R-132 dual-glass HJT pv modules has surpassed the 640W threshold. Amidst ongoing industry evolution, Huasun remains steadfast in its commitment to innovative research and largescale production of HJT technology. By pushing the boundaries with advanced technology and adhering to rigorous standards, Huasun aims to provide customers with PV products and solutions that are high-efficiency, high-power, high-reliability, contributing to the highenergy-yield, low-BOS and low-LCOE for solar projects.
This breakthrough heralds the full-fledged arrival of Huasun G12R and G12 HJT cells into the "26% + era". With its stellar performance and unwavering commitment to quality, Huasun continues to lead the charge in enhancing HJT efficiency. By driving efficient development in PV industry, Huasun aims to contribute significantly to the achievement of global zero carbon goal
ONLY 4 STEPS! WITNESS THE BIRTH OF A HUASUN HETEROJUNCTION SOLAR CELL
Heterojunction (HJT) solar cells boast exceptional photovoltaic conversion efficiency. At Huasun, the average efficiency of doublesided microcrystalline HJT 210mm solar cells has reached 26.15% in mass production, with peak efficiency hitting 26.50%, and these figures are constantly being updated. But how exactly are HJT solar cells crafted? You might assume it's a highly intricate process, yet it's surprisingly straightforward!
The journey of HJT solar cell production commences with silicon wafers and encompasses just 4 manufacturing steps. Dive into the video below, and without setting foot in the workshop, you can delve into the streamlined process of HJT solar cell creation.
Upon closer inspection, you'll notice Huasun's innovative approach of half-cutting ingots before slicing wafers. This significantly minimizes losses incurred during subsequent slicing, while optimizing edge utilization and thinning silicon wafers, thereby substantially enhancing silicon material efficiency.
STEP 1: CLEANING & TEXTURING
N-type monocrystalline silicon wafers are immersed in a specific concentration of alkaline solution, meticulously controlled to etch fine, uniform pyramid-shaped structures along specific crystal orientations
STEP 2: BIFACIAL PECVD (PLASMA-ENHANCED CHEMICAL VAPOR DEPOSITION)
Under vacuum conditions, gas-phase reactants carrying elements for thin films react chemically on the substrate surface through particle bombardment or thermal decomposition, forming amorphous silicon films. Introducing double-sided microcrystalline technology enhances light transmission, reduces doping layer resistance, and ultimately boosts current density.
STEP 3: BIFACIAL PVD (PHYSICAL VAPOR DEPOSITION)
Transparent Conductive Oxide (TCO) particles are deposited onto the substrate under vacuum and high-pressure conditions via PVD or evaporation, forming TCO films. These films offer dual functions of optical transparency and electrical conductivity, creating an optical trap structure and diminishing surface reflectance
STEP 4: BIFACIAL SCREEN PRINTING
Paste is intricately applied onto both sides of the silicon wafer through specific patterns, creating finely detailed circuitry to extract collected currents from the solar cells. With just 4 steps, Huasun’s HJT solar cells adopt a symmetrical structure on both sides, enabling dual-sided power generation. Conventional Huasun HJT modules achieve bifaciality of up to 90%, while ultra-high ones can reach 97%, providing additional benefits for customers. It’s noteworthy that the temperature of the entire manufacturing process of HJT solar cells remains under 200°C, making it environmentally friendly with lower carbon emissions
From manufacturing to power generation, Huasun fully harnesses the green essence of its HJT products, constantly advancing towards a greener future by streamlining manufacturing processes and increasing energy yield. In doing so, it contributes significantly to achieving the zero-carbon objective.
HUASUN HJT EXCLUSIVE GALA SUCCESSFULLY SETS
SAIL IN SHANGHAI WITH DEBUT OF HETEROJUNCTION
PEROVSKITE TANDEM PRODUCTS
"HUASUN HJT EXCLUSIVE GALA" kicked off in Shanghai on the evening of June 12th. More than a hundred partners from Asia-Pacific, Europe, the Middle East, Africa, South America, and other regions, including prominent energy enterprises, EPCs, distributors, and more, gathered together to share in this unique feast of heterojunction brilliance along the Huangpu River.
Jimmy Xu, Chairman & CEO of Huasun Energy, warmly welcomed all the attendees in his opening speech, stating, "In an era where homogenization of photovoltaic products is prevalent, Huasun has always remained committed to innovation in the heterojunction (HJT) field, forging an extraordinary path. Since its inception, Huasun has been dedicated to providing the industry with the top-tier photovoltaic products, striving for 'Five Excellences': high conversion efficiency, high power generation, strong reliability, low carbon footprint, and minimal costs."
Xu showcased Huasun's latest tandem samples, expressing optimism for their official launch later this year. He envisioned Huasun becoming not only the world's largest and premier heterojunction company but also the first to mass-produce heterojunction perovskite tandem products. Xu anticipated widespread adoption of Huasun's HJT perovskite tandem products within the next three years, boasting higher power output and efficiency for the industry.
It's widely recognized that crystalline silicon (c-Si) solar cells have a theoretical efficiency limit of 29.4%. To achieve efficiencies exceeding 35% in the future, tandem structures are essential. Perovskite/c-Si tandem solar cells can increase the theoretical efficiency up to 43%, breaking the bottleneck of single junction c-Si solar cells.
Heterojunction cells and perovskite tandem structures possess inherent advantages, and both of them are based on low-temperature processes. The transparent conductive oxide (TCO) layer on the surface of heterojunction cells allows for direct embedding of perovskite cell structures, facilitating efficient stacking. Coupled with the high open-circuit voltage characteristic of heterojunction cells, this tandem technology holds significant potential for achieving higher efficiencies.
In his speech, Huasun’s Vice President Matthew Jin extended gratitude to both longstanding supporters and new allies, remarking, "After four years of dedicated effort, Huasun has successfully deployed HJT products across solar projects worldwide. Now, we stand on the brink of introducing heterojunction perovskite tandem products, poised to deliver even greater innovations to the industry. Let's unite to usher in a brighter future for photovoltaics together!"
Christian Comes, Business Development Director of Huasun Europe, elaborated on the past, present, and future of heterojunction and Photovoltaics to the audience. "HJT technology emerged in the late 20th century but faced slow industrialization due to its technical complexities. As a leading HJT-focused enterprise, Huasun has prioritized substantial investments in R&D since its inception, culminating in the successful large-scale production of HJT modules. Globally, we have delivered a cumulative total of 5GW of high-efficiency HJT products across projects spanning more than 40 countries and regions."
Comes emphasized Huasun's ongoing commitment to demonstrating that higher-efficiency HJT products can significantly reduce the Levelized Cost of Energy (LCOE) and improve Internal Rate of Return (IRR) for solar power plants. Alongside new technologies, Huasun's zero busbar (0BB) technology attracted considerable interest from customers during the event. Leveraging advanced texturing processes, the latest HJT 3.0 bifacial microcrystalline technology, and efficient low-cost target materials, combined with cuttingedge 0BB technology and low-silver-content silver-coated copper pastes, Huasun has achieved impressive results. The G12 cells now boast an average efficiency of 26.15% in mass production, reaching up to 26.5% at the highest.
Underpinned by continuous technological innovation, Huasun continues to push boundaries in power and efficiency. This highlights the significant efficiency potential and broad commercial applications of HJT technology worldwide. Tracy Hong, Director of Huasun's Pre-Sales Technical and Product Support, elaborated on eight key advantages of Huasun's unique 0BB technology compared to traditional methods.
Hong noted, "It's important to highlight the module's remarkably low temperature coefficient of -0.24%/°C. Calculations indicate that at 65°C, power loss in 0BB modules can be reduced by approximately 6W compared to conventional HJT-SMBB modules of the same type, effectively increasing energy yield for power stations." Currently, Huasun has successfully integrated HJT 0BB technology into mass production with their Himalaya Series G12-132 and Everest Series G12R-132 modules, further enhancing efficiency and costeffectiveness for ground-mounted power stations, as well as commercial and residential rooftop projects.
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