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OWNER : FirstSource Energy India Private Limited PLACE OF PUBLICATION : 95-C, Sampat Farms, 7th Cross Road, Bicholi Mardana Distt-Indore 452016, Madhya Pradesh, INDIA Tel. + 91 96441 22268 www.EQMagPro.com EDITOR & CEO : ANAND GUPTA anand.gupta@EQmag.net PUBLISHER : ANAND GUPTA PRINTER : ANAND GUPTA TRENDS & ANALYSIS SAUMYA BANSAL GUPTA saumya.gupta@EQmag.net PUBLISHING COMPANY DIRECTORS: ANIL ANITAGUPTAGUPTA CONSULTING EDITOR : SURENDRA BAJPAI SR. GRAPHICS & LAYOUT DESIGNER : RATNESH JOSHI GRAPHICS DESIGNER : ABHISHEK SARAI JOURNALIST MISHIKA MEHTA Disclaimer,Limitations of Liability While every efforts has been made to ensure the high quality and accuracy of EQ international and all our authors research articles with the greatest of care and attention ,we make no warranty concerning its content,and the magazine is provided on an>> as is <<basis.EQ international contains advertising and third –party contents.EQ International is not liable for any third- party content or error,omission or inaccuracy in any advertising material ,nor is it responsible for the availability of external web sites or their contents The data and information presented in this magazine is provided for informational purpose only.neither EQ INTERNATINAL ,Its affiliates,Information providers nor content providers shall have any liability for investment decisions based up on or the results obtained from the information provided. Nothing contained in this magazine should be construed as a recommendation to buy or sale any securities. The facts and opinions stated in this magazine do not constitute an offer on the part of EQ International for the sale or purchase of any securities, nor any such offer intended or implied Restriction on use The material in this magazine is protected by international copyright and trademark laws. You may not modify,copy,reproduce,republish,post,transmit,or distribute any part of the magazine in any way.you may only use material for your personall,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. SUBSCRIPTIONS : AVADESH PATEL admin@eqmag.net VOLUME 14 Issue 09(B) CONTENT 774412INTERNATIONAL HEAD SALES & MARKETING : GAZALA KHAN hayat@EQmag.net MARKETING MANAGER: MUKUL HARODE sales@EQmag.net BUSINESSFEATUREDPRODUCTS& FINANCE 15 MINUTES EV RAPID CHARGING STARTUP, EXPONENT ENERGY RAISES SERIES A ROUND OF $13 MILLION LED BY LIGHTSPEED ADANI POWER TO BUY DB POWER FOR $879 MILLION Growatt Announces the pre-sale of its First Portable Power Station – INFINITY 1500
26 14 39 7166 21 46 24 58 FEATURED FEATURED HYDROGEN INTERVIEW BUSINESS & FINANCE INDIA FEATUREDPVMANUFACTURING ELECTRIC VEHICLE Pg. 12-76 Pg. 21 EQ INTERVIEWNEWS LONGI AMONG 2022 BEST-MANAGED COMPANIES IN CHINA SRK KNOWLEDGE FOUNDATION TO PROVIDE FREE ROOFTOP SOLAR ELECTRICITY TO THE FAMILIES OF 750 MARTYRS AND UNSUNG HEROES TATA POWER RENEWABLE RAISES RS 2,000 CRORE BY ISSUING 8.36 CRORE SHARES TO BLACKROCK-BACKEDPMFIRMMODI GIVES ANOTHER PUSH TO ELECTRIC VEHICLE ADOPTION JAKSON GROUP BECOMES 1ST INDIAN MANUFACTURER TO BE ALMM EMPANELLED FOR 600 WP MODULE HYDROGEN COULD CHANGE THE WAY WE FUEL OUR LIVES INDIA’S SOLAR, WIND ENERGY POTENTIAL MAY DIP DUE TO CLIMATE CHANGE EMPOWERING THE JAL JEEVAN MISSION WITH SOLAR BASED DRINKING WATER SYSTEM MR. SHANTANU SIRSATH
Sungrow Power Supply Co., Ltd ("Sungrow") is the world's most bankable inverter brand with over 269 GW installed worldwide as of June, 2022. Founded in 1997 by University Professor Cao Renxian, Sungrow is a leader in the research and development of solar inverters with the largest dedicated R&D team in the industry and a broad product portfolio offering PV inverter solutions and energy storage systems for utility-scale, commercial & industrial, and residential applications, as well as internationally recognized floating PV plant solutions, NEV driving solutions, EV charging solutions and renewable hydrogen production systems. With a strong 25-year track record in the PV space, Sungrow products power over 150 countries worldwide. Sungrow has also 10 GW manufacturing unit which is largest in PV Inverter segment here in India. The Sungrow India has now crossed 14 GW shipment also. It has been supplying inverters from India factory to various markets including India, USA, Middle East to cater the demands. Sungrow has also been contributing its technical expertise and suggestions for standardisation and testing protocols on various forums for Indian market.
ROUND OF $13 MILLION LED BY
Customer deliveries of Exponent Enabled NeEV HD will begin from October 2022. Previously Exponent Energy has raised $6mn in Seed and Pre-Series A round from prominent investors such as the family office of Dr. Pawan Munjal, Chair man, and CEO, Hero MotoCorp (World’s largest two-wheeler manufacturer), Motherson Group, a leading global supplier of automotive compo nents along with YourNest VC, 3one4 Capital, AdvantEdge VC and a few angel investors.
15 MINUTES EV RAPID CHARGING STARTUP, EXPONENT ENERGY RAISES SERIES
"Commenting on the funding round, Arun Vinayak, Co-founder & CEO, Exponent Energy, said “We’ve really enjoyed thinking aloud with the Lightspeed team in all conversations leading up to the investment. We believe we have a great partner in them as we simplify energy for EVs – for an all-electric future.
Exponent Energy, a startup simplifying energy for EVs, recently announced that it has raised $13 Million in a Series A funding round led by Lightspeed, with all existing institutional investors such as YourNest VC, 3one4 Capital & AdvantEdge VC also participating. The amount raised will be utilised to scale up the e^pump network to 100 location points per city, starting with Bengaluru; streamline e^pack production; and deliver more Exponent enabled EVs.
Recently unveiled world’s fastest charging electric three-wheeler in a partnership with Altigreen Propulsion Labs
"Speaking about the investment, Harsha Kumar, Partner, Lightspeed said, “The need for enhancing EV battery performance, sustainability and most of all access and afford ability has never been more pressing and so we are delighted to partner with Expo nent to simplify energy for EVs. This team, with their drive and innovation, has made rapid EV battery charging possible in just 15 minutes. We are confident that the tech nology is a real breakthrough, allowing EVs to become ubiquitous.”
All existing institutional investors – YourNest VC, 3one4 Capital & AdvantEdge VC also participated Company to utilize the funds to scale up the e^pump network to 100 location points per city, starting with Bengaluru; streamline e^pack production; and deliver more Exponent enabled EVs
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Exponent has developed the e^pump and e^pack, its proprietary charger and battery pack, that together unlock a 15-min rapid charge for 0 to 100% battery charge
per city to deliver freedom & flexibility to our customers. This funding now allows us to exe cute even faster and make 15-min rapid charg ing the new normal.” Earlier this month, Expo nent Energy partnered with Altigreen to make rapid charging a reality for eCVs on Indian roads. They unveiled the world’s fastest charging elec tric 3-wheeler that rapidly charges from 0-100% within 15 minutes. Exponent’s e^pack on the Al tigreen neEV HD is uniquely built using regular LFP cell chemistry, making this the first rapid charging solution that’s affordable and scalable.
Our technology already delivers a seamless charg ing experience, and with our vehicle partnership in place, we’ll scale-up our production and network presence to 100 e^pump location points A LIGHTSPEED
This is Lightspeed India’s first investment in the Indian EV space.
“The 2022 Best Managed winners have demonstrated strong business performance as well as brand values. Despite these companies having faced multiple challenges like COVID-19, they exemplified the resilience and ability to rapidly recover from the pandemic and adapt to new situations,” said Xu Ke, managing partner of Deloitte Private China.
global BMC program was colaunched by Deloitte, Bank of Sin gapore, HKUST Business School and Harvard Business Review. The program has a 29-year history and aims to identify organizations with exceptional and systematic management skills. As the only international award that comprehensively evalu ates the management system of private enterpris es in China, all the previous winners are “hid den champions” and top private enterprises from various segments in China.
LONGI AMONG 2022 BEST-MANAGED COMPANIES IN CHINA
The
On August 12, 2022, Deloitte China announced 50 winners of the 2022 China’s Best Managed Companies award program. LONGi Green Energy Technology Co., Ltd. (LONGi) was among the selected companies, becoming part of the global BMC enterprise with its outstanding performance in the global framework of Deloitte’s Management Excellence Standards in the four dimensions of “Strategy, Capability, Commitment and Finance”.
“LONGi has always been a firm believer in longtermism. It not only takes longterm reliability as the basic principle of product development but also innova tively promotes the concept of ‘produc ing clean energy products from clean energy’ in the photovoltaic industry, adhering to respon sible production and shouldering increasing responsibility for global sustainable develop ment.” In an interview with Deloitte China and Harvard Business Review, Zhong Baoshen, Chairman of LONGi, noted that while LON Gi is innovative, reliability should be the primary standard, so that these long-term energy assets can be preserved and the benefits can be fully utilized.
During this year’s event, representatives from 50 award-winning companies discussed how to transcend the economic cycle and collaborate to achieve greater social value by focusing on the themes of “Co-Creating Customers” and “Co-Creating Environment”. Liu Xia odong, Board Secretary of LONGi, accepted the award on behalf of the company and announced co-creation initiatives for 2022-2023 on behalf of all BMC winners as the annual rotating chairman enterprise.
FEATURED
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Total assets amount to CHF 510.7 million (December 31, 2021: CHF 492.7 million) with an equity ratio of 43.1% (December 31, 2021: 53.0%). The cash position amounts to CHF 185.8 million (December 31, 2021: CHF 246.8 million).
Results for the first half of 2022 reflect the successful establishment of the company in the market for premium solar modules, as well as the ramp-up of existing production capacity and its ongoing expansion.
An agreement has been signed with D. E. Shaw Renewable Investments (DESRI) for the supply of at least 3.75 gigawatts (GW) of solar modules.
"Franz Richter, Chairman of the Board of Directors of Meyer Burger added: “With this agreement, Meyer Burger demonstrates that our high-performance heterojunction/ SmartWire technology is also ideally applicable in the solar power plant segment. We are looking forward to expanding the partnership with DESRI in the long term.”
Meyer
A potential capital measure to finance the accelerated expansion to approximately 3 GW in connection with the agreement with DESRI, to be launched in the next months, is being prepared.
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Burger and D. E. Shaw Re newable Investments (DESRI) have signed a binding agreement to supply at least 3.75 GW of solar modules for DESRI’s large-scale projects. DESRI is a leading developer, owner, and operator of renew able energy projects in the United States. The mod ules are planned to be manufactured at Meyer Burger’s Goodyear, Arizona site, with delivery of the modules between 2024 and 2029. DESRI has a first right of re fusal to increase the contract quantity to 5 GW under the current contract as well as to enter into a contract extension beyond the 5-year term. DESRI will make a substantial annual down payment to enable Meyer Burger to procure and finance materials for production. The parties have agreed not to disclose further details of the contract. DESRI and Meyer Burger intend to de velop their cooperation into a long-term partnership in the field of solar module supply; therefore, the contract signed is a major milestone for both companies.
Accelerated expansion of annual production capacities to 3 GW. In order to meet the high demand in the market for rooftop solar modules and to serve the sup ply agreement with DESRI, Meyer Burger’s production capacities need to be expanded ahead of schedule. The company plans to further expand its capacities in the immediately foreseeable future by adding new equipment to reach a nominal capacity of approximately 3 GW by mid-2024. Specifically, the company is planning to expand the Goodyear, Arizona (USA) site to 1 gigawatt annual capacity for utility modules in connection with the contract with DESRI as well as an additional 0.5 GW for the U.S. rooftop segment. Thus, the full capacity in Goodyear is expected to be fully utilized on an accelerated schedule, enabling an optimal production cost structure. Furthermore, the measures signed into law by President Joe Biden via the Inflation Reduction Act on August 16, 2022 provide significant financial support in form of a tax credit for the manufacturing of components along the solar value chain in the USA. The tax credit amount for each solar module produced is equal to the product of USD 0.07 multiplied by the nominal power of the module. The expansion of the additional solar cell production capacity of 1.5 GW required for approximately 3 GW overall capacity is planned at the Thalheim site (city of Bitterfeld-Wolfen, Germany). Potential capital measure to finance the accelerated expansion to 3 GW in preparation. The original business plan from 2020 and 2021 envisaged a pause in capacity expansion after
FEATURED
"Bryan Martin, Executive Chair man of DESRI said: “Meyer Burger will produce modules engineered in Switzerland and Germany and manufactured in the U.S., supplying DESRI’s projects with a high-quality prod uct and secure, transparent supply chains. We are impressed with the industry-leading quality of Meyer Burger’s product and look forward to this first contract and ongoing cooperation.”
FOR THE LONG-TERM SUPPLY OF 3.75–5 GW OF SOLAR MODULES, ACCELERATED EXPANSION OF PRODUCTION CAPACITIES TO 3 GW PLANNED, POTENTIAL CAPITAL MEASURE IN PREPARATION, HALFYEAR RESULTS
Thanks to the new business model, sales increased to CHF 56.7 million in the first half of 2022. The company generated EBITDA of CHF -24.4 million (H1 2021: CHF -30.9 million) and achieved a result of CHF -41.0 million (H1 2021: CHF -37.2 million).
AGREEMENT SIGNED WITH D. E. SHAW RENEWABLE INVESTMENTS
Results for the first half of 2022 reflect the successful establishment of the company in the market for premium solar modules, as well as the ramp-up of existing production and its ongoing expansion. The results for the first half of 2022 reflect the establishment and expansion of the production facilities and simultaneously the success achieved with sales of Meyer Burger’s premium high-performance solar modules. The consolidated revenue of the first half of 2022 rose to CHF 56.7 million (H1 2021: CHF 18.0 million). With these results, Meyer Burger has proven its ability to sell at premium prices and also to pass on recent materials cost increases to its customers. The EBITDA generated amounted to CHF -24.4 million (H1 2021: CHF -30.9 million). Due to the increase in property, plant, and equipment, depreciation and value adjustments rose to a total of CHF 8.2 million (H1 2021: CHF 3.2 million), resulting in an EBIT of CHF -32.7 million (H1 2021: CHF -34.1 million). The financial result decreased from CHF 1.3 million in the first half of 2021 to CHF -8.4 million in the first half of 2022, mainly due to interest payable, exchange rate effects, and the costs for the guarantee for the syndicated loan facility. Meyer Burger achieved a net re sult of CHF -41.0 million in the first half of 2022 (H1 2021: CHF -37.2 million). As of June 30, 2022, total assets amounted to CHF 510.7 million (December 31, 2021: CHF 492.7 million) with an equity ratio of 43.1% (December 31, 2021: 53.0%). The cash position including bank balances with limited availability amounted to CHF 185.8 million (December 31, 2021: CHF 246.8 million).
DEIF India Pvt. Ltd. 602, 6th Floor Town Center – II, Andheri Kurla Road, Andheri (East), Mumbai – 400 059 www.deif.com - india@deif.in - Ph.: +91 22 42452000 https://www.deif.com/products/asc-4-battery/ Read aboutmoreDEIF ASC-4 Battery The ASC-4 Battery lets you quickly and easily add energy storage systems (ESS) such as batteries in existing brownfield and new greenfield hybrid applications, providing seamless energy storage in commercial and industrial applications. The DEIF ASC-4 Battery is a highly configurable sustainable energy storage controller that allows seamless integration of a wide range of Power inverters and Battery management. Flexible and scalable controller, hybrid installations as single controller or with other DEIF controllers such as the AGC-4 Mk II advanced genset controller and other sustainable controllers in our ASC-4 range. ASC-4 Battery Automatic Sustainable Controller
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completion of the current expansion to 1.4 GW. With the acceleration in duced by the contract with DESRI, due to longer lead times for equipment and the growing working capital requirements with the increasing production capacity and increased raw materials costs, as well as taking into account higher ramp-up costs caused by the slower than originally expected rampup of the current capacity, as reflected in the recently adjusted production volume guidance for 2022 and 2023, the fi nancing plan is currently in the process of being revised accordingly. As part of this, Meyer Burger is contemplating a potential capital increase in the magnitude of approximately CHF 250 million to be launched in the next months for purposes, inter alia, of financing the planned accelerated capacity expansion to approximately 3 GW. Meyer Burger expects to communicate fur ther details to shareholders as part of a forthcoming invitation to an extraordi nary general meeting.
FEATURED
Thakur has worked with major industry players such as Larsen & Toubro Ltd., Honeywell, and Thermax. He has a proven track re cord of incubating new businesses with global footprints. He has successfully handled various responsibilities encompassing sales, market ing, corporate strategy, business planning and strategic alliances in addition to P&L owner ship across a wide spectrum of industries comprising energy, industrial equipment, electron ics, and infrastructure, in career spanning three decades.
MAHINDRA SUSTEN, THE CLEANTECH ARM OF THE MAHINDRA THAKURWELCOMESGROUPMR.DEEPAKASTHENEWMD & CEO
Mr.
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showroom was inaugurated by Sabu Johny, Managing Director of EVM Group in the presence of senior officials of BYD India and EVM Southcoast. EVM South coast will provide consumers in the Kerala market with access to BYD’s pure electric vehicles. With considerable experience in the automobile indus try, EVM Southcoast has extensive reach and covers neighboring regions in the market. Residents of Er nakulam will now be able to buy one of the best elec tric vehicles without leaving their city. The showroom is equipped with well-trained technicians and complete facilities including service bays, a customer lounge area and EV charging stations, aiming to offer customers the best in-store experience. The showroom covers 2500 square feet and features a relaxing lounge area for cus tomers to enjoy.
"Sanjay Gopalakrishnan, Senior Vice President of Electric Passenger Vehicle Business of BYD India, said, “Starting from Kochi, we are getting closer to our target customers and are delighted to inaugurate our first showroom in the country with EVM Southcoast. We hope that our cus tomized products and service will spur and ac celerate green initiatives in the region.”
“Kochi is the most densely populated city of Kerala and is also known as the financial, commercial and industrial capital of the state. We are delighted to embark on a new journey with our first dealership in the state of Kerala. Kochi has immense potential for premium passenger cars and we strongly be lieve that BYD will be the main contributor to EV adoption in the EPV segments in Kerala”, added Shrirang Joshi, National Sales Head of Electric Passenger Vehicles Business of BYD India.
The
He has completed Bachelor of Engineering (Mechanical) from Pune University and is an alumnus of Symbiosis Institute of Business Management, Pune. He enjoys playing badminton and cricket, is an avid reader and lately spending time in coaching & leadership development related training.
BYD India Private Limited, a subsidiary of the world’s leading new energy vehicle manufacturer, BYD, inaugurated its first dealership showroom of passenger vehicles at Ernakulam. The dealership will be managed by EVM Southcoast in Kochi.
As of January 2022, India has achieved 1% EV pen etration. With the goal to achieve net-zero emissions by 2070 in India, BYD has worked closely with its part ners to provide localized and green products for the lo cal market.
BYD INDIA INAUGURATES ITS FIRST DEALERSHIP SHOWROOM OF PASSENGER VEHICLES IN INDIA
"Thejus Xavier, Director of EVM Southcoast BYD, said: “We are honored to associate with BYD, the world’s leading NEV manufacturer. With joint efforts, we will introduce more new energy models to the local market and promote a low-carbon lifestyle.”
Mr. Thakur will oversee the Renewables businesses, comprising Mahindra Solarize & Mahindra TEQO apart from Mahindra Susten. He will be directly reporting to Dr. Anish Shah, Managing Director & CEO of Mahindra Group. Prior to Mahindra, he was Leader- Renewables & Energy Storage (Executive Vice President) at the Reliance Group. Mr. Thakur was part of the core group for building the strategic plan for the New Energy vertical and actively involved in M&A transactions in this domain. Earlier to this, he was CEO – Hybrid and Energy Storage Business for Sterling and Wilson, a Shapoorji Pallonji Group company. In addition, he was responsible for the Wind EPC and e-mobility verticals of the Group and was on the boards of Sterling PBES Energy, a Canadian marine battery solution company and GCO Australia.
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project involves building 4.1 MW of solar power plants across the state. The total contract value of the entire project is approxi mately 23.50 crores, and it will be completed within 4 months from the date of awarding the project. The project sites lo cated in Uttar Pradesh would cover secondary school buildings at various places in the state of Uttar Pradesh as part of the government of UP’s Samagra Shiksha Abhiyan. This scheme seeks to integrate vocational education with general academic education with an aim to prepare educated, employable and competi tive human resource for various sectors of the economy and the global market. Strong tech nical capabilities, competitive price, and the size and strength to complete this project on schedule were the main grounds for awarding this job. This important project was won for Servotech in large part due to their excellent track record of project deliverance and robust solar rooftop capabilities. Under this project, Servotech’s scope of operations would include design, manufacture, supply, erection, testing, and commissioning of rooftop solar systems across these sites.
The
Servotech Power Systems has bagged a large-scale, state-spanning grid-interactive rooftop solar power plant project from Uttar Pradesh New & Renewable Energy Development Agency (UPNEDA).
UPNEDA
SERVOTECH LANDS 4.1 MW KEY SOLAR ROOFTOP PROJECT FROM
"on this occasion Raman Bhatia, Founder and Managing Director, Servotech Power Systems quoted, “Having successfully completed a key solar project by UPNEDA last year, with this new project, the company has further amplified and bolstered the variety of solar solutions it offers within the renewable energy sector. We are honoured to have been given this important order by UPNEDA to construct Solar PV projects in India’s largest state. This project is one of the most high-profile grid-scale solar projects in our 14 years of solar project experience and is a testament to Servotech Power Systems’ innovative work in project execution capabilities in the solar energy arena.”
The HJT (Hetero Junction with Intrinsic thin layer) PV modules are made from HJT cells which consist of the n-type wafer that utilizes both amorphous & crystalline silicon technol ogy in their cell structure. The n-type monocrys talline silicon layer in the cell has better light absorption whereas the amorphous layers have superior passivation characteristics which en able high electron collection. Key Features of HJT PV modules are listed as under:
• No effect of PID, LID & LeTID.
• Lower year-on-year (YOY) degradation rate of -0.4% as compared to -0.55% for Mono PERC modules.
(Tunnel Oxide Passivated Contact) which is considered to be the next genera tion of solar cell technology consists of the additional tunnel oxide layer and doped poly-Si layer for better passivation and im proved performance. TOPCon N-type solar cell-based modules have certain advantages over conventional Ptype Mono PERC modules listed as under:
• High efficiency and high wattage modules with better performance and reliability.
• Best in class power output for given module
• The lower first-year degradation rate is around 1% as compared to 2% in p-type Mono PERC modules.
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• Lower temperature coefficient -0.3 to -0.31 %/°C as compared to Mono PERC modules -0.34 to -0.35 %/°C thereby lower temperature losses and higher energy
WAAREE UNVEILS HIGHLY EFFICIENT
• MBB module – Highly resistant to micro
N-TYPE TOPCON AND HJT PV MODULES
•yield.Excellent anti-PID performance.
•realized.Lower power temperature coefficient (-0.26 %/°C) of the module.
• Zero LID and lower LeTID losses due to phosphorous doping (no boron-oxygen defects).
Waaree’s R&D team and quality control team is constantly working for years to provide highly efficient, superior quality, reliable, and cost-competitive products and services in the green energy domain.
Waaree Energies Limited (WEL) is India’s largest solar PV Company with 5GW of operational module manufacturing capacity. WEL strives to provide high-quality and cost-effective energy solutions in the renewable sector. Advanced technology adoption, design, strong process control, flexibility, recycling inception, accelerated performance and reliability testing are the important pillars which has helped Waaree to emerge as a technology leader, and a continuous performer (being rated as Tier 1 module manufacturer by Bloomberg NEF since past more than 20 quarters) and the largest PV module manufacturer in India. Waaree is aiming to be selfreliant by the year 2024-25. WEL is happy to announce that they are launching highly efficient and most advanced TOPCon N-type PV modules in M10 and M12 configurations as well as HJT modules in M10 and M12 configurations in both Bifacial glass to glass and mono-facial variants. WEL will be the first Indian company to launch TOPCon N-type and HJT PV modules and the modules will be showcased in SPI (Solar Power International) 2022 Anaheim, USA, and REI (Renewable Energy India Expo) 28th-30th Sept 2022, Greater Noida, India.
TOPCon
•size.Bifaciality factor of the module above > 90%
•cracks.Higher reliability and lower degradation rates.
Secondly, the government has an ambitious target of 500GW in renewable sector by end of 2030, supporting in encouraging the private sector and overseas investors to participate in renewable energy industry would be key in India achieving its targets.
SS: Firstly, India is located at the Tropic of Cancer and the Equator with an average annual temperature ranging from 25oC to 27oC. Thanks to its good natural condition, India has a huge potential for solar power generation.
EQ: How do you think the Indian renewable energy market dynamics compared to the other international markets?
MR. SHANTANU SIRSATH Technical Head India, Growatt New Energy
EQ: What Kind of Products and New Technologies you are going to launch in in this or next year?
In addition, international market research company EUPD Research has recognized Growatt's preeminent brand position across global markets according to its surveys and analysis. The institute has presented Growatt with 'Top Brand PV Inverter' and 'Top Brand PV Storage' awards for achieving outstanding performance in terms of reliability, market penetration, brand awareness and satisfaction across global solar markets.
SS: Growatt is a global leading distributed energy solution provider that specializes in sustainable energy generation, storage and consumption, as well as energy digitalization. The company designs, develops and manufactures PV inverters, energy storage products, smart energy management system andAccordingothers.
Thirdly, in recent years the growth rate on solar energy in India has been very promising, also signifies high potential of energy generation and Indian solar market lying in biggest 4 solar markets in the world.
SS: As a global leading distributed energy solution provider, our business has span across over 150 countries and regions. We have grid compliance certifications for each individual series of inverters catering to different markets worldwide. India is no different and when BIS was introduced for solar inverters, Growatt got the BIS certification for all the series of inverters ranging from 750W to 80KW with its fast response. Now Growatt is having BIS certification up to 125KW. BIS is a neutral platform for providing third party guarantee of quality, safety and reliability of products to the customer. Growatt always complies to all the countries grid regulation and same in India.
About Indian market, Growatt started its business in India from 2012 and this year we are celebrating 10 years of our presence in Indian market. We have deployed local team of more than 25 employees with two service centers for a fast and effective after sales support, one in Hyderabad which is a master service Centre and second one in Ahmedabad.
EQ: Kindly brief us about Growatt and your team in India?
to Frost & Sullivan, Growatt ranks among the global top three PV inverter suppliers. In particular, the company is ranked the number one residential inverter supplier globally as well as the world's largest supplier of user-side energy storage inverters in terms of shipment volume.
projects, developers as well as EPC players who are dominantly preferring string inverters. With 12 and 15 number of MPPTS for 250KW and 253KW respectively, the inverters provide maximum DC input which results in overloading up to 200%. 30A/ MPPT input current makes it compatible with MONO PERC as well as bi-facial modules available in the market.
All above factors contribute to a promising future of solar energy business in India, and keep its dynamics high.
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EQ: What's your views on the ALMM / BIS etc.?
Growatt will bring the new product WIT 50-100KTL3-H/A, the commercial hybrid inverter to cover India’s energy storage market for C&I applications. This new product features scalable system configuration up to 300kW, EPS function and black start, 100% unbalanced load when backup and 110% continuous AC overloading capacity, remote control of DG, multiple MPPTs input and grid-support.
SS: Growatt will be showcasing its all inverter range in single phase from 1kw to 6kw as well as three phase inverters from 3KW to 125KW in 1100V and MAX 250-253 for utility segment: MAX 100-125KTL3-X LV model is part of our continuous effort to stay at the forefront of technology and product innovation. The inverter has created many highest in the market, the highest power density, the highest power rating of single unit for C&I inverters, also have the highest string current up to 16A, perfectly compatible with the high power modules. Furthermore, it integrates other functions like the PID, AFCI and PLC communication. All of these can obviously reduce the BOS cost and increase the solar power generation, will effectively reduce the LCOE of the system. Growatt also expands its inverter portfolio to a new utility-scale solution with MAX 185-253KTL3-X HV 1500V string inverters for Indian ground mounted projects utility based
PRE-FEATUREDANDPOSTGENERATION
STORAGE
This is the form of storage that most people probably think of intuitively because it is what most people do every day: plug a phone or other portable device into a socket to store grid electricity in the device’s lithium-ion battery. Post-Generation Storage has be come an especially important topic with the rise in popularity of solar and wind generation. Sometimes, solar and wind facilities generate more electricity than is needed by the grid. If we were able to store that excess electricity as easily-available potential energy to be used when electrical demand is high, the carbon footprint of our grid would decrease con Insiderably.anearlier
We Have An Energy Storage Problem !!!
Pre-Generation Storage
Back in April, a company in which I’ve been interested in – Energy Vault NRGV, co-founded by Idealab’s Bill Gross – posted respect able quarterly earnings numbers after its first three months of operation as a public company.
Pre-generation storage comes in the form of an inventory of fuel of one form or another that can be converted into electrical energy that allows us to do some work. An inventory of coal is, in this sense, a form of pre-generation storage, as is a sup ply of Uranium for a nuclear plant or the buildup of river water behind a dam. Storing potential energy – within chemical or nuclear bonds or by virtue of gravity and location in the case of dams – is the old-fashioned way of doing things. While old-fashioned, pre-generation storage solves a lot of problems for the organizations tasked with mak ing sure we all have electricity when we need it. Demand for electrical energy fluctuates, depending on the time of day, the time of year, and the se verity of weather conditions. Having an inventory of fuel on hand allows operators to quickly gener ate electricity for the grid during sudden demand spikes.
WE HAVE A STORAGE PROBLEM
Ihad
article about grid modernization, I wrote that grids were never really set up to store energy. I’ve since realized that, in fact, grids have always been set up to store energy, just in pre-generation form. My revelation came while reading Meredith Angwin’s book, Shorting the Grid: The Hidden Fra gility of Our Electric Grid. In this book, she points out that the shift from coal to natural gas has ended up disrupting the storage dynamics in a real and negative way.* Unlike coal-fired plants or nuclear installations, which keep months of fuel on hand, natural gas power plants do not typically keep fuel in inventory. Natural gas flows directly from pipelines into the generation plant in what, in the manufactur ing world, might be termed as “Just-in-Time” inven tory management. This Just-in-Time management of natural gas means that pre-generation energy stor age capacity has dropped in proportion to the shift from coal to natural gas as a generation fuel. This lack of natural gas inventories led to the blackouts in Texas during the cold snap of winter 2021 and in the Northeast last winter. We have post-generation storage issues as well.
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Post-Generation Storage
the opportunity to speak with another of Energy Vault’s co-founders and CEO, Robert Piconi, and was impressed by his background as a multi-faceted builder of businesses. An upcoming article will look closely at what Energy Vault is doing, but before that, I wanted to offer some background about en ergy storage technology in general to provide con text for my Energy Vault-specific comments. This article discusses two ways to store energy on a grid scale (pre- and post-generation), investigates some of the issues regarding these two methods as well as the technologies used to implement them, and provides a back-of-the-envelope calculation of the scale of the problem for which we need to solve. Buckle up! Storage is a fascinating topic and a lot more complex at a grid level than simply plugging an iPhone into a wall socket.
One of the reasons I am so interested in EnerVenue – a company about which I wrote at the end of 2020 and will write more about soon – is because the Met al-Hydrogen batteries it has pioneered make up for a lot of the weaknesses of Lithium-ion technology. The other post-generation storage technology about which I have written in this column is Compressed Air Energy Storage (CAES). CAES is an older tech nology – pioneered in the 70s and 80s – that has ex perienced a recent revival. The main issues related to CAES relate to efficiency – most CAES systems only return 50% of the energy originally generated with the rest lost to heat and other factors – and to issues related to site selection.
forbes
SCALING STORAGE
I featured a company called Hydrostor in this column last year (see link in intro) which has fig ured out a way to improve the efficiency of the CAES process in a very clever way.
Source:
The largest battery installation in the US is Vis tra Moss Landing, in Monterey County, Califor nia that can sustain an output of 400 MegaWatts (MW) for four hours. In the energy business, that means that it has a capacity of 1,600 MW hours (MWh). According to the California Energy Commission, in 2020, the state generated or im ported around 300,000 MWh of fossil fuel-based electricity every day. Furthermore, in 2020, Cali fornia generated around 250,000 MWh of renewable electricity every day. Based on a simpleminded, back-of-the-envelope calculation based on these statistics, to completely free itself from fossil fuel-based generation, California would need to roughly double the amount of renew able generation capacity that is installed now and build around 350 storage facilities with as great a capacity as the largest one in existence right now. Note that these calculations were made by someone whose training in electrical engineering comes from scanning Wikipedia articles. Also, note that I am not assuming any other changes to energy mix (e.g., nuclear), nor am I assuming that we abandon our current centralized paradigm for generating and storing power rather than us ing the localized, distributed paradigm discussed in an earlier article. While someone with better training might quibble with the details above, these calculations should offer at least a ballpark estimate of the strength and magnitude of de mand for storage.
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Usually, when people think about post-generation energy storage, they think of electrochemical batter ies. However, batteries represent a small minority of electrical storage capacity at present.
With this general overview of storage as a ref erence, an upcoming article will look at Energy Vault’s post-generation storage solution. In short, Energy Vault’s solution overcomes some of the most difficult shortcomings of current post-gen eration storage technologies in a creative way.
About 90% of current grid storage is in the form of pumped hydro facilities. This type of storage uses energy to pump water from a low-lying reservoir into a reservoir a few hun dred feet above during times when grid demand is low. Then, when demand increases, water is released from the upper reservoir to spin generators to produce the needed electricity. While this solution works well, it has some problems. Ecologically, many thousands of tons of reinforced concrete needs to be used in constructing these facilities, which boosts their carbon footprints. Also, these installations are usually situated in scenic locations – hills, rivers, and lakes are the essential inputs – so there is often vigorous pushback to building an industrial installation in across the lake from somebody’s scenic vacation home. Last, there’s the obvious topographical and geographical limitations; you can’t build one of these plants easily in a place without hills, rivers, and lakes. Because of these shortcomings, a new pumped hydro plant has not been built in about 30 years in the US. Electrochemical batteries represent the intuitive “right” storage solution in many people’s minds simply because of familiarity, but at present, batteries only make up a very small proportion of the US grid’s storage capacity. As I have pointed out in prior articles, batteries have issues too. Lithium-ion cells – the leading battery technology at present – might be great for mobile phones, but it’s not clear to me that it is a great technology for grid storage. Among the problems are raw material scarcity, a relatively short effective operating life, the risk of fires and toxic chemical release, and sensitivity to extreme heat or cold.
Citing
FEATURED
the proliferating population of In dia, the Government has launched many water developmental schemes in the past. But none of them got meaningful results as compared to Jal Jeevan Mission. This scheme aims at making safe and adequate drinking water available through individual household water connec tions by 2024 to all households in rural India. SunShell Power aligns with the vision of the Jal Jeevan Mission. It works uncompromisingly to bring smiles across vil lages by providing a clean drinking water facility using its state-of-the-art technology. Currently, the mission marked its 51% accomplishment. The govt. declared that more than 50 per cent of rural households now have access to tap water supply, whereas Goa, Telangana and Haryana at 100 per cent.
DRINKING WATER SYSTEM
EMPOWERING THE JAL JEEVAN MISSION WITH SOLAR BASED
Sahibganj lies in a terminal district of Jharkhand, which is nestled between hills and forests along with river Ganga and com prises many scattered villages with no basic infrastructure and connectivity. Moreover, the groundwater levels vary from 60 metres to 300 metres, and any big scheme couldn’t be materi alised in the area due to low population density.
Considering the global demand for safe, efficient, and reasonable solar power products, India is expanding its solar power industry as its installed capacity will be 56.951 GW by June 2022. By 2040, the aim is to increase 49% of the total electricity generated by renewable energy. Due to the usage of more efficient batteries, the solar energy cost is reduced by 66% compared to the current price. Using renewables in place of coal will save Rs. 54,000 crores (US$ 8.43 billion) annually. The world has exhibited its capabilities in sanitation, technology and solar energy infrastructure development and embracement. Areas like en ergy audit and management, solar logistics, EV charging sta tions and investors are showing tremendous potential.
This project was strenuous due to the non-availability of power at the site, complex topography, zero road connectivity, water level fluctuation, no ladder to climb the tank, improper tank alignment and restricted space to install the solar module. It required more emphasis and considerable customised efforts to complete the project in the desired manner. Here, SunShell Power deployed a person alised solution that lifted groundwater from the deep to reduce arsenic contaminations, stored it in a 5000-litre overhead tank, and installed four water taps to make drinking water available at ease for the villagers. The life of residents of Sahibganj has completely transformed as they received access to arsenic-less and potable water facilities round the clock. The programme will also complement the existing government facilities, form linkages and help the villagers to improve their living conditions. Rural India continues to be a crucial part of any developmental work as it comprises over 65% population and 37% of GDP, so it is considered as a potential area for the renewable energy market. A major hindrance to rural development and eco nomic growth is the dearth of basic infrastructures such as electricity, road connectivity, clean water and sanitation. There is a crucial demand for solar energy providers to create a robust solar energy infrastructure in the rural area, bringing impeccable change on multiple fronts. Solar projects can also help drive new skill development and enable the labourers to aim for higher income, leading to an upsurge in the economy.
Water is one of the essential natural resources on Earth, a key element of life for human survival. While the sources of water may seem in abundance, less than 1% of the world’s water is usable for basic human needs. According to a WHO report – 1 in 3 people globally cannot access safe drinking water.
Ahom Pathar, a scattered tribal village in Assam’s Sorbhog town, has a severe power crisis and unstable grid. It was a very challenging task as the water filtration plant was not working due to a poor electrical system, no proper installation, and voltage fluctuation. Defunct pumps, a single-phase line and improper plumbing led to the broken piping system. As a result, the existing water plants were not functioning correctly. The only possible way to make them work again was to restruc ture the whole infrastructure. Here, SunShell Power played a considerable role by creating a robust solar infrastructure and reducing the carbon footprint. The new solar powered plant lifts the groundwater, filters it, stores it in a reservoir, and then supplies the filtered wa ter to houses through installed taps. With this, the life of residents of Ahom Pathar has completely transformed as they now have seamless access to filtered water.
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www.EQMagPro.com 25EQ SEPTEMBER 2022 (B) HINDUSTAN ZINC SIGNS PACT WITH SPV FOR RENEWABLE POWER
KPI Green Energy is setting up green hybrid capacities totalling 16.10 MW at Bhavnagar, under the Gujarat hybrid power policy 2018.
The equity infusion of Rs 350 crore in the Serentica Renewables India 4 Private Limited will be made at par, in accordance with the Investment Agreement, the filing said.
CEO Yogesh Kumbhejkar said, “Our target is to install around a thousand rainwater harvesting (RWH) pits. PHCs are a priority because constant water supply is needed there. As we all know, groundwater level is fast depleting and hence the urgency over it.”
KPISUPPLYGREEN TO SET UP 16.10 MW HYBRID POWER PROJECT
Source: PTI
The
Serentica Renewables India 4 Pvt Ltd will set up captive power projects in different parts of the country according to the suitable location and the SPV will commission the projects with two years of signing the pact. ”The equity infusion of Rs 350 crore in the Serentica Renewables India 4 Private Limited will be made at par, in accordance with the Investment Agreement,” the filing said.
ENERGY
The equity infusion will be at par as per invest ment pact and the tariff rate agreed has been inde pendently benchmarked by a third party with ref erence to prevailing market tariff for renewable energy power and a cost-plus model prescribed by the Central Electricity Regulatory Commission.
group firm Hindustan Zinc said it has entered into a pact with special purpose vehicle Serentica Re newables India 4 Pvt Ltd for the de livery of renewable power on a longterm basis. The SPV has been formed in a bid to supply power over a long-term to the company. The delivery of renewable power would be for a capacity up to 200 mw. This project will be funded on a 70:30 debt-to-equity basis.
"ZP
hybrid power project comprises wind and solar capacity to be developed at its Bhun gar site in Mahuva at Bhavnagar, Gujarat, the company said in a regulatory filing. "The requisite financial closure to the tune of Rs 132 crore has already been achieved from State Bank of India. Further, the company has arranged long-term PPAs in advance with various corporate parties for sale of power generated out of the hybrid power project upon commissioning," the company said.
Vedanta
In a filing to BSE, HZL said that ”26 per cent of equity will be held by company in the Serentica Renewables India 4 Private Limited…The remaining equity in the Serentica Renewables India 4 Private Limited will be held by affiliated companies,” the filing said.
The project is scheduled for commissioning in March 2023, it said. According to indus try estimates, to set up every 1 MW of solar capacity, an investment of Rs 4.5 crore is re quired.
IN GUJARAT
FEATURED
Source: PTI
“At
SRK KNOWLEDGE FOUNDATION TO PROVIDE FREE ROOFTOP SOLAR ELECTRICITY TO THE FAMILIES OF 750 MARTYRS AND UNSUNG HEROES
SRK
SRK, we are committed to protecting our environment, preserving our natural resources, developing socially responsible leaders and giving back to our communities,” said Govindkaka. “Our unsung heroes have made the ultimate sacrifice to protect our freedom and preserve our wellbeing. We, at the SRK family, are inspired by their patriotism and will never forget the sacrifice made by these heroes and their families. This is why we decided to provide free solar energy to power their homes for their entire lifetime. We hope this pioneering initiative from SRK will inspire other Indian business leaders to also give back to these leaders and their families.”
In March 2022, SRKKF an nounced plans to transform Dud hala village in the Amreli district of Gujarat into a green village by installing solar panels across the community. 400 KW solar roof top arrays will power 350 houses and public areas in the village and, once complete, will be the first village to be completely powered by solar panels. Earlier in 2016 at Nadabet, SRKKF also organised an event named “Hum Chale toh Hindustan Chale” to felicitate our brave army jawans and honour them by providing aid to the families of martyrs and funding increased medical care and supplies, including an ambulance, water purifiers and new a medical centre at the border. Under the leadership of Govindkaka, SRKKF has financially supported the educational and medical needs of over 3 million people and conferred the ‘Santokbaa Humanitarian Award’ to 13 eminent leaders since 2006 in fond memory of his mother.
Knowledge Founda tion (SRKKF), the phil anthropic arm of global diamond leader Shree Ramkrishna Exports Pvt. Ltd (SRK), announced they would install residential solar rooftops at the homes of 750 martyred soldiers and unsung heroes across India. SRKKF is committed to creating a better fu ture for humanity, and, through its philanthropic efforts, strives to help realize a sustainable future for the communities in which SRK oper ates. The announcement was made at an Independence Day celebration by Shri Govind Dholakia (Govindkaka), SRKKF Founder and Chairman, in support of Prime Minister Narendra Modi’s “Azadi ka Amrit Mahotsav” campaign to celebrate 75 years of In dia’s independence. SRKKF pledged to help the families of our unsung he roes by installing free solar rooftops at their homes.
The initiative will provide clean and renewable electricity to more than 3,000 people and allow them to save Rs. 2,000 per month on their utility costs
The 750 KW rooftop solar sys tems will be used to power 750 homes. The initiative will impact more than 3,000 lives and en able residents to save at least Rs. 2,000 per month. This initiative also supports Goals 7 and 11 of the UN Sustainable Development Goals (SDGs).
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Manoj Sharma joined PFC in 1990 and was working as Executive Director (Incharge) of the Commercial Division before assuming charge as Director (Com mercial)
Manoj
AT POWER FINANCE CORPORATION
Source: psuwatch
With this, the department has saved Rs 19 lakh. Verma said: “Besides underground cabling, elec trification of 2,556 villages have been completed under Saubhagya Yojana Phase-I at a cost of Rs 61.80 crore. Under this 1.02 lakh houses have been provided power connections.” He further said: “Out of total households, 37,239 BPL families have also benefited from the scheme. Apart from this, 13,260 houses in 147 villages have been pro vided power connection at a cost of Rs 10.27 crore under Saubhagya Yojana Phase-II. In these 807 BPL families have been included.”
The new Director (Commercial) is also the Chairman of PFC Projects Limited and Jharkhand Infrapower Limited.
Ayodhya city would be free of overhead electricity cables by 2023 as part of government’s ambitious plan of development of the temple town. As part of it, almost 50 per cent process of laying of underground cables has been completed.
UTTAR PRADESH: NO OVERHEAD POWER CABLES IN AYODHYA BY MANOJ2023
Sharma assumed charge as Director (Commercial) at Power Finance Corporation (PFC) Ltd, a Maharatna CPSE company and India’s leading power sector-fo cussed non-banking financial firm. Sharma is a char tered accountant with a degree in law (LLB). The Appointments Committee of the Cabinet (ACC) had cleared his appointment on August 27. Manoj Shar ma joined PFC in 1990 and was working as Execu tive Director (In-charge) of the Commercial Division before assuming charge as Director (Commercial), PFC. He has more than 30 years of experience in the power sector. In PFC, he has handled multiple areas & domains including institutional appraisal & development, entity appraisal, legal & documenta tion, taxation, budget, audit, preparation of financial statements, financial analysis, resource mobilization, debt syndication and consultancy assignments on fi nancial/commercial aspects in the power sector.
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SHARMA ASSUMES CHARGE AS DIRECTOR (COMMERCIAL)
The department claimed that by October work relat ed to aerial bundled cable (ABC) will be completed. Apart from this, 3.81 lakh LED lights have been dis tributed in Ayodhya so far under the Ujala scheme re sulting in a reduction of 20.22 MW in power demand.
Source: PTI
During the last 3 decades, he has been associ ated with the entire spectrum of PFC’s loan assets, covering the formulation of lending policies, put ting in place a policy framework to guide appraisal with a structured format for financial analysis, compliance with applicable regulatory and statuto ry frameworks, monitoring conditions, facilitating disbursement, resolution mechanism for stressed accounts, etc.
"The project was initiated under the ‘Ujjawal Bharat, Ujj wal Bhavishya Power 2047’ scheme of ministry of power, NTPC Tanda and Ayodhya district administration at an outlay of Rs 179.60 crore. “So far, we have laid close to 50 per cent underground cable. We started the project under Integrated Power Development Scheme (IPDS) scheme in June 2021 and expect to complete it by June 2023,” said power department executive engineer Pradeep Kumar Verma.
The move will give boost to faster EV adoption in the State of Gujarat.
As per MoU, the company will set up EV charging points across IRM’sDODO (Dealer Owned and Dealer Operated) and COCO (Company Owned and Company Operated) CNG Stations (“CNGRetail Outlets”).
In
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These chargers will be made available at CNG Retail Outlets of IRM ENERGY and enable easy access of chargers to end customers, thereby encouraging them to use electric vehicles.
28 EQ SEPTEMBER 2022 (B) www.EQMagPro.com MINDRA EV PVT LTD SIGNS MOU WITH IRM ENERGY LIMITED TO DEPLOY EV CHARGING STATION AT ITS DODO & COCO CNG RETAIL OUTLETS
EV owners will have access to 24×7 vehicle charging, moni toring, and e-payments facilities through MINDRA’sChareMi mobile application. The col laboration is a huge step toward reducing carbon emissions and accelerating e-mobility adop tion across Gujarat.
a major thrust towards Green Mobility, IRM En ergy Limited (“IRM ENER GY”) (a Group Company of Cadila PharmaceuticalsLtd), one of India’s leading gas distribu tion company, has collaborated with Mindra EV Pvt Ltd (“MIN DRA”) to install Fast DC EV charging points across its CNG Retail Outlets in Gujarat. The MoU was signed on August 24, 2022 at IRM’scorporate office. Ahmed abad in the presence of Mr.Karan Kaushal –CEO, IRM ENERGY and Mr Dhairya Shah and Mr. Jai nam Shah,,Directors of MINDRA. The move will give a boost to EV adoption in the state. MINDRA will provide a comprehensive EV charging solution across CNG Re tail Outlets of IRM ENERGY. This will include installation, main tenance, and up-gradation of the chargers as and when required.
“WearegratefultotheIRMENERGYforenablingthiscollaborationtoac-celeratetheexpansionofEVcharginginfrastruc-tureacrossthe
State of Gujarat. The move will put an efficient electric vehicle ecosystem closer to the end-user, allowing us to contribute to the national aim of a rapid transition to green mobility,” said Mr Dhairya Shah Founder and CEO of MINDRA.
MINDRA is pioneer in the installation of EV charging points across the country, having a presence across all segments of the EV charging eco-system – public charging, captive charging, and home and workplace charging sta tions. ChargMi is a mobile ap plication helping users locate EV charging stations, charge EVs, and make bill payments online. It has deployed all types of chargers including DC and AC Chargers. The company is driving e-mobility infrastructure through various collaborations.
EV owners to have 24×7 vehicle charging, monitoring, and e-payments facilities through MINDRA “ChargeMi” mobile application.
his views Mr. S.N Goel, Chairman and Managing Director, Indian Energy Exchange, said, “In light of the ratified Nationally Determined Contribution target of our climate goals, we strongly believe that this is an opportune moment to brainstorm and evaluate the role of Power Exchanges in supporting accelerated growth of RE capacity addition in India.”
“As part of the keynote address Shri Ghanshyam Prasad, Chair person, Central Electricity Au thority, Ministry of Power, said, “India is transitioning towards a greener future and the power market is playing a key role in facilitating India’s NDC commitments alongside the exist ing mechanisms prevalent for RE capacity addition. The market-based models facilitate immediate payment realization to renewable energy generators which would further boost investment in the
www.EQMagPro.com 29EQ SEPTEMBER 2022 (B) IEX UNVEILS JOINT STUDY WITH SECI ON ‘RE CAPACITY ADDITION
Power Markets will play a critical role in sup porting accelerated growth of RE capacity ad dition given India’s ambitious targets to reduce emission intensity by 45% and achieve about 50% cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030. The study evaluates the feasibility of mar ket based RE capacity addition. The MILP-based simulation forecaststhe system marginal cost till FY39 using the projected growth of power de mand, supply and changing energy mix. As per the findings of the study, market-based RE proj ects can command better IRR vis-à-vis the RE projects being set up through existing mechanism. Further, market-based models shall help in reduc ing RE integration cost at the national level due to large pool and balancing area. This model will also provide flexibility to the Discoms and Open access consumers to trade the green power as per time of need and quantum required. Market-based scheduling will also resolve issues such as pay ment delays and disputes affecting realization of RE generators. A gradual transition to such mar ket-based models in line with high RE penetration countries, can boost investment sentiments and facilitate faster addition of RE capacities to meet India’s 2030 climate goals.
Other
distinguished panelists included Mr. SK Mishra, Director of Opera tions, SECI; Mr. Rajesh Zoldeo, Chief Commercial Officer Sembcorp En ergy India Ltd.; Mr. Vasilios Anatoli tis, Fraunhofer Institute for Systems and Innovation Research ISI, Germany; Mr. Gautam Gaur, VP – In vestment Banking & Corporate Finance, HDFC Bank and Mr. Nitin Sabikhi, Head- Energy Market, Renew
saw an insightful exchange of views on a wide range of issues concerning the power markets. The discussion majorly focused on the Hourly Reso lution Spot Price Projection for 15 years and on creat ing Merchant RE Model for the 15-year tenure, that is, from 2023 to 2039.
THROUGH MARKETS TO ACHIEVE 2030 TARGETS’
sectors.”“Sharing
Power.Theevent
He further added, “I would like to congratulate both IEX and SECI for conducting the study and proposing a possible model of market-based mechanism for RE capacity addition. It will be a great opportunity for all the stakeholders to use a market-based mechanism that can enable RE Capacity addition and help India in achieving green aspirations.”
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The Indian Energy Exchange Limited (IEX), India’s premier energy exchange, organized the second edition of ‘IGNITE- India Energy Dialogue’ on 24th August, attended by senior power sector stakeholders. A study on ‘RE capacity addition through markets to achieve 2030 targets’, conducted by Solar Energy Corporation of India (SECI) and IEX, through Deloitte, was released at the event. Shri Ghanshyam Prasad, Chairperson, Central Electricity Authority, Ministry of Power, graced the event as the chief guest.
Shah Capital will purchase 10,000,000 shares represented by 1,000,000 ADSs from ReneSola Singapore at a price of US$0.60 per share (or US$6.00 per ADSs). affiliates of ReneSola Singapore will resign from their offices as legal representatives, directors, and officers of the Company and its subsidiaries shortly after the closing of the repurchase transaction. Ms. Crystal (Xinhan) Li and Ms. Maggie (Yuanyuan) Ma will resign from the board of directors (the “Board”) of the Company immediately upon closing of the repurchase transaction. Ms. Crystal (Xinhan) Li will also resign from her executive role as the vice president of investment of the Company simultaneously in connection with and effective upon the
Ltd (“ReneSola” or the “Company”) (www.rene solapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today an nounced that: the Company has entered into a securities repurchase agreement with ReneSo la Singapore Pte. Ltd.(“ReneSola Singapore”), one of the Company’s major shareholders, pursuant to which, among other things, the Company will repurchase from ReneSola Singapore 70,000,000 shares represented by 7,000,000 ADSs at a price of US$0.60 per share (or US$6.00 per ADS), totaling US$42 million through a privately negotiated transac tion. ReneSola Singapore will be subject to a 90-day lock-up restriction with respect to its remaining share ownership of the Company and other customary covenants.
ReneSola
TANGEDCO PLANS 42MW WINDMILLS IN SOUTH TN TO BOOST RENEWABLE ENERGY
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The highest demand for electricity so far — 17,563MW — was re corded on April 29 this year. Another Tangedco official said: “In 10 years, the demand is likely to reach around 24,000MW. The Cen tre has instructed all State governments to encourage renewable energy to achieve a “zero carbon” target. To cater to the demand, it’s necessary to increase Tangedco projects.”
Asenior
Share Repurchase from ReneSola Singapore New Investor Rights Agreement with Shah Capital Departure of Two Board Members
Source: PTI
RENESOLA ANNOUNCES A REPURCHASE TRANSACTION WITH RENESOLA SINGAPORE AND ENTERS INTO A NEW INVESTOR RIGHTS AGREEMENT WITH SHAH CAPITAL
Tangedco officer told TNIE that the utility’s 17MW windmills, installed in Tirunelveli and neighbouring dis tricts three decades ago, were inoper able due to age. For the 42MW project, an expert team would visit the southern region to prepare a feasibility report. It would analyse cost, land, generation, weather, connectivity to grid, substations and other subjects related to wind energy. After ob taining the report and the subsequent administrative approval from the State government, tenders would be floated. He expected these paper works to be com pleted by the year-end. For solar-panel installation, he said a few localities have been shortlisted in the west zone. For this project as well, a feasibility report would be prepared.
It would analyse cost, land, generation, weather, connectivity to grid, sub stations and other subjects related to wind-energy. Tangedco is planning to produce 42 megawatts (MW) from windmills to be installed in southern Tamil Nadu and 63MW from solar panels across the State to promote renewable energy generation.
closing of the repurchase transaction, the currently effective investor rights agreement dated as of October 2, 2019 by and among the Company, Mr. Xianshou Li, ReneSola Singapore, Shah Capital Opportunity Fund LP (“Shah Capital”) and certain other parties named therein will be terminated. The Company will enter into an amended and restated investor rights agreement separately with Shah Capital
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Source:
initiative will mobilise the 4,000 banking factors of Payment Banks (APB) in north Odisha to facilitate bill funds. Customers of the three way part nership between and the Odisha author ities merely want to go to the shop and supply their contact numbers and shopper numbers on the bank ing level. Airtel IQ enterprise head Abhishek Biswal advised ET that the corporate’s ambition is to scale this venture throughout Odisha and ultimately as sociate with different state electrical energy boards for related options. APB has almost 500,000 shops throughout the nation. Airtel IQ is a unit of Airtel’s enterprise enterprise. For the quarter to June, Airtel Business reported income of ₹4,365.6 crore, up 15% year-on-year. Its contribution to the general income stood at 19%.
The Board and the audit committee of the Board respectively approved the Company’s entry into the securities repurchase agreement and the amended and rested in vestor rights agreement. Upon resignation of Ms. Crystal (Xinhan) Li and Ms. Maggie (Yuanyuan) Ma, the Board will have two vacancies. The Board appointed ReneSola Power’s Chief Executive Officer, Mr. Yumin Liu, to fill one of the vacancies. The other vacancy on the Board is pending further review and appointment by the Board.
Bharti Airtel has launched a pilot venture in partnership with TP Northern Odisha Distribution to offer bill payment options to greater than two mil lion registered prospects of the utility, stated a senior govt at India’s sec ond largest telecom operator.
“This transaction is an important step in the multi-year transformation of our Company into a leading solar project developer,” said Yumin Liu, ReneSola Power’s Chief Executive Officer. “We are especially encouraged that Shah Capital has increased their already large commitment to the Company. We appreciate their sup port and vote of confidence.”
AIRTEL PARTNERS ODISHA UTILITY TO OFFER BILL PAYMENT SOLUTION
PTI
> The terms of the amended and restated inves tor rights agreement are substantially the same as those under the previous investor rights agree ment, except that (i) Shah Capital, subject to cer tain minimum shareholding requirements and a step-down mechanism, is entitled to nominate three (3) designees for election and/or appoint ment as directors of the Company, and (ii) the board of directors of the Company is entitled to jointly nominate for election and/or appoint one (1) director.
“Biswal stated Airtel IQ is en gaged on offering extra sim plified payment options. For instance, it’s at present grow ing UPI over IVR service the place prospects could make funds over a name. “Once the customer de cides to make the payment, we can pull the UPI id attached to the num ber and send a payment link through which the customer can make the payment,” he stated.
The
The venture is on the National Payments Corpo ration of India certification stage. The certification ensures that the method has minimal threat of digital fraud. Biswal stated Airtel IQ has recognized What sApp as a vital communication platform. Bharti Air tel is the only telco to be a supplier to Meta globally, which makes the telco a licensee of WhatsApp for enterprise. “We are also looking at integrating Ins tagram Chat and Google Business Messaging in our CPaaS offerings in the coming months,” he stated. Airtel IQ can also be bullish on its cloud contact cen tre service.
ADD 500KW TO
KOCHI: PROJECT AT VYTTILA TO POWER GRID
Under
The solar rooftop project of the Cochin Smart Mission Ltd (CSML) will get an impetus with a 500kW solar plant coming up in the Vyttila mobility hub soon.
As of now, rooftop solar plants have been installed in 28 government buildings in the Kochi corporation limits by CSML. “The total capacity is 1000kW or 1MW, generating 1.46 million units of green energy in a year,” he said. The plants will help the govern ment establishments save about Rs 1 crore in power bills a year and reduce carbon footprint to the tune of 1,000 tonnes a year. In green terms, it would have the effect of planting 5,400 trees. Officials pointed out that the challenge in solar roofing of government buildings is not in the wiring but whether the
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CSML is also mulling over the possibility of tapping wind energy in some of the islands. The bridges in Kochi are also being looked at as pro spective solar panel points. “If we put panels on our bridges, our power generation could easily touch 3-5 MW from these alone. We will look at these aspects if we are included in the Smart CityII mission,” he added. As of now, the average en ergy production per day over a one-year period is expected to be 4,000 units from the 1000kW installations. Among the 28 buildings, Town Hall has the largest plant in an individual building. The average per day production from the plant is expected to be 320 units and the monthly produc tion 9,600 units under favourable climatic condi tions.
“Even though there will be limited parking space, private owners of EVs can park vehicles at the hub and take it back after charging. This will add to the revenue of the hub. The power will go to the grid. All lighting will be changed accordingly,” said CSML CEO and Vyttila hub MD S Shanavas.
the project, KSEB will soon start the work to set up the plant which will have charging stations for electric au torickshaws and even private electric vehicles (EVs).
electronic and electrical items in the panels can withstand corrosion caused by high humidity and salt in the air. “We are taking it slowly and hope to understand if these panels can withstand the weather changes. We will study and then go in for a major expansion, if the materials can withstand our coastal climate,” Shanavas said.
Source: PTI
SOLAR ROOFTOP
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The university power system is often threatened by cyclones as the institute is located close to the Bay of Bengal. The power systems in the university was damaged in Phailin in October 2013 and it took around a month to restore power supply. “The solar power system will be cyclone-proof. The uni versity’s energy independence will create awareness about renewable energy,” said the vice-chancellor. The state-owned Odisha Renewable Energy Develop ment Agency (OREDA) will install the roof-top solar plant. The university has deposited around Rs 15.4 lakh of total cost of Rs 31 lakh with OREDA for the first phase of work.
Citizens must produce a tax invoice for the purchase of the solar panels, copy of the electricity bill from prior to solar panel installation, records from the power company provid ing electricity in Ahmedabad city, a copy of the report of the solar meter installation which is to be procured from Uttar Gujarat Vij Company, a copy of the report of joint inspection by the discom and an empanelled agency, photographs of the installation site, and a certificate from the Gujarat Energy Development Agency (GEDA) if it is an educational institution. “Arrangements have been made to implement the Solar Rooftop Incentive Scheme and those who apply will be given the benefits,” said Jainik Vakil, chairman of the AMC revenue committee.
The Berhampur University authorities will install a 20 KW rooftop solar plant to light up the administrative building. The work expected to start in a week will be completed in a month. In the second phase, the project will be implemented in 18 hostels and central library.
the municipal budget of 2022-23, the AMC had announced its Solar Rooftop Incentive Scheme under which a 10% property tax rebate was to be given for dwellings with rooftop solar panels, while a three per cent rebate was to be given to educational institutions. Now, the annual property tax bills for all properties have been generated and not a single property owner has been a benefi ciary of the scheme. Five years ago in 2017, the state government made provisions for rooftop so lar panel installation for plotted housing, group housing, industrial, commercial and institutional buildings across Gujarat. The same year, the state government announced the comprehensive gen eral development control regulations (GDCR) in which there were provisions for rooftop energy installation of 1kW. Back then, the AMC had not announced schemes to encourage citizens to in stall solar panels.
The ambitious incentive scheme of the civic body to encourage Amdava dis to install for rooftop solar panels has fallen flat on its face. Till date, just 50 citizens have applied for the rebate scheme and none of these applications have been cleared by the Ahmedabad Municipal Cor poration (AMC). The scheme was only open to bungalows, row houses and duplexes.
Senior AMC officials say the major reason for avoiding the scheme is the process involved in applying. “A 10% rebate, which is a few hundred rupees, against which there is a tonne of paperwork for the scheme is a major discouragement,” said an AMC official.
Source: PTI
SOLAR PROJECT TO LIGHT UP BERHAMPUR UNIVERSITY NOT A SINGLE TAKER FOR AHMEDABAD SOLARCORPORATIONMUNICIPALROOFTOPPANELREBATE
In
“We
aim to illuminate the entire university with solar power in phases and to make the institute energyindependent,” said Geetanjali Dash, the vice chancellor. The move will not only reduce the university’s electricity bill but also help students in studies as there will be no power cuts, she said. The university pays around Rs 7 lakh to Rs 8 lakh every month as electricity bill.
Source: PTI
“We already have an order for 200 electric double-decker AC buses from BEST. We will deliver 50 of these buses this financial year. Many more cities are discussing with us for these buses,” Mahesh Babu, CEO Switch Mobility In dia and COO at Switch Mobility Ltd said.
“With growing consumer demand for greener transport solutions, the government’s vision and poli cies aim to encourage higher adoption of electric vehicles.” Gadkari said. Further, the minister said that some 70 per cent work on the Delhi and Mumbai Expressway has already been completed. “My plan is to connect Nariman Point (in Mumbai) to Delhi . Let us plan luxury electric buses that can travel from Mumbai to Delhi in just 12 hours,” Gadkari said. He also said the current size of the Indian automobile industry stands at Rs 7.5 lakh crore and has the maximum employment potential besides giving max imum taxes to central and state governments. “My dream is to make this industry Rs 15 lakh crore by the end of 2024, and this is an achievable target,” he said, and emphasised that this is an achievable target. Switch Mobility, the electric vehicle division of Hinduja group’s flagship Ashok Leyland, Gadkari unveiled the country’s first electric double-decker air-conditioned bus EiV 22. These 66-seater buses will replace the existing double-decker fleet of the BEST (Brihanmumbai Electricity Supply and Transport) undertaking. As of now, Switch is operating its twin-floor electric AC buses in the United Kingdom. Switch India has already secured an order of 200 electric double-decker buses from the BEST and it is looking at a dominant space in the electric doubledecker segment across key regions in the country, the company said.
“In the Indian situation, import of crude oil is a big challenge. We are already experiencing the way rates are increased. It is also very difficult for the common man…,” he said. According to him, it is time to start using alternative fuels like electricity, ethanol, methanol, bio-diesel, bio-CNG, bio-LNG and hydrogen for the automobile sector. “There is a need to transform the country’s transport system, looking from a long-term perspective. With a focus on reforming urban transport, we are trying to build a low carbon footprint and high passenger density integrated Electric Vehicle (EV) mobility ecosystem.
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Union minister Nitin Gadkari, pitched for the use of alternative fuels for vehicles to cut down on crude oil import as well as to reduce pollution.
much as 35 per cent of the pollution in the country is due to diesel and petrol, Gadkari said, adding, “this is why we need import-substituting, cost-effective and pollution-free and indigenous prod ucts”. At the launch of the country’s first electric dou ble decker air-conditioned bus, the Minister for Road Transport and Highways said that electric automobiles are greatly cost effective when compared to diesel ones. The minister also urged the industry to plan luxury elec tric buses which can cover the distance between Delhi and Mumbai in just 12 hours.
Source: PTI
As
NITIN GADKARI PITCHES FOR ALTERNATIVE FUELS FOR VEHICLES TO REDUCE OIL IMPORT & POLLUTION
“Two years later if we haven’t learnt from the last two years then we need to be held accountable for not being a good learning organisation. So, we will definitely not repeat the mistake and we are creating enough capacity to allow us to do domestic and exports,” he said.
EV PRODUCTION SITE
Mahindra & Mahindra has initiated talks with various state governments in India to set up manufacturing infrastructure for its upcoming range of electric sports utility vehicles, according to a top company official.
Source:years.PTI
The
Asked if M&M would go in for production at its existing pas senger vehicle manufacturing plants or look for a new plant for electric SUVs, he said, “We are open to multiple options. I am not saying that subsidy will be the only criteria but it is definitely one criteria in deciding where to make.” He further said, “We are not worried if it is going to be common with ICE vehicles or not but we would definitely put one filter of the subsidies that we are getting for investment into the de cision process.” However, M&M would prefer a state which already has a ready automotive manufacturing infrastruc ture, Jejurikar added.
Chip shortage and strong demand for M&M’s new models like XUV700 and Scorpio-N has led to long pend ing orders for Mahindra running up to nearly two
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The company has already started discussions with a few state governments regarding the production of the new electric SUV range, he said without naming the states. The automaker rolls out its conventional ICE (Internal Combustion Engine) vehicles from plants in various states, including Maharashtra and Tamil Nadu.
M&M IN TALKS WITH DIFFERENT STATES IN INDIA FOR SETTING UP
automaker, which has lined up five new electric Sports Utility Vehicles (SUVs) with the first four expected to hit the roads between December 2024 and 2026, will evaluate incentives offered by different state governments before finalising strategy for production of these EVs.
“It has to be in an automotive hub. So, we are obviously not going to go to a state where there is no automotive eco system. We have enough states now with such ecosystems which are focussing on attracting EV investments. We will evaluate those three-four different options,” he stated.
“One of the criteria to make that decision (electric vehicle production) is the kind of subsidies we may get from the state governments. So, we are waiting to go through that process and will keep two-three options open before firming up our manufacturing strategy,” M&M Executive Director – Auto and Farm Sectors – Rajesh Jejurikar said here in an interaction.
The automaker plans to introduce the five elec tric SUVs under two brands — XUV and the all-new electric-only brand called ‘BE’. Legacy brands will come under XUV brand while the new electric models would be rolled out under the BE lineage. Mahindra currently does not have a presence in the electric passenger vehicle segment. It however is the leading player in the domestic electric three-wheeler space with over 70 per cent market share. When asked about the company’s plans regarding exporting the elec tric SUVs, Jejurikar said, “We have not decided on the markets yet but we have started to look at all the regulatory requirements and expecta tions around that, so that work is on right now.” He noted that the company is in the process of ramping up production capacity to cater to both domestic and international markets.
Representatives of solar industry in Rajasthan said the Energy Conservation (Amendment) Bill 2022 will further galvanize the developments in the sec tor, which already has the largest installed capacity in the country.
"Mr Ravi Kumar Panga, CEO and Director, CAUSIS E-Mobility Private Limited, at the inauguration of the Pune office, said, “This is our 3rd office in India and is a testament of our commitment towards ensuring that we provide the best-in-class mass transit solutions that is backed by state-of-the-art technology and keeping up with that com mitment we are also expanding our opera tions in country.”
In fact, some of the big hotels, data centres and call centres in recent years have started using renewable en ergy. Sunil Bansal, president of Rajasthan Solar Associa tion, said, “If the norms are implemented in right pursuit, it will generate demand for the popular solar energy. This will create a new cycle of demand and ultimately being the leader in the sector, Rajasthan will gain the most.”
"Ashu Gupta, managing partner at Design2occupancy Services LLP, said, “The Energy Conservation Building Code (ECBC) was there for the commer cial buildings. But now the residential buildings have been included to source 25% of their energy consumption from renewable sources. It seems the government is now seri ous to implement this and has made a penalty of Rs 10 lakh for non-compliance and Rs 10,000 per day for further violation of the rules.”
PTI Source: PTI
LARGE BUILDINGS TO SOURCE 25 PERCENT OF ENERGY NEED FROM GREEN SOURCES
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CAUSIS E-MOBILITY OPENS PUNE OFFICE; FOCUSES ON DELIVERING ELECTRIC BUSES TO STATE GOVERNMENT
CAUSIS E-Mobility, a net zero emission mass transit company and a part of the CAUSIS Group Ltd, London, announced the opening of its third offfice in India, in Pune. The offfice in Pune would be the center of product development and technology innovation which will strengthen the company’s focus of deliver ing e-mobility vehicles, to the Government of Maharashtra.
In
October 2021, CAUSIS E-Mobility signed a memorandum of understanding (MoU) with the Government of Maharashtra, to invest up to INR 2800 Cr for setting up its flagship electric bus manufacturing plant which is expected to be op erational within 15 months. CAUSIS has secured the order to supply 700 Double Decker electric buses from BEST and plan to initially bring the first lot of Double Decker buses from the Jaipur plant and the remainder from the new facility being constructed in Pune.
The
bill passed by Lok Sabha has now made it mandatory for the large residential build ings to use 25% of its energy consumption from renewable resources. The existing Energy Conserva tion Building Code (ECBC) mandated the commercial buildings for mixing renew able energy, but the norms were not imple mented with seriousness. Now, the bill has not only added buildings which are used for commercial activities and use more than 100-kilowatt energy under the manda tory requirement but made a provision for penalty of Rs 10 lakh with Rs 10,000 for non-compliance thereafter.
Apart from the manufacturing unit in Talegaon, near Pune (Maharashtra), the company is in negotiations with other states to setup similar manufacturing facilities to meet their local and global order book.Source:
In
AAI’s Bhubaneswar Airport is all set to become a world-class green and carbon-neutral airport. Bhubaneswar Airport has been chosen as the first airport in the country to have indigenous, cost-effective, and environment-friendly air traffic management systems.
In order to develop and commission a 220 KV power transmission network linking the Democratic Republic of the Congo and Rwanda in Central Africa, KPTL, a power transmission, and distribution business signed a contract with REG in November 2013.
KALPATARU POWER MOVES COURT IN PARIS TO ENFORCE RWANDA ENERGY ARBITRATION
compliance with Atmanirbhar Bharat and Make in India initiatives, the airport will be modernized in partnership with Bharat Electronics Limited. The terminal building of the airport is energy efficient and a 4 MW solar power plant has already been installed. Biju Patnaik Airport serves as one of the major civil aviation hubs in Eastern India. The airport boasts two active scheduled passen ger terminals i.e. Terminals 1 and 2 for domestic and international passengers respectively.
to news reports, Kalpataru Power Transmission (KPTL) has ap plied to the Judicial Court of Paris to have a $32 million arbitration award against Rwanda Energy Group (REG) in a case involving a contract dispute enforced. In order to develop and commission a 220 KV power transmission network linking the Democratic Re public of the Congo and Rwanda in Central Africa, KPTL, a power transmission, and distribution busi ness signed a contract with REG in November 2013. When REG declined to compensate KPTL for a price modification, a conflict erupted.
Originally, KPTL and REG had an agreement in place for the network’s design, engineering, sup ply, construction, installation, and commissioning. Beginning in October 2014, construction continued until May 2017, when an operational certificate was granted.
According
Source: psuconnect
KPTL received an award from the arbitral tribunal last year, and REG was required to pay over $32 million to the Indian company by October 18. REG, though, steadfastly refused to pay. The New York Convention, commonly known as the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, has been ratified by Rwanda and India. The business can approach the New York court for a similar remedy.
AAI BHUBANESWAR ALL SET TO BECOME WORLD-CLASS GREEN & CARBON-NEUTRAL AIRPORT
AWARD
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The achievements have now attracted a US body—US Agency for International Development (USAID)— that has expressed its interest in studying the initiatives taken by the NCR for harnessing solar power.
“For this, Dipankar Bishnoi, capacity building specialist of USAID-SAREP has sent a letter to the principal chief electrical engineer of NCR. After the study, rapid steps will be taken in the direction of harnessing solar energy using this research in all zones of the Indian Railways and also abroad,” said Sharma. The US agency will also submit its study report to the Railway Board, he added.
In 2021-22, the total solar energy production at NCR was 124 lakh units which resulted in a savings of ₹5.01 crore and CO2 emission reductions of 10,500 Metric tonnes. As compared to this, in 2022-23 (from April to June), the production has been 38.4 lakh units and NCR saved ₹1.56 crore which was 3200 MT of carbon footprints reduction.
Source: PTI
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Central Railways (NCR) has bagged the first position among all the zonal rail ways of the country in harnessing solar energy and thereby reducing carbon emissions. The achievements have now attracted a US body—US Agency for International De velopment (USAID)— that has expressed its interest in studying the initiatives taken by the NCR for har nessing solar power, inform NCR officials. Chief public relations officer (CPRO) of NCR Shivam Sharma said that USAID-South Asia Regional Energy Partnership (SAREP) will jointly undertake research on rooftop so lar power plants of NCR as well as study innovation planning, monitoring, and maintenance aspects related to the
North
the entire world is trying to become a zero carbon emitter by 2050. In such a situation, the increasing temperature due to climate change can also be controlled by reducing carbon emissions and the efforts of NCR in terms of harnessing solar energy is a small yet effective step, said the CPRO.
Solarplants.panels
installed by NCR on rooftops of its dif ferent buildings have resulted in significant savings in revenue for NCR every month. Solar energy generation innovations by NCR have also earned respect far and wide as by attaining a capacity utilization factor (CUF) of 12.9% NCR has bagged the top slot in productivity of solar plants among all zonal railways in 2021-22. This momentum continues this year too as NCR attained a CUF of 15.9% in the first quarter of this year, again the highest among all 17 zones of the country, Sharma shared. Capacity utilization factor (CUF) means the ra tio of the actual output from a solar plant over the year (kWh) to the maximum possible output from it for a year (kWh) under ideal conditions. For this proposed study, a team of this US agency would be visiting differ ent locations of NCR and would prepare their findings as to how NCR is developing solar energy on a large scale, the CPRO said. It is worth mentioning that after the Paris climate agreement in December 2015,
NOW US BODY TO STUDY NCR’S STEPS FOR HARNESSING SOLAR POWER
Source: PTI
“Solar projections for the future indicate that solar radia tion will decrease during all seasons over most of the Indian landmass. For future investments in the solar power sector, central and south-central India must be considered during pre-monsoon months, as the potential loss is minimal in these regions,” it said.
The
Parthasarathi Mukhopadhyay, one of the research ers who conducted the study, said, Our industry must adapt to the changing climate, and our tech nologies must keep pace. Such predictions should not be taken as facts, but as possibilities. The ef ficiency of renewable energy may be impacted by climate change in the Indo-Gangetic plains. The study emphasises the importance of being pre pared for scenarios of this kind and addressing it, he said. The forecasts are important since India has updated its Nationally Determined Contributions (NDCs) to fight climate change, incorporating two of the promises made by Prime Minister Naren dra Modi at the Glasgow conference — reducing emissions intensity of GDP by 45 per cent by 2030, from 2005 level, and achieving about 50 per cent cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030.
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“The present study shows that the renewable energy fields of solar and wind potential in India are likely to face a negative trend in the future… Expanded and more efficient networks of wind and solar farms are needed to increase renewable energy production,” the report read.
researchers used state-of-the-art cli mate models devised by the Intergovern mental Panel on Climate Change (IPCC) to analyse the wind and solar projections for the renewable energy sector over the Indian subcontinent. The seasonal and annual wind speed is likely to decrease over North India and in crease along South India. The southern coast of Odi sha and the southern Indian states of Andhra Pradesh and Tamil Nadu show promising potential for wind energy in the climate change scenario, said the study titled ‘Analysis of future wind and solar potential over India using climate models’. The study was published in the peer-reviewed journal Current Science recently. Regional analysis of wind potential indicates that the frequency of high energy producing wind speeds will decrease, whereas low energy producing wind speeds are likely to increase in the future.
Solar and wind potential in India are likely to face a negative trend in the future due to climate change, according to a new study by Pune-based Indian Institute of Tropical Meteorology.
INDIA’S SOLAR, WIND ENERGY POTENTIAL MAY DIP DUE TO CLIMATE CHANGE
The defaulting discoms cumulatively owe Rs 5,000 crore to gencos, the highest being in Telangana with Rs 1,380 crore. This is the first time the grid opera tor has invoked the Electricity (Late Payment Sur charge and Related Matters) Rules, 2022, to penalise discoms by disallowing them to buy electricity from alternative short-term sources. The discoms will be unable to purchase additional power from the spot market while supply from their long-term agree ments with gencos will continue. Long-term supply too can be regulated if the default continues.
NON-PAYMENT OF DUES
ower System Operation Corporation (POSOCO), the national grid opera tor under the power ministry, has de barred 12 states and a Union Territory (UT) from buying/selling electricity at the spot market as a penalty for not clearing their dues to generators. Among them are power distribu tion companies (discoms) in Andhra Pradesh, Tamil Nadu, Telangana, Karnataka, Bihar, Jharkhand, Madhya Pradesh, Maharashtra, Chhattisgarh, Jam mu and Kashmir, Rajasthan, Manipur, and Mizoram.
Firms cumulatively owe Rs 5,000 crore to gencos; Telangana has the highest amount of Rs 1,380 crore
12 STATES, J&K DEBARRED FROM POWER TRADING OVER
P
CRACKING THE WHIP
Source: PRAAPTI Portal
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“The options are being reduced to push them (discoms) towards payment discipline,” said a senior official.
Source: PTI
one of the world’s biggest greenhouse gas emitters, is aiming to reach net zero emissions by 2070, and wants to raise the share of gas in the country’s energy mix to 15% by 2030 from the current 6.2%. Glob ally oil and gas companies have set varying targets to reduce Scope 1 and 2 emissions, those linked to a company’s own operations, and Scope 3 which are produced when customers use their products.
It has also started selling hydrogen blended gas in central India. GAIL is setting up portable units on two sites to liquefy natural gas for easy trans portation and sale in areas that are not connected with the pipeline grid.
Indian conglomerate Reliance Industries, operator of the world’s biggest refining complex, aims to achieve net zero by 2035, while state-owned Bharat Petroleum and Hindustan Petroleum have set a 2040 goal. India Oil Corp, the country’s top refiner, aims to achieve net zero Scope 1 and 2 emissions by 2046. To cut its carbon footprint, GAIL is venturing into green hydrogen produc tion and aims to set up 3 gigawatts of renewable energy capacity by 2030.
The rules, which were notified in June this year, pertain to the payment discipline of discoms, which are bound to fork out a late payment surcharge (LPS) on the outstanding amount within one month of the due date of payment. The rate of LPS for successive months of default will increase by 0.5 per cent for every month of delay. A further delay in clearing the dues beyond two and a half months of default will attract penalty provisions.
India,
The company plans to manufacture the portable units in India, Jain said.
India’s GAIL (India) Ltd has set a 2040 target to achieve net zero carbon emissions from its operations, Chairman Manoj Jain told the gas distributor’s an nual shareholders’ meeting.
BON EMISSIONS
regulations, the penalty provision kicks in auto matically and the discoms have to abide by it or face even stricter penalties. The move to regulate power purchase from the spot market would cool prices at power exchanges because there will be fewer buyers.
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The dues of state-owned discoms to gencos are ris ing even after two schemes to liquidate them. The lion’s share of the dues is to privately owned or inde pendent power producers (IPPs). Renewable power units too continue to see an increase. The dues of discoms crossed Rs 1.2 trillion by July 2022. In May this year, the power ministry notified a scheme that will enable the discoms to pay their dues in 48 in stalments. If there is delay in paying an instalment, there will be a surcharge. However, in June, it added provisions that empowered POSOCO or the National Load Despatch Centre (NLDC) to penalise default ing discoms. The Electricity (Amendments) Bill, 2022, also has empowered the NLDC and its region al and state-level arms to regulate electricity supply to defaulting discoms.
The rules state: “The short-term power supply to the defaulting entity shall be regulated entirely as per the process set in LPS Rules. Continuing default after regulation of short-term power supply, or con tinuing default in non-payment of the for three and a half months, would result in regulation of long-term access and medium-term access by 10 per cent, with progressive rise of 10 per cent for each month of default.”Thisentails a complete ban on buying short-term power from the spot market and thereafter regulat ing medium- and long-term power supply. Discoms have long-term power supply agreements with gen cos. According to sector experts, under the new LPS
Source: PTI
INDIA’S GAIL SETS 2040 GOAL FOR NET ZERO CAR-
“In line with India’s vision to achieve Net Zero by 2070, GAIL has completed a comprehensive study on science-based Net-Zero ambition and intends to achieve 100% reduction in Scope 1 and Scope 2 emissions and a 35% re duction in Scope 3 emissions by 2040,” Jain said.
CPSEs
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will now be able to import four categories of items freely from any country, including China, which heav ily dominates the RE supply chain. The exempted categories are 1) so lar photo voltaic cells, wafers, EVA, backsheet and frames 2) inverters 3)trackers and 4) battery energy storage system components which include cells, battery packs and power conditioning systems. An office memorandum issued by the Department of Expenditure dated August 4 informs of the exemp tion granted following a request from the Ministry of New and Renewable Energy (MNRE) and conse quent deliberations by a Committee of Secretaries.
Government ministries and departments apart, this applies to all autonomous bodies, public sec tor banks and financial institutions, PPP projects and so on. NTPC, the state-owned power and en ergy behemoth, also came under the purview of GFR Rule 144(xi) among other CPSEs engaged in RE projects. However, since import dependence is still high in the RE sector and is mainly addressed through Chinese firms, the registration require ment put the CPSEs at serious pricing disadvan tage vis a vis private sector competitors. CPSEs have largely had to import the same through the engineering, procurement, and construction (EPC) contractors they engaged. This raised the overall project cost and hit the CPSEs considerably at a time when they are scaling up renewable energy projects. The sector has also come under pressure with domestic manufacture of these items still not in tune with the market demand and the high import duties on items like solar PV cells. The issue was taken up by the MNRE and discussed threadbare in rounds of inter-ministerial discussions this year, as reported by ET on April 9. Besides GFR Rule 144(xi), the government has also been discussing various public procurement orders of 2017 issued by the Department for Promotion of Industry & Internal Trade (DPIIT) on similar issues raised by other ministries.
Source: PTI
GOVT EXEMPTS CPSES IN RE PROJECTS FROM CHINA-CENTRIC IMPORT CURBS
This exemption from Rule 144 (xi) will, in effect, enable NTPC and other CPSEs engaged in RE projects to cut costs by directly importing from bidders/companies from Chi na without the requirement of their registration in India. The larger aim is to ensure a ‘level playing field’ with other private sector competitors who do not face such import re strictions. Rule 144 (xi) of the GFR was, however, flagged off by CPSEs as a difficult area for many RE supply chain related items. In July 2020, soon after the Galwan clashes, India had tightened public procurement from firms based in China and other countries that shared a land border with it citing Mission Aatmanirbhar Bharat. The change was introduced through Rule 144 (xi) of the General Finan cial Rules that govern public procurement in India. Rule 144 (xi) to GFR directed that any bidder from a country –– for any goods/services including consultancy and non consultancy services and turnkey projects –– that shares a land border with India, will have to be registered with a competent authority. China and other countries that shared a land border with it citing Mission Aatmanirbhar Bharat. The change was introduced through Rule 144 (xi) of the General Financial Rules that govern public procurement in India. Rule 144 (xi) to GFR directed that any bidder from a country –– for any goods/services including consultancy and non consultancy services and turnkey projects –– that shares a land border with India, will have to be registered with a competent authority.
Making a major exception for Renewable Energy projects by Central Public Sector enterprises CPSEs), the Centre has exempted them from a 2020 finan cial rule brought in to restrict imports from firms based in China and other countries ‘sharing land borders’ with India.
There are over 360 CPSEs in India and several of them like the National Thermal Power Corporation (NTPC NSE 1.00 %) are now working on RE proj ects as India looks to ramp up to meet ambitious targets.
The company is also evaluating setting up so lar generation plants on vacant lands available in substations. Potential of 200 MWp identified. 105MWp solar generation capacity set up at Nag da, MP. Preliminary activities commenced.
SJVN KEEN TO DEVELOP 5,000 MW RENEWABLE ENERGY PROJECTS IN PUNJAB
Source: psuconnect
Chairman & Managing Director Nand Lal Sharma met Punjab Chief Minister Bhagwant Mann at Chan digarh and expressed keen interest in developing 5,000 MW renewable energy projects in the state, a company statement said. Sharma proposed that SJVN will develop the 5000 MW renewable energy projects through solar projects, canal top solar projects and float ing solar projects across the state by way of Joint Ventures formation and MoUs, among others. The chief minister assured extending all possi ble support in the development of solar projects. Sharma made a comprehensive presentation and apprised that SJVN a transnational company has 42,000 MW in its kitty, which includes a strong renewable portfolio.
State-owned SJVN Ltd evinced interest to develop 5,000 MW of renew able energy projects in Punjab.
An
“SJVN has outlined a roadmap for developing Renewable Energy in the State of Punjab due to exponential power demand as a result of various developmental activities. SJVN looks forward to being a Strategic Partner in this Growth Story of Punjab by har nessing Green Energy,” said Sharma.
Power Grid operates throughout India and covers 90% of the country’s interstate and inter-regional electric power transmission system and its business segments include Transmission, Consultancy, Tele com, and ULDC/ RLDC. Its transmission network consists of roughly 168,140 circuit kilometers and 252 EHVAC and HVDC substations, with a total transformation capacity of 422,430 MVA as on 31 January 2021, and availability of over 99%.
SJVN
Source:
Additional 7.5 MWP RTS systems are in the pipeline to increase sourcing electricity from Renewable Energy.
Indian PSU, Power Grid Corpora tion of India Limited to Source 50% of its Electricity Consumption from Non-fossil Sources by the year 2025 Roof Top Solar (RTS) Systems with an aggregate capacity of 7.6 MWp installed at 118 locations contribute to a CO2 emission reduction of 9,300 MT/Year. Additional 7.5 MWP RTS systems are in the pipeline to increase sourcing electricity from Renewable Energy.
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BY 2025
Sharma further informed that SJVN is already developing a 100 MW solar power project in Punjab and the PPA (power purchase agreement) for the same was signed on June 23, 2022, with PSPCL. The project is being developed at the cost of Rs 545 crore and will generate 245.28 MU (million units) in the first year, while the cu mulative energy generation over a period of 25 years would be around 5,643.52 MU. Recently the company has also signed an MoU with the Rajasthan government for developing 10,000 MW solar projects and parks. SJVN is poised to contribute to the growth story of the nation by marching ahead to meet its shared vision of 5,000 MW by 2023, 25,000 MW by 2030 and 50,000 MW by 2040.
POWERGRID TO SOURCE 50% OF ITS ELECTRICITY CONSUMPTION
PTI
DB Power owns and operates a thermal power plant in the central Indian state of Chhattisgarh and the deal will help Adani expand its operations in the state
44 EQ SEPTEMBER 2022 (B) www.EQMagPro.com BUSINESS & FINANCE ADANI POWER TO BUY DB POWER FOR CHANDIGARHMILLION$879
The
Power Ltd said, it will buy thermal power plant opera tor DB Power for an enterprise value of 70.17 billion rupees ($879.14 million) as India’s largest private thermal power producer looks to expand operations. DB Power owns and oper ates a thermal power plant in the central Indian state of Chhattisgarh and the deal will help Ad ani expand its operations in the state.
MUNICIPAL CORPORATION TO SET UP 4 SOLAR
POWER PLANTS AT ₹11 CRORE
agenda items were discussed and ap proved during the monthly general house meeting of the civic body. The projects are being planned in consultation with Chan digarh Renewable Energy and Science and Technology Promotion Society (CREST) and will come up at the three Material Recovery Facilitation (MRF) centres of the city at Sector 25, Industrial Area, phase one and 3 BRD along Industrial Area, phase two. The fourth project will come up at the gaushala in Raipur Kalan.Theestimated cost of the gaushala project at Raipur Kalan is Rs 3.85 crore. Project expenditure will be borne by the Chandigarh MC from the Cow Cess kitty. Accord ing to the MC, with the installation of the solar plant, the civic body will generate Rs 8.40 lakh units per an num, which will save Rs 42 lakh on power bills annually. Solar projects on three MRF stations will be installed by the science and technology department and not the Chandigarh Municipal Corporation due to paucity of money. The three projects will come up at a cost of Rs 7.42 crore.
DB Power has long- and medium-term power purchase agree ments for 923.5 megawatt of its capacity, backed by fuel supply agreements with Coal India Ltd and has been operating its facilities profitably, Adani Power said. Adani Power has an installed capacity of 12,450 MW and its power projects are spread across the Indian states of Gujarat, Maharashtra, Rajasthan, Karnataka and Chhattisgarh, according to its Source:website.Reuters
Adani Power is a unit of billionaire and Asia’s rich est person Gautam Adani’s conglomerate Adani Group, which has businesses ranging from cement to cooking oil.
The MC is all set to install four solar power plant projects on its properties. These projects will be developed at a cost of over Rs 11 crore.
According to the agreement between the MC and sci ence and technology department, the MC will provide the rooftop of the MRF centres while the science and technology department will install solar plants. In come from solar power will be shared at 70:30 ratio. The three projects are expected to generate Rs 17.55 lakh unit per annum, through which Rs 87.04 lakh revenue will be received. To mark 75 years of India’s independence, Chandigarh administration has set an ambitious target of 75-megawatt rooftop solar power projects to be achieved by August 2023. CREST has identified the projects. Till date, CREST has installed 50.58 megawatt solar power panels in the city at 4,200 building rooftops, of which 3,406 are private and remaining 794 are government sites.
Source: PTI
Adani
Tata
TATA POWER DELHI DISTRIBUTION LIMITED JOINS HANDS WITH DELHI SKILL ENTREPRENEURSHIP UNIVERSITY TO IMPART SKILL-BASED TRAINING
• The company will be contributing to the curriculum and faculty development of Delhi Skill Entrepreneurship University signs •(DSEU)DSEUwill support in the introduction of Advanced Courses at Tata Power Delhi Distribution Limited’s Vocational Training Centres
Both the organizations will work towards cre ating a pool of opportunities for the future work force by offering them various advanced curri cula. Tata Power Delhi Distribution Limited will create faculty development for DSEU by provid ing its expertise in this field and curating qual ity programs, scholarships, industrial training, and emerging technologies in the power sector for the students. DSEU will support the introduc tion of advanced courses in specific trades for the beneficiaries of Tata Power-DDL’s vocational training centres running under its Social Impact
The MoU was signed by Mr. Dwijadas Basak, Chief- Customer Experience, Commercial & Social Impact Group, Tata Power Delhi Distribution Limited and Mr. Ashwani Kansal, Registrar, DSEU in the presence of Ms. Neharika Vohra, Vice Chancellor, Delhi Skill and Entrepreneurship University and Mr. Rihan Khan Suri, Pro Vice Chancellor of Delhi Skill and Entrepreneurship University, Govt. of Delhi and other senior officials of the Tata Power-DDL and DSEU.
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Tata Power-DDL and DSEU officials at the DSEU Headquarters in Dwarka, New Delhi during the MoU signing.
"Speaking at the MoU signing ceremony, Mr. Dwijadas Basak, Chief (Customer Experience, Commercial & Social Impact Group) said, Tata Power Delhi Distribution Limited: “The throbbing social innovation framework at Tata PowerDDL aims to build bridges and support entrepreneurs in their journey by providing them access to the right kind of resources and imparting them skill based training to make them future ready. This association with DSEU is a step in the same direction.”
Power Delhi Distribution Lim ited, a leading utility supplying electricity to a populace of 7 mil lion in North Delhi, signed a Mem orandum of Understanding (MoU) with Delhi Skill Entrepreneurship University (DSEU) in New Delhi. The skilled workforce is a critical factor contributing to the industry’s growth, and the MoU will help nurture the new talent with skill development courses and pro grammes.
commercial real estate developer
On the funding of the projects, Velan said nationalised banks are now offering ‘green financing’ for green build ings at a lower interest rate apart from CapitaLand’s oth er sources of finance. On the trend of work from home in the software sector, Nagabhushanam said at our client’s place in IT parks located in different cities nearly 60 per cent of the employees are back to office and the numbers will go up and hence demand for office space will in crease. CapitaLand has launched the 2.6 million sq.ft. In ternational Tech Park Chennai Radial Road (ITPC-Radial Road) project here to be developed in two phases.
CAPITALAND INVESTMENT MULLS 30 MW SOLAR POWER
30 MW
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have green/sustainable buildings,
and also get into the data
BUSINESS & FINANCE
Investment
Source:
Nagabhushanam also said the other option is to source from a solar power farm operator. He declined to comment on the reports of CapitaLand acquiring L&T Realty’s commercial properties located in Bengaluru, Chennai and Mum bai on forward purchase basis. Nagabhushanam said CapitaLand apart from developing and leasing out commercial real estate also go for forward purchase of assets whereby it will fund
According to C.Velan, Head, Chennai, the cost per MW of solar power will be about Rs 5.5 crore to Rs 6 crore.
the development of a commercial property and would buy it some years later with the owner earn ing the lease rentals for during the intervening pe riod. Spread across the country CapitaLand is into development and leasing of business/IT parks, lo gistics warehouses, malls, residences, data centres. Currently CapitaLand has about 26 million sq.ft. of commercial real estate and will be increasing that to 40 million sq.ft., by 2024-25, Nagabhusha nam said.
“Nearly 30 per cent of our power needs are met through renewable sources, mostly solar. We are looking at the possibility of setting up a solar power farm with a capac ity of 30 MW in Tamil Nadu,” Gauri Shankar Nagabhushanam, Chief Executive Officer, Business Parks, India, CapitaLand Investment (In dia) said.
IANS
Global CapitaLand is mulling to set up a solar power farm in Tamil Nadu in its efforts to said a top official. The company is set to double its built-up space to about 40 million square feet by 2024-25 centre segment here, he also added.
FARM IN TN
Tata Power arm Tata Power Renewable Energy said it raised around Rs 2,000 crore by issuing 8.36 crore equity shares to BlackRock-backed GreenForest New Energies Bidco, according to a regulatory filing.
TATA POWER RENEWABLE RAISES RS 2,000 CRORE
PTI
BUSINESS & FINANCE
This (issuance of shares) completes Tranche 1 of the transaction. Tranche 2 infu sion of Rs 2,000 crore will be concluded in accordance with the terms of the agreements, it informed. The proposed in vestment is expected to fund Tata Power Renewables’ ag gressive growth plans. Over the next five years, Tata Power Renewables aims to achieve a portfolio of over 20 GW of re newables assets and a market leading position in the rooftop and electric vehicle charging space across India, Tata Power had said in April.
Source:
Earlier in April this year, Black Rock Real Assets-led consortium, including Mubadala Investment Company, had inked a binding agreement with Tata Power to in vest Rs 4,000 crore by way of eq uity/compulsorily convertible in struments for a 10.53 per cent stake in Tata Power Renewables Energy Ltd, translating to a base equity valuation of Rs 34,000 crore.
The final shareholding will range from 9.76 per cent to 11.43 per cent on final conversion, it had said in April this year. “The board of di rectors of Tata Power Renewable Energy Ltd, a wholly-owned sub sidiary of the company, approved the allotment of 8,36,05,049 equi ty shares of Tata Power Renewable Energy Ltd of the face value of Rs 10 each at a price of Rs 239.22 per equity share (including premium of Rs 229.22) aggregating to Rs 1999,99,99,822 on a preferential basis to GreenForest New Ener gies Bidco Ltd, a company incor porated under the laws of England and Wales,” a BSE filing stated.
BY ISSUING 8.36 CRORE SHARES TO BACKEDBLACKROCK-FIRM
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Earlier in April this year, BlackRock Real Assets-led consortium, including Mubadala Investment Company, had inked a binding agreement with Tata Power to invest Rs 4,000 crore.
48 EQ SEPTEMBER 2022 (B) www.EQMagPro.com ENERGY STORAGE
legislation was readied for Biden’s signature at a speed which took many by surprise, from the announcement of compromises being reached by West Vir ginia Senator Joe Manchin and Senate Majority Leader Chuck Schumer at the end of July, to its quick passing in the Senate and then the House of Representatives in just over a fortnight. Its investment in energy security and climate change mitigation targets a 40% reduction in greenhouse gas (GHG) levels by 2030, supporting electric vehicles (EVs), energy efficiency and building electrification, wind, solar PV, green hydrogen, battery storage and other technolo gies. Most directly relevant to the downstream energy storage industry is the introduction of an investment tax credit (ITC) for standalone energy storage. That can lower the capital cost of equipment by about 30%, although under some prevailing conditions it will be more or less, depending on, for example, use of local unionised labour. It also unties developers from pursuing a disproportionately high percentage of solar-plus-storage hybrid projects, since prior to the act, batteries were eligible for the ITC, but only if they charged directly from the solar for at least 70% of every year in operation. The industry has cam paigned for the standalone ITC for many years. For the upstream battery and energy storage system value chains, there are also tax incentives for siting produc tion within the US, as there are for wind and solar PV equipment manufacturers that source components or make their products domestically. There are also 10year extensions to existing wind and solar ITCs along with new or extended clean energy production
“The Inflation Reduction Act invests US$369 billion to take the most aggressive action ever — ever, ever, ever — in confronting the climate crisis and strengthening our eco nomic — our energy security,” Biden said.
US President Joe Biden signed the Inflation Reduction Act, bringing with it tax incentives and other measures widely expected to significantly boost prospects for energy storage deployment.
tax credits (PTCs) and the ITC for solar goes up from 26% to 30%, while the standalone stor age ITC will also be in place for the next decade. There are also provisions that community solar installations where at least 50% of customers live in low to moderate income communities can pre vail of an extra 20% ITC, and an extra 10% ITC for projects built with at least 40% domestic con tent, rising to a 55% threshold in 2027.
Energy storage industry hails
The
Inflation‘TRANSFORMATIONAL’ReductionAct
STEM INC
ZINC ASSOCIATION
(LDES)“Thepassing of the landmark Inflation Reduction Act is a critical win for long-duration energy storage technologies. This historical act enables energy stor age to accelerate to the scale we need by levelling the playing field for all types of storage. LDES improves grid reliability, resiliency, and flexibility around re newable energy sources like wind and solar, and has
Provider of standalone storage and solar-plus-storage solutions to behind-the-meter commercial and indus trial (C&I) and distributed front-of-meter market seg ments “…we view the investments in clean energy within the Inflation Reduction Act as transformational for our country, the energy industry, and our company as we continue to accelerate the clean energy transi tion. For customers deploying energy storage and so lar, the most significant parts of the bill are tax credits for clean electricity investment and production. We anticipate that these incentives will increase invest ment certainty and make adoption more affordable in existing and new energy markets,” John Carrington, CEO
National trade association representing clean energy companies, since last year merged with the national Energy Storage Association “This does for climate change and clean energy what the creation of So cial Security did for America’s senior citizens. This law will put millions more Americans to work, en sure clean, renewable and reliable domestic energy is powering every American home, and save American consumers money.
STRYTEN ENERGY
KORE
Interconnection costs are also included in ITC-eligible proj ect costs. Incentives will scale down by small increments every couple of years but could be further extended if targeted emissions reductions are not achieved in that timeframe. As might be expected, many companies and commentators across the industry had plenty to say on the act becoming law with the stroke of Biden’s pen. Here are a few of their comments:
Manufacturer of battery cells, racks and com plete systems, serving the energy storage system (ESS) and electric mobility infrastructure sectors. “The clean energy provisions in the Act prioritise scaling the domestic clean energy ecosystem, re newing our focus on raw material production and manufacturing, and catalysing the maturation of the nation’s domestic supply chain. It will posi tion domestic suppliers to meet the demands of decarbonisation in the energy and transportation sectors. As a lithium-ion battery cell manufacturer building a gigafactory outside Phoenix, we look forward to accelerating the growth of an endto-end battery supply chain by delivering Ameri can IP built by American workers with recyclable North American materials to power e-mobility and energy storage solutions. As a partner to sup pliers, end users, and recyclers, we are most ex cited that the Act will expand access to the jobs needed to realize these goals and will rapidly ex pand the benefits that modern electrification and energy storage offer our economy, our customers and communities,” Lyndsay Gorrill, CEO.
Trade association representing technology providers and large end-users for long-duration energy storage
the ability to standalone [sic] and contribute in creased stability to the grid,” Julia Souder, execu tive director.
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US-based provider of vanadium redox flow bat tery (VRFB) solutions. “Stryten Energy wel comes this legislation’s long-term, standalone energy storage investment tax credits and its ten-year runway, which will help our customers incorporate medium and long-duration energy storage such as VFRB batteries into their opera tions more economically than before. Leveraging domestic VFRB technology and other long-term energy storage solutions will enable reliable ac cess to clean power and help the U.S. achieve energy security as it transitions to a clean energy economy,” Tim Vargo, CEO.
Trade association representing zinc production and related companies, including a subsidiary trade group, Zinc Battery Initiative... “The International Zinc Association (IZA) applauds the passage of the Inflation Reduction Act of 2022 for bringing
AMERICAN CLEAN POWER ASSOCIATION
For our industry, it’s the starting gun for a period of regulatory certainty which will triple the size of the US clean energy industry and generate over US$900 billion in economic activity through construction of new clean energy projects,” Heather Zichal, CEO.
INTERNATIONALPOWER
LDES COUNCIL
CENTER FOR SUSTAINABLE ENERGY
We’re investing in climate solutions – includ ing energy-efficient, all-electric homes; rooftop solar; energy storage; and electric vehicles,” Lawrence Goldenhersh, president.
Goldman says battery storage, hydrogen and other clean energy stocks are where investors should be
In
Energy reliability and security are top concerns after Russia’s invasion of Ukraine disrupted global energy flows, and Goldman Sachs believes companies exposed to these themes will outperform going forward.
50 EQ SEPTEMBER 2022 (B) www.EQMagPro.com ENERGY STORAGE
HOWDEN
other words, it’s not just about clean energy, it’s about clean, reli able energy. “We expect battery and hydrogen storage solutions to continue to receive greater atten tion from investors, who we believe have not yet fully appreciated their importance in mitigating market disruptions. electric ity,” the company said in a note to custom ers. Storage is in some ways the missing link between our current energy system and one that is much more dependent on renewables. Solar and wind are intermittent sources – if the sun isn’t shining or the wind isn’t blowing, power generation will struggle. This is where batteries come in. They can store excess energy when the sun is strongest and deploy stored energy at night. “We believe that increased renew able energy penetration, coal retirements and expected increases in demand for elec trification initiatives such as electric vehi cle charging will likely increase the focus on energy reliability,” said analysts led by Brian Singer.
Provider of mission-critical air and gas handling products... “The very generous tax credits, up to US$3/kg for 10 years, will make the renewable H2 produced in the US the cheapest form of hy drogen in the world. “There is no doubt that this step will accelerate progress in the global hydro gen market, and more and more countries and organisations will now start speeding up their plans to become major players in this growing sector,” Salah Mahdy, global director of renew able hydrogen.
critical focus and funding to the cleantech space. This unprecedented climate legislation will promote the production of critical minerals required for bat teries as well as the manufacture and purchase of energy storage, such as rechargeable zinc batteries. IZA members are proud to provide safe, sustainable options for the energy storage industries, an essential part of the clean energy transition,” Andrew Green, executive director.
On the battery storage side, Goldman has buy ratings on shares of Tesla and Stem. In addition to making electric vehi cles, Tesla also makes Powerwall batteries. California-based Stem offers AI-enabled smart storage options. Goldman also favors Enphase and SolarEdge. The companies make special ty inverters for solar systems and also offer energy storage options, with a focus on residential. “Globally, we see several regulatory initiatives that could provide tailwinds to acceler ate solutions such as battery storage and hydrogen to alleviate energy reliability issues,” the company said. One tailwind is the Cut Inflation Act, which President Joe Biden signed into law. The package includes the largest federal funding for cli mate initiatives in US history. The bill includes for the first time ever a 30% investment tax credit for self-storage. Previ ously, the tax credit only applied to storage built next to a so lar system. The bill also contains provisions to encourage and incentivize domestic supply chains for critical materials and battery technologies. On the hydrogen side, Goldman expects greater adoption in Europe, but some US-based companies are still exposed, including Baker Hughes. The oil services company is dependent on hydrogen through its infrastruc ture, distribution and transportation services. The Cut Infla tion Act includes $9.5 billion for green hydrogen initiatives. And in Europe, green hydrogen has been labeled a critical technology in the bloc’s REPowerEU plan.
National clean energy non-profit group...“These tax credits and incentives will spur increased manu facturing and adoption of clean technologies by all Americans, including people with low and moderate incomes and communities that have borne the brunt of pollution.
‘POOR CHARGING INFRASTRUCTURE, HIGH PRICES’ —
The two-wheeler EVs can form more than 90 per cent of the segment sales only when the battery prices drop by over 8 per cent every year on average along with improvement in power and range, according to the NITI Aayog. The IVCA re port, meanwhile, cites four barriers to growth of the EV mar ket. “Charging infrastructure is the foundation on which the EV market is built and India has not achieved an expeditious pace of establishment and use of charging infrastructure which creates a barrier in both production and sale of EVs,” it says. While there are only 1,742 charging stations currently in the country, this number is expected to reach 100,000 units by 2027. India’s inefficient power distribution system adds uncertainty to the EV charging infrastructure, the report adds. “Factors like unsurety in utilisation rates of charging stations, huge operating costs, load on electricity discoms, etc., create a negative environment for operators to establish charging stations and discourage investment when there are not sufficient numbers of EVs in Indian roads for operators to realise the returns on their investments.”
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The use of special metals in the battery makes up a major chunk of an EV’s price, which, according to a June NITI Aayog report, if not lowered, can have a significant impact on EV adoption in the country. The report, titled ‘Forecasting Penetration of Electric Two-Wheelers’, states that even if battery costs come down by 2 per cent annually, hardly 16-17 per cent of two-wheelers on Indian roads will be electric by 2030, and that too if the government keeps providing incentives.
Source:
The IVCA’s observation is based on a com bination of factors including less than adequate charging infrastructure, high cost of batteries and low expenditure on research and development. Its report ‘Electrifying Indian Mobility’ project ed that by 2027, EVs may account for less than 4 per cent, 38 per cent and about 40 per cent of India’s cars, two-wheelers and three-wheelers respectively, in terms of market share. The IVCA prepared the report in collaboration with man agement consulting firm EY-Parthenon and law firm Indus Law.
WHAT’S PUTTING THE BRAKES ON INDIA’S 2030 EV TARGET
Electric vehicles (EVs) have elicited excitement in the Indian automobile industry, but for India to achieve its EV target by 2030, the manufactur ers will have to report exponential growth in sales. Union Minister Nitin Gadkari had said last year that by 2030, the government intends to have EV sales accounting for 30 per cent of private cars, 70 per cent of commercial vehicles, and 80 per cent of two- and three-wheel ers. However, according to a report released last month by the Indian Venture and Alternate Capital Association (IVCA) — an organisation work ing on promoting capital ecosystem — this target is a bit ‘aggressive’.
The use of lithium-ion batteries, which require metals and minerals not found abundantly in India and inflate import bills, acts as a second big hurdle. Low expenditure on research and development and usage of coal as a major source of energy to charge EVs are the other hurdles, according to IVCA. EVs remain an untapped opportunity for the market players and have a large scope for investment, according to Ishpreet Gandhi, founder and managing partner of venture capital firm Stride Ventures. “Within the start-up ecosys tem, we have seen a significant rise in the number of companies in the EV space in the past couple of years. EV has almost become synonymous with start-ups with the majority of the companies in the space being recently established,” the IVCA report quotes Gandhi as saying. According to him, while investment in EVs has increased, it continues to be “a largely untapped market, presenting a significant opportuni ty for investors to bridge the funding gap through structures like vehicle financing, capex financing, etc”. “This presents a huge opportunity for EVs to be driven commercially through electric bikes, rickshaws, buses, cabs, etc,” he adds.
Two-wheeler electric vehicles faring well, but long charging duration & expensive batteries may dent govt’s ambitions, says Indian Venture and Alternate Capital Association report.
When it comes to EV cars, the IVCA report says low distance range and limited choices are among the main reasons for their limited accep tance. “There are only a few models available in the market. In addition, these models have range issues and are slow charging. Newer and bet ter models are expected in the coming years,” it states. High prices, too, is a big factor for the low market penetration of EVs. At present, the most affordable normal sized electric car costs a mini mum of Rs 12.49 lakh (average ex-showroom) while a petrol car (the cheapest) costs nearly three times lesser, with prices starting at around Rs 3.8 lakh.
WHY EV CRAZE IS SUBDUED
PTI
FUTUREGOVERNMENTCURRENTINDUSTRYVEHICLEININDIA:STATUS,POLICIES,OUTLOOK
Thus
The scope of the electric vehicle market is multifaceted, encompassing a wide range of stakeholders. For an automotive market that is the fifth largest in the world and expected to be the third largest, this requires widespread and rapid EV adoption.
ELECTRIC
52 EQ SEPTEMBER 2022 (B) www.EQMagPro.com ELECTRIC VEHICLE
over 3,30,000 EV units were sold in 2021, registering a growth of 168 per cent as compared to 2020. A report by IVCA-EY-In dusLaw suggests that this number will cross the 90 lakh mark by 2027. However, so far this boom in sales is led by two wheelers and three wheelers. Therefore, there are many variables before the EV ecosystem in India becomes healthy. Currently, electric passenger cars and electric buses make up a small proportion of EV registrations. Also, there is the task of equipping the country with viable charging infrastructure. What is the dynamics of the electric ve hicle market in India and the government’s thrust in the sector in the near future? the current state. Of the 168 per cent growth in sales recorded in 2021, 48 per cent were from two-wheel ers, 47 per cent from three-wheelers, followed by passenger vehicles at 4 per cent and electric buses with a marginal increase of 0.36 per cent. IVCA-EY-IndusLaw states that the boom in EV sales The need for personal mobility is supported by fac tors such as the rise in petrol and diesel prices.
Most of the EVs were sold in India’s most populous state Uttar Pradesh Which accounts for 20 percent of EV registrations in India. “As of CY21, electric vehicles accounted for 1.1 percent of total vehicle sales and are expected to grow at a CAGR of ~68 percent over the next 5 years to 39 percent of total automotive sales by CY27,” the report said. The report said that at present, there are only 1,742 charging stations in the country and this number is expected to increase to 100,000 units by 2027 to meet the demand of 1.4 million electric vehicles, which are expected to ply on Indian roads by then. Have an estimate investments and funds. The impending growth in the EV industry is already attracting substantial investment. In 2021, there was an investment of some $6 billion in the industry and this number is expected to increase to $20 billion by 2030. One of the dimensions of the EV ecosystem is finance and investment, allowing stakeholders to capitalize on this growth.
Private equity (PE) and venture capitalist (VC) investors have also increased their exposure to the industry. These investments grew from $181 mil lion to $1.718 billion, registering an annual growth rate of 849 percent (time frame not indicated). There are now also many mutual funds to invest di rectly in the industry. These are open-ended funds investing in companies involved in the develop ment of EVs, related technology, components and materials. For example, the Mirae Asset Global Electric and Autonomous Vehicles ETF Fund of Funds, which includes investment opportunities in schemes such as lithium and battery technology, and electric and autonomous vehicles.
"Ishpreet Singh Gandhi says, “The acceptance of fi nite energy options clearly indicates that innovative companies that unlock sustainable long-term energy so lutions such as EVs, solar and al ternative energy will achieve bet ter business returns and are able to tap the long-term potential of the sector. are also equipped for , co-founder Stride Ventures and Stride One. “Sustainability as an investment opportunity, especially clean energy, is on the verge of becoming one of the capital generating long-term as sets like gold, real estate and equities, which are giving great returns in the long run. ”
The EV industry in India can create around 10 million or 1 crore direct jobs and 50 million or 5 crore indirect jobs by 2030. Ministry of Skill De velopment and entrepreneurship. According to a study by CEEW-CEF, if steady progress is main tained in India, the EV market will be a $206 bil lion opportunity by 2030. This will require a cumu lative investment of $180 billion in EV production and charging infrastructure. This points to a huge task for which government intervention is beyond necessary. Driven by its ambition to make a major shift to electric vehicles by 2030, the government reiterated its commitment to the Paris Agreement. There are two strategies aimed at buyers and man ufacturers in India, whereby the government offers buyers $1.4 billion in subsidies and increases im port duties to boost domestic manufacturing. The main focus of the government is on electrification of public transport, as subsidies are mainly for two wheelers, three wheelers and buses. The govern ment has also earmarked $140 million for the de velopment of charging infrastructure.
Energy Efficiency Services Limited (EESL) is procuring 10,000 EVs from manufacturers for distribution to government departments on rental model and advance sale. EESL’s tender for 10,000 EVs aims to reduce the upfront cost of EVs to a great extent.
www.EQMagPro.com 53EQ SEPTEMBER 2022 (B) ELECTRIC VEHICLE
OF BROKEN EV CHARGERS AND JANKY
In May 2021, the government announced a produc tion-linked scheme (PLI) for ACC Battery Storage Manufacturing Aimed at domestic manufacturing of EV batteries. The PLI scheme was also approved for the automobile and drone industry in September 2021. It aims to reduce dependence on imports and lower costs. India now has a large number of EV startups, but it is the mainstream players that con sumers are eyeing. TVS Motor Company and Bajaj Auto have already launched their electric scooters, with the likes of Hero MotoCorp and Suzuki set to launch one as well. Apart from these, startups like Ather Energy have grown to the level where they enjoy the trust and following of customers. In Elec tric Passenger Vehicle Sales, Tata Motors is current ly leading with choice Nexon EVMahindra unveiled five new electric SUVs this month, luxury carmak ers like Mercedes-Benz, Audi, Porsche all have their EVs in their lineup in India. The bottom line is that the industry has immense potential that will benefit a wide range of stakeholders. As industry can un dertake energy production and storage, battery pack manufacturing and mineral procurement, change in electrics is inevitable, it’s just a matter of how soon it is.
J
ELECTRIC VEHICLE OWNERS ARE FED UP
A common complaint you hear from electric vehicle owners is about the sorry state of public EV charging: broken chargers, janky software, busted screens. But a lot of this is anecdotal, and it can be hard to find any rigorous studies that capture the current state of EV charging in the US.
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India launched the e-nectar portal at the COP26 summit in Glasgow earlier this year. The portal aims to act as a one-stop destination for all information on EVs, such as charging facility location and EV financing options as well as information on investment opportunities, government policies and avail able subsidies. Similarly, there will also be an EV Super app which will act as a mobile phone solution for all the details of charging and tariff etc. nearterm outlook. Under the above plans, 1,576 charg ing stations worth $66.63 million for 6,315 electric buses, 2,877 EV charging stations in 68 cities across 25 states/UTs and $14.39 million on nine express ways and 16 highways have been approved.
D Power surveyed 11,554 electric vehicle and plugin hybrid vehicle owners from January through June 2022 for its second annual Electric Vehicle Experi ence Public Charging Study. Despite big growth in the number of public EV chargers in the US, EV owners say the overall experience still sucks. The consum er research firm measured customer satisfaction with EV charging on a 1,000-point scale. According to respondents, charging at a public Level 2 charger is worse than it was last year, with satisfaction dropping to 633 from 643 in 2021. Meanwhile, satisfaction with the speedier DC (direct cur rent) fast charger segment remains flat at 674.
ELECTRIC VEHICLE
Other policies for EV adoption include the Nation al Electric Mobility Mission Plan 2020 (NEMMP), which was launched in 2012 with the aim of im proving national fuel security through the promo tion of EVs and hybrids. In addition, the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme provides incentives for the purchase of electric vehicles. The second phase of the scheme, launched in 2019, offers incentives ranging from Rs 1,800 to Rs 29,000 on electric twowheelers and up to Rs 1.38 lakh for cars.
SOFTWARE
“Not only is the availability of public charging still an obstacle, but EV owners continue to be faced with charging station equipment that is inoperable,” Brent Gruber, execu tive director of global automotive at JD Pow er, said in a statement.
Source: PTI
Source: theverge
Experts say that Tesla’s network typically works so well because it’s designed to work only for the company’s own EVs. Tesla uses a proprietary connector in North America, so nonTesla vehicles here will need an adapter in order to access the company’s Superchargers, of which there are over 6,798 plugs in the US, according to the Department of Energy. (The company says it has 35,000 Supercharger plugs globally.) Other public charging networks, by comparison, have to work for many different EV brands. Tesla is expected to begin opening up its chargers to non-Tesla EVs starting at the end of this year.
ELECTRIC VEHICLE
Finding a public charger has never been easier, but finding one that works remains a serious problem. According to the survey, one out of every five respon dents ended up not charging their vehicle after locat ing a public charger. And of those who didn’t charge, 72 percent indicated that it was due to the station mal functioning or being out of service. There are approx imately 41,000 public charging stations in the United States, with more than 100,000 outlets. Of course, public chargers are only half of the equation. Most EV owners do their charging overnight while parked in their driveway at home. But if EVs are to become a more attractive option to car buyers, charging sta tions are going to need to become more pervasive and reliable like gas stations. Unsurprisingly, Tesla ranks near the top for customer satisfaction, with its Des tination wall-mounted Level 2 chargers (most often found in parking garages or at hotels) ranking highest with a score of 680 out of 1,000. Tesla’s Supercharger network also ranks highest among DC fast chargers, with a score of 739.
Other EV charging companies scored less fa vorably with vehicle owners. Among Level 2 charging providers, customers ranked Volta (667) second behind Tesla, ChargePoint (639) third, SemaConnect (557) fourth, and Blink (560) in fifth place. Customers ranked DC fast charging companies in the order of ChargePoint (644), Electrify America (614), and EVgo (573).
There is a glimmer of hope that EV charging is on the cusp of getting better. The Biden admin istration was able to secure $5 billion in fund ing for EV charging infrastructure as part of his infrastructure plan that was signed into law late last year. Most of the money will be directed to the states to create a network of EV charging sta tions along designated “Alternative Fuel Corri dors,” defined as approximately 165,722 miles of the National Highway System, covering 49 states and the District of Columbia. The admin istration also released new standards aimed at helping accelerate the installation of new charg ing stations. These standards give states guide lines on awarding contracts for EV charging projects, directing the companies who get them to build chargers that are convenient, affordable, and accessible to the broadest number of people. The money also comes with a requirement that chargers be functional nearly 100 percent of the time and adhere to technical standards for com municating with vehicles.
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56 EQ SEPTEMBER 2022 (B) www.EQMagPro.com ELECTRIC VEHICLE
GUJARAT: ELECTRIC VEHICLE ACCEPTANCE IN INDIA IS SLOWER THAN IN RICHER COUNTRIES:
R C BHARGAVA
According to the MSIL chairman, inclusive eco nomic growth is necessary for people’s incomes to rise which in turn can add …
Bhargava
added: “At present, only elec tric vehicles are being incentivized. The government needs to encourage all al ternate fuels over petrol.” He went on to say: “Petrol and diesel should not be encouraged. However, other variants such as CNG, hybrids and ethanol variants, which are at intermedi ate stages, must be encouraged and incentivized too.”
The reducing affordability of cars and the shrink ing demand for entry-level cars were also noted by Bhargava. “The demand for entry-level vehicles is under stress. While the small car market is getting squeezed, the upper market is growing better, and this isn’t a pleasant situation,” he said. “We have seen that certain regulations have had an adverse impact on the bottom end of the market.” He fur ther said: “There are a large number of customers with different purchasing power. How to balance this to get the right mix is a difficult matter.”
“Globally
everyone is going electric. In the context of the Indian market and the way it has panned out in terms of a high proportion of two-wheelers, small cars and varied purchasing power of cus tomers, the pace of acceptance of electric cars in India will be slower than in the more affluent coun tries,” said Bhargava. He made the comments during a media interaction in Gandhinagar, organized on the sidelines of the commemoration of 40 years of Suzuki’s presence in India.
Suzuki Motor Corporation, the parent firm of MSIL, is set to invest Rs 10,445 crore in Gujarat by 2026. The MSIL chair man also mentioned that pushing for electric vehicles alone will not help reduce India’s carbon footprint. “Let’s push electric vehicles and customers must buy them. However, if we want to reduce carbon footprint other tech and fuels also must be used. Electric vehicles alone will not do the job in India,” he said.
Amid the ongoing push for electric vehicles in India, Maruti Suzuki India Limited (MSIL) chairman R C Bhargava said that the pace of acceptance of EVs in India will be slower than in other countries. According to the MSIL chairman, even though EVs will grow in this market every year, the overall acceptance will be at a slower pace due to many variables.
Source: PTI
Mercedes-Benz India had started its electro mobility drive in India with the launch of its all-electric SUV EQC as a fully imported unit in October 2020 priced at Rs 1.07 crore. Going forward, Schwenk said Mercedes-Benz India will focus on the three new models which are more technologically advanced, although the EQC would still be available for customers to order. The MercedesAMG EQS 53 4MATIC is imported as a completely built unit (CBU). The new Mercedes-AMG EQS 53 4MATIC+ based on the company’s performance-oriented drive con cept and is powered by a 107.8kWh battery, the company said. It can accelerate from 0-100 km/hr in 3.4 seconds with a battery charge level of at least 75 per cent and can achieve a top speed of 250 km/hr. It has a range of 529 – 586 km on single charge under standard con ditions. The company has already sold out the initial allocation for the Indian market and deliveries of the new model will start.
In order to support the electrification jour ney, Schwenk said Mercedes-Benz India will set-up 140 fast charging stations this year.
www.EQMagPro.com 57EQ SEPTEMBER 2022 (B) ELECTRIC VEHICLE
MERCEDES-BENZ EXPECTS 25% OF SALES IN INDIA FROM EVS IN NEXT 5 YEARS
“Weandmisticoptiveryare
we are bull ish to look at around, say 25 per cent of sales in the next five years (from ManagingEVs),”Di
German luxury car maker MercedesBenz expects 25 per cent of its sales in India to come from electric vehicles in the next five years, a senior company of ficial said. The company’s Indian arm, Mercedes-Benz India will be launching three electric vehicles in the next four months as part of the strategy to accelerate its electric mobility journey in the country. Un der the plan, the company launched its all-electric performance luxury sedan, Mercedes-AMG EQS 53 4MATIC, with price starting at Rs 2.45 crore (all India ex-showroom prices). It will launch the locally assembled all-electric sedan EQS 580 next month followed by sevenseater electric SUV, EQB around November.
rector & CEO, Mercedes-Benz India Martin Schwenk told PTI here. He further said, “Whether it comes early or later, nobody knows but two years ago, I would not have had the guts to make that statement.”
The company had sold a total of 11,242 units in 2021, while in the first half of 2022 it regis tered sales of 7,573 units. How ever, Schwenk said the current percentage of contribution of EVs to the company’s over all sales is in low single digit, but from next year when there will be full availability of the new electric models it could go up to high single digit. On the reasons for the company’s optimism on the EV segment, Schwenk said, “overall, the market sentiment, the customer expectation, our own product availability all point into a di rection that we will see succes sive transition into electric.”
In order to support the electrification journey, Schwenk said MercedesBenz India will set-up 140 fast charging stations this year with invest ment of over Rs 15 crore along with its franchise partners. When asked about the festive season outlook, he said the demand is already strong with the company already having an order bank for over 6,000 units and is expected to go up even further.
When asked how many new electric vehicles MercedesBenz would introduce in India in the next five years, he said no particular number has been fixed but globally the company would have 15 models avail able in its portfolio by 2025 and any one of them could be con sidered depending on suitabil ity and demand in the Indian market.
“Aatmanirbharta
is all the more important if we see from the prism of national security. The private sector needs to be more ‘vocal for local’,” he emphasised, asking the industry to boost do mestic manufacturing in the EV sector.
Addressing the nation from the ramparts of the Red Fort on the 75th Independence Day, Modi said that from solar energy and bio fuels to adoption to electric vehicles (EVs), the country needs to “reach the next level for energy independence”. Modi’s push for EVs came as the electric two-wheeler industry is facing scrutiny over battery explosions and fire incidents that has led to several government probes. In a recent webinar on ‘Make in India for the World’, the PM asked the industry to tap growing opportunities in areas like semiconductors and EVs.
another thrust to his electric vehicle (EV) dream, Prime Minister Narendra Modi said that the country needs to be ‘Aatmanirbhar’ (self-reliant) in its en ergy sector. Addressing the nation from the ramparts of the Red Fort on the 75th Independence Day, Modi said that from solar energy and bio fuels to adoption to elec tric vehicles (EVs), the country needs to “reach the next level for energy independence”. Modi’s push for EVs came as the electric two-wheeler industry is facing scrutiny over battery explosions and fire incidents that has led to several government probes. In a recent webinar on ‘Make in In dia for the World’, the prime minister asked the industry to tap growing opportunities in areas like semiconductors and
58 EQ SEPTEMBER 2022 (B) www.EQMagPro.com PM MODI GIVES
recent meeting with Suzuki Motor Corporation’s senior advisor Osamu Suzuki in Tokyo, Modi discussed in vestment opportunities in India, including setting up pro duction facilities for electric vehicles and batteries. The prime minister has emphasised that by 2030, India’s econ omy would cut the intensity of greenhouse gas emission by 45 per cent of what it was in 2005. NITI Aayog has fore cast that by 2030, nearly 80 per cent of the two- and threewheelers, 40 per cent of buses and 30-70 per cent of the cars will run on electricity. India’s transition to the electric mobility system can save Rs 20 lakh crore by 2030 on oil imports alone.
EVs.Inhis
In
Source: IANS ELECTRIC VEHICLE
ANOTHER PUSH TO ELECTRIC ADOPTIONVEHICLE
RURAL ENTREPRENEURS
Tata Power, through TPRMG, runs one of the largest Microgrid programs in the world and op erates solar-based off-grid generating plant with an energy storage system supplying power to remote areas of the country. The company plans to roll out 10,000 Microgrids in the near future. It has installed more than 200 Microgrids, many of which are present in Uttar Pradesh and Bihar. A pilot Microgrid program is also being tried out in Odisha. Microgrids are electricity distribution systems containing loads and distributed energy resources such as distributed generators, storage devices, or controlled loads that can be operated in a controlled, coordinated way either while connected to the main power network or while islanded. The price of power from a Microgrid is around one-fifth of the price of diesel, making it an economical option for many people in ru ral India. Apart from households, TP Renewable Microgrid consumers in a village include shops, health centres / Hospitals, Schools/ Colleges, Banks, other commercial institutions and tele com towers, flour mills, oil expellers, rice hull ers, bulk milk chillers, RO Cold water plants, etc.
commemorate the Azadi Ka Amrit Mahotsav, TP Renewable Microgrid (TPRMG), a wholly owned subsidiary of Tata Power and Small Industries De velopment Bank of India (SIDBI), have joined hands to launch an innovative program that will see 1,000 green energy enterprises established throughout the nation. The Government of India’s vi sion of Atmanirbhar Bharat will be supported by this initiative as it will foster sustainable entrepreneur ship models across the nation leading to empower ment of rural entrepreneurs. Under the collaboration, SIDBI will provide entrepreneurs a “Go REsponsive, ENterprise incentive (GREENi)” after they com plete a TPRMG-organized capacity building activity. Through its PRAYAAS scheme or partner institutions, SIDBI will also assist in credit linkages to facilitate financing (loans) for setting up or expanding the busi nesses of rural entrepreneurs. To provide these rural businesses with quality, affordable, dependable, and clean green energy (Solar/Wind/Bio-Gas), TPRMG will discover suitable entrepreneurs within its existing Microgrid network as well as in new geogra phies. TPRMG will also provide rural enterprises, green energy solutions, the technical know-how for maximising energy utilisation and conservation. The Sustainable is Attainable program of Tata Power and the Empowering MSMEs campaign of SIDBI are the driving forces behind this partnership.
“Our partnership with SIDBI is a step toward providing rural enterprises with access to a sustainable energy ecosystem and include them in India’s commitment to the widespread use of renewable energy. This innovative program intends to develop skills to enable low-carbon futures for rural entrepreneurs and economies and to assist in Ease of Doing Business in rural parts of the country” said Dr Praveer Sinha, CEO&MD Tata Power.
RENEWABLE ENERGY
To
www.EQMagPro.com 59EQ SEPTEMBER 2022 (B) TP RENEWABLE MICROGRID AND SIDBI COLLABORATE TO SETUP 1000 GREEN ENERGY ENTERPRISES NATIONWIDE TO SUPPORT
Program will promote sustainable rural entrepreneurship in the country through clean power via Microgrids and speedy facilitation of financial link ages
“SIDBI has woven its promotional initiatives as a national program which has four buckets of innovation, nianbeginning.”creatorBharatthatbonnationalpriseSIDBItoPower’sopment.rural/lambann4entrepreneruship,educatio-Swava-connectKendrasandvillage/sustainableenterprisedevel-CollaborationwithTataTPRMGisbeingstructuredkindlegreenruralenterprises.hasprioritisedthegreenenter-asitsthrustagendaalignedtocommitmentsonbeingcar-neutralnation.Wearehopefulthisshalltriggertheyouthfromwhoareinclinedtowardsjobrole,togogreenfromtheverysaidMr.SivasubramaRamann,CMDSIDBI.
60 EQ SEPTEMBER 2022 (B) www.EQMagPro.com RENEWABLE ENERGY
Michael Birshan: Our thesis is that companies should move from playing defense on climate change, which many have gotten quite good at, to going on the offense with the right net-zero strategies. Strategy fundamentals can guide companies through this era, just as they guided value creation in the dot-com era. There was genuine value-creation potential then but also value destruction, and the difference lay in those fundaMichaelmentals.Birshan:
have a critical role to play in achiev ing the global aspiration of net-zero emis sions—one that comes with vast business op portunities. In this episode of the Inside the Strategy Room podcast, Michael Birshan, global coleader of McKinsey’s Strategy and Corporate Fi nance Practice, and Anna Moore, who coleads the Sustain ability Practice in Europe, discuss their recent research on ways organizations can seize the initiative to foster, and benefit from, a net-zero future. This is an edited transcript of the discussion. For more conversations on the strategy is sues that matter, follow the series on your preferred podcast platform.
Policy makers are recognizing the trade-off between cost-efficiency and resilience, which may well acceler ate the energy transition momentum long term.
Anna Moore: We will need to spend much more on the transition than many were expecting, but that spending will create a lot of new value. We estimate that meeting the commitment to hold temperature increases below 1.5° Celsius would require $9.2 trillion a year in investment in transition technologies. That’s redirected investment, new investment, and continu ing low-carbon asset allocations. This amount ac counts for about 7.5 percent of global GDP. It’s the sin gle largest asset reallocation in history. What that will create, however, is $9 trillion to $12 trillion in sustain able market value—new green growth value pools.
FOUR FRONT-FOOT STRATEGIES TO HELP CREATE
Sean Brown: What will it take to reach the international commitments around climate and what role do businesses need to play?
Sean Brown: Where do you see this investment being focused?
Companies
VALUE IN THE NET-ZERO TRANSITION
Companies can identify green growth opportunities and move boldly to take advantage of them.
The situation is uncertain, but in the short term, we can expect more use of coal and shortages of some critical minerals given the proportion that come from Ukraine or Russia. At the same time, rising gas prices make renewable power and green hydrogen projects more attractive than before.
Sean Brown: The world has become challenging this year, with the war in Ukraine and growing economic headwinds. Has that affected the mo mentum of this transition?
Sean Brown: How would you summarize the main message coming out of your net-zero research?
Anna Moore: There is the transition of existing tech nologies in various sectors but also in creating new services to facilitate the transition. For example, we see the emergence of entirely new markets such as carbon management and natural capital, which we es timate will be worth $100 billion to $200 billion annu ally [Exhibit 1]. Think of carbon accounting software, blockchain-based carbon traceability for materials like iron ore, carbon trading platforms—these are being developed as auxiliary services. Also important is a shift toward different end markets, such as a machinery-and-tooling business pivoting from serving oil and gas to serving renewables players.
Second, the transition will be spiky and there will be win ners and losers. Even though we see ESG [environmental, social, and governance] funds outperforming, the headlines mask a lot of nuances. Take construction, for instance, where we expect an $800 billion to $1.9 trillion green construction market to emerge, yet you still see recent collapses of players that provide services for green construction.
some of that value is created by supply-demand gaps that will disappear as people bring forward investments. That creates a first-mover advantage in many industries.
Sean Brown: How should companies approach the sustainability strat egy that will guide their investments?
Anna Moore: The urgency point is critical. First, the window of opportunity is closing for us to rectify the climate problem as a society. Second, the window of opportunity on some of these green value pools is closing or will close by the end of this decade, because
“The window of opportunity on some of these green value pools is closing or will close by the end of this decade”.
Sean Brown: How urgent is it for companies to start making these investments now?
But these opportunities aren’t one-size-fits-all. There will be successful last-man-standing strategies, for example. We anticipate that the share of conventional fuels in our energy mix will go from 84 percent today to 43 percent in 2050, but somebody will still have to supply that 43 percent. Furthermore, the total market cap of oil and gas players is rising even while this asset reallocation occurs.
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Michael Birshan: Ultimately, our guides are the fundamentals of value creation—free cash flow, return on invested capital, and growth. Business leaders need to evaluate how the transition will affect market attractiveness and their competitive position at a granular level.
Sean Brown: What’s involved shifting from playing defense to playing
Great. What is the next lever?
Anna Moore: First, including sustainability in the corporate purpose can be a huge advantage for attracting and retaining talent. Some businesses are also establishing nerve centers around sustainability. Think of the transition that safety went through 20 years ago, where previously one person in a plant was responsible for safety and now it’s part of everybody’s job. Similarly, we’re starting to see companies transition sustainability from a niche ESG topic to being embedded in how they operate.
Michael Birshan: In our view, playing offense involves pulling four levers [Exhibit 2]. The first one is portfolio strategy—what is in and out of your business portfolio. Do you have the insight and foresight about what will happen to the market structure and competitive landscape and therefore to the value creation in each of your businesses? Second, are you a natural owner of that business that can enable the next stage of its
“There is an opportunity to move from what we might call ‘fatalistic’ to ‘futuristic’ mindsets in terms of the ambition. The opportunity, and the imperative, is to make the net-zero transition a tailwind.”
The opportunity, and the imperative, is to make the net-zero transition a tailwind. How does it drive up free cash flow and therefore valuation?
But, as I mentioned earlier, the window on the demand and the green premiums companies can charge will close. Over the past 24 months, multiple new green steel projects have been announced in Europe and as those plants come online, you will see the price gap close. By the end of the 2030s, we anticipate oversupply of green steel, so this is a time-bound opportunity that requires investment now.
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Anna Moore: Yes. In the aluminum sector, there are some interesting partnerships. We see research and in novation partnerships between incumbents and their customers, such as automotive OEMs partnering with more forward-leaning aluminum suppliers to create net-zero vehicles. There is also partnership across the industry through the Aluminum Stewardship Initiative [ASI], which is the industry standards body that enables aluminum producers to define what constitutes lowcarbon and ultra-low-carbon.
Then, it’s about the corporate posture. There is an opportunity to move from what we might call “fatalistic” to “futuristic” mindsets in terms of the ambition. You often hear the transition presented as a headwind in sustainability strategy announcements: “We will lower our free cash flows but ensure we remain a going concern through the transition. We’ll survive but not necessarily thrive.” It crystallizes lower expecta tions.
Sean Brown: Do you see many joint ventures and alli ances in this arena? It seems a way to combine the best of what start-ups and large companies bring.
Michael Birshan: It’s hard. When you look over the history of major transitions, most companies do not navigate those well. What’s easier for chief executives and boards is essentially to manage a gentle, stately decline, and it takes real leadership to not take that path.
Sean Brown: Let’s move on to the third lever, which is around green premiums. Could those premiums be a way to convince the skeptics to get on board with the Annatransition?Moore: We are starting to see the premiums ma terialize. In plastics historically, virgin materials were worth more than recycled materials. Now, recycled polyethylene [PE] is worth over $1,000 a metric ton more than the virgin product. That’s driven by emission-reduction commitments of consumer products companies and by consumers preferring more sustainable options. It is a true green premium that is driving a shift in the plastics industry. You see green premiums in heavy industries, too. In steel, we expect a 50 percent gap by the middle of this decade between green steel demand and green steel supply. That demand is driven by automotive OEMs, construction players, and government procurement—the UK, Canada, and Germany, for example, have committed to purchasing green steel as part of the Industrial Deep Decarbonisation Initiative, and account for about 25 percent of the steel sold in their markets. Consequently, we expect a green premium for steel of $200 to $350 a metric ton by the middle of this However,decade.such premiums aren’t necessarily present in all industries. For example, we expect a less distinct green premium in copper, because the copper market overall is quite tight, it’s easier and cheaper to decarbonize copper than some other commodities, and it’s a smaller portion of emissions so manufacturers place a lower premium on it.
Sean Brown: Michael, you earlier compared this transition to the digi tal transition. Do you find incumbents willing to cannibalize their leg acy businesses as they try to build green businesses, as some did in the transition to the digital era?
companies are building new green businesses. Some sustainability unicorns have multibillion-dollar valuations and many of these players are reaching scale faster than the incumbents. Established companies do face some challenges. For example, they have legacy brands that come with perceptions that are hard to shift, and building a new business requires a lot of capital investment. But incumbents also have three natural advantages. First, they can overcome that investment requirement by making use of existing assets. They may have product architecture platforms, for example, that they can piggyback on—which start-ups lack. Second, they can also tap existing capabilities, and finally, they have relationships both with suppliers, which can be hugely helpful, and with customers.
Seanoffense?Brown:
Sean Brown: Incumbents also have large staffs who have long focused on particular markets and a particular way of doing business. How do the leaders reorient the organization to different opportunities?
Annaevolution?Moore:Many
Michael Birshan: Related to the safety analogy, that shift shows colleagues that there is a strong overlap between sustainable operations and efficient operations. I also wouldn’t underestimate education. There are many technical elements in this area, and people need to be brought along without being embarrassed that they can’t distinguish scope 1 emissions from scope 2 and scope 3.
Anna Moore: It’s an even harder choice when the risk to the business is not existential. If oil and gas becomes 43 percent of our energy supply, that’s half as many oil rigs in West Texas, so you need to evolve your business to become an energy player, not just an oil and gas player.
Anna Moore: The net-zero transition is a truly global phenomenon backed by serious global commitments. Many supply chains that are needed to unlock these opportunities are global supply chains. Within extractive industries, there will also be a need to
RENEWABLE
ensureassets.that
Sean Brown: How should business leaders convey the investments in the transition to the markets? In other words, how do you craft the value creation story?
Anna Moore: It is trite but true that green is lean. Throughout this conversation, we have been trying to convince you that the opportunity is on the top line. Net zero is an opportunity on the cost side, too. Many abatement technologies already pay for themselves, or more than pay for themselves. We es timate that more than two-thirds of emissions globally can be mitigated with technologies that already exist, and compa nies should keep an eye out for efficiency gains in addition to decarbonization impact.
Sean Brown: What types of products and services are generating the highest premiums? And are there some categories where consumers are not willing to pay more?
ENERGY
Sean Brown: Are the opportunities to play offense on net zero available across all regions or principally in the advanced econo-
Michael Birshan: The tipping point varies by sector, but we see companies starting to benefit from re-rating when they can credibly demonstrate that they have transitioned enough of their portfolio [Exhibit 3]. On the equity stories, three things can be helpful. One is demonstrating with rigor and in detail the continued resilience of the core business and where there might be price spikes, for example, that lead to periods of un usually high value creation. The second is about conveying that you are playing offense, being leveraged to the upside of the transition. The third is capital discipline, whereby management is hunting for value in both green assets and some brown
Birshan: There is opportunity in all regions but it is re gion-specific in terms of supply–demand balance and consumer preferences. We are absolutely seeing ambitious sustainabil ity transformations in emerging markets. Incidentally, this was also true in the digital transition, where some emerging-market companies looked to what others were doing, then did it bigger, faster, and better. Additionally, as you think about security of sup ply, carbon border adjustments, and other potential challenges, net-zero strategies become part of the industrial logic of trade.
Anna Moore: It’s not as simple as consumers demanding green products. Time and time again, consumers have said they wanted green products, but they did not buy them if they had to pay more. However, we are starting to see more of consumers’ stated preferences materializing in spending and that will likely accelerate. We see consumers willing to pay premiums when there are supply shortages. However, the premiums need to be small enough shares of wallet. I also want to call out the role of carbon pricing in many markets. For example, we expect that as EU Fit for 55 rolls out in Europe, €90–€100 per metric ton of CO2 would drive about a 70 percent increase in cement cost, at least until new greencement investments come online. That would fundamentally reshape behavior and pricing, and together with border adjust ment mechanisms, will reshape cost curves in many industries.
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Michaelmies?
this is a global transition rather than an endpoint-of-production transition. CBAM, or the Carbon Border Adjustment Mechanism in the EU, and similar legislation reward suppliers globally for decarbonizing their operations, so Brazilian steel becomes more competitive in Europe than a lot of domestic production because of Brazilian producers’ reliance on hydropower. These policies serve as incentives for decarbonization globally.
Sean Brown: Let’s move to the last value-creation lever—green operations. What opportunities does that present?
Launched in partnership with Energy Action Partners, ARC Power, and POWERHer.
Provided immersive field-based training to 14 young women from WiSER and local community.
Masdar’s
“We are proud to offer the WiSER Cares Rural En ergy Access course as part of Masdar’s longrunning effort to equip young women with the knowl edge and skills necessary to lead their communities and the world in building a more sustain able future,” said Dr. Lamya Fawwaz, Masdar’s Execu tive Director of Brand & Strategic Initiatives, and WiSER Program Director.
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MASDAR COMPLETES INAUGURAL COURSE IN RWANDA TO EMPOW -
ER WOMEN TO TACKLE RENEWABLE ENERGY ACCESS IN OFF-GRID COMMUNITIES
Fourteen young women, including nine WiSER Pioneers and five Rwandan professionals, completed the six-day WiSER Cares course, comprised of a se ries of lectures and hands-on projects led by global experts in renewable energy and sustainable develop ment, with a focus on four core disciplines: 1) energy systems technology and service models; 2) energy access business models and financing; 3) community inclusion, social change and human development; and 4) climate adaptation.
Experts leading the course included Co-Exec utive Director of Energy Action Partners in Ma laysia, Ayu Abdullah; Off-Grid Technical Ad visor, Energy Action Partners in Rwanda, Ivan Asiimwe; Co-Founder and Team Leader of Love at Hands in Rwanda, Erica Matasi Gateka; and Co-Director of Energy Action Partners and CEO of ClearSky Power, Boston, Dr. Scott Kennedy. The WiSER platform was officially launched by Masdar and the Zayed Sustainability Prize on the sidelines of the 70th United Nations Gen eral Assembly in September 2015 with the goal of inspiring women to play an active role in ad dressing global sustainability challenges.
Course promotes gender equality and universal access to reliable clean energy, in line with UN Sustainable Development Goals.
Fawwaz.Source: masdar
“Through a multidisciplinary approach that emphasizes development of practical skills, strong technical fundamentals and realistic business models, WiSER Cares aims to facilitate productive cultural exchange and inspire participants to work together to achieve SDG 7 by accelerating the clean energy transition in rural off-grid communities,” added Dr.
Women in Sustainability, Environment and Renewable Ener gy (WiSER) platform today com pleted its first field-based course in Rwanda to teach young women in rural off-grid communities to harness the potential of clean energy solutions, in line with the United Na tions’ Sustainable Development Goal (UN SDG) 7 to ensure access to affordable, reliable, sustainable and modern energy for all. Launched in the Gatsibo district of Rwanda, the course, titled “Rural Energy Access: Designing and implementing inclusive com munity energy systems,” is the inaugural offering of WiSER Cares, a multidisciplinary initiative launched this year to engage WiSER Pioneers in on-the-ground learning experiences that promote sustainable com munity development. WiSER Pioneers is a year-long program, hosted annually since 2018, that offers women aged 25 to 35 access to bespoke educational workshops and global networking opportunities to in spire sustainability leadership.
Inaugural offering of WiSER Cares, a new initiative launched by Masdar’s Women in Sustainability, Environment and Renewable Energy (WiSER) platform to advance practical sustainability solutions that enhance community well-being.
From the central government directives it seems 13 states are in trouble, even barred from trading on the energy exchanges.
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POWER EXCHANGE TRADING BAN
These states have been barred for their pending dues, their power bills which haven’t been paid. These are pending for a long time, more than 7 months. IEX management has clarified that the restriction has been removed from 6 out of those 13 states already. The government thought that it was necessary to bar the defaulting states and it is hoping for the other states for the payment solution sooner.
ISMA is always striving to make India self-sufficient in manufacturing solar cells and modules and to make them available to the users at reasonable prices. If antidumping duty is levied over and above the basic customs duty, it may add additional burden on the solar developers. Such additional costs might adversely affect the demand for solar cells or modules in India and accordingly, it may not be in the best interests of the members of ISMA who manufacture solar cells and modules.
Indian Solar Manufacturers Association filed an application on behalf of the domestic industry concerning the product under investigation (PUC) viz. Solar Cells, whether or not assembled in modules or panels originating in or exported from China PR, Thailand and Vietnam.
anti-dumping investigation was initiat ed in 2018. Anti-dumping is basically a re quest by an any industry to the appropriate government agency requesting an investi gation into potential dumping. The Indian Solar Manufacturers Association (ISMA) demanded imposition of safeguard duty on imports of solar cells and modules, saying it would be significant to the solar manufacturing industry. The association wrote to the Commerce ministry favoring the Directorate General of Safeguards (DGS) recommendation of imposition of 70 per cent duty on imports of solar PV cells and modules. ISMA once again shares its gratitude to the designated authority for having initiated the present proceedings and for having completed various stages of the investigation. ISMA submits that post initiation, the Government of India has introduced a basic customs duty of 25% and 40% on tariff headings 8541.40.11 and 8541.40.12 respectively with effect from April 1st 2022. The said levy covering the entire scope of the product under investigation,has alleviated the price pressure being suffered by the domestic industry due to
In view of the above factual position and the mandatory language of Rule 14(a), ISMA requested to accept this with drawal request and terminate the present investigation as early as possible.
ISMA WITHDRAWS ANTI-DUMPING PETITION
This
It receives a request in writing for doing so from or on behalf of the domestic industry affected, at whose instance the investigation was initiated;
In view of the above, ISMA hereby withdraws present Ap plication pursuant to Rule 14 of the AD Rules 1995.
Various options are being chopped out to relieve these states and one of them is EMI for the pay ment. Options are also discussed to allow these states to take loans from REC-PFC to make pay ment to the generation companies. Ministry is dis cussing the whole thing with the concerned states along with the other stakeholders and is hopeful to find out the agreeable payment solution within a week.
dumping from the subject countries to a considerable extent, though not fully.
Rule 14: The designated authority shall, by is sue of a public notice, terminate an investiga tion immediately if-
Jakson Group, one of India’s leading energy and infrastructure company, has recently added one more first to its credit. The company has become the only Indian Manufacturer to be ALMM empanelled for our 600 Wp solar modules using M10 Half Cut Cell Technology.
Ministry of New & Renewable En ergy has updated the approved list of models and manufacturers(ALMM) for solar modules in its seventh update. Earlier, Jakson’s Polycrystalline and Monocrystalline were already in the approved list of MNRE. Now, with the empanelment of Helia Series, Jakson has become India’s first company whose 600 Wp Solar modules are ALMM empanelled.
As
JinkoSolar Holding Co., Ltd. (“JinkoSolar” or the “Company”), one of the largest and most innovative solar module manufacturers in the world, announced that since August 15, 2022, the local government of Sichuan province, where certain of JinkoSolar’ s manufacturing facilities are located, has imposed province-wide power rationing measures to ease the power shortage in the region.
a result of these measures, the pro duction capacity of JinkoSolar’ s manufacturing facilities in Sichuan province has been temporarily af fected. JinkoSolar is actively moni toring the situation and has implemented various measures to minimize the adverse impact from the power rationing on its business operations and fi nancial
performance, including but not limited to having its other manufacturing facilities assume more pro duction, and actively communicating with the lo cal government about power supply related matters. However, as it remains uncertain how long the power rationing measures will persist and when JinkoSolar’s Sichuan manufacturing facilities can resume full pro duction, JinkoSolar is currently unable to evaluate the extent to which its business operation and financial performance for full year 2022 will be affected.
Helia series modules are one of the most advanced and powerful PV modules offered in the Indian mar ket and are available in variants ranging from 120, 132, 144, and 156 half-cut cells configuration. De veloped using A+ category half-cut MonoPERC solar cells and combined with Multi-busbar (MBB) technology & high-density interconnections, the Helia series of PV Modules achieves a class-leading efficiency of over 21%.
JAKSON GROUP BECOMES 1ST INDIAN MANUFACTURER TO BE ALMM EMPANELLED FOR 600 WP MODULE JINKOSOLAR’S SICHUAN MANUFACTURING FACILITIES SUBJECTED TO POWER RATIONING MEASURES
The
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India had, on February 17, introduced plans to sup ply 5 million tonnes of green hydrogen by 2030 and unveiled a coverage that may allow producers to sup ply renewable vitality to supply hydrogen or ammo nia with out paying transmission fees for 25 years. The mission seeks green hydrogen consumption obligation on fertiliser models, petroleum refineries and metropolis gasoline distribution networks. Most home oil refiners have introduced massive plans to supply green hydrogen and a few of them have al ready begun the method to arrange small services based mostly on captive renewable energy crops.
Hence,
TheHYDROGENauthoritiesiscontemplating
For comparison, a single diesel bus plying on long distance routes typically emits 100 tons of CO2 annually and there are over a million such buses in India, the release added. The operational cost of hydrogen fuel cell trucks is lower than ones run on diesel and this could bring about a freight revolution in the country, he said. “About 12-14 per cent of CO2 emissions come diesel powered heavy vehicles. Hydrogen fuel cell vehicles provide excellent means to eliminate on-road emissions in this sector,” he said.
The similar is being proposed by the power minis try for renewable vitality initiatives.
There would also be provisions for further extension of the contract period on terms and conditions mutually agreed between the parties,” a senior au thorities official stated. As per bidding tips beneath preparation by the renewable vitality ministry, an digital technical and worth bids-based public sale for green hydrogen and green ammonia procure ment is proposed for procurement over 4,000 met ric tonnes each year (mtpa) of green hydrogen and 20,000 mtpa of green ammonia. The authorities can also be prone to permit the choice of e-reverse bidding for prepared procurers. The guidelines ad ditionally suggest the availability of intermediaries between green hydrogen and ammonia procurers and suppliers who can combination demand from multiple shopper. The choice of pooling of tariff by the merchants can also be being thought of.
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Union Minister Jitendra Singh launched an indigenously developed hydrogen fuel cell bus developed by the Council of Scientific and Industrial Research (CSIR) and private firm KPIT Limited in Pune.
PACTS FOR BUYING GREEN HYDROGEN, AND AMMONIA MAY BE FOR 15 YEARS
Source: PTI
INDIGENOUS HYDROGEN FUEL CELL BUS DEVELOPED BY CSIR, KPIT LAUNCHED IN PUNE
Source: PTI
mandating longer period green hydrogen and green ammonia buy agreements of not lower than 15 years to allow restoration of prices. “The green hydrogen and green ammonia projects are likely to involve higher upfront capital investment.
The
Union Minister of State for Sci ence and Technology on the occasion said Prime Minister Narendra Modi’s ‘Hydrogen Vision’ aims to make the country “atmanirbhar” (self-reliant) in clean energy, meeting climate change goals and creating employment in the sector. The fuel cell utilizes hydrogen and air to generate electricity to power the bus, whose only effluent is water, thereby making it possibly the most environment-friendly mode of transportation, a release quoted Singh as saying.
“Long-term contract is a nec essary condition for this mar ket to take off in the absence of which these capital-inten sive projects will not be vi able. We would prefer it if it is closer to 25 years,” stated ACME Group CEO Rajat Seksaria.
“Procurers can avoid the risk of getting locked into higher tariffs as there are improvements in technology. The Centre is mulling providing options that intermediaries can consider to pool tariff for green hydrogen and ammonia. The pool tariff will be a weighted average of tariff arrived through each competitive bid,” the official stated.
the purchase agreement peri od should not be less than 15 years.
He stated the availability to permit pooled tariffs re duces threat to each procurers and producers. “That’s a very mature decision,” he stated.
“We want to leverage the group’s presence in the supply chain across sec tors. Transport would be one major sector. While still in initial stages, we are in discussion with foreign com panies to partner for technol ogy tie-ups,” Sumit Pandey CEO, Hinduja Renewables, said.
“Commercial vehicle maker Ashok Leyland, part of the Hinduja group, plans to include multiple fuels in its portfolio. “We are working on multiple alternative fuels such as compressed natural gas/liq uefied natural gas, methanol, and hydro gen with various key partners and look forward to having a complete portfolio of commercial vehicles in the alternative fuel area in the next two-three years,” Saravanan, chief technology officer, told this paper recently.
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Most
“There is immense demand in the various arms of the conglomerate for green hydrogen so that priority would be to meet that. The production plan is fairly large scale, enough to bring the cost down. The company is looking to utilise global technology to reduce manufacturing costs,” said a source privy to the matter.
GREEN HYDROGEN: INDIA INC’S NEXT BIG THING EVEN AS POLICIES TAKE SHAPE
There is no government policy on this fad fuel nor a regulated supply chain. Yet marquee names in India Inc as well as renewable energy (RE) companies are announcing big plans to invest in green hydrogen manufacturing.
major industrial houses are doing so as part of their de carbonisation drive. Leading this pack is Reliance Indus tries Limited (RIL), which, sources said, plans to utilise the green hydrogen it produces for in-house consumption initially, not retail sales. This is in line with its Rs 75,000 crore green energy push announced in 2020.
In October 2021, RIL joined hands with Dan ish company Stiesdal A/S to develop and manu facture hydrogen electrolysers. On almost simi lar lines, state-owned oil marketing company Indian Oil Corporation aims to replace at least a tenth of its current fossil-fuel-based hydrogen at its refineries with carbon-free green hydrogen. In fact, most companies plan to consider captive use first. The Hinduja group, which launched its renewable energy business in 2016, is looking to expand in green hydrogen manufacturing for this purpose. Sumit Pandey, CEO, Hinduja Re newables, told Business Standard, that there is a large in-house requirement across segments, from transport to fertiliser, steel, and even fuel blending.
Hinduja Renewable, which already has a 360 Mw of solar power capacity, is planning to combine the green energy synergy with hydrogen manufacturing. “These are initial plans but there is definitely an emerging supply synergy with group companies such as Ashok Leyland, Hinduja Agro, steel man ufacturing and even fuel blending through our group company Gulf Oil,” Pandey said.
The current cost of green hydrogen in the country is around $5 per kg. The Union ministry of new and renew able energy is drafting a standard bidding document (SBD) for awarding manufacturing tenders for green hydrogen. The ministry is considering 4,000 million tonne production annually, and is in discussions with the ministry of fertil isers for offtake, said senior officials. The SBD is part of the National Hydrogen Mission, which will also outline the purchase obligation of green hydrogen for several indus tries. The ministry is looking to offer demand aggregator tenders for procuring green hydrogen. Clearly, India Inc is readying itself in anticipation of a well-defined policy.
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Among the manufacturing majors, L&T last week commissioned a green hydrogen plant at its A M Naik Heavy Engineering Complex in Hazira, Gujarat on August 20. Currently in the pilot stage, the hydrogen would be utilised in-house by blending with natural gas in the manufacturing process, a company said.
HYDROGEN
"Gurugram-based ACME Group has said it is planning to invest about Rs 1.5 trillion in green hydrogen and ammonia for its upcoming units in Tamil Nadu, Karnataka and Oman. The RE company is also looking for foreign equity partners and off-take tie-ups for these projects. “Over the next seven years, we will be investing Rs 1.5 trillion on three projects. We expect phase-1 of the Tamil Nadu unit to be ready by 2024,” Sandeep Kashyap, chief operating officer, ACME Group, said.
But there are others that are looking to cash on this growing market. Leading the pack is Adani Enterprises Limited, which has launched a separate petrochemical com pany and a new energy company with the core focus on green fuels. Adani Petrochem icals plans to offer a variety of green fuels and utilise its supply chains and RE units for production and transport. The company has a four-pronged plan to manufacture Green Hydrogen, Green Methanol, Green Ammo nia and Green Fertiliser, said senior execu tives. For each fuel, the company plans to reach out to different sets of buyers. It will also participate in Central government ten ders for green hydrogen and fertilisers, said sources. Adani has partnered with French major TotalEnergies to create “the world’s largest green hydrogen ecosystem”. In this strategic alliance, TotalEnergies will acquire 25 per cent in Adani New Industries Ltd (ANIL) from Adani Enterprises Ltd (AEL), a recent company statement said. ANIL is looking to invest close to $50 billion over the next 10 years in green hydrogen and al lied ecosystems.
Another renewable energy major ReNew Power has re cently signed a preliminary agreement with the Egyptian government to invest $8 billion to produce green hydrogen in the country. Despite this bullishness, prices will be com petitive only with an assured market. “Offtake would need government support. Blending targets, viability gap fund ing, and demand aggregation from key sectors can help bring the price down,” Pandey said.
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OUR LIVES
HYDROGEN COULD CHANGE THE WAY WE FUEL
Federal Natural Resources Minister Jonathan Wilkin son says the massive wind-tohydrogen project is a direct response to Russia’s war in Ukraine, a geopolitical crisis that has prompted Germany, which has long relied on Rus sian energy imports, to look for other sources of energy beyond the current one. The Kremlin is willing to supply.
Canada signed a major energy project with Germany that, once built, will transform the windswept Port au Port peninsula in western Newfoundland and Labrador into a hydrogen-producing energy powerhouse.
Source: evwind
That’s where Canada and west ern Newfoundland come in with their wind resources. The Cana dian hydrogen market is currently worth about $6 billion per year, and Canada is one of the world’s top ten producers of this valu able element. The largest manu facturers of hydrogen are the oil companies. But now, wind power is poised to enter the fray, to tap into an export market that is set to grow.
first phase of the project involves the construction of 164 new wind turbines in one of the windiest corners of the country. The idea is to use the renewable wind en ergy generated by those wind tur bines to produce what is known as “green” hydrogen, which can then be shipped to Germany to address growing energy security fears in that country.
The
FEATURED
With this, EKI will enable Varanasi Smart City to monetize its green projects for high quality Green House Gas (GHG) Abatement Carbon Credits
EKI
Under the contract, EKI will offer its comprehensive bou quet of strategic consultancy services for the end-to-end management of all the GHG mitigation projects of Varanasi Smart City starting from the feasibility assessment of proj ects to its validation & registration and finally its verifica tion for the generation of high quality GHG carbon cred its that can be monetized in global markets for additional revenues. EKI continues to enable other smart city projects across the country including the Indore Smart City Devel opment Ltd. (ISCDL), Ujjain Smart City, Visakhapatnam Smart City, Municipal Corporation of Tirupati, Surat Smart City and Bhubaneshwar Smart City. The company has enabled ISCDL to realize additional revenues of up to Rs. 8.34 crores in FY 2021-22 and also become the only Municipal Corporation in India and Asia to generate carbon finance through its sustainable initiatives. EKI’s advisory services also significantly contributed in ISCDL’s initiatives to es tablish the city as India’s cleanest city for the fifth year in a row under the rankings by Swachh Survekshan 2021. Given its global leadership, deep expertise of 14 years and expe rience with other smart city projects, EKI can easily help replicate its strategic climate solutions and technology inter ventions across other municipal corporations and smart city missions in the country, enabling them all to reduce their carbon footprint to generate additional revenues from their climate projects.
EKI ENERGY SERVICES LTD. (EKI) ON BOARDED BY VARANASI SMART CITY AS ITS CLIMATE PARTNER
"Mr.
EKIprojectscontinues
Manish Dabkara, CMD & CEO, EKI Energy Services Ltd. said, “All of us at team EKI are super proud that as a brand we continue to expand our leader ship as the most preferred part ner for smart city projects in the country. This win is yet another testimony for our continued commitment to deliver world class services to our partners as we enable them to make their climate projects profitable. We help our partners to realize additional revenues that can be further utilized for increased green project development or other com munity welfare initiatives in the country. We prom ise to continue our endeavor to build a sustainable tomorrow as we steer a planet to a net-zero future”.
"Dr D Vasudevan, Chief General Manager, Varanasi Smart City Limited said, “EKI is a renowned brand in the realm of carbon credits not only within India but globally. We are happy to on board EKI as our climate project enablers and are confident of their ability to help us manage all our sustainability projects for maximum climate financing with which we can support and fund multiple other welfare and developmental initiatives that we have in Varanasi. We look forward to a long-term association with EKI and to together enable the country to strive ahead in its quest to become net-zero by 2070 as committed at COP26”.
Energy Services Ltd. (EKI), a leading carbon credit developer and supplier across the globe, announced that fur ther enhancing its leadership as the most trusted partner for the end-toend management of smart city projects in the country, the company has bagged the consultancy services contract of Varanasi Smart City. Under the contract, EKI will empower Varanasi Smart City to monetize its greenhouse gas (GHG) reduction proj ects for high quality carbon credits. EKI will enable Varanasi Smart City in the de velopment and management of green projects with the best capabilities for maximum GHG mitigation that will enable Varanasi Smart City to get project accreditations under preeminent international standards including – VCS (Verified Carbon Stan dard) / GS (Gold Standard) / GCC (Global Carbon Council) / IREC (International –Renewable Energy Certificates) amongst others.
to be the most preferred climate partner for Smart City solutions; this is the seventh Smart City project to be entrusted to EKI after smart city projects of cities including – Indore, Ujjain, Vishakapatnam, Tirupati, Surat & Bhubaneshwar
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EKI will offer its expert consultancy services for the end-to-end management of all the climate projects of Varanasi Smart City including Renewable Energy (RE) projects, Energy Efficiency (EE) projects, Waste Management projects and other technology
MANUFACTURING: ICRA
The battery manufacturing segment remains a critical cog in the overall EV eco system development and is garnering a lot of atten tion. Spurred by Government support in the form of subsidies, enhanced aware ness and increasing product launches, the electric vehicle (EV) segment saw a significant upturn in prospects in FY2022. EV penetration across automo tive segments is expected to grow ex ponentially over the next decade; with battery remaining the most critical and costly component of an EV. In addition to the robust demand from EV vehicle, the annual battery demand for stationary applications (grid storage, telecom tow ers etc.) is also likely to grow at a rapid pace and be substantial. Given the incre mental demand from various applica tions and future growth prospects (post 2030), ICRA estimates investments in cell manufacturing to exceed USD 9 bil lion.Achieving economies of scale in bat tery manufacturing will remain critical in lowering the cost of an EV and help ing achieve pricing parity. Additionally, given that the charging infrastructure penetration will only improve gradu ally, improvements in energy efficiency remain imperative. Locating cell manu facturers close to the original equipment manufacturers (OEM) would allow for the creation of a research and innovation ecosystem, which would aid the devel opment of batteries with improved ener gy efficiency and which are better suited to Indian climatic conditions.
"Commenting on the same, Mr. Shamsher Dewan, Senior Vice President & Group Head – Corporate Ratings, ICRA, said: “In EVs, advance chemistry batteries remain the most critical and the costliest component, accounting for almost 35-40% of the vehicle price. At present, battery cells are not manufactured in India, and thus most OEMs rely on imports, and manufacturing operations in India are limited to the assembly of battery packs. However, to achieve mass scale penetration of EVs and a competitive cost structure, India will need to create its own eco-system of developing battery cells locally. Multiple challenges exist on the road to establishment of a cell manufacturing ecosystem, primary ones being technology complexity, high capital intensity and raw material availability. The ability of battery manufacturers to enter into agreements/ alliances with players across the value chain to mitigate these risks, coupled with the creation of a robust framework for recycling would remain key.”
RISING ELECTRIC VEHICLE PENETRATION TO DRIVE
EV battery demand in India (in relation to domestic sales) is expected to touch ~15 GWh by 2025 and ~60 GWh by 2030
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Investments in cell manufacturing are estimated to exceed ~Rs. 70,000 crore by 2030
Given the need to invest in cell manufacturing units to keep pace with the expected surge in battery demand for both EV and stationary applications, numerous entities have already committed significant investments in this segment. The Gov ernment of India (GoI) recently signed agreements with three companies for incentives under its Production-Linked Incen tive (PLI) Scheme for Advanced Chemistry Cell (ACC) Bat tery Storage. The policy emphasises on enhancing domestic value addition and is expected to support capability develop ment in this Lithium-ionsunrise.batteries
SIGNIFICANT INVESTMENT IN BATTERY CELL
FEATURED
have emerged as the battery of choice for EVs, given their high energy efficiency, decent thermal sta bility and low self-discharge. While Lithium Nickel Manga nese Oxide (NMC) is the most prevalent cathode chemistry currently, Lithium Iron Phosphate (LFP) chemistry is expected to gain increased acceptance going forward, given its higher thermal stability and lower production cost. Multiple other chemistries also continue to be under development, even as commercial viability for such chemistries may take time.
Government policy support cou pled with improving competitive ness of renewable energy will fuel Emerging Asia’s (EM Asia) long-term transition to a lower carbon energy mix, albeit at different speeds, said Moody’s Investors Service in a new report. However, key challenges remain for certain countries, including inconsistent policy imple mentation and high leverage to fund renewables’ capacity expansion.
Government policy support coupled with improving competitiveness of renewable energy will fuel Emerging Asia’s (EM Asia) long-term transition to a lower carbon energy mix, albeit at different speeds, said Moody’s Investors Service in a new report.
EMERGINGENERGYOFTOCOMPETITIVENESSSUPPORT,FUELGROWTHRENEWABLEINASIA
Source: IANS
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“Government policies, such as priority in dis- patch and mandatory renew- able energy consumption targets, will further sup- port the sector’s development in EM Asia. Still, the move away from coal will depend on how govern- ments balance near-term objectives such as energy affordability and se- curity against long-term emission reduction goals,” Boris Kan, a Moody’s Vice President and Senior Credit Officer said.
EM Asian countries’ plans to reach net-zero emis sions depend on shifting the fuel mix from mainly thermal power toward clean and renewable energy. The International Energy Agency’s stated policy scenario predicts total installed non-hydropower renewable capacity in China, India and Southeast Asia will increase from about 700 gigawatts (GW) in 2020 to about 5,300GW in 2050. In EM Asian countries such as India and China, wind and solar power are the most competitive energy sources, mainly driven by a drop in wind turbine and so lar module prices over the past 3-5 years despite recent price volatility. But difficulties remain for renewable energy companies, including (1) their non-compliance with renewable purchase obliga tions, (2) delays to renewable tariff payments by off-takers, (3) uncertainty of the renewable tariff regime, (4) higher leverage amid significant renew able expansion, although major companies will have access to lower-cost financing, and (5) elec tricity transmission constraints, Moody’s said.
POLICY
Source: psuwatch
This is with a view to achieving net-zero emissions by 2040, he added. BPCL to scale up RE portfolio 1 GW by 2025, 10 GW by 2040. In the renewable energy space, BPCL plans to scale up its portfolio from less than 50 megawatts today to 1 gigawatt (GW) by 2025 and 10 GW by 2040. The firm has also decided to expand its reach and presence in the nonfuel business to offer consumables, durables and services by leveraging its pan-India network of over 20,000 fuel stations and more than 6,200 LPG distributors. It is also cre ating highway fast charging corridors to address the range anxiety related to EVs. On a pilot basis, BPCL has adopted 900 km of the Chennai-Trichy-Madurai highway, where it has set up a recharge facility at every 100 km distance at its retail outlets along both sides of this stretch. BPCL plans to ex tend this facility across 200 highway corridors with around 2,000 retail outlets in 2022-23, he said.
“The com pany has identified six strategic areas – petrochemicals, gas, renewables, new businesses, that is, consumer retailing, e-mobility and upstream – which will serve as pillars of future growth and create sustainable value for all stake- holders, while the core business of re- fining and marketing of petroleum products continues to provide stability and funding bandwidth,” Arun Kumar Singh, Chairmen, BPCL said.
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BPCL plans to scale up its renewable energy portfolio to 10 GW by 2040, the year it is targeting net-zero carbon emission, chairman Arun Kumar Singh said
BPCL (Bharat Petroleum Cor poration Ltd), India’s second-largest oil refining and fuel retailing firm, plans to scale up its renewable energy portfolio to 10 GW by 2040, the year it is tar geting net-zero carbon emission, chairman Arun Kumar Singh said. Addressing the company’s an nual shareholders’ meeting, he said BPCL is diver sifying and expanding into adjacent and alternate businesses, which will not only provide additional revenue streams but also offer a hedge against any decline in the oil and gas business.
BPCL TARGETS NET ZERO, 10 GW OF RENEWABLE ENERGY BY 2040
The company has planned two new petchem projects at Bina and Kochi refineries. “Once commissioned, these will increase the share of petrochemicals in the company’s product portfolio from around 1 per cent currently to about 8 per cent,” he said. In the city gas distribution segment of the natural gas business, BPCL has further expanded its footprint, acquiring licenses for 8 new Geographical Areas. With this, BPCL has licenses for de veloping CGD networks in 25 GAs covering 62 districts. On an overall basis, the company has an interest in a total of 50 GAs covering 105 districts, inclusive of JVs. In the upstream space, Bharat PetroResources Ltd, a subsidiary of the company, has oil and gas assets from Brazil to Mozambique, he added.
State-run
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Oversubscribed 1.4X, highlighting ReNew’s strong financial profile.
India’s leading clean energy company, announced that it has tied up with 12 international lenders, led by Rabobank, for the largest External Commercial Borrowings (ECB) project finance loan in the coun try’s renewable sector, for any single project.
This also shows the financial community’s faith in our growth plans, innovation, proj ect execution abilities, and sound monetary management. We will work harder to build on this much-valued trust.” The RTC project will supply power day and night and com pete against the baseload of fossil-fuel en ergy providers, such as coal. In April, Mit sui & Co., Ltd. (“Mitsui”, 8031.T-JP: Tokyo Stock Exchange), a leading global general trading and investment firm, partnered with ReNew for this RTC project where it took a 49% stake. The project will provide power to SECI at the rate of ₹2.90 per unit to begin with, which will increase 3% annually for 15 years and then stabilise for the remaining 10 years of the 25-year PPA. This ECB loan follows ReNew’s refinancing last month of its dollar-denominated bonds with domestic borrowings, becoming the first Indian re newable company to do so.
Consortium of 12 international lenders, including seven first-time project lenders to LargestReNew.
renewable project with 1,300-MW capacity; unique project with Round-theClock (RTC) power supply, battery-enabled hybrid
"Speaking on the ECB loan, Sumant Sinha, Founder, Chairman and CEO, ReNew, said: “This loan—the single-largest project finance in India’s renewable sector—highlights the interest of global lenders in ReNew as it helps spearhead India’s historic clean energy shift and shows its continued ability to access financing at much lower rates than several years ago, despite the current volatility in the currency markets and a rising interest rate environment.
RENEW TIES-UP ~US$ 1-BILLION ECB CONSORTIUM LOAN FOR LARGEST SINGLE PROJECT FUNDING IN INDIAN RE SECTOR
finance facility for single Indian renewable energy project at highly competitive pricing.
ReNew rapidly build its total portfolio, this US$ 1-billion loan has been tied up through a special purpose vehicle and will be deployed for its hybrid Roundthe-Clock (RTC) battery-enabled proj ect. The interest rate, after hedging, is expected to be lower than the Company’s current average cost of debt on its balance sheet. ReNew has signed a PPA with the Solar Energy Corporation of India (SECI) for this proj ect, which will see wind and solar farms set up across Karnataka, Rajasthan, and Maharashtra states.
Single-largestcapacity.project
As
Infinity1500. The event will last for 15 days from September 1 to September 15, 2022. With a $200 discount, the Infinity1500 will be available at $1399 for American customers on Growatt’s official
Growatt Announces the pre-sale of its First Portable Power Station – INFINITY 1500
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According to the company, it will launch more models with different battery capacities by the end of 2022 to complement its lineup.
Awebsitesthe
first portable power station that Growatt introduced, Infinity 1500 features 1512Wh battery capacity, 2000W AC output, and 12 versatile outlets that allow its users to power most devices. On top of a 2-hour AC charging speed, it supports up to 800W solar input and can be fully charged in just 2.5 hours in sunlight. Weighting only 16.5kg, the portable power station is made lighter than other competing products of similar capacity for greater portability. Other features such as uninterrupted power supply (UPS) and smart APP control are provided for the extended scenarios. Overall, the Infinity 1500 is an outstanding innovation, impressing a committee of experts with its elegant design and cool features, and was awarded the 2022 Red Dot Design Award.
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“We’ve been waiting for the public sale of this product, and now the day has come! We are excited to provide us ers with more accessibility to green energy through our new portable power station that incorporates our technological advantages. The rollout of the new product marks another step towards a more comprehensive all-scenario clean energy solution,” Zhang added.
years of focus on energy storage solutions has laid a solid foundation for Growatt to enter the portable power station market. “In the past, Growatt was more limited to installed new energy solutions. But we feel that with our technological advantages and the market accumulation, we can bring new possibilities to the new energy lifestyle and bring more activity to the market,” said Lisa Zhang, vice president of marketing at Growatt.
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