EQ Magazine - Oct 2021 India Edition by EQ Int'l Solar Media Group

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CONT EN T

VOLUME 13 Issue #10

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

INDIA

GOVERNMENT RELEASES GUIDELINE FOR THE CYBER SECURITY IN POWER SECTOR

18 BUSINESS & FINANCE TVS MOTOR COMPANY SIGNS MOU WITH TATA POWER TO COLLABORATE ON ELECTRIC TWO-WHEELER CHARGING ECO-SYSTEM IN INDIA

61 INTERNATIONAL

WORLDWIDE ENERGY SHORTAGE SHOWS UP IN SURGING COAL, GAS AND OIL PRICES

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

ELECTRIC VEHICLE VOLVO PLANS $2.9B IPO TO FUND ELECTRIC VEHICLE PLANS

25 BUSINESS & FINANCE

GRASIM INDUSTRIES ACQUIRES 26% STAKE OF ABREL SOLAR POWER

INDIA

RENEWABLE ENERGY

PRIVATE SECTOR SHOULD FOCUS ON SUSTAINABLE DEVELOPMENT GOALS: KANT

CUMMINS INDIA SLUMPS AS DG SET USERS URGED TO SHIFT TO RENEWABLE ENERGY

20 33

36 INTERVIEW

Mr. Krishna Kumar Sharma Vice President- APAC, Renesola Limited

BUSINESS & FINANCE INVESTORS ARGUE MUSK SHOULD REPAY $9.4 BLN TO TESLA FOR SOLARCITY DEAL

48 RESEARCH & ANALYSIS

TWO THIRDS OF THE WORLDS HEAVIEST EMITTERS HAVE SET A NET-ZERO TARGET

RENEWABLE ENERGY

ADANI GROUP TO INVEST 20 BN DOLLARS IN RENEWABLE SECTOR OVER NEXT DECADE

66 ELECTRIC VEHICLE TPG TO INVEST $1 BILLION IN TATA MOTORS SUBSIDIARY FOR ELECTRIC VEHICLES

EQ NEWS Pg. 08-73 INTERVIEW Pg. 36

ENERGY STORAGE AUSTRALIA’S ASPIRING UPSTREAM VANADIUM FLOW BATTERY PLAYERS TAKE STEPS FORWARD

Risen Energy Co., Ltd. was founded in 1986 and listed as a Chinese public company (Stock Code: 300118) in 2010. Risen Energy is one of the pioneers in solar industry and has committed to this industry as a R&D expert, an integrated manufacturer from wafers to modules, a manufacturer of off-grid systems, and also an investor, a developer and an EPC of PV projects. Aiming to deliver the green energy worldwide, Risen Energy is developing internationally with offices and sales networks in China, Germany, Australia, Mexico, India, Japan, USA and others. After years of efforts, it has reached a module production capacity of 19.1GW. While growing rapidly, Risen Energy keeps a stable pace with an average debt ratio at around 60% from 2011 to 2020.

INDIA

NTPC PROVIDING REQUIRED POWER FOR DELHI

NTPC Ltd, India’s largest integrated power producer, has been providing required power to capital city of Delhi. As per October 1st to October 11 data, Delhi DISCOMs have been scheduling only 70% of power that has been made available by NTPC. The same is indicated by the graph that lays down the power scheduled by NTPC plants for Delhi versus what has been drawn by the city’s DISCOMs. It is also pertinent to mention that Delhi DISCOMs have allocation of 756 MW from Dadri-I (840 MW) thermal power station of NTPC. Dadri -1 thermal power station was setup for strategically important state of Delhi and has consistently served the consumers of Delhi. However, since November-2020, Delhi DISCOMs have not been scheduling power from this station even when the fixed charge of Dadri-I station is 0.97 Rs/kWh at normative present Energy Charge Rate (ECR) is 3.20 Rs/kWh. Ironically, Uttar Pradesh, which has allocation of only 10% from Dadri I units, is scheduling power from Dadri-I station meet the power requirement of the state consumers. NTPC is making all efforts for ensuring availability of coal at all of its power stations for meeting the power requirement of the country. In the first half of financial year 2021-22, NTPC’s generation growth has been over 21% compared to same period last year. Source: ntpc.co.in 8

OCTOBER 2021

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INDIA MYSUN WINS 140MW OF OPEN ACCESS SOLAR PROJECTS IN UP

These projects were awarded under UPPTCL’s Open Access scheme for Solar Energy

YSUN, India’s leading distributed solar company, has been allocated 140 MW solar projects under the Captive/Open Access mode by the Uttar Pradesh Power Transmission Corporation Limited (UPPTCL). The process of allocation saw active participation from most of the large solar developers from all over the country.This scheme will promote use of solar energy in the state of Uttar Pradesh for large industries and corporations. The latest round of allocation saw connectivity approvals being granted for central, western, and eastern parts of UP. Overall, about 1.5GW of grid sub-station capacity was put up for allocation. MYSUN will be developing these projects across multiple districts primarily in parts of Western UP. Speaking on the development, Gagan Vermani, Founder & CEO of MYSUN said, “The allocation of this 140MW is a commitment from our side to provide clean, reliable and affordable solar power to large energy consumers like industries, data centers, corporate parks and builders in Uttar Pradesh. There is a lot of existing demand and with a renewed focus on industrialization in UP. Clubbed with an upcoming new international airport, we foresee huge demand for solar energy from our Open Access power projects.” MYSUN, under its recently launched asset vehicle MYSUN+, is expanding its presence across the states like Uttar

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Pradesh, Rajasthan, Maharashtra, Gujarat, Madhya Pradesh, Andhra Pradesh, Tamil Nadu along with the National Capital Region. The company is already in early-stage development of more than 220MW of projects under the Captive/ Open Access mechanisms. “We are excited with the progress that our venture MYSUN+ has made in such a short span of time. Our 360-degree approach of catering to all types of clients, backed by innovative technology, financing and service is gathering good momentum and our team is fully geared up to scale this business to the next level.” added Mr. Vermani MYSUN+ was launched in February 2021 to develop solar projects under the distributed and open access models with an overall investment of Rs 600 Crores in the first phase. Within a short period, MYSUN+ has amalgamated with some of the major corporates and MNCs in India for their upcoming solarization plans. In its recent developments, the company had tied-up debt funding from TATA Cleantech Capital Ltd (TCCL), a joint venture between Tata Capital Limited (‘TCL’) and International Finance Corporation (‘IFC’), Washington DC, US.

OCTOBER 2021

INDIA

NTPC SAYS DELHI DISCOMS SCHEDULING ONLY 70 PC OF POWER AVAILABLE WITH THEM According to the data provided by NTPC for eleven days, the discoms in the city scheduled (or got supply of) 38.81 million units (MU) against the 54.83 MU declared capacity entitlement (or made available by the NTPC).

tate-run power giant NTPC said it has been making electricity available to the national capital but the distribution companies have been scheduling only 70 per cent of power made available to them. “NTPC has been making available required power for Delhi. As the data shows (1st October to 11th October), Delhi DISCOMs have been scheduling only 70 per cent of power that has been made available by the NTPC,” tweeted NTPC along with data for eleven days till October 11, 2021. According to the data provided by NTPC for eleven days, the discoms in the city scheduled (or got supply of) 38.81 million units (MU) against the 54.83 MU declared capacity entitlement (or made available by the NTPC). Earlier in the day, a fact sheet released by the Ministry of Power also showed that there was no energy deficit in Delhi during the two weeks period till October 10, 2021. In a fact sheet on the power supply situation in Delhi, the power ministry stated that the maximum demand of Delhi was 4,536 MW (peak) and 96.2 MU (energy) on 10 October, 2021. As per the information received from Delhi discoms, there was no outage on account of power shortage, as the required amount of power was supplied to them, it stated. Earlier in the day, the power ministry said in a statement that it has asked NTPC and DVC (Damodar Valley Corporation) to supply as much power as available to Delhi discoms under their respective power purchase agreements. The ministry has also issued guidelines on October 11, 2021, regarding utilisation of unallocated power of central generating stations by the states, a ministry statement said. Keeping in view the declared capacity (DC) offered to the Delhi discoms in last 10 days, the Ministry of Power has issued instructions on October 10, 2021, to NTPC and DVC to secure power supply to Delhi, the ministry stated adding that this will ensure that distribution companies (discoms) of Delhi will get as much as power as requisitioned by them as per their demand, it added.The ministry has directed that NTPC and DVC may offer the normative declared capacity (DC) to the Delhi discoms as per their allocations made to them under respective power purchase agreements (PPAs), from their coal-based power stations.Besides the union power and coal secretaries made a detailed presentation to improve the situation,” he had said. Earlier, Delhi Power Minister Satyendar Jain had said the "Delhi government has to depend on costly gas-based power

OCTOBER 2021

as well as spot purchase at high market rate as the NTPC has halved power supply to the city from the usual 4,000 MW." Principal Secretary, Prime Minister’s Office about the ongoing coal shortage at power plants in the country. The highly placed official told that the there were talks about the fully utilising imported coal-based power plants in the country and improving the management of dry fuels stocks at the plants along with consistent ramped up supply. Chief Minister Arvind Kejriwal had said that the power situation is “very critical” in the entire country.Kejriwal had said all efforts were being made to address the power crisis and his government did not want that any “emergency situation” is created.“The situation is very critical in the entire country. Several chief ministers have written to the Centre about it. All are trying together to Jain had claimed "most of the National Thermal Power Corporation (NTPC) plants are running at 50-55 percent capacity as their coal stocks are reduced to meet one-two days need. Delhi purchases most of its "power from NTPC but supply has been halved, Jain had told reporters.“NTPC which supplies us 4,000 MW power has reduced it to half currently. This has led us to generation of power through gas that costs Rs 17.25 per unit,” he had said. Delhi has three gas-based plants with a total capacity of 1,900 MW, he had said.“The Centre has terminated the quota of cheap gas. We have to purchase it and the generation cost is Rs 17.50 which is not sustainable. Also, we have to resort to spot purchase of power due to the crisis at a high rate of Rs 20 per unit,” Delhi power minister had said.Jain had also said the Centre should accept that coal crisis and address it instead of being in denial mode. Chief ministers of many states, including Yogi Adityanath of Uttar Pradesh, have written to the Centre on the issue. Punjab is also facing power cuts, he had said.“If there is no power crisis, then why has Chief Minister Yogi Adityanath written a letter to the central government. There is a power crisis in the country; the central government should consider it as a problem, then only its solution can be found,” he had said.The demand for electricity in Delhi at present is low. At one time, the electricity demand was more than 7,300 MW, which has come down to 4,562 MW. Even after the demand is low, we have to buy electricity at the rate of Rs 17 to Rs 20, he

had said.

Source: PTI

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INDIA

GOVERNMENT RELEASES GUIDELINE FOR THE CYBER SECURITY IN POWER SECTOR Under the direction of Union Power and New & Renewable Energy Minister Shri R K Singh the Central Electricity Authority, Ministry of Power has prepared the guideline for the Cyber Security in Power Sector and it has been released.

EA under the provision of Section 3(10) on Cyber Security in the “Central Electricity Authority (Technical Standards for Connectivity to the Grid) (Amendment) Regulations, 2019” has framedGuideline on Cyber Security in Power Sector to be adhered by all Power Sector utilities to create cyber secure eco system.This is the first time that a comprehensive guideline has been formulatedon cyber security in power sector. The guidelinelays down required actionsfor cyber security preparedness across various utilities in power sector so as to raise the level of cyber security preparedness for power sector. The Guideline has been prepared after intensive deliberations with stakeholder and inputs from expert agencies in the field of cyber security, such as CERT-In, NCIIPC, NSCS, IIT Kanpur and subsequent deliberations in Ministry of Power as well. The Guidelinehave been issued with the objective of creating a cyber secure ecosystem. It lays down a cyber assurance framework, the strengthens the regulatory framework, puts in place mechanisms for security threat early warning, vulnerability management and response to security threats, securing remote operations and services, protection and resilience of critical information infrastructure, reducing cyber supply chain risks, encouraging use of open standards, promotion of research and development in cyber security, human resource development in the domain of Cyber Security, Developing effective public private partnerships and information

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sharing and cooperation.Guideline are applicable to all Responsible Entities as well as System Integrators, Equipment Manufacturers, Suppliers/Vendors, Service Providers, IT Hardware and Software OEMs engaged in the Indian Power Supply System for protection of Control Systems for System Operation and Operation Management, Communication System and SecondaryAutomation and Tele control technologies. These Guideline are mandatory requirements to be met by all stakeholders and lay emphasis on establishing cyber hygiene, training of all IT as well OT Personnel on Cyber Security, designating of Cyber Security Training Institutes as well as Cyber Testing labs in the Country. The Guideline mandates ICT based procurement from identified “Trusted Sources” and identified “Trusted Products” or else the product has to be tested for Malware/ Hardware Trojan before deployment for use in power supply system network when system for trusted product and service is in place. It will promote research and development in cyber security and open up market for setting up Cyber Testing Infra in Public as well as Private Sector in the country. CEA is also working on cyber security regulations. This Cyber Security guideline is precursor to the same.

OCTOBER 2021

INDIA

TRANSMISSION SYSTEM FOR RAJASTHAN SOLAR ENERGY ZONE COMMISSIONED ONE OF THE LARGEST INTER STATE TBCB PROJECTS ESTABLISHED IN RAJASTHAN

Commissioning by POWERGRID Khetri Transmission System Ltd. (PKTSL)

OWERGRID Khetri Transmission System Ltd. (PKTSL), a fully owned subsidiary of Power Grid Corporation of India Limited (POWERGRID) has commissioned the Transmission System associated with Rajasthan Solar Energy Zone (SEZ) Part-C on 4th October 2021. This is one of the largest Inter State Tariff Based Competitive Bidding (TBCB) projects established in the state of Rajasthan.The Transmission Project involves a new 765 kV Sub-station at Khetri (Rajasthan) and connects the capital of the country at Jhatikara (Delhi) through a 765 kV Double Circuit Transmission line and also connects Sikar (Rajasthan) through a 400 kV Double Circuit Transmission line. The commissioning of PKTSL system will facilitate transfer of Renewable Power from Rajasthan to various

OCTOBER 2021

parts of the country. It will benefit industries, households and businesses, boosting the economic development of Rajasthan and the country in totality. It will augment the transmission infrastructure to evacuate renewable energy thereby reducing dependency on fossil fuels, in line with Government of India’s vision of achieving 450 GW renewable energy target by 2030. Charging of this important transmission project will enhance ease of living as well as provide GatiShakti to infrastructure development activities, through supply of quality & reliable green power across the country. POWERGRID presently has 263 Sub-stations and more than 172,000 ckm and 447,000 MVA of transformation capacity. With the adoption of latest technological tools and techniques, enhanced use of automation and digital solutions, POWERGRID has been able to maintain average transmission system availability >99%.

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INDIA

INDIA’S SECOND-LARGEST FUEL RETAILER IS LOOKING TO CREATE A 1,000 MW PORTFOLIO OF RENEWABLE POWER GENERATION CAPACITY Privatisation-bound Bharat Petroleum Corporation Ltd (BPCL) plans to invest over ₹1 lakh crore over the next five years in raising petrochemical production capacity, gas business, clean fuel and augmenting marketing infrastructure, its chairman Arun Kumar Singh said

he investment will help BPCL prepare for the future where conventional fuels and zero-carbon mobility in form of electric vehicles (EVs) and hydrogen will co-exist, while giving it the option to convert a greater degree of crude oil directly into high-value petrochemicals. India’s second-largest fuel retailer is looking to create a 1,000 MW portfolio of renewable power generation capacity, mostly through acquisitions while also invest in biofuels and hydrogen, he told reporters. It is targeting to convert 7,000 out of over 19,000 petrol pumps into energy stations in the medium to long term by offering multiple fueling options like petrol, diesel, flexi fuels, EV charging facility, CNG and eventually hydrogen. “In the years to come, BPCL has made aggressive investment plans. We shall be investing more than ₹1 lakh crores at the group level majorly in en hancing petrochemical capacity and improving refining efficiencies ( ₹30,000 crore), gas proliferation ( ₹20,000 crore), upstream oil and gas exploration and production ( ₹18,000 crore) and augmenting (fuel) marketing infrastructure ( ₹18,000 crore),”

he said.

Besides, the firm also plans to invest ₹5,000 crore in renewable energy and another ₹7,000 crore in biofuels. BPCL owns and operates three refineries at Mumbai, Kochi in Kerala and Bina in Madhya Pradesh which convert crude oil into fuels such as petrol and diesel. It is adding petrochemical units at the refineries, the latest being at Kochi, to capture value addition from producing speciality chemicals. “With the commissioning of two units in Propylene Derivative Petrochemical Project (PDPP) at Kochi refinery in February 2021, we have joined the leaders in production of niche petrochemicals. We will increase our presence in petrochemical space, integrating with our refining activity to diversify and hedge,” he said. With the government looking

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to increase the share of environmentally safe natural gas in the energy basket to 15 per cent by 2030 from the current 6.2 per cent, BPCL too is investing heavily in city gas networks and setting up 12 LNG fuel stations, he said, adding the firm has license to retail CNG and piped natural gas in 37 geographical areas. Stating that the firm and its joint ventures have 1,393 CNG stations, he said, “Our presence in CNG stations is going to grow manifold in the next few years.” BPCL, he said,

is closely watching EV development in India and expects higher penetration in two- and three-wheelers. “It is a

new business opportunity as well as a hedge against the risk of displacement of auto fuels.” EV charging facilities have already been installed in 44 petrol pumps in major cities, and plan is to ramp it up to 1,000 by 2023-24. BPCL has also started pilot of battery swapping for threewheelers in Kochi and Lucknow. Singh said "the firm is looking to have both solar and wind power generation capacities and would look to convert electricity thus generated into green hydrogen — the cleanest form of hydrogen. BPCL, which has a portfolio of 45 MW of renewable capacity, plans to increase it to 1,000 MW in the next five years. This would “benefit the company in various ways — diversification, offsetting GHG emissions arising from fossil fuel portfolio. Renewable power can also help in enabling EVs and production of green hydrogen,” he said.The company is also setting up an ethanol production unit at Bargarh, Odisha with a production capacity of 100 kilolitres per day. It is also exploring the possibility to set up four more ethanol plants in deficit states with a capacity of 100 kl per day. Of the ₹18,000 crore upstream investment, ₹16,000 crore would be BPCL’s share in a giant LNG project in Mozambique. “The planned capex will be funded through a mix of internal resources and borrowings,” BPCL Director-

Finance V R K Gupta said.

Source : PTI

OCTOBER 2021

INDIA

INDIA SET TO ACHIEVE 450 GW RENEWABLE ENERGY INSTALLED CAPACITY BY 2030: MINISTRY OF NEW AND RENEWABLE ENERGY (MNRE) Invites global stakeholders to invest in India’s RE sector

e Ministry of New & Renewable of storage," Shri Singh added. Speaking on the opportunities Energy (MNRE) in partnership with for green hydrogen in India, Shri Singh said, “MNRE will work FICCI, organised a series of events, out with bids for electrolysers and that mandates for green from October 6th-8th, 2021 during hydrogen consumption in refining, fertilizer, piped natural the Climate and Biodiversity Week at gas.” Shri Singh also said that "SECI has had promising Expo 2020 Dubai. The events covered growth and is expected to continue this momentum as new the themes of India’s Renewable and emerging areas in the clean energy space are set for Energy Achievements and Ambitions, a boom and stated his vision of SECI becoming an energy Emerging Areas and Opportunities for conglomerate of the new world. India has embarked on an Renewable Energy in India, and also focussed events anchored exciting journey and is treading where no one has ventured by the Solar Energy Corporation of India (SECI) and Indian before, and SECI will continue to work towards meeting Renewable Energy Development Agency (IREDA). An event the ambition of 450 GW by 2030." Shri Bhagwanth Khuba, on the theme of One Sun One World One Grid (OSOWOG) Minister of State, New and Renewable Energy, Chemicals and was also organised by International Solar Alliance promoting Fertilizers, Government of India said on the first day of "the interconnective across borders to harness solar energy without event, that the energy sector is set to undergo a drastic intermittency. Addressing the MNRE-FICCI – SECI event, Shri transformation across the globe and the future belongs R.K. Singh, Minister of Power, New and Renewable Energy, to the renewable energy." “This is going to be a collective emphasized that the world is on the cusp of transformation, effort and our energy transition will be inclusive and and immediate corrective steps are needed to mitigate climate equitable so that no one is left behind. We welcome out change. He highlighted that energy transition needs to be the with bids for electrolysers and that mandates for green first step in this direction. He said that India is already ahead of hydrogen consumption in refining, fertilizer, piped natural

what we pledged in our Nationally Determined Contributions gas.” Shri Singh also said that "SECI has had promising (NDCs) saying that, “Already 39% of our installed capacity is growth and is expected to continue this momentum as new

from non-fossil based sources. By 2022 we will reach our and emerging areas in the clean energy space are set for target of 40%.” Highlighting that transmission is a challenge a boom and stated his vision of SECI becoming an energy and getting it into place is work in progress, he said, “We are conglomerate of the new world. India has embarked on an launching the Green Corridor Phase 2 and we are generally exciting journey and is treading where no one has ventured expanding transmission to put in place systems for before, and SECI will continue to work towards meeting renewable power evacuation from sites where irradiation the ambition of 450 GW by 2030." Shri Bhagwanth Khuba, is high, or wind speed is high.” Shri Singh also said that Minister of State, New and Renewable Energy, Chemicals and "intermittency of renewable power is another challenge for Fertilizers, Government of India said on the first day of "the the entire world highlighting that battery storage per unit event, that the energy sector is set to undergo a drastic currently is high and needs to come down. He added that transformation across the globe and the future belongs Government is coming out with bids for battery storage. to the renewable energy." “This is going to be a collective There is a Production Linked Incentive for battery storage effort and our energy transition will be inclusive and already in place and demand needs to be encouraged to equitable so that no one is left behind. We welcome bring down the prices

OCTOBER 2021

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INDIA all our partners to come and invest in India and join us in this incredible journey,” he added. He further said that in view of the 175 GW installed RE capacity by 2022

announced in 2015 by the Hon’ble Prime Minister Narendra Modi, India surpassed the 100 GW milestone (excluding large hydro) in 2021. He also added that "as of now India

has only tapped a fraction of the vast potential for renewable energy and, therefore, India has raised the target to 450 GW RE installed capacity by 2030." Inviting global stakeholders, on day two of the events, Mr Khuba reiterated the benefits of investing in India’s RE sector and highlighted that ensuring Ease of Doing Business has been India’s utmost priority. “We have established dedicated Project Development Cell (PDC) and FDI Cell in all ministries for handholding and facilitating domestic and foreign investors. 100 percent FDI is also permitted through direct automatic route,” he emphasized. Giving the Keynote Address on the theme of Renewable Energy in India: Emerging Areas and Opportunities, Shri Khuba added that India is set to tap into more than 70 Gigawatt of off-shore wind potential. “India now has decided to ramp up its solar module manufacturing capacity. The Government of India has recently launched the Production Linked Incentive scheme for the manufacture of High Efficiency Solar PV Modules. We expect to add 10 Gigawatt of solar PV manufacturing capacity over the next five years”, he said. He further added, “Green hydrogen is going to play an important role in decarbonizing our economy especially in the hard-to-decarbonise sectors. India is developing the National Green Hydrogen Energy Mission to scale up green hydrogen production and utilization across multiple sectors. India is targeting initially approximately 1 million tonnes annual green hydrogen production by 2030," he said. Shri Khuba said that "India’s ambitious target of 450 GW opens up investment opportunities to

the tune of USD 221 billion by 2030. This will be a longterm investment into sustainable development for our future generations, he added. “I invite partner countries and business leaders of the world to come and join us in this unprecedented journey we are undertaking”, said

Shri Khuba. Mr Indu Shekhar Chaturvedi, Secretary, Ministry of New and Renewable Energy, Government of India said that

"the current RE capacity additions in India are a result of favourable public policy to a large extent and the private sector has played a key role in achieving this." He further stated that the government is making policy ecosystem more favourable to the RE sector On the topic of the general investment climate in India’s RE sector and new and emerging areas of opportunities for investors, Mr. Chaturvedi said "that MNRE is making continuous efforts towards ease of business reforms and issues are addressed on a regular basis. These include a set of robust RE bidding guidelines, dispute resolution mechanism, among others due to which the sector has seen investment of about USD 70 billion in the last about seven years." Mr.

Chaturvedi listed three new areas of emerging opportunities for investors – "green hydrogen, off-shore wind, and solar

PV manufacturing. Mandatory purchase obligations are intended to increase use of green hydrogen in sectors like fertilizers, petroleum refining, and city gas distribution." He said that in off-shore wind "Government support and investments from domestic and foreign players will be required over the next few years." Mr. Chaturvedi also said that "bids of about 55 GW capacity have been received under the PLI Scheme for Solar Module manufaturing. A large amount of this investment will be directed towards the production of polysilicon modules and wafer-ingots."

INDIA, U.K. PLAN CLEAN ENERGY TRANSITION DRIVE

ndia and the United Kingdom have set in motion concrete action plans for driving clean energy transition in power sector. This was deliberated at 3rd India-U.K. Energy for Growth Partnership Ministerial Energy Dialogue. “Both sides will set in motion concrete action plans for driving clean energy transition in the power sector,” a Power Ministry statement said. The 3rd India-U.K. Energy for Growth Partnership Ministerial Energy Dialogue was co-chaired by Union Minister for Power and New and Renewable Energy R.K. Singh from the Indian side and the Rt Hon Kwasi Kwarteng MP, Secretary of State for Business, Energy and Industrial Strategy (BEIS) from the U.K. side. The dialogue was held last evening virtually, it stated. Energy transition was a major area of discussion in the dialogue and the energy ministers spoke in detail on the ongoing energy transition activities in their respective countries with focus on renewables, including solar, offshore wind, storage, electric vehicles (EVs) and alternative fuels, it added. The U.K. side presented a detailed summary of the significant ongoing work and the past work done in the last two years under the umbrella of bilateral cooperation which was appreciated and endorsed by both the sides. The dignitaries welcomed Roadmap 2030 for

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India-U.K. future relations launched by both countries’ Prime Ministers during India-U.K. Virtual Summit in May 2021 and identified various future areas of collaboration in line with the roadmap. The sides deliberated and agreed on a forward action plan on power and clean transport, renewables, green finance and clean energy research as part of Roadmap 2030, covering a range of topics including smart grids, energy storage, green hydrogen, charging infrastructure, battery storage and need of mobilizing investments in renewable energy along with other proposals under multilateral collaboration. The dialogue concluded with both sides underlining the importance of international cooperation in securing affordable and sustainable energy for the world while setting in motion, concrete action plans for driving the clean energy transition in power sector, it stated. Power Minister specifically detailed ambitious targets in areas such as green hydrogen, storage, offshore wind and electricity market. He further hoped that the One Sun One World One Grid (OSOWOG) initiative launched by the Prime Minister could act as a promising alternative to support the RE integration in the grid. Source : PTI

OCTOBER 2021

INDIA

INDIA WELCOMES US’ EFFORTS TO FIGHT CLIMATE CHANGE, ITS RETURN TO PARIS AGREEMENT President Biden, in his talks with Prime Minister Modi in the Oval Office of the White House, expressed support for India’s intention to achieve a domestic goal of installing 450 GW of renewable power by 2030, according to the US-India Joint Leaders’ Statement issued after their meeting

ndia has welcomed America’s efforts to combat climate change and its return to the Paris Agreement as Prime Minister Narendra Modi and US President Joe Biden held their first in-person bilateral meeting at the White House.President Biden, in his talks with Prime Minister Modi in the Oval Office of the White House, expressed support for India’s intention to achieve a domestic goal of installing 450 GW of renewable power by 2030, according to the US-India Joint Leaders’ Statement issued after their meeting. The meeting holds importance ahead of the 26th UN Climate Change Conference of the Parties (COP26) in UK’s Glasgow where leaders of nearly 200 countries will gather to discuss way forward to tackle climate action and the updated targets will be submitted. India welcomed the US leadership on climate action and its return to the Paris Agreement, the statement said. In February, the US officially returned to the Paris climate accord, 107 days after it left at the behest of former president Donald Trump. During their meeting, Biden also acknowledged the importance of mobilising finance for investments in renewables, storage and grid infrastructure that will guarantee clean, reliable power for millions of Indian households. Through the two main tracks of the Strategic Clean Energy Partnership (SCEP) and the Climate Action and Finance Mobilization Dialogue (CAFMD) under the US-India Climate and Clean Energy Agenda 2030 Partnership, the United States and India will accelerate clean energy development and deployment of critical technologies to

OCTOBER 2021

advance a clean energy transition. India welcomed the United States joining the Leadership Group for Industry Transition. The 26th conference of parties (COP 26) to the United Nations Convention on Climate Change (UNFCCC) holds significance this year as it is expected to discuss the status of climate finance promises by developed nations to developing nations. India has time and again maintained that it is suffering because of the mistakes of others and is not responsible for the climate change. It has also reiterated that the countries responsible for climate change should finance what they committed to and make technology available at an affordable cost. Under the Copenhagen Accord, developed countries committed to a goal of mobilising 100 billion dollar a year by 2020 to help developing countries mitigate climate change. Environment Minister Bhupender Yadav had last month said that India is committed to the UNFCCC and its Paris Agreement and had extended support to the UK, which will host the international climate conference. Under the Paris Agreement, India has three quantifiable nationally determined contributions (NDCs), which include lowering the emissions intensity of its GDP by 33-35 per cent compared to 2005 levels by 2030; increase total cumulative electricity generation from fossil free energy sources to 40 per cent by 2030 and create additional carbon sink of 2.5 to 3 billion tons through additional forest and tree cover. Source : PTI

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INDIA

PRIVATE SECTOR SHOULD FOCUS ON SUSTAINABLE DEVELOPMENT GOALS: KANT The private sector and industry is an extremely important partner to meet the country’s sustainable development goals and the government needs their support to translate policies into actions, he said.

iti Aayog chief executive officer Amitabh Kant called upon "all

private sector players to focus on Sustainable Development Goals (SDGs) and become green companies of the future which would help them access capital at low rates. The private sector and industry is an extremely important partner to meet the country’s sustainable development goals and the government needs their support to translate policies into actions," he said. “I wish all the private sector together to focus on the Sustainable Development Goals and become green companies of the future. Those companies will grow and prosper, their valuation will rise, and they will get capital at low rates if they become green and digital,” he said. Kant was speaking at one of the virtual sessions of a day-long SDG Summit. The summit saw participation from heads of various companies across sectors.He said "to meet the targets under the SDG framework on time, India needs to progress faster on nutrition, learning outcomes, women’s active participation in the economy, employment for all and reducing pollution." "The government has already rolled out various initiatives in these areas and has established a system to monitor and review the progress, "he said. Kant also urged Indian companies to invest into innovation and research and development (R&D). “If we do not start investing in commercially focussed R&D immediately, it will be very hard to survive in the global economy,” he noted. Kant said "the country has made the global pledge as part of its nationally determined contributions to have 40 per cent of cumulative electric power installed capacity from non fossil fuel sources." “Our renewable energy sector becomes the prime destination for global investorswith the potential to attract USD 10 billion of annual investments,” he said. He said "the country is increasing its investments in domestic manufacturing capacity of batteries, electric vehicles and solar."

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Speaking at a session on ‘ESG investing: The big question’, Bank of America President and Country Head Kaku Nakhate said the cost of implementing ESG (environment, social and corporate governance) may be slightly high in the short term, but it evens out in the longer term. She said Bank of America has been actively encouraging supply chain financing based on meeting the ESG targets. “So we do run programmes on supply chains, where we assist the company that when their suppliers really meet the ESG targets, we actually discount their trade at a little more discount, so that the interest rates come down,” Nakhate said. World Bank Group’s Managing Director and Chief Financial Officer Anshula Kant said there is a need to have a global approach to sustainable finance. World Bank Group’s

Managing Director and Chief Financial Officer Anshula Kant said "there is a need to have a global approach to sustainable finance." Addressing a session on ‘CEO’s Panel: Leadership Matters: How the C-Suite is seizing the ESG Opportunity’ in the morning, Godrej & Boyce Chairman and Managing Director Jamshyd Godrej said "there is a very strong business case for going green. I think you will see that the effort that goes in will result in better products and less expensive ones over time,” Godrej said. He said "Godrej Group started a programme – ‘good in green’, about 10 years ago to manufacture products that are more energy efficient, less polluting and more recyclables." Addressing a session on ‘CEO’s

Panel: Leadership Matters: How the C-Suite is seizing the ESG Opportunity’ in the morning, Godrej & Boyce Chairman and Managing Director Jamshyd Godrej said "there is a very strong business case for going green. I think you will see that the effort that goes in will result in better products and less expensive ones over time,” Godrej said. He said "Godrej Group started a programme – ‘good in green’, about 10 years ago to manufacture products that are more energy efficient, less polluting and more recyclables."

Source : PTI

OCTOBER 2021

BUSINESS & FINANCE TVS MOTOR COMPANY SIGNS MOU WITH TATA POWER TO COLLABORATE ON ELECTRIC TWO-WHEELER CHARGING ECO-SYSTEM IN INDIA TVS Motor Company, one of the leading manufacturers of two-wheelers and three-wheelers globally, entered into a strategic partnership with Tata Power, one of India’s largest integrated power company.

s part of the MoU, the two companies agreed to drive the comprehensive implementation of Electric Vehicle Charging Infrastructure (EVCI) across India and deploy solar power technologies at TVS Motor locations. The partnership aims to create a large dedicated electric two-wheeler charging infrastructure to accelerate electric mobility in India. This will also give the customers of TVS iQube Electric access to the widespread charging network by Tata Power through the TVS Motor customer connect app and Tata Power EZ Charge app across India. The partnership aims to create a regular AC charging network and a DC fast-charging network for electric two-wheelers. This partnership will further help drive EV adoption in the country among two-wheeler customers who aspire to take a step in going electric. With increasing concerns about global climate change developments, solar energy will play an important role going forward. Expanding technologies in solar energy will play a vital role in the shift towards clean energy adoption by consumers. With this intent, the two companies will also explore opportunities to use solar energy to power select TVS Motor locations in their journey towards sustainability. “TVS Motor Company has always been at the forefront of delivering green vehicles to our customers. This collaboration with Tata Power marks yet another significant milestone towards enabling a greener future for the country. Our partnership will substantially enhance customer convenience through world-class fastcharging solutions. TVS Motor is extremely excited and proud to be the pioneering partner with Tata Power, which is leading the way in creating a wide and sustainable charging infrastructure in the country. Fitting to TVS Motor vision of electrification, we envisage a wide and reliable charging infrastructure for two and three-wheeler

EV customers across India, powered by renewable sources of energy such as solar.” – Mr. Sudarshan Venu. Joint Managing Director, TVS Motor Company. “We are happy to join hands with TVS Motor, one of the leading two-wheeler manufacturers globally, to become their EV charging partner. Through this collaboration, we will further leverage our expertise to enhance synergy between sustainable mobility and renewable energy integration resulting in the creation of robust EV charging eco-system across India.” -said, Dr Praveer Sinha, CEO & MD, Tata Power. The company’s MoU with Tata Power is in line with its commitment to expanding the presence of TVS iQube Electric in over 25 cities within the next few months. The electric scooter is presently available in Delhi, Bangalore, Chennai, Pune, Kochi, Coimbatore, Hyderabad, Surat, Vizag, Jaipur, and Ahmedabad. Tata Power has an expansive network of over 5,000 home chargers and over 700 public chargers in more than 120 cities in India. The company is present across all segments of the EV eco-system– public charging, captive charging, home and workplace charging stations, and has deployed all types of chargers, including DC chargers and AC Chargers. It also comes with a successful background of executing multiple large solar solutions, including the world’s largest rooftop (16MW) at a single location at Radhasoami Satsang Beas (RSSB), Amritsar; India’s largest grid-synchronized, 6.2MWp solar carport at the Tata Motors car plant in Chikhali, Pune. World’s largest solar-powered cricket stadium-Cricket Club of India (CCI) with 820.8 kW capacity; unique installation of a solar vertical farm (120kW) at Dell Technologies. In addition, Tata Power is carrying out an extensive pan-India residential rooftop program in more than 100 cities to make people aware of the benefits of savings through solar energy.

Source : tatapower 18

OCTOBER 2021

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BUSINESS & FINANCE

SVOLT TO INVEST CNY 22 BILLION IN A NEW 60 GWH BATTERY PRODUCTION BASE IN CHENGDU Chinese website Gasgoo reported that SVOLT will invest CNY 22 billion to build a battery production plant and an R&D center in Jianzhou New Town, a district for advanced industries in the eastern part of Chengdu.

panning an area of 2,500 mu, the entire project will be developed over three phases with 20GWh of production capacity added in each phase. For the first phase, SVOLT will spend around CNY 10 billion and use 767 mu of land. The Chengdu base is SVOLT’s largest project in Sichuan Province to date in terms of investment and production capacity, followed by the 20GWh battery production plant in Suining. Currently, SVOLT is setting up several battery production sites in China. All of them will play a critical role in the implementation of the company’s strategy. As of now, SVOLT plans to add 150GWh of battery production capacity this year. It aims to reach a total of 200GWh by 2025. EV news websites have speculated the possibility of the Chengdu base being used to manufacture SVOLT’s cobalt-free battery pack, which was introduced at this year’s Chengdu Motor

Show. At the event, SVOLT’s technology was unveiled along with ORA Cherry Cat, an electric SUV from Great Wall Motors. It is worth noting that SVOLT spun off from Great Wall Motors. In a press release about the event, SVOLT said that its cobalt-free battery pack is compatible with MEB platforms and offers an energy density of 170Wh/ kg. The battery pack is also very light in weight and meets or surpasses China’s national standards for performance and safety. Even though SVOLT claims that it is the first in the world to offer cobalt-free battery technology for EVs, several media outlets have mentioned that Telsa is equipping cobalt-free LFP batteries in the Model 3 vehicles manufactured in China. Besides China, SVOLT is also establishing a manufacturing presence in Europe. Specifically, the company is investing EUR 2 billion to build factories in Saarland (Germany) for the production of cells, modules, and packs. Source: energytrend

CEAT COMPLETES 26 PC STAKE BUY IN CLEANWIN ENERGY Cleanwin Energy owns, operates and maintains a captive wind power generating plant in Maharashtra. The RPG Group company plans to move to 50 per cent renewable power in the next three years.

“We are happy to announce the completion of the acquisition of 26 per cent stake with Cleanwin Energy,”

~ KUMAR SUBBIAH ~ CFO, CEAT TYRES

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The RPG Group company had in September signed a Limited Liability Partnership (LLP) agreement with Yellowstone Clean Energy to invest up to Rs 60 lakh in Cleanwin Energy Five LLP. In line with the norms to avail power for captive use, this also makes CEAT a 26 per cent shareholder in Cleanwin Energy, as per the company. Cleanwin Energy is promoted as a special purpose vehicle, with the sole business of renewable energy generation from renewable sources. It will supply electricity on a captive basis to CEAT, which has moved to renewable energy for all its six plants in India, the tyre maker said. CEAT is currently using 25 per cent of its energy requirement from renewable sources, the company said adding that the plans are to move to 50 per cent renewable power in three years. Cleanwin will provide 5 MW wind power to CEAT plants in Bhandup and Nashik.

OCTOBER 2021

BUSINESS & FINANCE INVESTORS ARGUE MUSK SHOULD REPAY $9.4 BLN TO TESLA FOR SOLARCITY DEAL The investors said a “simple and practical” way to undo the benefits they say Musk improperly received from the $2.6 billion deal for SolarCity would be to order the chief executive to return the Tesla shares he received for his stock in the rooftop solar company.

Delaware judge should order Elon Musk to repay $9.4 billion to Tesla Inc for the benefits he received by pushing the electric vehicle maker in 2016 to buy an ailing solar company he partly owned, according to Tesla investors in a court filing late. The investors said a “simple and practical” way to undo the benefits they say Musk improperly received from the $2.6 billion deal for SolarCity would be to order the chief executive to return the Tesla shares he received for his stock in the rooftop solar company. Musk received 2.4 million Tesla shares, which have grown to 12 million shares due to stock splits and are currently worth about $9.4 billion. The investors said Musk, one of the world’s richest people, could also repay the value of the stock to the company. Tesla stock was up 2.5% in early trading at $792.76 per share. The lawsuit was brought by union pension funds and asset managers. They allege in their post-trial brief that Musk did not recuse himself from the deal negotiations and never disclosed SolarCity was nearly out of cash.Musk said in his own post-trial brief filed late that SolarCity was the culmination of a decade-long plan to create a vertically integrated clean energy company offering rooftop solar generation combined with Tesla’s battery storage and vehicles.He said the deal was struck at a fair price and approved by 85% of Tesla shareholders.The briefs follow a two-week trial in July in Wilmington, Delaware.The judge, Vice Chancellor Joseph Slights, must still answer a key question that could determine the outcome of the case – whether Musk is a controlling shareholder despite owning a minority stake in Tesla.Slights has scheduled post-trial arguments for January and a ruling would likely take place months after that.

Source : reuters

STERLING AND WILSON SOLAR REPAYS FULL OUTSTANDING LOANS DUE TO COMPANY AND ITS SUBSIDIARY; STOCK TRADES FLAT

The entire outstanding loans of Rs2,563cr along with all further interest accrued till date stands repaid in full, the company said. terling and Wilson Solar Limited informed the exchanges that the Promoters, i.e. Shapoorji Pallonji and Company Private Limited and Khurshed Daruvala have facilitated the repayment of the balance outstanding loans along with further interest accrued till date, by the company and its subsidiary Sterling and Wilson International FZE to the company and its subsidiary Sterling and Wilson International Solar FZCO respectively. With this, the entire outstanding loans of Rs2,563cr as on the date of listing of company’s equity shares on the Stock

OCTOBER 2021

Exchanges along with all further interest accrued till date stands repaid in full, company said in a filing. The company vide its letter dated September 15, 2020 had informed the Stock Exchanges that the Board of Directors at its meeting held on that date had granted extension to the Promoters upto September 30, 2021 to facilitate funding for the repayment of the outstanding loans. Further, the company vide its letter dated April 08, 2021 had informed the Stock Exchanges that the outstanding loans as at that date stood at ~Rs790cr. Further we had updated with the investor presentation dated August 14, 2021 that the outstanding loans had reduced to Rs741cr. Source: indiainfoline

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BUSINESS & FINANCE ADANI GREEN ENERGY SHARE PRICE SOARS AFTER ACQUISITION OF SB ENERGY INDIA; DETAILS HERE Adani Green Share Price: Adani Group Chairman Gautam Adani had announced that the group would invest over USD 20 billion over the next 10 years in renewable energy generation, the PTI report says.

dani Green Energy Ltd (AGEL) said it has completed the acquisition of SB Energy India for USD 3.5 billion or around Rs 26,000 crore, according to a PTI report. “AGEL, the world’s largest solar power developer, successfully completed the acquisition of SB Energy Holdings Ltd (SB Energy India) in an allcash deal for which definitive agreements were signed on May 18, 2021,” a company statement said.

ADANI GREEN SHARE PRICE AT NSE, BSE Following the announcement, Adani Green Energy share price has gone up. Currently, At BSE, Adani Green Energy share price is Rs 1,168.75, up by 17.60 points or 1.53 per cent. At NSE India, Adani Green Energy Ltd share price is at Rs 1,168.40, up from 17.35 points or 1.51 per cent. You can check Adani Green Energy’s share price at BSE – https://www.bseindia.com/stock-share-price/ adani-green-energy-ltd/adanigreen/541450/and at NSE India – https://www.nseindia.com/get-quotes/ equity?symbol=ADANIGREEN

ADANI GREEN ENERGY – ALL YOU NEED TO KNOW Meanwhile, with this deal, SB Energy India is now a 100 per cent subsidiary of AGEL. Earlier, it was a 80:20 joint venture between Japan-based SoftBank Group Corp and Bharti Group, as per a PTI report. The transaction pegs SB Energy India at an enterprise valuation of USD 3.5 billion (approximately Rs 26,000 crore) and marks the largest acquisition in the renewable energy sector in India, it stated, PTI reported. Just last week, Adani Group Chairman Gautam Adani had announced that the group would invest over USD 20 billion over the next 10 years in renewable energy generation, the PTI report says. This transaction takes AGEL closer to becoming the global leader in renewables, said Vneet S Jaain, MD and CEO, AGEL in the statement, according to a PTI report. “The addition of these high-quality large utility-scale assets from SB Energy India demonstrates Adani Green Energy’s intent to accelerate India’s efforts to transition towards a carbon neutral future. Our renewable energy foundations will enable an entire ecosystem of new industries that can be expected to catalyse job creation in multiple sectors,” he was quoted as saying by PTI’. Source : PTI

WEBSOL ENERGY SYSTEM SOARS AFTER ITS SOLAR MODULE GETS MNRE APPROVAL Websol Energy System jumped 8.34% to Rs 67.55 after the company said that the Websol Module has been approved by the Ministry of New and Renewable Energy (MNRE), Government of India.

he approval has been granted under the list of “Approved Module Manufacturer (ALMM) issued by the Government of India”. The company has also received approval of its module from Bureau of Indian Standards (BIS) and IEC 61215. The ALMM list and BIS certification has made Websol modules eligible to be sold in the domestic market for the project approved under the various schemes of the Government of India. The company further said that there are potential export opportunities as well. The company has historically exported in 1992-2018 to multiple advanced countries. On the BSE, 5.14 lakh shares were traded in the counter so far compared with average daily volumes of 23,648 shares in the past two weeks. The stock hit a high of Rs 68.55 and a low of Rs 66.25 so far during the day. Websol Energy System manufactures solar cells and modules. The company is one of the largest merchant manufacturers of solar cells and modules in India and the only pure-play listed solar cell manufacturer,

servicing the growing needs of the country’s renewable energy revolution. The company’s net profit declined 27.9% to Rs 3.12 crore on a 124.1% increase in net sales to Rs 43.02 crore in Q1 Fy22 over Q1 FY21. The scrip has outperformed the market in past one year, advancing 227.30% as against the 58.18% rise in the benchmark Sensex during the same period. Source: business-standard

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OCTOBER 2021

BUSINESS & FINANCE WAAREE ENERGIES FILES DRAFT PAPERS WITH SEBI TO MOPUP FUNDS VIA IPO

Solar energy player Waaree Energies has filed draft papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). he issue comprises a fresh issue of equity shares aggregating to Rs 1,350 crore and an offer for sale (OFS) of 40,07,500 equity shares by existing shareholders and promoters, according to the draft red herring prospectus (DRHP). The OFS consists of the sale of 13,15,000 equity shares each by Hitesh Chimanlal Doshi, Virenkumar Chimanlal Doshi and Mahavir Thermoequip Pvt Ltd and up to 40,000 by Samir Surendra Shah and up to 22,500 equity shares by Nilesh Gandhi Jointly with Drasta Gandhi. Proceeds from fresh issuance worth Rs 978.36 crore and Rs 184.23 crore will be utilised to finance the cost of setting up a 2 gigawatt (GW) per annum solar cell manufacturing facility and a 1 GW per annum solar PV module manufacturing facility in Chikhli, Gujarat.

The remaining proceeds will be used for general corporate purposes. Waaree Energies is one of the major players in the solar energy industry in India focused on PV module manufacturing, with an aggregate installed capacity of 2 GW as of March 31, 2021. The company currently operate three manufacturing facilities comprising four factories in India at Surat, Tumb and Nandigram. Axis Capital Ltd, HSBC Securities and Capital Markets (India) Pvt Ltd, ICICI Securities Ltd and Intensive Fiscal Services Pvt Ltd are the book running lead managers to the issue.

Source : PTI

DELHI METRO EARNS RS 19.5 CRORE FROM SALE OF 3.55 MILLION CARBON CREDITS

Delhi Metro has earned Rs 19.5 crore from sale of 3.55 million carbon credits which it had collected over a period of six years, in its bid towards gaining greater energy efficiency, DMRC authorities said .

he Delhi Metro Rail Corporation (DMRC) has been a pioneer in India in quantifying climate change benefits from its operations. It has a number of dedicated projects to its credit oriented towards energy efficiency, it said in a statement. The DMRC has earned a commendable Rs 19.5 crore from the sale of 3.55 million carbon credits which it had collected over a period of six years from 2012 to 2018, it said. In 2007, Delhi Metro became the first metro or railway project in the world to be registered by the United Nations under the Clean Development Mechanism (CDM) which enabled Delhi Metro to claim carbon credits for its Regenerative Braking Project, officials said. "The CDM is a project-based green house gas (GHG) offset mechanism under the Kyoto Protocol allowing the public and private sector in high-income nations the opportunity to purchase carbon credits from greenhouse gas emissionsreducing projects in low or middle-income nations as part of their efforts to meet international emissions targets under the Kyoto Protocol, " the DMRC said. CDM projects generate emissions credits called Certified Emission Reductions (CERs), which are then bought and traded. One CER is equal to one ton of CO2(eq) emission reduced. The CDM helps to deliver sustainable development benefits to the host country," the statement said. The CDM projects are managed by The United Nations Framework Convention on Climate Change (UNFCCC), an entity established to combat “dangerous human interference with the climate system”, it said. Since 2015, Delhi Metro has also been providing CDM consultancy services to other metro systems in India, enabling them to earn carbon credits

from their project. Already Gujarat Metro, Mumbai Metro and Chennai Metro etc. have registered their projects under the Delhi Metro’s Program of Activities (PoA) project enabling them to earn carbon credits and contribute to India’s Intended Nationally Determined Contribution (INDC) in compliance with the Paris Agreement, it added. For the period 2012-18, combined GHG emission reduction achieved from all the CDM and Gold Standard projects was 3.55 million carbon credits. The sale of carbon credits accrued from CDM and Gold Standard projects in the period 2012-18 has generated a revenue of Rs 19.5 crore to the DMRC. The total revenue generation from CDM and Gold Standard projects since inception has been Rs 29.05 crore, it said. Source : PTI

OCTOBER 2021

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BUSINESS & FINANCE

ELECTRICAL EQUIPMENT MARKET MAY GROW AT 12% ANNUALLY TO REACH USD 72 BILLION BY 2025

Anil Saboo, IEEMA President, said that the world now looks to India as an alternative to China in the electrical equipment market. he domestic electrical equipment market is expected to grow at an annual rate of 12% to reach USD 72 billion by 2025, an industry executive said. At present, the total worth of India’s electrical equipment market stands in the range of USD 48-50 billion,

Anil Saboo, the President of the Indian Electrical & Electronics Manufacturers’ Association (IEEMA) said. “We are at USD 48-50 billion and

shall grow at a CAGR of 11 to 12%. So, by 2025 it shall be around USD 72 billion,” he told PTI. Value of the exports from India will grow to USD 13 billion, from USD 8.62 billion at present, he said, adding the world now looks to India as an alternative to China. Mr. Saboo said "the local electrical equipment industry will play a crucial role in meeting India’s renewable energy targets as well as the overall carbon reduction targets under the Paris agreement.India has set an ambitious target of having 175 GW renewable energy (RE) capacity by 2022, 450 GW by 2030. Increasing RE capacity will require new age equipment and local players look towards fulfilling the requirement locally," he said. “With increased manufacturing of equipment, our industry can play a vital role in meeting these targets.” “We request the government to give encouragement to electrical equipment manufacturers sector to achieve energy efficiency and climate change targets by providing necessary incentives for exports as well funds for research and development in the sector,” the IEEMA President said. He further said the industry is bullish that it will be able to garner USD 18 billion investment per year to meet the target of 450 GW of RE by 2030. IEEMA is the first ISO-certified industry association with more than 800 member organisations encompassing the entire value chain in power generation, transmission and distribution, equipment, and electronic goods.

Source : PTI

SIEMENS, AES-BACKED FLUENCE ENERGY FILES FOR U.S. IPO The listing plan comes at a time when global investors and lawmakers alike are pushing for more sustainable and environment friendly ways of doing business amid heightened climate change concerns.

luence Energy Inc, an energy storage technology company backed by industry giants Siemens AG and AES Corp, filed regulatory paperwork for an initial public offering in the United States.The listing plan comes at a time when global investors and lawmakers alike are pushing for more sustainable and environment friendly ways of doing business amid heightened climate change concerns. Fluence, which makes energy storage products and services besides digital applications for renewables and storage, was created in January 2018 through a joint venture that brought together

AES’ Energy Storage division and Siemens’ battery-based energy storage solutions group. Fluence’s offerings are used by major utilities, developers, commercial and industrial customers to deliver electric power grids in a sustainable way. "Based on the megawatts deployed by the company as of May, Fluence estimates its storage products have eliminated 145,000 metric tons of carbon per year, the equivalent of taking 30,000 cars off the road each year," it said. The Arlington, Virginia-based company expects to list on the Nasdaq under the symbol “FLNC”. J.P. Morgan, Barclays, Morgan Stanley and BofA Securities are the lead bookrunners for the offering. Source : reuters

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OCTOBER 2021

BUSINESS & FINANCE

KKR-SPONSORED VIRESCENT INFRASTRUCTURE RAISES INR4.6 BN IN INDIA’S FIRST RENEWABLE ENERGY INVIT FROM AIMCO AND OTHER INVESTORS Virescent Infrastructure (“Virescent”), a leading Indian renewable energy platform sponsored by global investment firm KKR, has set up India’s first renewable energy infrastructure investment trust (“InvIT”), Virescent Renewable Energy Trust (“VRET”).

VRET has raised INR4.6 billion (US$62 million) from a group of foreign and domestic investors. Leading the transaction, on behalf of its clients, is Alberta Investment Management Corporation (“AIMCo”), one of Canada’s largest institutional investment managers. KKR set up Virescent in October 2020 to acquire operating renewable energy assets in India. This comes at a time where renewables is set to play an increasingly critical role in powering India’s energy needs and estimated to make up 60% of India’s installed power capacity by 2030. KKR invests in VRET from its Asia Pacific Infrastructure Investors Fund. VRET’s initial portfolio comprises of nine operational solar projects, with an aggregated capacity of approximately 395 MWp. The assets are located in Maharashtra, Tamil Nadu, Uttar Pradesh, Gujarat and Rajasthan. In addition, subject to applicable approvals, VRET is in advanced discussions to acquire 55MWp portfolio from Focal Energy. VRET has been assigned a ‘AAA/Stable’ rating for its loan facilities from CRISIL and India Ratings, S&P and Fitch’s India affiliates, respectively. VRET is the only Indian renewable energy InvIT and among a few infrastructure companies to have been assigned this highest ‘AAA’ rating, reinforcing its healthy cash flow prospects owing to long-term power purchase agreements at pre-determined tariffs, its track-record of enhanced generation capabilities, a healthy financial risk profile and low leverage supported by adequate liquidity. The ‘AAA’ rating considers the portfolio to grow up to 2 GWp over the next two to three years.

“

This incredible achievement is an important milestone in Virescent’s journey. VRET is India’s first renewable energy focused InvIT and one of the few entities in the infrastructure sector to get the highest ‘AAA’ rating from two rating agencies, CRISIL and India Ratings. We look forward to drawing on the global investment management expertise of our investors as we continue to acquire high-quality assets for achieving our initial growth targets. Our endeavour is to support the Government in achieving its medium and long term renewable energy objectives of 175 GW and

Mr. Sanjay Grewal, CEO, VIRESCENT INFRASTRUCTURE

450 GW respectively.

”

“

Virescent continues to be an important

part of our infrastructure strategy in Asia Pacific and how we contribute purposefully to India’s ambitious targets in the renewables sector. Investing in VRET alongside AIMCo and other institutional investors will help us to capitalise on this huge market opportunity. We will continue to support Virescent and its management team in providing greater renewable

Hardik Shah, Managing Director, KKR INFRASTRUCTURE

energy solutions to communities across India.

” “

AIMCo is excited to expand its

geographic footprint in Asia through its investment in India’s first renewable energy InvIT. VRET’s portfolio of operating renewable energy assets whose economics are underpinned by long-term power purchase agreements are well aligned with our clients’ investment objectives. We look forward to partnering with KKR and

Axis Capital acted as the lead manager to the issue. Shardul Amarchand and E&Y acted as the legal advisors and tax advisors, respectively to the issue.

OCTOBER 2021

Ahmed Mubashir, Director, INFRASTRUCTURE &

RENEWABLE RESOURCES AT AIMCO

Virescent to further grow the platform and provide renewable energy solutions to India the coming years.

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BUSINESS & FINANCE

GRASIM INDUSTRIES ACQUIRES 26% STAKE OF ABREL SOLAR POWER The company acquired 13,000 equity shares (26%) of Rs10 each of ABRSPL at Rs1.30 lakh. Grasim Industries Limited has acquired equity shares of ABReL Solar Power Limited, a subsidiary of the company on October 22, 2021. The company acquired 13,000 equity shares (26%) of Rs10 each of ABRSPL at Rs1.30 lakh.

BReL Solar Power Limited is a subsidiary of Aditya Birla Renewables Limited which in turn is the wholly-owned subsidiary of Grasim Industries. The shares are acquired by Grasim at par value, which is the book value, therefore the transaction is at arm’s length.

The object of acquisition of shares is to comply with the minimum shareholding requirement of 26% under the captive project rules,” company said in a filing. At around 2.10 pm, Grasim Industries Ltd was trading at Rs1,707.70 per piece down by Rs5.7 or 0.33% from its previous closing of Rs1,713.40 per piece on the BSE. Source: indiainfoline

CLEARWAY ENERGY GAINS ON $1.9-BILLION SALE OF THERMAL UNIT TO KKR Clearway Energy stock (NYSE:CWENa) rose 2.6% on Monday as the company sold the thermal business housed under a subsidiary to KKR (NYSE:KKR) for $1.9 billion.

he subsidiary, Clearway Energy Operating, expects total net cash proceeds of approximately $1.3 billion under the deal. The thermal Business, commercially known as Clearway Community Energy, comprises infrastructure assets that provide steam, hot water and/or chilled water, and in some instances electricity, to commercial businesses, universities, hospitals, and governmental customers across the U.S. The deal is expected to close in the first half of 2022.

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Clearway Energy President and Chief Executive Officer Christopher Sotos said the deal will eliminate any need to issue new equity to fund the company’s committed investments, while also providing capital to fuel future growth. Source : bloombergquint

OCTOBER 2021

RENEWABLE ENERGY

AIIB AND IRENA TEAM-UP TO ACCELERATE ENERGY TRANSITION

The Asian Infrastructure Investment Bank (AIIB) and the International Renewable Energy Agency (IRENA) have signed a Memorandum of Understanding (MOU) committing to work together to support energy transition and promote renewable energy.

he MOU was signed on Sep. 20 by AIIB President, Jin Liqun, and IRENA DirectorGeneral, Francesco La Camera, at a virtual ceremony to mark the new partnership. President Jin remarked upon how AIIB and IRENA will work together to accelerate investment and enhance awareness of renewable energy solutions, particularly in Asia. “With Asia’s growing energy demand, and the rising challenges from climate change, we need to ensure the region invests more than ever in renewable energy and energy efficiency to facilitate its transition to a low carbon energy mix. This partnership is part of the Bank’s journey toward realizing the goals set out in the Paris Agreement,” said President Jin. Under the terms of the MOU, both AIIB and IRENA jointly decide to scale-up their efforts to unlock capital and accelerate the uptake of renewable energy by their members. Mr. La Camera highlighted that this Memorandum bolsters IRENA’s efforts to facilitate the flow of low-carbon capital into the energy transition where it is needed most, including through the Climate Investment Platform, a multi-stakeholder initiative designed to mobilise climate capital, of which IRENA is a founding member. “The energy transition is the centrepiece of global efforts to achieve sustainable development, address climate change and accelerate a new age of inclusive, low-carbon growth,” said IRENA Director-General Francesco La Camera. “Through partnerships like this, we can catalyse the flow of capital towards renewables and energy transition related infrastructure in order to build a more resilient and sustainable energy system that delivers significant socioeconomic benefits to people and achieves global climate objectives.” Asia is home to about 60 percent of the world’s population and contributes to almost 50 percent of global energy-related greenhouse gas emissions. The region accounts for nearly half of global renewable-energy capacity, according to IRENA, up from less than one-third a decade ago. However, relative to its size, Asia still lags behind, with renewables accounting for less than 15 percent of total primary energy consumption in 2020. Furthermore, developing countries in Asia are expected to account for about two-thirds of global energy growth by 2040.

With its vast wealth of affordable and sustainable energy resources, such as hydropower, wind and solar, it is essential that this growth is met by renewable energy capacity. Under its Corporate Strategy, AIIB aims at reaching or surpassing by 2025 a 50 percent share of climate finance in its actual financing approvals, reflecting its commitment to support the Paris Agreement. Its Sustainable Energy for Asia Strategy (2017) also sets out a clear framework for how the Bank will invest in energy projects that increase access to clean, safe, affordable and reliable energy for millions of people across Asia. The Bank is partnering with IRENA to support AIIB’s mandate and help the Bank achieve its ambitious climate finance targets. AIIB is already playing an important role in increasing private sector investment in the renewable energy sector. Over the last five years, AIIB has invested in 12 renewable energy projects, amounting to USD 1.25 billion in Egypt, India, Kazakhstan, Maldives, Oman, Pakistan, Tajikistan, Turkey and Nepal. Further, 71 percent of AIIBfinanced installed power capacity was in renewable energy, with about 940 MW renewable energy capacity added annually. AIIB has also invested at least USD 500 million in on-lending for renewable energy projects through financial intermediaries such as the Tata Cleantech Sustainable Infrastructure On-Lending Facility in India and the SUSI Energy Transition Fund dedicated to Southeast Asia. IRENA has been instrumental in mobilizing finance for renewable energy deployment. Through its partnership with the Abu Dhabi Fund for Development (ADFD), under the IRENA/ADFD Project Facility, it has supported transformative renewable energy projects in developing countries across Africa, Asia, Latin America, the Caribbean and the Pacific. Under the Facility, USD 350 million in concessional loans was committed over seven annual funding cycles, assisting 32 projects in 26 countries. The Climate Investment Platform (CIP) was launched at the United Nations Secretary General’s Climate Action Summit in 2019, as an inclusive partnership to scaleup climate action and translate ambitious national climate targets into concrete investments on the ground. The founding partners include IRENA, SEforALL and the United Nations Development Programme in coordination with the Green Climate Fund. Source: aiib

OCTOBER 2021

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RENEWABLE ENERGY

CUMMINS INDIA SLUMPS AS DG SET USERS URGED TO SHIFT TO RENEWABLE ENERGY

ummins India fell 8.48% to Rs 908.10 after the Union Power Ministry urged diesel generating (DG) set users to shift to renewable energy in five years. The Union Power Ministry issued an amendment to the Draft Electricity (Rights of Consumer) Amendment Rules, 2021. The Ministry has advised consumers using DG sets to shift to a cleaner technology, such as renewable energy with battery storage, in five years. “Consumers, who are using the Diesel Generating sets as essential back up power, shall endeavor to shift to cleaner technology such as RE with battery storage etc in five years from the date of the publication of this amendment or as per the timelines given by the State Commission for such replacement based on the reliability of supply by the distribution company in that city,” the Ministry notified. "In view of the increasing pollution level particularly in the metros and the large cities, distribution licensee shall ensure 24×7 uninterrupted power supply to all the consumers, so that there is no requirement of running the DG sets. Accordingly, the State Commission shall give trajectory of System Average Interruption Frequency Index (SAIFI) and System Average Interruption Duration Index (SAIDI) for the cities," it said. “The State Commission may consider a separate reliability charge for the Distribution company, if they require funds for investment in the infrastructure for ensuring the reliability of supply to the consumers. The State Commission shall also make a provision of penalty in case the standards laid down are not met by the distribution company,” the Ministry added.

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It further said, “The process of giving temporary connections to the consumers for construction activities or any temporary usage shall be simplified by the distribution licensee and given on an urgent basis and not later than 48 hours. This will avoid any use of DG sets for temporary activities in the area of the distribution licensee. The temporary connection shall be through a prepayment meter only.” The Ministry has has sought comments on Draft Rules by 21 October 2021.Cummins India, part of the Cummins Group, is the country’s leading manufacturer of diesel and natural gas engines for power generation, industrial and automotive markets. The company’s consolidated net profit soared 365.7% to Rs 246.94 crore on 141% jump in net sales to Rs 1,177.71 crore in Q1 June 2021 (Q1 FY22) over Q1 June 2020 (Q1 FY21).

Source : capital markets

OCTOBER 2021

RENEWABLE ENERGY

IREDA TO ASSIST NEEPCO IN DEVELOPING RENEWABLE ENERGY PROJECTS

IREDA will assist North Eastern Electric Power Corporation (NEEPCO) in developing an action plan to create and acquire renewable energy projects for the next 5 years.

ndian Renewable Energy Development Agency (IREDA) inked an MoU with North Eastern Electric Power Corporation to assist in developing renewable projects and raising funds. Under the Memorandum of Understanding (MoU), IREDA will undertake techno-financial due diligence of renewable energy and energy efficiency & conservation projects for NEEPCO, IREDA said in a statement. IREDA will assist North Eastern Electric Power Corporation (NEEPCO) in developing an action plan to create and acquire renewable energy projects for the next 5 years.

Earlier, IREDA has signed MoUs with SJVN, NHPC and TANGEDCO. The company is looking forward to extending its consultancy and advisory services to other PSUs as well as private organisations for the development of renewable

“

The MoU will contribute in achieving the government’s target of reducing carbon emission to 33 per cent by 2030." “By signing the MoU, IREDA will continue to enhance the cooperation and coordination with NEEPCO, working together to promote further progress on renewable energy development and addressing climate change,

Pradip Kumar Das ,IREDA ,Chairman & Managing Director

”

energy sector. IREDA and NEEPCO are under Ministry of New & Renewable Energy and Ministry of Power, respectively. The MoU was signed by Pradip Kumar Das, CMD, IREDA and Vinod Kumar Singh, CMD, NEEPCO. Source : PTI

CENTRE ASKS STATE-RUN HYDROPOWER FIRMS TO BID FOR RENEWABLES PROJECTS India asked two of its state-controlled hydropower firms to bid for solar and wind projects, as the nation seeks to expand renewable power capacity to decarbonize its economy.

he federal power minister Raj Kumar Singh also asked THDC India Ltd. and North Eastern Electric Power Corp. to increase capital expenditures, the ministry said in a statement. India, which gets nearly 70% of its electricity from coal, is planning to more than quadruple its renewable generation capacity to 450 gigawatts by 2030, as it comes under increasing pressure to intensify emission-reduction efforts. Still, coal is expected to dominate the country’s energy mix for decades. Singh also

Source : bloomberg asked THDC to develop new business divisions for thermal power and mining. The hydropower company is also building a 1,320-megawatt coal-fired power plant near New Delhi and is developing a coal mine in the central state of Madhya Pradesh. Both THDC and North Eastern Electric are controlled by state-run NTPC Ltd., India’s largest power generator.

Source : bloomberg 28

OCTOBER 2021

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RENEWABLE ENERGY

JSW ENERGY TO GET 810 MW WIND TURBINE SUPPLY FROM GE RENEWABLE ENERGY Our company has set a target to reach 20 GW of power generation capacity by 2030, by when the share of renewables in our entire portfolio will become 85. The company has set a target to reach 20 GW capacity by 2030, with share of renewable energy at 85 per cent, up from 30 per cent currently. SW Energy said it has entered into a contract with GE Renewable Energy for the supply of 810 MW wind turbines. The company said the supply of 810 MW onshore wind turbines is for its under-construction pipeline of 2.5 GW of renewable projects in India. The supply of the turbines will start by the second quarter of 2022 (calendar year), JSW Energy said in a statement. These turbines will produce enough green energy to meet the annual electricity requirements of more than 2.1 million households in the country, it added. JSW Energy has set an ambitious target of 50 per cent reduction in carbon footprint by 2030 and achieving Carbon Neutrality by 2050 by transitioning towards renewable energy. The company has set a target to reach 20 GW capacity by 2030, with share of renewable energy at 85 per cent, up from 30 per cent currently. Around 2.2 GW of wind and solar projects, tied with SECI and JSW Steel, are expected be commissioned in the next 18-24 months, while the 240 MW Kutehr hydro project is expected to be commissioned in the next 36-40 months, the company said. With the commissioning of these projects, the company’s total generation capacity will increase to around 7 GW, with renewable energy contributing more than 50 per cent.

”

We are proud to partner with GE, a hightech industrial company, to contribute to India’s renewable energy goals. Our company has set a target to reach 20 GW of power generation capacity by 2030, by when the share of renewables in our entire portfolio will become 85%. ”The projects being implemented in Tamil Nadu is our first large scale wind power project. We look forward to working with GE to achieve our energy transition and growth targets.

”

Mr. Prashant Jain, Joint Managing Director and CEO of JSW Energy

”

It will be a unique partnership where both the companies will leverage their respective strengths to deliver competitive levelised cost of energy. Together, we are aiming at enabling the energy transition in India, helping the country to achieve its renewable energy targets.

Sheri Hickok, CEO of Onshore Wind International business

”

GE Renewable Energy

Source : PTI

REPSOL RAISES LOW-CARBON TARGETS TO SPEED UP ENERGY TRANSITION

Repsol said it now plans to have installed wind, solar and hydro plants with a combined capacity of 20 gigawatts (GW) by 2030, up from its previous target of 12.7 GW

pain’s Repsol has hiked its 2030 capacity target for renewable energy generation by 60% and made a new pledge on cutting emissions from its oil and gas business, in the latest attempt by an energy group to limit its role in climate change. Facing pressure from investors, banks and governments to cut carbon emissions in line with the 2015 Paris accords, European oil and gas companies have set various targets to build more renewable capacity and increase energy efficiency. Repsol said it now plans to have installed wind, solar and hydro plants with a combined capacity of 20 gigawatts (GW) by 2030, up from its previous target of 12.7 GW. The Brent crude oil price has rebounded 60% this year and U.S. natural gas prices are climbing to multi-year highs, giving companies like Repsol the chance to plough some of the gains into their low-carbon strategies.

“The energy transition constitutes a business opportunity for us,” Chief Executive Josu Jon Imaz said during a presentation to investors. The company set its first-ever reduction target for what it defines as absolute emissions. It is aiming for a cut of 55% from its own facilities by 2030 and to shrink by 30% net emissions from all products it brings out of the ground, including those used by customers. In an update to its investment plans, the company said it expected to spend 19.3 billion euros ($22.4 billion) by 2025, 35% of which would go to its lowcarbon business. Earlier this year, Repsol bought a 40% stake in one of the largest privately-owned developers and operators of solar plants in the United States, and linked up two solar plants to the grid in Spain. Repsol has said it is considering spinning off the low-carbon business and selling a stake to a private partner or on public stock markets.

Source: Reuters

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OCTOBER 2021

RENEWABLE ENERGY

INDIA, UK AGREE JOINT PLAN ON SMART POWER, RENEWABLE ENERGY India asked two of its state-controlled hydropower firms to bid for solar and wind projects, as the nation seeks to expand renewable power capacity to decarbonize its economy.

ew steps to tackle climate change and boost investment were announced at the 11th India-UK Economic and Financial Dialogue (EFD). Finance Minister Nirmala Sitharaman and UK Chancellor Rishi Sunak, who met virtually for the annual summit, signed off a USD 1.2-billion package of public and private investment in green projects and renewable energy to boost India’s green growth ambitions. This includes a USD 1 billion investment from CDC, the UK’s development finance institution in green projects in India, joint investments by both governments to support companies working on innovative green tech solutions, and a new USD 200 million private and multilateral investment into the joint Green Growth Equity Fund which invests in Indian renewable energy. A new Climate Finance Leadership Initiative (CFLI) India partnership has also been agreed to mobilise private capital into sustainable infrastructure in India, including clean energy like wind and solar power and other green technologies. The UK and India already have strong ties, and we’ve made important new agreements to boost our relationship and deliver for both our countries, said Sunak. Supporting India’s green growth is a shared priority so I’m pleased that we’ve announced a USD 1.2bn investment package, and launched the new CFLI India partnership, to boost investment in sustainable projects in India as the UK gears up to host COP26,” he said.“With trade negotiations also coming up, our agreement to be ambitious when considering services will create new opportunities in both markets, supporting jobs and investment in the UK and India, he said. At the EFD, both ministers agreed to be ambitious when considering services in the upcoming UK-India trade negotiations and strengthen the financial market collaboration efforts already underway to finance growth.

OCTOBER 2021

The UK also welcomed India’s recent decision to lift the Foreign Direct Investment (FDI) cap in the insurance sector from 49 per cent to 74 per cent which will help British firms to take greater ownership of their operations in India. According to UK government statistics, UK-India bilateral trade stands at around 18 billion Pounds in 2020 and supports nearly half-a-million jobs in each other’s economies. The countries have set a goal to double trade by 2030, including through negotiating a Free Trade Agreement (FTA) following an Enhanced Trade Partnership (ETP) agreed between Prime Minister Narendra Modi and his UK counterpart Boris Johnson earlier this year. The joint statement signed at the end of the EFD covers a broad range of areas, including the financial services and opening up new opportunities for UK financial firms and helping more Indian companies access finance in the City of London. According to official figures, over the last five years, Indian firms have raised GBP 13.41 billion in Masala, dollar and green bonds listed on the London Stock Exchange (LSE), with the LSE dubbed the largest global centre for Masala Bonds. The two governments also welcomed the launch of the India-UK Global Innovation Partnership under the Trilateral Development Cooperation Framework, wherein India and UK will co-finance equally a fund over 14 years to support the transfer and scale up of climate-smart inclusive innovations from India to third countries. Progress of the UK-India strategic partnership on GIFT City (Gujarat International Finance Tec-City), India’s first International Financial Services Centre (IFSC), to promote links between GIFT City and the UK financial services ecosystem was also highlighted in the EFD joint statement. Both countries welcome that UK banks are the first international banks to set up in GIFT City, underlining the strength of UK-India cooperation. Both sides agree to explore facilitating the dual listing of green, social and sustainable bonds on the London Stock Exchange (LSE) and IFSC exchanges, to enable firms to raise foreign capital, the statement notes. Source : PTI

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RENEWABLE ENERGY

TATA POWER ROPES IN RENEWABLE ENERGY AI FIRM BLUWAVE-AI

According to the statement, this agreement was signed after a successful trial project, during which Tata Power evaluated the performance of the BluWave-ai cloud platform to generate intra-day and day-ahead dispatches for use in its power scheduling operations.

ata Power announced that it has roped in renewable energy AI (artificial intelligence) company BluWave-ai. “Tata Power, India’s largest integrated power utility, announced that it has signed a three-year commercial agreement with BluWaveai, the world’s first renewable energy AI company,” According to the statement, this agreement was signed after a successful trial project, during which Tata Power evaluated the performance of the BluWave-ai cloud platform to generate intra-day and dayahead dispatches for use in its power scheduling operations. India recently put measures in place to mandate accurate energy scheduling and introduced a real-time market to improve onboarding of renewable energy in the national grid, it informed. As a result, electricity distribution companies now face strict penalties for deviation from planned energy usage, which increases with inaccuracy in power scheduling, it added. As an innovator in its industry, Tata Power decided to activate the potential of artificial intelligence (AI) to optimise power scheduling and thus address the new regulatory changes. The company has deployed a few AI solutions such as The Central Control room for Renewable Assets (CCRA), which uses machine learning based on loss estimation, forecasting and alert/notification. To optimise the coal supply and order inventory management, Tata Power’s Coastal Gujarat Power Limited (CGPL) and Maithon Power Plant (MPL) units also use the pit to plant Coal Supply Management (Coal SCM) and Management Strategic Review (MSR) solutions. In addition to this, the company’s Mumbai Distribution team has implemented a sentiment analysis tool for email classification and routing that will help in the proactive assessment of consumer needs. Apart from the forecast provided by BluWave, the PSCC team has also developed and implemented change overload prediction and RTM optimization, which utilises neural network and linear programming, respectively, thus ensuring optimised power purchase and hence keeping the power purchase cost at the optimum levels. The leadership demonstrated by Tata Power and BluWave-ai was recognised with an India Smart Grid Forum (ISGF) top-level ‘Diamond Trophy’ in the Utility Distribution category. The award recognises the benefits of BluWave-ai’s method for forecasting energy consumption load at Tata Power.

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“

We are working with BluWave-ai to operationalise Artificial Intelligence in our day to day power distribution in Mumbai. Working with AI-enabled system improvements via cloud computing in real-time operations enhances our baseline systems, resulting in higher operational efficiency and accuracy,

”

Sanjay Banga, President, T&D, Tata Power

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Our team at BluWave-ai has sought out innovative early adopters of complex AI technologies to onboard our products. We have focused on working with leading global energy companies, such as Tata Power, to build the world’s premier AI cleantech company,

”

Devashish Paul, CEO of BluWave-ai.

The BluWave-ai software-as-a-solution (SaaS) has been live in operation 24x7x365 since February 2020. It also adopted rapidly to last year’s massive COVID-related shutdowns and the subsequent lockdowns in Mumbai. “In Canada, our solutions delivered the first real-time AI electric utility dispatch and standalone industrial applications. We were able to take our platform and quickly train it for the Indian market using real-time data from Tata Power Mumbai DISCOM to integrate with its operations. This technology provides our customers a solution that realises a significant financial benefit from the 35,000+ yearly electricity dispatches,” Paul said. The current collaboration is signed for three years with an option to extend to five, the statement note. Source : PTI

OCTOBER 2021

RENEWABLE ENERGY OPEN ACCESS WILL BOOST RENEWABLE ENERGY CAPACITY ADDITION: PINAKI BHATTACHARYYA, MD AND CEO OF AMP ENERGY INDIA

The government can help by exempting such players from paying the BCD. The outlook for these projects to find buyers is very positive. o increase the use of renewable energy, the Union power ministry has circulated the draft electricity open access rules, which propose to ease the way for industries and large power consumers to set up solar power generation units for self-consumption. Pinaki Bhattacharyya, MD and CEO of Amp Energy India, a renewable energy power producer providing clean energy to industrial and utility customers, tells FE’s Anupam Chatterjee how allowing commercial and industrial consumers open access to solar power will help the country achieve its green energy targets. The company has made equity commitments of $300 million towards in 1.5 GW of renewable energy assets in India. Excerpts: If it becomes the part of the Electricity Act, and if any state power regulator does not do the right thing, one can always approach the Aptel, the apex regulator. Many states have also opened up when it comes to allowing more green energy to be procured by commercial and industrial consumers through the open access route. For example, the situation has definitely improved in Uttar Pradesh, Maharashtra, Gujarat, Tamil Nadu, Chhattisgarh and Karnataka.

CAN’T THE SUPPLY COME FROM UTILITY- SCALE PROJECTS? We are also in the utility-scale segment of the solar business, and there we have noticed that it usually takes more time to execute the projects won under the auctions. For building capacities faster, especially when the commercial and industrial users are ready to buy solar power through open access, it makes sense to allow more captive projects for supplying to these users. The market is so big, that all these modes of capacity addition can coexist.

HOW MUCH RENEWABLE CAPACITY CAN THE OPEN ACCESS SEGMENT HELP SET UP? Currently, out of the 100 GW of installed renewable capacity, a very small portion is being set up for commercial and industrial open access users. Whereas across the country, around 50% of the power is currently used by these consumers. So the potential is huge. The size of this market can be easily more than 10-15 GW. There are many industries which are obligated to buy certain portion of power from renewable energy projects. Now these industries do not get the benefits of ISTScharge waivers when they buy from green projects. If they are allowed such benefits, uptake will automatically increase.

set to retire, these capacities will also be freed up. In order to meet the 450 GW target, let us set a sub-target for the commercial and industrial open access sector, which can be further divided among various industrial sectors and the different states. If such steps are taken, it assures industrial consumers that they can put up a solar plant in these states for self-consumption.

WHAT CHALLENGES ARE YOU FACING AS A DEVELOPER OF UTILITY-SCALE PROJECTS? On the utility-scale developer side, the main issue is the frequent changes in the cost of raw material. On top of that, there are pressures of import duties. We have been vehemently opposing the BCD that is coming up next year. The Indian manufacturers had got four to five years in the past from the safeguard duty, but no one came up with any major plan to set up larger manufacturing capacities. We are supportive of make in India, but the government can support them by providing low-cost power and other benefits to ensure the final prices of their products remain low. The safeguard duty has been collected for years, and that capital could have been used to promote domestic solar manufacturing. CPSEs like BHEL and BEL could have been used to set up large manufacturing capacities. If the government-owned companies supply power at attractive rates, then automatically the private players will have to lower their rates.

HAVE SOME OF THE WINNING COMPANIES, WHICH HAVE ALREADY WON ROUGHLY 18 GW OF SOLAR PROJECTS BUT ARE YET TO FIND BUYERS, STARTED INVESTING IN THE ASSETS? We also have some similar untied capacity for which we have started buying land and making arrangements for connectivity. When state-run entities like SECI and NTPC call for bids, the foreign investors backing the winning developers assume that these projects are going to be built. Based on the letters of award, you get the transmission connectivity. And like us, many firms have bought land and some of them have even started constructing transmission infrastructure. The government can help by exempting such players from paying the BCD. The outlook for these projects to find buyers is very positive. We are absolutely ready to build them.

WHAT ELSE CAN BE DONE TO ENCOURAGE THE UPTAKE? To reach the 175 GW renewable energy target, roughly 25 GW capacity needs to be set up every year. In order to reach the target, you cannot have only the discoms buy power from green units. On the other side, the industry is in need of this power. With a number of coal power plants Source: financialexpress 32

OCTOBER 2021

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RENEWABLE ENERGY ADANI GROUP TO INVEST 20 BN DOLLARS IN RENEWABLE SECTOR OVER NEXT DECADE

Gautam Adani, Chairman of Adani Group said that they will invest over 20 billion dollars in renewable energy generation.

n his virtual keynote address at the world’s largest ‘TiE (The Indus Entrepreneurs) Sustainability Summit 2021(TSS- 2021) organized by TiE Hyderabad Chapter, here, Gautam said we are tripling our solar power generation capacity over the next four years. This is a rate of growth currently unmatched by any other company anywhere on the planet, he said that our Renewables Portfolio has reached the initial target of 25GW a full four years ahead of schedule. we are already the world’s largest solar power player, he claimed and said this puts us well on track to be the world’s largest renewable power generating company by 2030. Our overall organic and inorganic investments across the entire green energy value chain will range between 50 and 70 billion dollars, the Chairman said this will include investments with potential partners for electrolyzer manufacturing, backward integrations to secure the supply chain for our solar and wind generation businesses, and AI-based industrial cloud platforms. We are confident that our integrated value chain, our scale, and our experience put us on the road to be the producer of the least expensive green electron anywhere in the world, he informed. There is no vaccine for climate change like Covid 19, he said the Director-General of the World Health Organization summarized it well when he said there is no vaccine for climate change . The annual rate of increase in atmospheric CO2 emissions since 1970 is up almost 100 times. The search for sustainable solutions starts with admitting that the current situation is unsustainable. Gautam said the task before us is not just to find solutions to climate change, also to ensure — through science, policy, and technological development — that the principles of equitability are not ignored. As an entrepreneur, I stay optimistic. I believe that the Covid 19 pandemic has forced us to find the will to kick start a massive ESG-driven economic transformation, he said and expressed confidence that the most viable climate change solutions will be digital, and technology-driven — supported by policies that help accelerate adoption. He said that this convergence of sustainability and digitization will establish new disruptive business models that will create the next set of unicorns. This is where organizations like TiE become essential — they enable collaboration across entrepreneurs and investors who see opportunities wherever intersections and friction exist. Speaking about India, Gautam said, last year when I spoke here, I had said that over the next three decades India will become a 28 trillion dollar economy. It is now expected that by 2050, India’s per capita income will expand from about one-thirtieth of that of the United States to one-third of the latter’s per capita income. That is an astonishing rise. In 2050, the median age of 1.6 billion Indians will still be just 38 years, he said the world will never again see a middle class as large as the one India will have – and that at such a peak consuming age. In addition, the digital acceleration in India is just beginning and will create a tailwind not yet factored into the assumed 8 percent nominal growth rate, Gautam said that he would believe the Indian economy is still to hit its inflexion point of decades of double-digit growth. “I may have understated my 2050 GDP projection of $28 trillion”, he said “I expect India to become the world’s top target destination for an immense quantum of FDI over this period, making the tailwind even stronger.” At the upcoming COP 26 summit in Glasgow in November, Gautam said the world’s most powerful countries will lay the foundation for a series of global policy changes. Source : uniindia

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OCTOBER 2021

FEATURED

POWER MINISTER SHRI RK SINGH APPROVES FORMULATION OF ROBUST ‘DISPUTE AVOIDANCE MECHANISM’

echanism envisages panel of‘Independent Engineers’ Decision aims at timely dispute resolution in construction contracts of Hydro projects Initiative to prevent time and cost overruns A “Dispute Avoidance Mechanism” through ‘Independent Engineer’ (IE), has been given approval by theUnion Minister of Power, New and Renewable Energy Shri R K Singh. Being put in place for Construction Contracts of CPSEs executing Hydro Power Projects, it mandates the appointment of ‘Independent Engineers’-amechanism of an independent, third party, widely used in major infra projects, nationally as well as internationally, engaging an IndependentEngineer for the specific project who is an “Expert” having domain knowledgeof the subject as well as commercial and legal principles. This ‘independent engineer’ can have regular oversight over the project, with open communication with all the keystakeholders that can play an effective role in the avoidance of disputes. This mechanism seeks to reduce the conversion of initial disagreements over issues into full-fledged disputes, and also for expeditious elimination of disagreements in a just and fair manner. This will help avoid time and cost overruns so as to ensure timely completion of the Projects. The Hydro CPSEs had been raising concerns that the present mechanism of disputeresolution in Hydro Power sector did not provide adequate framework to address theconflicts between the Employer and the Contractor at their inception stage but onlyaddresses it after the disputes have arisen and notified between the Parties. A Committee ofBoard level Officers was constituted to study the field level issues and the difficulties inarriving at the resolution of these issues. The Committee submitted its report which wasdeliberated in the Ministry during which CEA and Board level officers of Hydro CPSEs tooparticipated. The committee observed that delays in addressing disagreements or claims related to execution of Contracts actually results in significant financial and economic losses besides time and project cost over runs. Fair and just resolution of disagreements related to Contracts at inception stage, is key to successful performance of the contract as per scheduled timelines leading to both effective utilization of budget and prevention of time and cost over runs. Salient features of the model contract provision for “Dispute Avoidance Mechanism” through ‘Independent Engineer’ (IE) are as under:

Necessary information sought by IE during the course of investigation shall be provided in a time bound manner by both the Parties and non-compliance of the same shall lead to imposition of penalties, elaboration of which shall be made by the CPSEs in their respective contracts depending upon the criticality of the contract. IE will examine the issue(s) raised by the Parties concerned by conducting inspections involving field measurements as may be required to further investigate and to also conduct hearing/ mediation with both the parties. Based on the preliminary hearing of the parties, IE shall prescribe resolution timeline depending upon the number and nature of disagreements subject to a maximum duration of thirty (30) days or within extended timeline under extraordinary circumstances and for reasons to be recorded in writing The initial term of appointment of IE would be for a period of five (5) years or contract period whichever is lesser and may be further renewed on a year-onyear basis as may be mutually agreed between the CPSE and the Contractor subject to the consent of IE and final approval by the Ministry. lt will be mandatory for the IE to visit the site once in every two months to be constantly aware of the ongoing project activities and to have a fair idea of any situation that may lead to disagreement between the parties. Further, additional visits may also be undertaken as and when called upon to address issues of disagreements. CPSE or Contractor will not be able to change the IE in any case. In case of adverse finding about IE such as not performing duties or complaints of integrity, that Expert would be dropped by the Ministry from the panel itself and a new Expert would be selected by the CPSE and Contractor jointly from the panel for performing the duties of IE. Dispute Avoidance Mechanism through IE as above shall be adopted by all the Hydro CPSEs executing Power Projects. IE shall be implemented in all cases irrespective of the fact that the contractor is a CPSE or a private party. Dispute resolution mechanism through DRB or DAB in existing contracts may be subsumed by the aforementioned Dispute Avoidance Mechanism through IE with mutual consent. For future contracts, Dispute Avoidance Mechanism through IE shall only be provisioned in place of Dispute Resolution Board or Dispute Adjudication Board. The terms of remuneration have also been spelt out.

Ministry of Power shall prepare a panel of domain specific Experts with high level of integrity and proven track record by adopting a transparent and objective selection process. Further, any changes in the panel shall only be made by the Ministry and the Ministry shall also keep updating the panel at regular intervals. The CPSE & Contractor shall jointly select only one Member from the above panel of Experts for each package of works. The Expert would be designated as IE for each contract.

OCTOBER 2021

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MINISTRY OF POWER REDESIGNS RENEWABLE ENERGY CERTIFICATE (REC) MECHANISM

loor and forbearance price limits removed REC prices to be determined by Market conditions Union Minister of Power and New & Renewable Energy, Shri RK Singh has given his assent to amendments in the existing Renewable Energy Certificate (REC) mechanism. The intent behind this decision is to align the ‘mechanism’ with the emerging changes in the power scenario and also to promote new renewable technologies. The proposed changes will provide some flexibility to the players, additional avenues, rationalization and also addressing the RECs validity period uncertainty issues. Extensive stakeholder consultations have been held towards drawing up these changes. The Ministry of Power had circulated a Discussion paper on redesigning the Renewable Energy Certificate (REC) Mechanism for comments of stakeholders in power sector on 4th June 2021. The Salient features of changes proposed in revamped REC mechanism are: Validity of REC would be perpetual i.e., till it is sold. Floor and forbearance prices are not required to be specified. CERC to have monitoring and the surveillance mechanism to ensure that there is no hoarding of RECs.

The RE generator who are eligible for REC, will be eligible for issuance of RECs for the period of PPA as per the prevailing guidelines. The existing RE projects that are eligible for REC would continue to get RECs for 25 years. A technology multiplier can be introduced for promotion of new and high priced RE technologies, which can be allocated in various baskets specific to technologies depending on maturity. RECs can be issued to obligated entities (including DISCOMs and open access consumers) which purchase RE Power beyond their RPO compliance notified by the Central Government. No REC to be issued to the beneficiary of subsidies/ concessions or waiver of any other charges. The FOR to define concessional charges uniformly for denying the RECs. Allowing traders and bilateral transactions in REC mechanism. The changes proposed in revamped REC mechanism will be implemented by CERC through regulatory process. To address mismatch between availability of RE sources and the requirement of the obligated entities to meet their renewable purchase obligation (RPO), Pan-India marketbased Renewable Energy Certificate (REC) Mechanism was introduced in the year 2010.

FUJITSU SOURCES 100% OF ENERGY NEEDS FOR GLOBAL HQ FROM RENEWABLES

Based on its medium- and long-term environmental vision, the “Fujitsu Climate and Energy Vision,” Fujitsu Limited demonstrated its commitment to contributing to the realization of a carbon-neutral society and adaptation to climate change with a pledge to source 100% of its energy needs for its global Shiodome HQ building from October 2021.

or the Fujitsu Group, this marks a pioneer project for its rented offices within Japan, and to realize an effective supply of renewable energy, Fujitsu will rely on the “Green Energy Supply Service”(1) of Mitsui Fudosan Co., Ltd., which manages the Shiodome City Center property. This service has been developed to provide rented offices with renewable energy with environmental value like energies derived from postFIT residential solar power generation. Fujitsu is promoting the use of renewable energy at its global HQ as part of a company-wide effort to optimize the management of indirect material costs and create a virtuous cycle of sustainability. Through these activities, Fujitsu will continuously contribute to the decarbonization of its own operations, as well as its customers and society at large, adapting climate change, as set forth in its medium- and long-term environmental vision.

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(1) GREEN ENERGY SUPPLY SERVICE:

Service developed by Mitsui Fudosan in cooperation with electric power companies with the aim of providing tenants of office buildings who aim to achieve RE 100 and SBT targets with green energy. Fujitsu will take advantage of this service in order to use electric power with environmental value through the use of non-fossil fuel certificates with tracking information. Mitsui Fudosan and Fujitsu will continue to cooperate as good partners with the aim to contribute to SDGs and promote ESG management towards the realization of a sustainable society.

OCTOBER 2021

INTERVIEW

Mr. KRISHAN KUMAR SHARMA Vice President-APAC, Renesola Limited EQ: Take us through Renesola’s journey, so far. KKS: ReneSola has started its operations in India in 2012. Since then, we have been supplying Solar PV modules to all the major solar developers in the Indian market. We offer our High-Efficiency Solar PV modules in the Indian market. We have provided around 21+ GW of solar module products to thousands of solar projects and houses worldwide. We have subsidiaries and warehouses around the world, providing customers with local sales, distribution, technical and logistics services. We focus on improving production efficiency, constantly building new production lines and increasing the value of our green energy portfolio. Renesola is a reliable and long-term partner of customers and investors.

OCTOBER 2021

EQ: Please brief us about ReneSola’s newly appointed CEO. KKS: ReneSola is led by our CEO Mr. Sun Qing. He is an experienced business leader with more than two decades of experience in business operations had some leading responsibilities in the past with some considerably large corporates like DelphiLaser &amp; Shanghai Zhenhua Heavy Industries Co., Ltd. etc. His in-depth management experience and operational abilities will keep up the momentum and will lead the organization to the greater heights.

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INTERVIEW EQ: What is your say on the growth witnessed by PV Module market in India in recent years? KKS: Indian solar market is one of the largest solar markets in the world and India is well prepared for yielding the benefits from the country’s high insolation level and has set challenging ambitions in regard to solar PV renewable energy. The stakes are very high for India&#39;s thriving and the renewables business must not fail to deliver on expectations. it&#39;s surely a major chance for Solar module producers all throughout the planet to come and be a part of this market. EQ: With a target of 450 GW of renewable energy by 2030, India needs to create almost 250 GW of solar capacity between this year and 2030. Do you believe that can happen? Why/Why not? KKS: India’s honourable Power and New &amp; Renewable Energy minister- Mr. Raj Kumar Singh said that India is on the right track to achieve its renewable energy target of 450 GW by 2030 and has made significant progress towards these targets. India has already achieved 40.09GW as on March 31, 2021 and as of August 12, 2021, the renewable capacity stood has crossed the mile-stone of 100 GW. I’m sure that with the right policies, India can &amp; will definitely achieve this target by 2030. EQ: Which are your key global markets? KKS: Renesola has been supplied more than 21GW+ globally, whereas India is and always been a key market for Renesola and supplied more than 3.2GW+ solar PV modules. China, Brazil, Europe and Australia are the other key markets where we are focusing on. Recently, we have signed 150MW distribution modules supply agreement with Prosun for Australian market. EQ: Could you brief our readers about the new offerings ReneSola is providing in the Green Energy space? KKS: ReneSola has always spearheaded the innovations and try to always keep updating our products for a clean &amp; green earth. Foreseeing the shift of solar market from Standard Poly technology to Mono PERC Modules, we have enhanced the production of Mono PERC modules and will befollowing the same trend in 2021 &amp; beyond. Meanwhile, we are also working on some innovative products for Indian market which will help developers to save a significant amount on the BOS part. We have recently unveiled series TWIN 3.0 having power rating up to 550Wp with efficiency 21.5%. The series is being offered with 12 years of product warranty and 30 years of the linear power warranty. The series will offer a number of distinctive advantages to the developers globally who will have a reliable product with high conversion efficiency. Since the time Twin 3.0 has launched, it has been highly recognized in the market. EQ: What are some of the key milestones achieved recently by ReneSola with respect to technological cements and innovations? KKS: Global leading brand, founded in 2005, is a provider of green energy technologies and solutions. The company’s growth chart was visible from day-1, where it continuously keeps achieving its benchmarks yearafter-year. Major milestones include global shipment reaching 21+GW in 2021 and Indian shipment reaching the milestone of 3.2GW+ in 2021. ReneSola serves a large number of customers around the world ranging from small rooftop owners to large solar farm developers. Apart from that, we are also glad to inform that we have touched 145MW module supplied in Brazil, 38MW in Poland, 150MW Distribution Contract Signed in Australia &amp; 10MW in Utah, to name a few.

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EQ: Please enlighten us about the quality aspects followed at the company? KKS: At ReneSola, we do not treat our customers as onetime buyers, but considers them as business partners for long term relationships. It applies strict quality assurance plan in order to deliver best quality products at affordable rate, while achieving the mutual business goals. we have an upper-hand in the higher wattage products segment that reduces overall project- cost for customers. On the flip side, its team of fully trained and equipped experts leave no stone unturn to make the customer happy &amp; satisfied. These highly qualified professionals are 24x7 available at customer service, and if required, even go to client’s place to solve their technical issues, thereby reducing response time. These distinct proaches help us to acquire long-term business relationship while gain confidence from the marketplace. Our solar PV modules are BIS, TUV and UL certified. Apart from that, we are ISO9001, OHSAS 18001 and ISO 14001 certified. EQ: Your plan to promote global cooperation in new energy and renewable energy for a green future for mankind? KKS: Climate change is a global issue. The planet is warming as a result of the developing degree of ozone depleting substance discharges caused by human action. In the event that this pattern proceeds, really disastrous outcomes are probably going to result from rising ocean levels to diminished water accessibility, to more heat waves and wildfires. To combat this issue, the Indian government aims to achieve the 100GW of Solar PV by 2022 and has set various policies to achieve the same. To support the government’s - Make in India mission, we are in the process of establishing the Solar PV Cell &amp; Module manufacturing facility in the country and aim to acquire at least 10 percent of the market share of set target. We are planning around 1000MW supply in Indian market in 2021 and are quite confident that the Indian Solar industry will achieve the set target with the help of favourable policies. India is and always has been an important market for us. EQ: How much modules have you supplied to India till now, what is the target/expectation in this year and next year? KKS: ReneSola has supplied around 3.3+ GW of PV modules in India and we are quite positive to touch 4GW by the end of 2021. EQ: The make in India plan for solar equipment finally seems to be moving forward. Do you believe it will deliver on its promise of self-sufficiency? By when? If no, then why not? KKS: ReneSola is pretty sure that the “Make in India” campaign will be a great success and India will be selfsufficient by the end of 2030 as India is playing an effective role globally in the field of clean energy. India stands at 4th position in the world in terms of installed RE capacity and 5th in solar. Nothing is impossible for India as a nation if the policies are supportive. The “Make in India” programme is one such excellent effort in the direction of giving boost to the self-sufficiency of the economy as well as going to further enhance the energy need of the country though clean energy.

OCTOBER 2021

EnerMAN Surpass 1.1GWp of IoT SCADA installation for Solar PV plants and Rooftops We are delighted to announce the great achievement of deploying our IoT Based AI/ML Driven SCADA productETi-SOL® to Monitor, Control, Analyse and Forecast Energy Generated from Solar PV Plants and Rooftops for over 1.1GWp (1100MWp) size in 6(six) countries.

OCTOBER 2021

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Our Success provesthat there is always a market for good product, which is reliable, customizable,easy to use, and backedby quickcustomer supportservice from professional team, who can understand and are always ready to solve customer problemat affordable price. Our in-houseHardware, Firmware and Software team based in Bangalore hascreateda Made in India products for Global Market (Vocal for Local To Go Global) in line with ourvision of providing "Innovative solutions to Save Energy and Reduce Carbon footprint". Our parent company Avi Solar team has been providing O&M service for over 2.5 GW plants from past 5 years for leading Developers in India.In the year 2016, ourO&M team and developers were struggling to get Local PLC based SCADA data to headquarters to analyze the plant performance and generate useful reports (DGRs, Weekly Reports, Monthly Reports). Leased line (BB) connectivity to remote plant was achallenge, and repair of damaged communication cable during rainy season was taking time, hence we have developed IoT Hardware (ETi-LOG Data logger) to send plant data using 2G/3G/4G directly to cloud, and option to store the data in data logger to avoid data loss due to any communication problem.

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We have also seen many Global players SCADAlicense was not renewed by developersdue to high annual license fee, and poor service support from Global players in repairing nonfunctional SCADA forced O&M team and developers to manually collect the plant data for Performance analysis and reporting. We tried to address this problem byoffering products at affordable price, and quick installation and service support. Our Retrofit solutions contributes to big chunk of our deployment by replacing leading Global companies SCADA with our IoT SCADA. We have been addressing all types of customer needs like Local Monitoring, Remote Monitoring, data storage in Cloud servers or Own Servers provided by Developers, Equipment data collection through wired network or RF network within the plant, Monitor and Control of Plants, Energy Forecasting, provide plant data to SLDC, PPC (Power Plant Controller), customized dash boards, customized reports,Products access using web and Mobile Apps (Android and iOS) …etc

Our product is installed and tested from 50KW size rooftop to 350MW single utility plant. We are working on developing advance analytics using AI/ML to provide valuable inputs to Developers on Plant performance and recommended actions to improve the performance and reduce the breakdowns and energy/revenue loss. We are confident in taking our made in India products toGlobal market in coming years. We thank our customers for trusting newcomers like us and partnering with us in creating great products.

Author

ASHOK D M , CEO & MD

ENERMAN TECHNOLOGIES PVT LTD

OCTOBER 2021

FEATURED

HUAWEI WINS WWF CLIMATE SOLVER AWARD 2020 Climate Action Week – 2021 Zero Carbon Mission International Climate Summit (hereinafter referred to as “the Summit”), co-organized by World Wide Fund for Nature (WWF) and Phoenix TV, was held in Beijing on September 22.

t the event, Huawei Technologies Co., Ltd. (hereinafter referred to as “Huawei”) won the WWF Climate Solver award 2020 for its world leading FusionSolar Smart PV solution. This year’s Summit officially launched the annual Carbon Neutrality Action Leadership Award, which, based on the Science Based Targets initiative (SBTi) and the UN-supported Race to Zero initiative, was designed to recognize individuals, teams and projects with outstanding performance in business commitment, innovation in technology, actions that produce results, and impactful communications, with the aim of encouraging companies to take actions that help mitigate climate change, driving various industries to set up emission reduction targets, and setting an example for taking such actions. The Carbon Neutrality Actor – Climate Solver of the Year award is a key component of the Carbon Neutrality Action Leadership Award, and is based on the WWF Climate solver program, an annual program launched in China in 2011. It aims to create favorable conditions for the promotion of climate technologies with revolutionary potential by identifying and selecting innovative low-carbon technologies, so as to contribute to the realization of the goal of keeping global average temperature rise below 2℃. Since its launch in 2011, the award has recognized 34 innovative low-carbon technologies. Applications for the 2020-2021 Climate Solver Award opened in December 2020 and closed in March of this year. After rigorous compliance review, primary election, two rounds of evaluation by experts, accounting of emission reduction potential and on-site replies, the Huawei FusionSolar Smart PV solution was selected as the winner from a host of candidates.

OCTOBER 2021

This year’s selection criteria were particularly stringent. The on-site reply session examined not only the level of technical advance (20%), the economics (20%) and the maturity (15%) of the candidate technologies, but also their ecological and environmental benefits, growth potential and social benefits, accounting for 20%, 15% and 10% of the overall score, respectively. As of June 30, 2021, Huawei Digital Power had helped customers generate 403.4 billion kWh of electricity with green energy, saving 12.4 billion kWh of electricity consumption and reducing CO2 emissions by 200 million tons, equivalent to planting 270 million trees.

The Summit, under the theme of “Global Carbon Neutrality and China’s Role”, invited more than 70 guests, including Al Gore, former Vice President of the United States; Tu Ruihe, the representative of UNEP China Office; Jia Feng, Director of the Center for Environmental Education and Communications of the Ministry of Environmental Protection; and Marco Lambertini, Director General of WWF International, to discuss topics including global carbon neutrality, corporate resolve for achieving climate goals, green finance, energy transformation, green building and low-carbon transportation. The event aims to bring together resources, fully mobilize corporate engagement in addressing climate change, and provide diverse guidance and services such as strategic planning, technology application, results demonstration, knowledge sharing and international exchanges for local governments and enterprises to achieve the goals for peak CO2 emissions and carbon neutrality.

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ULTRATECH CEMENT JOINS RE100, COMMITS TO 100% RENEWABLE ENERGY USAGE BY 2050 UltraTech Cement Limited, the largest manufacturer of grey cement, white cement and ready-mix concrete in India, has announced its commitment to Climate Group’s RE100 initiative at Climate Week NYC 2021.

”

MR. E. R. RAJ NARAYANAN, BUSINESS HEAD & CHIEF MANUFACTURING OFFICER, ULTRATECH CEMENT

The RE100 announcement is in line with UltraTech’s focus to institutionalise its carbon reduction initiatives through measurable targets and commitments. RE100 provides us with an opportunity to access knowledge on emerging technologies. These would help us fast track the transition to 100% RE for our electrical energy requirements,

”

In FY21, UltraTech took another important step with the validation of its GHG emission reduction targets by the Science Based Targets Initiative (SBTi). The Company is committed to reduce its Scope 1 GHG intensity by 27 per cent and Scope 2 GHG intensity by 69 per cent, both by 2032 from the base year of 2017. UltraTech’s GHG reduction targets also include UltraTech’s target to lower its CO2 intensity in cement to 462 kg net CO2 per ton of cementitious material (net CO2/t.cem.) by 2032. So far, a total of 6 per cent reduction in Scope-1 CO2 emissions has been achieved with the base year of 2017. UltraTech is also the first company in India and the second company in Asia to link its financial commitments with sustainability targets through the issuance of dollar-based sustainability linked bonds.

Kailash Jhanwar, Managing Director, UltraTech Cement

s part of this commitment, UltraTech targets to meet 100 per cent of its electricity requirement through renewables sources by 2050. RE100, led by Climate Group in partnership with CDP, brings together the world’s most influential businesses committed to 100 per cent renewable electricity. UltraTech has set a 100 per cent renewable electricity target for its entire global operations by 2050. In the last two years, UltraTech has scaled up its contracted renewable energy capacity by 2.5 times. The Company has already set a target to scale up its green energy mix to 34 per cent of its total power requirement by 2024, from the current levels of 13 per cent. “We have made tremendous progress in scaling up the use of green energy in our operations. The commitment to move to 100 per cent renewable energy to meet our electrical energy requirements by 2050 is both a reflection of our confidence on the progress we have made, as well as our commitment to overcome the challenges ahead. With us now joining the RE100 group, UltraTech will become part of a high-profile global campaign that advocates for a strong business case in transitioning to renewable energy sources in building a decarbonized economy,”

INTERESTING FACTS Impact of commitment in the context of RE100: In terms of electricity consumption, UltraTech’s is the biggest RE100 commitment from a cement company at a global level. Across all business sectors, UltraTech becomes one of the top 20 companies globally (out of more than 330 companies) to join RE100, in terms of electricity consumption, and related cumulative demand for renewable power. Similarly, their RE100 commitment is the biggest by an India-headquartered company across all business sectors. Impact of commitment in India’s context: India is the second largest cement producer globally (after China), and provides around 8% of global cement production. In terms of consumption, according to IEA India Outlook 2021, domestic demand for cement will more than double by 2040. UltraTech Cement Limited, being the largest manufacturer of grey cement, white cement and ready-mix concrete in India, is making a significant contribution to industrial/cement decarbonization by committing to RE100.

said Kailash Jhanwar, Managing Director, UltraTech Cement.

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OCTOBER 2021

FEATURED

WHY JSW ENERGY IS UPBEAT ABOUT INDIA’S POWER SECTOR "Even as energy shortage grips the world, India’s power sector is emerging from a decade of stress because of the push to renewables,"

according to Prashant Jain of JSW Energy Ltd. The energy

crunch in Europe and China and the crude oil price rise won’t have a dramatic impact on the Indian landscape, joint managing director and chief executive officer at the power generation company said in an interview with BloombergQuint’s Niraj Shah."While prices of imported and domestic coal may rise given the surge in demand in India and abroad, that will be passed through," Jain said. Mr. Prashant Jain, Joint Managing Director and CEO of JSW Energy A resurgence in demand for power globally has caused a supply shortage in Europe. China also has capped mining of coal and imports of the fossil fuel to curb pollution, roiling commodity markets. In India, the power sector is coming out of a deep slumber, which may aid businesses in this space, Jain said. Supply is becoming widely available and at good rates, courtesy renewable energy, he said. Smart meters have also helped reduce aggregate technical and commercial losses for the power distributors, according to Jain. The proposed changes to the Electricity Act can end the state monopoly, give consumers the option to choose suppliers and reward consumers of solar energy, Jain said.The nation, however, is facing a coal crunch. Stockpiles at power plants, contributing bulk of India’s electricity, are at their lowest since November 2017. The government has decided to ration supplies. India has underinvested in the power sector from 2012-20, and sometime in the next few quarters, the country will face a demand-supply mismatch if the economic growth comes back as expected, according to Jain. The capacity required would be three times the anticipated demand and bulk of fresh capital expenditure will be in renewables, according to him. Lack of financing from banks for thermal projects as well as ESG concerns would ensure that fresh capacity addition comes from green energy, he said. That will aid growth for renewable power companies.

VALUATIONS

Green energy companies listed globally trade between 15 and 20x their enterprise value-to-operating income ratio and these are the new benchmark valuations, said Jain. By comparison, Indian power companies, including JSW Energy, trade cheap, he said. JSW Energy, he said, has the highest equity internal rate of return (a measure of return to shareholders), the lowest gross block per megawatt (showing that capacity addition at lower costs) and the lowest debt-to-equity among peers. The company trades at 12 times the estimated enterprise value-toEbitda multiple for FY23. That’s higher than domestic peers but lower than global peers. JSW Energy has already surpassed target price estimates. Capacity Expansion Plan JSW Energy targets increasing its capacity from the existing 4.5 gigawatts to 10 GW by FY25 and 20 GW by FY30. And is confident of reaching 2.5 GW of renewable capacity in the next 18 months. Jain said the company can expand capacity almost immediately. That’s because it has a lower leverage than peers and can grow inorganically. If India’s power demand grows at 5-6% every year, then the country will require additional 10GW annually. In light of such high demand, JSW Energy’s capex plans aren’t exaggerated, he said. Power is now an annuity cashflow business and as long as companies are prudent, the chances of large losses and defunct power plants are minimal,

according to Jain.

GREEN HYDROGEN India is looking to boost green hydrogen, produced from water using renewable power. The cost of green hydrogen will soon be on a par with that of grey hydrogen (generated from natural gas), Jain said, adding that JSW Energy’s tie-up with Australia’s Fortescue Future Industries gives them a strong headstart. And he said some of the largest investors have shown interest in the company’s green hydrogen plans.

Source : bloombergquint 42

OCTOBER 2021

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FEATURED ELECTRICITY IMPORTANT FOR DEVELOPMENT; GOVERNMENT TO GIVE SUBSIDY TO THOSE SETTING UP SOLAR POWER PLANTS

hief Minister Hemant Soren on gave a big gift to Chatra district by inaugurating the newly constructed grid sub-station and ChatraLatehar transmission line at Itkhori.Now a large part of this district will get uninterrupted and quality electricity and there will be no problem of low voltage.Speaking on the occasion, the Chief Minister said that with the commissioning of Grid Sub Station and Transmission Line, the long awaited demand of the people here has been fulfilled and now every house here will not only be illuminated but Chatra district will progress rapidly on the path of development with new energy. He said that electricity is very important for development and this is the reason why the government is laying a network of grid sub-stations and transmission lines in the entire state so that the people of the state do not have to face the lack of electricity. The Chief Minister said that solar power plants are being promoted by the government. He asked the people to cultivate electricity

like agriculture and suggested that people should use their barren land and the roof of the house to set up a solar power plant. With this, not only will they be able to generate electricity for themselves, but the government will buy the surplus electricity, this will increase their income and they will become a partner in the development of the state. He said that the government will give subsidy for setting up solar power plants and a new scheme will be launched for this very soon. The Chief Minister said that government belongs to the people and it is working according to the sentiments and wishes of the people. He said that action plans are being made for the welfare and development of the people of the state. He urged the people to join the schemes of the government and take advantage of them. He asked the officials and public representatives to make the people in rural areas aware of the various welfare schemes of the government so that they can become self-reliant through these schemes. He said that the government’s eyes are especially on the backward districts like Chatra, Garhwa, Latehar therefore special plans are also being prepared for such districts. Source : uniindia

RELIANCE BUYS REC SOLAR FOR $771 MILLION

ndia’s Reliance Industries Ltd on announced acquisition of REC Solar Holdings for an enterprise value of $771 million from China National Bluestar (Group) Co Ltd as it seeks to become net carbon zero by 2035. The purchase of the Norwegian solar panel maker by the conglomerate’s Reliance New Energy Solar Ltd (RNESL) follows the June announcement by the parent – operator of the world’s biggest refining complex – that it would invest $10.1 billion in clean energy over three years. Reliance, owned by Asia’s richest man, Mukesh Ambani, plans to build solar capacity of at least 100 gigawatts (GW) by 2030, accounting for over a fifth of India’s target of installing 450 GW by the end of this decade. The group aims to build four “giga factories” to produce solar cells and modules, energy storage batteries, fuel cells and green hydrogen. “Together with our other recent investments, Reliance is now ready to set up a global scale integrated Photovoltaic Giga factory and make India a manufacturing hub for lowest cost and highest efficiency solar panels,” Ambani said in the statement. RNESL said in August it would invest $50 million in U.S. energy storage company Ambri Inc as part of a $144 million investment by Reliance Industries, along with billionaire Bill Gates, investment management firm Paulson & Co and others.Globally, oil majors such as Royal Dutch Shell Plc and BP Plc have also set goals to become net zero-carbon firms by 2050 amid pressure from investors and climate activists. Solar installations across the world are set this year for their fastest growth in five years, according to data research firm IHS Markit. Ambani said his firm would continue to invest and collaborate with global players to provide reliable and affordable power to customers in India and overseas markets. Reliance said it would use REC’s technology in its

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PV Panel making giga factory, with initial annual capacity of 4 GW, eventually rising to 10 GW. The acquisition would help Reliance grow in key green energy markets globally, including in the United States, Europe, Australia and elsewhere in Asia, it said, adding it would support REC’s planned expansions in Singapore, France and the United States. Reliance’s green push comes as India raises its renewable energy capacity, currently about 100 GW, to meet about two-fifths of its electricity needs by 2030 under the Paris climate accord.

Source : reuters

OCTOBER 2021

FEATURED

MAXWATT SOLAR BUILDS INDIA’S LARGEST 36.72 KWP PV RESIDENTIAL SYSTEM

Maxwatt Solar Private Limited has completed the construction work of India’s Largest 36.72 kWp on-grid solar PV residential system at Kolam, Kerela. The system uses 68 JA Solar 540Wp solar PV modules and Fronius 27.0 kW inverter (model ECO 27.0-4-S).

axwatt Solar Private Limited has completed the construction work of India’s Largest 36.72 kWp on-grid solar PV residential system at Kolam, Kerela. The system uses 68 JA Solar 540Wp solar PV modules and Fronius 27.0 kW inverter (model ECO 27.0-4-S). Real-Time remote Monitoring using Smart Meter is another highlight of this project. The capacity of the system is 36.72 kWp, and it is located at Anchukallumoodu, Kollam, Kerala. The on-grid residential system uses half-cut mono PERC modules which were supplied by the largest solar PV distribution company in IndiaRedington Solar. The system is designed not to run any specific house load, but it is sufficient to run the centralized

He further informed that the daily consumption of the customer’s house is 40kWh as per the monthly electricity bill. The system’s daily electricity generation of 165.24 kWh per day will be four times the daily requirement. The customer

OCTOBER 2021

AC unit of the house. Irrespective of the connected load, the system could run any house load connected to it. The electricity generation by the system is more than enough to offset the monthly electricity bill of the customer. The project was commissioned on September 5, 2021. Prabi Prasad, Technical Director, Maxwatt Solar Private Limited, said that 1 kWp could easily generate four units of electrical energy every day; therefore, 36.72 kWp could generate 146.88 kWh daily. “Based on our experience with previous systems, you can consider 4.5 kWh instead of 4 kWh. Then it will be 165.24 kWh daily, or 60,312.60 kWh annually.”

can feed the extra 120 kWh/ day to the State discom Kerala State Electricity Board Limited (KSEB). Headquartered at Kattanam, Kerela, t Maxwatt Solar was established in the year 2015.

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FEATURED

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OCTOBER 2021

RESEARCH & ANALYSIS INDIA CAN HALVE ELECTRICITY COSTS AND REACH NET ZERO BEFORE 2050, ACCORDING TO NEW REPORT FROM WÄRTSILÄ

ndia can cut its overall cost of electricity in half and reach net zero before 2050 by developing a 100% renewable energy power system, according to modelling by global technology company Wärtsilä and the Finnish Lappeenranta-Lahti University of Technology.The modelling shows a clear, actionable pathway to achieve a net zero electricity system that can bring enormous environmental and economic benefits to India, one of the world’s largest and fastest growing economies: Increasing renewable energy from 25% to 100% before 2050 cuts the cost of India’s electricity by 48%, from $88 USD per megawatt hour in 2020, to $46 USD in 2050. A flexible 100% renewable system provides large levels of excess power that can address India’s rising energy dependency, forecast to double by 2030. Increasing renewable energy could also generate major new revenues from hydrogen production, creating a technology market worth $39.8 billion USD. The modelling makes a clear case for immediate action to accelerate the development of a 100% renewable energy system in India. By combining variable renewable power with energy storage and thermal balancing power plants capable of using carbon neutral sustainable fuels in the coming decade, India can dramatically cut its carbon emissions and halve the overall cost of its electricity. Wärtsilä’s ‘Front-loading Net Zero’ report sets out clear steps for India to decarbonise its power system: 1. Set ambitious clean energy targets over longer-term time horizons to attract investors. 2. Increase climate regulation for companies, including mandating consumers and power producers to meet a certain percentage of their requirements from renewable sources.

4,000 GW of installed capacity is needed for a 100% renewable system, a 10-fold increase on 2020. New solar installations must rise by 885%, from 7 GW a year, to 69 GW a year by 2035, rising to 79 GW a year between 2035 and 2050. Solar would make up 76% (3,076 GW) of total capacity by 2050. This would also be supported by a total wind capacity of around 410 GW by 2050, combined with hydro and carbon neutral gas. Wärtsilä’s modelling shows that flexibility through energy storage is key to achieve the cost-optimal renewable baseload system – to shift generation when it is surplus, during the day, to times when renewables are not available, during evening or night-time. Thermal balancing power plants, backed by battery energy storage, must also be deployed to manage sudden surges in demand or drops in renewable generation. To support a 100% renewable energy system in India: Energy storage capacity must increase from almost zero to reach 99 TWh of storage capacity by 2050. Storage output should cover 35% of India’s total demand by 2050, with 99% enabled by batteries. 187 GW of fast-start load-following gas engines are needed to provide rapid grid balancing. The report provides a wake-up call to leaders on the need for a comprehensive energy transition plan, underpinned by a long-term plan to deploy massively increased amounts of renewables, phase out coal, and dramatically scale up energy storage and flexible power system solutions.

3. Strengthen flexibility solutions, such as thermal balancing power plants and battery storage, that can raise the share of renewables. 4. Launch an incentive programme for production of electrolysers (as capital costs are responsible for 30% of the cost of green hydrogen) and create new demand centres equipped to cost-effectively develop and transport green hydrogen. As well as showing a path to an affordable clean energy transformation, the modelling also demonstrates the major planning challenge to cleanly meet energy demand as India’s population rises to around 1.7 billion by 2050. Power demand is estimated to increase by 340% by 2050 – from 1,345 TWh in 2020 to 5,921 TWh in 2050, with 1,023 GW of peak demand. The modelling confirms India can affordably meet this demand through renewable energy, aided by solar energy prices that are amongst the lowest in the world, averaging around $26 USD per MWh[1]. However, to serve this increased load through mid-day peaks and to charge energy storage resources such as batteries to offset intermittent renewable energy generation, the total system capacity must be scaled up to an unprecedented degree:

OCTOBER 2021

Mr Anish De, Partner, Global Sector Head, Power & Utilities, KPMG National Head – Energy Natural Resources & Chemicals, KPMG in India

“India’s ambition and achievements on renewables are of an unparalleled scale. We have abundant resources for cheap and clean renewable energy – blessed with more than 300 sunny days a year – and our geography provides world-leading wind power. With some inventiveness, the right mix of new renewable generation and flexibility can replace coal and gasfired power, creating a clean and more affordable system. This leaves a key question: is India better off committing itself whole heartedly to a renewable energy future? From every angle, the answer is yes.”

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RESEARCH & ANALYSIS Wärtsilä’s report also lays out the shifting role of gas power in India. The modelling shows that by 2050, thermal balancing power plants will have a relatively small, but crucial, back-up role, providing 1.1% of electricity generation. Thermal balancing power plants will play a crucial role in decarbonising the power system by shifting to carbon neutral, hydrogenbased sustainable fuels, such as synthetic methane, to generate electricity and help decarbonise the final 10% of India’s energy system. Wärtsilä engines are already capable of running on 25% hydrogen blends and the company expects to be capable of running 100% hydrogen by 2025.

Mr. Håkan Agnevall, CEO and President of Wärtsilä

“Our modelling shows that it is viable for all energy systems to be fully decarbonised before 2050, and that accelerating the shift to renewable baseload, coupled with flexibility, will help economies to thrive. We have all of the technologies that we need to rapidly shift to net zero energy. The benefits of renewable-led systems are cumulative and selfreinforcing – the more we have, the greater the benefits – so it is vital that leaders and power producers come together now to front-load net zero this decade.”

About the ‘Front-loading Net Zero’ report Wärtsilä’s report models pathways to net zero power sectors in three key regions that are critical to the upcoming COP26 negotiations – Germany, India and California. As well as the deep dive modelling on these power systems, the report also features key insights from Wärtsilä modelling in other countries, including Australia, Chile and the UK. Across these vastly different energy systems, the modelling shows that by deploying flexible capacity, from energy storage and thermal balancing power plants, countries can ‘level-up’ renewables to fulfil a baseload role. Critically, these decarbonisation pathways do not increase the cost of electricity and can in fact cut costs, in comparison to. The report reveals that despite differing starting points, countries and sub-states have all the technologies that they need to rapidly shift to net zero energy systems. The findings from the report will be presented by Sushil Purohit, President of Wärtsilä Energy, at the Economist Sustainability Week: Countdown to COP on 6th October. Source : wartsila

JINKOSOLAR AWARDED “TOP BRAND PV USA 2021” BY EUPD RESEARCH JinkoSolar Holding Co., Ltd. (the “Company,” or “JinkoSolar”) (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, announced that it was awarded the ‘Top Brand PV USA’ seal by EUPD Research.

UPD Research uses innovative approaches to develop quality models for the certification of companies, projects and products. Each year EUPD distributes a comprehensive survey carried out among market intermediaries (e.g. contractors, installers, EPCs, and project developers) on brand awareness, and customers’ choice. EUPD Research awarded JinkoSolar because U.S. installers responded favorably to JinkoSolar. “Through the years, the JinkoSolar brand has become synonymous with trust and reliability,” said Nigel Cockroft, General Manager of JinkoSolar (U.S.) Inc. “This recognition from EUPD highlights our commitment to excellence in product and service. We thank our customers for putting their trust in JinkoSolar.” “We at EUPD Research are delighted to officially certify that the company JinkoSolar ranks among the leading PV module brands in the USA. Results of the U.S. survey have clearly shown that JinkoSolar is ranked among the top companies with exceptionally high recommendation and brand awareness (unaided) levels among the surveyed installers,” commented Daniel

Mr. Nigel Cockroft, General Manager of JinkoSolar (U.S.)

Fuchs, Vice President at EUPD Research.

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OCTOBER 2021

RESEARCH & ANALYSIS

TWO THIRDS OF THE WORLDS HEAVIEST EMITTERS HAVE SET A NET-ZERO TARGET

JinkoSolar Holding Co., Ltd. (the “Company,” or “JinkoSolar”) (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, announced that it was awarded the ‘Top Brand PV USA’ seal by EUPD Research.

hrough August, 111 of the Climate Action100+ 167 “focus companies” have set a net-zero or equivalent target, pledging to fully reduce and/or offset their emissions at a level equivalent to what they emit annually, according to new analysis from research company BloombergNEF (BNEF). These focus companies have been deemed the world’s heaviest emitting, accounting for over 80% of global industrial greenhouse gas emissions. BNEF estimates that in 2030, the net-zero targets set by these 111 focus companies will reduce greenhouse gas emissions by 3.7 billion metric tons of carbon dioxide equivalent (GtCO2e) annually. This increases to 9.8 billion metric tons by 2050 – just short of China’s current annual emissions and equivalent to over a quarter of global greenhouse gas house emissions.

OCTOBER 2021

”

Kyle Harrison, head of sustainability research at BNEF

As more net-zero targets are set by corporations, the conversation will change from one focused on quantity to one around quality. Companies will be under the microscope for the path they take to achieving net zero emissions. The winners will be the ones that will – and already do – address their entire value chain, focus on tangible emission reductions and turn a net zero strategy into a new business opportunity.

”

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RESEARCH & ANALYSIS NET-ZERO COMMITMENTS AND EMISSIONS ADDRESSED UNDER TARGETS FOR CLIMATE ACTION 100+ FOCUS COMPANIES

Net-zero commitments and emissions addressed under targets for Climate Action 100+ focus companies The oil and gas sector will represent over a third, or 3.4GtCO2e, of these planned emission reductions, more than any other sector. European oil majors like Shell, Total and BP have pledged to achieve net-zero emissions by 2050 and have already made some progress as they diversify their business into low-carbon activities. Alongside investor pressure, these targets have also been influenced by decarbonization targets set by the oil majors’ major customers. Airlines like Delta, American and Qantas, as well as petrochemicals companies like BASF and Dow – all of which are sources of large oil demand – have set net-zero targets of their own and are also Climate Action 100+ focus companies. Utilities (2.3GtCO2e), materials companies (2.2GtCO2e) and manufacturing (1.4GtCO2e) are the next largest sectors set to reduce their emissions. Utilities in particular have cut their emissions in recent years as they’ve

EMISSION REDUCTIONS FOR CLIMATE ACTION 100+ FOCUS COMPANIES WITH NET-ZERO GOALS

Source: BloombergNEF, Climate Action 100+, Bloomberg Terminal. Note: Emissions are based on the portion of a company’s carbon footprint that is included in the net-zero target. Chart assumes companies consistently reduce their emissions year-on-year. Investor pressure is a huge driver in the corporate race to net zero. Just five of the Climate Action 100+ 167 focus companies had set a net-zero target prior to January 2018 when the initiative was launched and egan

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engaging with heavy-emitting companies. The remaining 106 targets have been set since, showcasing recent uptake. The Climate Action 100+ consists of over 600 investors that are working with their portfolio companies to cut emissions and improve climate reporting. They are specifically taking aim at the 167 focus companies. The Corporate Net-Zero Assessment Tool is available to BNEF subscribers at BNEF <GO> on the Terminal or via the following link on the web.

OCTOBER 2021

TECHNOLOGY

MEYER BURGER TO DEVELOP 400 MW HIGH-PERFORMANCE SOLAR MODULE MANUFACTURING FACILITY IN THE U.S. Favorable market conditions, growth opportunities, and policy support for the solar industry informed Meyer Burger’s decision to establish a production site in the United States Initial production is expected to be 400 megawatts (MW) of annual nominal capacity by the end of 2022, with the potential for multiple gigawatts expansion in the future eyer Burger Technology AG announced that the company plans to establish a production site for high-performance solar modules in the United States. This investment is in line with Meyer Burger’s commitments to produce modules near endcustomers, source material from regional suppliers, and improve overall sustainability by reducing transportation emissions and optimizing the carbon footprint of the company’s solar modules. This approach also reduces supply chain delays and provides flexibility and resilience for Meyer Burger’s customers. The company is currently in discussions with several U.S. states to determine the final site location. A decision is expected by year-end 2021. The decision to continue to expand the company’s solar energy supply chain to the U.S. is supported by a strong domestic solar market, positive economic policy conditions, and Meyer Burger’s desire to support the U.S. clean energy transition. The initial production capacity will be 400 MW – with potential for further growth to multiple gigawatts capacity – and will include capabilities to manufacture solar modules for residential, commercial/industrial rooftop, and utility-scale applications.Production is expected to be operational by the end of 2022, and, at full capacity, the new facility is expected to employ hundreds of skilled manufacturing workers. “Meyer Burger is

M 50

OCTOBER 2021

At full capacity, the facility will provide hundreds of skilled manufacturing jobs Discussions with U.S. states are ongoing, and the final site selection is expected by year-end 2021 Procurement of all machinery and equipment for the U.S. plant is taking place in parallel with final site selection to enable rapid scale-up of production thrilled to be expanding our production footprint to the U.S.”, said CEO Gunter Erfurt. “The United States has a rich history in the solar industry. The world’s first photovoltaic production facility was established in California in the 1970s – well ahead of Europe and Asia. Now it is time to return to the industry’s roots and help end dependency on offshore imports. Our proprietary Heterojunction cell technology and patented SmartWire module technology enable us to produce the highest quality and highest performance products for economically competitive solar energy for our customers.” Meyer Burger is considering a shortlist of several U.S. states for the company’s facility. Key criteria for site selection include existing facilities, regulatory, and tax frameworks, state and local economic development programs, available skilled workforce capacity, proximity to transportation infrastructure, renewable power supply, and local community commitment. Ardes Johnson, President of Meyer Burger Americas, added: “With this strategic expansion, Meyer Burger will produce the world’s premier solar panels right here in the U.S., unlocking access to clean energy consumers crave. We are encouraged by bipartisan support for domestic manufacturing of solar infrastructure to secure true energy independence and control of our future. It is critical for the U.S. to develop its domestic supply chain and de-risk itself from heavy dependence on Asia. We are excited to contribute to this important goal and are ready to tackle the rapidly increasing demand for clean energy.”

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TECHNOLOGY

A joint statement issued by the five leading module manufacturers of the solar industry- LONGi Green Energy, Jinko Solar, Trina Solar, JA Solar and Risen Energy warns of an impending crisis regarding module supplies.

he open letter appeals to developers to consider delaying projects and calls for greater collaboration between upstream and downstream players. Polysilicon prices recorded a rise by nine per cent last week, and the glass prices have increased again. The letter emphasizes the need for all parties involved in the manufacturing of solar panels to collaborate more closely. Moreover, it warns that many signed orders will cause ‘serious losses’ and “seriously endanger the… sustainable development of the industry” due to the rising prices of materials as well as logistics. This year, the polysilicon price further increased by nine per cent after the Chinese government ordered silicon metal refineries to reduce working hours due to the power crisis in the country. The letter also mentions a jump of 18.2 per cent in the solar glass prices and a 35 per cent rise in the cost of adhesive films year-on-year felt last year, while the cost of the modules has recorded a rise by a comparatively modest nine per cent during the year 2021. Leading module manufacturers warn that the development of the industry is at a crisis point at present, suggesting four solutions that they consider critical to the future of the sector. The companies emphasized they are coordinating resources collectively to stabilise supply. They appealed to the relevant state departments in China and others to help stem a rush of installations forecast for Q4. As capacity utilization rates are falling below 70 per cent, manufacturers implored customers to delay the projects if possible. The module manufacturers have also called upon the relevant PV industry associations along with other bodies to monitor the upstream and downstream production capacity more closely to assist the planning of production capacities beforehand and balance upstream and downstream supply and demand. On the other hand, Solar Power Developer Association has requested an extension of the imposition of Basic Custom Duty (BCD) by at least one year to ensure the development of a true ecosystem from sand to solar panels in India. In a request letter to the Minister of Power and New & Renewable Energy, Government of India, the association highlighted some facts in the context of the date of imposition

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of BCD, along with extraneous factors that are creating significant issues. PLI scheme for manufacturing is expected to conclude by October 2021 due to the delay caused by multiple reasons. The cell and module manufacturing facilities have a minimum gestation period of 18 months. Therefore, the first batch of the solar module from the facilities is unexpected before May 2023. India’s present manufacturing facilities of the module are 8-10 GW, a significant portion of which is based on multi-crystalline technology, which is now obsolete. “Solar Power Developers have engineered and designed all upcoming solar plants using Mono-PERC and bifacial technologies. Hence, basing our capacity addition with older technologies with lower efficiencies will not be optimal on cost,” the association stated in the letter. India’s target to achieve 280 GW solar power by 2030 implies a capacity of nearly 45 GWp per annum. The association mentioned that the domestic capacity is not sufficient to meet the requirement and will cause a severe supply crunch. Further, the association also highlighted the extraneous factors creating issues stating that the sector is going through a perfect storm. The prices of major inputs to the manufacturing of modules like Polysilicon, Aluminum, Silver, and more have increased substantially. The sea freight has also increased enormously. The containers that were earlier available at USD 800 are now priced around USD 10,000. The Chinese government has imposed severe power cut on their industry, which resulted in an abrupt increase in solar panels cost and retraction of signed binding contracts. The association emphasized that it is unviable for solar power developers to do business in such situations, which would aggravate by the imposition of 40 per cent BCD. The letter quotes that the Chinese suppliers are taking advantage of the deadline and forcing Indian IPP to pay over 1.5 times the original signed contract. “Through this deadline, we are only benefitting Chinese companies.” In the last decade, the solar industry has recorded rapid growth, and after COVID 19, it is recovering well. “BCD imposition will be the virtual death nail for developers if not extended. We request an extension of the BCD imposition by at least one year. This will be a win-win situation as domestic manufacturing will come up, and Indian solar developers won’t have to depend on Chinese imports,” the association quoted.

OCTOBER 2021

TECHNOLOGY

CORRECT USE OF ALUMINUM CORE CABLES IN PV SYSTEMS Grid transmission cables are usually aluminum core. Therefore, in the construction of PV plant projects in residential and commercial areas (especially household PV plant), many users will use aluminum core cables to directly interface with inverter output ports or circuit breakers ports. This can cause many safety problems. This Solis seminar will share with you the correct connection of copper and aluminum cables.

Figure1: In PV plant electrical connection problems, AC side faults account for 30%,

WHAT HAPPENS WHEN COPPER AND ALUMINUM CONDUCTOR ARE DIRECTLY CONNECTED ? 1. Formation of galvanic cell reaction: When copper and aluminum conductors are directly connected, the contact surfaces of these two metals easily form galvanic cells in the air. This causes galvanic corrosion of aluminum and increases the contact resistance at the junction of copper and aluminum conductors.

2. Increase contact resistance: The elastic modulus and thermal expansion coefficient of copper and aluminum are very different. After multiple cooling and heating cycles (power-on and power-off) during operation, a larger contact gap will be generated at the contact point, which increases the contact resistance. The increase in contact resistance will cause the temperature of the contact point to rise, and finally lead to the burning of cables and equipment interfaces.

WHY CAN’T COPPER WIRE AND ALUMINUM WIRE BE DIRECTLY CONNECTED ? 1. The resistivity of aluminum wire and copper wire are different.

Figure2: Resistivities of common metals

OCTOBER 2021

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TECHNOLOGY HOW TO CORRECTLY CONNECT COPPER AND ALUMINUM WIRES 1. To connect single strands of small cross-section copper and aluminum wires, a tin-plate on the copper wires should be done and then it can be connected to the aluminum wires. 2. Aluminum wire is easily oxidized by air, and a layer of oxide is formed on its surface, which will increase the contact resistance of the contact point between the aluminum wire

and the copper wire. When the current passes through this contact point, the heat will be increased at the connection point and could potentially result in a fire. 3. According to safety operation regulations, aluminum wires cannot be directly connected to copper wires or copper conductor terminals.

Figure4: Soldering Cu-Al cable

Figure5: Cu-Al Wire Connector

NOTE 1. In a dry room, copper conductors should be tinned and then connect to Al wire. Outdoors or where the relative humidity of the air is close to 100%, a Cu-Al Wire connector should be used along with tin-plating the copper terminals.

2. For terminal crimping, always use professional equipment and crimp the wires tightly.

SUMMARY In PV systems, it is recommended to use copper core AC cables. If you need to use aluminum wires, pay attention to the transition method when connecting aluminum cables to copper wires or equipment with copper terminals. If the method is incorrect, the

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cables could cause a catastrophic event. Solis is one of the world’s largest and most experienced string inverter manufacturers with a global network of service teams.

OCTOBER 2021

INTERNATIONAL

ESB AND FLUENCE COMPLETE DEAL FOR LARGEST ENERGY STORAGE PORTFOLIO IN EUROPE Deal adds grid-scale battery storage solutions at Poolbeg and South Wall to projects already underway at Inchicore and Aghada

SB and energy storage experts Fluence have (30th Sept 21) announced details of a 75 MW / 150 MWh energy storage solution at ESB’s plant in Poolbeg in Dublin and a 30 MW / 60 MWh project at a second ESB plant at South Wall in Dublin. The Poolbeg battery is the largest by energy capacity signed in the EU. Coupled with ESB / Fluence projects already underway at Inchicore, Dublin, and Aghada, Co Cork, the 308 MWh fleet also represents the largest total energy storage portfolio transaction in Europe. When completed, the portfolio will have the capacity to power approximately 321,000 homes and businesses in Ireland at times of peak demand. The Fluence projects are ESB’s first major battery projects and mark a step change in the scale of stored energy capacity. The 38 MWh Aghada and 60 MWh Inchicore systems are due for completion in early 2022. The addition of 150 MWh at Poolbeg and 60 MWh at South Wall, which are due for completion in early 2023, provides battery storage of scale for Dublin. All four projects are two-hour duration systems, enabling them to replace many of the grid services that would otherwise be powered by fossil-fuels. Previously, operational battery-based energy storage systems in Ireland have been short duration and capable of providing full power for 30 minutes or less. Such short-duration assets are primarily tasked with providing corrections of supply and demand imbalances for seconds or minutes at a time (for instance when a power station unexpectedly trips offline). A joint venture of Siemens and the AES Corporation, Fluence provides battery energy storage products and services, and digital applications for renewables and storage assets. It delivers large-scale energy storage solutions to integrate renewable energy to the grid, enhance transmission and distribution services, and provide numerous other critical grid services. Fluence’s integrated hardware and software is technology-agnostic, sourcing batteries and system components from a diverse global supply chain to deliver the best battery-based solution for each customer’s needs. Fluence’s strong presence in Europe, including regional headquarters and a lab in Germany, makes the company a preferred technology provider for utilities, IPPs, transmission system operators and financiers in the region.

Head of Asset Development at ESB Generation Trading, Paul Smith added: “ESB is very excited to be partnering

with Fluence in delivering our first battery portfolio of scale onto the Irish grid. This new battery capacity is an example of ESB’s commitment to developing renewablesenabling projects consistent with our Brighter Future Strategy, leading the transition to reliable, affordable low carbon energy. We look forward to working with our partners to safely progress these projects over the coming 18 months.”

OCTOBER 2021

COMMENTING, PRESIDENT FOR Fluence Europe, Middle East & Africa Paul McCusker

“This is a key year for Ireland’s 70×30 climate ambitions. Fluence already has a close to 100MWh portfolio of projects with the ESB, and we are delighted to add to that with the Poolbeg and South Wall energy storage solutions. These projects represent a leap forward in terms of reliability for the electricity system and will quickly add much needed flexible capacity in the constrained Dublin area.”

Dr. Marek Kubik Fluence Managing Director

“Batteries are the digital power plants of the future, swiftly replacing the analog power plants that ran on fossil fuels. As the first truly digital asset on the electricity grid, battery energy storage enables a high degree of stability for intermittent resources, along with a high degree of control for overall grid reliability. They can be built quickly and cost-effectively to provide the requisite flexible, critical capacity needed to keep Ireland’s economy humming.”

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INTERNATIONAL GREEN PUSH LEAVES U.K. ENERGY SUPPLY AT THE MERCY OF WEATHER

The U.K.’s wind-power drive has dramatically cut carbon emissions, but it’s also created a vulnerability that’s been brutally exposed. alm weather over the past two weeks The alternative to backtracking on the net-zero timetable is has cut output from the country’s 11,000 an overhaul of Britain’s power market to make it fit better turbines, which account for more than 20% with growing renewable usage rather than tinkering with a of electricity generation. Coupled with a Europe-wide gas shortage, the crunch has system based around the fossil fuels of the past. While grid forced some companies to halt operations, operators plan for intermittency in wind power, the latest drop coincided with a Europe-wide squeeze on natural gas, which could hold back the economy if they become more widespread. The disastrous nuclear outages and a fire at a key power interconnector with combination is another headache for Prime France. Britain has already turned to coal-burning stations to Minister Boris Johnson at a time the country is already struggling fill the energy shortfall, but there’s a gap emerging there. By with a shortage of workers that’s disrupted industry and retailers. 2024 there will be no more coal stations left, and five of the On top of that, higher energy costs for consumers may damp the spending that’s helped drive the rebound from the pandemic U.K.’s eight nuclear plants will also be halted permanently. recession. The crisis could also spark a fresh backlash against Electricite de France SA is building a new nuclear facility, renewable energy and net-zero emissions targets. That would Hinkley Point C, but it won’t be generating until 2026. “The make for an unwelcome backdrop as the U.K. prepares to host pace of decarbonization has taken everyone a bit by world leaders at a major climate summit — COP26 –- in a few surprise but the challenge has been that the market weeks. Britain plans to quadruple offshore wind capacity by structure that sits behind that hasn’t quite kept pace,” 2030 as part of its efforts to be net zero by 2050. But a smooth transition from fossils to greener fuels isn’t guaranteed, and said Josh Buckland, a partner at Flint Global. “The nature of regular capacity crunches could become the norm. Along with energy security has changed so it’s no longer a question worries about higher prices, that will make ambitious climate of how many gigawatts of capacity you have on the goals a much harder sell. “This is going to be a political system, it’s whether they are able to supply power at the autumn crisis,” said Dieter Helm, professor of economic policy at Oxford University and energy policy adviser to the government. right time" “It goes together with the delusion that people have that net zero is almost costless. It isn’t.”

While gas has been the key energy source for the U.K., the country is heavily reliant on imports. Amid widespread shortages, governments could restrict gas exports to protect domestic industries, adding a protectionist and political dimension to the crisis. Yet, the U.K. government says that Britain’s access to diverse supplies of gas is an important factor to keep prices down.“Soaring energy prices are sending costs for businesses spiraling and damaging industry, yet the government is nowhere to be seen,” said

Ed Miliband, shadow energy secretary for the opposition Labour party. Building more batteries could help ease the situation.

Being able to store electricity when it’s cheap to use

when demand is high is the ideal scenario to ease short-term squeezes. But Britain needs to invest more in this technology as renewable power becomes more widespread. “We don’t need polluting coal or gas, or nuclear power which might not be working when we need it the most,” said Kit Dixon,

policy manager at Good Energy, which owns Delabole, the U.K.’s first commercial wind farm. “A backbone of wind

and solar, supported by tidal, geothermal, and extensive electrical storage can help us cut carbon, while keeping the lights on and the radiators warm in even the most challenging weather conditions.” Source : bloombergquint

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OCTOBER 2021

INTERNATIONAL CENTRAL PLUS STRING INVERTER, SUNGROW’S MULTI-FACETED APPROACH LIGHTENS UP THE MIDDLE EAST MARKET “The new PV installation capacity in the Middle East will exceed 50GW by 2030”, estimated by IHS. The Middle East, a region full of resources, boasts vast and sunny desert land, large PV installation capacity benefiting from scale economy, supportive policies from governments and public sectors, friendly financing environment etc., which provide perfect conditions for PV plant building.

his market now is becoming a coveted region for global renewable enterprises to snag a spot. Amid the fierce competition, Sungrow’s multi-faceted approach, namely the combination of central and string inverters, have proved successful in this promising market. Statistically, by the

Despite the policy makers’ support of solar plant construction in the Middle East, the environmental impacts are extremely challenging. Local desert environment experiences high temperatures, heavy amounts of dust, strong wind erosion, drought, and other complexities, resulting in high cost, difficult field construction, impaired power generation andtaxing O&M. This region also has the world’s lowest PPA,

end of June 2021, the cumulative installation of Sungrow’s inverter equipment in the Middle East and North Africa exceeded 3GW; thus, ranking first in market share.

making cost-reduction an even more demanding task. Moreover, this flourishing market also attracts a number of strong competitors from all over the world. Hence, struggling with the extreme geographical environment, ever-decreasing PPA and the fierce competition, how is a company to stand out and take the lead? Sungrow’s approach has proven successful.

A MULTI-FACETED APPROACH: A COMBINATION OF CENTRAL AND STRING INVERTERS As the global leading inverter solution supplier for renewables, Sungrow has been committed to the development and production of PV inverter equipment since its establishment in 1997. With over 24 years in experience,

OCTOBER 2021

Sungrow products boast incomparable advantages in performance, compatibility and flexibility. In addition, under the principle of “Design Meets Demands”, Sungrow advocates the best-fitting equipment selection on the basis of

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INTERNATIONAL each plant with central and string inverter solutions to meet customers actual needs. The inverters are equipped with intelligent forced air-cooling technology, IP66 and C5 high protection capability, which ensure stable and safe operation without derating in harsh environments. Sungrow has also set up a robust O&M platform to streamline the management procedure. As a result, Sungrow’s solution achieves lower LCOE and higher ROI for customers. Sungrow’s comprehensive and customized service is reputable among customers, too. It often deploys its service team in assisting customers with plant construction, troubleshooting, and

operating. In order to shorten the operational time t of grid connection, Sungrow could also provide various additional service for customers, if they had such request. With the triple warrants provided by most modular design plan, high-quality products, and comprehensive services, Sungrow’s central and string inverter solutions have been successfully applied in several significant solar projects in the Middle East.Well-known examples include a 900MW project with Sungrow’s 6.25MW central inverter solution in Dubai Solar Park, a 526MW project with Sungrow’s 1500V SG250HX string inverter, an 800MW project in Qatar, a 2.1 GW project in Abu Dhabi and so on.

FORECASTED GROWTH Sungrow now owns over 20 branches, over 200 service outlets, and multiple important channel partners across the globe. Its products are being sold to more than 150 countries and regions worldwide. In the Middle East, Sungrow also set up its Dubai subsidiary in 2018, established the local sales

network, warehousing system and after-sales service outlets in Saudi Arabia. Sungrow is 7×24 hour ready to serve customers. In the future, Sungrow looks forward to see its “Central plus String” combination bloom in more Middle Eastern regions, as an effort to promote its transition to clean energy.

WORLD’S LARGEST PLANT CAPTURING CARBON FROM AIR STARTS IN ICELAND The world’s largest plant that sucks carbon dioxide directly from the air and deposits it underground is due to start operation, the company behind the nascent green technology said.

wiss start-up Climeworks AG, which specialises in capturing carbon dioxide directly from the air, has partnered with Icelandic carbon storage firm Carbfix to develop a plant that sucks out up to 4,000 tons of CO2 per year. That’s the equivalent of the annual emissions from about 790 cars. Last year, global CO2-emissions totalled 31.5 billion tonnes, according to the International Energy Agency. Direct air capture is one of the few technologies extracting carbon dioxide from the atmosphere and is viewed by scientists as vital to limit global warming, blamed for causing more heatwaves, wildfires, floods and rising sea levels. The Orca plant, a reference to the Icelandic word for energy, consists of eight large containers similar in looks to those used in the shipping industry, which employ high-tech filters and fans to extract carbon dioxide. The isolated carbon is then mixed with water and pumped deep underground, where it slowly turns into rock. Both technologies are powered by renewable energy sourced from a nearby geothermal power plant. Direct air capture is still a fledgling and costly technology, but developers hope to drive down prices by scaling up as more companies and consumers look to reduce their carbon footprint.

There are currently 15 direct air capture plants operating worldwide, capturing more than 9,000 tonnes of CO2 per year, according to the IEA. U.S. oil firm Occidental is currently developing the largest direct-air-capture facility, to pull 1 million tonnes per year of carbon dioxide from the open air near some of its Texas oilfields. Climeworks, which recently signed a 10-year carbon removal purchase agreement with major insurance firm Swiss Re (SRENH.S), also offers a subscription service, which allows consumers to pay for carbon removal through monthly payments.

Source : reuters

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OCTOBER 2021

INTERNATIONAL

BP GAMBLES BIG ON FAST TRANSITION FROM OIL TO RENEWABLES

All oil majors face mounting pressure from regulators and investors worldwide to develop cleaner energy and divest from fossil fuels, a primary source of greenhousegas emissions that cause global warming.

eep in the Oman desert lies one of BP’s more lucrative projects, a mass of steel pipes and cooling towers that showcases the British energy giant’s pioneering natural gas extraction technology. The facility earned BP Plc more than $650 million in profits in 2019, according to financial filings reviewed by Reuters. Yet the oil major agreed to sell a third of its majority stake in the project earlier this year. The deal exemplifies a larger strategy to liquidate fossil-fuel assets to raise cash for investments in renewableenergy projects that BP concedes won’t make money for years. BP’s big bet is emblematic of the hard choices confronting Big Oil. All oil majors face mounting pressure from regulators and investors worldwide to develop cleaner energy and divest from fossil fuels, a primary source of greenhouse-gas emissions that cause global warming. That scrutiny has increased since early August, when the United Nations panel on climate change warned in a landmark report that rising temperatures could soon spiral out of control. BP Chief Executive Bernard Looney, who took office in February 2020, is gambling that BP can make the clean-energy transition much faster than its peers. Last year, he became the first major oil CEO to announce that he would purposely cut future production. He aims to slash BP’s output by 40%, or about 1 million barrels per day, an amount equal to the UK’s entire daily output in 2019. At the same time, BP would boost its capacity to generate electricity from renewable sources to 50 gigawatts, a 20-fold increase and equivalent to the power produced by 50 U.S. nuclear plants. To hit those targets, Looney plans $25 billion in fossil-fuel asset sales by 2025. That’s equivalent to about 13% of the company’s

OCTOBER 2021

total fixed assets at the end of 2019. Under his watch, BP has already sold legacy projects worth about $15 billion. In addition to the Oman deal, Looney unloaded oil and gas fields in Alaska and the North Sea and sold off BP’s entire petrochemical operation, which produced a $402 million profit in 2019. Two of BP’s key renewables investments, by contrast, are losing tens of millions of dollars, according to a Reuters review of financial filings with Companies House, Britain’s corporate registry. BP owns half of Lightsource, a solar energy company that lost a combined 59.3 million pounds ($81.8 million) in 2018 and 2019, the last year for which data is available. The company’s UK-based electric-vehicle charging firm, bp pulse, lost a combined 22.3 million pounds ($30.8 million) over the two years.b Performance figures for other assets recently bought or sold by BP are not available because, like other oil majors, it does not usually disclose financials of individual projects. The performance numbers for the two renewable projects and the Oman unit have not been previously reported. BP did not give Reuters updated financials for those projects or others beyond 2019.The company acknowledged that its fast-growing clean-energy business – including its solar, EV-charging and wind ventures – continues to lose money. BP does not expect profits from those businesses until at least 2025. The losses are not slowing Looney’s spending on renewable energy. He aims to boost annual investment to $5 billion by 2030, a 10-fold increase over 2019. For bp pulse, that means operating 70,000 charging points by 2030, up from 11,000 now. Lightsource, meanwhile, recently completed a $250 million solar farm in rural north Texas and, separately, acquired a U.S. solar company for $220 million. BP is also moving aggressively into offshore wind power, and paying a high cost of entry relative to companies who got established in the business earlier. As he launched the transition, Looney

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INTERNATIONAL has slashed jobs, cutting 10,000 employees, or about 15% of the workforce he inherited. BP’s share price, meanwhile, has fallen 39% since Looney arrived, the worst performance by any oil major during the period. In an interview with Reuters, BP Chief Financial Officer Murray Auchincloss dismissed the importance of the company’s recent share performance and said BP and its investors can weather the rapid transformation. The declining oil-and-gas revenue this decade will be offset, in part, by higher expected revenues from gasoline stations and their attached convenience stores, he said. Those stations will increasingly offer electric vehicle charging, a business Auchincloss said is growing much faster than BP had expected, especially in Europe, because of plans by automakers including BMW and Daimler AG, the parent company of Mercedes-Benz, to introduce more electric models. “Electrification is growing at a much faster pace than we ever could have dreamed,” Auchincloss said. When BP’s wind and solar investments start returning healthy profits, Auchincloss said, the returns will be lower than BP expects from oil and gas. But they will be far more stable, he said, compared to the “super volatile” oil business, where prices can rise or fall dramatically. The company also plans to boost profits through its energy-trading operation, one of the world’s largest, which will benefit from BP’s new focus on generating electricity, Auchincloss said. Seven current and former BP executives spoke with Reuters on condition of anonymity and shared their views on Looney’s transition plan. The executives generally supported the direction but expressed varying levels of concern that Looney is moving too fast in trading high-quality oil assets for more speculative renewable-energy investments. Some worried in particular that selling higher-quality oil assets now could leave BP with mostly lower-quality assets, which will become harder to unload later as the entire industry looks to transition to cleaner energy sources. A recent attempted sale illustrates the increasing challenge of selling oil assets. When BP tried to sell two stakes in North Sea fields to Premier Oil, it slashed its price by two-thirds in negotiations, to $205 million, only to see the deal collapse entirely late last year when Premier hit financial difficulties. One former senior BP executive said that Looney may have erred in setting a specific target for renewable-power capacity – one that would be difficult to meet while also hitting profit targets. Meeting those two conflicting goals will become harder as industry competition to acquire renewable assets heats up, said the former executive, who recently left BP. Missing either mark will not go over well with investors, the executive said.A current senior BP executive countered that Looney, backed by company directors, has taken a bold but reasonable strategy to tackle the vexing challenges facing the industry. “The board knows that you can’t please everybody,” this executive said, “and the worst thing you can do is take no stand.” BP spokesman David Nicholas said the company has been “strictly disciplined” in choosing renewable investments that meet certain financial criteria and will allow Looney to continue hitting corporate profit targets. Looney faces a steep challenge in convincing shareholders to come along on what promises to be a wild ride for BP, said Russ Mould, "the investment director for AJ Bell, one of UK’s largest consumer-investing platforms, serving 368,000 people.“BP is still looking to sell assets, at a time when demand for them is not great, and recycle that cash into renewable-energy assets, where competition for them is fierce,” Mould said in an August note to investors. “That sounds like a potential recipe for selling low, buying high and destroying shareholder value along the way.”

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‘BEYOND PETROLEUM’ REDUX

Looney is a 50-year-old Irishman who grew up on a family farm in County Kerry with four siblings. He joined BP in 1991 as a drilling engineer and rose through the ranks of its oiland-gas exploration and production division — “upstream” in industry parlance — before becoming its head in 2016. Confident and charismatic, Looney set his ambitions on “reinventing” BP as a green-energy provider when he took over the CEO’s job from Bob Dudley. Looney’s transition may unnerve shareholders who recall BP’s late-1990s foray into renewables — the ultimately abandoned effort to rebrand BP as “Beyond Petroleum.” Then-CEO John Browne was the first oil major chief to publicly acknowledge that fossil fuels contributed to climate change. He invested billions of dollars in wind and solar projects, only to see most of them fail over the next decade. Browne did not respond to a request for comment. This time, BP is going beyond investing in renewables; it’s unloading core oil and gas assets. The Oman project is among the world’s largest natural-gas fields, and BP reported to Companies house that the field earned a 17% return on capital deployed in 2019. When BP expanded the Oman project in October 2020 to boost its gas output, Looney called it central to BP’s strategy. He has said he envisions natural gas, which has lower emissions of atmosphere-warming carbon than crude oil or coal, as a long-term revenue source to finance the company’s metamorphosis. Late last year, however, Looney faced rising pressure to steady the ship amid the coronavirus crisis, which sapped global fuel demand and crushed oil and gas prices. BP ended the year with $39 billion in net debt, a level that concerned executives including Looney, according to one senior BP executive with knowledge of their internal deliberations. The debt had become problematic because of the company’s falling value, which increased its debt-to-equity ratio and jeopardized its credit rating. The concerns, the executive said, also stemmed from a difficulty in convincing bankers and investors that BP’s growing renewable-energy business could make money. In early 2021, Looney called a meeting of BP’s top leadership and told them to urgently find ways to cut debt to below $35 billion, the executive said. Soon after, on February 1, BP announced the agreement to sell part of its stake in the Oman gas field for $2.6 billion to Thailand’s PTT Exploration and Production. BP gave up a third of its 60% ownership – or 20% of the whole project – in the deal. That sale and others helped BP cut debt to $33 billion by the end of March. The effort was also aided by rising oil and natural gas prices. Three current and former BP executives told Reuters that the company decided to sell the stake in such a profitable project because it struggled to find buyers for other assets during the pandemic, which left few firms with an appetite for acquisitions. BP spokesman Nicholas said that BP had started planning to sell a stake in the Oman project before Looney launched the drive to cut debt. In a brief interview at a company announcement in April, Looney told Reuters that he was happy with the price for the Oman stake and didn’t sell it under duress. “We’re not in a panic here,” Looney said. “There is no rush; net debt is very much under control.” Anish Kapadia, head of energy at the investor advisory service Palissy Advisors, said "the price for the Oman stake was relatively low compared to comparable sales of natural-gas assets. Based on the project’s earnings, Kapadia said he would have expected a value about 25% higher. BP also might have made substantially more money, Kapadia said, by waiting until the oil-and-gas industry rebounded. They’re selling a profitable, long-life, long-reserve business,”

OCTOBER 2021

INTERNATIONAL Kapadia said of BP. “They’re selling it and using those proceeds to fund alternative businesses that aren’t going to generate free cash flow for the best part of this decade.”Several months before the Oman deal, in June 2020, BP sold its petrochemicals business for $5 billion to chemicals giant INEOS. The business generated about 4% of BP’s total annual profit in 2019. Some other majors, by contrast, have targeted petrochemicals as a growth area and a hedge against expected long-term declines in oil demand. Royal Dutch Shell and Exxon Mobil have in recent years invested heavily in petrochemicals, which supply industries including plastics. BP spokesperson Nicholas said the company had long ago, in 2005, sold a bigger piece of its petrochemical business to INEOS and only retained two specialist operations that were not integrated with the rest of BP. “We sold for a very good price,” he said, “to a company that could integrate them into their business.” Looney has often delighted in taking a different path – especially more recently, as the company reported strong second-quarter profits of $2.8 billion on the strength of its recovering oil-and-gas business. Looney has indicated, however, that the fresh influx of cash only makes him want to sell BP’s oil assets faster – while it can fetch higher prices for them to finance more renewable investments. “While we understand the questions in some investors’ minds, we do see a compelling proposition to deliver competitive returns” in renewable energy, Looney told investors on the August earnings call. Mould, the AJ Bell investment director, said Looney’s strategy may prove to be the “least bad option” facing BP and other oil firms under pressure to overhaul their businesses. Investors who buy BP shares at their current, beaten-down prices, he said, could see strong long-term returns.

PRICEY WIND PROJECTS

BP moved aggressively into offshore wind in October 2020 when it bought a 50% stake from Norwegian energy giant Equinor in two projects off the U.S. East Coast for about $1 billion. Offshore projects, the industry’s next frontier, are far more complex and capital-intensive than onshore projects and use newer technology. Many top oil companies with experience in operating deepwater oil and gas fields have made a similar push. Some, such as Shell and Equinor, started their offshore wind ventures several years ago. Utilities such as Spain’s Iberdrola and Denmark’s Orsted are

also well established. That stiff competition means BP is paying a hefty price of entry, some rivals say privately. In February, BP and its partner Energie Baden-Wurttemberg AG paid 900 million pounds ($1.24 billion) for the rights to build two projects in the Irish Sea in Britain’s offshore wind licensing round. BP’s Sanyal acknowledged the high costs of entry. But he said the prospect of long-term powersupply contracts will make the returns more reliable. “You don’t have the highs and lows of oil and gas,” Sanyal said. It will be years before investors know the outcome of Looney’s wager on renewables. Still, even BP’s relatively fast transformation doesn’t go far enough in reducing climate damage, said Kim Fustier, an oil-and-gas analyst at HSBC bank. She expects BP’s earnings from renewables and lowcarbon businesses to represent 4% to 5% of total earnings by the middle of the decade and 10% to 15% by 2030. “This is nowhere near enough for investors to start thinking of these companies as being part of the solution,” Fustier

said.

Source : reuters

LOSS LEADERS As BP’s fossil-fuel footprint shrinks, it faces a steep challenge in filling the financial void with profits from clean-energy ventures. For now, BP’s renewable projects are taking losses. The firm bought its bp pulse electricvehicle charging firm – then named Chargemaster – in June 2018 for 130 million pounds ($179.3 million). The oil major hopes to boost the firm’s fortunes in part by installing thousands of fast EV chargers alongside gas pumps at its large service-station network. The stations and their attached convenience stores have been a key profit driver, and BP is betting that EV drivers will shop and snack more while charging their cars, which takes longer than a gasoline fill-up. BP announced a deal to acquire a 43% stake in Lightsource in December 2017 for $200 million. It now owns 50% of the firm, which operates solar farms in 15 countries and has tripled capacity since 2017 to 20 gigawatts. Dev Sanyal, chief of BP’s natural-gas and renewables businesses, said that solar-power businesses start delivering profits more quickly than offshore wind, where development can take much longer. But solar initially delivers lower returns than wind, Lightsource BP CEO Nick Boyle said in the 2019 filing reviewed by Reuters. The returns increase gradually, in part because solar has lower maintenance costs than wind facilities. BP this week announced the appointment of Anja-Isabel Dotzenrath, a veteran renewables and power sector executive, as its new head of natural gas and renewables, replacing Sanyal. The move was seen as further sign of Looney’s drive to diversify away from oil and gas.

OCTOBER 2021

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INTERNATIONAL

WORLDWIDE ENERGY SHORTAGE SHOWS UP IN SURGING COAL, GAS AND OIL PRICES In the aftermath of the coronavirus recession, energy production has failed to keep up with rapid growth in consumption as energy producers struggle to raise output while demand has bounced back quickly.

ecord gas and electricity prices in Europe, record coal prices in China, multiyear-high gas prices in the United States and oil prices well above their real long-term average are all manifestations of the same global energy shortage. In the aftermath of the coronavirus recession, energy production has failed to keep up with rapid growth in consumption as energy producers struggle to raise output while demand has bounced back quickly. The business cycle downturn and slump in energy prices caused by the pandemic, and before that the U.S./China trade conflict, depressed investment throughout the energy sector in 2019/2020. Since then, the global economy has experienced an exceptionally rapid cyclical recovery, aided by low interest rates, bond buying and massive government spending, which has focused on energy-intensive merchandise rather than services, boosting energy consumption at extraordinary rates. The result is a severe cyclical shortage of energy, evident in below-average inventories and surging prices for coal, gas and oil in all the major consuming regions of the world. Unusual weather has worsened the shortages, including a cold winter in the Northern Hemisphere in 2020/21, a late winter storm in Texas in February 2021, slow wind speeds in Europe, and hurricanerelated disruption to oil output in the Gulf of Mexico. In recent months, China has reported low coal stocks at power stations and the government has urged major producing regions to boost output as a matter of urgency; coal futures prices have more than doubled from a year ago.In the gas market, inventories are 5% below the pre-pandemic seasonal average in the United States and 15% below average in Europe. Front-month gas futures prices have risen 140% in the United States, more than 500% in Europe, and more than 600% in Northeast Asia, compared with the same time last year. On the oil side, U.S. commercial petroleum stocks are 5% below the pre-

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pandemic seasonal average and commercial inventories across the OECD a re also around 5% below the 2015-2019 seasonal average. Benchmark Brent futures are trading in the 70th percentile in real terms since 1990 while the six-month calendar spread is in the 98th percentile, indicating traders anticipate inventories will become even tighter.

AFTERSHOCKS Energy industries have always exhibited strongly cyclical behaviour.The bigger the initial disturbance to production, consumption, inventories and prices, the larger the immediate response, and the larger the subsequent reaction.In this case, low inventories and high prices for coal, gas and oil are the direct consequence of high inventories and low prices this time last year caused by the first wave of the pandemic. Following an exceptionally rapid economic rebound, global industrial production and world trade volumes are both down by less than 1% compared with their pre-pandemic and pre-trade-war trends. Global spare capacity is limited, especially in merchandise-producing industries, which are far more energy-intensive than service-producing sectors. In consequence, global energy consumption is running very close to its longterm trend, with isolated exceptions, the most important of which is a sharp drop in the use of jet fuel for international passenger aviation.With large sections of the global economy operating at close to full capacity, the energy system is struggling to meet incremental demand and prices are accelerating as a result. Source : reuters

OCTOBER 2021

ENERGY STORAGE

INDIA SETS THE BALL ROLLING FOR LARGE-SCALE BATTERY ENERGY STORAGE SYSTEM

The Centre has given a go ahead to inviting expression of interest for the installation of 1,000 MWh Battery Energy Storage System (BESS) as a pilot project. he Centre has given a go ahead to inviting expression of interest for the installation of 1,000 MWh Battery Energy Storage System (BESS) as a pilot project. This is a joint effort of the Ministry of New and Renewable Energy and the Ministry of Power, which have been working on this to provide a roadmap for the installation of the energy storage system in the country. In order to support the ambitious goal of achieving the 450 GW renewable energy target by 2030, it is important that it gets duly supported by the installation of energy storage systems (battery energy storage system, hydro pump storage plants etc.). Prohibitive cost of such systems had prevented its large-scale deployment earlier. The Solar Energy Corporation of India (SECI), a CPSU under the Ministry of New and Renewable Energy, has called for the expression of interest for the procurement of 1,000 MWh BESS. This will be published along with the RFS bid document and

the draft comprehensive guideline for the procurement and utilisation of BESS as a part of generation, transmission and distribution assets and with all ancillary services. This will also be discussed in the pre-bid conference scheduled on October 28. Based on the suggestions and feedback from the various stakeholders, the final RFS document will be floated in the first week of November. Going forward, India plans to use energy storage systems under the following business cases: Renewable energy along with energy storage system; Energy storage system as grid element to maximise the use of transmission system and strengthen grid stability, and also to save investment in the augmentation of transmission infrastructure; storage as an asset for balancing services and flexible operation. The system operator, i.e., load dispatchers (RLDCs and SLDCs), may use the storage system for frequency control and balancing services to manage the inherent uncertainty/variations in the load due to nongeneration. Storage for distribution system may be placed at the load centre to manage its peak load and other obligations. Source: IANS

7.5 MW OF BATTERY STORAGE FOR GOLD MINE

System integrates hydroelectric power stations, 36 diesel generator sets

arrick Gold Corp. and Caterpillar dealer Tractafric have installed 7.5 MW of battery energy storage capacity for the company’s microgrid at the Kibali gold mine in the Democratic Republic of the Congo (DRC). Tractafric’s solution deploys the battery energy storage and Cat bi-directional power inverters (BDP) to provide grid stability, while the Cat Master Microgrid Controller is designed to seamlessly integrate up to 45 MW of power generated by three hydroelectric power stations and 36 Cat 3512 diesel generator sets. Barrick has also employed Cat Connect Remote Asset Monitoring for the real-time collection and off-site monitoring of performance data. The Caterpillar grid

stabilizer offsets the cyclical loading of the winding plant to reduce the spinning reserve requirement, which decreases annual diesel consumption by approximately 3 million l and the associated carbon dioxide emissions by an estimated 8 kilotons, the companies said. Caterpillar announced that Barrick Gold Corporan has collaborated with Cat dealer Tractafric to install 7.5 MW of battery energy storage capacity for its microgrid at the Kibali gold mine in the Democratic Republic of the Congo (DRC). “This project required an

exceptional collaborative effort between Caterpillar, Tractafric and the Kibali technical on-site team who had to make use of innovative remote technologies to commission the system during the COVID-19 pandemic. The result is continuous, reliable power for the Kibali mine generated at the lowest unit cost rate through maximum renewable energy penetration. We are investigating options to improve on this blend,” said Rousseau Jooste, chief engineer for Africa and the Middle 62

OCTOBER 2021

East for Barrick Gold Corporation. “Barrick is committed to collaborating with host governments and local communities to transform natural resources into sustainable benefits for all stakeholders. We are particularly encouraged by our inclusion in the Dow Jones Sustainability World Index for the past 13 consecutive years.” Located in the DRC province of Haut-Uele, the Kibali mine is one of the largest gold mines in Africa. Barrick operates Kibali in a joint venture with AngloGold Ashanti and the Congolese parastatal SOKIMO. Commissioned in September 2013, Kibali produced 808 000 ounces of gold in 2020 from open pit and underground integrated mining operations. “Improving the quality of power at a lower cost is a key business driver for customers,” said Julien-Christian Chaumond, mining director

and group sales director for Tractafric Equipment- Energy & Transportation. “The configuration of a power system featuring grid stabilizers illustrates how the technical expertise of Tractafric Equipment and the advanced technology of Caterpillar deliver sustainable hybrid energy solutions that supply cleaner and more stable power to customers while reducing costs.”

Source: dieselgasturbine

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ENERGY STORAGE GLOBAL ENERGY STORAGE INDUSTRY PRIMED TO TREBLE ANNUAL INSTALLATIONS BY 2030 DESPITE TIGHTENING SUPPLY OF LI-ION BATTERIES, IHS MARKIT SAYS

Energy storage market’s rapid expansion is underpinned by ambitious government targets he global energy storage market continues to prove resilient to the impacts of COVID-19 and supply constraints for Li-ion batteries and will enter a prolonged period of growth this year, with annual installations reaching more than 30 GW by 2030 – up 250% from 2021 levels – according to the latest report from the Clean Energy Technology service at IHS Markit (NYSE: INFO), a world leader in critical information, analytics and solutions. IHS Markit forecasts that the energy storage industry will experience rapid growth in 2021, with installations reaching over 12 GW – an increase of over 7 GW from 2020. This will mark the start of a period of continued expansion, with annual global installations set to exceed 20 GW in 2024 and 30 GW by 2030. This robust outlook is underpinned by a growing number of ambitious national energy storage targets linked to strengthened decarbonization commitments from around the globe. Of pa rticular note is China’s recently announced 30 GW energy storage target by 2025, which will help Asia to account for a growing share of global demand in the coming five years.

TIGHTENING SUPPLY OF LI-ION BATTERIES WILL CAUSE DELAYS BUT NOT DENT THE GROWTH OUTLOOK A strong increase in the outlook for electric vehicle (EV) adoption is leading to increased constraints in the supply of Li-ion batteries. This could cause delays to project commissioning as cell manufacturers prioritize larger customers in the automotive industry over relatively small energy storage system integrators. While the lower share of battery demand from the energy storage industry (compared to the automotive) will continue to leave it at risk of supply

shortages, IHS Markit expects that the current disruption will ease within 12-18 months, as system suppliers diversify their supply base and EV manufacturers firm up their procurement plans for the coming years. “Delays associated with supply tightness have not yet led to any significant reductions in the outlook for the industry and IHS Markit still expects installations to grow strongly as global supply of Li-ion batteries expands to meet demand,” says George Hilton,

senior analyst, clean energy technology, IHS Markit.

DECARBONIZATION GOALS WILL PLAY A CRUCIAL ROLE IN DRIVING THE STORAGE INDUSTRY OVER THE COMING DECADE “Increasing focus on the energy transition as a way of stimulating green growth has led to a flood of ambitious energy storage targets announced by governments globally,” says Hilton. As the world’s major economies increasingly seek to move faster towards an energy transition and governments move to stimulate growth in their economies, renewable energy and energy storage stand to benefit. This has been evident in a global total of 87 GW of national energy storage targets for the coming years announced so far in 2021. These set an increasingly aggressive trajectory for the industry and will necessitate the development of new market opportunities and regulatory changes to support the growth projected in the energy storage industry. This is particularly the case in China, where ambitious national targets are expected to drive it to be the largest market globally in terms of annual installations by 2025. China will grow significantly faster than any other region in order to meet this aggressive target, with annual installation levels expected to be 14 times higher than 2020 levels for the region in 2030. This compares to growth rates of 3 times and 4 times for the United States and Europe, respectively. Source: ihsmarkit

STORAGE MARKET TO ADD 30 GW A YEAR BY 2030

IHS Markit report says growth is underpinned by national targets linked to strengthened decarbonization. he global energy storage market will add over 30GW a year by 2030, up 250% on 2021 levels, according to a report from the Clean Energy Technology service at IHS Markit. IHS Markit said it forecasts that energy storage will experience rapid growth in 2021, with installations reaching over 12GW, an increase of over 7GW from 2020. It added that this will mark the start of a period of continued expansion, with annual global installations set to exceed 20GW in 2024 and 30GW by 2030. The outlook

is underpinned by a growing number of ambitious national energy storage targets linked to strengthened decarbonisation commitments from around the globe, the report said." In

particular, China’s recently announced 30GW energy storage target by 2025, which will help Asia to account for a growing share of global demand in the coming five years," IHS Markit said. Tightening supply of Lithium-ion batteries, caused by an increase in the outlook for electric

vehicle (EV) adoption, will cause delays but not dent the growth outlook, it added. EV demand could cause delays to

project commissioning as cell manufacturers prioritise larger customers in the automotive industry over relatively small energy storage system integrators, the report said. However, IHS Markit said it expects the current disruption will ease within 12-18 months, as system suppliers diversify their supply base and EV manufacturers firm up their procurement plans for the coming years. IHS Markit

senior analyst clean energy technology George Hilton said:

“Delays associated with supply tightness have not yet led to any significant reductions in the outlook for the industry and IHS Markit still expects installations to grow strongly as global supply of Li-ion batteries expands to meet demand.” Decarbonization goals will play

a crucial role in driving the storage industry over the coming decade.

Source: renews

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OCTOBER 2021

ENERGY STORAGE

ENERGY STORAGE SYSTEM OF 30 MW/120 MWH COMES ONLINE IN CALIFORNIA The 30-MW/120-MWh Top Gun energy storage project in San Diego, California has recently started commercial operation, UK-based renewable energy company RES said on.

ES delivered the project to San Diego Gas & Electric Company (SDG&E), a subsidiary of Sempra (NYSE:SRE) serving San Diego and southern Orange counties. RES will provide operations and maintenance services for the system over the next 20 years. The facility, whose construction began in early 2020, consists of more than 15,000 lithium-ion batteries installed in custom enclosures.

The project is situated next to Marine Corps Air Station Miramar and is named after the Top Gun naval aviation training programme formerly located there. “As climate change fuels more extreme weather events, such as record heat waves, energy storage serves as a critical resource to prevent or limit power outages,” said SDG&E’s director of advanced clean

technology Fernando Valero.

Source: renewablesnow

DOMINION ENERGY PROPOSES SOLAR, ENERGY STORAGE PROJECTS

Dominion purchased a battery project from a Charlottesville co. s it works towards a state mandate for producing electricity from carbon-free sources by 2045, Dominion Energy Virginia has acquired a 20-megawatt battery storage facility in Chesterfield County from Charlottesville-based energy storage developer East Point Energy, according to a Sept. 16 announcement from the Richmondbased Fortune 500 utility. The Dry Bridge Energy Storage project is expected to be the largest battery storage project in the state when it becomes operational in 2022 and will be capable of providing power for 5,000 homes at its peak usage, according to East Point Energy. As it works towards a state mandate for producing electricity from carbon-free sources by 2045, Dominion Energy Virginia has acquired a 20-megawatt battery storage facility in Chesterfield County from Charlottesville-based energy storage developer East Point Energy, according to a Sept. 16 announcement from the Richmond-based Fortune 500 utility.The Dry Bridge Energy Storage project is expected to be the largest battery storage project in the state when it becomes operational in 2022 and will be capable of providing power for 5,000 homes at its peak usage, according to East Point Energy. Dominion Energy Inc. is subject to the state’s 2020 Virginia Clean Economy Act, which requires 100% of the utility’s electricity in the state to be generated from clean energy sources by 2045. To achieve that goal, Dominion must have a minimum of 2,700 megawatts of energy storage capacity by 2035. As part of its move toward achieving the state’s VCEA mandate, Dominion has proposed 11 new utility-scale solar projects, two small-scale distributed solar projects and a combined solar and storage project, in addition to the Dry Bridge project, according to Dominion’s second annual clean energy filing with the State Corporation Commission. Each of the projects will also require local and state permits before construction may begin. If approved,

OCTOBER 2021

Dominion’s combined solar and storage project, which would be located in Loudoun County and called Dulles Solar and Storage, would produce 100 megawatts of solar and possess 50 megawatts of storage capacity. The proposal to the SCC includes power purchase agreements from 32 solar and energy projects operated by third-party providers. The projects will jointly provide more than 1,000 megawatts of carbon-free electricity, which would power more than 250,000 homes, according to Dominion. The distributed solar projects are expected to be completed in 2022 and the remaining projects will be completed in 2023. The utility-scale solar projects are: Camelia Solar, 20 megawatts, in Gloucester County Fountain Creek Solar, 80 megawatts, in Greensville County Otter Creek Solar, 60 megawatts, in Mecklenburg County Piney Creek Solar, 80 megawatts, in Halifax County Quilwort Solar, 18 megawatts, in Powhatan County Sebera Solar, 18 megawatts, in Prince George County Solidago Solar, 20 megawatts, in Isle of Wight County Sweet Sue Solar, 75 megawatts, in King William County Walnut Solar, 150 megawatts, in King & Queen County Winterberry Solar, 20 megawatts, in Gloucester County Winterpeck Solar, 20 megawatts, in Chesterfield County

SMALL-SCALE DISTRIBUTED SOLAR: Black Bear Solar, 1.8 megawatts, in Buckingham County Springfield Solar, 2 megawatts, in Westmoreland County

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ENERGY STORAGE

AUSTRALIA’S ASPIRING UPSTREAM VANADIUM FLOW BATTERY PLAYERS TAKE STEPS FORWARD Concept design drawing for a residential VRFB system by Australian Vanadium subsidiary VSUN Energy. Flow batteries, which have lower energy density than lithium-ion are typically expected to be found at larger scale in other markets. For instance, a 200MWh vanadium electrolyte plant head of an expected uptick in demand for is under construction in South Africa by Bushveld vanadium redox flow batteries (VRFB) for Minerals, one of only four primary vanadium producers stationary energy storage applications, two already operating in the world (about 80% of vanadium companies on opposite sides of Australia used by industries like aerospace and construction is have claimed milestones in their go-tonot extracted from the ground but instead comes as a market strategies. Vecco Group, developing by-product of steel production). Bushveld CEO Fortune a vanadium mine project in Queensland, Mojapelo told this site that with South Africa’s integrated northeastern Australia, has found a resource plan (IRP) targeting 10,000MW of renewable technology partner for what it claimed energy capacity and 2,000MW of battery storage, will be the country’s first commercial-scale vanadium electrolyte as well as many industrial entities that need reliable manufacturing facility. The company has partnered with C-Tech power and are seeking to self-generate with renewable Innovation, a technology company from the UK which makes energy, it is important to get in on the ground early electrochemical equipment for making vanadium electrolyte. where markets are developing. Similarly, on the western The facility in South-East Queensland would have 2 million litres side of Australia, a vanadium mine project is being annual production capacity and would be fed with high purity developed by Australian Vanadium (AVL), which also vanadium from Vecco Group’s Debella Project. Debella is located has a subsidiary marketing VRFB systems and recently in a part of Queensland rich in mineral resources and already signed a partnership to license vanadium electrolyte known for mining. Vecco is targeting initial production in 2023. production technology from US Vanadium. AVL said this The new factory’s annual capacity would equate to about 30MWh week that test work at its Australian Vanadium Project of VRFB electrolyte, but the company plans to scale that up to mining site has indicated higher vanadium and iron 300MWh. It has also signed a partnership with China’s Shanghai concentrate grades than was originally expected. At the Electric on building the factory, Vecco said in April, with Shanghai beginning of this month three VRFBs of 5kW/ 30kWh Electric signing a 10MWh off-take deal. C-Tech claimed to have each were shipped from the company’s manufacturing developed a direct one-step process of electrochemical reduction partner V-Flow Tech in Singapore, for installation by that is a cleaner alternative to conventional manufacturing, VSUN Energy. Australian Vanadium also received a without requiring chemical reducing agents. In a recent interview, grant for AU$3.9 million (US$2.83 million) earlier this Maria Skyllas-Kazacos, University of New South Wales emeritus year to fast-track its manufacturing capabilities from the professor and one of the original inventors of the vanadium flow Australian government Modern Manufacturing Initiative. battery, told Energy-Storage.news that the electrolyte is by far the US Vanadium itself recently said it will be producing most expensive part of the system. more than 2 million litres of electrolyte annually at its facility in Arkansas in response to demand. The PRODUCERS TARGETING VARIOUS LEVELS OF VERTICAL company is doing this in partnership with Austrian flow battery maker CellCube, which recently ordered INTEGRATION 580,000 litres of electrolyte from US Vanadium to equip Building production capacity in proximity to local demand will an 8MWh microgrid project for an unnamed industrial likely be an important factor in cost reduction, while vertical customer in the US. integration offers vanadium companies the best opportunity to Source: energy-storage capture the maximum value for their materials.

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OCTOBER 2021

ELECTRIC VEHICLES

TPG TO INVEST $1 BILLION IN TATA MOTORS SUBSIDIARY FOR ELECTRIC VEHICLES

Tata Motors Limited, an Indian multinational automotive manufacturing company, is the world’s fifth largest truck manufacturer and fourth largest bus manufacturer. The company generates passenger cars, trucks, vans, luxury cars, construction equipment and what not! The company was formerly known as Tata Engineering and Locomotive Company (TELCO) and its subsidiaries include that of Tata Daewoo, Jaguar Land Rover, Tata Hitachi Construction Machinery, Tata Technologies and Tata Hispano. The company is looking forward towards its objective to provide the “best vehicles and experiences” that enthrall their customers across the world. The company’s manufacturing stations are situated in Jamshedpur, Pune, Lucknow, Patnagar and in many other cities. To extend its international footprint, the company’s commercial and passenger vehicles have already reached countries like Europe, South Asia, Africa, the Middle East, South America etc. The company has acquired five organizations, among which the most recent one was Tata Daewoo Commercial Vehicle Co Ltd. The Binding Agreement Recently, Tata Motors Ltd (TML) and TPG Rise Climate have ventured into a contract. On the other hand, TPG Rise Climate and its co-investor, ADG, are going to make an investment of ₹7,500 crore, which is $1 billion in one of the subsidiaries of Tata Motors which would soon be consolidated. This new subsidiary would be focused on electric vehicles (EVs). The company will make best use of all existing investments and potentialities of Tata Motors Ltd. It will transform the future

OCTOBER 2021

investments into electric vehicles, BEV platforms, battery technologies, and at the same time, it would focus on advanced mechanisms of automotive technologies. Chairman N. Chandrasekharan expressed his excitement over the investment in “exciting products” that may delight customers on one hand and a precise creation of a “synergistic ecosystem” on another hand. He added the company is driving towards the Government’s ambition to have “30% electric vehicles penetration rate by 2030.” TPG Rise Climate and ADQ will be allocated convertible equipment to secure between a range starting from 11% to 15% stake in the company, amounting to an equity summation of up to $9.1 bn. The Managing Partner of TPG Rise Climate, Jim Coulter stated the investment would lay its attention on decarbonised transport and also, it would further the creation of “TPG’s long history in India.” Mr. Balaji stated that TMG will be investing ₹15,000 crore in the next five years in the EVco, but the timing of the upcoming funding round has not been decided yet. It is predicted that the next round of capital infusion will be finished off by the year 2022 (March, preferably) and the funds in total would be infused within the 3rd quarter of FY22. In the coming five years, the company is going to prepare a portfolio of 10EVs. Together with Tata Power Ltd., as Business.in suggests, would accelerate the making of “widespread charging infrastructure” to smoothen drastic transformation through

“EV adoption in India.”

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ELECTRIC VEHICLES

APPLE IPHONE MAKER FOXCONN NOW WANTS TO MAKE ELECTRIC VEHICLES

aiwan’s Foxconn unveiled its first three electric vehicle prototypes on, underscoring ambitious plans to diversify away from its role of building consumer electronics for Apple Inc and other tech firms.The vehicles – an SUV, a sedan and a bus – were made by Foxtron, a venture between Foxconn and Taiwanese car maker Yulon Motor Co Ltd. Foxtron Vice Chairman Tso Chi-sen told reporters that he hoped electric vehicles would be worth a trillion Taiwan dollars to Foxconn in five years time – a figure equivalent to around $35 billion. Formally called Hon Hai Precision Industry Co Ltd, the world’s biggest electronics contract manufacturer aims to become a major player in the global EV market though it concedes it is a novice in the car industry. It first mentioned its EV ambitions in November 2019 and has moved relatively quickly, this year announcing deals to build cars with U.S. startup Fisker Inc and Thailand’s energy group PTT Pcl. “Hon Hai is ready and no longer the new kid in town,” Foxconn Chairman Liu Young-way told the event timed to mark the birthday of the company’s billionaire founder Terry Gou, who drove the sedan onto the stage to the tune of “Happy

Birthday”. The sedan, which was jointly developed with

Italian design firm Pininfarina, will be sold by an unspecified carmaker outside Taiwan in the coming years, while the SUV will be sold under one of Yulon’s brands and is scheduled to hit the market in Taiwan in 2023. The bus, which will carry a Foxtron badge, will start running in sever al cities in southern Taiwan next year in a partnership with a local transportation service provider. “So far Foxconn has made a pretty good progress,” said Daiwa Capital Markets tech analyst Kylie Huang. Foxconn has also set itself a target of providing components or services for 10% of the world’s EVs by between 2025 and 2027. This month it bought a factory from U.S. startup Lordstown Motors Corp to make electric cars. In August it bought a chip plant in Taiwan, aiming to meet future demand for automotive chips. A successful push by contract assemblers into the car industry has the potential to bring in a slew of new players and undermine the business models of traditional car companies. Chinese automaker Geely this year also laid out plans to be become a major contract manufacturer. Industry watchers are closely watching for clues of which firms might build Apple’s electric car. While sources have previously said that the tech giant wants to launch a car by 2024, Apple has not disclosed specific plans. Source : ET

INDIA: ELECTRIC VEHICLES- REGISTRATION CERTIFICATE FEES EXEMPTED

he Ministry of Road Transport and Highways (MoRTH) in furtherance of its earlier proposed draft rules to amend the Central Motor Vehicles Rules, 1989 has announced on August 02, 2021 all battery-operated vehicles to be exempted from the payment of fees for the purpose of issue or renewal of registration certificate.1 These rules published by the Government are called the Central Motor Vehicles (Sixteenth Amendment) Rules, 2021 and shall come in force on the date of their publication on their official gazette. The Ministry before publishing such rules had vide notification of the Government of India in the Ministry of Road Transport and Highways number G.S.R 352(E)2, dated May 27, 2021, in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), dated May 31, 2021 had invited objections and suggestions from all persons likely to be affected thereby before the expiry of the period of thirty (30) days from the date of which copies of the Gazette containing the said notification were made available to the public. This step has been undertaken by the Union government to encourage e-mobility in the country and further promote adoption of electric vehicles.

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OCTOBER 2021

ELECTRIC VEHICLES

UPCOMING

DESI ELECTRIC VEHICLES IN INDIA

The Electric Car market is increasing, and its normalization is not so far away. India has slowly started to accept the electric vehicle trend, and buyers are looking forward to all the savings these cars bring. , let’s look at five upcoming DESI Electric Vehicles! Made in India, Made for India. Tata has been quite successful in the EV market. The Nexon EV has gained a lot of popularity since its launch, and so has the Tigor EV. Tata is planning on launching the Tiago EV, too, since there is a demand for cheaper electric vehicles. Tata might unveil the Tiago EV later this year or in early 2022. Prices are expected to be between Rs.6-7 Lakhs.

TATA ALTROZ EV The Altroz already sits on an EV ready platform, and Tata plans to launch the electric version of this premium hatchback in the first quarter of 2022. The Altroz has been very well received in the Indian market, expected from its electric twin. The regular pricing for the Altroz EV is at Rs.14 Lakhs.

OCTOBER 2021

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ELECTRIC VEHICLES MAHINDRA KUV100 EV

Mahindra is not very far behind Tata when it comes to EVs, and they are planning on introducing an electric version of the KUV100 in the next couple of months. The pricing for the sub-compact EV SUV will be around Rs.8-9 Lakhs.

MAHINDRA XUV300 EV

Along with the KUV100, an electric version of the XUV300 is also in the works. Mahindra is planning on launching the electric version of the “Safest Indian Car” early next year. Expected pricing is somewhere between Rs.16-18 Lakhs.

MARUTI SUZUKI WAGONR EV Yes, you read that right! Maruti Suzuki is also going to enter the EV market, most probably with the WagonR EV. The pricing for this one is expected to be between Rs.8-9 Lakhs. The WagonR is an efficient car when it comes to daily driving, it has ample space, and it already comes with a CNG kit. An electric version of this will surely be an excellent addition to the line-up.

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OCTOBER 2021

ELECTRIC VEHICLES

CHINA’S ELECTRIC VEHICLE INDUSTRY IN TATTERS As China experiences severe power shortages, the EV sector is struggling to keep pace with the hype around the booming sector, as the bubble is waiting to be burst sooner than later.

he world has been in debt to the Chinese electric vehicle (EV) industry because of the governments push for emission reduction and clean technology and the early forays of Tesla’s electric vehicles in China. However, as China experiences severe power shortages, the EV sector is struggling to keep pace with the hype around the booming sector, as the bubble is waiting to be burst sooner than later. China is notorious for creating a lot of hype around its major projects and scientific and technological ambitions. However, these projects often prove to be a mere eyewash and a big scam, and the health of the Chinese EV industry is no exception. China’s real estate giant Evergrande’s fall from grace also contributed to this mess. The company is in a deep debt crisis, and its fall is causing deep impacts on the Chinese economy. Evergrande made news last year because of an unsuccessful electric car company. Bloomberg had reported in April this year that the China Evergrande New Energy Automobile Group, an electric car startup founded by a real estate tycoon, is worth $87 billion, which is bigger than Ford Motor Company and General Motors, but it is even one. None of the cars was sold. Bill Russo, the founder and CEO of Shanghai-based Automobility Ltd, had told Bloomberg that “this company is too strange. They have invested a lot of money, but they have not got any rewards, plus they are entering an industry that they understand very little, and I’m not sure if they have the technological advantages of Nioand XPeng”. At the end of last month, the ‘Nikkei Shimbun’ disclosed that the electric division of China Evergrande Group had terminated its stock issuance plan because people were worried that the parent company of the electric vehicle division would be doomed. Failure of Chinese EV industry common If Evergrande’s electric vehicle startup is called “strange” by Russo, then the failure of China’s electric

vehicles on the road is a common phenomenon with a high probability. China’s electric vehicle industry is dying due to severe domestic power shortages. Since mid-September, some charging stations have suspended operations due to power outages during peak hours, causing some electric vehicles to not be on the road. The South China Morning Post (SCMP) has reported that China’s electricity curtailment may impact the booming electric vehicle industry. In addition, power outages in more than 10 provinces in mainland China may hinder the Chinese people from choosing to buy electric vehicles. Zhang Fan, an auto insurance broker in Jilin Province, said that “for many years, electric vehicles have been coldly treated in Northeast China. Power outages may further scavenge people’s interest in purchasing electric vehicles”. The irony is that electric vehicles should be the world’s answer to unclean energy and burning fossil fuels, but they have failed in China because China cannot produce enough electricity when it lacks coal supplies. Drying foreign investment Chinese electric vehicle startups, such as WeilaiAutomobile, which are listed in New York, have not been profitable since their establishment. Other Chinese companies like Nio, XPeng and Li Auto Inc could not be comparable to Tesla or any iconic German car brands such as BMW AG, Volkswagen AG, and Mercedes-Benz AG, the owner of Daimler AG, as they have begun to expand their business scale of the EV automotive sector. Tesla is a pioneer in the electric vehicle industry and has built a highend brand image. China’s electric vehicles must win people’s trust to compete with the global giants. It is highly unlikely that the Chinese EV market could instil confidence among its customers. Except US auto major Tesla, not a single reputed automobile startups have shown interest in investing in China. The recent power outages are undermining the country’s ability and infr astructure to maintain a huge electric vehicle industry. Suddenly, the Chinese electric car bubble seems to have burst, which will keep the foreign investors away from Chinese market for sure. Source: IANS

OCTOBER 2021

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ELECTRIC VEHICLES

MORE ELECTRIC VEHICLE CHARGERS COMING TO UTAH ROADS

Electric vehicles are becoming a more common sight throughout Salt Lake City. A survey ranks the capital as the best city in America to own an EV. However, there are challenges to more people adopting EV cars. North SLC resident Benjamin Jacobs says for more people to choose electric, we need more chargers. He’s only been driving his Chevy Volt for a month, but it’s already saving him a ton of money. He says one of the biggest downsides to driving EV is range anxiety. Making sure there are enough charging stations across Utah will help alleviate this common problem. Rocky Mountain Power recently filed its Electric Vehicle Infrastructure Plan with the Utah Public Service Commission, which includes a $50 million investment in electric vehicle charging infrastructure for Utahns across the state. James Campbell, the Director of Innovation and Sustainability for Rocky Mountain Power says surveys show the two biggest barriers to adopting EV are the cost of the vehicle and infrastructure. Their goal is to provide fast chargers across the state so drivers feel confident they can get anywhere they need to go. “What we’re seeing right now on the cost side is the EV prices are starting to come own, you’re seeing advances in the batteries, so the biggest barrier

is going to be, do we have enough charging infrastructure to support all that,” said Rocky Mountain

Power director of Innovation and Sustainability James Campbell. Rocky Mountain Power plans to install 100

of these extreme fast chargers across 20-25 locations. Electricity is much cheaper than gas, at about 1 dollar equivalent per gallon. “We’re going to deploy extreme fast chargers throughout the entire state,” said Rocky

Mountain Power director of Innovation and Sustainability James Campbell. “Historically, we had chargers that

would take about 40 minutes of charging to get 100 miles. Now, we’re installing chargers that are three to five times faster, which means you could get those 100 miles in about 10 minutes.” Most of those new locations will be along the Wasatch front, with the rest in rural areas. Over the past five years, Rocky Mountain Power has facilitated the installation of more than 70 DC fast chargers in Utah, completing an electric highway corridor along I-15. Additionally, more than 2,300 Level 2 chargers were installed as part of a workplace charging program. Rocky Mountain Power plans to start construction on these new fast chargers next year, after they get approval from the public service commission. Source: fox13now

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OCTOBER 2021

ELECTRIC VEHICLES

7 ELECTRIC VEHICLE STOCKS FOR INVESTORS TO KEEP AN EYE ON Electric vehicles are becoming increasingly popular in India. Alarming levels of pollution and increasing fuel prices are pushing widespread demand for electric vehicles, making EV stocks the hottest trend.

inding the right company to ride the wave could be difficult, as some companies have amassed enormous money and their valuations have skyrocketed. With the recent arrival of Ola’s electric scooters, as well as the hype surrounding existing electric vehicle (EV) models from Tata Motors, MG Motor, Mahindra and Mahindra (M&M), Audi, and others, electric vehicles are fast becoming the flavor of the day.

MINDA CORP

The N.K. Minda Group’s flagship company, Minda Industries Limited, is one of India’s most versatile auto component producers. It is a tier-1 supplier of patented automotive solutions to OEMs and a technical leader in the automotive components business. Minda has engineering, R&D, and production facilities in Manesar, Pune, and Sonepat, and is headquartered in Manesar, Haryana. It is the first car component producer to supply electric vehicle manufacturers. It has already received orders to offer WHY THERE IS A HYPE AROUND ELECTRIC VEHECLE STOCKS? electric vehicle mobility components. It is primarily focused The government has set a goal of achieving 100% electrification by on R&D and has a prestigious roster of electric vehicle 2030. Given the early phases of adoption that we are currently in, clients. Only 3.63 percent of trading sessions in the last this is a massive goal. All three-wheelers will be battery-powered 16 years had intraday gains of more than 5%. The stock by 2023, and the majority of two-wheelers will be battery-powered returned 6.34 percent over three years, compared to 76.83 by 2025. With the Indian government’s increased focus on green percent for the Nifty Smallcap 100. mobility, it’s reasonable to expect the electric vehicle industry Market Cap (Rs. in Cr.): 3213.23 to develop and India’s electric vehicle fleet to expand. Because of India’s EV market’s widespread acceptance and expansion, Earning Per Share: Rs 4.76 the year 2021 can be regarded the best time to invest in electric Price To Earnings Ratio: 28.22. vehicle stocks in India.

MAHINDRA & MAHINDRA LIMITED

ASHOK LEYLAND

In India, Mahindra is a pioneer in the field of electric vehicles. Its first EV, the Mahindra Reva, was introduced in 2001, making it the first significant EV manufacturer. With the EV manufacturing unit in Bangalore, it has expanded beyond consumer and business demands to include a wide range of other market categories. Mahindra & Mahindra Limited is expected to handle future expansion within the electric vehicle sector, particularly in terms of battery development.The Mahindra e2o and Mahindra e2o Plus are two new compact urban electric car models from Mahindra. The stock returned -2.33 percent over a three-year period, compared to 58.78 percent for the Nifty 100 index. Market Cap (Rs. in Cr.): 114567.22 Earning Per Share: Rs.-4.59 Price To Earnings Ratio: 0.00

GREAVES COTTON Greaves Cotton announced a move into the multi-brand EV retail space, which it expects to be a significant contribution to both the top and bottom lines. It’s the only multi-brand EV store in the area, and it’s a natural extension of the company’s high-end engine expertise. GCL has a market share of 60-65 percent in the 3W diesel engine segment. Over 30 Indian original equipment manufacturers rely on GCL engines (OEMs) Only 3.63 percent of trading sessions in the last 16 years had intraday gains of more than 5%. The stock returned 6.34 percent over three years, compared to 76.83 percent for the Nifty Smallcap 100.

India’s leading maker of electric buses, vehicles, and security equipment is Ashok Leyland. It has created the world’s first flash-charged electric bus. It allows heavyduty electric vehicles to fit on Indian highways, making it suitable for them. Ashok Leyland’s historic debuts include Circuit, Circuit S, and HYBUS, to name a few. With ABB TOSA technology, Ashok Leyland will disrupt the heavy electric vehicle industry in India. Only 3.09 percent of trading sessions in the last 16 years had intraday drops of more than 5%. Over a three-year period, the stock returned 8.82 percent, compared to 9.7 percent for the Nifty Auto Index.

Market Cap (Rs. in Cr.): 3204.53

Market Cap (Rs. in Cr.): 38807.67

Earning Per Share: Rs 1.21

Earning Per Share: Rs -0.71

Price To Earnings Ratio: 114.08.

Price To Earnings Ratio: 0.0

OCTOBER 2021

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ELECTRIC VEHICLES BHARAT FORGE

Bharat Forge has launched a new firm called Kalyani Powertrain to focus on its electric vehicle sector. In the last year, the company’s stock has increased by 65 percent. Furthermore, it intends to manufacture electric two- and three-wheelers with the support of Tork Motors, a Punebased electric motorcycle startup in which Bharat Forge owns a 49 percent stake. In 2022, the first model is expected to hit the market. Only 2.53 percent of trading sessions in the last 16 years had intraday gains of more than 5%. In comparison to the Nifty 100, which returned 58.78 percent over three years, the stock returned 16.31%.

Storage Batteries Segment: The company is India’s largest storage battery manufacturer, with a monopoly on virtually every category in the automotive, industrial, and submarine industries. Only 2.38 percent of trading sessions in the last 16 years had intraday gains of more than 5%. The stock returned -31.96 percent over three years, compared to 75.85 percent for the Nifty Midcap 100. Market Cap (Rs. in Cr.): 15380.75 Earning Per Share: Rs 9.88 Price To Earnings Ratio: 18.32.

Market Cap (Rs. in Cr.): 33641.11

OTHER EV RELATED STOCKS

Earning Per Share: Rs 11.49

Himadri Speciality Chemical, Hindalco Industries, Hindustan Copper, and JBM Auto Ltd are some of the EVrelated stocks. These stocks represent the EV potential and are direct and indirect beneficiaries. Before making any investments, it is wise to consult with your experts. Disclaimer Investors should note that investing in stocks is risky and neither the author, nor Greynium Information Technologies Pvt Ltd, nor the brokerage would be responsible for losses based on a decision from the above article. Source: goodreturns

Price To Earnings Ratio: 62.87.

EXIDE INDUSTRIES Exide Industries specializes in the manufacture of storage batteries and related items. A subsidiary of the corporation, Exide Life Insurance Company Ltd (ELI), provides life insurance to customers through a number of channels, such as individual agents, corporate agents, banks, and so on.

VOLVO PLANS $2.9B IPO TO FUND ELECTRIC VEHICLE PLANS

Swedish automaker Volvo said it plans to raise at least 25 billion kroner (USD2.9 billion) by selling shares to fund its electric vehicle transformation strategy.

olvo and its parent company, Chinese carmaker Geely, have applied to hold an initial public offering on the Nasdaq Stockholm. The money raised from the IPO will help fund Volvo”s plan of becoming an all-electric car company and expanding further into online sales. Volvo Cars is based in

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Goteborg, Sweden, but has been owned since 2010 by Geely, one of China”s biggest independent automakers. The company is moving ahead with the share sale even as a shortage of semiconductors has crimped global auto production. Source: PTI

OCTOBER 2021

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