EQ Magazine December 2019 Edition by EQ Int'l Solar Media Group

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CONT EN T

VOLUME 11 Issue #12

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

india India’s electricity demand falls at fastest pace in at least 12 years

43 international

JA Solar Supplies High-efficiency PERC Modules for a 32MW Solar-PlusStorage Project in Hokkaido

research

opinion

pv manufacturing

Tata Sons chairman N Chandrasekaran bats for privatisation of discoms

Infosys to help Siemens Gamesa Renewable Energy digitalize its IT Landscape

RENA Technologies wins several large-scale orders for the Asian solar market

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

DECEMBER- 2019

india Goldman-backed ReNew says Andhra Pradesh problems could hurt India’s renewables target

S & W Saga

Sterling and Wilson Solar Q2 net up 36% at Rs 79 crore

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business & finance

distributed solar Tata Power creates new arm to set up 10,000 microgrids in India

international

opinion

Hexagon Peak and Huawei Sign 200 MW Cooperation Agreement for Vietnam Solar Market

Avaada Group’s Clean Energy Business Receives USD 15Million Investments from Proparco

Risen Energy at Bloomberg Summit London: Asset Securitization Can Reduce the Leverage Cost of Energy Finance

Electric vehicle

Germany to hike electric car subsidies as VW launches car

22 solar glass SELENE – an Anti-glare Solar Glass by BOROSIL

international Vietnam Energy Outlook Report 2019 launched

business & finance Temasek, EQT to launch renewable energy platform in India: Report

EQ NEWS Pg. 08-46

Electric vehicle

Climate change: Germany ready to provide 1 billion euros to India for green urban mobility

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business & finance ReNew Power announces joint venture with Korean major GS E&C

Articles Pg. 46-73

DECEMBER- 2019

Huawei is a leading global ICT and network energy solutions provider, currently providing network energy products and solutions in over 170 countries, serving more than three billion people around the world. Huawei innovatively integrates digital information technologies such as AI, IoT, big data, and cloud computing, with PV technology, to promote industry-leading smart PV solutions for utility-scale, commercial and residential scenarios. Based on reports released by global consultancy IHS Markit, Huawei was ranked No.1 globally in inverter shipment for four consecutive years, from 2015 to 2018. For more information, please visit: solar.huawei.com.

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DECEMBER- 2019

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DECEMBER- 2019

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INDIA

REC Trade Result – October 2019 The October trade witnessed a two and a half year high MCP of Rs 2,400 for solar REC’s on both the exchanges while the demand remained stable as compared to the previous trade session. Solar RECs traded very close to the forbearance price of Rs 2,500.

Non-Solar: Non-solar RECs traded at the price of INR 1650 at both IEX and PXIL (65% above the floor price). A total of 5,87,859 RECs were traded in this session. The total RECs also include vintage RECs (21,529) at INR 1710 on PXIL.

Hero Future’s stake buy by Abu Dhabi Future Energy gets CCI nod under green channel The Competition Commission of India (CCI) has given nod under the green channel route to Abu Dhabi Future Energy Company for acquiring equity stake in Hero Future Energies Global Ltd. Besides, the transaction also involves acquisition of non-voting compulsorily convertible preference shares in Hero Future Energies Private Ltd.

Solar: The total number of solar RECs traded in this session was 99,580 at Rs 2,400 at both IEX and PXIL (140% above the floor price) The overall trade volume (6,87,439 RECs) decreased by almost 14% from the last months’ trade volume (8,00,434 RECs).

‘The proposed combination in terms of…Combination Regulations (i.e. notice for approval of combinations under green channel) is deemed to be approved,’ the CCI said in a statement. The Abu Dhabi Future Energy Company PJSC (Masdar) is an international renewable energy and sustainability company that provides solutions in energy, water, urban development and clean technologies, it added.

ero Future Energies India is primarily engaged in the implementation of power projects and generation of power through renewable sources of energy, among other activities. The transaction represents an attractive investment opportunity for the acquirer in the renewable energy sector in India, a combination notice filed with the CCI said. This is second clearance given under the ‘green channel’ route by the fair trade regulator. Before this, the regulator had approved acquisition of Essel Mutual Fund by a Sachin Bansal-owned entity in October.

The green channel concept — recommended by the high-level panel that reviewed competition law in August — allows for an automatic system for speedy approval of certain categories of merger and acquisitions. Under the framework, green channel approvals can be availed in combinations where there are no horizontal overlaps, no existing or potential vertical relationships and no complementary business activities between the combining parties, or their respective group entities, or involving any entity in which any of the combining partied hold shares or have control. Source: reconnectenergy

DECEMBER- 2019

Source: PTI

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DECEMBER- 2019

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INDIA

Renew Power to commission 3,000 Mw solar and wind capacity in 18 months Clean energy firm Renew Power will add 3,000 MW of generation capacity in the next 18 months, a top official of the company said. A 250 megawatt plant was commissioned at Bikaner on October 27, taking the total generation capacity of Renew Power to 5,000 MW or 5 GW level, Renew Power Chairman and Managing Director Sumant Sinha told reporters here.

The company has now become the first renewable energy company in India to generate 5 GW energy through renewable means. We aim to continue to lead, Sinha said and announced that Renew Power will commission another 3,000 MW in two phases in next 18 months.

f 3,000 MW, about 1,500 MW will be commissioned by 2020-mid year, Sinha said. Talking about Bikaner plant, he said the power from the unit will be supplied to Maharashtra at a tariff of Rs 2.72 per unit. Renew Power is the country’s largest renewable energy independent power producer (IPP) in terms of total generation capacity. As of June 2019, the company had a total capacity of over 8 GW of wind and solar power assets, including commissioned and under development projects.New Delhi: Clean energy firm Renew Power will add 3,000 MW of generation capacity in the next 18 months, a top official of the company said. A 250 megawatt plant was commissioned at Bikaner on October 27, taking the total generation capacity of Renew Power to 5,000 MW or 5 GW level, Renew Power Chairman and Managing Director Sumant Sinha told reporters here.

DECEMBER- 2019

“The company has now become the first renewable energy company in India to generate 5 GW energy through renewable means. We aim to continue to lead,” Sinha said and announced that Renew Power will commission another 3,000 MW in two phases in next 18 months. Of 3,000 MW, about 1,500 MW will be commissioned by 2020-mid year, Sinha said. Talking about Bikaner plant, he said the power from the unit will be supplied to Maharashtra at a tariff of Rs 2.72 per unit. Renew Power is the country’s largest renewable energy independent power producer (IPP) in terms of total generation capacity. As of June 2019, the company had a total capacity of over 8 GW of wind and solar power assets, including commissioned and under development projects.

Source: PTI

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DECEMBER- 2019

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INDIA

Power gencos’ outstanding dues on discoms rise 37% to Rs 70,000 cr Power producers’ total outstanding dues owed by distribution companies rose around 37 per cent to Rs 69,558 crore in September 2019 over the same month last year, reflecting stress in the sector. Distribution companies owed a total of Rs 50,583 crore to power generation companies in September 2018, according to web portal and app namely PRAA (Payment Ratification and Analysis in Power procurement for Bringing Transparency in Invoicing of generators).

he portal was launched in May 2018 to bring a transparency in power purchase transactions between generators and discoms (distribution companies). In September this year, total overdue amount, which was not cleared even after 60 days of grace period offered by generators, stood at Rs 52,408 crore as against Rs 34,658 crore in the same month last year. Power producers give 60 days’ time to discoms for paying bills for the supply of electricity. After that, outstanding dues become overdue and generators charge penal interest on that in most cases. In order to give a relief to power generation companies, the Centre has enforced a payment security mechanism from August 1. Under this mechanism, discoms are required to open letters of credit for getting power supply. Data on the portal indicates that outstanding as well as overdue amount have decreased over the preceding month. In August 2019, total outstanding on discoms was Rs 80,087 crore, while the total overdue amount was Rs 60,935 crore. The August 2019 figures of dues and overdues have been revised upwards from Rs 78,020 crore and Rs 59,532 crore provisional numbers released last month on the portal.

Discoms in Rajasthan, Jammu and Kashmir, Telangana, Andhra Pradesh, Karnataka, Tamil Nadu account for the major portion of dues to power generating companies, taking a longer duration of up to 881 days to make payments, the portal showed.

Among major states, Rajasthan tops the list with 881 days to make payments, followed by Haryana (879 days), Tamil Nadu (877 days), Madhya Pradesh (866 days) and Telangana (859 days) in that order. Delhi, a smaller state, takes 908 days to make payments to power generating firms. Overdues of independent power producers amount to over 23.06 per cent of the total overdue of Rs 52,408 crore on discoms. Among the central public sector power generators, NTPC alone has an overdue amount of Rs 9,921.78 crore on discoms, followed by NLC India at Rs 5,096.62 crore, NHPC at Rs 2,492.03 crore, THDC India at Rs 1,861.75 crore and Damodar Valley Corporation at Rs 980.59 crore. Among private generators, discoms owe the highest overdue of Rs 3,201.68 crore to Adani Power, followed by Bajaj Group-owned Lalitpur Power Generation Company Ltd at Rs 2,212.66 crore and GMR at Rs 1,930.16 crore. Source: PTI

Need $30 bn yearly investment in renewables, strong regulation: Report Once such a system is in place, India will attract international investments from leading pension funds, especially those in the US India ideally needs $30 billion investment per year in the renewable sector, backed by a strong regulation to preserve contract sanctity, according to a research organisation. Today, we are averaging about $11 billion a year in renewable investments, we ideally should be getting $30 billion per year in India, Arunabha Ghosh, chief executive officer of Council on Energy, Environment and Water, said. He was speaking at Singapore International Energy Week where a series on energy conferences were concluded over the weekend. It was held between October 29 and November 1. Enforce regulation, make transparent bidding process at tendering stage and preserve the sanctity of contract, Ghosh said, acknowledging that some sectors have done well in this area while others are not that up to the mark. 12

DECEMBER- 2019

Once such a system is in place, India will attract international investments from leading pension funds, especially those in the US which according to their own constitution were restricted and allowed to commit to projects with high credit ratings. He said the sanctity of contracts means the authority cannot change terms and conditions of the contract and if done so, the investor or project operator is compensated as per original contract. He elaborated on the need to de-risk projects, calling for derisking on currency fluctuations, policies and off-takers. “Once you achieve all of these, you will realize the cost will come down.” He also highlighted the council’s study on financing of de-risked project, which showed that 6075 per cent of the cost of tariff of electricity is the cost of finance. It is not the cost of solar panels or turbines. Source: PTI

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INDIA

AP govt makes key changes to its energy policies

The Andhra Pradesh government made several key changes to its policies on solar, windand hybrid power, primarily withdrawing the facility forenergy banking and drawal that was purportedly causing a hugefinancial drain on the power distribution companies (Discoms).

n an order, the Jagan Mohan Reddy government said ithas observed statutory audit has reported an abnormal spurt inpower purchase cost and deteriorated financial position of theDiscoms. ‘Taking this into consideration, and in order tostrengthen the financial position of the power utilities,amendments have been made to the policies, Energy SecretarySrikant Nagulapalli said in the order.

It also said any injection of energy betweensynchronisation and declaration of Commercial Operation Dateshall be treated as inadvertent power and no cost shall bepaid by the Discoms. The changes to the solar, wind and hybrid (solar +wind) power policies have been made in the backdrop of theYSRC government’s process of reviewing all power purchaseagreements entered into by the previous TDP regime withrenewable energy generators. The policies, brought in by the previous Telugu DesamParty government in January this year, enabled 100 per centbanking of energy all through the year.

According to the January policy, the unutilised bankedenergy shall be considered as deemed purchase by Discoms at 50per cent of the average pooled power purchase cost, asdetermined by the Andhra Pradesh Electrity Regulatory Commission (APERC) for the applicable year. Payment for the deemed purchase was, however, capped at10 per cent of the total banked energy during the applicable year. Ever since he assumed power in May, Jagan has beenalleging the PPAs signed by the Chandrababu Naidu governmentcaused a loss of Rs 5,000 crore to the state exchequer andleft the power utilities bleeding. The government started a process for re-negotiating thePPAs with the green energy generators, ignoring the Centreswarning against the move. Challenging the government decision, over 40 powerproducers approached the state high court which has referredthe matter to the APERC. In another significant amendment to the policies, theincumbent government altered the tariff stating that it shallnot exceed difference between pooled variable cost andbalancing cost for any variable renewable energy project. APERC will determine the pooled variable cost andbalancing cost every year, the order added.

Source: PTI

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DECEMBER- 2019

INDIA

ADB Provides $451 Million to Strengthen Power Connectivity in Tamil Nadu The Asian Development Bank (ADB) has approved a $451 million loan to strengthen power connectivity between the southern and northern parts of the Chennai–Kanyakumari Industrial Corridor (CKIC) in Tamil Nadu, India.

The ADB project will allow more power, including renewable energy, to be transferred from new generation facilities in the south CKIC to the north, where it is most in demand, said ADB Principal Energy Specialist for South Asia Mr. Pradeep Perera. “This will help promote economic development by delivering a more reliable and competitive power supply for industry and services in the state, which will in turn spur jobs and improve livelihoods.”

amil Nadu had the second largest economy among India’s states in 2018, with a gross domestic product of $250 billion. However, the state government has identified quality infrastructure including a reliable power supply as a key prerequisite for further economic development. As a key component, ADB has been in assisting in developing CKIC, which covers 23 of the state’s 32 districts and 70% of the state population. The state is aiming to develop the northern Chennai–Tiruchirappalli area of CKIC as a manufacturing center while targeting the relatively poor southern Madurai–Thoothukudi portion for the development of renewable energybased power generation because of the availability of wind and solar resources.

DECEMBER- 2019

With households at 100% electrification in the state, it is expected that industry and commercial enterprises will account for future growth in power demand. Installed generation capacity in March 2019 amounted to more than 30,000 megawatts (MW). It is expected that with peak demand for electricity in Tamil Nadu rising, a capacity of 50,000 MW will be needed in the state by 2025. The districts in southern CKIC are expected to contribute 9,000 MW of extra generation capacity during fiscal years 2019–2015 to help meet this demand, including 6,000 MW of renewable energy capacity. The project will establish an extra-high voltage 765-kilovolt (kV) transmission link to transfer the 9,000 MW of extra capacity from Virudhunagar in the southern CKIC northwards to Coimbatore, a major industrial center, and Chennai. The project includes construction of a 400-kV network to pool power generated at renewable and thermal power plants in Thoothukudi district to Virudhunagar. The project will also build the operational capacity of TANTRANSCO, the state-owned company responsible for transmission. This includes supporting a financial restructuring plan, better facilities and work environment for women workers, and improving its monitoring capacity for social and environmental impacts of power transmission projects. To help finance this capacity building work, ADB has approved a complementary technical assistance grant of $650,000. The grant comes from ADB’s Technical Assistance Special Fund. The total cost of the project is $653.5 million, of which the government will provide $202.5 million. The estimated completion date is the end of 2024. ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion. Established in 1966, it is owned by 68 members—49 from the region.

Source : ANI

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INDIA

Guj sets 30,000 MW renewable energy generation target by 2022 The Asian Development Bank (ADB) has approved a $451 million loan to strengthen power connectivity between the southern and northern parts of the Chennai–Kanyakumari Industrial Corridor (CKIC) in Tamil Nadu, India.

At present, the state has a total of 9,670 MW production of renewable energy which includes 6,880 MW wind energy and 2,654 MW solar energy. The Gujarat state has also overtaken front runner Maharashtra in the industrial production. Gujarat has overtaken Maharashtra as its contribution in the country in industrial production increases 16.81 per cent compared to 14.21 per cent of latter, he said. Singh said that in the last five years between 2013-14 to 2017-18 states GSDP grew at an average of 10.01 per cent, which is highest in the country.

Gujarat government has set a target of 30,000 MW of renewable energy generation by 2022 from the current 9,670 MW. “Gujarat will have over 30,000 MW of renewable energy by 2022, the roadmap for which has been finalised,” state’s chief secretary J N Singh told.

He also said that the average agri-growth rate of Gujarat stood highest at 9.3 per cent in the country during 2013-14 to 2017-18. Singh noted that the Diamond Research and Mercantile (Dream) City being built in Surat will be having 66 lakh square feet of office space which will be the highest in one building. At present Pentagon in the US has 65 lakh square feet area, which is the highest available space in one building. Gujarat’s tourism sector has witnessed an average increase of 14.5 per cent in tourist inflows in the last five years while the average increase in foreign tourist footfalls was 16 per cent.

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“The Statue of Unity has contributed to the increase as well, he added. The Gujarat chief minister Vijay Rupani said that during the Diwali vacation till now, over 2 lakh tourists have visited the Statue of Unity. Source : PTI

DECEMBER- 2019

INDIA

Average spot power price drops 54% to two-year low at IEX The average market clearing price was down by 54 per cent vis-a-vis price of Rs 5.94. per unit in October 2018 and 2 per cent on month on month basis. Average spot power price at Indian Energy Exchange (IEX) dropped 54 per cent to a two-year low of Rs 2.71 per unit in October, compared to Rs 5.94 per unit in the same month last year mainly due to lower electricity demand, better coal supplies and higher hydro generation. “The day-ahead market (DAM) traded 3,391 million units with average market clearing price at only Rs 2.71 per unit, lowest in the last two years,” an IEX statement said. The average market clearing price was down by 54 per cent vis-a-vis price of Rs 5.94. per unit in October 2018 and 2 per cent on month on month basis, it said.

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he decline in prices was mainly on account of low demand for power, improved coal supply and improved hydro power generation. The market continued to be attractive to both the distribution utilities as well as the open access consumers in terms of price competitiveness and flexibility in power procurement, the IEX added. All India peak demand at 164 GW in October 2019 declined 4 per cent over demand of 171 GW in October 2018 and the energy (supply) met at 99 billion units declined 13 per cent Y-o-Y (year on year) according to the NLDC (national load dispatch centre) data. Extended monsoon was also one of the key reasons for decline in the demand for power, it said.

DECEMBER- 2019

In the DAM market, total monthly sell bids were 9,771 million units (MU) while buy bids were 3,923 MU. With sell side liquidity at three times of the buy bids coupled with lower clearing pries, the market helped save on high cost of power for Discoms as well as commercial & industrial consumers, it said. This trend is expected to continue in the coming months as well. One Nation One Price prevailed throughout the month, IEX claimed. The term-ahead market (TAM) traded 439 MU in October 2019 almost at par with volume traded in previous month. The distribution utilities leverage the market segment to manage the demand-supply variability close to the real-time. The acceptance for TAM contracts especially the intra-day, daily, weekly contracts has been growing amongst the distribution companies. On October 30, the REC market at IEX saw a total trade of 4,48,765 (4.49 lakh) Renewable Energy Certificates (REC) comprising of 3,88,821 Non-Solar RECs and 59,944 Solar RECs. The price for Non-Solar RECs (Issued after April 1, 2017) at Rs 1,650 increased 10 per cent from Rs 1,500 in September 2019 and price for Solar RECs at Rs 2,400 increased 7 per cent in October 2019 from Rs 2,250 in September 2019.

Source : PTI

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INDIA

India to cross 200 GW renewable energy capacity mark by 2022: Power Minister He added that more than 55 per cent of installed power generation in India will be from renewable sources by 2030

Power and New & Renewable Energy Minister R K Singh exuded confidence that India will have over 200 GW of renewable energy capacity by 2022. India has set an ambitious target of having 175 GW of renewable energy capacity by 2022. “We have decided that by 2022 we will establish 175 GW of renewable energy capacity. We are close to achieving the target,” Singh said at BRICS Energy Ministers meet in Brasilia, Brazil on . “The renewable energy capacity which has been installed is 83 GW and under installation is 31 GW and 35 GW capacity is underbidding. So this becomes around 140-145 GW. In hydro, we have installed capacity of around 45 GW and under installation capacity is about 13 GW, which makes it (hydro) around 60 GW. So we will cross 200 GW capacity of renewable energy by 2022,” the minister said. Singh said that more than 55 per cent of installed power generation in India will be from renewable sources by 2030. “India has decided that by 2030, about 40 per cent of its installed capacity will come from renewables. But we will be crossing that,” he added. “Our Prime Minister at the United Nations General Assembly Climate Summit announced that we will install 450 GW or 450 thousand MW of renewable energy capacity by 2030… So we have followed a quick approach towards reducing carbon footprints,” he added.

alking about Perform Achieve and Trade (PAT) scheme, Singh said India saved 8.63 million tonnes of oil equivalent in the first round of the scheme. In the second round, the country achieved a further reduction in energy consumption of about 3 million tonnes of oil per year. Under the PAT scheme, the Bureau of Energy Efficiency had set a target of power savings by designated consumers. The first round of the scheme was from 2012-13 to 2014-15, while the second round was from 2016-17 to 2018-19. The designated consumers get energy savings certificate under the scheme, which can be traded at energy exchanges.

Source: PTI

Private players to get more level-playing field: Union power secretary Government is looking at regulation closely which will help innovation and to ensure that regulations don’t encourage monopolies, the official said, adding, “to ensure this we are amending the Electricity Act and we are including a chapter on markets, market mechanism and trading of energy”.

The proposed amendments to the Electricity Act of 2003 are intended to free up the power sector so that private sector gets a level-playing field, Union secretary Sanjeev Nandan Sahai said. The power ministry has drawn up a draft bill that seeks to allow the states to have multiple private franchisees operating as suppliers in a distribution area, with state-run distribution utilities becoming just owners of the network. “The changes to the Act will free up the sector so that the private sector has a bigger role to play,” Sahai said at an event here while addressing an international symposium to on the energy sector. To bring in energy efficiency, there is a need for innovation, technology, business processes, financing and regulation. Government is looking at regulation closely which will help innovation and to ensure that regulations don’t encourage monopolies, the official said, adding, “to ensure this we are amending the Electricity Act and we are including a chapter on markets, market mechanism and trading of energy”.

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The secretary further said the ministry is looking at multiple supply franchisees and multiple supply operators. “We are also looking at systems where wires and distribution network have a natural monopoly. We don’t know whether it will remain natural monopoly or not…one would have the distribution network with some monopolies but the supply will be with franchisees,” he said.

Addressing the event, NTPC chairman Gurdeep Singh said there is a need for more innovations to bring about efficiency in equipment systems, which in turn will help the common man. During the event, staterun EESL signed a joint venture agreement with the National Infrastructure and Investment Fund to drive smart meter implementation. Source: energy.economictimes.indiatimes

DECEMBER- 2019

INDIA

India’s electricity demand falls at fastest pace in at least 12 years The South Asian country needs electricity to fuel its expanding economy but a third decline in power consumption in as many months points to tapering industrial activity in the nation that aims to become a $5 trillion economy by 2024. India’s power demand fell 13.2 per cent in October from a year ago, posting its steepest monthly decline in over 12 years, government data showed, reflecting a deepening growth slowdown in Asia’s third-largest economy.

he South Asian country needs electricity to fuel its expanding economy but a third decline in power consumption in as many months points to tapering industrial activity in the nation that aims to become a $5 trillion economy by 2024. India’s June quarter GDP grew at its weakest pace in six years as consumer demand and government spending slowed, and economists see the falling electricity demand as a reflection of a further slowdown.

The slowdown seems to be deep rooted, especially in the industrial sector. That would certainly increase the anxiety with regard to growth prospects in the current year, said N.R. Bhanumurthy, a professor at the National Institute of Public Finance and Policy in New Delhi. Consumption in heavily industrialized states such as Maharashtra and Gujarat led the decline. Last month, power demand in Maharashtra declined by 22.4 per cent and in Gujarat by 18.8 per cent, the data from the Central Electricity Authority (CEA) showed.

DECEMBER- 2019

Barring four small states in the country’s north and the east, demand fell across regions, the data showed. India’s infrastructure output in September contracted 5.2 per cent, the worst in 14 years, adding to the worries of the government that has been unable to revive demand in the economy despite several steps in the last few months. Its fuel demand growth – also seen by economists as an indicator of economic activity – is on track for the slowest pace in six years. Economists said India’s growth could fall as low as 5.8 per cent, dragged down by a slump in consumer demand and investment. India’s central bank last month cut its growth forecast by 80 basis points for the year ending March 2020 to 6.1 per cent. Slower economic activity has resulted in a fall in sales of everything from cars to cookies, with some large scale industries resorting to large job cuts. India’s automobile sector, for instance, has cut hundreds of thousands of jobs, citing an unprecedented decline in sales.

“Now we are talking about a sub 6 per cent growth for the current fiscal year,” Bhanumurthy told Reuters.

The Indian government, which has not revised its growth forecast of 7 per cent for the financial year, is expected to release data on economic growth by the end of this month. Information on electricity demand prior to January 2006 is not publicly available. Populous states such as Uttar Pradesh (UP) and Madhya Pradesh (MP) saw demand fall – with MP’s electricity requirement falling by over a fourth and UP seeing a decline of 8.3 per cent. Source: reuters

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INDIA

India’s Solar Capacity crosses 32 GW in October 2019 According to the MNRE, 90% of India’s solar installations is ground mounted(~29 GW), 7% is rooftop Solar(~2.2 GW) and the rest is Off-grid PV(~935 MW). These numbers are as of October 2019.

olar power constitutes 38.2% of the total renewable power installed capacity of 83.83 GW, whereas Wind continued to lead with 44% of capacity(36.9 GW). However, the pace of growth of Solar over the last decade has been much higher than wind. For example, wind constituted more than 70% of the total renewable installed capacity at the end of the financial year 2012-13 whereas solar’s contribution was only 6%.

Source : MNRE

SECI’s 5 GW manufacturing-linked solar auction gets good response State-owned SECI’s manufacturing-linked solar energy auction for 5GW capacity has evoked good response as Adani Green Energy, Azure and Navyug have submitted bids for a total of 10 GW projects.

olar Energy Corporation of India’s (SECI) for 5GW solar energy auction includes 1GW manufacturing component. Thus developers will have to set up solar equipment manufacturing capacity of 1 GW and power generation projects of 4 GW.

The tariff based reverse auction will be conduced by SECI later this week, a source said. Adani Green Energy has submitted bid for 5GW, including 1GW manufacturing facilities, followed by Azure and Navyug which submitted bids for 2.5 GW each, including 500 MW manufacturing plants each, the source added.

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These bids came in after several obstacles were faced in the manufacturing-linked solar power auctions. For past few months, renewable power project bids, particularly manufacturing-linked solar energy ones, were either extended or scrapped on account of poor response from the developers. After successful auction, an investment of around Rs 6,000 crore is expected for setting up 1GW of solar manufacturing facilities, which would generate permanent direct employment of up to 10,000 people, the source said. At present, India imports 95 per cent of its solar module requirement from China, leading to a forex outflow of around USD 10 billion per year. This programme will be a boost for manufacturing, resulting in large scale development of industries and employment in India. The success of this tender will help achieve the Prime Minister’s objective of generating 450 GW of renewable energy by 2030.

Source: PTI

DECEMBER- 2019

INDIA

BSES launches blockchain tech platform for power trading In a major environment-friendly digital initiative, Delhi electricity distribution company (discom) BSES announced that BSES Rajdhani Power Ltd (BRPL) has partnered Australias Power Ledger, a global leader in blockchain technology, to launch consumer-to-consumer (peer-to-peer or P2P) solar power trading on a trial basis.

BSES statement said that Power Ledger’s blockchain-based platform can enable consumers even without rooftop solar, to trade power between themselves. According to the company, BRPL has, thus, become India’s first discom to use a blockchain-based platform for P2P solar trading.

“A feasibility study has been successfully undertaken. The offering will rolled-out, once the regulatory approvals are in place,” it said. “The pilot project will initially be carried-out amidst the existing and select group of gated community (CGHS) solar consumers in Dwarka who generate around 5-6 MW of solar-power. These consumers will be able to trade solar power their neighboring apartments and buildings using this platform rather than letting it spill-back to the grid.”

Consumers with rooftop solar infrastructure can sell their excess solar energy to their neighbours even if they don’t have rooftop solar, using the energy trading platform.

“Thus, even consumers who don’t have roof-top solar will benefit by purchasing cheaper and cleaner electricity, compared to the slab-rate of the discom, which as consumer they would otherwise have to pay,” it said. P2P surplus solar power trading among consumers connected to the same distribution transformer is expected to result in optimal loading of the distribution transformer (DT). “The platform will give BRPL access to a cost-effective energy alternative during the times of peak demand pricing. Apart from this, the discom will also benefit by not having to purchase solar energy exported to the grid, gain revenue through transaction fee and wheeling charges as also create and actively engage in a two-way positive relationship with its consumer base,” the statement said. There is no specific hardware device or investment required to sign up to the blockchain-based platform. “This technology is a transactive layer that utilises close to real-time data from smart meters to facilitate the P2P trading environment. All that is required is access to solar power infrastructure – solar power panels installed on the roof of the house, or solar power infrastructure within the consumers’ community,” it added. Source: IANS

DECEMBER- 2019

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INDIA

Goldman-backed ReNew says Andhra Pradesh problems could hurt India’s renewables target

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Investors could be put off India by Andhra Pradesh state’s difficult relationship with renewable energy companies, Sumant Sinha, chair of Goldman Sachs-backed (GS.N) ReNew Power, said. India, the world’s third-largest emitter of greenhouse gases, wants to raise its renewable energy capacity to 500 gigawatts (GW), or 40% of total capacity, by 2030. The southern state of Andhra Pradesh is among the largest adopters of renewable energy and ReNew Power, about 49% owned by Goldman Sachs, is India’s largest renewable energy company. But the state has been curtailing power procurement from renewable energy companies, citing high prices, and pushed to renegotiate its supply contracts with them. "There are questions on what this means for sanctity of contracts in India. That has made investors jittery,” Sinha told Reuters. Foreign investment is central to India’s green energy ambitions, and a slowdown in overseas funding could hurt Prime Minister Narendra Modi’s commitment to increase adoption of renewable energy. “The longer the issue carries on, the less likely (the renewable energy) target will be met,” Sinha said. eNew has an installed capacity of over 5 gigawatts (GW) and plans to add another 3 GW by mid-2021. India’s federal government, the state-controlled NTPC Ltd (NTPC.NS), Solar Energy Corp of India and the Japanese ambassador of Japan have all asked Andhra Pradesh not to try to renegotiate renewables contracts. And in August, a court in Andhra Pradesh ordered the state transmission companies to refrain from “arbitrary and discriminatory” curtailing of power from generating companies.

Andhra Pradesh, which accounts for about a 10th of India’s renewable energy capacity, owes green energy generators 25.1 billion rupees ($353.5 million). That is the highest by any state in India and accounts for a over fourth of all dues owed by province-owned distribution companies, according to latest data published by the Central Electricity Authority (CEA). But Sinha said late payment by distribution companies overall was not as severe as it had been a few years ago. Along with land acquisition, delayed payment is seen as a major challenge to growth of the renewable energy sector in India. “With the exception of states like Tamil Nadu and Andhra Pradesh, most states have started paying on time,” he said. Source : reuters

DECEMBER- 2019

BUSINESS & FINANCE

Temasek, EQT to launch renewable energy platform in India: Report Swedish alternative investment firm EQT Partners will team up with Singapore state investor Temasek to launch a green energy platform in India, according to an Economic Times report.

he new renewable energy platform, which aims to build and/or acquire wind and solar farms, will have an initial equity commitment of $500 million from the two sponsors as seed capital, the report added. The reported joint venture comes two years after EQT Infrastructure and Temasek first announced their partnership to identify investment opportunities in Southeast Asia, India, Korea, Japan, Australia, and New Zealand. In a statement during the partnership announcement back in 2017, EQT said the goal was to identify interesting companies with existing assets within communication, transportation, energy, environmental and social infrastructure with the potential to grow, develop and transform. For the new renewable energy platform, the two companies have also reportedly committed to raising leverage two to three times to fund both greenfield and brownfield ground-mounted projects in wind and solar electricity. This will be EQT and Temasek’s first joint venture in India. The two firms, however, have not issued an official statement regarding the new JV. The operating management team of the joint venture is expected to comprise four senior executives from ReNew Power led by Parag Sharma.

With a $235-billion portfolio as of May, Temasek has significant exposure to Singapore and Asia. EQT Partners, on the other hand, has so far raised around €61 billion ($68 billion) through 29 funds. It has around €40 billion ($44 billion) under management and portfolio companies in Europe, Asia and the US. EQT Partners began investing in the Asia-Pacific region in 2006. Its Mid Market business line is active in Greater China, Singapore, Malaysia, and Vietnam, having backed 14 companies via growth, control and co-control investments as of 30 June 2019. It is considering raising a larger Asia Pacific fund in 2021 or 2022. In May, Mint reported that Ranjit Gupta and Murali Subramanian, the former head honchos of global private equity firm Actis Llp’s Ostro Energy Pvt. Ltd, were in talks with Temasek and EQT to raise around $500 million to set up a green energy platform in India. Source: dealstreetasia

Azure Power to Raise US$75 Million in Private Placement Azure Power Global Limited (NYSE: AZRE), a leading independent solar power developer in India, has entered into a subscription agreement to raise US$75 million through a private placement of 6,493,506 equity shares at US$11.55 per share to Caisse de depot et placement du Quebec (CDPQ).

he closing of the private placement is conditional on the Company receiving the necessary shareholder approvals for the issuance of equity shares comprising more than 10% of the Company’s share capital and the nonapplication of Section 55 of the Mauritius Companies Act to this issuance. A special meeting of shareholders will be held on December 6, 2019 to obtain these shareholder approvals, and the record date for this special shareholders’ meeting is November 18, 2019. Following completion of the private placement, which is expected to occur by December 17, 2019, CDPQ’s equity interest in Azure Power will increase from 41.4% to 49.4%.

DECEMBER- 2019

Speaking on this occasion, Mr. Ranjit Gupta, Chief Executive Officer, Azure Power said, “We believe the proposed additional investment by CDPQ illustrates our largest shareholder’s commitment to our platform. With this capital raise, our current committed projects will be fully equity funded. The Indian solar market offers significant growth opportunity and with our differentiated integrated platform and strong access to capital, we look forward to delivering accretive growth going forward.” Source: indianweb2

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BUSINESS & FINANCE

Brookfield in talks to invest $800 million in ReNew Power Canadian asset management firm Brookfield is in talks to invest $800 million in India’s largest green energy company ReNew Power, said two people familiar with the development. Brookfield, which is currently conducting due diligence, would be providing partial exit to Goldman Sachs. The US investor owns over 48% in ReNew Power. “The deal could be concluded in the next few months as it suits the narratives of both the buyer and the seller. This could be one of the biggest deals in the space. Many global investors are looking at this space in view of its potential,” said a person close to the development.

eNew Power, Brookfield and Goldman Sachs declined to comment for this report. Founded in 2011 by Sumant Sinha, the son of former finance minister Yashwant Sinha, ReNew Power has more than 4,300 mw of operational and 3,200 mw of under-construction capacity. It counts Abu Dhabi Investment Authority, CPPIB, Asian Development Bank, Global Environment Fund and Japan’s JERA as its investors. ReNew Power has shelved plans for an initial public offering and is reportedly planning to raise funds through asset sales. Goldman Sachs, a backer of the company since 2011, has invested about $370 million in ReNew Power through 2013 and 2014. The US fund planned to offload a significant stake during the proposed IPO, and has been seeking a partial exit for the past two years. Valuation mismatches and concerns over low tariffs have delayed the exit.

“The deal hinges on whether Goldman Sachs manages to get itself a handsome valuation. In the past, several investors have offered to take over some of its stake, but deals have fallen through due to low valuation,” said a person aware of the matter. This could be Brookfield’s second investment in India’s renewable energy space after it acquired two wind farms from Axis Energy Ventures for nearly Rs 500 crore ($72 million). Source: economictimes.indiatimes

Nemji Solar Plans UltraModern 1GW Solar Panels Mfg Facility by April 2020 Nemji Solar (Nemji EVPV Pvt Ltd) headed by Chetan Shah, (former director and founder – Goldi Solar), is a Solar EPC company, undertaking commercial and residential solar power installations. Recently the company has announced plans to foray into solar module manufacturing. The company will be setting up an ultra – modern facility of 1GW and intends to commence operations by April 2020.

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ith this facility, the company plans to implement the latest manufacturing technologies and introduce high quality modules delivering enhanced performance and best generation, undergoing all stringent quality checks and having all the required certifications from reputed international entities. With the inclusion of automated processes like auto bussing, auto curing line and

automatic module sorting, its assembly lines will also be fully equipped for halfcut cell, bifacial, BIPV and glass to glass module manufacturing. The company will be introducing a range of modules using Mono and Multi – crystalline cells along with catering to client’s specific requirements.

Source: Nemji Solar

DECEMBER- 2019

BUSINESS & FINANCE

Edelweiss Infra Fund to raise $375m; plans invIT for road, energy assets

Edelweiss Alternative Asset Advisors has begun the second phase of fundraising for its infrastructure fund Edelweiss Infrastructure Yield Plus Fund, and is likely to close the fund at $750 million by early next year.

delweiss Infra has launched the road show and is in discussions with global pension funds, insurance companies and endowment funds to raise about $375 million (Rs. 2,600 crore) to invest in raods and energy assets in India. Edelweiss had marked the first close of the fund in May, raising $375 million and is likely to deploy the fund before December 2019. The assets are acquired through two new platforms — Sekura Energy and Sekura Roads backed by Edelweiss Infrastructure Yield Plus fund (EIYP). Sekura Energy had acquired two operating power transmission assets from Essel Infraprojects — namely DarbhangaMotihari Transmission and NRSS XXXI (B) Transmission last month. The stake in the two other under construction assets would be acquired post commissioning. The total enterprise value of the energy assets would be about $750 million. In June, Sekura Roads had acquired two annuity road assets from Hyderabad-based Navayuga Group for an enterprise value of $150 million.

Buying and aggregating goodquality operating assets is a viable long-term opportunity to not only generate reasonable risk-adjusted returns for our clients but also to contribute to the infrastructure development of India, said Subahoo Chordia, Head of Edelweiss Infrastructure Yield+ Fund. “There are many global funds which does not have presence in India. Such global funds and domestic investors look for a professionally managed independent platform through which they can participate as a long term opportunity,” he added. Edelweiss Infra also plans separate Infrastructure trusts or InvITs, for roads and energy platforms in next couple of years. Emergence of infrastructure assets in India as an investment class for cash flow yield is turning to be a popular trend. Both global and domestic investors are looking to invest in good-quality operating infrastructure assets for long-term cash flow based returns. One of the challenges for them is to find an independent and a professionally managed platform which brings alignment.

DECEMBER- 2019

Emergence of independent Infrastructure funds or InvITs will be critical to channelize this large pool of capital to buyout operating infrastructure yielding assets and support India in meeting its infrastructure development needs, said Subahoo. India requires an investment of around Rs. 50 lakh crore for infrastructure development over the next 5 years, according to estimates. InvITs of long-term revenue generating assets like toll roads and power-transmission projects are becoming popular among longterm investors or pension funds.

InvITs should gain popularity with retail investors considering they have a capability of delivering more than 10% (post tax) annualized liquid return to investors, especially when the equity market is likely to continue with it’s 8-10% annualized return (pre-tax), as has delivered in the last 5 years, said Vishal Seth, Managing Director, Financial Reporting and Transaction Advisory, Protiviti India. Currently, there are two listed InvITs — IRB InvIT Fund (by IRB Infrastructure Developers), IndiGrid InvIT Fund (Sterlite Power Grid Ventures) and two private InvITS — IndInfravit, sponsored by L & T Infrastructure Development Projects and Brookfield-led India Infrastructure investment trustNSE 3.21 %. Infrastructure investment trust (InvIT) issuances to grow five-fold to over Rs. 2 lakh crore in the next two years, said a July 2019 CRISILNSE -3.56 % report. Source: economictimes.indiatimes

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BUSINESS & FINANCE

Hero Future Energies get USD 150 mn strategic investment from Masdar Hero Future Energies (HFE) announced that the company has got a USD 150-million strategic investment from Abu Dhabi Future Energy Company (Masdar), for expansion of its portfolio.

his is the second strategic funding in HFE since 2017, following the initial USD 125 million investment made by the International Finance Corporation (IFC), part of the World Bank. HFE, a clean-tech company, said the USD 150-million investment will fund expansion of its renewable energy portfolio, including in selected international geographies, the company said in a statement. The investment was done by Abu Dhabi Future Energy Company (Masdar), a global leader in renewable energy projects, sustainable real estate and sustainable mobility. Hero Future Energies said the investment will help facilitate the further expansion of HFE in India and other key growth markets. Masdar, the renewable energy arm of Mubadala Investment Company, has delivered renewable energy projects in more than 25 countries since 2006, representing a combined investment of around USD 13.5 billion.

Hero Future Energies hopes that as much as 25 per cent of its growth will come from new international markets, including the UK and Bangladesh, Singapore, Vietnam, Philippines and Indonesia.

HFE Chairman and Managing Director Rahul Munjal, said in the statement, ‘Hero Future Energies and Masdar are ideal long-term strategic partners. We have clear alignment in our core ambitions. We are committed to advancing the development, commercialisation and deployment of cutting-edge renewable power solutions.’ Commenting on the announcement, Masdar Chief Executive Officer Mohamed Jameel Al Ramahi said, ‘At Masdar, through our strategic investment in Hero Future Energies, we are proud to associate our name with one of India’s most iconic brands and to support its further expansion, both in India’s burgeoning renewable energy sector and new geographies.’ The current portfolio of HEF includes 1.3 gigawatt (GW) of wind and solar power and an additional 1.5 GW under construction or planned. The company has a 2022 growth target of 5 GW of installed and operating capacity. Source: PTI

Adani Green Energy Q2 profit at

Rs 102 cr

Adani Green Energy posted a consolidated net profit of Rs 102 crore profit for the September quarter of 2019-20. The company reported a loss of Rs 188 crore in the year-ago period, a BSE filing said. Total income rose to Rs 711.96 crore in the second quarter from Rs 458.89 crore a year ago.

Adani Green Energy continues to expand and invest in the renewables spectrum following the government’s mission to be the world’s largest renewable energy expansion programme of 175GW till 2022. The company will continue to provide reliable, sustainable, round the clock green power for India’s growing power demands and needs, Chairman Gautam Adani said in a statement.

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CEO Jayant Parimal said the company commissioned 450 MW of new renewable capacity in April-September of this fiscal, taking total operational portfolio to 2.4 GW. ‘With a further 2.9 GW currently under construction, we will reach 5.3 GW capacity progressively over the next 2 years, contributing to the renewable energy targets of the country,’ Parimal added. Shares of Adani Green were trading at Rs 96 per scrip, up 2.56 per cent, on the BSE. Source: PTI

DECEMBER- 2019

BUSINESS & FINANCE

Exclusive | Canada’s CPPIB, Brookfield eyeing more than $1 bn investment in ReNew Power CPPIB is in talks to buy out the entire stake held by Goldman Sachs, while Brookfield is eyeing the stake held by another existing investor ADIA (Abu Dhabi Investment Authority), a source told Moneycontrol.

ndia’s largest green energy company ReNew Power is gearing up for a major internal rejig involving its top global investors which could see Canada’s CPPIB (Canada Pension Plan Investment Board) and Brookfield in the driver’s seat if deal talks fructify, sources with knowledge of the matter told Moneycontrol. ReNew Power was founded in 2011 by Sumant Sinha, son of Former Finance Minister Yashwant Sinha and the firm is the largest renewable energy IPP (Independent Power Producer) in terms of total energy generation capacity.

“CPPIB, an existing investor, and Brookfield, the newcomer, are looking at making a combined investment of more than a billion dollars in ReNew Power and buy out stakes of other global investors. The discussions are at a preliminary stage and may or may not necessarily result in a transaction,” a source told Moneycontrol. “CPPIB is in talks to buy out the entire stake held by ReNew Power’s oldest investor Goldman Sachs and provide it with an exit. Brookfield, on the other hand, is eyeing the stake held by another existing investor ADIA (Abu Dhabi Investment Authority),” added another source. Goldman Sachs has invested around $370 mn in ReNew Power in a phased manner between 2011 and 2015. It failed to get an exit earlier as the company’s IPO plans were shelved. It holds a 48.6 percent stake, as per the draft IPO prospectus filed by the company in May 2018. Including the initial $144 million investment in January 2018, CPPIB’s total investment in ReNew Power stands at $391 million after its $247 mn investment in April 2018. CPPIB held a 16.2 percent stake, according to the draft IPO prospectus. ADIA, on the other hand, had invested $200 mn in ReNew Power in 2015. In July 2019, ReNew Power announced that it had raised $300 mn via a rights issue, with Goldman Sachs, ADIA and CPPIB infusing $100 mn each. At December 31, 2017, CPPIB’s investments in India totalled C$6.4 billion. In order to build a diversified portfolio of CPP assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. In the domestic renewable energy space, Brookfield has earlier acquired two wind farms from Axis Energy Ventures for nearly Rs 500 crore ($72 million).

DECEMBER- 2019

ReNew Power’s other key existing investors include Japan’s JERA and GE SACEF India managed by the Global Environment Fund. As of June 2019, the company had a total capacity of over 8 GW of wind and solar power assets across the country, including commissioned and under development projects. It develops, builds, owns and operates utility-scale wind and solar energy projects as well as distributed solar energy projects that generate energy for commercial and industrial customers. The government has set a target of having 175 GW of installed clean energy capacity by March 2022. Of that, 100 GW is to be in solar energy, 60 GW in wind projects and the rest in small hydel (up to 25 MW) and biomass plants. In response to queries from Moneycontrol, CPPIB, ADIA, Goldman Sachs, Brookfield & ReNew Power declined to comment.

Source: moneycontrol

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BUSINESS & FINANCE

AIIB Lends $75 Million To Tata Cleantech Capital The Asian Infrastructure Investment Bank (AIIB) has approved $575 million in loans to two urban infrastructure projects in India as part of its efforts to ramp up investments in the country.

It is extending a credit line of $500 million to Mumbai’s suburban railway network and a $75-million loan to Tata Cleantech Capital Ltd, AIIB chief investment officer DJ Pandian said. The projects were approved by the AIIB board in October. This brings the total AIIB investment in India to $3 billion, Pandian said.

he bulk of AIIB’s investments in India are in the form of loans. However, out of $3 billion, about $250 million is in the form equity investments in two funds. It has invested $100 million in equity in the Indian government-led National Investment and Infrastructure Fund and $150 million in Morgan Stanley-sponsored India Infrastructure Fund. AIIB has also committed $50 million to an infrastructure investment trust floated by Oriental Structures, it said.

“Equity [investment] takes time. We have to identify the sub-projects and those projects have to be evaluated,” Pandian said. AIIB will mostly look at making equity investments via funds, he said. AIIB is evaluating various other loans for infrastructure projects including a large power transmission project in Assam and a waste-to-energy project for Karnataka’s rural water supply system. Nearly $1 billion worth of infrastructure projects may go to Assam, Pandian said.

The loan for the Mumbai suburban railway project, which will help connect Mumbai with its peripheral areas, has a tenor of 20-25 years, though it can extend up to 35 years. The loan is priced at LIBOR plus 0.75% to 1.4%, depending upon the maturity, Pandian said, referring to the London Interbank Offered Rate. Source: vccircle

Azure Power Q2 net loss widens to Rs 75.6 crore Solar power producer Azure Power Global Limited posted a 154 per cent increase in net loss at Rs 75.6 crore for the quarter ended September 2019 as against a loss of Rs 29.7 crore reported in the same quarter last year. “The higher losses are primarily due to higher general and administrative expenses, higher net interest expenses, partially offset by higher revenue,” the company said in a statement.

he operating revenue of the company for September quarter stood at Rs 284.6 crore, an increase of 28 per cent over the revenue for the quarter ended September 2018. Operating and committed capacity stood at 3,370 MWs at the end of second quarter, a 10 per cent increase over the corresponding quarter. During the period, the company cancelled its participation in 350 MW projects and received letter of awards for 370 MW of new projects. The company said its power generation during the second quarter grew 238 million units (MUs) to 610 million units. The increased generation was mainly a result of additional operating capacity during the period.

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Azure Power’s Plant Load Factor (PLF) for the July-September period stood at 16.8 per cent as compared to 16.4 per cent for the same period last year. This was mainly attributed to additional capacity in high radiation areas, which was offset by lower insolation due to extended monsoon, the firm said. The company expects its operational capacity to rise in a range between 1,800 Mw and 1,825 MW by the end of the current financial year in March 2020. It is working on a revenue target between Rs 1,277 crore and Rs 1,335 crore for the current fiscal. Source : economictimes

DECEMBER- 2019

BUSINESS & FINANCE

Green certificate sales down 2.25 per cent to 6.87 lakh in October Sales of renewable energy certificates dipped 2.25 per cent to 6.87 lakh units in October as compared to 7.03 lakh in the same month a year ago due to lower supply, according to official data.

ndian Energy Exchange (IEX) and Power Exchange of India (PXIL) are the two power bourses in the country which are engaged in trading of renewable energy certificates (RECs) and electricity. The trading of RECs is conducted on the last Wednesday of every month. According to official data, IEX saw total trade of 4.48 lakh RECs in October as compared to 4.25 lakh in the same month last year. Similarly, PXIL recorded sale of 2.38 lakh RECs in the month as compared to 2.77 lakh in October 2018. IEX data showed that both non-solar and solar RECs continued to see low supply situation, with buy bids exceeding sell bids due to low inventory. There were buy bids for 13.88 lakh RECs against sell bids for 5.75 lakh RECs for the month of October at IEX.

Similarly, there were buy bids for 5.37 lakh RECs and sell bids for 2.6 lakh units for the month of October at PXIL. Under the renewable purchase obligation (RPO), bulk purchasers like discoms, open access consumers and capacitive users are required to buy certain proportion of RECs. They can buy RECs from renewable energy producers to meet the RPO norms. The proportion of renewable energy for utilities is fixed by the central and state electricity regulatory commissions. The REC mechanism is a market-based instrument to promote renewable sources of energy and development of market in electricity. It provides an alternative voluntary route to a generator to sell its electricity from renewable sources just like conventional electricity and offer the green attribute (RECs) separately to obligated entities to fulfil their RPO. Source: PTI

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DECEMBER- 2019

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BUSINESS & FINANCE

After green bonds in Canada, Brookfield eyes renewable biz in India, Brazil Brookfield is one of the most active players in the green debt markets in North America. After selling three green project bonds in the U.S. and marketing a new one in Canada, Brookfield Asset Management’s renewable power business is setting its sights on South America and Asia. The Torontobased company is selling bonds to refinance the existing debt of a pool of four hydroelectric facilities located in Ontario, according to a S&P Global Ratings. The securities are being sold via a private placement.

In Brazil, the company is gathering third party assessments on its assets — early work needed ahead of a potential deal. In India, where the company sees the potential for “rapid growth,” a separate bond is possible in the longer term, said Julian Deschâtelets, a managing director at Brookfield’s renewable power group.

ith more than $50 billion of renewable power assets on four continents, Brookfield is one of the most active players in the green debt markets in North America. The company raised $1.2 billion by pricing the three bonds backed by U.S.-based assets in the past two years and Brookfield Renewable Partners has raised C$900 million of green corporate bonds in Canada over two separate deals.

“We see potential for more growth in the medium term for green debt tied to our actual investments,” said Deschâtelets. “It is about diversifying sources of debt capital.” In Brazil where Brookfield has more than $3.5 billion of renewable power assets, any green debt offering would be its first of that kind out of that country. The potential for a vibrant green bond market is growing as access to cheap loans from state-owned Banco Nacional de Desenvolvimento Economico e Social is reined in under the current government. “There is a great potential for us to be active there,” he said. “For Brazil it would be a local market, local currency.” In India, Brookfield Renewable could issue green project debt in the local currency should market conditions allow, Deschatelets said. Alternatively, it could be a dollar denominated transaction. “Right now India is more difficult” with local bank and capital markets more challenging, he said. “A lot of issuers are looking to raise capital outside.”

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Brookfield is in talks to invest $800 million in India’s largest green energy company ReNew Power Ltd., The Economic Times reported on Nov. 8, citing unidentified people familiar with the matter. A press officer for Brookfield declined to comment. Finally, in China, where the firm is pursuing a “measured” growth strategy, the company could consider a green debt deal at some point he said. Brookfield has a roof solar panel operation with Singapore’s GLP Pte Ltd, and the joint venture has issued an $15 million offshore green bond. Investors with green mandates make up just 15% to 20% of accounts taking part in Brookfield’s green bonds so far, Deschatelets said. Still, it makes sense to have a presence in this asset type because that will grow, Deschatelets said. “It will be beneficial for us to have done work and issuance because over time it will lead to pricing benefit potentially,” he said. Source: business-standard

DECEMBER- 2019

BUSINESS & FINANCE

Avaada Group’s Clean Energy Business Receives USD 15Million Investments from Proparco USD 15Million investments received from Proparco. Company has currently3.4 GW of renewable portfolio including under implementation projectsand is targeting to expand to 5 GW over next two years. Earlier this year, Company has so farraised over INR 1450 crores in equity funding from ADB, DEG,FMO and Promoters. Avaada Energy Pvt Ltd a leading solar project developer,received USD 15Millionin equityinvestmentsfrom Proparco, French development finance institution for part financing its renewable energy portfolio of the targeted 5 GW capacity.

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his infusion will further catapult Avaada’s leadership role in India’s transition to clean energy and contribute in achievingPrime Ministers vision of 175 GW of solar energy by 2022. We thank Proparco for faith reposed in Avaada in challenging times for the sector. This clearly establishes the capability and strength of Avaada in executingrenewable projects and attracting quality global investors. Avaada will continue to seek investment from quality long term investors to grow its portfolio which will help the country’sfight against climate change. Reinforcing its commitment towards bringing sustainable energy to developing economies,Avaada is targetingan extensive portfolio of 5 GW solar energy projects across Asia and Africaof whichabout 3.4 GW capacities are currently either operational or under implementation.

DECEMBER- 2019

Speaking on this development Vineet Mittal, Chairman Avaada Group said, “Avaada is committed to provide sustainable environment for future generation.We are targeting an extensive portfolio of 5 GW solar energy projects across Asia and Africa. Iam thankful and appreciateinvestments byPROPARCO in our renewable energy venture. Recently we have received investments from ADB, DEG & FMO. Investments by these global financial stalwartsrevalidatesourimpeccableexecution track record, high preforming assetsgenerating maximum returns for all our stakeholders” Source: AVAADA Energy

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BUSINESS & FINANCE

ReNew Power announces joint venture with

Korean major GS E&C ReNew Power Private Limited (ReNew Power), India’s largest renewable energy independent power producer, announced a joint venture partnership with South Korea based GS E&C for execution of its 300 MW solar power plant in Rajasthan. The project is part of the capacity auctioned by Solar Energy Corporation of India (SECI) under its tranche-IV auctions concluded earlier this year.

S E&C is one of South Korea’s largest construction and development firms and part of the GS Group, with an asset base of over $58 billion. This investment will mark the entry of GS E&C in the Indian renewable energy sector.

Commenting on the partnership, ReNew Power’s Chairman & MD Sumant Sinha said, “We are delighted to be partnering with GS E&C for this project, as both ReNew Power and GS E&C are not only leaders in their respective businesses, but also bring excellent project execution and management skills. I expect the partnership to set new benchmarks in the Indian renewable energy space and look forward to executing more projects together “

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ReNew Power will hold a majority 51% equity under the partnership, while the balance will be held by GS E&C.

We are pleased to take part in the national solar mission of India in partnership with ReNew Power, the leading company in the country’s renewable energy space. This remarkable project is the first step of our great journey putting the technical expertise and financial capability of both companies together. GS E&C and ReNew Power will continue to play an important role achieving the country’s ambitious target for the transition to cleaner energy, Huh Yun Hong, the president and head of new business division of GS E&C said in a media statement. ReNew Power recently crossed the 5GW renewable energy generation milestone with the commissioning of a 250 MW solar plant in Bikaner. ReNew is now the 11th largest renewable energy company in the world (ex-China), with assets valued at over $6.5 bn. Source: ReNew Power

DECEMBER- 2019

DISTRIBUTED SOLAR

Tata Power creates new arm to set up 10,000 microgrids in India The TP Renewable Microgrid would be set up in collaboration with Rockefeller Foundation, which will provide technical support to the offshoot for achieving its objective. Tata Power said it will create an arm, TP Renewable Microgrid, to set up 10,000 microgrids to provide power to five millions homes across the country.

he TP Renewable Microgrid would be set up in collaboration with Rockefeller Foundation, which will provide technical support to the offshoot for achieving its objective. However, Rockefeller Foundation will not have any stake in the venture.

The TP Renewable Microgrid represents important scaling up of efforts to provide access to affordable, reliable and clean electricity in India, and will serve as a model for expanding access to more than 800 million people who are without power worldwide, a Tata Power statement said. “TP Renewable Microgrid anticipates setting up of 10,000 microgrids through 2026 to provide power to millions across India and help eradicate energy poverty,” it said. According to statement by scaling up an innovative microgrid model to be implemented in collaboration with Smart Power India (SPI) and the Institute for Transformative Technologies, TP Renewable Microgrid will provide clean power to nearly five million households, directly impacting lives of 25 million people. Rural businesses and households continue to rely on alternative sources to power daily needs – with more than 40 per cent of rural enterprises in states like Bihar and Uttar Pradesh relying on non-grid sources of power such as diesel, it added.

The TP Renewable Microgrid is expected to reduce carbon emissions by one million tonne per year as well as diesel consumption by 57 million litres yearly. The TP Renewable Microgrid will be operated and managed by Tata Power with about 11,000 MW of installed power generation capacity and over 2.6 million customers under management across Delhi, Ajmer and Mumbai.

Once at scale, TP Renewable Microgrid anticipates supporting 1,00,000 rural enterprises, creating 10,000 new green jobs, and providing irrigation for over 4,00,000 local farmers, said Tata Power CEO Praveer Sinha in a statement. SPI, which was launched by The Rockefeller Foundation in 2015, has built microgrids that provide clean, distributed electricity to more than 200 villages in rural India.

We have an unprecedented opportunity to transform the lives of millions of people in India by providing access to power, said Rajiv J Shah, President of The Rockefeller Foundation. In addition to building, owning, and operating microgrids in India, TP Renewable Microgrid intends to provide ancillary micro enterprise services to benefit communities. Source: PTI

DECEMBER- 2019

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DISTRIBUTED SOLAR

To Help SMEs Save Electricity Cost, U GRO & Sunvest Capital launch ₹20 Cr Rooftop Solar Co-Lending Programme U GRO Capital, a BSE listed, technology enabled small business lending platform has entered into a co-lending programme with Sunvest Capital, India’s first dedicated rooftop solar financing NBFC, which will catalyse rooftop solar ecosystem and accelerate the efforts towards achieving the ambitious clean energy targets by the government.

everaging the expertise and market intelligence of Sunvest and the tech-driven knowledge of U GRO in SME lending, the co-lending programme with a corpus of Rs.20 crore will power the clean energy initiatives with an aim to help the MSMEs save the electricity cost hugely by offering them solar panel finance, besides reducing the carbon footprint in the country. The collaboration assumes significance as the government has set a renewable energy target of 175 GW by 2022 and solar rooftop energy is expected to contribute 40 GW to the overall target. However, India has so far installed only 10% of its rooftop solar target, leaving a huge potential for growth that is impeded by financial concerns among the MSMEs.

We are delighted to join hands with Sunvest Capital. The co-lending programme will combine our knowledge-driven approach (sectoral focus) backed by technology with in-depth solar panel market insights of Sunvest Capital. We look forward to a long-term mutually beneficial relationship with Sunvest Capital to fill this market gap and join the nationbuilding through carbon mitigation and clean energy promotion, said Mr. Shachindra Nath, Executive Chairman, U GRO Capital.

A new-age listed fintech platform, UGRO has already made a mark with its tech-enabled platform to solve the ever-growing credit gap in the SME sector. The company has developed proprietary tools which comprise of customized SME sector specific statistical scorecards, underwriting insights based on deep sub-sector level research put together in a highly integrated technology platform. This helps in getting an inprinciple decision for the loan application within 60 minutes. The Company has already disbursed more than US$100mn across 6000+ small businesses in a short span of 10 months. Through the co-lending programme with Sunvest Capital, U GRO Capital aims to create a deeper social impact by facilitating solar panel finance to SMEs so that can reduce electricity overheads. At a broader level, the initiative will promote use of green energy among the SMEs as well to protect the environment sustainability.

We are excited to partner with U GRO capital in this co-lending arrangement. Sunvest has a deep understanding of the rooftop solar market in India and U GRO has unparalleled expertise in SME lending. With over 400 industrial clusters, MSMEs are the growth engine for India’s industrial development and adopting solar energy has numerous economic, social and environmental benefits. Power costs are a big portion of MSME’s overall expenditure and access to the right financial products will now help these businesses to go solar,” said Mr. Sishir Garemella, Founder & CEO, Sunvest Capital. “We believe the timing of our partnership is ideal to capitalize on the long-term lending opportunity in solar and sustainability domains. We are confident that our partnership, a first of its kind, will catalyse the rooftop solar ecosystem. India is serious about tackling climate change and the world is looking at us to take meaningful steps towards carbon mitigation. Innovative financing will have a positive impact on reducing emissions while increasing productivity for small businesses,“ said Mr. Garemella. Sunvest Capital brings on board years of deep market intelligence and expertise in rooftop solar segment. Sunvest is leveraging the latest fintech capabilities to provide end consumers a seamless and hassle-free experience. The firm won the US India Clean Energy Finance grant in 2018. Source: indianweb2

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DECEMBER- 2019

DISTRIBUTED SOLAR

SunAlpha Energy launches Easy EMI financing facility for Rooftop Solar Plants Rajasthan-based SunAlpha Energy has launched Easy EMI financial facility for rooftop solar power plants. With a view to making the adoption of solar power easier on the pocket, SunAlpha aims to enable mass adoption of solar power across all segments.

While launching this scheme, SunAlpha Co-founder & CEO Mr. Raghav Mittal said, “We are delighted to launch this unique EMI facility for the installation of rooftop solar plants for the easy accessibility of our prospective customers from all sectors. With fast approvals and executions, we intend to make the process seamless and worryfree, so that our clients can focus on the savings. SunAlpha aims to enable 1000 homes and businesses with rooftop plants during the initial launch of this scheme.”

unAlpha’s clients will have a choice of 12, 18, 24 and 36 months EMI for the financing facility. Customers will require the standard KYC documents of the applicants (PAN, Aadhar Card, Photo, Mobile Number) among other documents that SunAlpha’s sales representatives will explain in detail. Customers will also need to submit documents such as financials of the company, Loan sanction letters, bank statements, Monthly sales figures and List of shareholders and directors. In an attempt to make the process fast, SunAlpha has hastened the process of sanction to within 72-96 hours of receiving all documents. SunAlpha is an award-winning premium solar PV designer and constructor of high-quality rooftop systems. It focuses on serving customers with creating value through innovative end-to-end solutions. With 200+ satisfied customers, spread across 12 states and across diversified sectors such as Mining, Marble, Steel, Plastic, Universities, Hospitals, Schools, Residences, etc. A few of SunAlpha’s prestigious customers include Novotel, Jindal Poly, Emami Group, Salarpuria Group, Simplex Infra and many more in counting. Source: sristipr.in

Distributed Energy unveils a platform for investorscustomers in Renewable Energy Distributed Energy, a renewable energy aggregator with a large Indian market focus, announced one of its kind platform that connects credible renewable projects with investors.

istributed Energy, a renewable energy aggregator with a large Indian market focus, announced one of its kind platform that connects credible renewable projects with investors. After comprehensive due diligence on several metrics is performed, energy customers have their fundable projects listed on its marketplace. Investors can explore and express interest in one or more of these at the click of a button. The platform has already delivered 5MW of energy to a range of companies in Southern India and Rwanda. The platform also shared today that it has received Rs. 10 crore in funding from Ramez Naam (Co-Chair of Energy and Environment at Singularity University) through an AngelList Syndicate and from Mount Meru Group, a leading African business conglomerate.

Talking of the new platform and its relevance for India, Mathew Mazhuvanchery, Co-Founder, Distributed Energy, said, “India is among the most promising renewable energy markets in the world – especially in Solar. We have one of the most refined supply chains in solar energy. However, access to capital to Indian companies for solar is limited. We believe that the platform, by opening up a new, reliable channel for investors, will help unlock capital and thus accelerate the deployment of renewable energy across India. The primary reason why the platform has gained quick traction is due to the economics of the model that works for both parties.”

Ramez Naam, Co-Chair of Energy at Singularity University and an Angel Investor, added, “We have seen the platform model work well in distributed solar in other parts of the world. There’s a huge opportunity to bring the same solar model to commercial and industrial customers in India and Africa, saving customers money, and earning a return for project backers. Distributed Energy’s co-founders are seasoned entrepreneurs, and they immediately impressed me with their knowledge and vision for solar in the region.” Ministry of Renewable Energy through National Solar Mission of India has set a target of achieving 175 GW of installed renewable energy capacity by the end of 2022 of which 40 GW is from Solar rooftop. Most of this 40GW will be funded by private investors. The platform plans to push for projects with standardized design and using certified engineers and equipment. After the project starts generating power, it will also manage the distribution of returns. The returns on these projects is usually in excess 16% over the length of the power purchase agreement. Source: bwsmartcities.businessworld.in

DECEMBER- 2019

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UAE’s Masdar to Build $100 Million Solar Farm in Uzbekistan

Masdar, a clean energy development company based in Abu Dhabi, agreed to build a 100-megawatt photovoltaic power station in Uzbekistan’s Navoi region. nder the agreement signed in Tashkent, Masdar will invest up to $100 million in the project, the Uzbek Ministry of Investments and Foreign trade said in a statement. Masdar will design, finance and build the plant and operate it for 25 years. Construction will start in the first quarter of 2020 and take a year. Sardor Umurzakov, the Uzbek minister of investments and foreign trade, described the signing of the investment agreement with Masdar as a “historic” event.

Source: Bloomberg L.P.

Vietnam Energy Outlook Report 2019 launched Vietnam Energy Outlook Report 2019 (EOR), one of the outstanding results of the cooperation between Vietnam’s Ministry of Industry and Trade and Denmark’s Ministry of Energy, Utilities and Climate, was launched in Hanoi on November 4.

he EOR presented three scenarios to achieve the goal of reducing coal consumption and hydropower dependence as well as saving energy and promoting the use of renewable energy in Vietnam. To obtain the target of developing renewable energy, Danish experts recommended Vietnam reduce coal consumption, increase the use of energy-efficient means, and support large-scale energy-saving investment projects.

Jakob Stenby Lundsager, long-term advisor for the Danish Energy Partnership Programme in Vietnam, said Vietnam has become a net importer of coal since 2015 and the trend is increasing. From 2020 to 2030, fuel imports will increase by three times and eight times by 2050. He proposed Vietnam early start research into reducing coal demand and take early action in coal power consumption. Promoting the development of renewable energy, energy saving, and gas thermal power may contribute to reversing the current coal consumption trend, he suggested.

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Meanwhile, Morten Baek, Permanent Secretary at the Danish Ministry of Energy, Utilities and Climate, said Vietnam has abundant sources of solar energy, wind power, and biomass, which is favourable for renewable energy development to reduce greenhouse gas emissions and environmental pollution. Danish experts also recommended that energy saving should be a top priority in Vietnam’s eighth power plan, adding that a stable, simple, transparent legal framework and increased competitiveness for renewable energy projects could help the proportion of renewable energy in the electricity structure reach 40 percent by 2030. Deputy Minister of Industry and Trade Hoang Quoc Vuong said the EOR provides useful information about the development of electricity and energy systems in short and long terms in Vietnam, in line with the orientations of the Vietnamese Government on sustainable energy development in association with environmental protection and energy security. Source : vietnamplus

DECEMBER- 2019

international

Malaysia is targeting a higher level of renewables in its energy mix by 2025, says its environment minister Yeo Bee Yin, who is Malaysia’s minister for energy, science, technology, environment and climate change said Malaysia is targeting to generate 20% of its electricity from renewable energy sources by 2025 — up from 2% currently. Playing down the possibility of a carbon tax, Yeo suggested that solar energy is a viable option for Malaysia, a tropical country.

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Southeast Asian country Malaysia is looking to use a higher percentage of renewables in its energy mix in the next five years, its environment minister said. Yeo Bee Yin, who is Malaysia’s minister for energy, science, technology, environment and climate change, said the country is targeting to generate 20% of its electricity from renewable energy sources by 2025 — up from 2% currently. Playing down the possibility of a carbon tax, Yeo suggested that solar energy is a viable option for Malaysia, a tropical country. “We are a developing country. We want to look into what will be the best solution, as in the best economical solution for us first before looking into taxing … people (more). For example, energy efficiency. Energy efficiency saves your electricity bill as well as decarbonizing. Can we incentivize that?” or instance, “solar is getting cheaper; can we make it cheaper so that people go into it?” she told CNBC at Singapore International Energy Week. As the cost of renewables becomes more competitive with fossil fuels, interest in cleaner energy solutions grows. Neighboring Singapore said it plans to speed up the use of renewable energy, particularly in solar, the country’s trade and industry minister told CNBC. Recent pollution issues in Malaysia Malaysia has witnessed several high profile pollution cases recently including chemical dumping in the south of the country and haze from fires in Indonesia. There have also been concerns about Malaysia’s August decision to extend a license for Australia’s Lynas Corp for processing rare earth minerals, due to worries about radioactive waste from the production process. Lynas has said the low-level radioactive waste is not hazardous, Reuters reported.

DECEMBER- 2019

Yeo told CNBC that Lynas’ license was extended to the company with tougher terms attached and that the Australian company will have to manage their production process and waste disposal to ensure that there will be no radioactive waste in four years. The Malaysian prime minister’s office had said that not renewing Lynas’ licence would lead to job losses. It would also have a “negative impact on Malaysia’s credibility as a business-friendly country,” Reuters reported. Yeo also faced calls for resignation over concerns that an Indonesia subsidiary of Malaysia’s IOI Corporation — linked to her husband’s family — is one of the entities that allegedly caused forest fires which spread heavy pollution or haze across the region in September. IOI has refuted the allegations, Malaysian newspaper The Star reported. When asked by CNBC on whether there is a conflict of interest, Yeo said:

“On the haze problem … Indonesia has full power to investigate and to charge any companies, whether they are Malaysian, Singaporean, Chinese or Indonesian. Any company that is found to be a culprit of starting forest fires — if they think that any companies do that — they can charge them and they have full power. And Malaysia is in the position that they should charge them without fear or favor.” Source: cnbc

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Singapore wants to generate enough solar energy for 350,000 households annually by 2030 – here’s how it plans to do that Singapore has moved from oil to natural gas for cleaner power generation in the past 50 years, but Singapore’s energy use now needs to be even cleaner for the sake of future generations. Calling climate change a “challenge that requires us to change the way we use and produce energy”, the Energy Market Authority (EMA) said in a statement that Singapore’s energy sector will need to evolve to remain clean and efficient.

inister for Trade & Industry Chan Chun Sing announced at the Singapore International Energy Week (SIEW) 2019 on the same day that Singapore will harness “4 Switches” as part of its energy transformation plan. Currently, about 95 per cent of Singapore’s electricity is generated using natural gas, which is considered the cleanest fossil fuel at the moment. But while natural gas will continue to be a dominant fuel for Singapore in the near future, the nation will also scale up its three other “switches” so it becomes less reliant on natural gas, EMA said. The Government will also help generation companies improve the efficiency of their power plants, it added. The sun will provide enough power for 350,000 households a year

The second switch is solar energy, which EMA says is “Singapore’s most promising renewable energy source”. The authority added that the Republic is on track to reaching its solar target of 350 megawatt-peak (MWp) by 2020, and will set a new target of at least 2 gigawatt-peak (GWp) by 2030. This is enough to meet the annual power needs of around 350,000 households in Singapore, and according to The Straits Times, is about 4 per cent of Singapore’s total electricity demand today. It will require an eight times increase in solar adoption from today’s capacity.

To this end, Singapore will deploy and maximise solar panels over available spaces, including rooftops, reservoirs and offshore spaces. “Besides increasing our clean energy supply, solar will improve energy security by tapping on alternative energy sources,” EMA said.

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In addition, Singapore has set an energy storage deployment target of 200 MW beyond 2025. To achieve this, the authority will work with the industry and agencies to support a large-scale, nationwide deployment of Energy Storage Systems (ESS). As solar energy can be affected by weather conditions, energy storage helps to address solar intermittency and enhance grid resilience by managing mismatches between electricity supply and demand, EMA said. Regional power grids and low-carbon alternatives. The third switch is the use of regional power grids, which EMA says can be explored for cost-competitive energy via bilateral cooperation or regional initiatives. Lastly, emerging low-carbon alternatives – such as carbon capture, utilisation or storage technologies and hydrogen – will also be studied to see how they can help reduce Singapore’s carbon footprint. Read also: PUB is building one of the world’s largest floating solar panel systems that could generate enough power for 13,500 HDB flats every year

Chan also said that “the holy grail for everyone today is nuclear fusion, not nuclear fission”, but added that it will take “many more years to mature fusion technology before it can be commercialised”. “But we will never give up the search for alternative energy sources to complement the three Switches that we already have,” he said. Source : businessinsider

DECEMBER- 2019

international

Vietnam is leading Asian growing solar PV market

SOUTH-EAST Asia’s cumulative solar photovoltaic (PV) capacity is expected to triple within the next 5 years, with large-scale solar projects dominating installation capacity before distributed solar installations pick up as project economics start to become more attractive, an energy consultancy group said. SOUTH-EAST Asia’s cumulative solar photovoltaic (PV) capacity is expected to triple within the next 5 years, with large-scale solar projects dominating installation capacity before distributed solar installations pick up as project economics start to become more attractive, an energy consultancy group said.

ts data shows that the country’s cumulative solar PV installation will hit 5.5 GW this year, making up 44 per cent of South-east Asia’s total capacity. This compares with just 0.134 GW in 2018. WoodMac noted that Vietnam awarded projects at US$93.50 per megawatt hour (MWh) under a feed-in tariff (FIT) programme for solar PV projects connected before end of June 2019. While bankability concerns existed, the project economics were attractive, delivering equity internal rate of returns in the mid-teens. FIT is a payment made to renewable energy producers, which could be households or businesses generating their own electricity using renewable means, for each unit of energy produced and injected into the electricity grid. WoodMac solar analyst Rishab Shrestha said FITs have proven to be an effective policy to inject rapid growth in renewables, and Vietnam’s build is another example of that. Vietnam’s next FIT is expected to be applied through 2021, and WoodMac expects grid connection activity to peak at around the end of that year.

Grid expansion is also expected to increase grid capacity for solar in key southern provinces, as installed capacities exceed grid capacity. WoodMac expects this to go up by about 25 per cent in 2020, compared with 2019, but said more investment is needed to address curtailment concerns. Other growing solar PV markets include Malaysia and Singapore. WoodMac said Malaysia’s policy target is backed by a sound policy framework and offers sizable opportunities, as the country targets a 20 per cent renewable capacity mix by 2025. As for Singapore, distributed solar is gaining momentum, WoodMac said, as it expects the national target of 350 MW by 2020 to be met. Singapore installed 56.7 MW in the first half of this year, exceeding the 2018 full year solar addition of 55.1 MW. Source: businesstimes.com

ZAMBIA: Univergy will invest $200 million to produce 200 MWp from solar energy The Japanese company Univergy Solar will invest 200 million dollars in Zambia to carry out two solar photovoltaic projects. They will allow 200 MWp to be fed into the national grid in 2020.

new independent power producer (IPP) is interested in Zambia. It is the Japanese Univergy Solar, with an extensive programme of projects in Japan and several Latin American countries. In Zambia, it wants to take advantage of the opening of the electricity sector to invest $200 million. This investment will enable it to build two solar photovoltaic power plants. The first will be located in northern Zambia, with a capacity of 135 MWp. The second, with an expected capacity of 65 MWp, will be built in the copper belt (Copperbelt province), a region known for its rich subsoil, located on the border with the Democratic Republic of Congo (DRC).

A necessity for Gambia “The solar projects will be implemented in collaboration with a Zambian company and are expected to create hundreds of jobs and business opportunities for local companies involved in the maintenance of solar parks and power plants,” says the Zambian government. The latter also announces that it will sign a memorandum of understanding on these projects with Univergy Solar in the coming days…..

DECEMBER- 2019

Work on both projects will begin in the first quarter of 2020 and will be completed “within six to eight months”. They are proving to be of crucial importance for Zambia with a national network deficit. This weakness is partly caused by the current drought in Eastern and Southern Africa. It must be said that the country depends heavily on hydropower, particularly the Kariba dam, which has a hydroelectric power plant with a capacity of 1,626 MW. The water level on the dam has dropped drastically and the production of the installations has dropped by 600 MW. To address the situation, the Zambian government is currently negotiating with the South African public company Eskom to import 300 MW. The government is counting on ongoing renewable energy projects to recover its energy autonomy. The projects are mostly developed by IPPs (independent power producers). This is the case of the Japanese Toyota Tsusho, which has teamed up with Egypt’s Elsewedy Electric to build two 100 MWp solar power plants near the western cities of Sesheke and Mungo. For its part, Upepo Energy Partners wants to supply 150 MW from a power plant combining solar panels, wind turbines and a battery storage system in the north of the country.

Source: afrik21.africa

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Google and AES Announce Cloud-Based Partnership for Clean Energy AES plans to use Google Cloud tech to sponsor new clean energy projects in Latin America and the U.S. In order to meet its renewable energy targets, Google has recently promised millions of dollars for clean-energy-supported manufacturing, signed deals on a record-breaking renewables portfolio, and even joined a couple of regional transmission organizations.

he company announced it would push its renewables capabilities further by partnering its Cloud service with independent power producer AES Corporation on a “10-year strategic alliance,” which the companies said would use tools like artificial intelligence and data analytics to modernize the electric grid and support new renewables projects in the U.S. and Latin America. The two companies are already working together on two projects in Chile; one is a 100-megawatt wind farm, and the other is an 80-megawatt solar installation that will power a Google data center. Those projects are part of the 1.6 gigawatts’ worth of new capacity that Google announced in September.

Andrés Gluski, president and CEO of AES, said the new partnership would combine the “capabilities, footprint and experience of both companies.” The announcement sketched out the goals of the collaboration in broad terms, claiming that the use of cloud technology will enable more widespread use of clean energy. The alliance did specify it will focus specifically on Uplight, a company created in July when AES merged Simple Energy and Tendril, and which provides “customer-facing solutions” for utilities.

Google and AES said Uplight will use Google Cloud technology “to enhance its end-to-end energy action system, to increase customer satisfaction and reduce carbon emissions.” AES’ goals to transition to “an energy company of the future” — announced in 2017 — and its more recent efforts to reduce the carbon intensity of its portfolio 70 percent by 2030 align with Google’s plans to meet all of its electricity demand with renewables. The tech giant first met its 100 percent renewable energy target in 2017 and continues to buy more clean power to cover its expanding footprint. In its 2018 sustainability report, AES detailed the signing of 1,946 megawatts’ worth of long-term renewables power-purchase agreements and said it plans to sign deals for an additional 2 to 3 gigawatts each year through 2022. Of the company’s projects under construction as of the end of 2018, totaling more than 4 gigawatts, all were renewables or storage aside from a 1,320-megawatt coal plant in India and a 1,284-megawatt gas plant combined with energy storage in California (although those plants were the largest under construction). Google also continues to move forward with clean energy commitments as its employees demand more aggressive climate action. This week, more than 1,000 of the company’s employees signed a letter calling for Google to promise zero emissions by 2030, stop funding any climate-denying “or -delaying” groups, end any contracts tied to fossil fuels, and deny engagement with any entities “enabling the incarceration, surveillance, displacement, or oppression of refugees or frontline communities,” populations that are disproportionately impacted by climate change. Some Google employees also participated in recent walkout climate strikes. Also this week, Google announced it would select between eight and 10 climate “social impact” startups in Europe, Africa and the Middle East to participate in a six-month accelerator program. The company said startups will be selected based on the sustainable development goals laid out by the United Nations, which focus on topics such as climate, poverty and inequality. The tech company will offer mentoring and help the participating firms secure access to funders. Source: greentechmedia

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DECEMBER- 2019

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US notifies UN of withdrawal from Paris agreement on climate change Although Trump had announced his decision to withdraw from the historic Paris Agreement on climate change on June 1, 2017, the process began on November 4 with the formal notification.

S has formally notified the United Nations of its withdrawal from the Paris climate accord, a global agreement in which President Donald Trump’s predecessor Barack Obama and Prime Minister Narendra Modi had played instrumental roles. Although Trump had announced his decision to withdraw from the historic Paris Agreement on climate change on June 1, 2017, the process began on November 4 with the formal notification and the US will be out of the pact on November 4, 2020.

Today, the United States began the process to withdraw from the Paris Agreement. Per the terms of the agreement, the United States submitted formal notification of its withdrawal to the United Nations. The withdrawal will take effect one year from delivery of the notification, US Secretary of State Mike Pompeo said in a statement. A spokesperson of the UN Secretary-General in New York said the US has notified the secretary-general, in his capacity as depositary, of its withdrawal from the Paris Agreement of December 12, 2015 on November 4, 2019. The US had signed the Paris Agreement on April 22, 2016 and expressed its consent to be bound by the agreement by acceptance on 3 September 2016. “In accordance with the provisions of its article 28, paragraph 1, the United States of America could withdraw from the Paris Agreement as from today by giving written notification to the Secretary-General,” the UN spokesperson said.

DECEMBER- 2019

Pompeo said the US approach incorporates the reality of the global energy mix and uses all energy sources and technologies cleanly and efficiently, including fossils fuels, nuclear energy and renewable energy. “In international climate discussions, we will continue to offer a realistic and pragmatic model – backed by a record of real world results – showing innovation and open markets lead to greater prosperity, fewer emissions, and more secure sources of energy,” he said. The US will continue to work with its global partners to enhance resilience to the impacts of climate change and prepare for and respond to natural disasters, Pompeo added. “Just as we have in the past, the United States will continue to research, innovate, and grow our economy while reducing emissions and extending a helping hand to our friends and partners around the globe,” he said.

The growing climate crisis is the existential threat of our time, jeopardising the health and well-being of every family in every community around the world. President Trump’s shockingly-reckless decision to formally pull the United States out of the Paris Climate Agreement is yet another disastrous antiscience, anti-government decision that sells out our planet and our children’s future,” House Speaker Nancy Pelosi said. While the Trump Administration continues to deny the science, an overwhelming majority of American people are demanding bold action to fight the climate crisis, she claimed.

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international “In fact, leaving the agreement will harm the US economy as our country retreats from a global technology market that is exSenator Patrick Leahy alleged that the decision was nothing more than the pected to value in the tens “fulfilment of a cynical and reckless campaign promise” made for the sole purpose of currying favour with the fossil fuel industry. “It comes in the wake of trillions of dollars. This decision also empowers of the latest National Climate Assessment by our country’s top scientists, China because the agreewhich was unequivocal: Climate change already affects every sector and region of our country, threatening millions of Americans’ health, homes and ment is actually designed livelihoods,” he said. “President Trump has long asserted, whether he actually to hold it accountable for its commitments to reduce believes it or not, that Paris is some nefarious globalist plot to harm American competitiveness and empower countries like China and India, which are greenhouse gas emissions,” the senator said.

parties to the Paris Agreement,” Leahy said.

Source: PTI

GCC to create $76 billion in cost savings from renewable energy adoption by 2030

The GCC is rapidly adopting renewable energy generation to meet the power demand, lower carbon emissions and reduce costs, with the International Renewable Energy Agency, Irena, predicting that if the GCC realises its renewable energy plans, the region is set to create cumulative cost savings of US$76 billion by 2030.

he GCC’s installed power capacity grew fourfold between 2014 and 2017, the Irena indicated. The UAE, which already hosts 68 per cent of the GCC’s installed renewable energy capacity, by 2050 hopes to generate 50 per cent of its power from renewables in line with its long-term Energy Strategy. Connecting the region’s ambitions to the global stage is the World Future Energy Summit’s Energy Expo & Forum, to be hosted by Masdar, from 13th-16th January, 2020, as part of the Abu Dhabi Sustainability Week.

The Energy Expo & Forum provides an unparalleled platform to support the adoption of renewable energy and showcase innovations ranging from solar PV panels and wind turbines to hydrogen fuel cells and waste-to-energy solutions, said Grant Tuchten, Group Event Director, World Future Energy Summit. “The event connects global energy giants to rapidly-expanding markets and takes regional manufacturers and international start-ups onto the global stage. Our forum is an opportunity to share knowledge and best practices around the latest developments, including those in energy storage, smart grids, Artificial Intelligence and blockchain, and a host of hot topics in sustainability,” Tuchten added.

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The forum aims to provide a global meeting point for governments, energy companies, utilities providers, nuclear agencies, and independent power providers, while sharing the new thinking and technologies that are increasingly instrumental to the global transition to clean energy.

Without question, in recent years, energy sources such as wind and solar have entered the mainstream, said Yousif Al Ali, Acting Executive Director for Clean Energy at Masdar, host of Abu Dhabi Sustainability Week. He added, “The Energy Expo & Forum is an extremely valuable platform for renewable energy projects, technologies and innovative solutions that are driving the decarbonisation of the power sector, particularly in emerging markets such as the Middle East and North Africa, and Asia.” During the energy forum, topics are set to include financing for solar power, the roles of Artificial Intelligence and blockchain in renewable energy and energy storage, GCC country road maps, IRENA research, and outlines for next-generation concentrated solar power plants. Source : gulfnews

DECEMBER- 2019

international

Court Temporarily alts Trump Administration’s U-Turn on Bifacial Solar Modules The bifacial solar module exemption lives to fight another day in a provisional win for developers like Invenergy. A bid from renewables developer Invenergy to temporarily pause the Trump administration’s abrupt decision to reimpose tariffs on bifacial solar panels has been granted.

he Trump administration granted bifacial panels an exemption from the broader U.S. solar import tariffs in June, in part because of its determination that bifacial supply to the U.S. was “highly limited.” The decision was cheered by project developers eager to make use of a higher-efficiency technology that’s expected to make big inroads in the solar market in the years ahead. But in October, the administration reversed course on its exemption, giving the solar industry trade-policy whiplash and prompting challenges to the decision. Some U.S. solar manufacturers had opposed the exemption. This week’s order is a provisional win for Invenergy, which filed a complaint soon after alleging the U.S. Trade Representative’s turnaround was “unlawfully entered” because it didn’t allow for notice or comment prior to pulling the exclusion. The Solar Energy Industries Association sided with Invenergy on the case. In an email, Invenergy told GTM it is “pleased with the order” and hopes for more permanent relief. The withdrawal, slated to take effect, is now delayed until at least November 21 or until a judge rules on Invenergy’s request for a permanent injunction. The temporary order could also be extended.

While the future of the policy remains hazy, Xiaojing Sun, a senior solar analyst at Wood Mackenzie Power & Renewables, said the order “does signal the reversal of the exemption is not rock-solid.” Solar squabbles despite SEIA’s stance, solar companies are far from unified on the exclusion for bifacial panels. South Korea-based Hanwha Q Cells and First Solar, whose technology has always been free from the tariffs, criticized the administration’s decision to grant bifacial modules an exemption from the start.

DECEMBER- 2019

We agree to disagree with [Hanwha] on this, John Smirnow, SEIA’s general counsel and vice president of market strategy, told Morning Consult this week. Both First Solar and Hanwha opened factories in the U.S. in the wake of the Section 201 tariff decision in January 2018, which added duties to imported solar cells and modules. The two manufacturers argue that the exclusion undermines those trade protections.

Hanwha “Q Cells didn’t ask for the 201 tariffs, but we responded to them and built the largest solar module factory in America,” said Scott Moskowitz, director of strategy and market intelligence at Hanwha, in an email to GTM. “This exclusion clearly undermines that policy and will harm domestic manufacturers like us, which is why it [was] withdrawn by the U.S. Trade Representative.” SEIA and other firms disagree, however. When the administration granted the exclusion, Smirnow told GTM that it would bolster bifacial growth at a time when the technology remains in a “relatively early stage” of deployment. More than supporting U.S.-based industry as Trump hoped, the administration’s fickle trade policies appear to have created cracks in the unity of the larger solar industry. While a number of solar manufacturers, including Hanwha, Jinko and LG, have invested in U.S. facilities due in part to the trade restrictions, SEIA has fiercely lobbied against the tariffs. As the Trump administration and the solar industry quibble over the details of the tariffs, the Section 201 duties are on the path to stepping down. Currently, they decrease 5 percent each year, dissolving altogether after 2022, though the administration is undertaking a midterm review of the duties and their schedule. Source: greentechmedia

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international

JA Solar Supplies High-efficiency PERC Modules for a 32MW Solar-Plus-Storage Project in Hokkaido JA Solar, a world-leading manufacturer of high-performance photovoltaic products, announced that it supplied all PERC modules for a 32MW solarplus-storage facility. The facility is one of the largest PV plants in Hokkaido, and has been successfully connected to the grid.

he project represents an innovative largescale application of photovoltaic and energy storage technologies, and marks an important milestone in promoting the development of renewable energy in the region. The project is located in coastal Shibetsu, Hokkaido. The cold, windy climate and extreme weather conditions in the region set a high performance requirement for solar modules. The mono PERC modules provided by JA Solar for the project have excellent mechanical loading performance, ability to maintain high and stable power output within the temperature range of -400C and +850C, as well as in extreme environments such as intense wind pressure, low temperature and snowy conditions. The excellent salt and alkali resistance enable the solar modules to provide a strong guarantee for steady performance and high returns of power generation from the solar plant in the coastal areas. The plant is expected to generate an annual energy yield of 30,000,000kWh, reducing the emission of carbon dioxide by 24,180 tons each year.

The solar-plus-storage plant is equipped with a storage battery of 10,445kWh, which can self-regulate to ensure stable operation of the power plant in both peak and off-peak hours. Meanwhile, the energy storage system can adjust power output through an intelligent control system based on the local power demand, further improving energy consumption and maximizing the returns of investment.

Mr. Jin Baofang, Chairman of the Board of Directors of JA Solar, noted that â&#x20AC;&#x153;Energy storage is crucial in the development of the new energy industry. We are excited to work with our customers to develop new operating models that combine photovoltaic and energy storage technologies and drive the industry toward more efficient applications. As a major supplier of solar products to the Japanese market, JA Solar is highly recognized by local customers for its high-quality photovoltaic products and strong market presence. We look forward to cooperating with more customers in the region.â&#x20AC;? Source : JA Solar Co., Ltd.

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DECEMBER- 2019

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international

Vietnam is the leading solar photovoltaic market in ASEAN Vietnam leading ASEAN’s solar PV market. With the International Monetary Fund (IMF) expecting Vietnam’s economy to grow by 6.5 percent in 2019 and 2020, it is only natural that one of the region’s fastest growing countries is turning towards renewable energy to secure its energy needs.

hat is not normal, though, is the pace in which it has taken up solar photovoltaic (PV) installations – a market it now leads in Southeast Asia. From only 134 megawatts (MW) in 2018, Vietnam’s cumulative installed solar PV capacity will hit 5.5 gigawatts (GW) this year – or 44 percent of Southeast Asia’s total capacity – according to global energy consultants Wood Mackenzie in research released last week. Vietnam added 4.45 GW of new solar PV capacity from June 2018 to June 2019, and Norwegian consultancy Rystad Energy calculated that the average time for construction and commissioning a solar PV project in Vietnam was “an astonishing 275 days.”

Exceeding expectations As Vietnamese media reported in September, this 4.45 GW easily exceeds the 1 GW target set for solar PV electricity generation by 2020.

While there were bankability concerns surrounding the new projects, Rishab Shrestha, Wood Mackenzie’s power and renewables analyst, pointed out that project economics were attractive – delivering equity returns in the mid-teens. “Regional and local IPPs (Independent Power Producers) and developers felt comfortable taking on the risk, and the projects received financing from regional and local banks,” said Shrestha. “FITs have proven to be an effective policy tool to induce rapid growth in renewables, and Vietnam’s build is another example of that.”

Grid overload However, as Rystad notes, grid overload is Vietnam’s main concern moving forward. With only four solar plants with a cumulative capacity of 150 MW connected to the grid by mid-April, 34 more facilities with a cumulative capacity of 2.2 GW were added by the end of May – and EVN expects the number to rise to 95 by the end of 2019. Wood Mackenzie, meanwhile, has also warned that EVN – the country’s only utility company – will need to find more free space in the grid or their plants will not be producing to their designed capacity. In Vietnam’s key provinces, the installed capacity has already exceeded the grid capacity by 18 percent and the approved capacity for the Ninh Thuan and Binh Thuan provinces stand at 5 GW, more than double the grid usable capacity.

Source: ASEAN Centre for Energy

Vietnamese state-owned utility company, Vietnam Electricity (EVN) stated that as many as 82 plants with a combined capacity of 4.45 GW were connected to the national grid as of 30 June, allowing them to qualify for the feed-in tariff (FIT) programme. FITs are payments made to renewable energy producers – be it companies or households – for each unit of energy they produce for the electricity grid. Central to the growth of the solar PV industry in Vietnam was the announcement in 2017 that projects commissioned before the end of June 2019 would qualify for a 20-year FIT contract of US$0.0935/kilowatt hour (kWh), leading to a rush to get projects off the ground.

The commissioned capacity in Vietnam has exceeded our high case, said David Dixon, senior analyst on Rystad Energy’s renewables team.

DECEMBER- 2019

That is not stopping the country from rolling out more projects though. Vietnam last month announced it would be developing the largest floating solar PV installation in Southeast Asia. The Asian Development Bank (ADB) signed a US$37 million loan to finance the 47.5 MW facility at the 175 MW Da Mi hydropower plant, and not only will it be the country’s first large-scale floating solar power plant, it will also be the first on a hydropower reservoir. As Christopher Thieme, ADB’s Private Sector Operations Department Deputy Director General pointed out, the pairing of these two clean energy technologies – hydropower and solar – is a simple but highly innovative achievement which can be replicated elsewhere in Vietnam and across Asia and the Pacific. Apart from helping to boost the share of renewable energy in Vietnam’s overall energy mix, the project will also decrease Vietnam’s dependence on fossil fuels such as coal – which will be key to the country’s push for sustainable growth. Source: The Asean Post

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international

US Trade Court Sides With Longi, Jinko, REC in Solar Patent Infringement Case A trade squabble between Hanwha Q Cells and some of the world’s largest PV manufacturers appears to be resolved in the all-important U.S. market. Longi Solar, JinkoSolar and REC Group appear to have emerged victorious from a legal attempt to shut the manufacturers out of the U.S. market.

n a complaint filed in March, Hanwha Q Cells alleged that all three companies were infringing on a patent filed in 2008 by importing cells and modules that used proprietary technology. The case is now stayed, with a judgment of non-infringement expected within the next two weeks, according to a late filing from the U.S. International Trade Commission. The determination applies to all three of the companies named in Hanwha’s complaint.

In a statement on the decision, JinkoSolar said the decision affirms its position that Hanwha’s allegations were “without technical or legal merit.” REC, Longi and Hanwha did not immediately respond to requests for comment on the decision Though the U.S. International Trade Commission has yet to release its determination, the court wrapped up deliberations long before it was expected to do so. A hearing on the case was slated to start November 22, with a legal timeline stretching into 2020. Hanwha does have a few avenues to challenge the adverse outcome. The South Korea-based manufacturer can appeal to U.S. ITC commissioners for a review of the decision, which was made by an administrative law judge assigned to the case. After that, Hanwha can also appeal to the U.S. Court of Appeals for the Federal Circuit. But reversing the decision may be a long shot, according to John Smirnow, general counsel and vice president of market strategy at the Solar Energy Industries Association.

It would be a significant uphill battle for Hanwha to get this reversed, said Smirnow. At this stage, the judge is basically saying, ‘I’ve seen all the evidence and based on everything I know today, these companies are not infringing on Hanwha’s patent.

SEIA, along with several solar developers, argued in public comments on the case that a positive outcome for Hanwha would damage the solar industry by locking out suppliers at an essential time for the U.S. industry. Wood Mackenzie Power & Renewables expects the U.S. market to remain in undersupply through Q4 for monocrystalline PERC products, as developers stockpile modules and other equipment in the lead-up to the phaseout of the Investment Tax Credit and continue to cope with Section 201 tariffs. While those supply constraints are expected to loosen in 2020, the suit had potentially broad implications for the U.S. solar market. JinkoSolar is the largest producer of modules globally, with over 16 gigawatts of capacity. Longi is not far behind, with 15 gigawatts, according to data from WoodMac. All three of the respondents as well as Hanwha are among the world’s largest producers of mono PERC cells and modules, the technology the solar industry now favors. During the stay and potential appeals, imports from REC, Longi and Jinko can continue. Hanwha is also pursuing similar cases in Australia, against only Jinko and Longi, and in Germany, against only Jinko and REC. Both of those challenges are ongoing.

WoodMac senior solar analyst Xiaojing Sun said the suit points to “the confrontational or protectionist” dynamics currently at play among manufacturers looking to get an edge in the U.S. The industry is also now at odds over the Section 201 tariff exclusion the Trump administration granted for bifacial solar panels but then reversed. “Manufacturers are leveraging a broad array of approaches to protect their U.S. market share, including costly lawsuits and lobbying efforts,” said Sun. “Manufacturers like First Solar and Hanwha, and previously SolarWorld and Suniva, are leading the charge to impose and sustain tariffs.” Those disagreements may be sorted out behind the scenes at SEIA: Both Jinko and Hanwha now sit on the organization’s board, with the former officially joining. Source: greentechmedia

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DECEMBER- 2019

international

Hexagon Peak and Huawei Sign 200 MW Cooperation Agreement for Vietnam Solar Market Huawei, a leading global ICT and network energy solutions provider and Hexagon Peak, the project development arm of Hexagon Holdings Singapore, announced the signing of a cooperation agreement for Hexagon’s pipeline of 200 MW utility scale projects in Vietnam, which estimated COD in Q1 2021.

Huawei is a company that combines all ingredients for industry leader – enormous focus on R&D, coupled with a true innovative mind set in enabling information and communication technology and IoT into smart, efficient, secure and reliable PV inverters, commented Milan Koev, Chief Executive Officer of Hexagon Peak.

Bruce Li, Regional Director of Huawei Smart PV Business APAC mentioned: “We’re happy to team up with Hexagon Peak to help industries save energy and reduce emissions, building a low-carbon society. Our AI-Boost FusionSolar Smart PV Solution will help reduce LCOE (Levelized cost of electricity) and accelerate the grid parity process of the Vietnam market. “

DECEMBER- 2019

Huawei FusionSolar Smart PV Solution has applied 102 GW all over the world till H1 2019. The core value of Higher Yields, Smart O&M and Safe & Reliable is widely recognized by customers. As Mr. Dat Le, Managing Director of Hexagon Peak Vietnam added, “We have seen data comparing Huawei operated PV plants to others using different technologies and the yield gains with Huawei smart PV technologies are obvious. Their after-sales support center in Vietnam is impressive and as asset managers, the quality of our sleeping time is determined by just a few components and reliable inverters is a key.” Source: Huawei

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solar glass

SELENE – an Anti-glare Solar Glass by BOROSIL Anti-glare Solar Glass for airport solar PV installations. A perfect solution for aviation safety hazard due to glare from PV projects near airports

As a leading player in global solar glass technology and the only solar glass manufacturer in India, Gujarat Borosil Limited (GBL) has been serving the solar power sector since it’s infancy in the country. Our many pioneering achievements and innovations include the development of world’s first 2 mm fully tempered solar glass & Antimony-free solar glass. We are glad to introduce our new product “Selene” – an Anti-glare solar glass. As many airports have recently expressed their commitment towards environment and to reduce their carbon footprint by sourcing power from renewable energy sources, the solar photovoltaic (PV) installations near airports are on the rise. As you are aware that glare caused due to (reflection of light falling on the front glass) PV modules installed near airports may cause a severe disturbance to the pilots and is a serious safety issue for air traffic. Considering the seriousness of the issue, various aviation authorities across the world have issued guidelines and recommended the permissible levels of glare.

n order to resolve this issue, we have successfully developed an Anti-glare solar glass which can safely be used in solar PV installations near airports. The application of this anti-glare solar glass is to diffuse the sunlight and reduce the glare. We have been able to reduce reflected luminance value for our Anti-glare solar glass to 19,000 cd/m² which is within 20,000 cd/m² i.e. a prescribed limit for airport PV installations as per international standards. The SPF report confirming the suitability of our Anti-glare glass for airport PV installations is a part of a presentation attached. We have noticed that some of the tenders that have been floated by airport authorities in the country have mentioned a requirement of “Anti-glare coating”. Anti-glare glass has a specially designed patterned surface to reduce the reflective luminance and we are worried that the glass having “Antireflective” coating may be passed on as an Anti-glare glass and the same may not be able to meet the safety norm of 20,000 cd/m². We believe that apart from meeting the strict safety requirements at the airports, this innovation would help boost manufacturing of solar modules in India giving impetus to Government of India’s “Make in India” initiative as well as to help achieve their ambitious targets of renewable energy capacity of 175 GW by 2022.

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DECEMBER- 2019

solar glass OUR PIONEERING ACHIEVEMENTS IN SOLAR GLASS

RECOGNITION RECEIVED FOR 2 MM FULLY TEMPERED SOLAR GLASS

Message from Hon. Prime Minister on the occasion of inauguration of 2 MM Fully Tempered solar glass facility

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solar glass

CONCEPT OF GLARE FOR AVIATION INFRASTRUCTURE • In the northern hemisphere, Sun tracks a southerly arc (from north to south) across the sky during the year. • Elevation angle that the sun reaches varies depending on the time of year. • High angles in the summer months. • Much lower angles in winter. • Once the sun reaches a certain elevation, the glare off the solar panels will not impact on any ground-based receptors. • Therefore, for ground-based receptors, glint and glare from solar farms will generally occur in the mornings and evenings. However, for aviation receptors, glare can potentially occur at any time of day depending on the location of the aircraft !

ISSUE OF GLARE DUE TO SOLAR PANELS • Reflectivity from the PV module surface may interfere as glare with pilot or airport staff visibility. • The possible impacts may lead to either glint or glare, or both. • This can cause a brief loss of vision (flash blindness). • Flash blindness for a period of 4–12 s (i.e., time to recovery of vision) occurs when 7–11 W/m2 reaches the eye Glare is a safety concern !

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DECEMBER- 2019

solar glass GUIDELINES FOLLOWED GLOBALLY FOR GLARE COUNTRY Germany

United States

GUIDELINES • Glare is considered as an emission like noise, odour or vibration • Licht-Leitlinie” or Light Guidelines produced by The Federal Ministry of the Environment defines acceptable levels of glare as: less than 30 minutes per day or 30 hours per year The main form of guidance in assessing the likely impact (on aviation infrastructure) comes from the FAA (Federal Aviation Administration) • The document, “Technical Guidance for Evaluating Selected Solar Technologies on Airports” is accepted internationally as the most detailed methodology to assess impact of glare • The 2013 interim policy recommends the use of Solar Glare Hazard Analysis Tool (SGHAT) (developed by Sandia National Laboratories), when carrying out glint & glare assessments of solar PV systems

United Kingdom

• The Civil Aviation Authority (CAA) have provided interim guidance in relation to the development of solar PV systems on, and in the vicinity (<15km) of aerodromes. • This guidance recommends that solar PV developers should “provide safety assurance documentation regarding the full potential impact of the SPV installation on aviation interests.” • The Building Research Establishment (BRE) have also issued several relevant papers

France

• DGAC (Direction générale de l'aviation civile), France issued the guidelines on installation of PV projects near aerodromes. They have recommended dividing area in three distinct zones based on their proximity to the runway (Zones A, B and C). Zone C being closest area and Zone A widest. • Zone C has been prohibited for PV installations, Zone B and Zone A are permitted for PV installations luminance thresholds of 10,000 cd/ m and 20,000 cd/ m respectively.

ELIMINATION OF GLARE DUE TO SOLAR MODULES • Anti-glare glass has a textured surface. • It uses a diffusion mechanism to breakup the reflected light off the surface. • Diffusion works by reducing the coherence of the reflected image. • Makes these unwanted images unfocused to the eye and reduces their interference with viewing. • Diffusion of sunlight is a very economical method to deal with glare due to solar panels.

“ANTI-GLARE” AND “ANTI-REFLECTIVE” ARE NOT THE SAME !! Many times “Anti-reflective” coating is confused with “Anti-glare” glass. Even some of the recent tenders for Airport PV installation mention “Anti-glare coating” • A layer of an anti-reflective (AR) film is coated on the glass of a module. • This improves the panel’s transmittance by reducing some reflection. • However, the reflected light still leads to a glare. • The life of AR coating is limited (natural corrosion and cleaning of panels), may lead to a higher glare in future. 50

DECEMBER- 2019

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solar glass Anti-glare glass • The anti-glare glass roughness is higher than that of the normal glass due to the textured surface of glass. • When the diffusion effect is increased, considerable less light is reflected coherently which eliminates the glare. • Some of the reflective light can be transferred into trans mitted light. • However, the transmission in anti-glare glass is lower than the usuall non-textured solar glass.

BOROSIL ANTI-GLARE SOLAR GLASS

Tests conducted by SPF (Solartechnik Prufung Forschung), Rapperswil, Switzerland SPF is World’s leading institute operating in the area of Solar R&D and testing and considered as a Gold standard.

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SPF’s test results indicate that: – GBL’s Antiglare glass is able to achieve the reflected luminance value of 19,000 cd/m2 as against the limit of 20,000 Cd/m2 set for airport installations. – GBL’s antiglare glass is suitable for airport installations.

Gujarat Borosil is the first company to obtain the test certification for Anti-glare glass from SPF.

DECEMBER- 2019

solar glass

ENGINEERED FOR LONG TERM DURABILITY • PID (potential induced degradation) affects the life and performance of modules. • Our glass has very low sodium. Hence, it has a very low PID. • The hydrolytic resistance is very high.

Most resistant to PID

Glass from the leading Chinese glass maker

• High chemical durability and low sodium content indicate superior glass performance. • Borosil glass is amongst the best performing glass.

DECEMBER- 2019

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solar glass

ENHANCED MECHANICAL STRENGTH

FULLY TEMPERED GLASS - FOR SAFETY & STRENGTH

Fragmentation Pattern Of Fully Tempered Glass • Tempered glass has a breakage of small particles. • Much safer than the large and sharp pieces resulting from broken heat strengthen glass.

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DECEMBER- 2019

solar glass ENGINEERED FOR ENVIRONMENTAL RESPONSIBILITY • Borosil glass is amongst the lowest iron content glass • Borosil has successfully been able to remove Antimony (which is highly toxic) from the glass

MODULE PERFORMANCE AND FAILURES DURING LIFE CYCLES • Typical module failures are divided into following three categories. Infant-failures | Midlife-failures | Wear-out-failures • Green curves indicate the power output of surviving modules during each of the phases of module life-cycle

DECEMBER- 2019

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solar glass IMPORTANCE OF SELECTION OF RIGHT GLASS IN SOLAR MODULES

• 10% of the failures during first 2 years are caused by glass breakage. • As high as 40% of the failures during initial life of mod ules are attributable to glass and back-sheet. • Hence it is important to select a high quality glass for solar modules having high mechanical strength and longer durability.

SPECIFICATIONS

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DECEMBER- 2019

solar glass SPECIFICATIONS

OUR STATE-OF-THE-ART MANUFACTURING FACILITY

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solar glass

NEW GENERATION TEMPERING LINE

State-of-the-art manufacturing facility with 2.5 GW of annual production Trend setting technology that fully tempers glass which floats on an air cushion Certifications Product Certification • EN 410 • SPF P1 CLASS • CE MARKING

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• EN 12150-1 • EN 12600 • EN 572-9 • IEC 61215

System Certifications • ISO 9001 :2015 • ISO 14001 :2015 • ISO 45001: 2018

DECEMBER- 2019

Opinion

Risen Energy at Bloomberg Summit London: Asset Securitization Can Reduce the Leverage Cost of Energy Finance

Recently, the Bloomberg NEF Summit was held in London, England. Jieling Zhang, Director of Overseas Investment and Financing from Risen Energy Co.,LTD (Hereinafter referred to as “Risen Energy”) attended the summit on behalf of Risen. When talking about the company’s future financing plan, she commented, “the commercialized operation of solar projects’ is a general trend in the future. On one hand, the assets of solar power plants that have been subsided in the market are more than one trillion yuan. On the other hand, the demand for future power station construction funds is still growing rapidly. Photovoltaic power plant ABS (asset securitization) will be one of the most applicable and most important financial means to solve future funding needs. “

n Jieling Zhang’s point of view, securitized assets are removed from the initiator’s balance sheet, thereby business risk is reduced during project development. At the same time, asset securitization also frees industry and business opportunities from the shackles that could only be reached by fixed investors, in order to face more investors. The lower financing costs brought by asset securitization can accelerate the reduction of financial leverage costs of energy and make photovoltaic power generation more cost-competitive. As a supplier of EPC and O&M projects, Risen Energy’s “footprint” has spread all over the world, including Europe, Kazakhstan, Australia, Nepal, Vietnam and many other countries.To this date, , the total installed capacity of projects has exceeded 1500MW and the installed capacity of power stations under construction has also exceeded 1000MW. 58

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After the summit, Fernando Calisalvo General Manager of Risen Energy (Europe and Latin America), was interviewed by BloombergNEF Summit’s financial reporter. He commented, “In both Eastern Europe and South America, the sales volume of modules is steadily increasing, and the company will also make every effort to further enter the South American market to achieve broader overseas expansion. In addition, in order to promote the company’s “new energy, new materials, two new development strategies”, the company has increased the Energy Storage Business Sector’s resource allocation and reserve quality projects.” www.EQMagPro.com

Technology

Why artificial intelligence is essential for utilities’ success in the new energy world Artificial Intelligence, or AI for short, is nothing new; it goes way back to the 1950s. But things are different now; the vast volumes of data and the computing capabilities we have today mean we can do things better. So, what pain points are utilities seeing today that AI can help with? Let me share some examples.

y first is about how AI can help optimize aging production capabilities while, at the same time, minimizing maintenance costs. Looking at the history of this industry, much of the equipment – except for renewables – is getting on for 30 years old. AI opens up a means to predict how that equipment will run so companies can ensure it will run safely and optimally – both in terms of the technical process and of the financial impact aging equipment has on profitability. My second example is around how AI can make the interactions call centers have with customers more efficient and more engaging. When a customer calls the center to subscribe to something or maybe complain, the operator has to follow an internal process that involves opening a bunch of different applications with various pieces of information and various fields to fill in. It’s not very interactive, and it’s also very slow; they lose their grasp of the conversation. For utilities outsourcing to a call center provider that’s billing by the minute, it can get very costly. This is where AI, particularly when combined with natural language processing (NLP), can support the call center operator. By listening to the customer, an AI-enabled bot could automatically open the right applications and fill in the fields. The operator is then free to have a more interactive discussion with the customer. They are also quicker and sharper in providing information, making the call more efficient, more effective, and less costly – which is better for customer satisfaction and better for profitability.

Supporting essential transformations But AI isn’t just helping to address pain points; it’s also helping with some essential transformations as we enter the new energy era. Let’s look at some examples here too. My first shows AI helping utilities optimize their investments in renewable energy. Capex is driving the renewable energy market; utilities have to finance their wind farm or solar farm. That finance will most likely come from funding and third parties, and utilities need to show these stakeholders that they are optimizing investments. That’s something AI can help with. AI can forecast what production a specific farm in a specific location might achieve. The second example is on the retail where AI is reducing churn and increasing sales by helping call center operators understand customer requirements. The retail market is becoming more and more competitive with the energy and utility sectors discovering customer churn 36 months ago, or 18 months ago for the most regulated markets. Players need to react quickly. And AI is helping them understand what they need to offer the customer next to encourage them to stay. The telecoms industry is already using AI to reduce churn, and the energy and utility sectors could simply copy. For a utility company, it might look something like: I have a customer on the call. Should I offer a package for gas and electricity? Should I offer to set up a solar panel on their roof? AI can support this. My third example is where AI is not only driving the grid but also modeling the grid.

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Today’s TSOs [transmission system operators] are looking for an AI application to help them manage their investments for the next 20 or 30 years. They want to be able to study how best to set up their grid, taking into account various factors that would impact the grid. Examples might include analyzing how to set it up if a factory (which would have a high level of consumption) or a wind farm (which the grid would need to ingest power from) were built nearby in two, maybe three, years. Another example could be a power company looking to install a transmission line between two cities. They are looking for an AI modeling approach that can grasp information from diverse sources, bring it all together and analyze it, so they understand what they need to build first, then second and so on. Whereas today, their analysis can take around five factors into account, but with AI and deep learning, they could take 10 or maybe even 20 into account. Together these factors may drive as many as 15,000 different scenarios, showing what may happen in two months, six years, ten years, 20 years or even 30 years – and whether the line is even worth building.

AI essential in today’s complex world The utility business is becoming increasingly complex, so complex that players can no longer handle all the information they need to manage with traditional technology. They should now use AI, with all its capabilities – including natural language processing, deep learning and reinforcement learning – to minimize the impact of the new world. We’ve seen how AI can address pain points and help with essential transformation as we enter the new era. But while AI has much to offer, it also brings with it new ‘digital dilemmas’ the likes of which utilities have never seen before. Read our latest Journey 2022 ‘Resolving Digital Dilemmas’ report, researched and written by the Atos Scientific Community, to learn more on emerging digital dilemmas and explore strategies to resolve them.

ABOUT THE AUTHOR:

Franck Freycenon E&U Business Development Director, Worldgrid, Big data and new energy services Source: smart-energy

DECEMBER- 2019

Research

Infosys to help Siemens Gamesa Renewable Energy digitalize its IT Landscape Infosys, a global leader in next-generation digital services and consulting, announced a strategic long-term partnership with Siemens Gamesa Renewable Energy (SGRE) to support its digital transformation journey. Infosys will provide end-to-end IT infrastructure transformation of SGRE, including hybrid cloud transformation, roll-out of a software defined network, the set-up of an intelligent service desk, and digital workplace services. Infosys has also been selected by SGRE to provide application management and transformation services.

s part of the partnership, Infosys will enable SGRE to align its existing disparate IT setup into a harmonized and consolidated infrastructure landscape. Infosys will provide a hybrid cloud solution integrating multiple Public cloud platforms with its Private cloud to bring agility to SGRE’s IT infrastructure while ensuring technical and financial synergies. Usage of Infosys Infrastructure Management Solution Suite will enable faster time to market with service catalogue-based offering across all IT Infrastructure. SGRE will benefit from an optimised, stable and always-on network connectivity across 50+ countries with the rollout of a Software Defined Network. Infosys will also deliver next generation workplace services with enhanced self-help and self-heal capabilities enabled by AI and automation tools.

Jasmeet Singh, Executive Vice President and Global Head of Manufacturing, Infosys, said, “We are delighted to be selected as a strategic partner of SGRE in their transformation journey. Leveraging our innovative solutions, domain knowledge and a clear comprehension of SGRE’s business strategy, we look forward to enabling their core modernisation, enhancing cloud capabilities and consolidating disparate and heterogeneous infrastructure and processes into a single SGRE global standard.”

DECEMBER- 2019

Alan Feeley, Chief Information Officer, Siemens Gamesa Renewable Energy, said, “When considering our desired IT operating model, we were looking for a partner that brings a careful balance of innovation, operational excellence and sustainable commercial viability. With Infosys, we are very confident that these attributes are at the core of their operating culture. We are very excited to partner with Infosys on this journey of modernisation. We are impressed by Infosys Next Generation Application and Infrastructure Management Framework, their agility & focus on delivery excellence, and a clear understanding of our business strategy.” Source: infosys

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research

PLFs of many power plants to fall to 40% by 2022: Report Power generators find it difficult to service loans when plant load factors (PLFs) — the industry term for utilisation level — goes below 60%. Utilisation levels of many thermal power plants would fall to 35-40% if the country sets up 130 gigawatt (GW) of renewable energy capacity by 2022, a latest report by KPMG India has pointed out. Instead of their current role of “being the bulwark of supply”, coal-based power plants’ “new role will be akin to storage, having energy content available on tap for balancing grid variability when the need arises”, the report, titled ‘The electric future and its implications for India’, said.

ower generators find it difficult to service loans when plant load factors (PLFs) — the industry term for utilisation level — goes below 60%. PLF of coal power plants — many of which are already distressed due to lack of adequate demand and coal supply issues — touched an all-time low of 51.1% in September amid tepid power demand. Renewable energy-based plants, equipped with the Central government’s “must-run” status, are already preventing thermal power stations from improving their PLFs by supplying much of the incremental electricity requirement. Thermal plants will have to go online and offline (ramp rate) much faster with the advent of renewable energy. For a typical 500 MW plant, the ramp rate is around 5 MW per minute. To make these plants more flexible, retrofitting equipment would be required, which involves additional investments. In the wake of the ongoing energy transition, traditional energy companies such as NTPC, Indian Oil and GAIL have made large plans to invest in green energy projects. However, KPMG pointed out that “investing in new energies poses challenges around risk-return trade-offs and agility in decision making”, which can be addressed through “organisation realignment, culture shifts and a strategy which focusses on leveraging strengths but redefining protocols”.

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Source: financialexpress

DECEMBER- 2019

research

RE installations to peak in 2020: 11 GW solar and 4 GW wind likely to be added

Solar The utility scale solar segment saw an addition of 4 GW in the first three quarters of 2019 and is expected to add another 4.5 GW in the last quarter. This cumulative capacity of 8.5 GW amounts to nearly 28% y-o-y growth. As per JMK Research estimates, the year 2020 is expected to witness 29% growth with the addition of another 11GW of capacity. Out of this 11GW, 50% of the projects would be installed under central tenders (SECI/ NTPC). Another 1 GW of the solar capacity would be added in open access mode under Group Captive Model mainly in Haryana and Uttar Pradesh. In terms of state wise allocation, most of the projects likely to be commissioned in 2020 would be located in Rajasthan, Gujarat, Karnataka, Maharashtra and Uttar Pradesh. Apart from the 11 GW of utility scale solar, nearly 2.5 GW of rooftop/ onsite solar capacity is also estimated in 2020.

ANNUAL CAPACITY ADDITION TRENDS OF WIND AND SOLAR IN INDIA

Wind

Clearly, 2020 is likely the year of growth for RE installations. Political stability for the next five years along with The wind sector expects to add 4GW of capacity in 2020. This the reduction in safeguard duty, fair price discovery in would be 50% y-o-y from 2.6 GW added in the year 2019. Of the recent tenders and the introduction of new measures by 2.6 GW, around 1.8 was added in the first three quarters of 2019 and the Government would bring in the desired push for the another 0.8 GW would be complete by the end of 2019. Most of the industry. Some of these include directives for DISCOMs to wind projects allocated in 2018 which were scheduled to commisissue Letter of Credit (LC) in case of payment delay, and to sion in 2019 got delayed and are now likely to be commissioned in 2020. This delay is primarily attributed to various land related issues compensate IPPs for power back down or grid curtailment. Source: jmkresearch and lack of grid transmission availability.

62Â

DECEMBER- 2019

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opinion

Tata Sons chairman N Chandrasekaran bats for privatisation of discoms Tata Sons chairman N Chandrasekaran on pitched for privatisation of power distribution companies, and also for ensuring that every generation plant is operational to help the power sector. Without prescribing any solutions, he said stress in the telecom sector also needs to be addressed, and added that real estate is another sector that requires attention. “System is bleeding. All the deadlocks have to be cleared,” he said at the Mumbai Lit Fest here, where the book “Bridgital Nation”, co-authored by him, was launched. “You take the power sector. My recommendation would be that how do we ensure that each of these power plants in this country, no matter whose, how do you get it re- operationalised? How do you arrest the loss of discoms? We should privatise them,” he said. His comments come a day after a media report said that half of the thermal power plants in the country the largest source of power are shutting down. On the real estate sector, Chandrasekaran said over Rs 9 lakh crore-worth inventory is unsold, while acknowledging the Rs 25,000 crore package announced by the government to take care of stalled projects. While the government has taken up a slew of measures across all the sectors, it is going to take time for the results to show up, he said. Banker Uday Kotak, who was in conversation with Chandrasekaran, made a pitch for a focus on the financial sector. Chandrasekaran said the slowdown is creating a pressure on jobs, and while the cyclical issues ailing the economy get addressed, there are strengths in the structural front, like the demography, and also opportunities presented by technological breakthroughs where India has the edge. The Tata group chairman, who also sits on the RBI’s central board, said more needs to be done to ensure that the small business owner is getting the required funding.

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Kotak, who has headed a SEBI panel on corporate governance, said there is a need for small businesses to improve on governance, and there are cases of money being diverted for non-core activities like land buys. Chandrasekaran, the career TCS engineer who went on to lead the USD 110 billion group, rued that technology has become “elitist” in India where only a few are deriving benefits. As a solution, he called for more democratisation of technology. There is also a need for attitudinal shift when it comes to entrepreneurship, Chandrasekaran said, adding that rather than focusing on creating billion dollar valuation businesses, we should look at it for creating jobs and improving the quality of life in general. Kotak said his bank is adding up to 6,000 people per year or ten per cent of its workforce because of the benefits offered by the “phygital” (physical plus digital) approach. Source : Pti

DECEMBER- 2019

ELECTRIC VEHICLES

Climate change: Germany ready to provide 1 billion euros to India for green urban mobility India and Germany agreed to provide financial support to climate initiatives aimed at reducing greenhouse gas emissions, with the latter expressing its readiness to provide one billion euros to India for green urban mobility.

he two countries signed a joint declaration on the matter after Prime Minister Narendra Modi met German Chancellor Angela Merkel, who was on a two-day visit to the country for the 5th IndoGerman Inter-Governmental Consultations to strengthen bilateral ties. Both leaders expressed grave concern about the currently inadequate global level of climate action and called on all countries to step up their efforts. A joint statement issued after the meeting said both the countries concurred that providing low-carbon and sustainable mobility solutions that serve the needs of all citizens is a key challenge for both emerging and industrialised economies.

“Both sides agreed to foster cooperation on low-carbon mobility solutions and welcomed the signing of the new Joint Declaration of Intent on the Indo-German Partnership on Green Urban Mobility wherein the German side expressed its readiness to provide additional finance of 1 billion euros to support improvements of green urban mobility infrastructure and services and strengthen capacities of national, state and local institutions to design and implement sustainable, inclusive and smart mobility solutions in Indian cities,” it said.

DECEMBER- 2019

The countries also agreed to dedicate a part of the 35 million euros under the framework of the bilateral call of the International Climate Initiative to grid expansion and storage systems for renewable energy and a part to forest landscape restoration. “New models for forest landscape restoration can contribute to India’s goal to attain 33 per cent forest cover. Both sides highlighted that forests are indispensable to safeguard the climate, to protect biological diversity and to contribute to sustainable development,” the statement said. Modi and Merkel, during their meeting, acknowledged their joint responsibility for the protection of the planet and mitigating climate change through enhanced promotion of renewable energy and increasing energy efficiency and at the same time reducing their carbon footprint. “For both countries, the Sustainable Development Goals and the Paris Agreement serve as guiding frameworks in their cooperation. They underlined that for a successful energy and transport transition in India and in Germany both countries need to closely cooperate, to learn from each other and to capitalize on the economic potential of climate protection,” the joint statement said.

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ELECTRIC VEHICLES Both leaders expressed grave concern about the currently inadequate global level of climate action and called on all countries to step up their efforts. “Germany and India stress the need to undertake climate actions based on the principles of equity and common but differentiated responsibilities and respective capabilities, in the light of different national circumstances and agree to work towards further developing their respective nationally determined goals (NDCs) as agreed in Paris,” according to the statement. During the meet, both the countries highlighted the importance of a successful replenishment of the Green Climate Fund and encouraged developed countries and other countries in a position to do so to scale up their contributions to the Green Climate Fund over the course of its first replenishment period, in line with the provisions under the Paris Agreement and the United Nations Framework Convention on Climate Change (UNFCCC). They acknowledged the successful Indo-German Solar Partnership founded in 2015 and the cooperation on Green Energy Corridors established in 2013. In order to sustain the positive developments and to achieve the ambitious targets of the Indian government to provide 175 GW power from renewable energy until 2022 and 450 GW in later years and of the German Government to provide 80 per cent of total power generation from renewable energy by 2050?, both leaders agreed to promote a climate-friendly development of the Indian and German power markets, the statement said.

India also welcomed Germany’s keenness to join the International Solar Alliance (ISA), with a view to promote sustainable, climate friendly and efficient energy solutions internationally. In February this year, the Indian government had collaborated with Germany to combat air pollution and exchanged a joint declaration for the implementation of India’s National Clean Air Programme (NCAP).

The Federal Environment Minister from Germany, Svenja Schulze, had then said progress and implementation of Agenda 2030 was slow and the window of opportunity for a low-carbon economy was dwindling. “A lot has been achieved in recent years but the global carbon emission is still rising. The 2030 Agenda of the UN needs to be taken seriously by the government. The forum needs to build on experience exchange and cooperation will be strengthened in the areas of marine litter, waste to energy, biodiversity, waste and water,” she had said. Source: PTI

2.85 Lakh buyers of Electric/Hybrid Vehicles Provided Subsidy Under Fame India Scheme Benefit of incentives to buyers of mild hybrid vehicles under Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in (FAME-INDIA) scheme was withdrawn with effect from 1stApril, 2017 based on the third party evaluation of Phase-I of FAME India Scheme.

he Phase-I of the FAME India Scheme was launched in 2015 and continued up to 31st March, 2019. Based on outcome and experience gained during the Phase-I of FAME India Scheme and after having consultations with all stakeholders including Industry and Industry Associations, the second phase of FAME India Scheme has commenced from 01st April, 2019 for a period of 3 years. As on date about 2.85 lakh buyers of electric/hybrid vehicles (xEVs) have been supported by subsidy of Rs. 360 crore under the FAME India Scheme. This information was given by the Minister of Heavy Industries & Public Enterprises, Prakash Javadekar, in a written reply in the Lok Sabha.

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DECEMBER- 2019

ELECTRIC VEHICLES

WoodMac:

Workplace EV Charging Is on the Rise New research finds significant growth potential in the North American and European workplace EV charging markets. There were nearly 5 million lightduty electric vehicles on the road as of the end of 2018 — roughly 50 percent more than the year before. Wood Mackenzie now expects the global EV stock to surpass 37 million by 2025. That’s 37 million drivers looking for suitable places to charge their cars. The electric vehicle (EV) revolution depends on getting the right infrastructure, in the right locations. Drivers who don’t have a convenient private driveway available will turn to workplace and commercial charging. A new Wood Mackenzie report on workplace charging finds that there is a business opportunity for workplaces that give their staff and customers a place to plug in.

Charging is integral to the EV revolution Continued growth in EV sales depends on the deployment of sufficient charging infrastructure. Wood Mackenzie’s recent forecast predicts that charging equipment market will reach USD $8 billion globally by 2019 — $20 billion by 2025.

Forecasted EV Stock by Region

etting the right mix of public, residential and workplace units is vital. As it stands, most EV early adopters in both the U.S. and Europe have access to home charging. But as falling battery costs, public policy and consumer preference drive EVs into the mainstream, the demographics will become more diverse. Not everyone will have a handy driveway or garage where their vehicle can charge overnight, particularly those living in apartments in urban centers. And residential charging alone may not be enough to overcome range anxiety for rural and exurban drivers.

Workplace charging is on the rise Wood Mackenzie’s research on the North America and Europe workplace EV charging markets finds that these areas could see 500,000 workplace charger units by 2022, reaching over 1.25 million chargers by 2025. Europe has the potential to contribute 700,000 of those units, thanks to the higher proportion of people living in apartment buildings.

DECEMBER- 2019

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ELECTRIC VEHICLES

Workplace Chargers in Europe and North America by Type

EV charging costs to the driver will vary. Businesses have significant latitude to define if and how fees will be assessed for customers and employees plugging into chargers operating on company meters. Some businesses may choose to provide free charging while others will set a paid tariff. Either way, the business case for developing the infrastructure depends how an organization assesses both the direct and indirect economic benefits to identify clear returns. Engaging the workforce and customers with workplace charging. Today’s businesses must attract and retain a modern workforce which may value perks like EV charging that not only make their lives easier but also cut carbon emissions. Convenient charging outlets could also attract customers. EV charging is unlikely to generate significant direct revenue for a retail business in and of itself, but drivers may use the charging time to browse a store, and that is valuable. For the time being, most EV owners are likely to be middle to upper-middle income, and there’s an obvious opportunity in encouraging them to spend time — and money — on the premises. As the EV stock grows, most notably in China, Europe and North America, businesses will look to tap into a growing “captive audience” seeking spots to charge away from home.

Workplace charging as a grid flexibility resource Looking to the longer term, there is a grid component to the evolution of workplace charging. Daytime charging coincides with solar power output, so EVs could be used to absorb solar energy during peak generation periods and even respond to renewable intermittency. That means there’s an opportunity for businesses to take advantage of staff- and customer-owned mobile storage as a flexibility resource to capture utility incentives and potentially lower their own energy bills. If widely implemented, vehicle-to-grid applications could be an industry game-changer. And while we estimate that significant penetration is still several years away, there is strong interest in California in particular due to the volume of EVs in that market. For example, BMW started testing EV charging as a grid resource back in 2015, working with Pacific Gas & Electric. Electric cars aren’t the only option for those seeking a greener commute. China is driving global electric bus demand, and growth is also set to accelerate in the U.S. and Europe. However, workplace charging is an opportunity for businesses and individuals and an important enabler for the broader EV revolution. Source: greentechmedia

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DECEMBER- 2019

ELECTRIC VEHICLES

Germany to hike electric car subsidies as VW launches car

ccording to the document, due to be discussed at a meeting of high-level government and car-company officials on evening, grants for plug-in hybrids will rise from 3,000 to 4,500 euros. For vehicles priced over 40,000 euros the grants will rise to 5,000 euros. The government wants to have 10 million electric vehicles on the roads by 2030, part of an offensive designed to turn round the German car industry’s perceived laggard status in emobility compared to its rivals in the United States and China. The paper came to light on the day that Chancellor Angela Merkel gave a speech at Volkswagen’s Zwickau factory, where the German watched the carmaker start mass production of its ID.3 electric car, a vehicle costing around 30,000 euros.

DECEMBER- 2019

According to the document, due to be discussed at a meeting of high-level government and car-company officials , grants for plug-in hybrids will rise from 3,000 to 4,500 euros. Germany plans to increase by half the grants available to buyers of electric cars over the five years from 2020, according to a government document seen by Reuters, the latest in a series of measures to speed the adoption of low-emissions vehicles.

We can now say that Zwickau is a pillar of today’s German auto industry and of its future, Merkel said at the launch. Our task as politicians is to create a framework where new technological innovations can take hold. Merkel said the government would invest 3.5 billion euros ($3.90 billion) to 2035 in building charging stations for electric cars. She had said Germany needed 1 million charging stations by 2030 and urged carmakers and utility companies to play their part in helping to build the necessary infrastructure. As part of an auto industry push, BMW plans to build 4,000 electric car charging stations, a source familiar with the discussions said. In September, at the Frankfurt auto show, Europe’s carmakers warned governments that the EU rules could be disastrous for profits and jobs because mainstream customers were not buying electric vehicles. German carmakers are accelerating plans to launch electric vehicles, under pressure from a European Union mandate to deliver a 37.5% cut in carbon dioxide emissions between 2021 and 2030, on top of a 40% cut in emissions between 2007 and 2021. Source: reuters

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S & W Saga

Bad news for solar , minority shareholders !!! Shares of Sterling & Wilson Solar Ltd. slumped 20 percent after the solar engineering, procurement and construction firm’s promoters sought more time to repay debt due to the company.Promoters Shapoorji Pallonji and Company Pvt. Ltd. and Khurshed Daruvala were scheduled to pay Rs 2,563 crore to Sterling & Wilson Solar by Nov. 18, of which, Rs 2,335 crore was the principal and remaining was interest.

he promoters wrote to Sterling & Wilson Solar’s board on Nov. 14, seeking a revised repayment schedule, according to its exchange filing. They also sought to reduce the balance outstanding amount to Rs 2,341 crore (Rs 2,085 crore principal and Rs 256 crore interest), citing “significant and rapid deterioration in the credit markets”, which created a significant liquidity crisis, coupled with the lesser than expected realisation from its initial public offering, according to the filing. The promoters, in their letter to the board, added that they will endeavour to reduce the outstanding loan by Rs 1,000 crore from the level as of the date of listing, by Dec. 31. The board in turn authorised the audit committee to work with the promoters to draw up a repayment plan by the end of the year, according to the filing. The board also decided to charge an additional 50 basis points interest on the loans to promoters, taking the total interest to 100 basis points above the weighted average interest rate on borrowings of the company. The firm’s consolidated financial borrowings stood at Rs 2,259 crore as of Sept. 30, compared with Rs 2,227 crore in March-end, according to a separate exchange filing.

IPO Struggle In August, the Mumbai-based company raised Rs 2,850 crore from its IPO before expenses and taxes, compared with the initial expected Rs 4,500 crore. The issue was subscribed 92 percent, with global institutional buyers picking up the bulk of shares on offer. The QIB portion of the issue received full subscription, while the high net-worth investors bought 89 percent of the shares allocated to them. The retail portion witnessed 30 percent subscription. Promoters Shapoorji Pallonji and Khurshed Yazdi Daruvala had put on the block shares worth Rs 2,083 crore and Rs 1,042 crore, respectively, in the IPO. Promoters had committed to repay the company’s inter-corporate loan within 90 days of listing which is now being reworked. Sterling & Wilson Solar’s shares fell 20 percent to Rs 400.7 apiece, as of 10:30 a.m. The stock has declined 48.5 percent since listing. Source: Bloomberg

Sterling and Wilson Solar Q2 net up 36% at Rs 79 crore Sterling and Wilson Solar posted a 36 per cent rise in consolidated net profit at Rs 79.40 crore for the second quarter of this fiscal. The Shapoorji Pallonji Group firm had reported a consolidated net profit of Rs 58.36 crore in the September quarter of the previous fiscal, it said in a BSE filing. Total income of the company stood at Rs 1,265.64 crore in the quarter under review, compared to Rs 2,540.29 crore earlier.

We witnessed a strong increase in gross margin percentage due to efficient execution and procurement, both in India as well as international markets, in spite of a reduction in revenue as compared to the corresponding half year in FY 19… Currently, the Company has an order book of about Rs 12480 crore (previous comparable period approx. Rs 4500 crore), said Bikesh Ogra, Director and Global CEO, Sterling and Wilson Solar Ltd.

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“The company recently bagged orders in strategic markets like Australia and the US, that have conducive solar power policies coupled with high solar resources. The company will continue to make strong progress on its focused growth areas of Renewable Generation which includes Rooftop Solar and Floating Solar, along with strengthening its O&M portfolio, which is growing exponentially,” he added. It won orders amounting to Rs 828 crore in the six months ended September 30, 2019, and orders amounting to Rs 6,282 crore in October and November 2019. Source : economictimes

DECEMBER- 2019

S & W Saga

Sterling & Wilson Solar promoters fail to honour loan commitment The promoters of Sterling and Wilson Solar (SWSL), Shapoorji Pallonji Group and Khurshed Yazdi Daruvala, failed to honour their commitments made during the initial public offering (IPO) in August and sought more time from the company’s board to repay loans worth Rs 2,341 crore citing unforeseen reasons including a liquidity crisis at the group level.

Lawyers, Activists Slam Management The company had borrowings of Rs 2,259 crore at the end of September. In its stock exchange filing, SWSL said the promoters had said in their letter to the board that they would “endeavour to reduce the outstanding loan by Rs 1,000 crore from the level as of the date of listing, by December 31, 2019”.

Corporate lawyers and activists slammed the company’s management for keeping investors in the dark. “Change in the repayment terms is a complete breach of trust and Sebi (Securities and Exchange Board of India) should step in,” said Huzefa Nasikwala, founder partner, Nasikwala Law Office.

Shriram Subramanian, managing director, InGovern Research Services, said Sebi had taken stern action against several companies in the past for not fulfilling the objective or purpose of the IPO prospectus. “In this case also, the regulator should intervene and investigate where the IPO proceeds were used by the promoters,” he said. SWSL’s management said in a conference call with investors that it was working on a revised payment schedule, but without specifying a time frame for the balance payment. Domestic investors criticised the company’s management during the conference call for not disclosing other commitments of the promoters over the repayment of loans from the IPO proceeds.

Sanjay Chawla, chief investment officer at Baroda Mutual Fund, told the management that the fund house was extremely disappointed that the promise made at the time of IPO was not kept and that it was not kept informed about the delay in repayment. Abhinav Bhandari, fund manager at Nippon AMC, said the way the revised debt repayment schedule was handed was disappointing for the minority shareholder.

DECEMBER- 2019

Shiladitya Dasgupta, fund manager at ICICI Prudential Life Insurance, said the management in its meeting with the insurer had indicated that repayment of the money through the IPO proceeds would be the topmost priority and that nowhere had the company highlighted that there were other commitments too. Promoter Daruvala, who’s also SWSL chairman, said that there were liquidity challenges at the group level. He said the company had “high degree of confidence of payment three weeks and even just 10 days before”. “However, things have changed (more) significantly than we have anticipated,” he said. SWSL has an asset-light business model and has negative working capital. So, it does not require debt for operational purposes. However, the company’s debt increased substantially on account of restructuring due to the demerger, whereby its debt swelled and it extended loans and advances to the group company. In April 2017, Sterling and Wilson demerged its solar EPC division along with assets and liabilities into SWSL. Source: economictimes.indiatimes

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S & W Saga

Promises are not meant to be broken, scream Sterling and Wilson Solar investors Sterling and Wilson’s shares have fallen 36% in the past two trading sessions, and are now trading nearly 60% lower compared to IPO price of ₹780 per share Given that the sharp drop in valuations hurts the promoter group the most, it makes sense to clear the air by quickly clearing the dues owed to SWSL The ink on Sterling and Wilson Solar Ltd’s (SWSL’s) initial public offering (IPO) share allotment certificates isn’t even dry yet and investors are having to grapple with a tweak in the terms and conditions. When the company’s promoters, Shapoorji Pallonji and Co. Pvt. Ltd and Khurshed Y. Daruvala, set out to raise ₹4,500 crore by selling a part of their stake in the IPO, the stated plan was that part of the proceeds would be used to clear the loans they had taken from SWSL. But less than three months since the company’s shares listed, there is a change in plans, with an extension being sought for the loans. The upshot: SWSL’s shares have fallen 36% in the past two trading sessions, and are now trading nearly 60% lower compared to the IPO price of ₹780 per share.

When a company deviates from its objects of issue after raising funds through an initial share sale, institutional investors will sell without bothering about the share price,” said Arun Kejriwal, founder of Kejriwal Research and Investment Services Pvt. Ltd.

Investors bought shares in the company’s solar business and want nothing to do with a side lending business, leave alone lending to the promoter group, said Nitin Rao, founder of alphaideas.in, an investment blog.

he loans given by SWSL to other promoter entities stood at ₹1,935 crore at the end of March 2019. They were a red flag for investors even at the time of the IPO, given the troubles firms such as those in the Essel Group have had because of overleveraged promoters. Earlier this year, even Britannia Industries Ltd’s shares came under pressure when the quantum of inter-corporate deposits to group firms such as Bombay Dyeing and GoAir increased. In SWSL’s case, an assurance that these loans would be repaid within 90 days of listing had helped the IPO crawl through. Note that the company cut the size of the IPO by about 30% midway, and even the curtailed book was subscribed only 92%. Still, having raised around ₹2,850 crore (before expenses), there was enough with the promoters to clear outstanding dues of the newly listed SWSL. To their shock, investors discovered that instead of a net decrease in outstanding loans, there has been a slight increase in outstanding loans at the end of September to ₹2,085 crore ( ₹2,341 crore with interest). The promoter group has also requested for a revised repayment schedule to clear dues, adding that they “will endeavour to reduce the loans outstanding” by ₹750 crore by the end of the year. That doesn’t cut much ice with investors. Among other things, Shapoorji Pallonji and Co. is in the troubled real estate business, where borrowing costs have gone through the roof. Investors are worried that the group is using SWSL to borrow cheap. Given that the sharp drop in valuations hurts the promoter group the most—the value of its stake in SWSL is down from around ₹10,000 crore at the IPO price to ₹4,000 crore now—it makes sense to clear the air by quickly clearing the dues owed to SWSL.

Source: livemint

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DECEMBER- 2019

S & W Saga

SEBI Watch: Make Sterling and Wilson promoters keep IPO promise It is said that an unkept promise is as good as a well-disguised lie. When Sterling and Wilson Solar made a public offering of its shares, the prospectus said the company’s promoters will repay the 26 bln rupees they had borrowed from the company from the sale of their shares.

his amount was an inter-corporate loan extended by Sterling and Wilson to two promoter-owned companies. Sterling and Wilson Solar promoters Shapoorji Pallonji and Co Pvt Ltd and Khurshed Daruvala sold a part of their stake and raked in 28 bln rupees through the initial public offering, but reneged on the repayment. This disclosure was made by the company last week. The disclosure said the promoters had “envisaged” to pay the loan back to Sterling and Wilson Solar within 90 days of the listing of the company’s shares on Aug 20 in effect the money was to be repaid by today.

The promoters have not paid even 10% of their dues to Sterling and Wilson. The reason for their inability: “unforeseen significant and rapid deterioration” in the credit markets creating a significant liquidity crisis. This reason does not stand merit because the promoters had received the amount from investors in the IPO and could have repaid the company. Second, the promoters have shown blatant disregard to the commitment, through a SEBI-approved fund-raising prospectus, made to investors that Sterling and Wilson would be repaid the amount. The promoters’ reasoning that the IPO got them only 28 bln rupees instead of an expected 45 bln rupees does not stand merit either as the amount collected via the IPO was higher than the amount owed. It does appear that the promoters diverted the amount to meet some group company requirements given that rating agencies have cut their outlook or rating on several companies owned by the promoters. The ball now is in the court of the market regulator. The Securities and Exchange Board of India now needs to assert its regulation and hold the promoters of Sterling and Wilson Solar accountable to their commitment. It could be a good opportunity to show that regulator will no longer allow deviant promoters to further erode the trust of investors in the sanctity of the capital market process. End

LATEST ANNOUNCEMENTS SEBI to fill three executive directors posts in December (BL) SEBI to auction assets of Royal Twinkle, Citrus Check Inns in December (PTI) SEBI Tyagi says non-compliant PSUs must raise free float SEBI issues circular on Aadhaar e-KYC for investors (PTI)

ORDERS, ADJUDICATION PROCEEDINGS SEBI denies RIL a waiver to delist Alok Industries (ET) Individual settles case of alleged fraudulent trading with SEBI by paying over 23 mln rupees (PTI) SEBI told to probe charges against promoters of three firms (BL) NCLAT asks SEBI to file reply on revised share delisting norms for cos under insolvency (PTI

DECEMBER- 2019

ORDERS, ADJUDICATION PROCEEDINGS SEBI issues norms on commodity F&O modifications, to roll out Dec 1 SEBI prescribed wider disclosures and compliances norms by the issuers of listed municipal bonds (ET) SEBI allows MFs to segregate unrated debt papers from schemes SEBI issues circular on Aadhaar e-KYC for investors (PTI)

DATA FROM SEBI DATE

UNIT

LATEST

FII/FPI net equity investment

Nov 14

US$ mln

(-)59.83

211.83

FII/FPI net debt investment

Nov 14

US$ mln

(-)14.26

(-)136.34

DIIs net equity investment#

Nov 5

bln rupees

(-)14.25

(-)2.03

DIIs net debt investment#

Nov 5

bln rupees

9.51

8.97

IPO/FPO/NFO Sundaram MF seek SEBI’s approval for Sundaram Bluechip Fund Axis MF seeks SEBI’s approval for Axis Quant Fund Burger King India files for 4-bln-rupee fresh issue HSBC MF seeks SEBI nod for HSBC Ultra Short Duration Fund

SEBI IN NEWS SAT pulls up SEBI for ‘shabby’ handling of complaints from investor (BS) SAT to hear RIL appeal against SEBI in 20 bln rupees Reliance Petroleum case SEBI mulls lowering cost of derivatives trading (ET) SAT asks SEBI to pass order in RIL-Network 18 deal matter by Nov 30 (PTI) Source: cogencis

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PV MANUFACTURING

RENA Technologies wins several largescale orders for the Asian solar market The machine manufacturer RENA Technologies GmbH has secured some substantial large-scale orders in the last three months for crystalline silicon solar cell production.

he orders, placed by three leading PERC solar cell manufacturers from Asia, amount to a production capacity of over 10 gigawatts and equate to an order volume worth tens of millions of euros. This strengthens the Black Forest based machine manufacturer’s healthy order book and keeps its capacity utilization high.

Alongside machinery, RENA Technologies’ R&D department also develops performance additives and production processes in order to guarantee the best surface quality at maximum throughput.

We truly appreciate the confidence that our long-standing Chinese customers put in us, underlines RENA Technologies’ CEO Peter Schneidewind. With the new largescale orders, the solar industry sector is contributing to the further growth of the company alongside the semiconductor, With our state-of-the-art production platforms BatchTex glass and medical technology sectors. We N and InOxSide+®, we can ensure the ideal surface quality are internationally recognized as a global for our customers’ highly efficient solar cells, highlights leader in technology, particularly on the Dr. Christian Peter, Vice-President Sales at RENA TechChinese market, where we are excellently nologies. “With regard to quality and cost of ownership, positioned. therefore, our machines are continuing to set the benchmark for the market.”

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DECEMBER- 2019

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