EQ Magazine Sept 2023 Edition Part 1/2 REI Special

VOLUME 15

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INDIA

PLAN HEATS UP TO MAKE PANAJI 100% SOLAR POWERED OVER NEXT TWO YEARS

INDIA

INDIA SEES OVER 120% GROWTH IN EVS, HYBRID VEHICLES SURGE 400%

RENEWABLE ENERGY ENERGY STORAGE

SOLINTEG EXPANDS ITS LOW-CARBON DEVELOPMENT BLUEPRINT TO INDIA

CABINET APPROVES THE SCHEME TITLED VIABILITY GAP FUNDING FOR DEVELOPMENT OF BATTERY ENERGY STORAGE SYSTEMS (BESS)

FEATURED

INDIA

FEATURED INTERVIEW

G20 AGREES TO PURSUE TRIPLING RENEWABLE ENERGY CAPACITY BUT STOP SHORT OF MAJOR GOALS

BUSINESS & FINANCE Pg.08-75

PRODUCT FEATURE : BIDIRECTIONAL CONVERTER PVS980-58BC

MR. KETAN VORA WAA Cables Pvt. Ltd.

INDIA’S RENEWABLE ENERGY AMBITIONS COULD EXCEED 500 GW, SAYS ISA DG AJAY MATHUR

MR. SHANTANU SIRSATH Technical Head India Growatt

PM MODI-BIDEN NOD TO JOINT $1 BILLION FUND FOR RENEWABLE ENERGY INFRASTRUCTURE IN INDIA

Founded in 2000, LONGi Green Energy Technology Co., Ltd. (LONGi) is committed to being the most valuable solar technology company in the world. Under the mission of "To make the best of solar energy to build a green world" with a brand positioning of "The most trusted, reliable solar company that blazes the trail for green technology,"LONGi is developing solutions for large-scale power plants, for different industries and households with its innovation-focused development. Eventually, they will also supply "Green Power + Green Hydrogen" solutions for global zero-carbon development.

TATA POWER SOLAR AND SIDBI SIGN MOU TO OFFER EASY FINANCING TO MSMES FOR SOLAR ADOPTION

MoU signed in the presence of Hon’ble Union Minister of State for Finance Dr. Bhagwat Karad at the Global SME Finance Forum 2023, Mumbai .

Tata Power Solar and SIDBI launches The Big Solar Fest offering customised & innovative financing solutions with zero processing fees for solar loan.

Tata Power Solar Systems Limited (TPSSL), one of India’s largest integrated solar companies and a wholly owned subsidiary of Tata Power Renewable Energy Limited (TPREL), signed a Memorandum of Understanding (MoU) with Small Industries Development Bank of India (SIDBI) to offer an easy financing option for MSMEs.

Tata Power Renewable Energy Limited (TPREL) is a subsidiary of Tata Power, India's largest integrated power utility. MSMEs that are willing to opt for Rooftop Solar PV Plant or associated services from Tata Power or its authorised Channel Partners across India will be financially supported by SIDBI under the scheme.

Hon’ble Union Minister of State for Finance, Dr. Bhagwat Karad graced the MoU exchange ceremony held at the Global SME Finance Forum 2023 in Mumbai. Dr. Praveer Sinha, CEO&MD, Tata Power and Shri Sivasubramanian Ramann, Chairman & Managing Director, SIDBI exchanged the MoU. Under this strategic partnership, TPSSL and SIDBI will encourage solar energy adoption among Micro, Small & Medium Enterprises by offering customised & innovative financing solutions through SIDBI's 4E (End to End Energy Efficiency) Scheme. The 4E solar financing scheme offers TPSSL’s customers an array of compelling benefits, including the most competitive interest rates and loan limit to meet the requirement of the MSME sector. TPSSL and SIDBI has also announced the launch of The Big Solar Fest at the Global SME Finance Forum 2023 to offer zero processing fees for the upcoming festival season to encourage the widespread adoption of solar energy among MSMEs. The Big Solar Fest will spread awareness on the most competitive financing offerings with zero percent processing fees for the upcoming festival season. This additional incentive will serve to expedite the green journey of the MSME sector, reinforcing its commitment to sustainable growth and clean energy solutions.

Dr. Praveer Sinha, CEO & MD of Tata Power, said, "MSMEs are the backbone of India's economy. They operate across industrial segments and are major consumers of electricity. Our strategic collaboration with SIDBI will facilitate the ‘ease of opting’ renewable energy in the MSME sector and power its quest to become more efficient and globally competitive. I urge them to make the most of 'THE BIG SOLAR FEST' and play a pivotal role in building a greener and sustainable business ecosystem in the country."

An online application process has also been set up to help MSME consumers avail this scheme and contribute to the advancements of the country's national solar mission.

Shri Sivasubramanian Ramann, Chairman & Managing Director, SIDBI, said, “SIDBI has prioritised digitisation of credit access and green/climate financing. SIDBI leverages partnerships to reach the last mile. We are confident that our partnership with Tata Power Solar will result in MSMEs getting better quality products & services, which will help in MSMEs growth and decarbonisation journey. We envision working towards developing innovative and cost-effective financing options, especially for MSME customers. We are optimistic that this partnership and within that ‘The BIG SOLAR FEST’ will go a long way in accelerating the adoption of renewable energy, especially among the MSME sector.”

The MoU builds upon the resounding success and positive feedback received from the collateral-free solar financing initiative introduced by TPSSL and SIDBI in 2021. TPSSL plays a pivotal role in empowering diverse industries and businesses to embrace non-conventional energy sources, reduce their CO2 footprints, and contribute to India's clean energy goals. The company offers an extensive portfolio of solar energy solutions, spanning from installations to operational maintenance. It serves as a one-stop solution for consumers, catering to their comprehensive end-to-end energy requirements. The Company’s solar EPC portfolio is more than 11.5 GWp of ground-mount utility-scale, over 1.7 GW of rooftop and distributed ground-mounted systems, and over 1,00,000 solar water pumps. SIDBI is the principal financial institution for the promotion, financing and development of the Micro, Small and Medium Enterprises (MSME) sector and for co-ordination of the functions of the institutions engaged in similar activities.

INDIA PLAN HEATS UP TO MAKE PANAJI 100% SOLAR POWERED

OVER NEXT TWO YEARS

The state government has prepared a road map to make Panaji a 100% solar-powered city over the next two years. The initiative includes a focus on the installation of solar rooftop equipment in the capital city and the creation of consumer awareness.

TELANGANA TO GET 500 MW WIND POWER FROM SECI

Out of a capacity of 1300 MW, Telangana state will receive 500 MW across Nizamabad, Rangareddy and Medak substations.

For now, 81 housing complexes in Panaji are being considered for the drive in which solar photovoltaic (PV) technology will be given in the push to make the city 100% reliant on renewable energy. Moreover, solar energy will be tapped across all consumer segments in the city to meet the increasing electricity requirements and to achieve sustainable development. A senior government officer said that the Sun Analyzer Software was used for satellite mapping of Panaji to assess its solar rooftop potential. The city has been divided into various zones to map the rooftop area available in buildings. In each zone, buildings have been categorised as residential, commercial, industrial, or government. The state government will prepare the Development of City Renewable Energy Action Plan. The Indo-German Energy Programme – Access to Energy in Rural Areas (or IGEN-Access II), overseen by the Centre’s ministry of new and renewable energy, provides technical assistance to also create renewable-energy cities. The state government’s action plan encompasses the development of solar rooftop power of 34.5MW, which includes the additional potential that becomes available as the city expands. The other thrust areas are the electrification of all passenger transport to 100% EVs; energy-efficiency measures in commercial, industrial, public sector, and residential segments; and the development of off-grid charging stations of 34.5MW capacity to charge all EVs. Also envisaged is the generation of an additional 74MW through solar-park capacity or innovative applications.

The ‘Panaji Renewable Energy City’ dashboard will be set up to provide real-time progress of the project featuring the implementation landmarks, capacity added, activities planned, and milestones achieved. The details can be accessed through Goa Energy Development Agency (GEDA) portal. The electricity demand for the state capital is 128MW per day while the average peak load is 22MW, which needs to be met through renewable energy. At present, the total solar power capacity through government and private solar plants is 0.5MW. The government has identified 15 locations in Panaji where solar trees will be installed to generate power.

In a significant move, the Solar Energy Corporation of India (SECI) will be setting up an Inter-State Transmission System Project (ISTS) connected wind power project in Telangana along with Tamil Nadu, Madhya Pradesh at a total capacity of 1300 megawatts (MW). Out of a total capacity of 1300 MW, Telangana state will receive 500 MW across Nizamabad, Rangareddy, and Medak substations. Meanwhile, Tamil Nadu will receive 300 MW in Karur city. Similarly, 500 MW will be distributed across the Neemuch, Mandsaur, and Pachora cities of Madhya Pradesh. In order to provide SECI with renewable energy, this program calls for Wind Power Developers (WPDs) to develop Wind Power Projects that are connected to the ISTS. These projects will operate under a build-ownoperate (BOO) framework.

The Request for Selection (RfS) for Tranche XV Wind Power Projects was just made public by the SECI. The opening date for bids is September 25, and the deadline for bid submissions is September 20. The successful bidders chosen based on this RfS will enter into a Power Purchase Agreement (PPA) with the SECI for the purpose of purchasing wind power for a 25-year period. Currently, Telangana has 128 MW of installed wind power, including 100 MW from Pargi windmills and 28 MW from windmills near Zaheerabad on the HyderabadMumbai highway. More than 200 gigawatts (GW) of wind energy are estimated to become commercially exploitable in India. India presently has 168.96 GW of total renewable energy capacity (as of February 28, 2023), with roughly 82 GW of that capacity being implemented at various phases and over 41 GW being in the tendering stage. This includes 42.02 GW of wind power, 10.77 GW of biopower, 64.38 GW of solar power, and 51.79 GW of hydropower.

TELANGANA: MORE GOVT SCHOOLS TO BE SOLAR-POWERED

A total of 5,267 schools, including 4,600 government and local body high schools, 475 Kasturba Gandhi Balika Vidyalayas and 192 Model Schools, will be powered by solar energy

More government-run schools will soon be free from the burden of electricity bills as the State government is planning to install solar power plants. A total of 5,267 schools, including 4,600 government and local body high schools, 475 Kasturba Gandhi Balika Vidyalayas (KGBVs) and 192 Model Schools, will be powered by solar energy. A 5-kilowatt capacity solar power plant is being planned in each of the select government and local body high schools, while a 10-kilowatt capacity plant in the KGBVs and Model Schools as they are residential schools with higher electricity consumption. For this, the School Education department has prepared a detailed project report at an estimated cost of Rs 80,000 per kilowatt. The initiative is expected to cost Rs 283 crore and it is likely to be executed by the Telangana State Renewable Energy Development Corporation.

The government has already solar-powered 1,521 government and local body schools in 12 districts as part of the ‘Mana Ooru – Mana Badi / Mana Basti Mana Badi’ programme. These 2-kilowatt solar plants established at the cost of Rs 32 crore are currently generating 3,072 KW of power. Now, the capacity of over 1,200 of these solar plants will be enhanced to 5 kilowatts. The government schools, as part of the Mana Ooru – Mana Badi programme, have been revamped and were provided with necessary infrastructure including computer labs, libraries and science labs along with electronic appliances including digital interactive flat panels. This has resulted in an increase in electricity consumption leading to high power bills. In this context, the government has decided to free schools from the burden of electricity bills. In addition, the excess solar power generated during the holidays will be directly transferred to the grid and schools will be paid money depending on the units transferred.

INDIA SEES OVER 120%

GROWTH IN EVS, HYBRID VEHICLES SURGE

400%

Assistance systems (ADAS) rapidly expanded by 350 per cent (year-on-year) and the adoption of connected and digital cockpit features continue to gain steady traction in passenger vehicles, surpassing 60 per cent, according to the report by CyberMedia Research (CMR).

India saw 120 per cent growth in electric vehicles (EVs) in the second quarter of this year, driven by a 400 per cent surge in hybrid vehicles, a report showed. Assistance systems (ADAS) rapidly expanded by 350 per cent (year-on-year) and the adoption of connected and digital cockpit features continue to gain steady traction in passenger vehicles, surpassing 60 per cent, according to the report by CyberMedia Research (CMR). The surge in EV adoption was driven by the introduction of new affordable models, including, for instance, MG Comet EV from MG Motors.

Automotive original equipment manufacturers (OEMs) are focused on introducing electric vehicles with Level 2 advanced driver assistance systems (ADAS) that include helpful features like adaptive cruise control, lane centering, and automated lane changes,” said John Martin, senior analyst-smart mobility practice, CMR.

Additionally, the use of intelligent and connected cockpits within vehicles is on the rise. “These advancements are not only enhancing consumer safety but also promoting intelligent mobility and environmental sustainability,” said Martin. The remarkable growth in hybrid vehicle demand was driven by OEMs, including Toyota Kirloskar, Maruti Suzuki, and Honda Motors. Over 90 per cent of EV sales in Q2 2023 were equipped with smart connected features, and digital cockpits adorned around 15 per cent of hybrid vehicles, the report noted. By the end of this year, over 5 per cent of passenger vehicles are likely to be fully electric and equipped with ADAS features. Advanced connectivity and digital cockpit functionalities are projected to capture a 40 per cent market share, the report noted.

INDIA’S GREEN HYDROGEN PILOT GATHERS STEAM, ECONOMICS YET

TO ADD UP

Top executives from Adani Enterprises earlier this month informed analysts, work on their electrolyser manufacturing unit is likely to start in the current or next quarter

FY24 is shaping up to be the year when numerous Indian companies are putting their green hydrogen ambitions into motion, albeit at the pilot stage. As this progresses, industry insiders and experts note that demand and financial closures remain elusive. Earlier this month, top executives from Adani Enterprises revealed to analysts that work on their electrolyser manufacturing unit is likely to commence either in the current or next quarter. The conglomerate is not alone in initiating its green hydrogen pilot.

Among others, Larsen & Toubro (L&T), Indian Oil Corporation, and Renew Power are anticipated to form a joint venture (JV) company in the coming weeks, said Subramanian Sarma, whole-time director and senior executive vice president (Energy) for L&T. The trio first unveiled plans in April 2022 to create a JV to foster the nascent green hydrogen sector in India. Another executive in the know shared, “All the required approvals for the tripartite JV are now in place, with the JV formation under process.”

Construction work is underway at Reliance Industries’ Giga complex in Jamnagar, which will also accommodate the planned electrolyser manufacturing unit, as per sources. Sandeep Kumar Gupta, chairman for state-owned GAIL India, told shareholders that the company’s 10 MW green hydrogen production unit, the largest in India, with a daily capacity of 4.3 tonnes at Vijaipur in Madhya Pradesh, is anticipated to be commissioned by December.

Dipankar Ghosh, Sustainability & ESG Partner & Leader at BDO India, stated, “Several Indian companies are in the process of commissioning commercial-scale green hydrogen plants in India in FY23-24 and beyond. Like most large-scale fuel manufacturing units, these will take time to scale up to full capacity due to market demand, technological barriers, and regulatory conditions.”

Ghosh expects that most Indian green hydrogen manufacturers should be able to produce green hydrogen at a price of USD 1-2 by 2030. However, not all agree. Pranav Master, senior practice director-consulting, CRISIL, remains sceptical that $1 per kg is attainable, even with the momentum observed in the current financial year. He remarked, “To hit $1 per kg by 2030 would be very challenging; significant scale-up, technological developments, and further incentives are crucial. From where we are at in 2023, that cost looks unlikely by 2030.”

Sarma from L&T highlighted that “Technology breakthrough has to happen in storage, electrolyser efficiency must improve, and ultimately demand must be created for economies of scale. Today it is a catch-22 or chicken-andegg situation; unless the price comes down, demand will not rise.” On the funding side, Merchant added that significant project finance closure has yet to be seen.

An anonymous company executive from a state-run entity observed that some of those planning green hydrogen units are exploring various options to ensure the electrolyser cost is as low as possible before proceeding.

Those initiating these early steps are conscious of the demand gap. Regarding the search for clients for the initial output from the Hazira (Gujarat) electrolysers manufacturing unit, the executive noted, “We are focusing on manufacturing; I think we will first use it for our own use and at the same time, we will also start marketing.” L&T has plans to establish a gigawatt-scale manufacturing facility for electrolysers in India

MADHYA PRADESH: FIRST BLOCK OF FLOATING SOLAR MODULES LAUNCHED IN OMKARESHWAR

The floating solar project is being implemented under the ‘Ultra Mega Renewable Energy Power Parks Scheme (UMREPP)’ of MNRE (Ministry of New and Renewable Energy).

Madhya Pradesh: The first block of floating solar modules has been launched in Omkareshwar in Khandwa district of Madhya Pradesh. The launching of the 0.5 MW and 0.4 MW floating solar modules on Friday, August 18 marks a significant step towards harnessing the power of the sun while making efficient use of available resources. According to a release, Amp Energy Green Seven Limited and SJVN Green Energy Limited launched the first block of solar modules of 0.5 MW and 0.4 MW at Omkareshwar on Friday, August 18.

IDEA OF DEVELOPING A FLOATING SOLAR PROJECT

Rewa Ultra Mega Solar Limited (RUMSL) conceived the idea of developing a floating solar project in 2020. Since then, extensive efforts have been made in conducting technical due diligence and assessing the feasibility of developing the world’s largest floating solar project on the Narmada river in Omkareshwar in the Khandwa district. The floating solar project is being implemented under the ‘Ultra Mega Renewable Energy Power Parks Scheme (UMREPP)’ of MNRE (Ministry of New and Renewable Energy). The entire 600 MW of power generated from the Omkareshwar Floating Solar Project will be procured by the State Discoms (through Madhya Pradesh Power Management Company Limited). Hence, this project will also help the State to comply with the RPO (Renewable purchase obligation) target, the release added.

600 MW OMKARESHWAR PROJECT

It further states, the 600 MW Omkareshwar project is being developed into two phases. The first phase of 278 MW capacity is proposed to be completed by November 2023. This Omkareshwar project would be one of the multi-purpose projects in the country where in addition to the existing utilities such as irrigation and hydropower generation, solar energy will also be generated along with the promotion to tourism. With abundant sunlight and a large water surface area, Omkareshwar presents an ideal setting for the implementation of floating solar panels. This technology not only makes productive use of underutilised water bodies but also addresses the land constraints faced by traditional solar installations. Floating solar panels, also known as floating photovoltaics, involve placing solar panels on water bodies such as lakes, reservoirs, and dams, the release read.

ADVANTAGES OF SOLAR PROJECT

Principal Secretary New and Renewable Energy and Chairperson

RUMSL Sanjay Dubey has said that Solar Project has many advantages over ground-mounted solar projects such as higher energy generation, reduced evaporation of water, saving in useful land, minimal R & R (Repeatability and Reproducibility) etc.

COLLABORATIVE EFFORTS BETWEEN CENTRAL AND STATE GOVERNMENT

The launch of floating solar panels in Omkareshwar involves a collaborative effort between central and state government agencies, renewable energy companies, and environmental organisations. The launch of the first block of solar modules has inked the success of the long journey Madhya Pradesh has visioned for in its policy of adopting new and innovative renewable energy solutions for adding 20 GW capacity by 2027. The success of Omkareshwar Floating Solar project will establish the leadership in Renewable Energy in the World, the release added.

INDIA’S RENEWABLE ENERGY AMBITIONS COULD EXCEED 500 GW, SAYS ISA DG AJAY MATHUR

In an interview with PTI, Mathur, who has also been a member of the Indian Prime Minister’s Council on Climate Change, said global climate finance distribution remains skewed and that reforming multilateral development banks and facilitating renewable energy investments have been priority areas of India’s G20 presidency.

India is poised not only to achieve its ambitious target of 500-gigawatts renewable energy capacity by 2030 but also surpass it, driven by an anticipated decline in battery prices by 2025, according to Ajay Mathur, Director General of the International Solar Alliance (ISA). In an interview with PTI, Mathur, who has also been a member of the Indian Prime Minister’s Council on Climate Change, said global climate finance distribution remains skewed and that reforming multilateral development banks and facilitating renewable energy investments have been priority areas of India’s G20 presidency. India’s target of installing 500 GW of renewable energy capacity by 2030. India, as the G20 presidency, has invited ISA as one of the guest international organisations. Mathur said a fall in battery prices by 2025 could drive the widespread adoption of solar plus battery solutions, leading to the realisation of India’s ambitious target of installing 500 GW of renewable energy capacity by 2030 — one of the five commitments Prime Minister Narendra Modi made during the 2021 Glasgow climate talks.

“If you are putting 500 gigawatts during the day, you also are setting up very expensive storage to ensure that you also use it at night. Now, expensive storage implies that you and I pay a higher price for electricity than what we can afford. In a country which is already starving for electricity; in a country where the ability to pay for electricity is limited, to look at a future in which more expensive electricity is available doesn’t seem right. “It is possible that the future may come around if battery prices fall. The ISA’s forecasts indicate that this would happen this year or 2024 or 2025. If that happens, then solar plus batteries become the energy source of choice because they’re the cheapest. In that case India will not only achieve 500 gigawatts, it will exceed the target,” he said.

Factors driving the reduction in battery prices...

When asked about factors driving the reduction in battery prices, Mathur attributed the decline to competition among battery manufacturers and the evolution of battery technologies. He explained that the reduction in the amount of materials used in batteries and the emergence of diverse battery types tailored to specific needs contribute to the declining costs. “Earlier, we had lithium phosphate batteries, before that we had lead acid batteries. We are also looking at vanadium redox flow batteries. Therefore, the development of not the same kind of batteries is key in the move away from expensive batteries to batteries that are more likely to fit the need,” the energy sector expert said. With parts of the world reeling under record-breaking heat, massive floods and wildfires, Mathur emphasised the need to achieve climate targets to ensure that the global average temperature rise does not cross the 1.5-degree Celsius mark, compared to the pre-industrial (1850-1900) levels.

“There is no doubt that every country in the world needs to change to the circumstances, manage the change and also at the same time make sure that we do not cross the ‘Lakshman Rekha’ of irreversible change,” he said. At the Paris climate talks in 2015, countries agreed to limit global warming to 1.5 degrees Celsius as compared to the preindustrial levels to avoid extreme, destructive and likely irreversible effects of climate change. Earth’s global surface temperature has risen by around 1.15 degrees Celsius and the carbon dioxide spewed into the atmosphere since the start of the industrial revolution is closely tied to it. In the business-as-usual scenario, the world is heading for a temperature rise of around 3 degrees Celsius by the end of the century. Last year was the fifth warmest and July this year was the hottest on record. Climate science says the world must halve emissions by 2030 from the 2009 levels to keep the chances of achieving the 1.5-degrees Celsius target alive.

ENERGY STORAGE SOLUTION

Mathur addressed the question of increasing pressure on developing countries to transition away from coal, emphasising the importance of affordable energy storage solutions. He noted that solar energy plus storage is already cost-competitive with fossil fuels in certain contexts, and said the continued decline in battery costs will enable greater adoption of renewable energy sources. “As they (costs of batteries) keep declining, we will see more and more of electricity cost effectively coming from these sources rather than from fossil fuel-based sources. In my view, it is the development of new (energy storage) technologies which is far more important than the phasing out or phasing down issues that seem to have caught our attention,” the ISA DG said.

GLOBAL CLIMATE FINANCE DISTRIBUTION

Mathur pointed out that global climate finance distribution remains skewed, observing, “70 per cent of these investments in solar largely go to the OECD countries and China. All of Africa gets less than four per cent of the investment.” “This is a challenge. Because if climate finance does not flow into those countries, then we have a problem. Climate finance is needed to provide the confidence to the private sector that it can invest. Consequently, grants, concessional loans and guarantees for the private sector are essential in order for us to move ahead,” he added. The ISA DG shared that India’s G20 presidency focused a great deal on the issue of the multilateral development bank (MDB) reform and on how financing could help jumpstart the renewable energy investment process. According to independent think tank International Institute for Sustainable Development, MDBs typically allocate around two-thirds of climate funds to mitigation initiatives and only one-third to adaptation projects. Also, the concessional component of these multilateral flows remains relatively low, consistently below 50 per cent of total climate financing. Asked about some developed countries opposing the proposal of tripling renewables by 2030 at the G20 energy ministerial in Goa, Mathur said,

“I don’t think that there is any country which opposes the growth of renewables. It is the tripling of the target that is a problem because if you have very high achievements already, then tripling may become an issue.” “What is important, of course, is what is the base year by which that tripling is counted? If the base year is 2005, it isn’t that much of a problem for almost anybody. If it is 2023, then there is a problem,” he added. According to the International Energy Agency (IEA), tripling renewable power capacity by 2030 is vital to limiting warming to 1.5 degrees Celsius. Sultan al-Jaber, the new president of COP28, has also called for tripling of renewable energy generation by 2030.

ROLE OF CARBON CAPTURE AND STORAGE AS A MITIGATION STRATEGY

When asked about the role of carbon capture and storage as a mitigation strategy, Mathur said that while CCS could be a complement in certain sectors like cement manufacturing, it is not a substitute for renewable energy deployment. “If you look at the discussions which happened just 15 years ago, our view was that carbon capture and storage (CCS) is essential for the power sector, we actually didn’t see renewables growing to the extent that they are today. “Today, nobody’s talking about using CCS in a large sense for the power sector, because we see that renewable energy could meet almost all the needs in almost all the places. Similarly, we thought steel would be an area where CCS could be used. But now, with the hybrid technology that Sweden is working on, we may have steel production, which uses green hydrogen, instead of using coking coal,” he said. “What is very clear is that there will be some amount of CCS that will occur”, but its scope has diminished as renewable energy technologies have rapidly advanced, he said.

India is currently holding the G20 presidency and is scheduled to host the 18th G20 Summit in New Delhi on September 9 and 10. The summit will bring together leaders from G20 member countries and guest nations to discuss various economic reforms.

Source: PTI

PM MODI HAILS INDIAN RAILWAYS’ INCREASE IN HARNESSING OF SOLAR POWER

P“Let us continue this journey, ensuring a brighter and sustainable tomorrow for India,” the prime minister said rime Minister Narendra Modi hailed the Indian Railways’ increase in harnessing of solar power, saying it shows commendable progress in the commitment towards a greener future. Modi tagged a post on ‘X’ by the Ministry of Railways in which it said, “Marching towards #MissionNetZero Carbon Emission by harnessing Solar Power. Capacity increased 54x in the last 9 years. Solar power capacity commissioned:Till March 2014: 3.68 MW. 2014-23: 200.31 MW.”

Modi said, “Shows commendable progress in our commitment towards a greener future. In just nine years, we have enhanced our capacity significantly, taking significant strides towards Mission Net Zero Carbon Emission.”

“Let us continue this journey, ensuring a brighter and sustainable tomorrow for India,” the prime minister said.

INDIA’S NET-ZERO GOAL BY 2050 OFFERS $12.7-TRILLION INVESTMENT OPPORTUNITY

Accelerated deployment of clean technologies is essential if India is to reach its 2047 energy independence goal

India’s transition to a net-zero economy by 2050 presents an investment opportunity that amounts to at least $12.7 trillion, according to the New Energy Outlook: India report, published by research company BloombergNEF. The report details two scenarios for India’s energy system and the implications of the country’s transition opportunities and challenges. The base case Economic Transition Scenario, or ETS, describes an economics-led transition, consistent with a global temperature rise of 2.6 degrees Celsius by 2050. Under this scenario, the country makes significant progress toward energy independence and decarbonisation but does not achieve either goal by 2050. The second, the Net Zero Scenario (NZS), envisages enhanced government support and private sector investment. It is consistent with net-zero emissions by 2050 with no reliance on unproven technologies. It also enables India to achieve its mid-century energy independence goal at the lowest cost.

Under the ETS, investment in energy supply and demand reaches $7.6 trillion over 2022-2050, an annual average of $262 billion. To stay on track for net zero, according to BNEF’s NZS, investment levels are 1.7 times higher, for an annual average of $438 billion (equal to about 5% of expected GDP) and a total of $12.7 trillion to 2050. Total investment in fossilfuel power drops from $317 billion in the ETS to $142 billion in the NZS. To abate emissions from the remaining use of fossil fuels in the NZS, India needs $870 billion in investment for carbon capture and storage (CCS). Electric vehicle sales account for the largest share of investment for energy demand in both scenarios. In the NZS, $3.9 trillion is spent deploying electric vehicles.

Transitioning to a zero-emission vehicle fleet by 2050 will require bold policy efforts by the state and national governments. Falling battery costs are set to accelerate EV adoption post-2030 which will also spur local manufacturing from automobile and battery makers, said Komal Kareer, India Research Associate at BNEF.

Under the ETS, India’s industrial CO2 emissions are set to surpass the power sector by the early 2040s, driven by the growth of steel, aluminium, petrochemical and cement sectors. Steel, which is India’s largest emitting industrial sub-sector, sees emissions almost triple between 2021 and 2050 from 351 million tons of carbon dioxide (MtCO2) to 948MtCO2. Green hydrogen and CCS will be key in decarbonising the industrial sector and eliminating those emissions. BNEF NZS shows that 54% of cumulative emissions abatement can come from use of clean hydrogen in making steel between 2022 and 2050. Similarly, CCS helps eliminate 56% of the cumulative emissions from cement production.

India can all but eliminate dependence on fossil fuel imports by 2047, its centennial, said Shantanu Jaiswal, Head of India Research at BNEF. “By accelerating deployment of mature clean technologies such as solar, wind and electric vehicles, India could create more domestic economic opportunities while reducing emissions and strengthening its energy security.”

Under the NZS, India’s industrial sector emissions peak in 2031 and begin a steep decline in the mid-2030s as the use of hydrogen and carbon capture increases to decarbonise steel, cement and petrochemical production. India’s current Nationally Determined Contributions (NDC) implies energy related emissions in 2030 would be 31% higher than 2019 levels. Under BNEF’s ETS, India’s energy related emissions in 2030 would be 22% above 2019 levels, suggesting India may very well do better than its current NDC implies.

BNEF’s NZS requires India’s 2030 energy related emissions to be 9% below 2019 levels, hence the need for accelerated deployment of mature clean technologies. BNEF’s analysis finds that maximising deployment of solar and wind, supplemented by additions of nuclear, energy storage and CCS for thermal power plants, is the cheapest way for India to increase electricity access while decarbonising its power supply.

INDIA & US EXPRESS SUPPORT FOR BUILDING A SOLID GLOBAL SEMICONDUCTOR SUPPLY CHAIN

India and the US expressed their support for building a resilient global semiconductor supply chain while reaffirming a pledge to sustain high-level engagements between governments, industries and academic institutions.

In a joint statement issued their bilateral talks here, Prime Minister Narendra Modi and US President Joseph Biden called upon the two governments to continue the work of transforming the India-US Strategic Partnership across all dimensions based on trust and mutual understanding.The meeting was held soon after Biden arrived in New Delhi to participate in the G20 Summit to be chaired by Prime Minister Modi. The two leaders expressed their support for building resilient global semiconductor supply chains while noting a multi-year initiative of Microchip Technology to invest approximately USD 300 million in expanding its research and development presence in India and also Advanced Micro Device’s announcement to invest USD 400 million over the next five years to expand research, development and engineering operations here.

Modi and Biden, according to the joint statement, “expressed satisfaction at the ongoing implementation of announcements made in June 2023 by US companies, Micron, LAM Research, and Applied Materials”. They also welcomed the signing of a Memorandum of Understanding (MoU) between Bharat 6G Alliance and Next G Alliance, operated by the Alliance for Telecommunications Industry Solutions, as a first step towards deepening public-private cooperation between vendors and operators. India and the US are also advancing the creation of investment platforms to lower the cost of capital and accelerate the deployment of greenfield renewable energy, battery storage and emerging green technology projects in India, the statement said.

“Towards this end, India’s National Investment and Infrastructure Fund and the US Development Finance Corporation exchanged letters of intent to each provide up to USD 500 million to anchor a renewable infrastructure investment fund,” it added.

The two leaders welcomed the efforts to develop an ambitious “Innovation Handshake” agenda under the India-US Commercial Dialogue to include two anchor events (one in India and the other in the United States), in which the two sides will collaborate to bring together start-ups, private equity and venture capital firms, corporate investment departments and government officials to forge connections between the two countries’ innovation ecosystems. Modi and Biden also pledged to sustain the high level of engagement between the governments, industries, and academic institutions of the two nations. Further, the two countries expressed support for the women in the Digital Economy Initiative, which brings together governments, private sector companies, foundations, civil society and multilateral organisations to accelerate progress towards the closure of the digital gender divide.

GREEN HYDROGEN’S ROLE IN INDIA’S NETZERO AMBITIONS: WHEN CAN WE EXPECT TO SEE REAL IMPACT?

The carbon-free gas has the potential to help India achieve its net zero ambitions and the government is putting its might behind it with its National Green Hydrogen Mission. But how long before we see large-scale adoption?

Just off Bhuvanappa Layout in Bengaluru, a little known hydrogen startup with just 20 employees is attracting attention from large corporations. Ossus Biorenewables has devised a technique that uses proprietary bioreactors to convert the organic carbon content in industrial effluents to so-called “green” hydrogen—a light, colourless gas that doesn’t produce carbon dioxide when burnt. A large steel manufacturer was the first customer. Half a kilometre away from its plant, where the steel maker’s wastewater was otherwise treated and disposed, Ossus has installed its cylindrical-shaped bioreactors that draw out the organic matter from the effluents and convert it to green hydrogen. It has the twin benefit of eliminating the need to compress, store and transport hydrogen—seen as a stumbling block—besides recycling the wastewater. Ossus currently produces 30 kg of green hydrogen per day for the steel maker from 6,000 litres of their effluent, at a fraction of the cost it paid to Linde, an Irish supplier of green hydrogen.

For a country where 500 million people go without access to drinking water, we don’t see how it is acceptable to use 18 litres of high-quality desalinated water to produce 1 kg of hydrogen, says Suruchi Rao, co-founder and CEO, Ossus Bio.

Interest in the production of green hydrogen has grown, especially over the last year, since the government announced the National Green Hydrogen Mission in Budget 2022 with an allocation of ₹19,700 crore in order to produce five million metric tonnes of the gas by 2030. Companies big and small have been making investments to set up plants, produce new technologies and pilot projects.

Ossus has since been working with companies across industries from oil refineries to cement makers, sugar mills to textile factories, as well as food and beverage. Nikhil Kamath’s Gruhas and Rainmatter Climate are investors having put in $2.4 million in Pre-Series A funding in April. Green hydrogen uses renewable power like solar or wind to produce hydrogen from water via electrolysis with devices called electrolysers. It’s better than the more dirty “grey hydrogen” that is produced using fossil fuels like natural gas and coal. Even better is what Ossus is doing, albeit on a small scale.

Take the case of Indian Oil Corporation (IOC). The PSU has been “doing extensive research” on green hydrogen and recently announced it will set up two production units on a pilot basis in Tamil Nadu and Kerala. “We see it as the fuel of the future,” said VC Ashokan, executive director and state head, IOC, at a press conference in Chennai in July.

IOC’s research and development centre in Haryana’s Faridabad already has an up-and-running hydrogen dispensing station—much like a petrol pump—and it has purchased 15 fuel cell electric buses from Tata Motors for undertaking pilots. Unlike regular electric vehicles (EVs) that draw on electricity from a battery, fuel cell electric vehicles (FCEVs) use a fuel cell powered by hydrogen. Elsewhere, public sector ship builder Cochin Shipyard is experimenting with a hydrogen fuel cell-powered catamaran to take travellers on voyages across the Ganges in Varanasi.

IOC also plans to direct wind power from its wind farm project in Rajasthan to its Mathura refinery and use it to produce green hydrogen. Eventually green hydrogen will replace carbon-emitting fuels that are used in the refinery to process crude oil into value-added products such as petrol and diesel, Ashokan added.

Currently no industries are off-taking green hydrogen, says Pranav Master, senior practice directorconsulting, Crisil Market Intelligence and Analytics. However, India is prioritising green hydrogen as a potential solution to decarbonise hard-to-abate sectors such as refineries, iron and steel, cement, fertilisers and heavy-duty trucking. The last two years have seen a surge in companies unveiling pilot schemes, such as IOC’s, aimed at proving the potential of the green gas to transform industry.

Reliance, for example, has embarked on a “full spectrum” green hydrogen strategy, as Morgan Stanley notes—from the manufacture of solar panels and batteries to the development of electrolysers to make green hydrogen. The Mukesh Ambani-run conglomerate has partnered with Danish clean-technology firm Stiesdal to manufacture electrolysers at its factory in Jamnagar. These devices will use clean electricity from Reliance’s solar farms, which are also being built in Jamnagar, to manufacture green hydrogen.

Ambani believes these investments will make India the first country to produce green hydrogen for $1 per kilogram within a decade. It’s a bullish estimate as the current cost is $3.6 to $5.8 per kg. According to Sanford C Bernstein, an American investment bank, “under $2/kg seems achievable towards the end of the decade”. “Just as India has the world’s most affordable wireless broadband today, we will have the world’s most affordable green energy within this decade. And these solutions will then be exported to other countries, helping them contain carbon emissions,” Ambani noted in Reliance’s 2021-2022 annual report.

Similarly, JSW Energy is setting up a 3,800-tonne hydrogen plant at its Vijayanagar plant with 25 megawatts of round-the-clock renewable power. The plant will be up and ready before March 2025. “It will help us decarbonise the steel-making process to produce green steel, the demand for which is strong in domestic and international markets,” says Prashant Jain, joint managing director and CEO, JSW Energy.

Engineering and construction giant Larsen & Toubro (L&T) commissioned its first green hydrogen pilot plant at its Hazira complex in Gujarat in 2022. The plant has been in operation for over a year now and has been producing around 45 kg of green hydrogen daily for captive consumption. The move is integral to its ambition of achieving carbon neutrality by 2040.

L&T has plans to develop projects with capacities of 50-100 kilo-tonnes per annum of green hydrogen for direct use or conversion to derivatives like ammonia and methanol, says Derek Shah, senior vice president and head-Green Energy Business. Like Reliance, L&T is also eyeing the entire green hydrogen value chain. It has started building a manufacturing unit for 1 GW electrolysers and is also set to acquire land in coastal regions for building solar and wind farms that would feed into its green hydrogen facilities. “In the next five to 10 years, green hydrogen will have a significant contribution in the India energy portfolio. To start with, green hydrogen will support the refinery, fertiliser and city gas distribution sectors and eventually it will contribute to other sectors like power, steel and mobility,” says Shah.

Adani New Industries (ANIL) has made the biggest splash thus far announcing that it will invest $50 billion over the next decade to produce green hydrogen and create an ecosystem around it in partnership with France’s Total Energies. The Gautam Adani-run conglomerate plans to develop green hydrogen capacity of one million tonnes per annum before 2030 as part of its initial phase. Total Energies will pick up a 25 percent stake in ANIL. “This allows us to shape market demand,” Adani said while announcing the deal in January 2022.

Startups like Ossus and the Poonawalla family-backed H2e Power Systems, which is building a 1,000 MW electrolyser plant, are also making a splash. As are medium-sized outfits like Hyderabad-based Greenko which has partnered with Belgium’s John Cockerill to make electrolysers in India. In all, over eight lakh crore of green hydrogen investments are expected by 2030, as per government estimates. Fifty million metric tonnes of carbon dioxide emissions per annum could be avoided through the use of green hydrogen by 2030.

DEMAND DYNAMICS

The reason companies are investing in green hydrogen is because of the huge demand they foresee. India’s current hydrogen demand is around six million tonnes per annum, which is expected to reach 12 million tonnes by 2030. The government expects around 40 percent of this demand to be met by green hydrogen, leading to around five million tonnes per annum of domestic demand by 2030. Additionally, as India is also gearing up to be a major hub for exporting green hydrogen, analysts expect an additional demand of five million tonnes from the export market by 2030.

I would put the use cases [of green hydrogen] into three large buckets— industry, power generation and vehicles, says Mustafa Wajid, chair, IET Future of Mobility and Transport Panel. While the clean fuel has use cases across industries, adoption depends on bringing the price of green hydrogen down.

“To produce cost competitive green hydrogen, low-cost renewable energy, which accounts for 60 percent of the total cost, and water are two important resources required,” says Master. Electrolysers account for 30-35 percent of the cost.

Currently the vast majority of hydrogen is produced from fossil fuels such as natural gas and coal to make what is known as “grey” hydrogen. It costs around ₹160-200/kg, according to KPMG. Green hydrogen, by comparison, is produced using renewable energy like solar or wind energy, which is by definition intermittent. This means storage costs need to be included to ensure round-the-clock supply of renewable energy when calculating the cost of green hydrogen, which currently hovers around ₹300 per kg. “Because of the intermittent nature of renewables, green hydrogen has not been able to scale yet. The technology is still in its infancy,” explains Wajid. According to International Energy Agency, green hydrogen currently accounts for a mere one percent of global hydrogen supply.The theory, however, is that costs will fall over time as they did for offshore wind and solar power—a shift that made them much more competitive. KPMG expects green hydrogen costs to halve to ₹160-170 per kg by 2030.

Here India is at an advantage given its vast coastline (~7,500 km) with access to sea water and ample sunlight and wind, “as well as rivers, which provide a source of water for the electrolysis process,” says Master. Also, India’s large industrial base gives green hydrogen producers a captive market, while its proximity to key global markets and large ports gives it an advantage in the export markets. The consumption and demand of green hydrogen are also stunted by problems relating to the storage, compression and transportation of the gas. “India lacks the necessary infrastructure such as pipelines and storage facilities to transport and store green hydrogen. The entire market and ecosystem need to be built out, as is the case with every new technology. We saw a similar pattern play out with renewables and EVs.” says JSW Energy’s Jain. He adds, “The transition [to green hydrogen] cannot happen overnight, but it will happen sooner than most people think.” And it may well be a historic opportunity for India to not just reduce its own emissions but also create a robust export-led industry.

GOVERNMENT INCENTIVES AND COST-CONSCIOUS CUSTOMERS FUEL ELECTRIC VEHICLE BOOM IN INDIA

GIndia is one of the fastest growing electric vehicle markets in the world, and more than 90% of India’s 2.3 million EVs are the cheaper and more popular two- or three-wheelers — that’s motorbikes, scooters and rickshaws roceries stashed in the back of an electric delivery scooter are an increasingly familiar sight in the Indian city of Bengaluru. In crowded markets, electric rickshaws drop off and pick up passengers. And the number of tech startups focused on electric transport has shot up as the city — and country — embrace electric vehicles. India is one of the fastest-growing electric vehicle markets in the world and now has millions of EV owners. More than 90% of its 2.3 million electric vehicles are the cheaper and more popular two- or three-wheelers — that’s motorbikes, scooters and rickshaws — and over half of India’s threewheeler registrations in 2022 were electric, according to an IEA report released in April. A $1.3 billion federal plan to encourage EV manufacturing and provide discounts for customers, along with the past decade’s rising fuel costs and consumer awareness of the long-term cost benefits are combining to drive up sales, analysts say.

Electric vehicles are one solution to bring down planet-warming emissions and improve air quality — with road transport contributing significantly to global emissions. For the electric vehicles market to successfully slash carbon, experts say moving electricity generation away from fossil fuels, managing critical mineral supply chains and boosting EV sales across different socioeconomic backgrounds in the country will be key. Balaji Premkumar, a 25-year-old rickshaw delivery driver, switched to an EV earlier this year. At most traffic stops he’s surrounded by gas-powered three-wheelers that rumble and rattle, spewing thick smoke into the air — something that his used to do, too, before he went electric. Premkumar said the new vehicle is easier and more comfortable to drive and he can already see a cost difference. “If I spend 60 rupees (0.72 cents) to charge the vehicle for three hours, I get 80 kilometers (50 miles). In a diesel vehicle I’ll be spending at least 300 rupees ($3.60) to get the same mileage,” he said. Santhosh Kumar, 23, a rickshaw delivery driver for Bengaluru-based logistics company City Link, can also feel the benefits since he switched to electric.

“The vehicle never breaks down and there are a lot of charging points all around so I never run out of charge,” said Kumar. Charging points in India have increased tenfold, according to Elizabeth Connolly, an energy technology and transport analyst at the IEA.

While Kumar doesn’t have his own electric vehicle yet — the one he drives belongs to the company — he dreams of buying his own, or even several that he can rent out. “It’s only a matter of time before everyone shifts to electric,” he said. Two- and three-wheelers are mostly used to make deliveries or give rides. They clock up miles fast, making an electric model a noticeably cheaper option than paying for gas, said N.C. Thirumalai at the Bengaluru-based think tank, Center for Study of Science, Technology and Policy. But he said long-term viability for electric vehicles depends on securing supplies of the critical minerals needed for batteries, as well as other parts. The source of electricity to charge the vehicles also must be clean, which isn’t currently the case. More than three quarters of India’s electricity is generated from fossil fuels — mostly coal — according to government reports. And mining companies, including in India, have been criticized for unsafe mining practices of minerals needed to make components for electric vehicles and other clean energy infrastructure.

“As EVs increase and minerals such as lithium begin to be sourced within country, the mining industry should definitely make sure sustainable mining practices are taken forward,” said Thirumalai. Thirumalai is optimistic about cleaner electricity in the future. The “huge thrust for renewables in the country” means electric vehicle emissions should reduce in time. While progress on renewables has been mixed, India plans to install 500 gigawatts of clean energy by the end of the decade — enough to power 300 million Indian homes — and aims to reach net zero emissions by 2070. But the country also needs “to address how to unlock financing for EVs as well as associated industries” to bump up the number of people who can afford them, said Akshima Ghate of the New Delhibased clean energy nonprofit RMI India. Incentives like low-interest loans for potential customers and providing tax breaks for electric vehicles can ramp up sales, particularly for lower-income buyers, she said. Still, Ghate thinks that India’s swift move to smaller electric vehicles can serve as a template for other emerging economies that are two- and three-wheeler nations, like Indonesia, the Philippines and some African countries. When it comes to “setting benchmarks for developing economies, India plays a leading role,” she said.

KARNATAKA’S PAVAGADA SOLAR PARK FALLS SHORT IN MEETING

LOCAL EXPECTATIONS,

IMPACTING INDIA’S RENEWABLE ENERGY OBJECTIVES

BThe park, one of the world’s largest, has failed to transcend caste and gender barriers in bringing jobs and other economic benefits for the locals ack in 2015, Muthyallappa Venkatesh and his fellow villagers from Karnataka’s Vollur village received a lucrative offer. They could earn Rs 21,000 per acre every year in exchange for covering their land with solar panels. For a long time, Venkatesh had yearned for some kind of relief, working as an agricultural labourer in rich farmers’ lands for much of his life. His three-acre farm barely produced enough to feed his 17-member family amid prolonged spells of drought in the region. By 31, he was already deemed a “Naxalite” by the state, with several cases registered against him, and had served a sixyear prison sentence for “simply demanding a wage hike from his employer”. A solar park in the village meant two things for him: Jobs and justice.

However, the Pavagada solar park is a telling example of how India’s solar energy sector seems to have fallen short on a key promise. The solar sector employed 85,900 workers in the 2020-21 fiscal, but a closer look paints a different picture. “The [solar] sector is likely to be an employment-intensive sector, but the quality of jobs in here could be worse and mainly related to construction or informal jobs,” says Shouvik Chakraborty, an assistant research professor at the Political Economy Research Institute at the University of Massachusetts.

We saw what those salaries had done for our upper-caste Gowda neighbours,” says 49-year-old Venkatesh, who belongs to Adi Karnataka, a scheduled caste community. “This made us realize the importance of a steady job with a stable income for us to get out of this poverty.

Seven years on, the park has delivered little. Venkatesh’s is among the nearly 2,000 families from five revenue villages of Pavagada taluk (administrative unit) that gave their land to the state government to set up the 2,000 megawatt solar park. Then deemed India’s biggest and among the world’s largest, it was spread across 13,000 acres of farmland. In exchange, the villagers were promised an annual rent and opportunities like jobs and local infrastructure. While the rent has come in regularly, many who once relied on agriculture have lost their source of livelihood to swathes of solar panels. Villagers we spoke with say that about 12,000 people now remain unemployed in Pavagada, and only around 2,000 could secure jobs in the park, which is further skewed by caste and gender.

But the state government seems to be looking the other way. In June, it expressed its intention to expand the park by another 10,000 acres to boost solar power generation. To its credit, India currently boasts a solar capacity of 64.38 gigawatts. Setting up large-scale solar parks has emerged as a key pursuit for the Indian government, driven by the country’s commitment to the 2015 Paris Agreement and leveraging the vast land resource as well as abundant sunlight. But the industry has also been hyped for its economic potential and as a significant source of job creation. In 2017, Karnataka deputy chief minister D.K. Shivakumar (energy minister at the time) said the Pavagada project would be a “boon to the people as it is providing employment and other business opportunities”.

A report by government think-tank NITI Aayog says the transition to a low-carbon energy future must address “alternate options for employment, such as retraining and reskilling of affected populations, restoration of traditional livelihoods, and identifying new employment and entrepreneurship opportunities”. Countries across the world are increasingly focusing on improving the socio-economic conditions of local communities as part of a “just transition”. Meanwhile, in the sun-drenched villages of Pavagada, locals like Venkatesh find themselves adrift because of a shortage of quality jobs at the park even as agricultural livelihoods face a threat. After all, the park was supposed to be their ticket to a better life—away from economic uncertainty that had long plagued the region.

A PROMISE

The 34-kilometre drive from the town area of Pavagada to Vollur village traverses semi-arid landscapes. Snippets of conversations in both Telugu and Kannada can be heard; the region straddles eastern Karnataka and western Andhra Pradesh. In the absence of gainful employment, men idling away afternoons sitting under the shade of trees are a common sight. One of them is Jayaram Reddy. The 68-year-old’s family owns 20 acres of land divided among three brothers near Vollur. Before the park, they used to cultivate drought-resilient crops like groundnuts as well as peas and pulses. Most years, Reddy says, erratic rains would wreck the harvest.

“We invested in groundwater and dug borewells, but still there was no water. Even if we worked hard day and night, the harvest wouldn’t be sufficient to feed our family,” he notes, adding that the market prices of these crops were relatively low. “We were unable to construct houses or marry off our children, and had to take on loans to survive.”

In 2014, Pavagada was also listed among the most “backward” taluks in Karnataka in a report by the state government, which had also declared the region drought-hit 54 times in a 60-year period. Apart from insufficient harvest, Pavagada was grappling with another challenge. The taluk is home to several communities, including the Vokkaligas, Kammas and Kurubas, scheduled castes (Dalits) and scheduled tribes. However, the majority of the large landholdings (10 acres and more) are owned by the dominant Vokkaliga community. The SC and ST communities, on the other hand, only farmed on these lands. By the 1970s, this unequal distribution of landholdings had given rise to left-wing extremism.

“In those days, the Dalits and Valmiki [ST] community members were sought by rich farmers to do their menial tasks, including clearing of animal carcasses. To remedy their plight, the government ensured that these families had lands of their own, to propel some form of social or economic mobility,” says Venkatesh. Under the Karnataka Land Reforms Act, 1961, 10 households from his community received 30 acres of land by the state government. The number shot up to 200 and the landholdings fragmented further, rendering these small farms inadequate to feed their families, according to Venkatesh.

In the 1990s, Venkatesh, then a teenager, worked as a basket weaver for a measly Rs 5 a day, which became Rs 20 over the years. “But this was still less because in the surrounding villages the wage was Rs 50,” he recalls. When the weavers protested, they were branded as “Naxalities” and slapped with several cases, says Venkatesh. But following a police official’s intervention, the charges against them were dropped and the official ensured access to borewells and small loans to remedy their povertystricken life. But there was no respite from insurgency. By 2005, the state government had deployed anti-Naxal squads in the villages. However, despite successive governments announcing development packages, the region continued to face neglect. Then the state government came up with a plan. In March 2015, state-owned Solar Energy Corporation of India and Karnataka Renewable Energy Development Ltd set up a joint venture. Karnataka Solar Power Development Corporation Ltd, or KSPDCL, was to serve as an intermediary between the locals and solar developers, facilitating land acquisitions.

The farmers were promised Rs 21,000 per acre for leasing their land for the first five years, with a 5% increase every two years. In February 2016, the market value of the land was estimated to be Rs 35,000 per acre. “Before the park, Pavagada had very low agricultural income and there was social unrest. So the park was envisaged as a socioeconomic model to develop the region,” says N. Amarnath, general manager of KSPDCL. But things haven’t panned out as expected.

WHERE ARE THE JOBS?

Between 2016 and 2019, as KSPDCL converted swathes of agricultural land into concrete spaces, the Pavagada villages saw the return of locals who had migrated elsewhere and now hoped to get jobs in the solar economy closer to home. “They assured us 8,000 jobs in the park, which is less than one job per acre,” says Konappa, an MBA graduate in his 30s who hails from Thirumani village and had left his banking job in Bengaluru when the park project was announced. The Pavagada solar park essentially offers two kinds of jobs. A site manager oversees multiple solar plants, looking after day-to-day management at the park. The manager has a team of engineers, who look after the electrical systems and necessary grid connections. Jobs concerning maintenance and monitoring are delegated to technicians, electricians, monitoring specialists, and operations and maintenance staff. Then there are “manual” jobs, such as security personnel, which are outsourced. To ensure proper landscaping, vegetation control and cleaning of solar panels, grass cutters and panel cleaners are also hired through contractors. Each of the 40 blocks at the solar park employs at least four grass cutters and panel cleaners. Initially, says Konappa, the locals were given odd jobs at construction sites to lure others to give up their land and find work at the park. “But this changed soon,” he notes, stating how technical jobs were only reserved for engineering degree holders, who were mostly migrants.

This left “manual” or “unskilled” jobs for the locals, thus yielding negligible job benefits. “We are not people who do security jobs; we are entrepreneurs,” says Konappa, implying how the jobs offered do not align with their educational backgrounds.

Young graduates in Pavagada are still keen on finding work at the park. Chandra Babu Naidu, a 32-year-old business management graduate, says most people are opting for industrial training diplomas as it is valued in the local job market. However, hiring at KSPDCL is competitive and those with industrial training do not qualify for most of the technical jobs, says an employee, requesting anonymity. “They prefer applicants with engineering degrees.” Today, young men frequent the KSPDCL labour office in Thirumani village, where piles of resumes lie discarded. A kilometer away stands a newly built, swanky KSPDCL office, which sometimes plays host to foreign delegates. “Our responsibility was only to create a land bank, where we went into consultation with the landowners and got around 13,000 acres of land,” says Amarnath, the general manager. “We are just a facilitator who collects lease charges from private entrepreneurs and distributes it to the landowners.” “We know most of the park work and the substation operation is unmanned, but we want to generate work, which is why we still hire people,” says Mahesh R., an assistant executive engineer at KSPDCL. However, an assistant engineer, on condition of anonymity, says plans are made to ensure that the blocks at the solar park require minimal human interaction. Not everyone is complaining though. For Ashok Naidu, a 29-year-old high-school graduate, his limited education hasn’t got in the way of making money. Soon after the construction of the park was announced, he bought lorries and excavators. A member of the affluent Naidu community, he currently works as a contractor, cashing in on the “green” opportunity. The new green economy developing within India’s labour market is plagued by the same systemic inequalities, says Chakraborty, from the University of Massachusetts. “There has been little to no effort to address this.” Such inequalities are indeed hard to miss.

REINFORCING INEQUALITY

Solar park development is fraught with “elite capture”, argues Ryan Stock, an assistant professor at Northern Michigan University, in a 2019 paper. The study talks about how large landholders with social capital are able to take advantage of the new development, while marginal farmers or landless are denied wage-labour opportunities as the land they cultivated is now transformed into solar parks. “We didn’t know how one earns a livelihood in a solar economy or what kind of agreements to consent to,” says Venkatesh, admitting that he and the others under-negotiated the worth of their lands but it was too late until they realized what had happened. “[KSPDCL] had already made away with our lands,” he says. In 2017, tenders were issued for solar developers. The Adani group, the Tata group and Finnish power company Fortum were among the developers that bagged the contracts. Akalappa, 50, is a farmer from Thirumani who was present at some of the meetings between KSPDCL officials and the farmers in early 2016.

“During the first meeting, in the presence of D.K. Shivakumar, I had mentioned that the annual lease rent would not be sufficient for the farmers,” he recalls. But KSPDCL officials, he says, refuted this claim and asked him to prove that he was making more profits on his agricultural land than the agreed rent. “We did not have any proof,” he says.

Several villagers we spoke with say large landholders parted with their land willingly, while small and marginal landholders had to be persuaded to lease their land by retired revenue officials who would visit their homes. The assistant engineer at KSPDCL quoted above explains the strategy used by their employer. “We prefer large landholdings because we can set up the project at a stretch. This is also used to isolate small landowners to give up their land.” A 2019 paper assessing the land-leasing model adopted by KSPDCL says the mechanism allowed the corporation to circumvent “cumbersome” processes such as social impact assessments, which are mandated under the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013. The authors argue that, because the land is leased, it “eliminates the need for farmers to part with their lands permanently and migrate to urban areas for livelihoods”. The outcomes have been worse for people belonging to disadvantaged castes, like Venkatesh. While economic opportunities are supposed to aid their quest in battling discrimination and attaining social mobility, the park has done little to blur caste lines through employment.His immediate family of four earns Rs 23,000 per acre a year in rent from leasing their land, barely enough to get by. His wife makes Rs 6,000 a month working on somebody else’s farm. The family’s monthly expenses are Rs 6,000, while they shell out Rs 1 lakh a year for both their children’s education.

“If a rich landowner has leased land for the park, they demand that they be employed first,” he says. The 150 households that inhabit his neighborhood—mostly the SC community—have given a total of 30 acres of land to the park; one dominant-caste family would generally lease an area this size. The skilled and high-income jobs, says Chakraborty, would continue to be dominated by dominant castes in the “new” economy. One such job is that of contractors. Venkatesh says it is not uncommon for large landowning farmers to be contracted by KSPDCL to arrange for labourers who would work as grass cutters and panel cleaners on their land parcels. “Gowda, Reddy, Naidu farmers have huge amounts of land and have leadership, so they usually secure these contracts. They are also the farmers who have given 30 to 50 acres or above of land, who further contract unskilled labourers in the park,” says Venkatesh. He also points out that this allows the landowners to ensure jobs for people within their social or caste networks, further excluding the economically disadvantaged communities. Then there are security jobs, which are also dominated by rich landowners. “They have it easier, with a relaxed workload and shift timings,” says Naresh N., another villager from the Adi Karnataka community. “But if it rains, it’s the panel cleaners who will lose out on work for 20 days, sometimes a month.” A visit to the park also revealed that some solar developers were trying out machines to carry out panel cleaning, indicating how most jobs performed by the SC and ST communities are, in Naresh’s words, “replaceable”.

Trials are underway to replace workers with devices for cleaning solar panels. The lack of regular salaries has also resulted in a vicious cycle of debt for villagers from the marginalized communities. Since they have to wait for the lease rent to be deposited annually, they take short-term loans from local landlords. There is another segment that has been left out of Pavagada’s “green” development: Women.

One of the reasons is that there are no “ladies’ jobs available there,” says Yashodamma, 30, who belongs to the Bovi community (SC). “For us to find work, we need factories in our midst.” In fact, this seems to be the case with several solar parks in the country.

Dharani Naidu, a business administration graduate, and Padmavati Naidu, a B.Tech degree holder—both from Thirumani village—say they ended up being homemakers because their job applications were rejected by the park management. It is important to note that both belong to dominant castes and enjoy financial security derived from leasing vast tracts of land, as against their peers from the marginalized communities who are forced to look for work because the negligible rent from their small land parcels is not enough. Another section whose livelihood has suffered at the hands of the solar park is cattle herders. Cattle often graze on lands that the Centre classifies as “wastelands”. Several solar parks in India have been built on these “wastelands”. In Pavagada, 65-year-old Lakshmi Narayan, who once owned a herd of 200 cattle, says it has now reduced to a little over 50. He had to sell them off after the solar park emerged on several grazing sites.

The socio-economic challenges posed by the park don’t end here.

While people like Konappa, who belong to the dominant Vokkaliga community, have refused to take on low-skill jobs, those from the marginalized sections cannot afford to do so. Economists have assessed how the dominant caste members “avoid working in occupations other than that of their own, and would face unemployment voluntarily”.

“The kind of menial jobs that we used to do in the fields, our people do the same in the parks now as grass cutters and panel cleaners,” says Venkatesh. On its part, the central government offers skill development programmes such as Suryamitra to encourage women and the SC/ST communities to apply. Suryamitras are trained and equipped with the necessary skills to navigate the installation, commissioning, sales and service of renewable energy devices in the solar economy. The state government promises them “vast opportunities for employment in the growing Solar Energy Power project’s installation, operation & maintenance in Karnataka”.

But there’s a catch. The applicants are required to have finished 10th grade. “In an agro-pastoral village like Pavagada, very few people have passed the 10th grade, hence this excludes the local community,” says Bhargavi S. Rao, a trustee and a senior fellow at Environment Support Group, a Bengaluru-based non-profit. A 2022 report by the Council for Energy, Environment and Water, a think-tank based in New Delhi, says the significant jump in Karnataka’s solar capacity installed from 2016-17 onwards was not accompanied by a proportional jump in the number of Suryamitras trained. Such schemes, then, are little more than a Band-Aid solution to boosting solar jobs in a region like Pavagada, which is already rife with social inequality. It’s fair to assume that the development associated with the park has not permeated proportionately. This, in turn, has robbed people like Venkatesh of the opportunity to move up the social ladder. “We don’t want our children to follow in our footsteps, but if these conditions persist, they will have no other option,” he says, looking on as the sun sets against the solar panels. “We were born in poverty; we will die in it as well.”

INDIA’S GREEN ENERGY TRANSITION COULD COST TRILLIONS OF DOLLARS – WHERE WILL THE FUNDS COME FROM?

To unlock larger amounts of money faster, experts say the country should provide a clear definition of the economic activities it considers to be green.

hen G20 leaders gather in New Delhi in September, the issue of how to fund the action needed to turn their economies green and tackle climate change will be high on the agenda. India, which has positioned itself as a voice for the Global South on the international stage, is demanding accountability on an overdue promise by rich nations to deliver $100 billion in annual climate finance to vulnerable countries. India also faces a significant challenge at home: mobilising trillions of dollars for its own climate plans, such as boosting renewable energy, to cut emissions to net zero by 2070. While there is no official estimate, researchers say trillions of dollars will be required by 2030 – and flows of green finance are only about a quarter of what is needed now.To unlock larger amounts of money faster, experts told Context that India should provide a clear definition of the economic activities it considers to be green.

the lost power-generation capacity would require installing renewables capacity and battery storage on a much larger scale than now planned, hiking the bill.

In addition, between five million and 10 million people whose livelihoods now depend on the fossil fuel economy, directly and indirectly, will need help to shift to new jobs. The topic of a “just transition” for workers is fairly new in India – and it remains unclear how much helping impacted communities will cost, said Sandeep Pai, research director at the Swaniti Initiative, an Indian policy think-tank.

GLOBAL POTENTIAL

On the path to meeting a national goal to cut emissions to net zero by 2070, India has set short-term targets for 2030, including increasing clean power capacity to 500 gigawatts (GW) up from about 170 GW now, and meeting half of its energy needs with renewables. The Indian government has not published an assessment of how much funding it will need to achieve those aims. But the Council on Energy, Environment and Water, an Indian think-tank, pegs the investment required to reach net zero at $10.1 trillion. The lion’s share of the money is to shift India from a fossil fuel-heavy economy, now reliant on coal, to one driven by renewables led by solar power. To make the energy transition, India will need to green its electricity supply and transport, and decarbonise its industries. This will require financing for infrastructure including renewable power capacity, new electricity grids and large-scale battery plants to store clean energy, as well as technologies like cooling and capturing carbon emissions.

In May, the Reserve Bank of India said the country should seek to deploy green financing equalling at least 2.5% of gross domestic product each year until 2030. It will need new investments in the range of $7.2 trillion to $12.1 trillion by 2050, the central bank noted in a report. If the energy transition is accelerated, experts say the financial requirements will grow exponentially. For instance, several coal power plants in India’s energy fleet are just 10-15 years old. To recover the initial investment, a plant typically needs to run for 30 years.

But if India decides to shut down those plants early, it would create huge non-performing assets – a major financial risk given that 4%-5% of the balance sheets of Indian banks and other financing institutions are exposed to coal power plants, said Labanya Prakash Jena, head of the Center for Sustainable Finance at the Climate Policy Initiative, a global think-tank. Lenders and equity investors would have to be compensated using vast sums of concessional finance, Jena added. Making up for

Green investment is so far at much lower levels than India requires, analysts say. In the financial year 2020, green finance flows tracked by Climate Policy Initiative were at $44 billion per year, only about a quarter of what India estimated it would need through to 2030 when it produced its first – and now outdated – climate action plan under the Paris Agreement in 2015. It has yet to update the figures. Domestic funding accounted for 83% in 2020, with international finance making up the balance. Within India, sources of climate finance remain limited – but globally there are huge amounts that could be tapped. For example, the Glasgow Financial Alliance for Net Zero, the world’s largest coalition of financial institutions committed to transitioning the economy to net zero, has a pool of $130 trillion that could be used for climate action globally. But for India to access that money, experts say it needs a framework to help define how much is required and to attract investors.

GETTING MORE, FASTER

As a first step, India should define for the capital markets what it regards as “green” economic activities and finance, which would also help it measure and monitor flows, said Dhruba Purkayastha, India director, Climate Policy Initiative. India has yet to put in place a so-called “green taxonomy” – as in the European Union, China and Malaysia – which provides definitions and signals where green investments are possible. India’s finance ministry started working on recommendations for a green taxonomy in late 2020, which were submitted in 2022. But the government has yet to make anything public. Once India has a taxonomy, it can use methods such as “priority sector lending” to channel bank loans into green projects in areas of the economy that may not otherwise receive adequate or timely finance, Purkayastha said. Further, India needs to allocate more direct government spending to green activities, which can be blended with private sources to leverage commercial investment, he added.

India would also benefit from the creation of a green financial institution or green bank, enabling it to mobilise funding from both domestic and international sources, he said.

Here we take a closer look at current funding, needs and ways to increase green investment in India: HUGE FUNDING REQUIREMENT

POWERGRID ORGANIZED SEMINAR ON TRANSNATIONAL GRID INTERCONNECTIONS

The gathering was virtually addressed by Shri R. K. Singh, Hon’ble Minister of Power, New & Renewable Energy, Govt. of India.

POWERGRID organised a seminar on ‘Transnational Grid Interconnections for One Sun, One World, One Grid’ (OSOWOG) at Hotel Shangri-La Eros, New Delhi in the run up to the G20 event to be held in Delhi. The gathering was virtually addressed by Shri R. K. Singh, Hon’ble Minister of Power, New & Renewable Energy, Govt. of India. He stated, “India has already established cross border interconnections with its neighbours and strengthening of various cross border links is under process. OSOWOG will enable all nations to reap the benefit of energy from the Sun.

This is very relevant to today’s context particularly when we are transitioning to renewable energy. Once this transnational grid interconnection happens, it will do away with dependence on storage, which is costlier and required for round the clock renewable energy. It will also ensure power access to the millions without it.” He wished the seminar a great success.

Shri Ghanshyam Prasad, Chairperson, CEA, Shri Ajay Tewari, Additional Secretary, Ministry of Power, Shri Ashish Upadhyaya. Special Secretary & Financial Adviser, Ministry of Power, Govt. of India and Shri K. Sreekant, CMD, POWERGRID addressed in the inaugural session of the seminar which was attended by think tanks, industry, academia, sector experts and media. Globally, energy transition and energy security, driven by renewable capacity addition are the thrust areas towards sustainability. Considering that the Sun never sets and every hour, half the planet is bathed in sunshine, harnessing energy from sun, wind and water would facilitate generation of clean energy, enough to meet the needs of everyone on the earth.

However, this requires transnational exchange of electricity through grid interconnections. These efforts need to be synergized and supplemented by establishing an inter-connected global electricity grid through transnational interconnections. This is the vision for One Sun, One World, One Grid through development of transnational grid connections towards ensuring energy se- curity for a sustainable future. The panel consisted of eminent experts from India and abroad. Mr. Waleed S. Alsuraih from The World Bank presented the Transnational Grid Interconnection-Middle East & Africa perspective. He emphasised that once the full Pan Arab Electricity Market (PAEM) is operational, it will enable interregional grids’ integration between South Asia via GCC, EU & Africa, and trade with 5 regional electricity markets. The envisaged aged PAEM grid connects its 3 sub-regions and strengthens the potential for further integration with other regional markets. Mr. Pankaj Batra, Senior Advisor, IRADe provided the ASEAN perspective stating that the complementarities of energy resources of SAARC, BIMSTEC and ASEAN countries can be utilised through transnational interconnections. Mr. Ashok Pal, Dy. COO, CTUIL, discussed technical considerations and business mod- els of existing Indian cross border interconnections. The System Operation Aspects for Regional Grid Interconnection were shared by Mr. S. R. Narasimhan, CMD, Grid Controller of India.

During the seminar, Dr. S. K. Chatterjee, Chief, CERC gave insights into the Regulatory and Legal aspects for Regional Grid Interconnection while Mr. Niket Jain, Chief Manager, Siemens Energy discussed various technologies for transnational interconnections. The session on OSOWOG was moderated by Mr. Shubhranshu Patnaik, Deloitte India. The seminar ended with vote of thanks by Mr. Abhay Chaudhary, Director (Projects) POWERGRID. Following the theme of G20 “Vasudhaiva Kutumbakam” i.e. OneEarth, One-Family and One-Future, India under its G20 presidency highlighted the importance of transnational grid Interconnections in enhancing energy security, fostering economic growth, and facilitating universal energy access for all, in affordable, reliable and sustainable manner which will accelerate integration of Renewable Energy towards energy transition with enhanced resiliency.

BRIDGESTONE INDIA’S PUNE PLANT IS VERIFIED CARBON NEUTRAL

BAudited and verified as carbon neutral by LRQA against the international standard PAS 2060 ridgestone India’s plant at Chakan in Pune district has been verified as being carbon neutral for the year 2022. LRQA conducted an audit in the months of May-June 2023 and post the audit the Pune plant stands verified as carbon neutral for 2022, according to the international PAS 2060 standard by leading global assurance partner, LRQA. The certification marks an important milestone in Bridgestone’s global efforts to decarbonise its manufacturing capacity, towards the global target of carbon neutrality (Scope 1 and 2) by 2050 and a 50% reduction of CO2 emissions from its operations by 2030 versus the 2011 benchmark. Bridgestone’s Pune manufacturing facility produces more than 4 million tyres per year. Over the years, the site has reduced its total carbon footprint by 94% through a number of measures. These include for instance a 5 MW of power generating solar capacity and a carbon neutral biomass-based boiler plant which uses carbon neutral biomass briquettes made from agricultural waste.

2,974t CO2 emissions at the site are offset via Bridgestone India’s purchase of Verified Carbon Standard credits from a bundled solar photovoltaic project by Acme, India. The project is designed to generate energy from solar panels that will be exported to the regional power grids across different states of India.

As part of the PAS 2060 verification, the site has committed to a further CO2 reduction plan for the next three years. “Bridgestone is globally committed to the realization of a carbon neutral mobility society and we in India are focused on this goal. Other than the solar power plant and the carbon neutral boiler we have undertaken various measures at the shop-floor level too. We are continuing to replace diesel-based forklifts with electric powered ones and using electric power to replace LPG. Our future plans include further increasing the use of green energy, reducing carbon emissions in our overall operations and tracking scope 3 emissions.” said Mr. Stefano Sanchini, Managing Director Bridgestone India.

This verification ensures that Bridgestone’s reported data and information are reliable and supported by efficient management systems. After reviewing Bridgestone’s information, we confirm its commitment with a decarbonization strategy and we have been able to provide the verification statement PAS 2060 for Carbon Neutrality, Scope 1 and 2 for the Pune Plant. We are delighted to be part of Bridgestone’s decarbonization project, as our focus at LRQA is on supporting clients to ensure the trustworthiness of their sustainability strategies and climate change claims, said Olga Rivas, ESG Product Cluster Manager at LRQA.

Globally Bridgestone is guided by a deep-rooted mission of “Serving Society with Superior Quality,” and to provide social and customer value as a sustainable solutions company. Towards this end the Company is committed towards the realization of a carbon neutral mobility society. The carbon neutral certification of one of our two tyre plants in India is a historic landmark in the Company’s commitment towards sustainability more so as Bridgestone has set a goal to become carbon neutral by 2050, in line with the Paris climate agreement.” Said Mr. Koji Takagi, Chief Sustainability officer, Bridgestone EMIA.

MR. SHANTANU SIRSATH Technical Head India Growatt

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

SS: In 2023, the Indian energy market is poised to undergo significant transformations across the utility, commercial and industrial (C&I), and residential sectors. These changes are driven by a combination of technological advancements, policy shifts, and evolving consumer preferences, all contributing to a landscape that is more sustainable, digitized, and decentralized. In the utility sector, India’s commitment to renewable energy continues to gain momentum. The government’s ambitious targets, backed by supportive policies and incentives, are likely to result in a substantial increase in renewable energy capacity, in particular, solar and wind power. As renewable energy technologies become more cost-effective and efficient, utility-scale projects will likely proliferate. Moreover, advancements in energy storage technologies will play a crucial role in enhancing grid stability and reliability by mitigating the intermittency of renewable. In the C&I sector, businesses are increasingly recognizing the economic and environmental benefits of transition towards sustainable energy sources. This shift is driven by not only the environmental concerns but also the potential for cost savings and brand reputation. Solar installations on commercial rooftops and the adoption of energy-efficient technologies are likely to witness an uptick. Additionally, the concept of energy-asa-service is gaining traction, allowing companies to outsource their energy needs to specialized providers, thereby focusing on their core operations while meeting sustainability goals.

On the residential front, the distributed energy revolution is reshaping how energy is consumed and generated. Rooftop solar installations combined with energy storage solutions are becoming more affordable and accessible to homeowners. This empowers residents to generate their own energy, reduce reliance on the grid, and potentially even feed excess energy back to it. Smart home technologies and energy management systems enable homeowners to monitor and optimize their energy usage, fostering a culture of energy efficiency.

EQ: What are your current product / technology / service offerings?

SS: At Growatt, we provide all-scenario solutions for global customers to embrace eco-friendly lifestyles while reducing carbon footprints. Our comprehensive portfolio of products and solutions include PV inverters, energy storage systems, EV chargers and smart energy management solutions, widely applied in residential, C&I and utility sectors.

Thanks to years of experience in R&D and a robust team currently comprising over 1100 professionals, we are able to quickly adapt to market trends and empower energy users with customized products and solutions. Our R&D team continuously introduces new upgrades and innovations in the energy efficiency, functional safety and intelligent solutions.

Growatt offer localized and customer-oriented services to our global customers through a network of 42 offices worldwide. Our dedicated customer support teams ensure timely sales, marketing, warehousing and technical service and support. Besides, our Online Smart Service (OSS) system enables installers, integrators and distributors to manage and maintain their solar plants remotely and intelligently for improved service efficiency and reduced O&M costs. So far, Growatt has set five representative sites in Hyderabad, Ahmedabad, Bangalore, Mumbai, New Delhi to offer localized service for Indian customers.

EQ: Visible Changes in Renewable Energy (RE) Industry w.r.t. Energy Storage, RTC, Hybrid RE Projects, Floating etc and their likely impact

SS: As I mentioned, the RE industry has been undergoing significant changes in recent years, with several emerging trends.

1. Energy storage technologies have revolutionized the way renewable energy is integrated into the grid. The ability to store excess energy and release it when needed addresses the intermittency of solar power, enhances grid stability by smoothing out fluctuations in energy generation, reducing the need for immediate backup power sources. It also facilitates peak load management with higher levels of renewable energy penetration.

2. Achieving Round-the-Clock (RTC) power generation from renewable sources is becoming more feasible due to advancements in technology and project design. This involves combining different renewable sources and energy storage to provide a continuous power supply, which addresses the variability of individual renewable sources, leading towards reduced carbon emissions and greater energy independence.

3. Hybrid RE projects that integrate multiple renewable technologies or sources offer synergistic benefits and improved energy output. These projects efficiently utilize available resources, optimizing land use and infrastructure. By combining complementary renewable sources, they leads to a more stable and consistent energy output, reducing the effects of intermittency. Furthermore, hybrid projects diversify risk by not relying solely on one energy source, making the overall energy supply more resilient.

4. Floating solar installations on water bodies have gained attention for their unique advantages including land conservation, improved efficiency and water management. Water cooling improves solar panel efficiency, increasing energy output and reducing degradation, and floating solar can help reduce water evaporation, making it beneficial for water-intensive regions.

EQ: As the REI Expo 2023 is approaching, what can we anticipate from Growatt’s presentation at the event?

SS: Renewable Energy India (REI) Expo 2023 serves as a premier platform to display Growatt’s comprehensive range of clean energy solutions for the India market. large-scale C&I solar power plants, breaks barriers with their unmatched power density. With the highest power rating for single units and string current capacity at 16A, they promise exceptional performance. They are perfectly compatible with high power and bi-facial modules, minimizing power loss and driving profitability. Additional functionalities like PID, AFCI, and PLC communication reduce costs and enhance solar power generation, directly impacting the Levelized Cost of Electricity (LCOE). For the Indian market, Growatt presents the MAX 185-253KTL3-X HV 1500V string inverters featuring by easy installation, compact design, and up to 200% overload, which is tailored to ground-mounted and utility-based projects. These inverters satisfy diverse module preferences with 12 to 15 MPPTs and ensure a maximum efficiency of 99%. Notably, the MAX inverters are equipped with built-in string monitoring and smart I/V curve scanning.

The REI 2023 will highlight the NEO 2000M-X microinverter, an top-notch solution for Indian small balcony and rooftop PV installations. This innovative product combines safety, flexibility, and powerful performance in one system. We will also unveil the renewed MID 33-50KTL3-X2 inverter as well as the WIT storage inverter + APX commercial battery combo designed for C&I applications. Join us at Booth 7.101 to explore our smart energy solutions and engage in lively discussions with our team.

EQ: Tell us more about your own professional journey, key learnings, key message from yourself.

KV: WAA Cables, India's leading manufacturer, heralded as the catalyst for transformation. With an unwavering dedication to excellence and cutting-edge technology, WAA Cables offers exceptional cables and wires that surpass industry standards, embodying reliability, efficiency, and innovation. WAA Cables Private Limited, an illustrious venture was forged in 2019, anchoring its headquarters in the vibrant city of Gandhinagar, Gujarat. Boasting an awe-inspiring manufacturing process, WAA cables – a multiple award winning brand, clearly differentiate from other players in the market when it comes to offer the world class cable solutions with highest quality assurance to the renewable energy and EV sector. “Our unwavering mission orbits around the commitment to stakeholders, while our visionary outlook aspires to provide top-notch cables and wires that exude both superiority and cost-effectiveness, ensuring the utmost satisfaction for their esteemed clientele”, speaks Mr. Ketan Vora.The firm’s illustrious repertoire encompasses a captivating array of offerings, including Solar Cable, Flat Submersible Cable, House Wire, Earthing Cable, Welding Cable, Rubber Battery Cable, Aluminium/Copper Armoured & Unarmoured cable, and Flexible cable, among others. With the motto of ‘Connecting the Sun to Grid’, WAA cables solar segment delivers solar cables, solar connectors, ACDB & DCDB to all end users. We are overjoyed to announce that WAA Cables Pvt. Ltd. has been honoured with the EN 50618 : 2014 certification by TÜVRheinland!! TÜV is a well-respected neutral inspection and product certification service that scrutinizes and regulates products of many highly technical industries. Receiving the EN 50618 Certification is an important milestone in WAACAB’s journey towards commercialization of our Solar DC Cables for photovoltaic systems and is an essential fundament of our commitment to our present and future customers for our high quality solar DC cables.Upholding an unwavering commitment to quality, WAA Cables possesses an impressive collection of certifications, such as ISO, BIS, TUV, IEC, RoHS, CE, and EN50618, assuring customers of uncompromising standards.

MR. KETAN VORA

Managing Director & CEO

WAA Cables Pvt. Ltd.

EQ: How does export market looks like to yourself in 2023?

KV: The export market of India for renewable energy in 2023 looks promising and lucrative, as India has emerged as a global leader in renewable energy production and consumption. India’s renewable energy exports have increased over the years, as the country has become a major supplier of solar modules, wind turbines, biomass pellets, and other green technologies to various markets around the world. This is driven by,

1. Government Initiatives

2. Decreasing Solar Panel Costs

3. International Demand

4. Quality Standards

5. Bilateral Agreements

India’s renewable energy sector has attracted significant foreign investments, especially from countries like Singapore, Mauritius, the Netherlands, and Japan. The decreasing cost of solar and wind power has made them more competitive and affordable than coal-based power in most parts of the country. India has also launched several initiatives and policies to promote the use of renewable energy sources, such as the National Solar Mission, the wind energy program, the green energy corridor project, and the International Solar Alliance. India’s main export destinations for solar modules were the US, Europe, Australia, and Africa. India is well-positioned to take advantage of increasing demand and opportunity and increase its share in the global renewable energy market. India’s competitive edge lies in its abundant natural resources, low-cost manufacturing base, skilled workforce, supportive government policies, and strong domestic demand. India can also leverage its leadership role in the International Solar Alliance and other multilateral platforms to expand its renewable energy cooperation and trade with other countries. It's important to note that the outlook for the export market can be influenced by various factors, including changes in government policies, fluctuations in global energy markets, and international trade dynamics.

EQ: What could be the major changes in renewable energy market in terms of major policy and regulatory announcements in 2022 like New Open Access Rules etc

KV: Some of the major changes in renewable energy market in terms of policy and regulatory announcements in 2022 are:

1. Expansion of Renewable Energy Targets: Many countries and regions have been setting ambitious renewable energy targets to reduce greenhouse gas emissions. In 2022, governments may have announced new and more aggressive renewable energy goals, such as increasing the percentage of renewable energy in their energy mix or achieving net-zero emissions by a certain date.

2. Incentives for Renewable Energy: Governments often provide financial incentives and subsidies to encourage the adoption of renewable energy technologies. In 2022, new incentive programs, tax credits, or grants may have been introduced to support renewable energy projects and investments.

3. Grid Integration and Open Access Rules: Open access rules and grid integration policies can have a significant impact on the renewable energy market. These rules determine how renewable energy producers can access the grid and sell their electricity. In 2022, changes in these rules may have been announced to facilitate the integration of renewable energy sources into the grid.

4. Carbon Pricing and Emissions Trading: Some regions have implemented carbon pricing mechanisms or emissions trading schemes to incentivize the reduction of carbon emissions.

5. Environmental Regulations: Environmental regulations related to the construction and operation of renewable energy facilities, such as wind farms and solar installations, could have been updated in 2022 to address concerns about wildlife protection, land use, and ecosystem preservation.

6. International Agreements: International agreements and commitments related to renewable energy and climate change mitigation may have been announced or revised in 2022. These agreements can impact the global renewable energy market and promote cross-border cooperation.

7. Storage and Grid Resilience: Policies and incentives related to energy storage technologies, like batteries, and grid resilience measures might have been introduced or expanded to support the integration of intermittent renewable energy sources.

8. Decentralized Energy Generation: Regulations governing decentralized energy generation, such as rooftop solar panels and community solar projects, may have evolved in 2022 to promote consumer empowerment and energy independence.

9. Electrification and Transportation: Governments could have introduced policies to promote the electrification of transportation, which would increase the demand for renewable energy sources like electric vehicle charging infrastructure.

10. Green Bonds and Financing: Financial regulations and incentives to promote green financing, such as green bonds and sustainable investment practices, may have been strengthened in 2022, facilitating funding for renewable energy projects.

EQ: Whats your expectations from the Renewable Industry Stakeholders?

KV: My expectations from the renewable industry stakeholders are that they work together to achieve the common goal of increasing the share of renewable energy in the power sector and reducing the dependence on fossil fuels. Some of the possible ways to do this are:

• The Central Government should continue to formulate and implement policies that support the development of renewable energy projects (REPs) and provide incentives for private investments. The Government should also honor the power purchase agreements (PPAs) with the independent power producers (IPPs) and ensure timely payments for the electricity generated by them1.

• The State Governments should facilitate the establishment of solar parks and other REPs in their respective regions and encourage the citizens to install rooftop solar systems by offering attractive subsidies and net metering schemes. The State Governments should also coordinate with the Central Government and the State Electricity Companies (PLNs) to integrate the REPs into the grid and ensure grid stability123.

• The PLNs should cooperate with the IPPs and the biofuel producers to purchase electricity from renewable sources at competitive prices and distribute it to the consumers. The PLNs should also invest in upgrading their transmission and distribution infrastructure to accommodate the variable and intermittent nature of renewable energy12.

• The IPPs should adhere to the quality and safety standards of REPs and ensure their optimal operation and maintenance. The IPPs should also explore innovative ways to reduce the cost of renewable energy generation and storage, such as hybrid systems, battery technologies, etc14.

• The biofuel producers should comply with the environmental and social regulations of biofuel production and use. They should also ensure the sustainability and availability of feedstock for biofuel production, such as palm oil, jatropha, etc2.

• The fuel distributors should support the transition to renewable energy by diversifying their product portfolio and offering biofuels as an alternative to fossil fuels. They should also collaborate with the biofuel producers to ensure the quality and supply of biofuels2.

• The citizens should participate in the renewable energy movement by adopting rooftop solar systems, using biofuels for their vehicles, and raising awareness about the benefits of renewable energy among their peers. They should also demand clean and affordable electricity from their service providers3.

INTERVIEW

EQ: Whats your expectations from the Government, Policy Makers and Regulators as far as renewable energy sector is concerned?

KV: Renewable energy is a vital component of India’s energy transition and development goals. As the world’s third-largest energy consumer and one of the fastest-growing economies, India has a huge potential and responsibility to promote clean and sustainable energy sources.

Some of the expectations from the government, policy makers and regulators as far as renewable energy sector is concerned are:

• To provide a clear and consistent policy framework that supports the development and deployment of renewable energy technologies, such as solar, wind, hydro, biomass and wasteto-energy.

• To create a conducive environment for private sector investment and innovation in renewable energy projects, by providing incentives, subsidies, tax benefits, low-cost financing, land acquisition, grid access and power purchase agreements.

• To enhance the grid integration and management of variable renewable energy sources, by investing in smart grid infrastructure, energy storage solutions, demand response mechanisms and regional power markets.

• To address the social and environmental impacts of renewable energy projects, by ensuring proper consultation, compensation, resettlement and rehabilitation of affected communities, as well as compliance with environmental standards and regulations.

• To foster international cooperation and collaboration on renewable energy development and research, by participating in multilateral initiatives, such as the International Solar Alliance, the Mission Innovation and the Clean Energy Ministerial.

EQ: What kind of Solar Tariff Trends do you see coming in near future?

KV: Solar tariff trends in India are influenced by various factors, such as the cost of solar modules, the availability of domestic manufacturing, the imposition of import duties, the demand and supply of solar power, the technology choices, and the policy environment. Some of the possible trends in the near future are:

• Solar tariffs are projected to increase by about 21% over the next 12 months, mainly due to the 40% basic customs duty on imported solar modules.

• Domestic manufacturing of solar cells and modules is likely to have a positive impact on solar tariffs, as it can reduce the dependence on imports and provide cheaper and reliable modules. However, a lack of availability of domestic modules will be a major challenge for developers.

• Technology will play a major role in maximising plant output and reducing tariffs. For example, bifacial modules along with single-axis trackers can achieve about 20% to 22% generation gain and partly compensate for higher tariffs.

• Policy clarity and stability are essential for ensuring low and sustainable solar tariffs. The central and state governments must provide clarity on the timeline and scope of application for duty on modules and also the Approved List of Models and Manufacturers.

INOX GREEN ENERGY SERVICES’ SUBSIDIARY SECURES O&M ORDER FROM NLC INDIA

Inox Green Energy Services Ltd (IGESL) is a leading wind power operations and maintenance (O&M) service provider.

I-Fox Windtechnik, a subsidiary of Inox Green Energy Services, has bagged an order from stateowned NLC India for operation and maintenance of a 51 MW wind energy project in Tamil Nadu. Inox Green Energy Services Ltd (IGESL) is a leading wind power operations and maintenance (O&M) service provider. The scope of the contract comprises comprehensive O&M, including power evacuation system, for a period of five years with a revenue realisation of Rs 40 crore during the contract period, the company said.

LoA (Letter of Award) from one of the largest PSUs is an important milestone in the growth journey of IGESL as well as of our subsidiary I-Fox Wind. “We are progressing towards our goal of reaching a WTG O&M portfolio of 6GW by FY26, through a mix of organic and inorganic growth, S K Mathu Sudhana, the CEO of IGESL, said.

PFC SECURES JPY 1.85 BILLION LOAN FROM JBIC FOR WASTE-TO-ENERGY PROJECT IN KARNATAKA

State-owned Power Finance Corporation has secured a loan of 1.85 billion Japanese yen (about Rs 105 crore) from JBIC financing.

The funds will be used to finance a 11.5 MW waste-to-energy project of KPC Gas Power Corporation in Karnataka. ”PFC on 17th Aug…signed a loan agreement with Japan Bank for International Cooperation (JBIC) for JPY 1.85 billion,” a company statement said. This loan agreement was signed under the longterm facility of JPY 30 billion provided by JBIC to PFC. The waste-to-energy project will result in the effective utilisation of 600 tonne per day of segregated municipal solid waste for energy generation. The project is based on incineration using moving grate technology from Hitachi Zosen India Pvt Ltd. The loan was signed at JBIC New Delhi office by Parminder Chopra, CMD, PFC and Nobumitsu Hayashi, Governor, JBIC.

IREDA TARGETS RS 4,350 CRORE REVENUES IN FY24; RS 5,220 CRORE IN FY25

IREDA achieved a revenue from operations of ₹3,482 crore in FY23, against a target of ₹3,361 crore.

The Ministry of New and Renewable Energy (MNRE) said it has set the revenue targets for the State-run RE sector financier Indian Renewable Energy Development Agency (IREDA) for FY24 and FY25. The government has set a revenue from operations target for IREDA of ₹4,350 crore for FY24 and ₹5,220 crore for FY25. The funding agency, which is expected to float its IPO this fiscal year, inked a memorandum of understanding (MoU) with the MNRE, which is in alignment with guidelines issued by the Department of Public Enterprises outlining strategic targets for the two financial years, the Ministry said. The government has also specified other key performance parameters in the MoU, including Return on net worth, Return on capital employed, NPA to Total loans ratio, Asset turnover ratio, and Earnings per share.

FY23 PERFORMANCE

IREDA achieved a revenue from operations of ₹3,482 crore in FY23, against a target of ₹3,361 crore. IREDA CMD Pradip Kumar Das recalled that the company marked an impressive 272 per cent jump in loan disbursements and a 30 per cent growth in Profit After Tax (PAT) during the first quarter of FY24, compared to the same period in FY23. IREDA achieved a remarkable reduction in Net Non-Performing Assets (NPAs), lowering the figure to 1.61 per cent in Q1 FY24 from 2.92 per cent in Q1 FY23. IREDA’s track record of consistent excellence is evident by its excellent rating and over 96 marks secured for the MoU in the preceding three financial years, Das noted.

As of August 21, 2023, the company had financed 3,137 Renewable Energy projects with a cumulative loan sanction of ₹1,55,694 crore and a loan disbursement of ₹1,05,245 crore and had supported a renewable energy capacity addition of 22,061 megawatts (MW) in the country.

PM MODI-BIDEN NOD TO JOINT $1 BILLION FUND FOR RENEWABLE ENERGY INFRASTRUCTURE IN INDIA

India’s National Investment and Infrastructure Fund and the US Development Finance Corporation have exchanged letters of intent (LoIs) to each provide up to $500 million to anchor a Renewable Infrastructure Investment Fund, taking forward the decision taken during Modi’s visit to Washington in June this year. The two sides also decided to jointly support a payment security mechanism with both public and private funds to accelerate acquisition of made-in-India electric buses for decarbonising the transport sector, the joint statement issued after meeting between the leaders said. The fund will aim to reduce the cost of capital and accelerate the deployment of greenfield renewable energy, battery storage and emerging green technology projects in India, the statement said.

The LoIs indicate Washington’s commitment to put money on the table to support climate action. New Delhi has persistently taken the stand that the developed world should put its money where its mouth is before asking the Global South to step up carbon reduction measures, including a faster phaseout of fossil fuels. India, which has one of the largest solar energy programmes in the world, has of late sharpened focus on battery storage to pace up its 2070 net zero journey. Grid-size battery storage will allow the country to derive the benefit of rapidly expanding solar and wind energy capacities.Green hydrogen has emerged as the other primary focus area as the government paces up its carbon mitigation plan. It has sanctioned Rs 3,760 crore as viability gap funding for 4,000 MWh (megawatt-hour) battery storage capacity proposed to be built by 2030-31 with a view to keep storage tariffs affordable. Earlier in January, it had approved Rs 19,744 crore support for the Green Hydrogen Mission, envisaging a production capacity of five million tonnes per annum with associated renewable capacity of 125 gigawatts.

A joint investment fund of up to $1 billion to support India’s efforts for faster transition through development and deployment of emerging green technology has received the green light from US President Joe Biden and Prime Minister Narendra Modi.

PETROCHINA ACQUIRES EV CHARGING COMPANY POTEVIO NEW ENERGY

PetroChina has acquired 100 percent of electric vehicle (EV) charging firm Potevio New Energy in the latest lower-carbon investment by China’s top oil and gas company, parent CNPC said

Set up in 2010, Potevio New Energy was among China’s first state-owned companies engaged in EV charging network building and operations. It ran 50,000 charging points in more than 50 Chinese cities as of end-2021, according to its official WeChat account. CNPC did not disclose the cost of the acquisition. PetroChina last month set up a new entity based in the southeastern city of Putian in Fujian province to focus on investing and operating EV charging facilities, Reuters news report said.

A year ago, PetroChina joined leading Chinese auto group SAIC Motor and battery firm CATL in setting up a joint venture to supply swappable batteries for EVs. China’s state energy giants are expanding their investment in low-carbon businesses including renewables, hydrogen and electric mobility as part of the country’s goal to be carbon neutral by 2060.

G20 LEADERS FOR INCLUSIVE GROWTH, FLAG $4 TRILLION A YEAR NEEDED FOR CLEAN ENERGY TECH

Developing countries will also require $ 4 trillion per year for clean energy technologies by 2030 to reach net zero emissions by 2050

To hold global warming well below 2 degrees Celsius, ideally at 1.5 degrees Celsius, the developing countries will require $5.9 trillion in the pre-2030 period for implementing their NDCs, acknowledged G20, under India’s Presidency. Developing countries will also require $ 4 trillion per year for clean energy technologies by 2030 to reach net zero emissions by 2050. Climate finance poses a significant hurdle, given that developing nations frequently confront financial constraints hindering their ability to invest in climate mitigation and adaptation efforts. These constraints arise because their budgets are typically overstretched by the pressing demands of immediate development priorities, including poverty alleviation, healthcare, and education. Furthermore, the initial costs associated with adopting renewable energy sources and incorporating environmentally friendly technologies can be prohibitive for these countries, making financial aid a vital requirement for their adoption.

In 2009, a significant pledge was committed by developed countries to provide $100 billion annually in climate finance by the year 2020. It was aimed at supporting climate-related initiatives in developing nations, helping them mitigate and adapt to the impacts of climate change but the goal was not achieved in the past. In 2020, a total of $83.3 billion in climate finance was provided and mobilised (private finance) by developed countries.

Under the Delhi Leaders’ Deceleration, the G20 nations has recall and reaffirm the commitment by the developed countries to the goal of mobilizing jointly $100 billion climate finance per year by 2020, and annually through 2025, to address the needs of the developing countries, in the context of meaningful mitigation action and transparency in implementation.

Developed country contributors expect this goal to be met for the first time in 2023. Also, the Call on Parties will set an ambitious, transparent and trackable New Collective Quantified Goal (NCQG) of climate finance in 2024, from a floor of $100 billion a year, taking into account the needs and priorities of developing countries in fulfilling the objective of the UNFCCC and implementation of the Paris Agreement. As per the Glasgow Climate Pact, G20 nations are urging the developed countries to fulfil their commitment to at least double their collective provision of adaptation finance from 2019 levels by 2025, in the context of achieving scaled up financial resources. There is also a call for an all relevant financial institutions, such as MDBs and multilateral funds to further strengthen their efforts including by setting ambitious adaptation finance targets and announcing, where appropriate, revised and enhanced 2025 projections.

FINANCE MINISTER, WORLD BANK TO WORK CLOSELY TO CREATE MARKET STRUCTURE FROM CSR DEMAND SIDE FOR MAXIMISING SOCIAL IMPACT

W

The World Bank and the finance ministry agreed to work closely to create a market structure from the CSR demand side for maximising social impact. orld Bank President Ajay Banga, who was in Delhi to attend the G20 Leaders’ Summit, met Finance Minister Nirmala Sitharaman. The two leaders during the bilateral meeting discussed the outcomes of G20 India Presidency, the evolution of the World Bank Group and their engagement with India through knowledge exchange and financial assistance for developmental projects, among other issues.

“During the meeting, Mr. Banga agreed to work closely with the Department of Economic Affairs, Ministry of Finance @ FinMinIndia to create a market structure from the Corporate Social Responsibility #CSR demand side for maximising social impact,” the ministry said in a post on X. The finance minister stated that she looks forward to the leadership of the World Bank President in taking forward the recommendations on the triple agenda contained in the Volume-1 of the Independent Experts Group on Strengthening Multilateral Development Banks (MDBs).

The Independent Experts Group, chaired by Harvard University President Emeritus, Lawrence Summers and co-chaired by N K Singh former Chairperson, Fifteenth Finance Commission of India, submitted Volume I in July suggesting a triple agenda to harness the potential of MDBs. These include efforts to tackle global challenges, alongside their core mission of poverty reduction and shared prosperity; to triple their sustainable lending level by 2030 and to enhance their financial strength to capital adequacy improvements and general capital increases. The Finance Minister and the World Bank President stated that they look forward to Volume 2 of the report that will be submitted during the 4th Finance Ministers and Central Bank Governors FMCBG Meeting in Morocco in October. During the meeting, the World Bank team apprised the ministry of the developments and progress in sectors of Municipal Financing, Logistics, Skilling, Knowledge Partnership, Solar energy in the Agriculture sector, among others.

Speaking at the G20 Leaders’ Summit earlier in the day, Banga said challenges don’t respect lines on a map. “And if we fail to work together – we all lose. To respond, under the umbrella of our Evolution Roadmap, we are becoming a better Bank. We are becoming more efficient – incentivizing output, not input. Keeping focus on how many girls are in school, jobs created, and private sector dollars mobilized,” Banga said.

The World Bank is working to expand concessional financing to help more low-income countries achieve their goals, while thinking creatively about how to encourage cooperation across borders and tackle shared challenges, he said. “After we deliver a better bank, we will need a bigger Bank. Bigger than what the capital adequacy framework will produce by itself. As we face a new era in development, we remain committed to creating a world free of poverty on a livable planet,” he said.

JAKSON GREEN’S ORDER BOOK SURPASSES RS. 5,000 CRORE

Jakson Green, in a release, said that its order book position has reached around Rs.5,000-crore. Jakson Green, backed by business conglomerate Jakson Group, said that its renewable energy EPC order book has reached around Rs.5,000 crore, and that too within a year of the company’s inception.

“This extraordinary feat was recognized through a series of recent order victories in India, GCC, West Africa, and CIS region marking an unprecedented milestone in a remarkably short timeframe,” the release said.

GLOBAL PRESENCE HIGHEST STANDARDS

The company’s order book has been driven by its success in securing pivotal utility scale renewable EPC projects in West Africa, GCC, and CIS Countries, alongside a substantial array of renewable EPC contracts in India. Notably, Jakson Green recently inked significant deals with leading renewable energy developers to construct large solar power projects in Madhya Pradesh and Gujarat. Among these projects, the company is also poised to deliver over 125 MWh single site utility-scale battery energy storage solution as a part of its turnkey EPC offerings, complementing its flagship renewable projects. Jakson Green’s portfolio includes approximately 600 mw of projects across Madhya Pradesh and Gujarat in India, and over 420 mw of projects in GCC, West Africa, and CIS Countries.

Bikesh Ogra, the Managing Director & CEO of Jakson Green, expressed profound gratitude for the trust and confidence bestowed upon the company by its clients, both within India and on a global scale. He remarked, “This trust is vividly evident in our impressive global order book, which now touches Rs.5,000 crore mark. This accomplishment has solidified our position as one of the world’s fastestgrowing utility-scale renewable service providers. We possess unwavering confidence in our capacity to collaborate closely with all our clients, delivering top-tier projects while upholding the highest standards of safety and quality.”

GOLDI SOLAR AND DESERT TECHNOLOGIES SIGN A STRATEGIC MOU TO EXPAND RENEWABLE ENERGY OPPORTUNITIES IN INDIA, SAUDI ARABIA, AND WORLDWIDE

Goldi Solar, India’s most quality-conscious solar brand, signs a Memorandum of Understanding (MoU) with Desert Technologies, a leading solar PV and smart infrastructure holding company based in Saudi Arabia. This strategic Memorandum of Understanding (MoU) between Goldi Solar and Desert Technologies aims to expand renewable energy opportunities in India, Saudi Arabia, and globally, serving as a collaborative effort to explore all available prospects. The MoU, part of the India-Saudi energy cooperation pact, was signed in the presence of HE Khalid bin Abdulaziz Al Falih, Minister of Investment, Kingdom of Saudi Arabia, and Shri Piyush Goyal, Minister of Commerce and Industry, Government of India at India Saudi Arabia Investment Forum 2023 in New Delhi.

Under the terms of the MoU, Goldi Solar will offer TOPCON/HJT technologiesto localize a significant portion of India’s renewable energy value chain, encompassing R&D and manufacturing. One of the primary objectives is to establish Original Equipment Manufacturer (OEM) supply for PV Module manufacturing, PV cell production, EVA encapsulants, and back sheets production.In addition to advancing the manufacturing sector, Goldi Solar and Desert Technologies will be working together on projects across various fields, including technology roadmaps, process optimization, new product development, etc. This strategic partnership is not limited to the private sector, as both companies will also lead relationships with public and semi-public organizations within their respective regions in India and Saudi Arabia. As part of the MoU, the companies can also establish a Joint Venture to execute projects within India upon mutual agreement and capitalize on investment opportunities across various markets globally, including Europe and America. The percentage of each Party’s participation in the JV will be tailored to individual projects.

Goldi Solar’s Founder and Managing Director, Capt. Ishver Dholakiya, expressed his excitement, stating, “We are delighted to announce our partnership with Desert Technologies. This collaboration signifies a positive step forward, demonstrating that our top-tier products and cutting-edge technologies empower our partners to achieve their sustainability goals. We eagerly anticipate working alongside Desert Technologies to make high-quality solar panels accessible to a wider audience and supporting the kingdom in achieving its contribution to Vision 2030 renewable goals.”

Khaled Sharbatly, CEO, Desert Technologies delighted with the partnership commented, “We have always been committed to creating the highest quality products that meet international standards. Goldi Solar’s esteemed reputation in the global renewable market made it clear that this agreement was the right step to take. Their expertise, products, and dedication to driving new technologies only reinforced our belief in them. We are confident that this partnership will deliver promising results, significantly contributing to the Saudi renewable market, and helping meet India’s renewable energy targets by 2030. We eagerly look forward to forging a long and robust partnership with Goldi Solar.”

This partnership holds great promise in advancing India’s renewable energy goals, including the target of generating 50 percent of its electricity from renewables by 2030. Goldi Solar and Desert Technologies are poised to play a key role in achieving these targets by ensuring widespread access to high-quality solar panels and components. Additionally, this MoU opens avenues for investment opportunities in India. As both companies work together to localize renewable energy production and explore various projects, it creates a rich ground for attracting investments in the Indian renewable energy sector. The collaboration not only strengthens the local supply chain but also enhances the overall investment environment in the country. This signifies a significant stride toward a sustainable energy landscape, innovation, and addressing global renewable energy challenges. The use of solar energy has progressively grown over the past few years on the back of rising energy demands worldwide, in turn, increasing global demand for solar panels in Saudi Arabia is a significant piece of its Vision 2030. Other than the environmental benefits, it is essential to underline that the geographical location of the kingdom of black gold makes utilizing renewable energy sources economically attractive.

ANDHRA PRADESH CM LAYS FOUNDATION FOR THREE RENEWABLE ENERGY PROJECTS WORTH

OVER RS 25,000 CRORE

In total, the three projects are expected to create employment for around 5,300 people. He laid the foundations for Greenko Energies solar power project at Junuthala village in Owk mandal, which entails an investment of Rs 10,350 crore for a 2,300 MW solar power project. It will generate employment to 2,300 people.

We are taking every step to put Andhra Pradesh at the forefront of green energy. Today, we are generating 9,000 MW of power from solar and wind sources, said Reddy at his camp office while laying the foundations.

Likewise, the Chief Minister laid the foundation for a 1,014 MW renewable energy project by Arcelor Mittal at Kandikayapalle village in Panyam mandal, which includes a 700 MW solar power plant and 314 MW wind power facility with an investment of Rs 4,500 crore. This project is expected to employ 1,000 people. The third project, a 2,000 MW one by Ecoren at Muddavaram village in Bethamcherla mandal involves an investment of Rs 11,000 crore. This project is equally split between solar and wind power generation modes at 1,000 MW each, which will employ 2,000 people. Besides these three projects, the Andhra Pradesh Power Generation Corporation (APGENCO) has also entered into an agreement with NHPC Ltd to build a 1,000 MW pumped storage project at Yaganti and another 950 MW project at Kapalapadu, 2,000 MW in total at an investment of Rs 10,000 crore. The Andhra Pradesh government and NHPC will execute these projects together, sharing the costs equally. According to the Chief Minister, AP inked a deal with Solar Energy Corporation of India (SECI) to source 7,200 MW of power over 25 years at Rs 2.4 per unit to provide free power to farmers.

Further, he emphasised that the state government has identified 37 locations to explore the possibility of setting up 41,000 MW of pumped storage power projects. Out of these, the feasibility studies for projects in 29 locations have been completed for 33,240 MW while detailed project reports (DPRs) are ready for projects with a capacity of 20,900 MW. These steps are in line to make AP a role model in the country for green energy, added Reddy.

KKR-VEDANTA JV TIES UP RS 2,600 CRORE LOANS FOR GREEN POWER PROJECTS

The total cost of those projects is around Rs 3,500 crore and have a power generation capacity of around 400 MW. Serentica Renewables, in which KKR has pumped over USD 650 million so far, would build solar and wind projects in Karnataka. The company is in the process of building renewable power projects with a capacity to generate over 1.5 GW of power.

In the medium-term, Serentica is targeting to install 5,000 MW of carbon-free generation capacity along with storage technologies. Eventually, it would be well-positioned to supply over 15 billion units of clean energy annually, with the potential to displace 20 million tonne of CO2 emissions.

Source: PTI

Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy virtually laid the foundations for three renewable energy projects worth Rs 25,850 crore in Nandyala district that would generate 5,314 MW of power through solar, wind and pumped energy storage modes.

KKR and Vedanta joint venture (JV), Serentica Renewables, has tied up a loan of Rs 2,600 crore from Power Finance Corporation (PFC) for green power projects which are being built to meet captive needs of Vedanta Group companies, and BALCO in particular.

HOP ELECTRIC MOBILITY JOINS MADHYA PRADESH GOVERNMENT’S INITIATIVE, ‘MUKHYAMANTRI BALAK BALIKA PROTSAHAN YOJNA 2023’ TO REWARD TOP STUDENTS OF HIGHER SECONDARY WITH E-SCOOTERS

HOP Electric Mobility, a leading manufacturer of electric two-wheelers in India, announced that it has joined Madhya Pradesh Government’s initiative, Mukhyamantri Balak Balika Protsahan Yojna 2023, a novel scheme to encourage academic excellence among the students of higher secondary school. Under the scheme students who secured the first position in their respective districts will receive a free E-Scooter from the state government.

The initiative is meant to provide eco-friendly and cost-effective E-Scooters to the deserving students. The deliveries of the E-Scooters have started and will continue till all the eligible students receive their prizes.

We congratulate the students of Madhya Pradesh who have secured the first position in their Higher Secondary school examinations. They have shown exemplary dedication and hard work in their academic pursuits. As a reward, they will receive a free E-Scooter from HOP Electric, under the ‘Mukhyamantri Balak Balika Protsahan Yojna 2023’. This is a visionary scheme by the MP Government to promote education and e-mobility among the youth. HOP Electric is proud to be a part of this mission and to provide our eco-friendly and affordable E-Scooters to the bright students of Madhya Pradesh. We hope they enjoy their rides and continue to excel in their future endeavours, said Mr. Ketan Mehta, Founder & CEO – HOP Electric Mobility

This initiative by Madhya Pradesh government, in which HOP Electric is also contributing among other brands, will inspire students to achieve higher milestones in education & their career pursuits while contributing to the development of the state and the nation. The E-Scooters will not only help them in their mobility but also reduce their carbon footprint and promote a greener future. HOP Electric has three e-2wheelers running in the market successfully, namely, two e-scooters – LEO and LYF and an e-motorcycle – OXO, in different variants. HOP e-vehicle solutions are based on extensive R&D and engineering.

The e-scooters have distinctive key features that are not so prevalent in the currently available electric two-wheelers in the market – this includes High Range up to 125 km, 72V architecture, High performance Motor to climb any slope with loading capacity of 180 kg for both HOP LEO and LYF, boot space of 19.5 litres, connecting features (Internet, GPS, Mobile App) and many more.

ENFINITY GLOBAL RAISES €400 MILLION FROM ICG INFRASTRUCTURE ARM

TEnfinity Global Inc. has raised €400 million ($429 million) from Intermediate Capital Group Plc’s infrastructure unit. he Miami, Florida-based renewable energy developer will use the funds to bring its 17-gigawatt portfolio to fruition, according to statement. Most of its projects under development, which include 7.3 gigawatts of power storage, are in the US and Italy. Enfinity’s chief executive officer, Carlos Domenech, said in an interview that the company could pursue a public listing in the future as it works to become a “meaningful participant leader in fighting climate change.” “To be meaningful, you are going to have to deploy billions of dollars,” he said. “We will recycle some of our projects and re-capitalize the company as we go, but inevitably you need to have both access to private and public markets.” Enfinity has 1 gigawatt of operational assets globally, according to statement.

The company employs more than 190 people in offices in Europe, Asia and the US. For ICG, the Enfinity investment furthers a strategy of backing businesses in the renewable energy sector in Europe and the US. The firm raised €1.5 billion for its debut infrastructure fund last year, surpassing a €1 billion target. In July 2022, it acquired British Solar Renewables.

TATA POWER AND ZOOMCAR JOIN HANDS TO OFFER SEAMLESS EV CHARGING INFRA SOLUTIONS

TTata Power EV Charging Solutions Ltd (TPEVCSL), a Tata Power Company, and Zoomcar, a leading marketplace for car sharing, announced the signing of an MoU to promote electric vehicle (EV) adoption in India. he MoU was signed in Mumbai in the presence of Mr Ashish Khanna, CEO, of Tata Power Renewable Energy Limited; Mr. Virendra Goyal, Head of Business Development, EV Charging, Tata Power; and Mr. Greg Moran, CEO and CoFounder, Zoomcar. Tata Power EV Charging Solutions Limited is a wholly-owned subsidiary of Tata Power Renewable Energy Limited. According to the company, the agreement intends to promote Tata Power’s EZ Charge points on the Zoomcar platform, as well as to serve present and aspiring EV owners, as well as Zoomcar’s existing consumers.

Following the announcement, the shares of Tata Power hit a new 52week high at Rs 252.75 per share on BSE. Shares currently trading 2.95% higher at Rs 252.65 apiece on BSE. It jumps 8.13% in 1 week, and 9.54% in 1 year, respectively. Tata Power has an extensive EV charging infrastructure: EZ Charge includes over 50,000 home chargers, 4370+ public and semi-public charging points, and 250 bus-charging points across 350 cities including multiple highways. The company aims to establish 25,000 charging points in the next five years, bolstering the national EV ecosystem and driving sustainable mobility growth. Zoomcar, has over 20,000 cars on its technology-driven platform across India, Indonesia, and Egypt, the company said. “This collaboration with Zoomcar is another milestone in our journey to speed up the green mobility transition in the country. As India’s leading EV charging infrastructure provider, we are constantly collaborating with industry partners such as Zoomcar to develop a technologically advanced and robust EV ecosystem in the country.” said Dr. Praveer Sinha, CEO & MD, Tata Power.

Mr. Greg Moran, CEO & Co Founder, Zoomcar stated, “We are very excited to embark on this journey with Tata Power, leveraging their position as a leader in the field of EV charging. At Zoomcar, we strive to be at the forefront of creating innovative solutions that can help shape the mobility industry. Our car-sharing platform is perfectly suited for electric vehicles and we expect to grow 50 % of our platform by 2025. This mutual partnership is poised to create a comprehensive ecosystem that fulfils the evolving needs of EV enthusiasts”.

Tata Power provides end-to-end EV (electric vehicle) charging infrastructure solutions for the growing EV ecosystem in India, covering public and captive charging points. The company’s customized solutions include software subscription services, a mobile app, charger hardware, a power supply, and power backend infrastructure. Tata Power EZ Charge Mobile App facilitates locating EV charging stations in its EV charging network, the company said.

It added, Recently, in July 2023, the company, in its efforts to make the EV charging experience seamless, launched an RFID card that allows EV users to initiate charging by tapping the EZ CHARGE RFID card on the EZ charger at any location in the country.

SHELL ENERGY INDIA TO INVEST RS 3,500 CRORE TO SET UP RENEWABLE ENERGY FACILITY IN GUJARAT

Shell Energy India said it will invest Rs 3,500 crore in Gujarat to set up a renewable energy facility, charging stations for electric vehicles, and an LNG regasification terminal, which would create nearly 4,300 jobs.

Amemorandum of understanding (MoU) in this regard was signed between the Gujarat government and Shell Energy India in Gandhinagar in the presence of Chief Minister Bhupendra Patel, a government release said. The agreement has been signed as part of the upcoming 10th edition of the Vibrant Gujarat Global Summit to be held in January next year, said the release. Under this MoU, Shell Energy India will invest Rs 2,200 crore to set up a renewable energy production facility on 1,200 acres in Banaskantha district of north Gujarat. The facility will provide direct and indirect employment to more than 1,000 people, and it is expected to commence commercial production by 2026.

In addition, the energy major will invest Rs 800 crore to set up fuel retailing and EV recharge stations across the state, thereby providing employment opportunities to approximately 2,000 people. This project will be operational by 2027, said the release. Further, Shell Energy India will invest Rs 500 crore in the LNG regasification terminal, asset integrity rejuvenation, and debottlenecking project. This project will create employment opportunities for 375 people, and is expected to commence commercial production by 2027, said the release.

Source: PTI

IIT BOMBAY GETS $18.6 MN FROM ALUMNUS FOR GREEN ENERGY RESEARCH HUB

The Indian Institute of Technology (IIT) Bombay has received a donation of USD 18.6 million from an alumnus for establishment of a Green Energy and Sustainability Research Hub, the premier institute said.The IIT B, however, did not disclose the identity of the alumnus, saying he wanted to remain anonymous. The contribution will redefine the institute’s role in addressing the global climate crisis. The hub will be located within a state-of-the-art academic building on the IIT Bombay campus in suburban Powai and its focus will extends to critically important areas, said the institute in a statement. The focused areas include evaluating climate risks and developing effective mitigation strategies, climate change adaptation, and comprehensive environmental monitoring, it said. Additionally, the hub seeks to advance climate solutions, foster the adoption of renewable energy sources and energyefficient technologies.

It will facilitate research in several critical areas, including battery technologies, solar photovoltaics, biofuels, clean-air science, flood forecasting, and carbon capture, among others, said the statement. The research centre will also offer industry-tailored educational training and cultivate strategic collaborations with global universities and corporations, it said.

Prof Subhasis Chaudhuri, Director, IIT Bombay, said, The establishment of this hub underscores our dedication to tackling climate challenges through cutting-edge research, fostering interdisciplinary collaborations, and nurturing entrepreneurial endeavours. “The Green Energy and Sustainability Research Hub stands as a testament to the impact that collective efforts can achieve in paving a sustainable path for the future, he said.This is a rare occurrence in Indian academia that a philanthropist wishes to stay anonymous,” Chaudhari added.

This is a rare occurrence in Indian academia that a philanthropist wishes to stay anonymous, the institute said in a statemment

AMAZON TO MAKE INITIAL INVESTMENT OF $3 MN IN NATURE-BASED PROJECTS IN INDIA

• Amazon said it would invest $15 Mn to support nature-based projects in the Asia-Pacific (APAC) region to fight climate change.

• Under the first phase of the project, Amazon would invest $3 Mn in India and will work to support communities and conservation efforts in the Western Ghats.

• India is an important market for Amazon and the ecommerce giant has committed to investing another $15 Bn in the country by 2030.

Ecommerce major Amazon said it will invest $15 Mn to support nature-based projects in the Asia-Pacific (APAC) region. The investment will be drawn out of Amazon’s $100 Mn Right Now Climate Fund created in 2019. The climate fund was created to support nature conservation and restoration projects while driving benefits for communities. Out of the $15 Mn allocation for APAC, Amazon said the first phase of the project will focus on India with an investment of $3 Mn. For this phase, the US-based company will partner with the Centre for Wildlife Studies (CWS) to support communities and conservation efforts in the Western Ghats. It is a UNESCO World Heritage Site and home to more than 30% of all of India’s wildlife species, including the world’s largest population of wild Asiatic elephants and tigers. Under this programme, Amazon’s funding will enable the CWS to establish the “Wild Carbon” programme, which will support 10,000 farmers in plantation and maintenance of 1 Mn fruit-bearing, timber and medicinal trees, the company said in a statement.

Commenting on the initiative, Kara Hurst, Amazon’s Global VP for Sustainability, said, “The Asia-Pacific region is home to vast forests and rich coastal environments, but it is also highly vulnerable to climate change, biodiversity loss and land degradation. To protect the region from the impacts of climate change and preserve biodiversity, we will need both large-scale and local action – and we’re committed to investing in both.”

With climate change emerging as a major threat to the world, a large number of companies across the globe have been allocating capital for sustainability. The latest funding for the APAC region is part of Amazon’s broader efforts for decarbonisation. In 2019, the ecommerce behemoth cofounded The Climate Pledge, committing to reach net zero carbon emission by 2040. Nine Indian companies – BluPine Energy, CSM Technologies India, Godi, Greenko, HCL, Infosys, Mahindra Logistics, Tech Mahindra, and UPL – have also signed the pledge. With climate change emerging as a major threat to the world, a large number of companies across the globe have been allocating capital for sustainability. The latest funding for the APAC region is part of Amazon’s broader efforts for decarbonisation. In 2019, the ecommerce behemoth cofounded The Climate Pledge, committing to reach net zero carbon emission by 2040. Nine Indian companies – BluPine Energy, CSM Technologies India, Godi, Greenko, HCL, Infosys, Mahindra Logistics, Tech Mahindra, and UPL – have also signed the pledge.

AYANA RENEWABLE INKS PACT TO SET UP 330-MW RE CAPACITY FOR HINDALCO

– Project to develop ~330 MW of solar and wind power capacity.

– This will take Ayana’s cumulative capacity close to 5 GW.

– Ensure 100 MW RTC carbon-free power, with a combination of solar, wind and will utilize pumped hydro storage solutions in partnership with Greenko Energies.

This captive power project is a significant milestone in Ayana’s efforts towards becoming a demand-driven energy solution provider. It aligns with the company’s vision to become India’s lowest cost power supplier leveraging a unique combination of solar, wind and pumped hydro technologies. This project bolsters Ayana’s cumulative capacity under management to nearly 5 GW, encompassing operations, maintenance, and development reinforcing Ayana’s position as a trailblazer in India’s energy transition landscape.

Highlighting the essence of this project, Shivanand Nimbargi, MD & CEO of Ayana Renewable Power, stated, “At Ayana Renewable Power, we are resolutely committed to steering India’s energy transition journey. Our latest project marks a pivotal milestone as we deliver 100 MW of uninterrupted, carbon-free power round-the-clock – a pioneering feat in the industrial segment.”

This project marks a significant milestone in the aluminium industry which requires reliable and continuous power, it is one of the first in the sector globally to deliver round-the-clock renewable energy from solar and wind. Ayana has been championing the RTC solutions in India and has also recently won the REMCL tender to supply 300 MW of RTC power to a Joint Venture company of Ministry of Railways and RITES Ltd. Ayana Renewable Power (Ayana), founded in 2017 and headquartered in Bengaluru, is one of India’s leading renewable energy IPPs (Independent Power Producer). Ayana is a majority-owned company of the National Investment and Infrastructure Fund Limited’s (NIIFL) core infrastructure fund, one of India’s largest infrastructure funds. The other shareholders in the platform are British International Investment (BII), UK’s development finance institution, and Eversource Capital India’s leading climate impact investor. Ayana offers utility scale solutions on solar, wind, hybrid and Round the Clock (RTC) clean energy and is also working on pilot green-hydrogen project. Ayana is currently involved in the development and management of close to 5GWac of solar, wind and hybrid power projects located across several Indian states, including Andhra Pradesh, Tamil Nadu, Karnataka, Rajasthan, and Gujarat.

to build a 10GWac portfolio by 2025.

Ayana aims

Ayana Renewable Power, one of the largest Independent Power Producers (IPP) in India and backed by National Infrastructure and Investment Fund (NIIF), British International Investment (BII) and Green Growth Equity Fund, has signed a Power Purchase Agreement with Hindalco Industries Limited, the metals flagship company of the Aditya Birla Group, for the supply of 100 MW of Round-the-Clock (RTC) renewable energy to Hindalco’s smelter plants in Odisha.

HERO MOTOCORP SET TO INVEST RS 550 CRORE IN ATHER ENERGY

Hero MotoCorp plans to invest an additional ₹550 crore in Ather Energy, the company said in an exchange filing. The board of the company, in a meeting held on September 4, has approved an investment of up to ₹550 crore in the rights issue of Ather Energy. Before the proposed investment, Hero MotoCorp’s shareholding in Ather stood at 33.1%.The investment is subject to the execution of definitive documents and completion of certain conditions customary to a transaction of this nature, according to a media report by the Mint. The funding has come at a time when the EV maker is planning to launch an IPO, probably by 2024. Last year in October, Ather Energy raised $50 million in equity funding led by its existing investor Caladium Investment Pte Ltd with participation from Navam Capital-backed Herald Square Ventures. The Bengaluru-based startup last month had launched an entry-level electric scooter model 450S in the country priced at ₹1.29 lakh (ex-showroom Delhi).

The 450S comes with a battery capacity of 2.9 kWh, a range of 115 kilometres, and a top speed of 90 km/hour, Ather Energy said in a statement. It is looking to double its market share to about 30-40% in the next few years with the launch of its 450S scooter in the 125cc category. The existing model, 450X, now comes with the option to choose between 115km and 145-km range variants priced at ₹1.37 lakh and ₹1.44 lakh, respectively. Recently, Ather Energy partnered with Bharat Petroleum Corporation Limited (BPCL) to expand its charging network. Through the collaboration, Ather will gain access to BPCL’s network of over 21,000 fuel stations across the country, facilitating the installation of Ather’s public fast-charging grid. Ather already has more than 1,400 chargers across 100 cities. Ather Energy sold around 6,835 units in August this year, up 2% from July’s 6,671 units.

MAHARASHTRA STATE LEGISLATURE DELEGATION IN UK TO EXPLORE PARTNERSHIPS

The delegation, which has already covered Germany and the Netherlands during the 11-day tour, is on the last leg of their visit, during which they plan to explore potential state partnerships with the UK in the fields of trade, technology and sustainable energy. They are also scheduled to interact with members of the Maharashtrian diaspora during their four-day UK visit before heading back to India

This is the first time there are more than 50 per cent women delegates in this delegation when we visited Germany and the Netherlands, and the UK is our third and final destination, said Dr Gorhe after an interaction with the Indian High Commissioner to the UK Vikram Doraiswami. “His Excellency explained that we should concentrate on education, trade, and also finance and technology. On the people-to-people cooperation front, he highlighted the need for providing support to women married in India and then finding themselves in trouble here in the UK. They get about 10 cases per week of women who need help, for which they need support organisations to assist with their rehabilitation,” she said.

Other areas covered by the delegation during their European tour include exploration of tieups in wind energy and other environmental issues. “The prime purpose of this visit is a study tour to understand the various developmental aspects which are happening in these countries. It is also to understand environment-related issues, and how they are being dealt with by these countries,” explained Narwekar.

“We are also primarily interested in how these countries are dealing with climate change. And last but not least, the possibility of increasing trade between these countries and Maharashtra,” the State Assembly Speaker said. “Most of our legislators represent various parts of the state. Ours is an agrarian economy where a large portion of the economy is covered by agriculture. Therefore, representatives from across the state also want to understand how agricultural produce can be promoted in these countries,” he added. While in London, the delegation will also be interacting with the Commonwealth Parliamentary Association (CPA) to discuss best parliamentary practices to promote parliamentary democracy and also a diaspora interaction organised by the Maharashtra Mandal.

The board of the company approved an investment of up to ₹550 crore in the rights issue of Ather Energy.

A delegation of 22 legislators from the Maharashtra Legislative Council led by Deputy Chairperson Dr Neelam Diwakar Gorhe and including Maharashtra Legislative Assembly Speaker Rahul Narwekar held discussions at India House in London as part of a three-nation European study tour.

NAGALAND GOVERNMENT SIGNS POWER PURCHASE AGREEMENT WITH HUTAH INDUSTRIES

In a press note, engineer-in-chief, department of power, Er. Moa Aier informed that the PPA was inked for purchase of power from 10MW Biomass Power Plant at A.K. Industrial Village, Ganeshnagar, Nagaland, which would be developed by M/s Hutah Industries on IPP (Independent Power Producers) mode. At the PPA signing ceremony, power minister KG Kenye expressed satisfaction with the M/s Hutah Industries taking up such initiatives. He stressed the need to develop power generation in the State to meet the power demand as well as promote industrial activities. Kenye further impressed on the need for internal power generation so as to reduce import from outside.Since the project is bamboo fired, he suggested exploring necessary tie up with Nagaland Bamboo Development Agency (NBDA), adding that such initiatives would also stimulate local employment.

Ging a brief highlight of the project, M/s Hutah Industries CEO & CFO Aditya Pandit, said that the power plant would be a bamboo fired plant. He said that raw material would be grown within the project area itself and for which 1500 acre of land has already been leased by the firm for 25 years. Pandit also informed that the project would be completed within 24 months from the date of signing of the PPA. He further stated that the project was a collective commitment to harness renewable energy and shape a more sustainable future for the State of Nagaland. In his brief address, engineer-in-chief (power) stated that several PPAs were earlier signed by the power department but “unfortunately” the IPPs were not showing progress in the field. He expressed hope that present PPA with M/s Hutah Industries would be a trend setter for a new beginning of successful project. PPA signing programme was chaired by chief engineer (T&G) Er. Penrithung Yanthan, Kohima Baptist Pastor’s Fellowship (KBPF) president Rev. Vezopa Rhakho, gave the invocation and the vote of thanks was proposed by additional chief engineer (T&G) Er. Kasho Chishi.

OIL INDIA PLANS NET ZERO BY 2040, TO INVEST $2 BILLION IN PROJECTS’

Oil India Ltd aims to invest 165 billion rupees ($1.98 billion) in clean energy projects to meet its 2040 net zero carbon emissions goal, said two sources familiar with state-run energy companies’ net zero strategy.

The companies are investing billions of dollars in projects aimed at reducing emissions as one of the world’s biggest emitters of greenhouse gases, aims for zero by 2070. State-run energy companies – Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp, GAIL (India) Ltd, Oil and Natural Gas Corp have already announced their net zero goal. Together with Oil India, the six-state run energy companies plan to invest 6.38 trillion rupees, the sources said. Oil India did not respond to a request for comment.

The sources declined to be identified as they are not authorised to speak to media. State-controlled Oil India plans to invest about 90 billion rupees for 1,800 megawatts solar and onshore wind energy projects and 30 billion rupees for green hydrogen project, the sources said. Oil India’s operations are mostly in the northeast India. It build green hydrogen and compressed bio gas plants through its subsidiary, Numaligarh Refinery Ltd, they said.

It will invest 10 billion rupees on carbon capture, utilization and storage (CCUS) projects. India’s top explorer, state-run ONGC, recently announced spending of 2 trillion rupees by 2038 for its net zero goal. ONGC plans to spend 800 billion rupees on green hydrogen and green ammonia projects and 400 bln rupees on solar and onshore wind projects to own 7 gigwatts capacity, according to the presentation. ONGC also aim to spend 495 billion rupees for about 2 gigawatts offshore wind energy projects. Neither ONGC nor the oil ministry responded to requests for comment.

A power purchase agreement (PPA) between Government of Nagaland and M/s Hutah Industries was signed at Kohima on August 25, in the presence of power minister KG Kenye.

SAATVIK SOLAR ROPES IN RAVINDRA JADEJA AS NATIONAL BRAND AMBASSADOR

By combining the strengths of Saatvik and Ravindra Jadeja, the partnership strives to enhance brand visibility and establish industry credibility.

Saatvik Solar – India’s leading renewable energy company that manufactures premium quality solar modules & develops projects has recently announced the onboarding of Ravindra Jadeja, the Indian international cricketer as the company’s brand ambassador. This partnership aims to increase brand awareness among a diverse target audience while powering the country’s transformative green economy. The endorsement partnership resonates with Jadeja’s significant relevance and affinity towardssustainable energy which makes this a perfectly suited complement to SaatvikSolar’s marketing efforts. As part of this strategic announcement, Saatvikintends to leverage Jadeja’swidespread appeal to evoke audience interest in Saatvik’s sustainability initiatives through communication on his social media platforms where he will be discussing the benefits of renewable energy adoption and the positive impact of sustainable living on the environment.

Delighted with the announcement, Prashant Mathur – CEO of Saatvik Solar said, “We take immense pride in associating with a national icon – Mr. Ravindra Jadeja. Both Saatvik Solar and Jadeja are homegrown brands with strong values and cultural roots. We strongly feel that RavindraJadeja and Saatvik are natural partners as both all-rounders are known for their resilience, quality & performance on the field. With this landmark partnership, we are in prime position to accelerate the adoption of renewable energy & sustainable products across the globe.”

Talking about the endorsement partnership, Ravindra Jadeja said, “Partnering with Saatvik makes me very happy as it remains important for us Indians to inform the public about adopting renewable energy sources to protect the climate. I take immense pride in contributing to the transformation where Saatvik is at the front of driving positive change through its unique ways in the division of renewable energy. This collaboration not only commits to environmental protection but also makes us believe that collective efforts can truly make a difference in building a greener and more sustainable world for generations to come.”

Saatvik Solar has a significant footprint in India, spanning a wide range of operations across international, urban, and rural locations, supplying premium solar PV modules and providing EPC services for marquee projects and IPP (Independent Power Producer). Currently, it operates from its state-of-the-art manufacturing facilityin Ambala, Haryana, and is rapidly expanding its reach across domestic and international borders by establishing cutting-edge technology manufacturing units in the United States and Gandhidham, Gujarat. With this endorsement, Saatvik Solar aims to capture significant market share in the North, West, Central and South Indian region, leveraging Jadeja’s widespread appeal in the market with his direct involvement in the National Indian Cricket Team & IPL’s Chennai Super Kings. The partnership will help Saatvikaccelerate its momentumand further augment efforts to grow their retail market presence by encouraging household solar adoption. Saatvik Solar endeavors to create a sustainable world, powered by clean and renewable sources of energy. The company strives to accelerate the transition towards sustainability with its category leading narrative and strengthening its commercial leadership position.

ADANI GROUP FORMS JV WITH JAPAN’S KOWA FOR GREEN AMMONIA, HYDROGEN

Adani Group is investing multi-billion dollars in setting up facilities to produce green ammonia and green hydrogen from water

Billionaire Gautam Adani’s group said it has formed an equal joint venture with Japanese trading house Kowa Group for marketing of green ammonia and green hydrogen produced by the Indian conglomerate.

“Adani Global Pte Ltd, Singapore, a stepdown wholly-owned subsidiary of (Adani Enterprises Ltd) has signed a joint venture agreement with Kowa Holdings Asia Pte Ltd, Singapore on

September 8,” the Adani group flagship firm said in a stock exchange filing. Adani Group is investing multi-billion dollars in setting up facilities to produce green ammonia and green hydrogen from water. “Joint venture agreement records the terms of incorporation of a joint venture company in Singapore in accordance with the terms of the agreement for the sales and marketing of green ammonia, green hydrogen and its derivatives produced and supplied by Adani Group, in the agreed territory,” it said. Adani and Kowa will hold a 50 per cent stake each in the joint venture.

INDIA, SAUDI ARABIA STRENGTHEN ENERGY TIES AND FOSTER INVESTMENTS WITH NEW PACT

Senior Saudi official: Saudi Arabia and India are a strategic fit for business and economy. Saudi Arabia and India have signed a bilateral agreement to bolster the investment climate in both countries, said a senior minister at an ongoing investment meet in New Delhi.

Speaking at the India-Saudi Investment Forum in New Delhi, Badr Al-Badr, the deputy minister of investor outreach at the Saudi Ministry of Investment, said: “The Ministry of Investment of Saudi Arabia and Invest India have signed a bilateral agreement to strengthen mutual investment endeavors and have given the comfort zone to investors and traders to do more business.”

The deputy minister further revealed that both nations signed 47 memorandums of understanding, including agreements between private and public sector undertakings. “Saudi Arabia and India are the right fit for each other. Your demand is our supply, and our demand is your supply as well,” said Al-Badr. Al-Badr further urged Indian investors and businessmen to invest in the Kingdom.

“You know Saudi Arabia as a long-term global superpower in traditional energy. But you now know that we developed into something much more than that. Our dynamic transformations have been created under the framework of Vision 2030,” said the deputy minister. He added: “Our Saudi companies are excellent potential partners for you because of their capabilities, capacities, scale, knowledge, financial strength and experience. You will discover that they are great business partners and solution providers.”

IMPROVING TRADE TIES

The deputy minister further said that trade ties between Saudi Arabia and India are growing at a robust rate, with the worth of Indian exports to Saudi Arabia hitting $10.7 billion in 2022 from $5.6 billion in 2018. Saudi exports to India between 2018 and 2022 also recorded a significant growth. The deputy minister continued it reached $42 billion in 2022 compared to $26 billion in 2018. “This export growth was achieved during a period of pandemic, energy shocks, geopolitical upheavals, food security challenges, high inflation, environmental challenges and supply chain issues. Despite the challenges, the economy of Saudi Arabia has grown and diversified over the six and half years,” added Al-Badr.

The Indian delegation echoed the sentiment, stating that it felt the time was right to develop the bilateral relationship into an alliance of strength and economic power.

The time is right, and the time is now. Forever, we knew the strength and power of Saudi Arabia, and you knew what India stood for. So far, we were thinking with our minds, and now, we are thinking with our minds and hearts, said Invest India CEO Nivruti Rai at the event.

In January, the Saudi Investment Ministry pumped in $1 billion in India’s UPL Ltd. that produces and markets agrochemicals and offers crop protection solutions. The agreement was signed on the sidelines of the World Economic Forum in Davos, Switzerland. According to industry reports, this large investment is expected to bring specialized agricultural chemicals production within the Kingdom. The ISIF in New Delhi is seeking to explore investment opportunities across information and communications technology, entrepreneurship, chemicals, energy and advanced manufacturing sectors.

Several Saudi Arabian companies have already invested in the Indian solar energy sector, and we look forward to collaborating with you in new areas like hydrogen energy,” said Rajesh Kumar Singh, secretary of the Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, India.

BETTER BUSINESS PROSPECTS

The investment prospects are also getting brighter thanks to ambitious economic policies essayed by both governments. For instance, Saudi Arabia has taken radical steps to improve the business environment through its Vision 2030 blueprint. These initiatives, combined with governance and labor market reform, have made it easier to do business, increased the number of industrial facilities, and raised female participation in the labor force. “Vision 2030 is hinged on three main pillars; a vibrant society, a thriving economy and an ambitious nation,” said Asaad Al-Jomoai, managing director of the global supply chain resilience initiative at the Saudi Investment Ministry, while addressing the forum. The event is taking place on the sidelines of the official state visit to India by Saudi Arabia’s Crown Prince and Prime Minister Mohammed bin Salman. The crown prince also led the Saudi delegation for the G20 leaders’ summit this weekend to seek solutions to the world’s shared challenges. The India-Saudi Investment Forum follows several events hosted by investment counterparts from countries such as Italy, Japan, Brazil and France. The forum is part of initiatives designed to attract foreign direct investment to Saudi Arabia in line with its Vision 2030 and the National Investment Strategy, which seeks to unlock $3 trillion in investment opportunities.

RECORD-BREAKING 25.69%!

HAUSUN DALI STARTS PRODUCING HIGH-EFFICIENCY 210MM HJT SOLAR CELLS

Huasun Dali 2.5GW Phase I HJT Cell Project was fully completed on September 6th, and the first batch of 210mm heterojunction (HJT) solar cells was successfully produced. With an average efficiency of 25.23% and a maximum of 25.69%, the cells once again set a record for Huasun’s mass production HJT cell projects.

The project is located in a climate zone characterized by the low-latitude plateau monsoons and an elevation of 2,000 meters. Thanks to the double-sided microcrystalline process and silver-copper paste technology, the HJT solar cells can performance exceptionally well even in harsh environments such as high altitude and high ultraviolet rays. Further cost savings will be achieved through optimization of HJT solar technology. Huasun is expected to achieve an average efficiency of 25.5% in mass production, setting a benchmark for heterojunction technology and the wider photovoltaic industry.

Xu Xiaohua, Chairman of Huasun said at the launching ceremony, “I hope that Hausun will continue to stay ahead of the game, and endeavour to make the Dali base the most advanced photovoltaic factory in Southwest China, soaring like an eagle over the Cangshan Mountains and the Erhai Lake.”

The 210mm HJT cells mainly produced by Huasun Dali project guarantee a higher efficiency for the supporting solar module projects, which aim to gradually achieve the average power output of 720W+. Huasun is committed to providing various high-efficiency HJT solar products to Yunnan, Southeast Tibet and Mekong River region, and contributing to the reduced LCOE and increased IRR for large-scale utility solar power projects in neighbouring areas.

NGEL TO COLLABORATE WITH NAYARA ENERGY FOR PRODUCTION OF GREEN HYDROGEN

NTPC Green Energy Limited (NGEL), a wholly-owned subsidiary of India’s leading integrated power producer NTPC Limited, and Nayara Energy, a new-age international downstream Energy Company of International scale, have entered into a Memorandum of Understanding (MoU) to explore opportunities in the Green Hydrogen and Green Energy space.

The MoU signing ceremony was attended by Shri Mohit Bhargava, CEO, NGEL and Shri Amar Kumar, Head-Technical, Nayara Energy. Other senior officials of NTPC, NGEL and Nayara Energy were also present on the occasion. The MoU envisages to collaborate and produce Green Hydrogen for Nayara Energy’s captive usage, accelerate decarbonisation and catalyse reduction in carbon footprint. This collaboration is in line with NTPC’s initiatives to develop hydrogen projects in India and aligns with the vision of a self-reliant India (Atmanirbhar Bharat) as laid out by the Hon’ble Prime Minister. While congratulating the team, Shri Mohit Bhargava, CEO (NGEL) mentioned that “We are happy to join hands with Nayara Energy in our shared commitment to accelerate India’s transition to clean and sustainable energy sources. Green Hydrogen would be a crucial element of India’s clean energy future, and with this partnership, we will explore and implement cutting-edge technologies to produce Green Hydrogen, contributing to a cleaner and more resilient energy landscape. Through NGEL, we are dedicated to expanding our Green Energy portfolio, and this collaboration exemplifies our relentless pursuit of a greener and more sustainable future for the nation.

While appreciating the efforts of NTPC for Green Hydrogen, Dr Alois Virag, CEO, Nayara Energy has communicated that, “As a prominent player in the energy industry, environmental sustainability is deeply ingrained in all our business operations at Nayara Energy. Today, we take an important step forward by partnering with NTPC, leaders in Green Energy business, to explore the potential of Green Hydrogen. This collaboration will contribute to achieve the energy transition objectives of the country.”

NTPC is India’s largest Power Utility having a total installed capacity of 73+ GW. As part of increasing its RE portfolio, a whollyowned subsidiary NGEL has been formed to take up Renewable Energy Parks and Projects including businesses in the area of Green Hydrogen, Energy Storage Technologies, and Round-theClock RE Power. NTPC Group has a plan of 60 GW of RE capacity by the year 2032 and currently working on a pipeline of 20+ GW, out of which over 3 GW is operational capacity.

Nayara Energy is an integrated downstream company of international scale with strong presence across the hydrocarbon value chain from refining to retail. Nayara Energy owns India’s second largest single-site refinery at Vadinar, Gujarat with a capacity of 20 MMTPA. It is one of the world’s most modern and complex refineries with a complexity of 11.8, which is amongst the highest globally. The company has over 6,000 operational retail outlets spread across India.

SINENG ELECTRIC EXPANDS ANNUAL PRODUCTION CAPACITY OF PCS AND BESS BY 15GW

Sineng Electric, the global leading supplier of PV and energy storage inverters, announced the expansion of its manufacturing capacity for Power Conversion Systems (PCS) and Battery Energy Storage Systems (BESS), adding an impressive 15GW to meet the surging global demand. This week, Wu Qiang, Chairman of Sineng Electric and Viktor Duan, CEO of Sineng Electric attended the groundbreaking ceremony.

Tn the context of the ongoing energy transformation, energy storage stands as a significant cornerstone, ensuring the reliability and stability of the power grid. The enhanced supply chain and decreasing costs have sparked renewed growth in the energy storage sector. According to S&P Global, gross capacity additions for grid-connected energy storage are projected to exceed 100GWh in 2023, with cumulative additions surpassing 1TWh by 2028. Notably, in 2022, Sineng’s energy storage products witnessed a surge in sales revenue, reaching 1.02 billion yuan, with a staggering 621.85% growth compared to the previous year. As of August 2023, the company has successfully shipped over 5GW of PCS worldwide. Given the prevailing industry dynamics, Sineng Electric has decided to invest in a new manufacturing facility in Wuxi, China, which will coveran area of 8 hectares. The construction is expected to be completed by the end of 2024, with manufacturing scheduled to commence in 2025, ultimately reaching full production capacity by 2029.

Chairman Wu Qiang extended his heartfelt appreciation to all stakeholders for their support. He stated, “This expansion signifies a momentous stride for the company, enabling us to methodically enhance our manufacturing capacity and improve customer service in the global market.”

ORIANA POWER BAGS ORDERS WORTH RS 134.6 CR FOR SOLAR PROJECTS IN KARNATAKA, RAJASTHAN

Oriana Power Ltd announced securing two fresh orders totalling Rs 134.6 crore to set up solar capacities in Karnataka and Rajasthan.

It has secured an EPC (engineering, procurement and construction) contract worth Rs 100.2 crore from a steel company for construction of a 29 MW captive open access solar power plant in Karnataka, Oriana said in a statement. “With a projected completion date of five months, the company will oversee the project’s life cycle, including design, engineering, supply, and installation,” the statement said.

The second order worth Rs 34.4 crore is for setting up a 7 MW DC solar plant in Rajasthan, the renewable energy company said adding the project was awarded by a cement player in last week of August. The company would be responsible for supply of the auxiliary panel with metering and supply and laying of cables.

Oriana Power is one of India’s leading solar energy solution providers that finances, constructs and operates solar projects for its industrial and commercial customers.

JAKSON SOLAR PARTNERS WITH ARIEL RE TO ELEVATE CREDIBILITY AND ASSURANCE IN SOLAR PV MODULES

JJakson Group gears up for the global market, ready to participate in the upcoming RE+ 2023, Las Vegas, USA akson Solar, a leading module manufacturer in India, and part of Jakson Group, a leading Indian energy and infrastructure conglomerate, has forged a strategic partnership with Ariel Re, a Lloyd’s of London Syndicate and its Clean Energy division, a prominent provider of Technology Performance Insurance globally. This collaboration marks a significant milestone as it solidifies Jakson’s unwavering commitment to delivering top-tier solar PV modules while enhancing long-term reliability and financial appeal for PV projects. Simultaneously, it bolsters Jakson Solar’s ambitions to extend its presence in global markets. Under this strategic partnership, Jakson Solar will extend long-term Product & Performance Warranties with investment grade (re)insurance for their Solar PV Modules ranging from 400Wp to 600Wp. Jakson Solar’s state-of-the-art, fully automated manufacturing facility in Greater Noida, India, is renowned for producing a wide range of PV modules, encompassing both Mono-facial (Helia Range) and Bi-facial (Helia Plus Range) Modules. These modules are backed by a Product Warranty of 12 Years and a Performance Warranty extending up to 25 Years (30 Years for Glass-Glass Modules). This comprehensive warranty coverage reflects Jakson Solar’s strong commitment to product quality and longevity.

with a remarkable manufacturing capacity of 1.2 GW, we are determined to further augment this capacity to reach 2.5 GW by the year 2024, aligning with our mission to support the global transition to clean energy. We aspire to meet global solar demand by exporting our modules abroad and we have firm conviction that this association will contribute significantly to our goal of a sustainable future and the larger objective of achieving carbon neutrality”.

Mr. Kit Chu, Ariel Re’s lead solar underwriter added: “We had been underwriting performance warranties of solar modules in the Indian market for a decade and are excited on how quickly the manufacturing industry and its skilled workforce have matured over the last few years to meet the criteria for insurability. We are delighted to qualify Jakson and are committed to this long-term partnership”.

Mr. Bharat Gupta, Director – Jakson Solar (International Business), speaking on this collaboration said, “We are thrilled to partner with Ariel Re. This firmly establishes Jakson as a front-runner among India’s solar module manufacturers,

Jakson is gearing up to showcase its products and expertise at the upcoming RE+ Event, scheduled to take place from September 11th to 14th, 2023, in Las Vegas, USA. As one of the esteemed exhibitors, Jakson Solar is excited to represent its ‘Made in India’ modules on the global stage. With over 75 years of experience, Jakson aims to make a lasting impact on the global renewable energy market.

AVAADA ENERGY SIGN MOU WITH AL JOMAIH ENERGY AND WATER EMBARK FOR RE ADVANCEMENTS IN MIDDLE EAST

Green energy developer Avaada Group announced that it has entered into an agreement with Al Jomaih Energy and Water (AEW) to develop renewable power projects in Saudi Arabia.

The projects will be developed in Saudi Arabia and selected Middle Eastern regions, Avaada Group said in a statement. “Avaada Energy (group firm) announces a strategic partnership with AEW to pioneer renewable power generation in the Kingdom of Saudi Arabia and selected Middle Eastern regions,” the company said.

Vineet Mittal, Chairman of Avaada Group, said the alliance is set to explore the potential of solar, wind, hybrid, and battery Energy Storage solutions. Under the Memorandum of Understanding (MoU), AVAADA will act as a technology partner and provider of solutions for renewable energy (RE) installations, while AEW will provide essential resources, the statement said.

The MoU was announced amid Saudi Crown Prince Mohammed Bin Salman Bin Abdulaziz Al-Saud’s official state visit to India. Prime Minister Narendra Modi held wide-ranging talks with Bin Salman, focussing on shoring up bilateral trade and defence ties.

INDIA NEEDS MUCH MORE CLEAN ENERGY TO MEET CLIMATE TARGETS

India announced its arrival this year as the world’s biggest country by population with a promise to do things differently. For India’s presidency of the Group of 20, Prime Minister Narendra Modi chose as its theme a term from Sanskrit scripture, ‘Vasudhaiva kutumbakam,’ emphasizing global unity. He had spoken of climate change, alongside terrorism and pandemics, as one of the big challenges the world faces. With the G20 leaders’ summit held over the weekend, it’s notable how quiet that green rhetoric has gotten.

In comments to the Press Trust of India this week, Modi preferred to talk about a (failed) plastic bag ban and a quixotic campaign of global lifestyle changes—finishing up the food on your plate, not leaving the tap running, and eating more millets. There was no mention of the country’s ambitious target to install 500 gigawatts of renewable energy by 2030. “There are no one-size-fits-all solutions” and “our pathways for energy transition will be different,” he said, echoing diplomatic language that’s been used to push back against targets to phase out fossil fuels. That emphasis is less surprising when you consider how torrid this year’s monsoon season has been. Hot and dry weather has caused the 7%-9% of households with air-conditioning to crank it up, while farmers have switched on groundwater irrigation pumps, pushing demand from the grid to a record 240 gigawatts on 1 September. With a rainfall shortage causing hydroelectric dams to run short and renewable installations [unable to fill shortfalls], that’s pushed coal consumption to record levels. Output rose 13% from a year earlier in August to nearly 68 million tonnes, India’s ministry of coal boasted last week. Power cuts, rightly, are out of the question, especially with general elections coming up.

India is the last country that should take blame for the climate situation the world is in. Responsible for just 3% of historic greenhouse pollution, even in its current coalburning state, it accounts for less than a third of the EU’s emissions on a per-capita basis, and about one-eighth of those in the US. All that air conditioning is as much a survival necessity as a luxury on a planet that is rapidly warming. And yet Modi’s government does need to take responsibility for the targets it set for itself. Back in 2015, he announced an ambitious plan to lift installations of wind, solar and small-scale renewables to 175 gigawatts by 2022. Ultimately, only about 60% of the promised capacity was added, though ministers claimed a partial victory by lumping in nuclear, large hydro, and underconstruction generators to get closer to the total. Now the government wants 500 gigawatts of zero-carbon power to be installed by 2030, which would need about 50 gigawatts added every year. This looks even less achievable. Cumulative installations in the three-and-a-half years since the end of 2019 have amounted to only about 40 gigawatts. The capacity installed in January through May was just 4.8 gigawatts, putting the country on track for the weakest year since 2020.

There are some intractable factors behind that shortfall, such as global interest rates that have pushed up the cost of financing energy infrastructure, and a chaotic land ownership system that has fuelled opposition to solar and transmission projects. Others, however, are the result of bad policy, such as a planned 40% import tax on solar modules that will do more to increase the costs of renewable power than foster a domestic manufacturing industry. Then uncertainties over power tariffs, approved components and project timelines contributed to a 58% yearon-year fall in solar installations during the June quarter, according to Mercom India Research. Where favourable policy is in place, there is still a healthy market; during the same period, wind connections jumped by 165% thanks in part to rules requiring utilities to buy more power from such turbines.

In most of the world, 2023 has been a bumper year for the energy transition. China alone will install 209 gigawatts of solar this year, according to Bloomberg NEF, with plug-in cars hitting a 38% market share in July. In India, the equivalent share so far this year was just 5.5%. There are still just 8,738 public charging stations for EVs, compared to the 1.32 million that the Confederation of Indian Industry believes will be necessary by 2030.

With cheap renewables, India could be the 21st century climate leader that Modi speaks of. But its carbon footprint has now overtaken the EU’s to be the biggest in the world after China and the US, and is likely to rise faster than anywhere else over the next decade. Words are all very well. If Modi wants India to live up to its potential, he’s going to need to ensure they’re matched with actions.

Source: Bloomberg

RENEW RISK SECURES £1.7M IN SEED FUNDING AND LAUNCHES TO MARKET

Clean-energy risk analytics SaaS startup to improve the financing, planning and insurance for renewable energy assets

R

enew Risk, a London-based clean-energy risk analytics SaaS startup, raises £1.7M seed funding to improve the financing, planning and insurance for renewable energy assets. The funding round is led by strategic investor Insurtech Gateway with participation from ClimateTech fund One Planet Capital, the University of Surrey, and super angels Chris Adelsbach and Rahul Munjal.

As the world transitions towards green energy, the next 10 years will see exponential growth in the offshore wind industry - expected to be a $1T industry by 2040. This growth requires massive institutional investment yet the associated risks remain largely unmeasurable. Offshore wind is currently experiencing 'Capacity Crunch' as the insurers are finding these large assets too uncertain to insure, or price accurately. Renew Risk provides robust risk assessment solutions that will allow (re)insurers, insurance brokers and offshore wind farm developers to appropriately assess the risk of these billion dollar renewable energy assets being constructed in deep sea and in natural disaster prone regions. Their first of its kind risk modelling software, driven by deep data science, calculates the frequency and severity of financial losses due to natural disasters. The product allows (re)insurers to accurately understand the risk and confidently provide capacity. By securing insurance for large offshore wind projects, institutional investors are more inclined to provide the necessary financing to expedite the transition to renewable energy. The startup already has models live with global (re)insurers leading on supporting transition to green energy. The investment will enable the company to expand its customer base across the United States and Asia and develop next-generation products that cover additional asset classes.

Renew Risk’s CEO, Ashima Gupta, expressed gratitude for the support and confidence demonstrated by the investors, stating, "We are thrilled to have secured this significant funding round, led by Insurtech Gateway. This investment not only validates the tremendous potential of Renew Risk, but it also propels us forward on our mission to help improve the financial processes key for the transition to green energy. With this support, we are now poised to accelerate our product development, expand our market reach, and continue driving innovation in the industry. We are grateful to our esteemed consortium of investors for their trust and belief in our vision and we are excited about the transformative impact we will make in the insurance industry.”

Stephen Brittain, Co-Founder at Insurtech Gateway, commented, “Renew Risk has effectively characterised the risks associated in planning and prioritising the most effective sites for offshore wind farms. With numerous government commitments to accelerate this sector, it is an exciting time to be part of the Renew Risk team. We are delighted to join them on this journey.”

Anthony Chant, Investment Director at OnePlanetCapital, said, “We are delighted to be supporting Renew Risk as they launch the product globally. We believe that this insurance product can really help in accelerating financialisation of wind farms globally. We are looking forward to supporting the business in their future growth.”

As Renew Risk embarks on the next phase of its journey, it invites renewable energy developers, bankers, insurers, financiers and other industry stakeholders to join in its mission of improving the financialisation of renewable energy assets and catalase clean energy investment.

NGEL, CHIDAMBARANAR PORT TO COLLABORATE TO DEVELOP GREEN HYDROGEN HUB

NTPC Green Energy Limited (NGEL), a wholly-owned subsidiary of NTPC Limited, has signed an MoU with V.O Chidambaranar Port Authority (VOCPA) on 8th Sept 2023 for development of Green Hydrogen Hub at VOCPA, Tuticorin in Tamil Nadu.

The MoU was signed by Shri V V Sivakumar, GM (NGEL) and Shri V Suresh Babu, CME (VOCPA) in the presence of Shri Bimal Kumar Jha, Dy. Chairman and Chairman (I/c) (VOCPA) and other senior officials. The MoU envisages collaboration between NGEL and VOCPA to develop Green Hydrogen Hub for production of Green Hydrogen and its derivatives, such as Green Ammonia and Green Methanol, on the land provided by VOCPA for export and domestic usage. This comes in the backdrop of NTPC’s Green Hydrogen initiatives and announcement by Shri Sarbananda Sonowal, Hon’ble Minister of Ports, Shipping and Waterways for development of V.O.C port, Paradip port (Odisha) and Deendayal port (Gujarat) as Hydrogen Hubs.

NTPC is India’s largest Power Utility with core business of power generation having a total installed capacity of 73+ GW. As part of increasing its RE portfolio, a wholly-owned subsidiary NGEL has been formed to take up Renewable Energy Parks and Projects including businesses in the area of Green Hydrogen, Energy Storage Technologies, and Round-the-Clock RE Power. NTPC Group has a plan of 60 GW of RE capacity by the year 2032 and currently working on a pipeline of 20+ GW, out of which over 3 GW is operational capacity. VOCPA is an autonomous body under the Ministry of Ports, Shipping & Waterways (MOPSW), GOI. It has been identified by MOPSW to be developed as a Green Hydrogen/Green Ammonia Refuelling Hub for Green Shipping. MNRE has also identified VOCPA as the nodal Port in the East Coast for the development of Port infrastructure & logistics development for Offshore Wind, Green Hydrogen Projects on a large scale.

ADB, GREENYELLOW SIGN DEAL FOR COMMERCIAL AND INDUSTRIAL ROOFTOP SOLAR IN VIETNAM

The Asian Development Bank (ADB)

The loan will support the development and operation of solar PV systems located on the rooftops of commercial and industrial businesses across the country. The financing package comprises a $3 million A loan from ADB’s ordinary capital resources and $10.8 million parallel loans from FMO, a climate fund managed by responsAbility Investments AG, and Societe Generale, with ADB as mandated lead arranger. A $3 million grant from the Climate Innovation and Development Fund (CIDF), administered by ADB, will also be provided. The grant will help crowd in an international commercial bank by addressing two critical hurdles in financing solar assets with a long economic life in Viet Nam: the lack of long-term dong funding at a fixed interest rate, and potential volatility of the dong–United States dollar exchange rate.

As Asia and the Pacific’s climate bank, ADB is increasingly focused on mobilizing private capital to finance renewable energy projects that the region urgently needs,” said ADB Director General for Private Sector Operations Suzanne Gaboury. “Solar PV rooftop offers an efficient way for Viet Nam to deploy substantial amounts of additional renewable energy capacity while providing reliable, lowcost energy to consumers, which helps to attract and retain business and enhance Viet Nam’s global competitiveness.

This is ADB’s first financing of a solar PV rooftop portfolio for the commercial and industrial segment in Viet Nam. Rooftop solar is an emerging form of renewable energy supply in Viet Nam and its adoption in this sector has been hindered by a high upfront costs and limited financing channels. With a planned total installed capacity of up to 32.3 megawatts at its peak, this project is set to increase clean energy supply to the sector by at least 31.5 gigawatt-hours annually, reducing 15,530 tons of carbon dioxide emissions by 2025.

Embedded within our core business is a profound commitment to development impact, and our collaboration with ADB uniquely aligns with our corporate mission toward innovative power distribution and driving energy transition,” said GreenYellow Vietnam Chief Executive Officer Sebastien Prioux. “ADB’s instrumental role in fostering connections among like-minded partners is integral to our collective journey in actively advancing sustainable development.”

CIDF is a blended finance facility managed by ADB, established in September 2021 with an initial $25 million philanthropic commitment from Bloomberg Philanthropies and Goldman Sachs. The fund has the potential to unlock up to $500 million in private sector and government investments to support sustainable low-carbon economic development. Established in 2007, GreenYellow is a French energy transition partner, specializing in decentralized solar photovoltaic production, and energy efficiency, storage and monitoring services. It currently operates in 16 countries across Asia, Africa, Europe, and South America, and entered Viet Nam in 2019. GreenYellow is responsible for the development, funding and operation of infrastructure projects, enabling its clients to produce local and competitive green power, reduce their energy consumption and fast-track their decarbonization. ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.

and GreenYellow Smart Solutions Vietnam Co., Ltd. (GreenYellow), have signed a loan agreement of up to $13.8 million for rooftop photovoltaic (PV) solar systems to help increase the supply of clean and affordable energy for commercial and industrial consumers in Viet Nam.

MODI OPENS G20 SUMMIT AS PM OF ‘BHARAT’

During PM Modi’s opening remarks at the G20 Summit, the country’s nameplate read ‘Bharat’ instead of the traditional ‘India’

Prime Minister Narendra Modi opened the 18th G20 Leaders’ Summit with his opening remarks. During his address, the country’s nameplate read “Bharat” instead of the traditional “India”. The debate around the country’s name erupted on social media earlier this week following the G20 Summit invitations going out in the name of the “President of Bharat” and not as the “President of India”. The dinner invitation from President Droupadi Murmu to foreign leaders attending the G20 summit this weekend comes in the name of “President of Bharat”. It triggered a war of words on social media, with BJP leaders clashing with the Opposition and several celebrities and sports personalities also wading into the row. According to media reports, the Centre may introduce a bill in the special session of the Parliament commencing on September 18 to rename India as Bharat.

Amid thunderous applause, PM Modi invited the African Union (AU) to be a part of the G20 bloc. It is a continental body with 55 member states. They will now get the same status as the European Union with full membership of G20. “With support from all of you, I invite the African Union to join G20,” PM Modi said in his address. “I am confident all members would agree to this proposal.” ‘Ready to provide all possible help to Morocco’

Morocco was hit by a massive earthquake morning, with the death toll reaching 296. During his address, PM Modi said that India is ready to provide all possible help to the African nation. “Whole world is with Morocco in this hour of grief, we are ready to provide all possible help,” he said. ‘India appeals to turn trust deficit to confidence’ “If we can defeat Covid, we can also triumph over the trust deficit caused by the war,” PM Modi said at the G20 Summit. He added that the idea of “sabka saath, sabka vikas, sabka vishwas, sabka prayas” can guide the world.

He added that we live when age-old problems are seeking answers, and we need to fulfil our responsibilities with a human-centric approach. The post-Covid world is suffering from a “trust deficit”, and the war in Ukraine has deepened it further. “As G20 president, India appeals to the entire world to turn trust deficit to confidence in each other,” Modi said. “It is time for all of us to walk together for global good.”

NTPC GROUP INSTALLED CAPACITY REACHES 73824 MW

India’s leading integrated power producer, NTPC’s Group installed capacity has reached 73824 MW. This achievement comes in the backdrop of the completion of the trial operation of 1st Unit of 800 MW at Telangana Super Thermal Power Project on 5th Sept 2023. This accomplishment reinforces NTPC’s commitment to delivering reliable and affordable power to the Nation. With this, the installed capacity of NTPC Limited and NTPC Group has become 57838 MW and 73824 MW respectively.

Further, the company is committed to achieve 60,000 MW of Renewable Energy capacity by year 2032. NTPC Ltd. is India’s largest integrated power utility, contributing 1/4th of the power requirement of the country. With a diverse portfolio of thermal, hydro, solar, and wind power plants, NTPC is dedicated to delivering reliable, affordable, and sustainable electricity to the Nation. The company is committed to adopting best practices, fostering innovation, and embracing clean energy technologies for a greener future.

SOLAR POWER PROJECTS TO BE SET UP IN 24 ‘GREEN PANCHAYATS’ OF HIMACHAL

The government’s comprehensive plan to redevelop the panchayats includes setting up solar power projects with a capacity of 500 kilowatts to one megawatt in each of these panchayats, a statement issued here said. A provision of Rs 50 crore has been made for setting up these projects under the Himachal Pradesh Power Sector Development Programme. Himurja, a state government undertaking, is in the process of identifying gram panchayats for setting up solar projects, the statement said. The youth of the state will be given a 40 per cent subsidy for setting up solar power projects ranging from 500 KW to 2 MW on their own land or land taken on lease, it added.

The power generated from these projects will be procured by the State Electricity Board. A solar project of 500 KW costs around Rs 2.10 crore and generates 2,250 units of power per day after becoming functional, generating an annual income of around Rs 25 lakh, the statement said. Apart from this, the government has set a target to develop the state as a ‘Green Energy State’ by March 31, 2026. It is also working to improve the public transport system in the state with the help of electric vehicles to reduce dependence on fossil fuels and cut down carbon emissions, it added.

With this, the installed capacity of NTPC Limited and NTPC Group has become 57838 MW and 73824 MW respectively.

The Himachal Pradesh government said it would develop two Gram Panchayats each in all 12 districts of the state as ‘Green Panchayats’ on a pilot basis by setting up solar power projects.

G20 AGREES TO PURSUE TRIPLING RENEWABLE ENERGY CAPACITY

BUT STOP SHORT OF MAJOR GOALS

G20 leaders agreed to pursue tripling renewable energy capacity globally by 2030 and accepted the need to phase-down unabated coal power, but stopped short of setting major climate goals.

The world’s 20 major economies have had disagreements on commitments to reduce fossil fuel use, cut green house gas emissions and increase renewable energy targets. One such sticking point was a proposal by Western countries to triple renewable energy capacity by 2030 and cut green house gas emissions by 60% by 2035, which was opposed by Russia, China, Saudi Arabia and India during sherpa level meetings, three officials told Reuters. The declaration adopted by G20 leaders on the first day of the two-day summit in New Delhi did not mention cutting green house emissions. It said member nations “will pursue and encourage efforts to triple renewable energy capacity globally … in line with national circumstances by 2030.” The G20 member countries together account for over 80% of global emissions and a cumulative effort by the group to decarbonise is crucial in the global fight against climate change.

Climate talks at the bloc’s summit will be keenly watched by the world ahead of the COP28 U.N climate summit in the United Arab Emirates later this year. The G20 has agreed that “national circumstances” will be factored into the phasing down of “unabated coal power” but did not mention reduction in usage of crude oil, suggesting that countries like oil-rich Saudi Arabia prevailed during the negotiations. On phasing down fossil fuels, the declaration said the leaders “recognise the importance” to accelerate measures that will help transition to low-emission energy systems, “including accelerating efforts towards phasedown of unabated coal power, in line with national circumstances”. The bloc had failed to reach consensus during previous ministerial meetings on environment and energy. The declaration also does not commit to reaching net zero commitments faster than 2050, something that the G7 nations were pushing for. Instead, the declaration said: “we reiterate our commitment to achieve global net zero green house gas emissions/carbon neutrality by or around mid-century, while taking into account the latest scientific developments and in line with different national circumstances”.

It also noted the need to provide low-cost and sustainable financing to developing countries to support their transition to lower emissions.

DFC BOARD OF DIRECTORS APPROVES USD 425 MILLION IN FINANCING FOR TATA POWER’S GREENFIELD 4.3 GW SOLAR CELL AND MODULE MANUFACTURING PLANT IN TAMIL NADU

DFC is America’s development finance institution. TPREL is a subsidiary of Tata Power, one of India’s largest integrated power companies. The plant’s first module production is expected by the year end and the first cell production is expected in the first quarter of FY 24. Pending a U.S. congressional notification, this investment will support India’s ambitious program to increase renewable energy manufacturing capability to support domestic solar capacity addition as part of its global green energy transition. DFC’s financial support of Tata Power will help secure the supply chain in the country’s journey for leadership in clean energy space.

DFC partners with the private sector players across the globe to finance solutions to the most critical challenges facing the developing world today. The financing support came at a time when global leaders were deliberating on energy transition and other critical sustainability challenges at the recently concluded G20 Summit in New Delhi. This financing support will contribute towards securing India’s commitment to achieve 500 GW of clean energy targets by 2030.

We appreciate DFC’s assistance for our solar cell and module production facility in Tamil Nadu. It shows the trust and belief DFC has in Tata Power’s ability to set up a state-ofthe-art manufacturing supply line in the country. This will go a long way in supporting the renewable and clean energy transition in the country. said Dr. Praveer Sinha, CEO & MD, Tata Power.

The Tirunelveli manufacturing plant will integrate advanced technologies enabling the production of high wattage solar modules and cells with industry-leading efficiencies. Additionally, the facility will implement industry 4.0 standards for smart manufacturing. The plant is expected to create over 2000 employment opportunities directly or indirectly, with the majority of the employees being women employees from the local areas. Tata Power is committed to expanding its clean and green energy capacity, targeting an increase from 38% to 70% by 2030. The company is actively focusing on renewable capacity expansion and transitioning into consumer-oriented business. Currently, Tata Power’s renewable portfolio stands at approx. 7.8 GW, with 4.1 GW operational and 3.6 GW under implementation. The company also has already operating a solar cell and module manufacturing plant of 500 MW capacity, each at Bengaluru.

The U.S. International Development Finance Corporation’s (DFC) Board of Directors approved the provision of up to USD 425 million in financing in TP Solar Limited, a subsidiary of Tata Power Renewable Energy Limited (TPREL), for its upcoming greenfield 4.3 GW solar cell and module manufacturing plant at Tirunelveli district in Tamil Nadu, India.

REC LIMITED HOLDS 54TH AGM, ANNOUNCES COMMITMENT TO INCREASE LOAN PORTFOLIO OF GREEN PROJECTS BY MORE THAN 10 TIMES BY YEAR 2030

Addressing the meeting, the CMD said: “REC is committed to increase its present loan portfolio of Green Projects to the extent of more than ten times by the year 2030 amounting to ₹3 lakh crore. REC has been known for its rural electrification efforts; now it would be known for its Renewable Energy (RE) focused initiatives including solar, wind, hybrid and e-mobility projects, as well as new areas like Green Hydrogen, Green Ammonia Projects, round the clock projects involving bundling of RE with thermal power and ethanol manufacturing.”

The CMD said that while reposing faith in REC, Ministry of Power has also allowed the Company to lend to non-power infrastructure & logistics sectors to contribute to the accelerated development of the nation. “I ecstatically report that during the first year itself, we have sanctioned more than ₹85,700 crore towards various projects spanning Metro, Ports, Airports, Oil Refineries, Highways, Steel Infra to Healthcare, Educational Institutions and also in sectors of IT Infra/ Fiber Optics, etc. that constitute about 32% of overall sanctions of the Company, in the last financial year.”

Regarding bond issue and dividend, Shri Dewangan said: “In August 2022, the Company issued bonus shares to shareholders in a 1:3 ratio, issuing 65,83,06,000 new fully paid-up equity shares of ₹10/each. This increased the issued and paid-up share capital to ₹2,633.22 Crore, comprising 2,63,32,24,000 equity shares of ₹10/- each. In terms of dividends, REC is among the highest dividend-paying companies in its category. During FY23, the Board proposed a final dividend of ₹4.35 per share for the approval of shareholders in this AGM and the same has been approved by the shareholders. This is in addition to the 1st Interim Dividend of ₹5 per share and 2nd Interim Dividend of ₹3.25 per share which has already been paid. The total dividend for the FY23, including the proposed final dividend, is ₹12.60 per share. The total dividend pay-out for FY23, including the proposed final dividend, is ₹3,318 Crore.”

Pursuant to Regulation 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 and Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and Administration) Rules 2014, REC had offered remote e-voting facility to its members to exercise their right to vote by electronic means from Sunday, September 3, 2023 (0900 hours) to Tuesday, September 5, 2023 (1700 hours).

REC Limited held its 54th Annual General Meeting (AGM) through Video Conferencing. Chairman & Managing Director Shri Vivek Kumar Dewangan chaired the meeting, which was attended by all Directors on the Board of the Company. Many shareholders were present at the meeting through Video Conferencing.

SOLAX AWARDED “TOP BRAND PV INVERTER” IN INDIA BY EUPD RESEARCH

SolaX, a global leader in solar inverter manufacturing, has been awarded the prestigious "Top Brand PV Inverter " in India by EuPD Research. This remarkable recognition not only solidifies SolaX's unswerving commitment to excellence within the solar sector but also reaffirms its position as a trusted and reliable brand in the Indian solar market.

EuPD Research stands as a respected and independent market research institute with a specialized focus on the renewable energy sector. Its "Top Brand PV" awards hold an esteemed reputation in the photovoltaic (PV) industry, rooted in comprehensive market surveys and evaluations, considering factors such as brand perception, customer satisfaction, and overall market presence. Headquartered in Hangzhou, China, with a widespread global presence, SolaX serves customers across more than 80 countries. In India, SolaX operates multiple sales and service centers positioned across various regions. SolaX has consistently demonstrated its dedication to providing high-quality solar inverter solutions worldwide. Its extensive product range includes residential, commercial, and

industrial-grade on-grid and hybrid inverters from 0.6KW to 150KW, along with Li-ion batteries. Over the years, SolaX products have earned a reputation for innovation, reliability, and outstanding performance.

India has seen substantial growth in its solar energy sector in recent years, with the government's ambitious renewable energy targets and incentives for solar installations. In this dynamic landscape, SolaX's presence and recognition within the country have played a pivotal role in catalyzing the widespread adoption of solar energy solutions among residential, commercial, and industrial consumers.

SHAKTI PUMPS RECEIVES

PATENT FOR INNOVATIVE ENERGY EFFICIENT MOTOR

“HIGH STARTING TORQUE DIRECT LINE OPERATED ENERGY EFFICIENT MOTOR (SHAKTI SLIP STAR SYNCHRONOUS RUN MOTOR - S4RM)"

Shakti Pumps (India) Limited (herein referred to as “Shakti Pumps”), India's leading manufacturer of energy-efficient pumps and motors has received a patent for inventing a “High Starting Torque Direct Line Operated Energy Efficient Motor (Shakti Slip Star Synchronous Run Motor - S4RM)"

The Patent Office, Government of India, has awarded Shakti Pumps this patent, fully adhering to the provisions set forth in the Patents Act of 1970. This patent is set to maintain its validity for a duration of 20 years, commencing from the date of filing. Previously, the company was granted a comparable patent by the United States Patent and Trademark Office in August 2022. Thus far, the company has secured 3 Patents, while also having submitted 25 Patent applications, spanning both domestic and international jurisdictions.

This motor uses innovate technology which saves electricity. The motor described not only operates more efficiently itself (due to the improved power factor) but also helps make the entire electrical system more efficient by minimizing energy losses during transmission. This is beneficial for both energy conservation and cost savings in electricity distribution systems.

SHIP-BASED CARBON CAPTURE UNIT BEGINS TESTING CAMPAIGN

A ship-based carbon capture (SBCC) prototype developed in the Netherlands by Carbotreat as part of the EverLoNG CCUS project has just been installed on a liquefied natural gas (LNG)-powered LNG carrier chartered by TotalEnergies.

The installation of the small-scale prototype SBCC unit on board the carrier marks a major milestone in the project as it has enabled the start of the first testing campaign,” said Marco Linders of TNO, the project leader. “It has been achieved with the great support of Bureau Veritas and the shipowner, SEAPEAK.

International shipping creates around 2.5% of global CO2 emissions. The maritime sector has pledged to reduce these emissions by 50% by 2050, with deployment of SBCC one of the ways of meeting this goal. The campaign will run for 3,000 hours during which the unit is expected to capture up to 250 kg of CO2 per day. As well as assessing the impact of SBCC on the ship’s infrastructure and emissions, EverLoNG CCUS researchers will study the effects of motion on CO2 capture rates and capture solvent performance. The captured CO2 will be stored onboard as a liquid in a container. It will then be off-loaded and transported to an industrial site for utilisation or stored permanently in the subsurface. The prototype and vessel designs enable a remote monitoring supervision from shore for a safer and more efficient learning campaign. After the trial on TotalEnergies’ LNG carrier, the SBCC unit will be removed and installed on a second vessel, the SSCV Sleipnir from Heerema Marine Contractors, where a second campaign of around 500 hours will take place.

Sharing his views on this vital development, Mr. Dinesh Patidar, Chairman, said We are extremely happy to share about our New Patent. We are thrilled to announce our new patent. This cutting-edge technology can help reduce cost for farmers, industry, and the environment as well. Shakti Pumps is committed to helping India meet its energy goals.

In addition to demonstrating the technical feasibility of SBCC, we will be working with project partners to evaluate the cost-effectiveness of the technology and ways to encourage its uptake to support the decarbonisation of the maritime sector, said Eric Pelard of TotalEnergies.

International shipping creates around 2.5% of global CO2 emissions. The maritime sector has pledged to reduce these emissions by 50% by 2050, with deployment of SBCC one of the ways of meeting this goal.

FEATURED

AMPIN ENERGY TRANSITION’S 30MWP

MISHRIKH SOLAR PROJECT TO FUEL ALLANA GROUP WITH SOLAR ENERGY

AmpIn Energy Transition, a leading energy transition platform and India's first truly balanced Renewable Energy Independent Power Producer (IPP) has solidified a strategic partnership with Allana Group to provide 4.5MW of solar power to Allana Group’s plant in Aligarh, Uttar Pradesh.

AmpIn is the leading renewable energy IPP in Uttar Pradesh (UP) with a robust solar portfolio, having commissioned consecutive solar open-access projects in the state. Its Mishrikh Solar Project in the statehas a capacity of 30MW and is the 5th project to be commissioned in the state.

With this offtake of 4.5MWp Solar Power, we will be taking Renewable Energy (RE) replacement to about 50% of our total energy mix at our Aligarh Plant. This is an important & significant milestone for Allana group as this project is our first Open Access project. We sincerely appreciate AmpIn Energy for their invaluable efforts in facilitating the seamless supply of renewable energy to our Aligarh Plant in a record time. Together, we are making a positive impact by embracing renewable energy and paving the way for a greener future. Allana group is committed towards sustainable development, and we look forward for multiple Renewable Energy Transition options across our manufacturing units in various states of India,” Mr. Ajay Mittal, Director (Engineering, Services & Projects), Allana Group said.

After the finalization of Power Purchase Agreement (PPA) with Allana Group, the flow of solar power commenced in less than 3 months reinforcing AmpIn’s expertise in delivering large scale projects on a timely basis.

Mr. Pinaki Bhattacharyya, CEO and MD of AmpIn Energy Transition, emphasized the transformative impact of the collaboration, stating, “The alliance with Allana Group marks a significant stride towards a cleaner and more sustainable energy future. Through our projects, we continue to help our customers achieve 100% RE andaccruesignificant economic and environmental benefits. We are grateful to partner with such an esteemed partner as we collectively navigate the path towards 100% RE transition and shape a greener tomorrow."

This strategic partnership stands as a testament to the shared commitment of AmpIn Energy Transition&Allana Groupto foster a more sustainable, environmentally conscious energy landscape in India.

With a total investment of INR 1,337 Cr, AmpIn has cumulative solar project portfolio of 300MWp across 7 locations in the state of Uttar Pradesh, out of which 120 MWp is operational and 180MWp is at advance stage of execution. AmpIn is actively involved to invest new capital to develop more renewable projects and provide RE transition options to C&I consumers in the state.

SCHNEIDER ELECTRIC ENERGY ACCESS ASIA CO-LEADS INVESTMENT IN BIOFUELS JUNCTION

• Biofuels Junction, a solid biofuels manufacturer in India obtained investment from Schneider Electric Energy Access Asia (SEEAA) and Disruptors Capital.

• SEEAA is an impact fund dedicated to investing in clean energy start-ups that work towards increasing the quality of life and boosting economic development in Asia.

• In FY2023, Biofuels Junction sourced waste from over 28,000 farmers, and avoided 100,000 tons of CO2 emissions and 84.2K tons of agricultural waste.

Schneider Electric, the leader in the digital transformation of energy management and automation, announced that it has made an equity investment in Biofuels Junction through Schneider Electric Energy Access (SEEAA), the Asia-focused clean energy fund, co-funded by Norfund, EDFI MC and Amundi, Through this collaboration, Schneider Electric is empowering Biofuels Junction in their business objective of preventing stubble burning of agricultural waste and instead using this waste and converting it into solid biofuels. Biofuels Junction is a Mumbaibased clean-energy venture that manufactures and aggregates solid biofuels in the form of briquettes and pellets made from agricultural residues, to be used as a replacement for fossil fuel in various industries. In FY23, Biofuels Junction sourced waste from over 28,000 farmers and impacted 140,000 beneficiaries, resulting in the avoidance of 100,000 tons of CO2 emissions and 84.2K tons of agricultural waste.

We are excited to welcome SEEAA and Disruptors Capital as new investors in our company, said Ashvin Patil, co-founder, and CEO of Biofuels Junction.

“This funding round will be instrumental to help us expand our current business and also launch a technology platform to better address the requirements of the biofuels value chain,” added Ashvin.

Gilles Vermot Desroches, Senior Vice President Corporate Citizenship Schneider Electric and President of SEEAA, stated, “There is a vast opportunity in India for solid biofuels sourced from agricultural residue to replace fossil fuels used in industries, leading to significant benefits to the environment (through CO2 savings) as well as social (through increased income for smallholder farmers and their families). We are happy to partner with Biofuels Junction who are doing this in an organized manner at scale.”

Deepak Sharma, Zone President – Greater India and CEO & MD, of Schneider Electric India (SEIPL), reiterated the business’s commitment towards the country’s net zero goals and said “Schneider Electric is relentlessly working towards closing the gap between progress and sustainability. We believe in collaborating with like-minded partners to accelerate the transition towards a net-zero future. Sustainability is a collective goal and will need collective action from all. Through such partnerships, we are not only empowering businesses to reach climate goals but also encouraging them to prioritize sustainable practices across the value chain. We see this as a proud step towards contributing to India’s net zero journey”

SOLIS: 3RD LARGEST PV INVERTER MANUFACTURER GLOBALLY ACCORDING TO WOOD MACKENZIE

Solis Inverters (the company), a global powerhouse in the solar energy industry, has been acknowledged as the world’s no.3 solar by shipments, according to Wood Mackenzie. This outstanding recognition reaffirms Solis' dedication to technological innovation, product quality, and commitment to a sustainable future.

In 2022, Solis experienced an exceptional year of growth, marked by the inauguration of a brand-new factory featuring state-of-the-art, automated production lines. This expansion allowed the company to bolster its manufacturing capacity significantly, enabling us to serve an even larger customer base worldwide. In a year marked by multiple challenges, the firm has gained share based on the strong backing of its partners and customers to deliver on time.

In 2022, when it comes to the top 5 firms globally, Solis has grown 86% over 2021, by far the fastest growth in the group. More importantly, this growth came on a significant 61% growth in 2021 over 2020, indicating the strong sales network and brand recognition the firm has built up.

Solis ranked 3rd largest PV inverter manufacturer globally for the second consecutive year. stated Sandy Woodward at Solis Inverters. "We couldn’t have achieved this without our 4500+ strong global team’s commitment to excellence. As we expand our manufacturing capacity further, we are well-positioned to continue on a path of growth, dedicated to contributing to a zero-carbon future."

This latest data comes on the back of many awards and accolades for Solis over the last 18 months. The company was presented the “top inverter brand 2023” seal for Belgium by respected global market research organisation, EUPD Research; having gained the same seal for the Netherlands and South Africa. This marks the eighth year running in which Solis has been recognised by EUPD, based on 100,000 interviews across more than 50 countries. With a presence in over 100 countries worldwide, Solis Inverters rapid ascendence in the rankings is a reward for its responsiveness to market needs, with overall manufacturing capacity set to exceed 80 GWs by the close of 2023. Solis has remained focused on a model where the firm fully backs local sales, marketing, training, engineering, and service support for clients, ensuring high satisfaction levels and brand pull even in newer markets.

TATA STEEL AND ABB INDIA WILL JOINTLY EXPLORE TECHNOLOGIES TO HELP REDUCE CARBON FOOTPRINT OF STEEL PRODUCTION

Tata Steel Ltd and ABB India sign MoU for a project which will target improvements in energy efficiency, decarbonization and circularity in plants and production facilities.

Tata Steel is pursuing carbon neutrality by 2045 as one of its major sustainability goals.

Tata Steel Ltd and global technology leader ABB India have signed a Memorandum of Understanding (MoU) and will work together to co-create innovative models and technologies to help reduce the carbon footprint of steel production. ABB will bring global experience in automation, electrification and digitalization for the mining and metals industries. Tata Steel is among the top global steel companies with an annual crude steel capacity of 35 million tons per annum and is committed to major sustainability targets including achievement of carbon neutrality by 2045. In line with its aspirations, the steelmaker has a medium-term target to reduce carbon emissions to less than two tons of CO2 per ton of crude steel in its Indian operations by 2025. The two companies will focus on system-level assessments of Tata Steel’s manufacturing plants and production facilities for evaluation and co-development of short and long-term options for energy efficiency, decarbonization and circularity. ABB and Tata Steel will explore energy optimization via hydrogen as an alternative fuel for upstream processes and energy reduction as well as substitution through fully integrated electrification and digital systems such as ABB Ability™ eMine and e-Mobility solutions and energy efficient motors.

Steel companies know there are opportunities to improve their processes, and Tata Steel is one of the leaders in this movement towards energy efficiency and reduction of carbon footprint,” said Vipul Gautam, Group Vice President, Global Account Executive for Tata Group, ABB. “World Economic Forum figures anticipate the energy transition will require as much as three billion tons of metals over the medium term; six times more mineral inputs by 2040 to reach net-zero emissions globally by 2050. ABB is confident in working with our customers and partners to evolve how steelmaking is powered to help reach production and environmental targets.”

Tata Steel is committed to sustainable development and growth as an integral part of its business philosophy. To ensure sustainable growth, the company is working on deployment of key enablers for deep decarbonization, including the use of more scrap in steelmaking, use of alternate fuels such as natural gas and green hydrogen, use of renewable energy and deployment of carbon capture and stor-age/utilization technologies. Tata Steel expects to increase capacity to 40 million tons by 2030 hence this collaboration with technology partner ABB is a key enabler to achieve that growth in a sustainable manner.

The global steel industry contributes between 7 to 9 percent of global fossil fuel CO2 emissions, according to various sources including the International Energy Agency (IEA).

FEATURED

MAGENTA MOBILITY SECURES DEBT FINANCING FROM SIDBI UNDER GREEN FINANCE SCHEME TO PROPEL EV DEPLOYMENT IN DELHI NCR

Magenta Mobility, a leading provider of electric mobility and EV charging solutions secured debt financing for about 350 EVs under the Green Finance Scheme by the Small Industries Development Bank of India (SIDBI). The loan received from SIDBI will help to scale up deployment of Cargo Electric Vehicles for last mile deliveries across Delhi-NCR region.

Aligned with the national initiative of EV30@30, SIDBI's "Mission 50K-EV4ECO" is poised to catalyze the local EV ecosystem by funding the procurement of 50,000 EVs in the country. This scheme intends to unlock the market by providing better financing terms and it is the precursor to EVOLVE scheme by SIDBI-World Bank. The pilot phase of this mission focuses on promoting two, three, and four-wheeler adoption through both direct (to MSMEs) and indirect lending (to NBFCs). SIDBI has adopted EV as a priority and by launching “Mission 50K- EV4ECO” they intend to promote the entire EV value chain. This funding for Magenta Mobility underscores the company's commitment to Electrifying and Decarbonizing logistics in India while contributing to the national goal of a carbon-neutral nation. It will serve as a pivotal accelerator for Magenta Mobility's efforts in boosting electric vehicle adoption in the Delhi-NCR region.

SIDBI recognizes the immense opportunities that electric vehicles bring to the table and is committed to reinforcing the financial avenues that promote green asset creation. Under the Green Finance scheme, we are addressing financing challenges encountered by MSMEs and NBFCs in the EV ecosystem. We're resolute in expanding financial avenues for green assets, aligning with our nation's agenda for a carbon-neutral future. Magenta Mobility's commendable efforts in shaping the EV sector are evident, and this loan underscores our mutual commitment to expedite EV adoption S Ramann, CMD of SIDBI quoted.

We welcome the financial support provided by SIDBI through this loan," said Maxson Lewis, Founder and Managing Director of Magenta Mobility". “This initiative by SIDBI of offering better financing terms for the EV ecosystem, significantly addresses the existing challenges of high-interest rates and limited financing options prevalent in the EV sector. This collaboration with SIDBI aligns seamlessly with our commitment to 'Electrifying & Decarbonizing Logistics in India.' The infused funds will directly contribute to our efforts in procuring electric vehicles for the Delhi NCR region, a critical step in our journey to accelerate EV adoption across India.”With a resolute target of deploying 10,000 electric vehicles on Indian roads by 2024, Magenta Mobility continues its expansion journey by exploring new cities and further enhancing its EV charging infrastructure network. Operating successfully in cities like Bengaluru, Mysuru, Hyderabad, Mumbai, Pune, Delhi, Noida, and Gurgaon, Magenta Mobility effectively manages a fleet of over 1,000 electric vehicles, offering services across diverse sectors such as e-commerce, grocery delivery, FMCG, food, and pharmaceuticals for last-mile deliveries.

SOLAX'S KERALA TECHNICAL MEET IN KERALA: PIONEERING SOLAR EXCELLENCE

In a striking display of innovation and collaboration, SolaX Power, a globally leading supplier of solar solutions, joined forces with its local partner, POWER PLUS, to host a highly successful Technical Meet on August 18, in Kerala, India. This event not only showcased SolaX's latest breakthroughs but also served as an opportunity for networking within the dynamic solar energy player from Kerela Market. SolaX's commitment to fostering collaboration and innovation was evident as attendees engaged in lively discussions and shared insights on the latest industry trends and technological advancements. SolaX's star products, such as X1-BOOST G4, X3-MEGA G2 and X3-FORTH are set to steal the spotlight at the event.

For residential solar projects, X1-BOOST G4 has emerged as the top choice among homeowners, thanks to its sleek design and hassle-free installation. It supports for up to 16A DC input current and a startup voltage as low as 50V. What also sets it apart are its wide power range, advanced intelligence, and compatibility with home EV chargers, heat pump solutions, and microgrids, promising a comprehensive and sustainable energy solution. Its real-time monitoring and effortless configuration options elevate energy management, while the in-built Global MPP scan and I-V curve diagnosis ensure precise component detection. For commercial and industrial scenarios, SolaX offers gridtied inverters, including X3-MEGA G2 and X3-FORTH, which are known for their efficiency and reliability. These two products introduce intelligent features like smart solar panel I-V Curve Diagnosis and night-time reactive power compensation, optimizing energy production. With built-in export power control, remote maintenance, and 24-hour operation monitoring, they provide unparalleled convenience.

Mr. Vipin Bhardwaj, the Country Manager of SolaX Power India, expressed his enthusiasm, saying, "This event was an incredible opportunity for us to connect with our partners and the solar community at large. It reaffirmed our commitment to driving innovation in the renewable energy sector and furthering our mission of creating a sustainable future."

Overall, SolaX's Technical Meet in Kerala shows SolaX's cutting-edge technology and its dedication to excellence, what’s more, it demonstrates a shared vision of all participants for a more sustainable future.

INDIA REQUIRES 74 GW OF ENERGY STORAGE BY 2032 FOR THE INTEGRATION OF RE

India needs to drastically improve its energy storage infrastructure in order to successfully integrate renewable energy sources and fulfil the nation’s soaring energy demands. The Central Electricity Authority (CEA) forecasted a requirement of 74 gigawatts (GW) and 411 gigawatt-hours (GWh) of energy storage capacity by 2032 in accordance with the National Electricity Plan (NEP) 2023.

The need for energy storage capacity is expected to increase over the next few years, according to NEP 2023. India plans to have 16.13 GW of energy storage capacity by 2026–2027, made up of 8.68 GW of battery energy storage systems (BESS) and 7.45 GW of pumped storage plants (PSP), with a total storage capacity of 82.32 GWh. By 2029–2030, this capacity will rise to 60.63 GW (18.98 GW PSP and 41.65 GW BESS), with a storage capacity of 336.4 GWh. The predicted requirement for energy storage by 2031-32 is 73.93 GW

(26.69 GW PSP and 47.24 GW BESS), with a staggering storage capacity of 411.4 GWh. An estimated funding requirement of Rs 54,203 crore for PSP and Rs 56,647 crore for BESS is predicted to create this storage capacity from 2022 to 2032. By 2047, CEA predicts that India’s energy storage requirements could soar to a staggering 320 GW (90 GW PSP and 230 GW BESS) with a combined storage capacity of 2,380 GWh. This projection is in line with India’s goal of achieving net zero emissions by 2070 and the rapid expansion of renewable energy sources.

Comprehensive recommendations have been prepared by the Ministry of Power to encourage the use of energy storage. The standards’ goals include ensuring dispatchable renewable energy is available 24 hours a day, cutting greenhouse gas emissions, and increasing energy efficiency. The recommendations also support energy storage as an engine of economic growth, establish market mechanisms for ancillary services, and encourage energy storage participation in the electrical market.

CENTRE APPROVES RS 3,760 CRORE VGF FOR BATTERY ENERGY STORAGE SYSTEM

The Union Cabinet has approved Rs.3,760 crore for the creation of a battery energy storage system to meet India’s rising energy demands and achieve its target of 50% renewable energy by 2030. The government aims to develop 4,000 MWh of battery energy storage projects by 2030-31, with financial support of up to 40% of the capital cost. The funding will help reduce carbon emissions and dependency on fossil fuels. The Cabinet has also approved additional funds for the Industrial Development Scheme in Himachal Pradesh and Uttarakhand.

The Union Cabinet approved a Rs.3,760 crore Viability Gap Funding (VGF) for creating battery energy storage system. The decision was taken in the meeting of the Union Cabinet, chaired by Prime Minister Narendra Modi. Making the announcement, Union minister Anurag Thakur said that funding was approved keeping in mind the rising energy demands and to meet its target to achieve 50% of the needs through renewable energy. India aims to meet its 50% energy needs through renewable sources by 2030. Addressing the press conference at the National Media Centre in New Delhi, Thakur announced the envisaged development of 4,000 MWh of BESS projects by 2030-31, with financial support of up to 40% of capital cost as budgetary support.

“The government will spend Rs.3,760 crore and it will be a 100 per cent central grant… Battery energy storage systems are key to fulfilling rising energy demands,” Thakur said. He added, “We don’t have the capacity. This viability gap funding will help add 4,000 MW hours of battery energy storage systems by 2025-26… Power distributing companies (discoms) will be the first to receive such viability gap funding.” “When this battery energy system is developed, it will be used during the peak hours…Carbon emissions will be reduced and the dependency on fossil fuel will also be reduced,” Thakur told the reporters.

Thakur also pointed out that in renewable energy, solar capacity which was 2.6 GW in 2014 has increased to 71 GW, while wind energy, which was 21 GW in 2014 is now at 40 GW. India also aims to reduce the emissions intensity of GDP by 45%. Moreover, Thakur announced that the Cabinet also has approved Rs.1164.53 crore as an additional fund requirement under the Industrial Development Scheme, 2017, for Himachal Pradesh and Uttarakhand. “774 units were registered under the scheme… and 49,000 employment could be generated earlier,” Thakur said. At the COP26 summit in Glasgow in 2021, Prime Minister Narendra Modi had committed to an ambitious five-part “Panchamrit” pledge, including reaching 500 GW of non-fossil electricity capacity, to generate half of all energy requirements from renewables, to reduce emissions by 1 billion tons by 2030.

ENERGY STORAGE

CABINET APPROVES THE SCHEME TITLED VIABILITY GAP FUNDING FOR DEVELOPMENT OF BATTERY ENERGY STORAGE SYSTEMS (BESS)

Government Unveils BESS Scheme to Energize the Nation for a Brighter Tomorrow. BESS projects of total 4,000 MWh to be developed by 2030-31 under the Scheme through competitive bidding. Scheme to reduce the cost of storage for distribution companies and consumers

The Union Cabinet, chaired by the Hon’ble Prime Minister approves the Scheme for Viability Gap Funding (VGF) for development of Battery Energy Storage Systems (BESS). The approved scheme envisages development of 4,000 MWh of BESS projects by 2030-31, with a financial support of up to 40% of the capital cost as budgetary support in the form of Viability Gap Funding (VGF). A watershed moment in the long list of pro-environment measures taken by the Government, the move is expected to bring down the cost of battery storage systems increasing their viability. Designed to harness the potential of renewable energy sources such as solar and wind power, the scheme aims to provide clean, reliable, and affordable electricity to the citizens. The VGF for development of BESS Scheme, with an initial outlay of Rs.9,400 crore, including a budgetary support of Rs.3,760 crore, signifies the government’s commitment to sustainable energy solutions. By offering VGF support, the scheme targets achieving a Levelized Cost of Storage (LCoS) ranging from Rs. 5.50-6.60 per kilowatthour (kWh), making stored renewable energy a viable option for managing peak power demand across the country. The VGF shall be disbursed in five tranches linked with the various stages of implementation of BESS projects.

To ensure that the benefits of the scheme reach the consumers, a minimum of 85% of the BESS project capacity will be made available to Distribution Companies (Discoms). This will not only enhance the integration of renewable energy into the electricity grid but also minimize wastage while optimizing the utilization of transmission networks. Consequently, this will reduce the need for costly infrastructure upgrades. The selection of BESS developers for VGF grants will be carried out through a transparent competitive bidding process, promoting a level playing field for both public and private sector entities. This approach will foster healthy competition and encourage the growth of a robust ecosystem for BESS, attracting significant investments and generating opportunities for associated industries. The Government of India remains committed to promoting clean and green energy solutions, and the BESS Scheme is a significant step towards achieving this vision. By harnessing the power of renewable energy and encouraging the adoption of battery storage, the government aims to create a brighter and greener future for all citizen.

PRODUCT FEATURE : BIDIRECTIONAL CONVERTER

PVS980-58BC

FIMER bidirectional converter, PVS980-58BC, is aimed at large-scale grid connected energy storage applications. The converters are available from 1454 kVA up to 2091 kVA. PVS980-58BC bidirectional converter is based on the world’s leading converter platform used also in FIMER solar inverters ensuring high performance, reliability and availability of global service support.

1. Product name : FIMER PVS980-58 BC (Bidirectional Converters)

2. Application: MW Scale Storage & BESS (Battery Energy Storage Systems)

3. Power Ratings:Available from 1086kVA to 5000kVA

4. Product Make :Make In India , manufactured at FIMER Bengaluru Factory.

FEATURES

World’s leading converter platform

Like FIMER central inverters, the PVS980-58BC bidirectional converter has been developed on the basis of decades of experience in the industry and proven technology platform.Unrivalled expertise from the world’s market and technology leader in frequency converters is the hallmark of thePVS980-58 series.

PVS980-58BC bidirectional converter from FIMER

FIMER PVS980-58BC bidirectional converters are ideal for multi-megawatt energy storage systems, providing maximum

grid stability for power plants with intermittent energy sources. For power plants combining photovoltaics and energy storage, the common platform shared with PVS980-58BC bidirectional converter and PVS980-58 central inverter brings synergies in both the availability of service and support personnel and the spare part logistics.

Quick ROI

The high DC input voltage, high efficiency, proven components, compact and modular design and a host of life cycle services available ensure FIMER PVS980-58BC bidirectional converters provide a rapid return on investment.

Usp of product :

• High total performance.

• Outstanding endurance for outdoor use.

• Full four quadrant active power and reactive power support.

• High DC input voltage up to 1500 VDC for minimizing system cost.

• Self-contained cooling system suitable for harsh environments.

• Compact, modular product design.

• Life cycle service and support through FIMER’s extensive global service network.

MAXIMUM ENERGY REVENUES

FIMER Bidirectional Converters have a high total efficiency. Precise, optimized system control and maximum powerpoint tracking(MPPT) combined with the unit’s highly efficient power converted design deliver the maximum energy from the Batteries to the power distribution network .For end users ,this generates the highest possible revenues from the energy sales.

PATENTED COOLING SYSTEM

PVS980-58 inverter utilizes patented self-contained cooling system in power module cooling. This innovative,low-maintenance cooling solution is also used in other industrial applications and is designed for demanding environments. The cooling system needs no separate commission and it ensures outstanding endurance.

COMPACT AND MODULAR DESIGN

PVS98058 inverters are designed for fast and easy installation.The industrial design and modular platform provide a wide range of options, such as remote monitoring, field bus connection and modular and flexible DC input connections. PVS98058 inverters are customized for the need so end users and will be available with short delivery times

VERSATILE DESIGN FOR LARGE-SCALE PROJECTS TO MINIMIZE SYSTEM COSTS

• FIMER’sPVS980-58Bidirectional Converters enables system.

• Integrators to design powerplants that use the optimum combination of inverters with different power ratings.

• Equipped with extensive electrical and mechanical protection,the inverters are engineered to provide along and reliable service life of at least 25years.

ADVANCED GRID SUPPORT FEATURES

ThePVS980 58 software includes all the latest grid support and monitoring features ,including active power limitation, fault ride through(FRT) with current feed-in and reactive power control. Active and reactive power output can be controlled by an external control system or automatically by the inverter. All grid support functions are parameterized ,allowing easy adjusting for local utility requirements. FIMER Bidirectional Converters are also able to support grids ability at night by providing reactive power with the DC input disconnected.

Yes!

o Indian citizens Rs. 2400

o International $ 300 / € 240 Please Mail the coupon to:

1.- My Cheque/DD in favour of “FirstSource Energy India Private Limited” for Rs…………………………………………………………………… Drawn on………………………………………is enclosed herewith. Date/Signature: 2.- I will pay by Credit Card