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INDIA TO SEND DELEGATIONS TO CHILE SEEKING LITHIUM AND COPPER ASSETS
THOMAS
MAHINDRA SUSTEN SECURES 300 MW PROJECT IN NTPC 1500 MW SOLAR TENDER DT. 18TH MARCH
SURYACON is the EQ's Flagship Event Multicity Conference on Solar Business, Technology, Finance, Policy & Regulation. Suryacon Conference has special focus on Rooftop Solar. Also includes Solar Parks, Offgrid Solar & Solar Applications.
EQ Int’l Magazine is India’s Premium and Oldest Solar & Renewable Energy Magazine Since 2009 having a print run of 20,000 Copies/Monthly, Readership of 80,000. EQ’s Digital presence is unparalleled with its Magazine viewed by over 100,000+ professionals in Digital Format every month (On Browser, Tablet, SmartPhone, etc...). Its unrivaled daily e-Newsletter and most visited website <www.EQMagPro.com> has lakhs of viewers and visitors daily. We provide various Medium and Tools to get the Highest Possible Visibility which we call the 365 Days, 24*7 Visibility Solution through the 360 Degree Approach. Print, Digital, Website, e-Newsletters, Conferences, Events & Video Content.
JULIAN THOMAS
Senior Project Director – Renewable Energy & Battery Portfolio
Informa Markets India Private Limited
EQ: What are the key objectives and focus areas of the 8th edition of RenewX?
JT: Key objectives and focus areas for the 8th edition of RenewX which is scheduled on 26th & 27th April 2024 at Hitex, Hyderabad is to showcase the latest advancements and innovations in renewable energy technologies & Energy Storage. And also to provide a platform for industry experts, researchers, policymakers, stakeholders to share insights, research findings, and best practices.RenewX Expo is created to drive the buyers to sourcing premium products for their projects & other implementations. More than 150+ top brands showcasing their product solutions to foster the industry growth & address the market demand.
EQ: Can you share your approach to cultivating and managing partnerships for RenewX?
JT: Nurturing and developing relationships between the industries is always the key intention of the organizer & RenewX Expo. Informa Markets being the largest exhibition organiser in various Industries like Pharma, Jewellery, Cold Storage, Construction & more. Efforts are on via RenewX to solarize these enterprises with the support of the exhibitors. Government mission is also to enhance the distributed solar solutions benefits to Industries, Corporates, Communities and Residential. RenewX Expo attracts visitors / Buyers from power consumers to have partnership with solar experts to reduce energy cost, learn more about Energy Independence. Special promotions are done to welcome Residential Welfare Association, High Network Individuals, to take full advantage of PM-Surya Ghar Muft Bijli Yojana.
EQ: How has RenewX contributed to the growth of the Indian Renewable Energy Market?
JT: Starting 2015, RenewX focus is to foster partnerships and collaboration among international stakeholders, Enterprises, and organizations working in the renewable energy field. Enhance the product availability in South India to increase capacity building in solar space. RenewX Expo is one the biggest partnership building initiative between manufacturers, Buyers & Traders. Contribution wise, RenewX Expo supported the manufactures to identify business partners in southern region, Created Energy Independence to various power consumers, Mitigate Climate change & reduce air pollution, Job Creations in this ecosystem, Grid Stability & Resilience in power sector, Sustainable development within communities and many more…..
EQ: In its 8th edition, what specific goals does RenewX aim to achieve for the South Indian Renewable Energy and Electric Vehicle Market Solar Market?
JT: India's PM vision on the solar space reflects a commitment to harnessing the immense potential of solar energy to drive economic growth, energy security, and environmental sustainability. RenewX Expo 2024 goals is to align with the government vision and campaign PM Surya Ghar Muft Bijli Yojana, which aims to solarize 10 million households and more. We strongly believe, C&I customers can play a very vital role in generating electricity locally and take full advantage of cost benefits. The show marketing team are making all possible efforts to welcome C&I customers to the event, so that exhibitors can highlight all the latest products / solutions / financial options available in the market. Driving Entrepreneurship: In remote or rural areas where grid infrastructure may be limited or unreliable, distributed solar solutions offer a cost-effective means of providing electricity access. Are you ready to become a Business Owner? Don’t Miss RenewX Expo!
EQ: How has RenewX evolved over the past seven years, and what milestones has it achieved in promoting sustainable economic development in the region?
JT: Resilience and reliability are crucial aspects of any energy system, RenewX has been able to create the complete value chain and benefit the industry with this exhibition. Knowledge sharing and learning about latest developments, supported the industry and technical experts. More than 4500 Business visitors attend this exhibition to gain business growth. As mentioned above, event objectives are to provide best technologies, Increase solar adoption, Create employment, Develop Business Owners, Focus on highlighting environmental benefits for the communities and Support government schemes.
EQ: Can you share more insights into the top buyers from industry, exhibitors, and the overall business space covered in the 2024 edition of RenewX?
JT: From the exhibition perceptive, 2024 edition will be witnessing the galaxy of all the best brands under one roof. Brands like Waaree Energies, Vikram Solar, Goldi Solar, Rayzon Solar, SMA Solar, EVVO Solar, Emmvee Solar, Luminous, Microtek, Deye Inverters, Exide to name a few are showcasing the latest solution in energy space. In terms of Buyers, we are expecting Project developers, IPP’s, System Integrators, Dealer & Distributors, C&I, Residential welfare associations, High Network individuals, Investors and more…2-day Conference offer opportunities for professionals to share their expertise, research findings, best practices, and insights with peers. Attendees can learn about the latest advancements, trends, and innovations. To know more about the conference proceeding, kindly visit www.renewx.in
GROWATT INVERTERS POWER A LARGE BEVERAGE FACTORY
PRADESH FEATURED
IN UTTAR
India, a country brimming with potential, has witnessed significant growth in its solar energy sector in recent years. In 2023, the Indian government released the National Electricity Plan (NEP) for 2022-2032, projecting a 337 GW installed capacity of renewable energy by 2026-2027, with solar accounting for over 50%. The demand for rooftop solar projects in India’s C&I sectors will continue to be a key driver for realizing the target. Integrated solar systems can slash manufacturing costs for the long run. Against this backdrop, Uttar Pradesh, one of India’s most populous states, has emerged as a hot spot for renewable energy projects.
In December 2023, Vibgyor Energy finished a 5.3 MW PV project for Moon Beverages Limited, a large soft drink factory located in Uttar Pradesh, India. This project, powered by 9788 solar panels and 29 Growatt ‘MAX 125KTL3-X LV’ inverters, can generate about 7 million kWh a year for self-consumption and exporting the extra power to the grid. It’s equivalent to a reduction of 5409 tonnes of carbon emission or 2,198 tonnes of standard coal consumption. That’s how Moon Beverages Ltd is raising the bar for the beverage industry’s environmental responsibility. The key point Vibgyor Energy chose Growatt’s inverters lies its innovation and commitment to customer satisfaction. Growatt has cultivated a strategic presence in the Indian since its 2012 entry. Over twelve years, it has built a robust local team with over 60 employees and offices in five cities of India to ensure effective after-sales support. Other points that led to Growatt inverters being chosen were product reliability, grid connectivity and design flexibility offered by multiple MPPT’s. The MAX inverters used in this project are designed to handle high power and bi-facial modules, with a maximum DC input current of 32A for each MPPT.
This feature ensures optimal efficiency and performance, even under varying conditions. What sets the MAX series inverters apart is their intelligent capabilities. These inverters come with smart online monitoring and troubleshooting features, supported by intelligent string monitoring, smart I-V curve scanning, and diagnosis for installers. The inverters are equipped with optional AFCI function and an IP66 protection level, making them suitable for a wide range of conditions in India. For small C&I solar projects, Growatt provided more options, such as MID 33-50KTL3-X2 that ensuring optimal energy conversion with 98.8% efficiency. For C&I energy storage use, they provide WIT 50-100KTL3-HU/ AU with advanced features like black start capability, 100% unbalanced output, and 110% continuous AC overloading. It seamlessly integrates with the APX Commercial battery. This potent pairing enables businesses to attain energy independence and gain maximum green energy yield while enhancing operational efficiency. The successful completion of this 5MW project for the soft drink factory not only demonstrates Growatt’s technological prowess and product reliability but also its commitment to India’s energy future.
ENGIE INDIA WINS BID FOR 200 MW SOLAR PV PROJECT IN GUVNL'S 1125 MW GRID CONNECTED SOLAR PV POWER PROJECTS
ENGIE India, a renowned leader in low-carbon energy solutions, has won a bid for a 200 MW Solar Photovoltaic (PV) project. This project is part of Gujarat Urja Vikas Nigam Limited's (GUVNL) larger project encompassing 1125 MW grid-connected Solar PV power projects, to be established within the Gujarat State Electricity Corporation's Renewable Energy Park situated at Khavda. The bidding process by GUVNL took place on February 2, 2024, with ENGIE India securing 200 MW at a competitive tariff of ₹2.62 per unit.
GUVNL's project aims to fortify India's renewable energy capacity and promote sustainable development in the region. By securing this bid, ENGIE India further reinforces its commitment to contributing to India's ambitious renewable energy goals and fostering a cleaner, greener future. The 200 MW Solar PV project serves as a testament to ENGIE India's expertise and leadership in the renewable energy sector. Leveraging advanced technologies and innovative solutions, ENGIE India remains dedicated to delivering high quality, reliable, and sustainable energy solutions to communities across India.
Mr. Amit Jain, CEO and Country Manager, ENGIE India, expressed, “We are proud to secure the bid for the 200 MW Solar PV project in GUVNL's ambitious solar power initiative. This project not only emphasizes our dedication to driving the transition towards renewable energy and to support India's renewable energy vision.”
ENGIE India looks forward to collaborating closely with GUVNL and stakeholders to ensure the successful implementation and operation of the 200 MW Solar PV project. By harnessing the abundant solar resources in Gujarat, ENGIE India reaffirms its commitment to shaping a cleaner, brighter, and more sustainable future for India and beyond. With a portfolio of 2+ GW capacity, ENGIE has achieved considerable success spread across 20 projects strategically located in key states of India.
FEATURED
GOODWE OFFICIALLY ANNOUNCES INAUGURATION OF FIRST OVERSEAS MANUFACTURING BASE, A GLOBALIZATION MILESTONE
GoodWe, a leading player in the solar energy industry, has announced the official commencement of operations at its first overseas manufacturing plant in Hai Phong, Viet Nam. Representing a significant milestone in the company’s global expansion strategy, this new facility also marks the third in GoodWe’s manufacturing network, reinforcing its dedication to efficiently delivering tailored, high-quality products to its customers worldwide.
The inauguration ceremony, held on March 11th, commemorated the opening of GoodWe Viet Nam Technology Co., Ltd and marked the beginning of production at this facility. Distinguished guests included leaders from Deep C Industrial Development Zone and BW Industrial Development JSC, alongside GoodWe’s esteemed partners and customers. From Head quarter, Mr. Daniel Huang, Founder and CEO of GoodWe, led a team of senior executives to participate in the event. Covering approximately 14,800 square meters, the factory will specialize in the production of grid-tied and hybrid inverters, for the time being, catering to markets in North America and key Asian regions.
The establishment of this facility marks an important milestone for GoodWe, showing our strong commitment to the development of photovoltaic worldwide, especially, in Asian markets where I believe will become the biggest inspiration & motivation of renewable energy transition movement.” James Hou – GoodWe APAC sales lead shared.
James Hou, Sales Head of GoodWe APAC, expressed gratitude for the collective efforts of the GoodWe team, customers, and partners that culminated in this achievement. He emphasized, “Customers from diverse markets are eagerly anticipating the output of GoodWe’s Viet Nam factory. We remain dedicated to listening to market needs, delivering high-quality products, and providing excellent service to our customers.”
By establishing local production in Viet Nam, GoodWe anticipates enhanced price competitiveness in global markets. Moreover, it aims to elevate GoodWe’s service offerings and ensure the timely delivery of high-quality products tailored to the diverse needs of residential, commercial & industrial, and utility applications. The factory, drawing upon over a decade of GoodWe’s inverter manufacturing expertise, has fully integrated advanced inverter manufacturing technology and implemented rigorous quality control systems.
A range of intelligent manufacturing techniques, including quality traceability and digital monitoring, has been incorporated to ensure the quality and excellence of products.
Daniel Huang said, “We are dedicated to establishing an overseas benchmark factory, showcasing operational excellence, and replicating success across our global markets in the future. The positive impact of this milestone is also on GoodWe's innovation capabilities and its contribution to job creation in the local Vietnamese market.”
He also said that this move exemplifies GoodWe’s commitment to strengthening its global brand image. “With the opening of the Viet Nam factory, we look forward to cultivating expanded customer cooperation opportunities across the key markets such as United States and ASEAN countries, and beyond.”
FEATURED
SOUTH ASIA GOING SOLAR WITH GROWATT SOLUTIONS
The South Asian Association for Regional Cooperation (SAARC) is a mutual cooperation organization jointly founded by South Asian nations, comprising Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, Sri Lanka and Afghanistan. Its mission is to promote people’s welfare, economic growth, social progress, and cultural development. To meet the rising demand of renewable energies in the SAARC region, Growatt has been highlighting its ability to offer comprehensive solar solutions.
Monsoon climate brings distinct dry and wet seasons in this region, along with persistent high temperatures throughout the year and abundant rainfalls. Despite these challenges, the region presents immense opportunities for solar energy development with extensive sunny areas. Growatt offers a comprehensive range of products tailored to the specific needs of SAARC countries. The portfolio covers PV inverters, energy storage products, EV chargers, and smart energy management systems, suitable for residential, commercial and industrial (C&I), and utility-scale applications. Growatt’s inverters are certified with an IP65 protection level or higher, ensuring their resilience facing the region’s variable weather conditions. This robustness, coupled with their deep understanding of the local environment, positions them uniquely to support SAARC countries in their pursuit of sustainable energy solutions. Growatt values partnerships with clients are committed to contributing to the advancement of solar industry in these countries and regions. Recently, Growatt local team hosted Iftar dinners in Lahore, Islamabad, and Karachi in Pakistan. These dinners not only served as a cultural celebration of the Ramadan spirit, but also functioned as a platform for fostering meaningful discussions and deeper friendships with Growatt and partners.
The PV Elite Meeting held by Growatt in Bangladesh and Sri Lanka also garnered immense popularity and enthusiasm. These gatherings have been instrumental in bringing together industry experts, government officials, and other key players to share insights, exchange ideas, and identify opportunities for further advancing the PV industry in these regions. Looking ahead, we are eager to contribute further to the development of the PV industry in SAARC countries, adding momentum to the region’s renewable energy transition. Together, we can harness the abundant solar resources of South Asia, enhancing the quality of life for its people and fostering sustainable growth for future generations”, Lisa Zhang, the vice president of Growatt, stated.
Growatt have supplied inverters for numerous residential, C&I and utility-scale PV projects in India, where it has nearly a decade of operational experience. Their extensive knowledge and established presence in the country allow them to provide energy solutions that meet the unique challenges and opportunities of the Indian market.
FEATURED
IREDA’S STRATEGIC MOVE: GIFT CITY OFFICE TO BOOST GREEN HYDROGEN AND RE MANUFACTURING PROJECTS
IREDA’s strategic decision to establish an office in GIFT City aims to catalyze green hydrogen and renewable energy manufacturing projects. This move underscores a concerted effort towards sustainable development, aligning with India’s push for clean energy and technological innovation.
IREDA has consistently been at the forefront of renewable energy financing through the provision of innovative products for emerging technologies at competitive rates and is fully prepared to support the deployment of energy storage technologies in India. Abu Dhabi: Indian Renewable Energy Development Agency Ltd. (IREDA) has inaugurated an office in GIFT City, Gandhinagar, specializing in the provision of Foreign Currency-denominated debt options which will significantly reduce the financing costs associated with Green Hydrogen and Renewable Energy Manufacturing projects, facilitating natural hedging, and thereby accelerating the country’s journey towards a greener future. The strategic initiative was highlighted by Shri Pradip Kumar Das, Chairman & Managing Director of IREDA during a panel discussion on “Future Growth Opportunities for Long Duration Energy Storage” at the World Future Energy Summit 2024 in Abu Dhabi today. In his address, Shri Das emphasized the critical role that energy storage will play in achieving the National Green Hydrogen Mission’s ambitious target of over 5 million metric tons per annum (MTPA) Hydrogen production by 2030. He highlighted several key priorities for advancing storage technologies.
Shri Das stressed the need to enhance research and development efforts to improve the cost-effectiveness and performance of energy storage solutions. Implementing policies that strengthen the supply chain network is essential for the successful deployment of energy storage technologies. Providing competitive and tailored financial solutions will encourage investment in energy storage projects India has taken proactive steps in this direction, including the formulation of a storage requirement roadmap up to 2047, technology-agnostic storage tenders, and supportive government interventions for battery manufacturing and pumped storage hydropower. The Central Electricity Authority of India projects a storage requirement of nearly 400 gigawatt-hours (GWh) by 2030-32, with an estimated investment exceeding Rs. 3.5 lakh crore. IREDA has consistently been at the forefront of renewable energy financing through the provision of innovative products for emerging technologies at competitive rates and is fully prepared to support the deployment of energy storage technologies in India.
INDIA TO BE FASTEST GROWING HYDROGEN MARKET BY ’50 TO ACHIEVE NET ZERO: REPORT
A report suggests that India is poised to become the fastest-growing hydrogen market by 2050, aiming for net-zero emissions. This ambitious target aligns with global efforts to combat climate change. Hydrogen, a versatile and clean energy carrier, holds promise for decarbonizing various sectors. India’s commitment signals a proactive stance toward sustainable development, paving the way for a greener, more resilient future.
Anew report released highlights India’s potential to lead the fastest-growing market for hydrogen electrolysers by 2050, aiming to achieve net-zero emissions. According to the report, India is projected to experience the highest growth rate in the expanding market for green hydrogen (H2) electrolysers in Asia, followed by China, Japan, and South Korea. The report indicates a collective $180 billion opportunity for hydrogen electrolysers in key Asian markets by 2050. It was unveiled at an event held on April 12 in New Delhi, India. China’s market potential is expected to increase significantly from $22 billion in 2030 to $85 billion by 2050. Meanwhile, India’s market is forecast to reach $78 billion from $4 billion in 2030, representing the highest growth rate. Japan’s market potential is anticipated to grow to $9 billion, and South Korea’s to $8 billion by 2050, both with a compound annual growth rate of 10%.
This growth is driven by increased production targets under net-zero commitments, government policies, investments in renewable infrastructure, and technological advancements. “I congratulate the Asia Society Policy Institute for releasing the Green Hydrogen for Decarbonizing Asia’s Industrial Giants report, which showcases the need to transform the hard-to-abate sectors of the economy, including steel and fertilizers,” said Amitabh Kant, India’s G20 Sherpa. Kant highlighted India’s vast renewable energy resources and its potential to produce Green Hydrogen for the world. “As India has set its sights on becoming energy-independent by 2047 and achieving Net Zero by 2070, we recognize the critical role of Green Hydrogen,” said Kant.
MAHINDRA SUSTEN SECURES 300
MW PROJECT IN NTPC 1500 MW
SOLAR TENDER DT. 18TH MARCH
Mahindra Susten Private Limited, a leading Independent Power Producer (IPP) and part of the Mahindra Group, has been declared the lowest bidder for a 300 MW solar project in the NTPC 1500 MW Solar Tender bid. This achievement comes after a competitive bidding process followed by an e-reverse auction on 18th March by National Thermal Power Corporation (“NTPC”).
Tender / Tranche
Project Capacity Won by Susten
As a testament to this groundbreaking project, NTPC is set to formalize a 25-year Power Purchase Agreement with Furies Solren Private Limited, a Special Purpose Vehicle (SPV) of Mahindra Susten, with completion timeline of 24 months. This win marks Mahindra Susten's 5th successful bid this fiscal year, bringing its aggregated under development capacity to over 2 GWp. It solidifies the company's position as a key contributor to India's decarbonization efforts and underscores its dedication to its core purpose of "Re-imagining clean energy & Empowering lives."
Deepak Thakur, MD & CEO of Mahindra Susten, said, " In this fiscal year, Mahindra Susten has been able to consistently deliver on its core purpose with several strategic achievements. Our latest project win not only underscores our commitment to powering 'Atmanirbhar Bharat' with clean, sustainable energy, but also marks another significant milestone in our growth journey. We are enthusiastic about the opportunities ahead as we expand our portfolio and continue to contribute to a sustainable future"
OSDA SOLAR RETURNS TO THE INDIAN MARKET WITH TOPCON PHOTOVOLTAIC MODULES
After five years of careful preparation and technological accumulation, Osda Solar returns to the Indian market with their cutting edge TOPCon Technology Solar Photovoltaic Modules. This comeback signifies the elevation of Osda's strategic layout in the Indian market and heralds Osda's crucial role in the new round of technological innovation and market transformation in the Indian photovoltaic industry.
Osda’s Chairman Miss Shirley Zhang quotes “As one of the world's largest photovoltaic markets, India has always been a crucial strategic market for Osda. Recognizing the demands and expectations of the Indian market for photovoltaic components, Osda's TOPCon Technology Photovoltaic Modules have been tailor-made for the Indian market to fully meet the local demands and contribute to achieve the highest energy conversion efficiency with the best optimized costs in the Indian photovoltaic industry.”
Over the past five years, Osda has persistently pursued technological innovation to drive breakthroughs and development in photovoltaic component technology. In 2022, Osda invested in and constructed a TOPCon component factory spread across 82.3 acres with a total capacity of 10GW in Linyi, Shandong. This move not only significantly expanded the group's production capacity but also laid a solid foundation for subsequent technological research and market expansion. In Jiaxing and Yancheng, Osda initiated the construction of new production bases, representing not only an expansion of Osda's capacity but also strong support for the improvement of the photovoltaic industry chain. Currently, the first batch of core production equipment has been successfully installed at the Yancheng base, marking a significant achievement in the construction progress. The introduction of these advanced equipment will greatly enhance Osda's production efficiency and product quality, injecting new vitality into the group's competitiveness in the photovoltaic market.
At the same time, Osda's zero-carbon building at its Ningbo headquarters has been completed and put into use. The design concept of this building fully embodies the principles of green, environmental protection and low carbon incorporating many advanced energy-saving technologies and renewable energy utilization methods. Using the latest innovations such as solar photovoltaic power generation, rainwater harvesting and the use of green building materials, the building achieves environmentally friendly utilization, creating a truly green and efficient office environment for Osda.
This series of actions not only demonstrates Osda's profound strength in the photovoltaic field but also indicates the firm confidence in the future development prospects of green energy. As a company dedicated to photovoltaic technology, Osda will always adhere to the principles of innovation-driven and quality-first, continuously developing new products and technologies and contributing to the advancement of theglobal green energy cause.
Speaking to EQ, Osda India Country Head Mr. Parag Chamuah quotes, “As one of the world's important photovoltaic markets, India holds significant strategic significance for the Osda Group. This return to the Indian market with TOPCon solar photovoltaic modules not only comprehensively showcases Osda's technological accumulation and market layout over the past five years, but also marks a new starting point for Osda's voyage in the Indian market. Going forward, Osda will continue to increase it’s investment in the Indian market, continuously improve product technology and market competitiveness, and contribute more to the sustainable development of the Indian Photovoltaic industry. Osda will also actively cooperate with local Indian companies, jointly promoting innovation and development in the Indian photovoltaic industry, and contributing more wisdom and strength to achieving the global green energy transition goals. As a champion of Global Smart Energy Solutions Provider, we will also focus on global climate change and environmental issues, actively fulfilling corporate social responsibilities and contribute our efforts to achieving global sustainable development goals.”
HUASUN EARNS FIRST TÜV SÜD CERTIFICATION
FOR EH&S RISK ASSESSMENT OF PHOTOVOLTAIC MODULES
IN GREATER CHINA
Huasun Energy achieves the inaugural TÜV SÜD IEC TS 62994:2019 certification, covering the entire lifecycle of photovoltaic modules with a focus on Environmental Health and Safety (EH&S) risk assessment. This milestone marks the first TÜV SÜD IEC TS 62994 certification in Greater China.
Presented by Mr. Weibo Wang, Vice President of Management Services Department at TÜV SÜD Greater China, alongside Director of Module Process Quality Department
Mr. Gaoming Ren and ,Huasun’s Senior Vice President
Mr. Tommy Xu, this recognition underscores Huasun's dedication to environmental sustainability and safety in photovoltaic module production, operation, and disposal. IEC TS 62994 sets standards for EH&S risk assessment across the photovoltaic module lifecycle, encompassing Environmental Health Risk Assessment (EHRA), EH&S management systems, and Life Cycle Assessment (LCA). After rigorous evaluation by TÜV SÜD, Huasun's heterojunction (HJT) solar modules are confirmed to meet international standards, affirming their environmental friendliness and safety.
Mr. Tommy Xu extends gratitude to the TÜV SÜD team for their support during the certification process, emphasizing Huasun's commitment to advancing heterojunction photovoltaic technology. He underscores the solar industry's pivotal role in addressing energy challenges and environmental concerns, pledging ongoing collaboration with TÜV SÜD to drive standardization and regulation in the photovoltaic sector. Attaining the TÜV SÜD IEC TS 62994 certification not only validates Huasun's pursuit of excellence but also positions the company for further expansion in both domestic and international markets, enhancing its global brand reputation.
NOW'S THE IDEAL TIME FOR HOME SOLAR WITH PM-SURYA GHA INITIATIVE
On February 13th, 2024, the Prime Minister of India, Shri Narendra Modi, introduced the ‘PM Surya Ghar: Muft Bijli Yojana’, a groundbreaking initiative aimed at installing rooftop solar panels in one crore households across India. The PM posted on X: “For sustainable development and people’s well-being, we are launching the PM-Surya Ghar. This scheme, with an investment of over Rs. 75,000 crore, can provide up to 300 kWh of free electricity per month for one household.”
WHY TO JOIN?
Solar Cost Relief: PM-Surya Ghar mainly offers installing solar systems for lower and middle-income families and providing corresponding subsidies and loan discounts. According to current benchmark prices, it offers a subsidy of Rs. 30,000 for a 1 kW system, Rs. 60,000 for a 2 kW system, and Rs. 78,000 for 3 kW systems or higher. The Central Government will provide subsidies directly to people’s bank accounts and concessional bank loans to ensure that there is no financial burden on the individuals. Besides, a model solar village will be developed in each district of the country to act as a role model for adoption of rooftop solar in rural areas. Urban local bodies and Panchayati Raj Institutions shall also benefit from incentives for promoting RTS installations in their areas.
Long-Term Benefits: Installing solar panels is a long-term investment that can lead to significant savings over time, as solar energy is free and abundant. PM-Surya Ghar also includes provisions for payment security for Renewable Energy Service Company (RESCO)-based models and a fund for innovative rooftop solar projects. By harnessing solar energy, households can not only save on electricity bills but also earn additional income by selling surplus power to DISCOMs.
A successful PV project in China with 1200 Growatt’s inverters installed
Environmental Impact: The proposed scheme will increase 30 GW solar capacity, equivalent to 720 million tonnes of CO2 emissions, greatly contributing to India’s ambitious goal of carbon neutrality by 2070.
How to Apply? Households can register themselves on https://pmsuryaghar.gov.in to avail of benefits under the scheme.
Growatt’s Contribution: Growatt is delighted by the proactive initiatives taken by the Indian government towards sustainable development and the harnessing of solar energy potential. Growatt’s range of residential segment market offerings, including the ‘MIC 1000-3300TL-X’, ‘MIN 4200-6000TL-X’, and ‘MOD 3-15KTL3-X’ on-grid inverter series with sleek and compact design, is tailored to cater to homeowners participating in this scheme. The highly anticipated MIC-X2, MIN-X2 and MOD-X2 series of inverters are capable of accommodating higher wattage modules, meeting the evolving needs of users.
ENERMAN TECHNOLOGIES: ONE STOP SOLUTION FOR SOLAR ASSET PERFORMANCE MANAGEMENT (APM)
EnerMAN is a leading provider of innovative, IoT based AI & ML driven, Energy Management solutions at affordable price to Renewable Energy Industry. EnerMAN Technologies is founded in 2019, with the vision to “Provide innovative digital products to manage energy and decarbonise the world”. EnerMAN is striving towards to achieve net zero goal by Providing AI & ML driven IoT based products to digitize Renewable Assets.
From data acquisition at the site equipment level, to analysis of data that provides meaningful insights to plant generation & health, EnerMAN provides end to end solution to digitize and manage your PV assets.EnerMAN provides end-to-end solution i.e Hardware, Firmware and Software systems that are developed inhouse by experienced team. We are proud to say that our products are Made in India products to cater to global market at an affordable price. EnerMAN products will help in improving the efficiency / generation by more than 2%. Our products are deployed in 10 countries over 2GW Solar plants which will directly contribute to generating more than 2% i.e., 45 million units out of 2.25 billion units, which will reduce 18 Metric Tons of Co2 emission. Few of the Solar PV industry leaders from prestigious Govt organizations with whom we are proud to associate with are BHEL, GSECL, BEL, NTPC, HAL, MES, NFC, AIIMS, IISc, & NLC in India. Apart from this, our Wind-Solar Hybrid PPC (Power Plant Controller) solution is running successfully in more than 100MW of Wind-Solar Hybrid plants in Karnataka and our Solar PPC is implemented to 350MW single largest plant in Kurnool, AP.
Our ever-increasing product portfolio proves that there is always demand for good product, which is reliable, easy to use with user friendly dashboards (GUI), timely & accurate alerts on breakdowns, and backed by quick customer service support from professional team. EnerMAN’s ETi series products help you acquire data from the equipment/sensor in the solar ¬PV plants / rooftops, process and store the data in the cloud/local server and present you with user friendly dashboards to monitor, control and analyse the performance. EnerMAN provides a wide range of solar PV monitoring and control management solutions which are required for digitizing Solar assets and efficient management of Solar assets with optimal performance.
ETi-SOL®: is a cloud-based software platform which acquires data from the field IoT devices for Monitoring, Controlling, Analysis and Reporting (DGR & others reports) of Solar PV plants /rooftops. It is the analytics engine which can be used to compare equipment/plant performance & do lots of trend analysis. It is also Centralized monitoring platform -Integrate multiple SCADA into single dashboard. User can monitor through mobile app, both, Android, and iOS.
ETi-SOL® Edge: For the customers who do not want to pay annual cloud server charges to view their plant data, EnerMAN has introduced ETi-SOL® Edge which is a local monitoring solution. One time investment to the system which does not require internet & cloud storage.
ETi-PPC (Power Plant Controller): Power plant controller is a reliable and flexible solution that can control different parameters present in Solar PV plants to achieve Utility grid requirements at POI (Point of interconnection). PPC is a combination of Software Logic and Hardware which continuously monitor the healthiness of grid and automatically acts in case of any abnormality. EnerMAN’s Power Plant Controller (ETi-PPC) is a control system that can manage active power, reactive power, and power factor from Solar Inverter (Solar Plant, SolarWind Hybrid Plants).
Some of the ETi-PPC features are:
Interactive dashboard for Solar Monitoring/Control. Automatic/Manual Control Operations. Operations Scheduling. Active Power/Reactive Power/Power factor Control.
ETi-LOG: is an IIoT Data logger, which collects the data through RS 485 (RTU/TCP) from PV plants' end equipment and sends data to Local PC/Servers or to the cloud Servers through RS485 (RTU/TCP) or RF or Wi-Fi. We will ensure that there is no data loss through local storage in our ETi-LOG IoT datalogger during any communication issues due to internet failure at the plant.
ETi-SLDC: This software product can be installed in local PCs/Servers to collect data from the Solar PV plant’s equipment and can send important processed clean data to SLDC in a few seconds as per SLDC guidelines.
ETi-ZES: Zero Export system: We have developed another software product, ETi-ZES, which will ensure Zero Export from Solar PV plants / Rooftops to Grid, as per DISCOM policy guidelines, to avoid penalty. This product collects the data from Solar PV plants' end-equipment and controls/limits the out-going power of Solar Inverters based on its load/consumption at factory/manufacturing unit.
ETi-LMS: Load Management System: We have developed yet another software product An IoT Solution for DG-Sync which is a universal Solution for all Inverter brands (Supports Heterogenous Make) Controls Active Power of Inverters.
ETi-CAST: Energy Generation & Forecasting solution which is a cloud-based forecasting tool for solar power plants.
ETi-SOL® Android/iOS App: Introducing the new mobile app version of our SCADA. Now the home page in the app is similar to web version i.e. all the plants in one with with its pirority status list. The much awaited in-app alert notification feature is now up and going. Both, Android and iOS are now available.
NTPC GROUP TIES UP JPY 30 BILLION FUNDING FROM JBIC
NTPC Group has entered into foreign currency loan agreements with the Japan Bank for International Co-operation (JBIC), the Japanese Government policy-based financial institution, aggregating JPY 30 billion (Aprox.. USD 200 million/Rs. 1650 crore) i.e. JPY 15 billion each for NTPC Limited and NTPC Renewables Energy Limited (NREL). JBIC has provided 60% of the facility amount and the balance of the facility amount has been provided by other commercial banks under JBIC guarantee. The facility has been extended under JBIC’s initiative entitled ‘Global action for Reconciling Economic growth and Environment preservation’ (“GREEN”) for projects which ensure conservation of global environment.
The loan proceeds shall be utilized by NTPC for funding part of its capex requirements for Flue Gas Desulphurization (FGD) which substantially reduces the SOx emission in the flue gases of thermal power stations and is a positive step towards environmental sustainability. This is the second loan for NTPC under JBIC’s GREEN operations in India. The loan proceeds shall be utilized by NREL for funding its capex for Renewable Energy Projects which would facilitate its mission for providing reliable, affordable and sustainable energy.The loan agreements for NTPC and NREL were signed by Shri Jaikumar Srinivasan, Director (Finance), NTPC and Shri. Neeraj Sharma, CFO, NREL, respectively with Mr. Ryuta Suzuki, Director General, New Energy and Power Finance Department II, JBIC, on 26 March, 2024 at a ceremony held at NTPC Corporate office in New Delhi.
JA SOLAR LAUNCHES GLOBAL GREEN DEVELOPMENT INITIATIVE
“JA Solar introduces a Global Green Development Initiative, signaling its commitment to environmental sustainability and promoting eco-friendly practices worldwide.”
JA Solar has spearheaded a collaborative initiative with its partners aimed at promoting low-carbon environmental practices and advancing energy efficiency measures. This alliance underscores a shared commitment to reducing emissions, fostering circular economy principles, and championing the adoption of green energy technologies. Recognizing the urgency of addressing climate change, JA Solar’s leadership in this endeavor highlights the pivotal role of engaging both industrial and commercial sectors on a global scale.
By leveraging their collective expertise and resources, the coalition aims to establish a sustainable, low-carbon value chain, thereby making a significant impact on the transition to a greener economy worldwide. The collaboration seeks to raise awareness about the importance of sustainable practices, such as energy efficiency and emission reduction, while also driving technological innovation to support the widespread adoption of renewable energy solutions. By prioritizing the use of clean energy and embracing circular economy principles, the coalition endeavors to create a more resilient and environmentally conscious global economy.
FEATURED
VISHNUSURYA PROJECTS AND INFRA LIMITED
ENTERS WASTE MANAGEMENT SECTOR WITH STRATEGIC PARTNERSHIPS
Leading Indian construction and infrastructure company, VishnuSurya Projects and Infra Limited (VSIL) announced its entry into the waste management sector through strategic Memorandums of Understanding (MoU) with Hitachi Zosen India Private Limited and AG Enviro Infra Projects Private Limited. VSIL is an experienced organization in infrastructure development which plays a crucial role in Waste-to-Energy plants. Hitachi Zosen India serves as the Indian subsidiary of Hitachi Zosen Corporation, a leader in global waste management industry. AG Enviro Infra Projects, based out of Mumbai is India’s leading waste management company with operations across the country.
Greater Chennai Corporation (GCC) generates a significant amount of solid waste daily, with only 20% of the portion processed. Over 5200 Metric Tonnes gets dumped at Perungudi dumping ground and Kodungaiyur dumping ground, putting pressure on these sites and posing potential environmental hazards. The city lacks sufficient infrastructure for effective waste processing and the increasing population is further straining the existing waste management system. VishnuSurya Project’s foray into this sector aims to address this critical challenge of waste management in Chennai. The company, along with its partners, will focus on developing and implementing sustainable solutions for waste management in Chennai. This memorandum of understanding (MOU) will enable the partners to leverage their collective capabilities to compete for substantial and innovative integrated waste management projects. The partnership’s first proposal is for Greater Chennai Corporation's Phase-1 plan of an Integrated Waste Processing Facility project, estimated at a value of Rs 1268 crores, with a 20-year operations and management tenure. Greater Chennai Corporation plans to implement this project through the Design Build Finance Operate & Transfer model of Public-Private Partnership (PPP), with full funding from the private sector.
Addressing the importance of tacking this challenge, Sanal Kumar, Chief Executive Officer, VishnuSurya Projects and Infra Limited said, "We believe sustainable solutions are crucial to address this issue of waste management.
Through our partnership, we aim to leverage our combined expertise in Waste-to-Energy technology and contribute to achieving Chennai's 100% waste processing target. By collaborating with the Greater Chennai Corporation, we hope to play a part in creating a cleaner and more sustainable future for the city."
The proposal by VishnuSurya Projects and Infra Limited along with their partners highlights their commitment to delivering an efficient and sustainable waste processing solution for Chennai.
OEEB INVESTS IN AMPIN ENERGY TRANSITION TO SUPPORT RENEWABLE ENERGY INVESTMENTS IN INDIA
AThrough long-term financing of EUR 25 million, OeEB supports AMPIN Energy Transition in growing its renewable energy portfolio and establishing a solar cell and module production facility in India.
MPIN Energy Transition, a leading renewable energy transition company has announced investment from OeEB, the Development Bank of Austria. OeEB has committed EUR 25 million in long-term financing to support AMPIN Energy Transition in further expanding its renewable energy portfolio and establishing a local 1GW solar cell and module production facility in the state of Odisha. These investments not only support the government’s goal to scale up renewable energy capacities and reduce CO2-emissions but also to boost local manufacturing to enhance control over the supply chain for components crucial for transition efforts. Increasing the share of renewable energy within the country’s energy mix remains a key priority of India’s government. According to its National Electricity Plan 2022-2027, renewable energy capacities are to be increased to 500GW by 2030 to meet half of the country’s growing energy requirements from renewable sources and achieve net-zero by 2070. The transition is already rapidly on its way with renewable electricity growing at a faster rate in India than any other major economy. With an average of 300 sunny days per year, there is vast potential for solar energy which plays a key role in achieving these goals. AMPIN Energy Transition with a total portfolio of 3 GWp across 21 states in India is committed to driving India’s energy transition. AMPIN aims to build a renewable energy portfolio of 10 GWp by 2030 and this collaboration with OeEB is a pivotal step towards our vision of an energy-independent India.
Supporting India’s transition to renewable energy is not only an important precondition for the country’s continued economic development but also essential for the global fight against climate change. Green finance and comprehensive climate action is at the core of our new strategy. We are proud to partner with AMPIN Energy Transition to support India’s commitment to green and sustainable growth”, comments Sabine Gaber, Member of OeEB’s Executive Board.
AMPIN is committed to driving India’s energy transition, and our collaboration with OeEB is a pivotal step toward our vision of an energy-independent India. We are grateful for OeEB’s trust and support of our mission. United in this endeavor, we are poised to transform the renewable energy generation & solar manufacturing landscape in India, strengthening the nation's commitment to meet its ambitious renewable energy goals by 2030.” said Pinaki Bhattacharyya, MD & CEO, AMPIN Energy Transition.
WAAREE ENERGIES LIMITED SECURES ORDER OF 220MW SOLAR PV MODULES FROM SPRNG ENERGY PRIVATE LIMITED, A SHELL GROUP COMPANY
Waaree Energies Limited (“Waaree”) announced signing a contract with Sprng Energy Private Limited, a Shell group company, to supply 245MW of solar PV modules. The association entails Waaree Energies Limited supplying 220MW of AHNAY Series, Bi-55 545Wp modules, to be utilized for Sprng’s project in Gujarat.
Sprng Energy Private Limited, is a renewable energy platform in India, set up in 2017. The company has renewable energy projects spanned across the country, with a cumulative contracted capacity of over 4.8 GWp, and operational portfolio of 2.3GWp.
Commenting on the agreement, Mr. Hitesh Chimanlal Doshi, Chairman & Managing Director, Waaree Group, expressed, “We are happy to associate with Sprng Energy on their 220MW solar module supply deal. This exemplifies Waaree's commitment to increase the penetration of the renewable energy in India. We believe we are equipped to make a contribution to several solar projects with the delivery of our solar PV modules. This collaboration stands as an opportunity for Waaree to take on a crucial role in advancing India's green energy sector, aligning with our dedication to national sustainability objectives.”
Mr. Gaurav Sood, CEO, Sprng Energy, said, “Teaming up with Waaree Energies Limited for modules for our project is aligned with the GoI’s emphasis on domestic manufacturing and Make in India initiative. Sprng is glad to partner with Waaree. This partnership will enable our vision for robust and reliable renewable energy solutions. As we continue to expand our portfolio capacity, Waaree's track record in the industry positions them as an ideal partner for our project. We anticipate a successful collaboration that contributes to our commitment to continuously supply green electrons in the national grid. Sprng shall continue to invest in India's clean energy future and its journey is a testament to belief in a sustainable future for India.”
ADANI GREEN ENERGY BECOMES INDIA’S FIRST TO SURPASS 10,000 MW RENEWABLE ENERGY
• Operating portfolio of 10,934 MW, largest in India.
• 2,000 MW solar capacity at Khavda, contributes to this milestone.
• 2,848 MW renewables capacity brought on stream in FY24.
Adani Green Energy Limited (AGEL), India’s largest and one of the world’s leading renewable energy (RE) companies, has surpassed 10,000 megawatts (MW) of operational portfolio, delivering reliable, affordable, and clean power to the national grid. AGEL’s operational portfolio consists of 7,393 MW solar, 1,401 MW wind and 2,140 MW wind-solar hybrid capacity. The milestone is a testament to AGEL and its development partners firmly moving towards the goal of 45,000 GW renewable energy by 2030.
AGEL’s 10,934 MW operational portfolio will power more than 5.8 million homes and avoid about 21 million tonnes of CO2 emissions annually. AGEL is setting a precedent for how innovative technology, execution capabilities, digitization, a robust supply chain network, and long-term infrastructure financing, combined with sustainable practices, can drive the clean energy transition and decarbonization on a giga scale.
We are proud to be India’s first das hazari in the renewables space,” said Mr Gautam Adani, Chairman of the Adani Group. “In less than a decade, Adani Green Energy has not just envisioned a greener future but has actualised it, growing from a mere idea to explore clean energy to achieving a phenomenal 10,000 MW in installed capacity. This achievement is a demonstration of the rapidity and scale at which the Adani Group aims to facilitate India's transition to clean, reliable and affordable energy. In our drive towards 45,000 MW by 2030, we are building the world's largest renewable energy plant in Khavda — a 30,000 MW project unparalleled on the global stage. AGEL is not just setting benchmarks for the world but redefining them."
In line with AGEL’s pledge to enhance natural and social capital, the company is pursuing sustainable practices across its operations. AGEL’s unwavering focus on energizing a sustainable future for all is aligned to the United Nations Sustainable Development Goals of affordable and clean energy, decent work and economic growth, industry, innovation and infrastructure, water stewardship, waste management and a circular economy, biodiversity management and climate action. AGEL’s operating portfolio is certified ‘single-use plastic free’, ‘zero waste-to-landfill’ and ‘water positive for plants with more than 200 MW capacity’.
AGEL’s 10,000 MW contribution to India’s RE goals
- Largest greenfield expansion in India’s RE sector.
- Represents about 11% of India’s installed utility-scale solar and wind capacity.
- Contributing over 15% of India’s utility-scale solar installations.
- Over 3,200 direct green jobs created.
PROVIDED BLUEPRINT FOR GIGA-SCALE DEVELOPMENT GLOBALLY
AGEL is developing the world’s largest renewable energy project of 30,000 MW on barren land at Khavda in Kutch, Gujarat. Built across 538 sq km, it is five times the size of Paris and almost as large as Mumbai city. AGEL has operationalized 2,000 MW cumulative solar capacity (i.e. over 6% of the planned 30,000 MW) within 12 months of commencing work. Work at Khavda continues at a fast pace, with AGEL leveraging the project execution capabilities of Adani Infra, the manufacturing expertise of Adani New Industries Limited, the operational excellence of Adani Infrastructure Management Services Ltd. and the robust supply chain of our strategic partners
SAATVIK SOLAR APPOINTS KULDEEP JAIN AS CHIEF
OPERATING OFFICER TO LEAD EPC & IPP BUSINESS
GLOBALLY.
Saatvik Solar, the prominent manufacturer of solar modules and provider of solar EPC & IPP services, has appointed Kuldeep Jain as Chief Operating Officer (COO) for their Solar EPC & IPP projects. With this strategic appointment, the company aims to bolster its presence in the solar projects globally. His extensive experience and expertise are expected to drive the company's growth trajectory in the renewable energy sector, reinforcing its commitment to sustainable energy solutions.
Kuldeep Jain as Chief Operating Officer (COO) for EPC projects heralds a new era of expertise and leadership in the renewable energy sector. With an illustrious career spanning over 39 years, Mr. Jain's vast experience encompasses a spectrum of verticals including Solar PV, Solar RESCO, Solar Thermal, Marine & Indian Navy Projects, Fuel/Gas-based Power Plants, Hydro Power, and Piping Projects across India, the Middle East, and African regions. His distinguished track record includes leadership roles with prominent organizations such as Lanco, Astonfield, Vikram Solar, Sangam Renewables Ltd & Azure Power. Apart he has also served in renowned firms such as BST MFG Limited (Raunaq Group), Triveni Engineering Works Limited & Warstila India/Finland.
Mr. Jain's appointment underscores Saatvik Solar's commitment to leveraging top-tier talent to drive global expansion and innovation in sustainable energy solutions. Working with established brands gave him a strong foundation in the industry. His experience leading project development and construction for a large-scale solar plant at Azure Power demonstrates his expertise in renewable energy.
Mr. Prashant Mathur C.E.O “Saatvik Solar” stated that appointing Kuldeep Jain is a strategic move towards expanding the company’s global presence in the renewable energy sector. With his extensive experience and under leadership, Jain is set to steer Saatvik Solar's EPC &IPP business divisions, towards establishing a strong foothold in international markets. Additionally Mr. Mathur stated that this initiative aligns with Saatvik Solar’s vision of becoming a key player in delivering sustainable energy solutions worldwide. Jain's leadership is poised to drive innovation and excellence as Saatvik Solar advances towards its goal of becoming a leading global provider of solar EPC services.
HETEROJUNCTION TECHNOLOGY DRIVING LOWER LCOE FOR SOLAR PLANT DEVELOPMENT, HUASUN PRESENTS TAIYANGNEWS CONFERENCE
In today's solar energy landscape, solar power plant developers grapple with a dual challenge: managing high costs while navigating obstacles such as permits, grid connections, and the supply chain. On April 10th, TaiyangNews hosted a virtual conference themed Solar Power Plants Development 2024 to tackle these pressing issues. Christian Comes, Director of Business Development Europe from Huasun Energy, was invited to share insights into the advantages of Huasun high-efficiency heterojunction technology in large-scale photovoltaic (PV) plant projects.
Christian asserts that more efficient and reliable PV modules can significantly cut costs. Furthermore, taking a long-term perspective is crucial, with a focus on overall module performance throughout their lifecycle. These factors are pivotal in applying module products to large-scale projects and play a vital role in overcoming barriers to their development. As the future mainstream PV product, heterojunction modules boast remarkable energy yield capabilities, especially noteworthy in large-scale plant applications. More electricity generation translates to fewer modules required, effectively managing costs associated with land, transportation, and installation.
By leveraging the inherent advantages of heterojunction technology and refining module manufacturing processes continuously, Huasun module achieves bifacial yields as high as 85%, offering greater gains in electricity generation compared to others.
With ongoing advancements in PV technology, heterojunction stands out as the optimal platform technology, poised to provide superior solutions for the development of largescale PV plants. This promises to inject more vitality and momentum into the global clean energy industry.
SINENG ELECTRIC RECEIVES TÜV RHEINLAND
CERTIFICATION FOR CENTRAL PCS
Sineng Electric recently received certification from TÜV Rheinland for its central PCS during ESIE 2024. This endorsement signifies compliance with EN IEC 61000-6-2:2019 and EN IEC 61000-6-4:2019 standards, further validating the quality of Sineng's products.
The certified central PCS models include EH-2000-HAUD, EH-1725-HA-UD, EH-1600-HA-UD, EH-1575-HAUD, EH-1375-HA-UD, and EH-1250-HA-UD, which can cater to the diverse application requirements. These products feature compatibility with high-capacity batteries, enhanced efficiency, and phase-change heat dissipation technology, all contributing to optimizing LCOS and enhancing investment returns. Additionally, IP65 protection guarantees their resilience in various harsh environments. The rigorous testing procedures conducted by TÜV Rheinland have demonstrated the immunity of Sineng's central PCS to conducted disturbances induced by radio-frequency fields, fast transients/bursts, and surges. Moreover, the assessments affirm these products' adherence to the stipulated requirements for conducted and radiated emissions. It further highlights the reliability and stability of Sineng's central PCS across different operational conditions.
In response to the escalating need for energy storage solutions, Sineng has forged ahead, developing a comprehensive product lineup that encompasses hybrid inverters, string PCS, central PCS, and MV turnkey stations. Zhengmao Jiang, Vice President of Sineng Electric, emphasized the company's commitment to technological advancements, stating, "In an era where the rise of energy storage is a prevailing trend, Sineng steadfastly amplifies investments in research and development. Our mission is to diversify our product offerings and enhance solution efficiency, thereby ensuring that we remain at the forefront of this dynamic industry and propel a decarbonized future."
NEW PRODUCT LAUNCHING | SINENG ELECTRIC UNVEILS NEW-GENERATION 1250KW CENTRAL PCS
At the highly anticipated 12th Energy Storage International Conference And EXPO (ESIE), Sineng Electric unveiled its latest innovation in energy storage products - the new-generation 1250kW Central PCS. This unveiling marks not only a significant advancement in energy storage technology but also underscores Sineng Electric's unwavering commitment to innovation and excellence in manufacturing.
High-efficiency Operation in Multi-scenario Application
Drawing on extensive technological research and foresight into industry trends, Sineng Electric introduces the cutting-edge 1250kW Central PCS, boasting remarkable performance. With a full load efficiency exceeding 98.5% and a 0.4% increase in system cycle efficiency, the PCS facilitates friendly battery parallelization for 2/4-hour access and ensures stable power supply across diverse environments with lower LCOS. These advancements not only enhance overall system efficiency but also translate to reduced electricity costs and increased returns on investment for customers.
Exceptional Performance in Harsh Environments
Extended lifespan and reliability are paramount in evaluating the value of energy storage systems. Sineng Electric's new-generation 1250kW Central PCS features advanced internal heat dissipation systems, maintaining core cabinet temperatures rise below 10K for long-term stable operation. With the IP65-level protective design and phase-change heat dissipation technology, the PCS effectively withstands external harsh conditions, significantly extending its service life.
Simple O&M with User-friendly Design
Designed for efficient operation and maintenance, the modular concept of the PCS streamlines maintenance processes and enables rapid machine replacement. This results in improved system availability and reduced downtime, ensuring continuous operation and reaffirming Sineng Electric's commitment to quality manufacturing.
Enhanced Energy Density for Lower Costs
Compared with previous generation product, the new 1250kW Central PCS boasts a 43% increase in energy density while significantly reducing its footprint by 49%. Its compact and intelligent design maximizes energy storage capabilities in limited spaces, offering customers greater flexibility and options.
High-level Safety with Stable Output
In the face of evolving grid challenges, the 1250kW Central PCS demonstrates remarkable adaptability and stability. Equipped with advanced damping control and rapid inertia response mechanisms, it ensures stable output amidst grid fluctuations, safeguarding grid safety and stability. Amidst the dawn of the new energy revolution, Sineng Electric continues to lead with unparalleled technical expertise and strategic vision. The innovative 1250kW Central PCS exemplifies Sineng Electric's commitment to global carbon neutrality goals and green development practices, ushering in a more prosperous, low-carbon, and sustainable future.
MAHINDRA SUSTEN FORAYS INTO ‘HYBRID’
RENEWABLE ENERGY
(RE) SEGMENT WITH A ‘SOLAR + WIND’ PROJECT
TO INVEST RS 1,200 CRORE TO SET UP 150MW HYBRID CAPACITY
The project will include ˜101 MW wind capacity and ˜52 MW solar capacity.
Commissioning and readiness of the project expected within next 2 years
M&M’s share of RE will go up from 34% in FY23 to over 60% in FY26
Project will help abate ˜420,000 tonnes of CO2 emissions.
Mahindra Group has committed to adopting 100% RE by 2030.
Mahindra Group has been committed to operating ‘Planet Positive’ businesses and is one of the earliest companies in India to commit to adopting 100% renewable energy by 2030, across its various businesses. In pursuit of this ambition, the Group is pleased to announce that it will develop a ˜150 MW hybrid RE (solar + wind) project at a total project cost of about Rs 1,200 crore. The project will be developed by Mahindra Susten, part of Mahindra Group and a leader in renewable Independent Power Producer (IPP) business, with marquee global investor Ontario Teachers’ Pension Plan Board as a strategic partner. The installation will include ˜101 MW wind capacity and ˜52 MW solar capacity and is expected to generate ˜460 million kWh of energy leading to expected abatement of ˜420,000 tonnes of CO2 emissions. The project also marks Mahindra Susten’s foray into the ‘hybrid RE’ segment and will be one of the largest co-located solar + wind hybrid projects in Maharashtra to deliver clean energy to Commercial and Industrial (C&I) customers. The project will be commissioned within the next two years and will integrate more than 80% locally manufactured components, to demonstrate the company’s commitment to the vision of ‘Aatmanirbhar Bharat’ by creating a robust domestic value chain.
Speaking about the project, Dr. Anish Shah, CEO & MD, Mahindra Group, said, "Energy transition is a key global and national priority to address climate change. This project is a tangible example of our commitment to sustainability, as a consumer of green power, and building ‘Planet Positive’ businesses, as the developer of the project. It also demonstrates a clear economically accretive business case and Group synergy. The project marks a key milestone in Mahindra Group’s continued investments in building and scaling its green portfolio."
Deepak Thakur, CEO & MD, Mahindra Susten, added, "We are indeed pleased to announce our foray into the hybrid RE space and deliver clean, green power at competitive rates to large C&I consumers. This project will showcase the immense potential of hybrid RE solutions in helping companies transition towards green operations."
The Auto & Farm businesses of M&M has contracted capacity of ˜41.20MW of wind and 25.90 MW of solar within this project which will annually generate ˜197 million kWh of energy and is expected to abate ˜184,000 tonnes of CO2 emissions. The project is expected to increase the RE share of M&M from 34% in FY23 to ˜60% in FY26.
Veejay Nakra, President, Automotive Division, M&M, said, “As the auto business invests to increase capacity and shifts towards a greener portfolio with the impending launch of multiple EVs, we want to ensure our operational emissions also come down. This project is a clear win for both economic and environmental outcomes, and a step further in integrating sustainability closely with business strategy.”
ICON SOLAR-EN POWER TECHNOLOGIES PVT LTD
HONORED AS BEST SOLAR COMPANY AT GOOD GOVERNANCE EVENT
Icon Solar-En Power Technologies Pvt Ltd proudly announces its recognition as the Best Solar Company by a leading media house at a prestigious event celebrating Good Governance. With a decade-long expertise in solar panel manufacturing, Icon Solar stands as the largest manufacturer in Central India, embodying excellence and innovation in the renewable energy sector.
Icon Solar’s impact transcends borders, with its solar panels illuminating projects not only across India but also in the Philippines, Sri Lanka, Vietnam, and several African countries. The imminent expansion into the United States market through strategic distributor partnerships marks a significant milestone in the company’s global outreach efforts. Amidst the surging demand for sustainable energy solutions, Icon Solar is poised for remarkable growth, as evidenced by its announcement of a threefold expansion within the current financial year. This expansion underscores the company’s unwavering commitment to meeting the evolving needs of the solar industry and fostering global sustainability. As a beacon of pride for Chhattisgarh, Icon Solar’s achievements reflect the region’s emergence as a hub for renewable energy innovation. This accolade reaffirms Icon Solar-En Power Technologies Pvt Ltd’s position as a frontrunner in the global solar landscape, driving forward the vision of a cleaner and brighter future for all.
SUNGROW BATTERIES TO POWER SOUTH AUSTRA-
LIA’S SECOND-LARGEST ENERGY STORAGE PROJECT
Sungrow batteries will energize South Australia’s second-largest energy storage venture, enhancing the region’s renewable energy infrastructure and bolstering its energy resilience.
Leading global PV inverter and energy storage system supplier, Sungrow Power Supply Co. Ltd (Sungrow) on Thursday (March 28) said it has secured permission from ZEN Energy to commence work for the 111MW/291MWh Templers BESS project in South Australia. Developed in partnership with ZEN Energy (client) and Shanix Electric Power Construction (SEPC) as the consortium partner, the Templers BESS project marks South Australia’s second-largest energy storage and standalone BESS installation in Australia. It is expected to begin commercial operations in 2025.
“With the project now under construction, Sungrow looks forward to its completion and the subsequent contribution it will make to Australia’s energy sector. This collaboration with ZEN Energy and SEPC marks a milestone in Sungrow’s global expansion, further cementing its position as a key player in renewable energy solutions,” Sungrow said in an official release.
Sungrow will use its PowerTitan energy storage system for the project, which uses advanced liquid cooling battery technology that will help enhance grid reliability, mitigate intermittency issues, and stabilize power supply. In a notable development, the Templer BESS project has already received its grid connection approval from the Australian Energy Market Operator before the contract execution.
IINDIA NEEDS 1 MILLION FAST CHARGERS TO BECOME 100 PC ELECTRIC IN 2 AND 3 WHEELERS BY 2030: FORMER NITI AAYOG CEO AMITABH KANT
Former NITI Aayog CEO Amitabh Kant suggests India requires 1 million fast chargers for full electrification of 2 and 3 wheelers by 2030, underscoring the critical infrastructure needed to achieve complete electrification goals.
ndia must go 100 per cent electric in 2 wheeler and 3 wheeler by 2030 and become a global EV manufacturing champion, the G20 Sherpa and former CEO NITI Aayog, Amitabh Kant, said. Kant emphasized the urgency for India to transition its automotive sector towards electric mobility, declaring the era of fossil fuel-based combustion engines as “dead,” “Combustion engine technology based on fossil fuels is “dead” and the future is electric,” he said.
Transformation of India’s automotive sectors is key; it contributes 7% to its GDP, 35% to manufacturing GDP and 8% to total exports. India has the third-largest global auto market,” Kant said in a post on X. With the automotive sector contributing significantly to India’s GDP, manufacturing output, and exports, the country recognizes the imperative to adapt to the evolving global landscape. Currently ranking as the third-largest auto market globally, India boasts the title of the largest producer of three-wheelers, the second-largest manufacturer of two-wheelers and buses, and the fourth-largest producer of passenger cars.
Governments Vahan portal dashboard shows an uptrend of EV registrations especially of 2-wheelers, although 3 and 4 wheelers have shown a marginal decline. In January 2024, EVs registration in India was 1,44,877, in Feb it declined a little bit at 1,41,382 but as on 30th March the figure for the month showed an uptrend of 32 per cent at 1,86,143 vehicles. Kant further stressed on the necessity for India to lead the charge towards electric mobility, proposing an ambitious goal of achieving 100 per cent electrification in twowheelers and three-wheelers by 2030. “We need at least one million fast chargers in India to adopt EVs by 2030,” Amitabh Kant said. He also pushed for the domestic manufacturing of these units instead of importing. “We need to push localization content in manufacturing, with megawatthour charging for buses and commercial vehicles All EV players & Start-ups instead of creating tech silos must work together to build an interoperable fast-charging network. This is critical for providing impetus to EV movement in India,” the G20 Sherpa said. The shift towards electric mobility represents more than just a technological transition; it embodies a paradigm shift in India’s industrial landscape. Embracing disruption, India seeks to not only retain its current market share but also to expand its influence on the global stage.
GOODWE INTRODUCES ITS FIRST SMART COWSHED PROJECT IN INDIA, POWERED BY GW100K-HT INVERTERS
In an initiative that resonates with the spirit of Indian Government’s vision of “Atmanirbhar Bharat” (self-reliant India), GoodWe, a leading player in solar inverter and energy solutions, announces a 500 KWp Solar Project in India. This project marks the company’s first smart cowshed in the country, showcasing a potential model for energy independence in the nation’s dairy sector.
Commissioned in collaboration with EPC leaders Sunprime Energy Solutions and powered by GoodWe’s GW100K-HT Inverters, this project is a significant endeavor that not only reduces dependency on conventional energy sources but also generates additional economic benefits. The smart cowshed is situated at Dabar Hare Krishna Gowshala in Najafgarh, New Delhi.
Since its commissioning, the solar project has significantly diminished the carbon impact, equivalent to planting as many as 14,000 trees. Generating over 60 MWh of clean energy to the grid every month, it also leads to additional monthly income, contributing to better provision of food and shelter for the 5000 cows who inhabit the cowshed. The heart of this transformative project are five GoodWe’s cutting-edge GW100K-HT inverters, equipped with features designed to enhance energy savings and productivity in solar installations. What sets the GoodWe inverters apart is their robustness and resilience to harsh environmental conditions. The feature of IP66 and C5 protection ensures the reliability and safety of the photovoltaic system. The owner of Dabar Hare Krishna Cow shelter remarked, “We have been using the plant for the past year, and the results have been impressive. Such solar power projects pave the way for its extension nationwide, which should be installed in every cow shelter. ”
The launch of the smart cowshed project is a celebration of innovation, sustainability, and self-reliance. It serves as a testament to GoodWe’s commitment to sustainable development that extend beyond human communities. Embracing an energy transition approach mindful of animal welfare, GoodWe is pleased to play a part in this transformative journey.
RENEW CONSTRUCTS 1.94 GW OF RENEWABLE ENERGY ASSETS, HITS 10 GW IN CAPACITY
ReNew’s impressive milestone: 1.94 GW in renewable energy assets constructed, reaching a total capacity of 10 GW. A significant stride towards sustainable energy solutions, showcasing commitment to a greener future.
Clean energy firm ReNew said it has completed construction of 1.94 GW of renewable assets in FY24, taking its total capacity to 10 GW. Accounting for assets sold, the company’s revenue generating capacity stands at 9.52 GW as on March 31, 2024, the company said in a statement. The company added 1,174 MW of solar and 768 MW of wind energy during FY24. This is one of the highest-ever capacity additions of wind energy among all companies in India in a single year, it stated. ReNew, among the largest clean energy companies globally, announced that it has completed construction of 1.94 GW of RE assets in FY24, taking the cumulative capacity set up by the company to over 10 GW, the statement said. In FY24, ReNew contributed about 10 per cent of the country’s total solar and wind energy generation.
The company has India’s largest wind portfolio of 4.7 GW, representing 10.5 per cent of India’s total wind energy capacity, it stated. In 2023-24, ReNew won auctions to supply 4.8 GW (PPA) RE capacity, accounting for 10.1 per cent of the total capacity for which tenders were concluded during the year. Looking ahead, this would enable the company to double our RE asset portfolio to 20 GW by 2027/28, it stated. ReNew has a deep presence across the country with over 150 renewable energy sites across 10 Indian states and employs more than 4,000 people. The company is among the top10 renewable energy companies globally (ex-China), thanks to its balanced portfolio of solar and wind energy. It has also achieved backward integration through the manufacturing of solar modules and cells. As on December 31, 2023, the company had a balance sheet size of USD 10.6 billion (about Rs 88,600 crore), with strong visibility of funding for current and future projects.
FEATURED
CLEANMAX AND APPLE PARTNER TO ACCELERATE RENEWABLE ENERGY ADOPTION IN INDIA
• Landmark joint venture aims to bolster renewable energy projects across India.
• Successfully installed 14.4 MW of rooftop solar installations across six industrial sites in India.
• These installations are expected to mitigate around 207,000 tons of CO2 emissions throughout their operational life.
CleanMax (Clean Max Enviro Energy Solutions), a leading renewable energy provider in Asia for the Commercial and Industrial (C&I) sector, is thrilled to announce a landmark joint venture with Apple. This pioneering partnership aims to bolster renewable energy projects across India, marking a significant step forward in the nation's green energy landscape. As part of the partnership, Clean Max has successfully installed 14.4 MW of rooftop solar installations across six industrial sites in India. These installations are expected to mitigate around 207,000 tons of CO2 emissions throughout their operational life, underscoring Apple’s commitment to environmental sustainability. By facilitating access to crucial renewable energy financing, the partnership is enabling industries to transition towards renewable energy sources and optimize their energy expenses. The initiative aims to accelerate the development of renewable energy projects across the country.
The collaboration is grounded in an innovative business model, where the environmental benefits accruing from the financed projects will assist Apple in addressing the emissions associated with its corporate operations in India. In a post on the Apple newsroom, “To address its growing corporate operations in India, Apple has embarked on a joint venture with leading renewable developer CleanMax to invest in a portfolio of six rooftop solar projects with a total size of 14.4 megawatts. The added capacity provides a local solution to power Apple’s offices, its two retail stores in the country, and other operations in India. Apple first achieved 100 percent renewable energy for its global corporate operations in 2018.”
Apple also shared its commitment to its 2030 climate goal. “Clean energy and water are foundational to healthy communities and essential building blocks for a responsible business,” said Lisa Jackson, Apple’s Vice President of Environment, Policy, and Social Initiatives. “We’re racing toward our ambitious Apple 2030 climate goal while taking on the long-term work to transform electrical grids and restore watersheds to build a cleaner future for all.”
Kuldeep Jain, Managing Director of CleanMax, shared his excitement about the venture: “CleanMax is proud of its joint venture with Apple. Our mission is to be sustainability partner to corporates, and we consider this JV to be a big milestone in our journey. It showcases an industry-leading approach to the creation of green energy assets. The growing interest from other consumer brands in such joint ventures is a positive sign of the shift towards sustainability.”
As the country accelerates its transition towards a carbon neutral future, corporations are at the forefront of contributing to India's renewable energy targets while realizing cost savings and enhanced energy security. In this landmark shift towards sustainable business practices, Indian corporations are spearheading this paradigm shift. Over the years, CleanMax has emerged as a key player in aiding corporations across Asia in achieving their sustainability objectives. With a robust portfolio of 2GW of operating renewable assets and a clientele exceeding 750 spanning various industries, CleanMax has demonstrated its commitment to facilitating the transition towards a more sustainable energy landscape. Through strategic partnerships and innovative solutions, CleanMax empowers businesses to reduce their environmental footprint and embrace carbon mitigation & renewable solutions as a catalyst for long-term sustainability and economic growth. The collaboration between Apple and CleanMax symbolizes the importance of cross-sector partnerships aimed at addressing critical environmental challenges. It serves as a powerful example of how combined efforts can lead to innovative solutions that promote economic growth while prioritizing sustainability and carbon neutrality.
VARUN BEVERAGES TO RECEIVE SOLAR POWER FROM TWO RENEWABLE ENERGY ENTITIES
Varun Beverages intends to obtain solar power (generation and supply) from the company for its facility located in Supa Parner, Sakri, District Dhule, Maharashtra.Varun Beverages Ltd said it would invest Rs 2.90 crore for 14% equity stake in Huoban Energy 11 Private Limited, a special purpose vehicle engaged in supplying solar power to consumers in Maharashtra. It would also invest Rs 2.24 crore up to 14% of equity share capital of Aspirative Creative Ventures Private Limited, a special purpose vehicle engaged in supply of solar power to consumers in Uttar Pradesh. Varun Beverages shares ended 0.78% lower at Rs 1423.65 against the previous close of Rs 1434.90 on BSE. Market cap of the firm stood at Rs 1.84 lakh crore on BSE. The announcement was made after market hours.
The completion of the transaction is expected on or before October 9, 2024. “Varun Beverages intends to obtain solar power (generation and supply) from the company for its facility located in Supa Parner, Sakri, District Dhule, Maharashtra. Solar power is environment friendly and will also reduce the power cost at the said facilities,” said Varun Beverages in a communication to bourses. Huoban Energy 11 Private Limited is a special purpose vehicle incorporated under the Companies Act, 2013 on March 31, 2022 with the purpose of developing green energy projects in India. Aspirative Creative Ventures Private Limited is a special purpose vehicle incorporated under the Companies Act, 2013 on January 30, 2020 with the purpose of developing green energy projects in India. Varun Beverages is a beverage company. It operates franchisee of PepsiCo. The company produces and distributes a range of carbonated soft drinks (CSDs), as well as a large selection of non-carbonated beverages (NCBs), including packaged drinking water sold under trademarks owned by PepsiCo.
JUNIPER GREEN ENERGY COMMISSIONS 105 MW SOLAR POWER PROJECT IN MAHARASHTRA
Juniper Green Energy has announced the commissioning of the Jalkot Solar Power Project in Maharashtra, enhancing the region with 105 MW of solar energy. This initiative reflects Juniper Green Energy’s continued support for expanding India’s renewable energy sector. The project has been commissioned in record time, almost 9 months before the Scheduled COD of the Project. The Jalkot Solar Power Project shall deliver power under a 25-year Power Purchase Agreement (PPA) with MSEDCL which exemplifies a commitment to both economic value and environmental stewardship.
Expected to produce approximately 200 MUs annually, the project contributes to reducing Maharashtra’s carbon emissions by an estimated 1,78,569 tCO2 each year. Furthermore, it will provide power to about 38,085 households, supporting the state’s transition to more sustainable energy sources. On the commissioning, Naresh Mansukhani, CEO, Juniper Green Energy, expressed his appreciation for the team’s efforts: “The start of operations of this project almost 9 months before the SCOD of the project is a tribute to our team’s exceptional work. It’s their perseverance and dedication to sustainability that have made this day possible. I am immensely proud of the strides we are making in renewable energy and look forward to continuing this path with the unwavering spirit and innovation that characterize our team.”
Varun Beverages to benefit from solar power supplied by two renewable energy entities, bolstering sustainability efforts and potentially reducing operational costs, while aligning with global trends towards renewable energy adoption.
Juniper Green Energy has successfully commissioned a 105 MW solar power project in Maharashtra, marking a significant milestone in the state’s renewable energy landscape. This initiative reinforces the company’s commitment to sustainable energy production and contributes to India’s ambitious renewable energy targets.
GENSOL ENGINEERING COMMISSIONS 10.6 MW ROOFTOP SOLAR
PROJECT IN MP
Gensol Engineering Limited , a prominent player in solar power EPC (engineering, procurement, and construction) services and electric mobility, has announced the successful culmination of a significant 10.6 MWp rooftop solar project for Trident Limited in Madhya Pradesh. This milestone project showcases Gensol’s expertise in sustainable energy solutions and reinforces Trident Limited’s commitment to clean energy initiatives. The project features high-efficiency Bi-facial solar modules meticulously chosen to optimize energy output and ensure durability. This innovative approach aligns with India’s renewable energy targets and contributes to the development of a resilient green energy infrastructure. With close to 20,000 solar panels, this expansive rooftop solar plant is projected to offset nearly 11,000 tonnes of carbon dioxide emissions annually, marking a significant environmental impact. Trident Limited’s adoption of clean energy signifies its dedication to environmental stewardship and drives progress towards a cleaner future. The project serves as a beacon of inspiration for industries worldwide, showcasing the potential of solar energy in fostering sustainability.
Commenting on the successful commissioning, Mr. Ali Imran Naqvi, CEO (EPC Business) at Gensol, highlighted the project’s magnitude, ranking among the top five largest rooftop solar ventures globally, with a rooftop area exceeding 70,000 square meters. He emphasized Gensol’s commitment to delivering cutting-edge solutions and executing complex projects efficiently. The collaboration with Trident Limited underscores their joint leadership in sustainable manufacturing and sets a compelling example for global industries.
Gensol leveraged its expertise in design and execution to maximize the available rooftop space at Trident’s Budhni plant, ensuring optimal utilization of solar energy. The completion of this project highlights the transformative potential of collaboration between industry leaders. Trident Limited’s adoption of rooftop solar technology marks a significant step towards environmental responsibility and carbon footprint reduction.
HUL VOWS CARBON-NEUTRAL SUPPLY CHAIN BY 2030
HUL already utilises green energy for 95% of its operations. HUL pledges to achieve a carbon-neutral supply chain by 2030. By then, all its key manufacturing units will operate on 100% renewable energy, aligning with its parent company Unilever’s sustainability goals. Currently, HUL already utilizes green energy for 95% of its operations, with investments in solar and wind power infrastructure. This initiative underscores the company’s commitment to reducing its environmental footprint and promoting sustainability in the FMCG industry.
As a subsidiary of Unilever, HUL manages a diverse portfolio of over 50 brands across 16 FMCG categories in India. Through these measures, HUL aims to lead by example in corporate sustainability, setting a precedent for responsible business practices in the fast-moving consumer goods sector.
Gensol Engineering successfully commissions a 10.6 MW rooftop solar project in Madhya Pradesh, contributing to the state’s renewable energy capacity and advancing sustainable energy initiatives.
Hindustan Unilever Limited (HUL) commits to achieving a carbon-neutral supply chain by 2030, demonstrating its dedication to sustainability and reducing environmental impact.
INDIA
ROOFTOP SOLAR SEES 90% SPIKE
IN STATE, CITY IN JUST 2 YEARS
Solar capacity in Mumbai increased by 90% in 2 years, reaching 1,900MW. Over 1 lakh residents benefit from zero electricity bills. Maharashtra plans to generate 5,220MW of renewable energy, reducing power costs and creating jobs.
The solar rooftop capacity across the state and Mumbai region has risen by around 90% in the past two years. More than one lakh residential consumers now have the facility to avail of zero monthly electricity bill in lieu of excess solar generation, a senior govt official told Mumbai Mirror this past week. While in Maharashtra, the rooftop solar installed capacity rose from 1,000MW in 2021-22 to 1,900MW in 2023-24, currently the entire Mumbai region has an installed capacity of around 150MW. Recently, there has been an overwhelming response to the Prime Minister central scheme providing a higher subsidy than before for rooftop solar and ensuring zero monthly power bills for excess generation. More than 5,000 applications were cleared in less than a month and so far nearly 1.4 lakh consumers (including 1 lakh residential) across Maharashtra have opted for rooftop solar, said MSEDCL managing director Lokesh Chandra. Chandra further said solar was accorded priority by the state–which also planned a major project of combining solar with pumped storage hydro-elecric project to ensure that renewable energy was available to consumers 24×7. If the government implements the project, it will reduce power purchase costs and thereby result in a drop of tariff for consumers across the state.
The state power utility caters to 2.8 crore consumers of which over 2 crore are residential users. Also, due to ongoing solar projects, MSEDCL will no longer be required to buy short-term power from outside. Maharashtra has created a roadmap for projects to generate 5,220MW of renewable energy with an investment of Rs 41,000 crore and job creation potential for 6,760. A senior govt official from Mantralaya said, “Due to the initiative taken by MSEDCL, 1.38 lakh consumers across the state have opted for rooftop solar so far and the installed capacity is 1900 MW. This includes one lakh residential consumers (of whom nearly a thousand are in the MMR).”
Manoj Sinha, CEO and Cofounder, Husk Power Systems, said, “Prime Minister Narendra Modi’s new ‘Surya Ghar Muft
Bijli Yojana’ aims to harness rooftop solar power for millions of households across India. Initiatives like these will fast-track our nation’s Net Zero journey, with the potential to achieve the 2070 goal two decades earlier–in 2050.”
Last week, Tata Power Solar Systems Ltd and Union Bank had a tie-up to boost rooftop solar adoption among residential consumers in line with the PM central scheme–with loan limits extended up to Rs 15 lakh for residential users, sources said. Power experts, though, said urbanised areas such as Mumbai continue to face challenges of “space constraints” to install photovoltaic (PV) plates. In non-urbanised areas, several houses and farms reap the environmental benefits of solar energy due to a lot of open spaces and independent houses having adequate rooftop areas.
Meanwhile, several residential consumers have availed of benefits of rooftop solar and got concessions in the monthly electricity bills through the net metering system. For instance, if you generated 125 units through solar power in a month and consumed 300 units a month, you will have to pay for just 175 units (300 minus 125) after deducting units generated by a solar rooftop. In 2016-17, the state had only 1,074 domestic rooftop consumer and 20 MW of solar power generation capacity. It has grown a huge 95 times in seven years and now crossed 1900 MW capacity.
The state also won six national awards for being a top performer in rooftop solar. Gujarat remains the leading state for PV installations followed by Maharashtra. Mumbai metropolitan region contributes 8% to the solar rooftop installed capacity in the state.
NARMADA AARTI TO FLOATING SUN PANELS—HOLY OMKARESHWAR IS PUTTING MP ON GLOBAL SOLAR MAP
From the sacred Narmada aarti to innovative floating solar panels, Omkareshwar is catapulting Madhya Pradesh onto the global solar energy stage, showcasing its commitment to renewable energy and sustainability.
As a crane lowers a 5-tonne cement block into Omkareshwar Dam from the black barge, Ajeet Yadav dives after it into the deep of the Narmada River in Madhya Pradesh’s Khandwa district. He quickly unhooks the block from the crane. After a few tense minutes, he resurfaces and everybody on the barge cheers. They are one step closer to completing what is touted to be the world’s largest floating solar energy project, expected to produce 600 megawatts of power. Upon completion, the project will cover 6.6 square kilometres of water surface and generate over 40.50 lakh units of electricity.
“The floating solar plant will be sufficient to light over 90,000 homes or the entire city of Indore during the daytime,” said Gaurav Bari, an environmentalist and solar power specialist at Rewa Ultra Mega Solar Power Ltd, the state’s implementing agency. The first phase of the project—estimated to cost Rs 3,950 crore overall—will generate 340 megawatts of solar power. And Bari’s team is working overtime so that it’s operational by 1 April, before the Lok Sabha elections.
The Omkareshwar Dam solar project promises to put Madhya Pradesh on the global map as a serious player in the solar energy market. It aims to transform the temple town of Omkareshwar into a renewable energy hub. Already, factories manufacturing floaters for the panels have sprung up in Indore. India still derives around 57 per cent, or 237 GW, of its electricity from fossil fuels, largely through burning coal, the dirtiest of energy sources. The floating solar project will go a long way in helping the country achieve its renewable energy target of 500 GW installed capacity by 2030.
Clean energy, low use of land space, reduced evaporation, and cooler operating temperatures make floating solar plants an attractive alternative. Since India embraced the technology in 2015, as many as 10 floating solar plants have come up in Gujarat, Uttar Pradesh, Kerala, and Andhra Pradesh, with the largest being the 100MW Ramagundam project in Telangana. But none compare to the scale or ambition of what the Madhya Pradesh government is undertaking.
It has generated curiosity—and excitement—among scientists and engineers from top institutes like IIT-Bombay and Roorkee, as well as think tanks such as the Center for Study of Science, Technology and Policy (CSTEP). Ecologists, however, are concerned about how reduced sunlight due to the panels will affect marine life and water quality, and are setting up labs to study the long-term impact.
That said, floating solar photovoltaic (FSPV) technology, which allows solar panels to float on water instead of being mounted on the ground, has become a game changer, especially in Asia. Initially developed for research at the National Institute of Advanced Industrial Science and Technology in Aichi, Japan, it was first used for commercial purposes in California back in 2008.
Since then, many Asian countries, especially those where land is scarce, have taken to the technology like fish to water. China, Malaysia, Indonesia, Thailand and other countries have built FSPV plants on reservoirs, dams, industrial basins, water treatment plants, and even unused mining ponds.
“There are three main pillars of solar generation— rooftop installations, ground-mounted parks, and floating solar parks, which is still an emerging technology. But once this project is successfully executed, it will help realise India’s ambition of a net zero emissions by 2070,” said Anil Kumar, a professor in the department of hydro and renewable energy at IIT-Roorkee.
CHOOSING OMKARESHWAR
Along the shores of Omkareshwar Dam, 2.6 lakh solar panels gleam under the harsh sun, mounted on two lakh floaters and threaded together to form rafts or arrays. A single array requires 98 cement blocks or anchors—the kind Yadav had dropped into the river—each weighing 5 tonnes. Suddenly, rows of men in yellow helmets and orange life jackets bend down and push an array into the backwaters of Omkareshwar Dam. They move in perfect synchrony, like a well-rehearsed dance performance. In the water, two motor boats tied to the array drag it to the middle of the dam where Yadav and his team of divers have successfully placed nearly 98 dead-weight anchors on the river bed. “Once the array of solar panels reaches the site, the moorings along its edges will be tied to the dead-weights, preventing it from floating freely into the dam,” explained Deepak Deshle, the supervisor overseeing the work on the barge. Around 14 such arrays are being set up in one block, which together will generate 100MW of electricity. With land being a scarce, contested, and expensive commodity, floating power stations could be the answer to the often expensive and longdrawn-out acquisition process.
Madhya Pradesh, the second largest state in India after Rajasthan, was given a target to generate 12GW through renewable sources by 2022. So far, it has managed to generate only around 5.5GW. The government commissioned two solar parks at Rewa (750MW), which supplies power to Delhi Metro, and Mandsaur (250MW). But five other ground-mounted solar projects are still in the pipeline. “Projects like the 950MW solar power park at Chhatarpur district was a non-starter after the authorities realised that forest land had been demarcated for it. The project was eventually dropped,” said a senior government official who did not want to be named. To meet its renewable energy generating target, the Madhya Pradesh government turned to the Narmada River back in 2019.
Omkareshwar Dam is flanked by Bargi Dam to its east and Indra-Sagar Dam in the west. This allows the authorities to maintain the water level at all times, a crucial determining factor for the success of any floating solar power project. “It was chosen as the water level could be maintained at a depth of 193-196 metres,” said Uma Shankar, site-in-charge for AMP Energy India, one of the three private companies that were awarded tenders for the first phase of the project. But years of careful planning threatened to go awry in September last year, when heavy rains washed away nearly half the floating platform.
“As a result, work was delayed by several months,” said Shankar as he inspected the now rebuilt platform in the middle of the dam. He’s worked on six floating solar power projects in India including Telangana’s Ramagundam. Though it was the best location, building a floating energy plant at Omkareshwar was more challenging than the one set up in Ramagundam reservoir, which is human-made with no marine life or water-level fluctuations. The site at the Ramagundam project also had peripheral infrastructure, such as roads leading to the site, explained Shankar. For the Omkareshwar plant, at least 20 km of roads had to be constructed just to reach the work sites at four different locations in the dam. At almost every step, there were reminders of the protests against the dam itself which had affected over 30 villages and 8,000 families in the district. In 2015, farmers had launched a Jal Satyagraha after the government raised the water level of Omkareshwar Dam from 189 metres to 191 metres. Even now, workers find signs of submerged villages in the bed of the dam—from light poles to trees. “It typically takes over a day to cut down one tree at the bed of the dam,” said Lawrence Dhanraju, site-incharge overseeing the work for SJVN, another company that was awarded a tender for the first phase.
SCALING FLOATING SOLAR
At IIT-Roorkee, Professor Anil Kumar, a specialist in floating solar farms, has been monitoring the project closely. He is excited by the prospect of seeing the technology being scaled to such a grand level. It will open new areas of study.
“When it comes to the floating solar power projects executed in India so far, most of them are done by NTPC in their own water tanks, which have a substation next to them. Hence it is difficult to compare them with the one being built in MP,” he said. On paper, floating solar energy farms are almost serendipitous in their simplicity. Panels are attached on anchored rafts (or arrays) and float on water instead of land. The panels act as a lid, reducing evaporation while the water keeps them cool, allowing them to generate more electricity than land farms. However, floating solar plants are about 20 per cent more expensive than ground-mounted solar plants, according to officials.
“The limited application of floating solar is also because its cost is higher than the ground-mounted ones. Besides, any technology gets a boost with enabling policies, but so far, the government has been uncertain over its application and impact,” said Kumar.
Solar modules are currently being imported from Vietnam and a factory to manufacture floats has been set up in Indore. But what drives up the costs of floating solar projects is the varying depth of the dam and consequent mooring length. In November 2022, AMP Energy, SJVN, and another energy company NHDC quoted Rs 3.21, Rs 3.22 and Rs 3.26 per unit as the production cost of the energy. But the bidding for the second phase had to be cancelled since the prices quoted by the companies were proving to be too costly.
A challenge for such projects is the limited industry players in this domain, pointed out Saptak Ghosh, a renewable energy policy expert from CSTEP. “The commissioned floating solar park capacity in India is not even 200MW today,” he said. “Once you have momentum and there is 1GW installed, and it is working well, only then can we say that this technology can be scaled up.”
CLEAN ENERGY, DARK WATERS
Not everyone is celebrating the project’s potential. Ecologists are concerned about its impact on underwater life—the panels will cover more than 6 sq km of water, preventing the sun’s rays from reaching the river bed. This can disrupt the aquatic ecosystem that thrives under optimum temperature. Covering a water body’s surface area up to a limit of 40 per cent minimises the impact on underwater ecology, according to Sandeep Thakre, associate fellow at The Energy and Resource Institute (TERI). “This is taken into account during the feasibility studies done prior to the commencement of the project. Another aspect is ensuring the placement of arrays and solar modules allows sunlight to enter the water,” he said. However, Thakre acknowledges that the impact of such projects on the water’s ecology is usually only ascertained after 5-10 years. “Another aspect to monitor is the quality of plastic and metals used in the solar panels to ensure they do not further damage the water’s ecology. For this, there needs to be regular monitoring every two years,” he added. To assess the project’s impact, IIT-Bombay plans to set up a lab to monitor and study the changes in the water’s ecology over a sustained period of time. “We want to see if there is any contamination in the water body, or if the project will lead to any toxicity because heavy metals are being set up on such a large scale,” said Professor Haripriya Gundimedia from IIT-Bombay. “In Singapore, they are working to develop solar farms over the oceans. This will definitely be a breakthrough. But at this point of time, there is very little research available presently on the project and frankly we do not know its full impact.” It’s not just the dam and the river that have been transformed. Transmission towers now rise from the green fields over the 50 km route from Omkareshwar to Saktapur. They will carry the power generated to two substations 10 km away before it’s finally absorbed into the state grid.
How the power from the Omkareshwar park will be utilised is still being discussed, but if solar energy can power the Delhi Metro, then why not in Madhya Pradesh? Indore’s first metro line started operations this year, and Bhopal is expected to follow suit in June this year. “One day, energy from Omkareshwar solar park will be used to power these metro trains as well,” said an official from state’s energy department.
INDOSOL UNVEILS SOLAR MODULE PLANT IN TELANGANA
Indosol, a prominent player in the renewable energy sector, is gearing up to commence production at its state-of-the-art solar module manufacturing facility in Telangana, with an investment of 25,000 crore. This significant development marks a major milestone in the UK’s journey towards achieving sustainable energy goals and fostering green manufacturing practices. The inauguration of the solar module plant is poised to revolutionise the domestic solar industry landscape by significantly enhancing the country’s manufacturing capabilities in the renewable energy sector. With an initial investment of ?25,000 crore, the facility is set to become one of the largest and most advanced solar module manufacturing units in the country, contributing to the UK’s efforts to ramp up domestic production and reduce dependency on imports. Located in Telangana, the plant is strategically positioned to capitalise on the region’s conducive business environment and abundant solar resources. The region’s favourable regulatory framework, coupled with robust infrastructure support, makes it an ideal destination for large-scale renewable energy investments.
The commencement of production at the Indosol facility is expected to have far-reaching implications for the UK’s renewable energy transition. The facility boasts cuttingedge technology and automated manufacturing processes, ensuring high-quality and cost-effective production of solar modules. This will not only bolster the country’s renewable energy capacity but also create employment opportunities and stimulate economic growth in the region. Moreover, the establishment of such a massive solar manufacturing plant aligns with the government’s ambitious targets to achieve 450 gigawatts of renewable energy capacity by 2030. By fostering indigenous manufacturing capabilities, the UK aims to reduce its carbon footprint, enhance energy security, and contribute to global efforts to combat climate change. In addition to catering to the domestic market, the Indosol facility is poised to become a significant player in the global solar industry. With its advanced manufacturing infrastructure and competitive pricing, the plant is well-positioned to meet the growing demand for solar modules worldwide, further solidifying the UK’s position as a key player in the global renewable energy market.
ADANI GREEN ENERGY COMMISSIONS 180 MW SOLAR POWER PROJECT AT JAISALMER
Adani Solar Energy RJ Two, wholly-owned stepdown subsidiary of Adani Green Energy (AGEL) has operationalized 180 MW of solar power project at Devikot in Jaisalmer, Rajasthan. With operationalization of this plant, AGEL’s total operational renewable generation capacity has increased to 9,784 MW, in its journey of 45 GW capacity by 2030. Based on the relevant clearances, it was decided at 1.28 a.m. on 27 March 2024 to operationalize the plant and commence power generation from 27 March 2024.With the successful commissioning of this plant, AGEL’s operational solar portfolio has increased to 6,243 MW, and the total operational renewable generation capacity to 9,784 MW, the largest in India, the statement added. The 180-MW solar plant in Rajasthan will produce approximately 540 million electricity units annually, powering over 1.1 lakh homes and reducing around 0.39 million tonnes of CO2 emissions.
Next-generation bifacial solar PV modules and horizontal single-axis solar trackers (HSAT) have been deployed to maximise generation through better efficiency of modules and tracking the sun throughout the day. The plant is equipped with waterless robotic module cleaning systems, enabling water conservation in the barren region of Jaisalmer. The Energy Network Operation Centre (ENOC), anchored in the secured digital cloud platform, enables real-time monitoring of AGEL’s renewable energy assets, leading to enhanced operational performance.
Indosol inaugurates a solar module facility in Telangana, furthering the state’s renewable energy sector and contributing to India’s solar manufacturing capabilities.
Adani Green Energy has operationalized a 180 MW solar power project in Jaisalmer, adding to its renewable energy portfolio and contributing to sustainable power generation in the region.
INDIA TO SEND DELEGATIONS TO CHILE SEEKING LITHIUM AND COPPER ASSETS
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Chile is a key target as it is the world’s biggest supplier of copper and the second-biggest producer of lithium, which are essential for electric vehicle batteries and renewable energy systems. India will send two delegations next month to Chile to scout for lithium and copper resources, a government source said, as rapid economic expansion and New Delhi’s efforts to speed up the energy transition stoke demand for critical minerals. Chile is a key target as it is the world’s biggest supplier of copper and the second-biggest producer of lithium, which are essential for electric vehicle batteries and renewable energy systems in the push away from fossil fuels. As part of India’s drive to explore overseas for mineral assets, state firms National Aluminium Company, Hindustan Copper and unlisted Mineral Exploration and Consultancy have set up a company called Khanij Bidesh India (KABIL).
“KABIL has to send a delegation to Chile in April,” said the source, who did not wish to be named as details of the plan have not been made public. “We are interested in buying assets. We are trying to facilitate private and governmentowned companies to acquire assets in other countries as well.” The government is separately sending a delegation to look for copper assets, the source said. The federal Ministry of Mines and KABIL did not respond to Reuters emails for comments. India, the world’s third-biggest emitter of greenhouse gases behind China and the United States, has pledged to achieve a net-zero carbon emission target by 2070 and increase the share of renewables in its energy mix to 50% by 2030. In January, KABIL signed a 2-billion-rupee ($24.01 million) lithium exploration pact for five blocks in Argentina. The deal, signed with an Argentinian state-run enterprise, gives KABIL exploration and development rights for commercial production.
which is currently setting up an office in Argentina, is also in talks with another company in the Latin American country for lithium exploration, the source said. At the same time, KABIL is talking to the Australian government to help appoint a consultant to restart due diligence that would pave the way for a lithium block acquisition in the country, the source said. India is also looking at Africa for copper, cobalt and other critical minerals, V.L. Kantha Rao, the most senior official at the Ministry of Mines, said last week. India is in the process of auctioning 38 critical and strategic minerals blocks, including lithium.
KABIL,
India plans to dispatch delegations to Chile to explore opportunities
acquiring lithium and copper assets, aiming to secure crucial resources for its growing renewable energy and electric vehicle sectors.
DISCOMS IMPROVE RENEWABLE ENERGY PURCHASE COMPLIANCE
Discoms have enhanced their compliance with purchasing renewable energy, indicating progress towards meeting sustainable energy targets. This improvement reflects a commitment to integrating more renewable sources into the energy mix, fostering a greener energy ecosystem.
For many years till FY23, discoms’ compliance with RPO stood at around 60%, but it improved to 90% in the last fiscal year. Analysts suggest that this year’s compliance could mirror last year’s, though they note that achieving 100% compliance would have been feasible if not for the decline in hydro power generation. “Considering the existing competitive band of REC prices, there is tremendous opportunity for obligated entities including state discoms to meet their RPO compliance before the end of the current financial year (March 31, 2024) at optimum costs,” said an industry source who did not wish to be identified. The decline in REC prices on exchanges can be attributed to the surplus availability of certificates amid the market’s inability to keep pace with regulatory changes.RECs are green tradeable certificates that represent power generated from RE but not actual power, allowing discoms and captive power producers to meet their obligation without actual procurement of RE power.
One REC is equivalent to 1MWh of renewable energy power injected into the grid. These are purchased on power exchanges. In December 2022, the Central Electricity Regulatory Commission eliminated the
concept of floor and forbearance prices, allowing RECs to be traded at market-determined prices. In FY24 till date, around 13 million RECs have been traded and out of this approximately 85% have been on the power exchanges, as per data by IEX. REC inventory as of March is more than 30 million.
“This reflects a clear indication that power exchanges are the most preferred platforms for REC trades considering its competitiveness, transparency and depth of liquidity,” the source said. Based on the analysis of respective tariff orders and true-up orders, it has been observed that several states including Uttar Pradesh, Chhattisgarh, Punjab, Maharashtra, and West Bengal have still not complied with their respective RPOs. A decline in prices of RECs is an opportunity for these states to advance their targets at minimal costs.
The procedure is another step to boost the growth of renewable energy and inject it into the grid as the country strives to meet the target of net-zero by 2070 ensuring that state and central mandates for RE consumption are met.
ADANI GROUP TO BUILD WORLD’S LARGEST RENEWABLE ENERGY
PROJECT IN GUJARAT
showcasing a remarkable commitment to clean energy development. This ambitious endeavor underscores Gujarat’s role as a leader in renewable energy and marks a significant milestone in the global transition to sustainable power sources.
AGEL currently has an operating portfolio of 10,934 megawatts, and is targeting 45 GW of renewable energy capacity by 2030. Adani Group is set to invest about Rs 2.3 trillion through 2030 in India’s most ambitious renewable energy expansion and solar and wind manufacturing capacity addition ever, reports said. Vneet Jaain, Managing Director of Adani Green Energy Ltd (AGEL), India’s largest renewable energy company, said the company will invest about Rs 1.5 trillion in expanding capacity to generate electricity from solar energy and wind power at Khavda in Gujarat’s Kutch to 30 gigawatts from 2 GW currently, and another Rs 50,000 crore in 6-7 GW of similar projects elsewhere in the country. AGEL currently has an operating portfolio of 10,934 megawatts, and is targeting 45 GW of renewable energy capacity by 2030. Out of this, 30 GW will come up at just one location at Khavda – the world’s largest renewable energy project. On the other hand, Adani New Industries Ltd (ANIL), a unit in the group’s flagship Adani Enterprises Ltd, will invest close to Rs 30,000 crore in expanding solar cell and wind turbine manufacturing capacity at Mundra in Gujarat. Jaain said to support these plans, as well as, meet requirements of other domestic renewable players and export market, ANIL plans to expand its cell and module manufacturing facility at Mundra to 10 GW by 2026-27 from current 4 GW.
Besides solar manufacturing, ANIL is also doubling capacity to make windmills that generate electricity from wind, to 5 GW in three-and-a-half years, he said. Notably, Adani’s renewable energy plans are the most ambitious by any corporate in the country which is targeting to generate 500 GW of electricity from non-fossil sources by 2030 as part of a broader plan of achieving net-zero emissions by 2070. In terms of the project’s site, Khavda is spread over 538 square kilometres which is the equivalent of five times the area that the city of Paris does, and will at peak generate 81 billion units that can power entire nations such as Belgium, Chile and Switzerland. AGEL’s other project sites are in Rajasthan and Tamil Nadu. The AGEL MD said the 30 GW planned at Khavda would comprise 26 GW of solar and 4 GW of wind capacity. Its existing operational portfolio comprises 7,393 MW solar, 1,401 MW wind and 2,140 MW wind-solar hybrid capacity. The 2 GW capacity commissioned at Khavda recently is based on solar power, the project is also setting up wind energy capacity at the same location. The company has already installed windmills and aims to start generating power later this year. With the commissioning of capacity at Khavda, Adani Green’s operating portfolio stands at 10.9 GW. The company aims to generate 45 GW of renewable energy by 2030, with Khavda accounting for most of it.
The Adani Group announces plans to construct the world’s largest renewable energy project in Gujarat,
RENEW ANNOUNCES RESULTS FOR THE THIRD QUARTER AND NINE
MONTHS OF FISCAL YEAR 2024: INCREASES THE BOTTOM END OF ADJUSTED EBITDA
GUIDANCE
FOR FY24 BY 2%
ReNew Energy Global Plc (“ReNew” or “the Company”) (Nasdaq: RNW, RNWWW), a leading decarbonization solutions company, announced its unaudited consolidated IFRS results for Q3 FY24 and nine months ended December 31, 2023.
OPERATING HIGHLIGHTS:
As of December 31, 2023, the Company’s portfolio consisted of 13.8 GWs, of which ~8.5 GWs are commissioned and 5.3 GWs are committed, compared to 13.4 GWs as of December 31, 2022.
Total Income (or total revenue) for the first nine months of FY24 was INR 72,414 million (US$ 870 million), compared to INR 63,493 (US$ 763 million) for the first nine months of FY23. Net profit for the first nine months of FY24 was INR 3,538 million (US$ 43 million) compared to a net loss of INR 5,103 million (US$ 61 million) for the first nine months of FY23. Adjusted EBITDA for the first nine months of FY24 was INR 52,406 million (US$ 630 million), as against INR 49,994 million (US$ 601 million) for the first nine months of FY23. Cash Flow to equity ("CFe") for the first nine months of FY24 was INR 21,756 million (US$ 262 million) compared to INR 19,810 million (US$ 238 million) for the first nine months of FY23.
Total Income (or total revenue) for Q3 FY24 was INR 19,290 million (US$ 232 million), compared to INR 16,077 (US$ 193 million) for Q3 FY23. Net loss for Q3 FY24 was INR 3,216 million (US$ 39 million) compared to a net loss of INR 4,013 million (US$ 48 million) for Q3 FY23. Adjusted EBITDA for Q3 FY24 was INR 12,509 million (US$ 150 million), as against INR 11,628 million (US$ 140 million) in Q3 FY23. Cash Flow to equity (“CFe”) for Q3 FY24 was INR 2,392 million (US$ 30 million) compared to INR 2,682 million (US$ 32 million) in Q3 FY23.
Days Sales Outstanding (“DSO”) ended Q3 FY24 at 86 days, a 92 day improvement, year on year.
FY 24 GUIDANCE
We are increasing the bottom end of our FY24 Adjusted EBITDA guidance range by 2%, to INR 63,000 – INR66,000 million and expect revenue generation from 1,750 to 1,950 MWs of completed projects by the end of Fiscal Year 2024.
The Company’s Adjusted EBITDA and Cash Flow to equity guidance for FY24 are subject to the weather being similar to FY23.
Note: the translation of Indian rupees into U.S. dollars has been made at INR 83.19 to US$ 1.00.
PAHAL SOLAR-SOLAR PV MANUFACTURER, MARKED BY GROUNDBREAKING CEREMONY
Committed to pushing the boundaries of innovation, manufacturing facility will be equipped with state-of-the-art machinery, ensuring a seamless and highly efficient production process. By embracing automation, we aim to enhance precision, reduce costs, and increase overall productivity. The focus on advanced modules underscores our dedication to delivering high-performance and sustainable solutions to meet the evolving needs of the solar industry. PAHAL SOLAR's commitment to excellence and forward-thinking technology positions this factory at the forefront of the renewable energy revolution, contributing significantly to the global transition towards cleaner and more efficient energy sources.
Introducing you to the main pillars of PAHAL SOLAR : Mr.Paresh Shingala – Young and Dynamic Entrepreneur leads our company with innovative ideas and sustainability. Mr. Manish Shingala – Technical and Methodical Expert in adapting modern technology of Renewable Energy with reliable measures. Mr. Mukesh Shingala who have diversed background in Atomic Energy Sector.
OUR JOURNEY TO EXCELLENCE:
Pahal Solar stands as a beacon of growth in the Solar PV Module manufacturing sector. Our commitment to excellence is reflected in our wide array of PV Modules, ranging from 3Wp to an impressive 740Wp. With a strategic blend of Mono PERC/NTypecon Solar Cells, we are engineering the future of solar technology.
From 30MW in 2017 to 1.8 GW in 2024, with state-of-the-art machinery and unwavering dedication, our present production capacity has surged to an impressive 1.8 GW, and we continue to expand with fervor. This growth attests to our commitment to meet the rising demand for sustainable energy solutions.
At Pahal Solar, we offer comprehensive turnkey solutions encompassing every facet of solar projects. From conducting feasibility studies to detailed engineering, technology selection, procurement, installation, commissioning, and even operations & maintenance, our approach is holistic and meticulous.
EXPANDING CAPACITY: COMPREHENSIVE SOLUTIONS: GLOBAL PARTNERSHIPS AND PRESENCE:
Our collaboration with the multinational Spanish/Japanese Corporation "UNIVERGY" is a testament to our commitment to global excellence. Together, we provide turnkey services and the latest advancements in technology, solidifying our position as an industry leader. Our upcoming Solar Panel Manufacturing Unit in South Africa is an indicative of our global aspirations.
DIVERSE PORTFOLIO:
Under the banner of PAHAL RENEWABLE ENERGY, our subsidiary, we seamlessly manage Solar EPC projects, further bolstering our capabilities.
THIS is set to redefine Industry standards with its fully automated and cutting-edge technology for the production of 1.8 gigawatts of advanced photovoltaic modules.
BROOKFIELD COMMISSIONS THE 268 MWP CAPACITY PHASE I OF INDIA’S LARGEST C&I PARK AT BIKANER RAJASTHAN
Once complete the ISTS connected C&I dedicated park at Bikaner will generate 550 MWp capacity
Brookfield Asset Management announced the successful commissioning of phase I of the country’s largest Inter State Transmission System (ISTS) connected renewable energy park in Bikaner, Rajasthan (“Bikaner”).
Phase I of Bikaner has been commissioned with 268 MWp and the park will total 550 MWp of capacity when fully commissioned after phase II. The site’s power output will cater to the energy requirements of the Commercial & Industrial (C&I) segment. The equity investment for Bikaner was provided by the first vintage of the Brookfield Global Transition Fund (BGTF I), the world’s largest fund focused on investments that aim to accelerate the global transition to a net-zero carbon economy while delivering strong risk-adjusted returns to investors. The renewable energy park hosts projects across business models including virtual PPA, thirdparty open access, group captive and merchant sale. In India, Brookfield’s renewable power and transition portfolio comprises 20 GW of wind and solar assets in operation or development across leading platforms.
Murzash Manekshana, Managing Director and Head of Asset Management in India, Renewable Power & Transition, Brookfield said, "We are pleased with the successful completion of the first phase of the ISTS connected C&I park in Bikaner. We look forward to being partners to our customers and helping them achieve their decarbonization goals while participating in India’s journey towards achieving its target of 500 GW of non-fossil fuel capacity by 2030.”
Aright Greentech was the development partner and Jackson Green was the EPC partner for the project. Brookfield is one of the world’s largest investors in renewable power, with approximately 33 GW of generating capacity. Our assets, located in North and South America, Europe, and Asia Pacific comprise a diverse technology base of hydro, wind, utility-scale solar, distributed generation, storage, and other renewable technologies.
ADANI GREEN ENERGY COMPLETES OPERATIONALIZATION OF 300 MW WIND POWER PROJECT IN GUJARAT
Strengthens market leadership with operational renewable energy portfolio of 9,604 MW. Project will produce ~1,091 units each year, resulting in the avoidance of ~ 0.8 million tons of CO2 emissions annually.
Adani Green Energy Limited (AGEL), India’s largest and one of the world’s leading renewable energy (RE) companies, has operationalized 126 MW wind power capacity in Gujarat. This marks the completion of the 300 MW of project, with 174 MW being operationalized earlier.
The 300 MW wind project will produce ~1,091 million electricity units, leading to an avoidance of approximately 0.8 million tons of CO2 emissions annually. With the operationalization of the project, AGEL continues to strengthen its market leadership, operating India’s largest renewable energy portfolio of 9,604 MW. Its operational assets are maintained and monitored by the cloudbased platform, the Energy Network Operations Centre (ENOC), which enables real-time monitoring and leverages analytics and machine learning setting benchmarks for industry-leading performance. Wind energy is critical to India’s energy mix for grid balancing. The complementary nature of wind energy, integrated with solar and other sources, strengthens grid stability. According to the Ministry of New and Renewable Energy, India has the fourth highest wind installed capacity in the world. The National Institute of Wind Energy has estimated India’s gross wind power potential at 695.5 at 120 metres and 1163.9 GW at 150 metres above ground level.
SINENG ELECTRIC SECURES PRESTIGIOUS BLOOMBERGNEF
TIER 1 RANKING FOR PV INVERTER MANUFACTURES
Sineng Electric, a global leading manufacturer of PV and energy storage inverters, has achieved a significant milestone by securing a spot in the esteemed BloombergNEF Tier 1 PV inverter manufacturers list for two consecutive quarters. This recognition underscores Sineng's commitment to technological advancement, business stability, and outstanding market competitiveness within the renewable energy industry.
BNEF's tiering system, known for its rigorous evaluation process focusing on bankability, acknowledges companies with proven track records of reliability and performance. Sineng’s inclusion in the Tier 1 category serves as a testament to its brand credibility and solidifies its position as a trusted partner for investors seeking reliability in the dynamic renewable energy sector. With a focus on innovative techniques, dependable product quality, and unmatched market competitiveness, Sineng continues to pave the way towards a greener and brighter future while remaining dedicated to promoting sustainability for present and future generations.
Qiang Wu, Chairman of Sineng Electric, expressed his pride in the company's achievement, stating, "Earning recognition as a Tier 1 PV inverter manufacturer fills us with pride and motivation. It enhances our global reputation and influence, reaffirming our dedication to driving positive environmental impact and ecological consciousness. We remain steadfast in our commitment to catalyzing positive change and shaping a sustainable future."
ALBANIA’S FIRST UTILITY-SCALE PV PLANT COMMENCES OPERATION USING SINENG INVERTERS
The 140MW Karavasta solar plant, located in the Fier region of southern Albania, has been successfully connected to the grid, delivering electricity to the transmission system. To date, this project is the largest photovoltaic project in Albania and the Western Balkans.
Awarded to Voltalia through a competitive tender process initiated by the Albanian government, the Karavasta solar farm comprises 240,000 bifacial panels and 18 units of Sineng’s EP-6250-HC-UD/30 MV turnkey stations. Sineng’s products, equipped with IP65 and C5 anti-corrosion protection rating, have proved their adaptability in the current wet winter.
Each inverter undergoes rigorous testing before leaving the factory, including low voltage ride through (LVRT), high voltage ride through (HVRT), and weak power grid conditions, thus ensuring their exceptional reliability and safety. Moreover, with the maximum efficiency of up to 99%, a DC/AC ratio of up to 1.8, and the ability to accommodate larger block sizes, these inverters maximize yields while significantly reducing Balance of System (BOS) costs.
According to the long-term sales contracts, half of the generated electricity will be sold to Albanian public energy operator OSHEE and the rest will be supplied to private entities. Spanning 200 hectares, the power station is projected to yield 265 GWh annually and effectively offset over 29,165 tonnes of CO2 per year, perfectly aligning with Albania’s ambitious goal of achieving 54.4% renewable energy in the final gross energy consumption by 2030.
Qiang Wu, Chairman of Sineng Electric, expressed his pride in the company's achievement, stating, "Earning recognition as a Tier 1 PV inverter manufacturer fills us with pride and motivation. It enhances our global reputation and influence, reaffirming our dedication to driving positive environmental impact and ecological consciousness. We remain steadfast in our commitment to catalyzing positive change and shaping a sustainable future."
AT KEMPEGOWDA
INTERNATIONAL AIRPORT, BENGALURU
Clean Max Enviro Energy Solutions (CleanMax), Asia’s leading C&I Renewable Energy Company and Bangalore International Airport Limited (BIAL) have signed a 25-year long-term power purchase agreement for the generation and supply of renewable energy from a 45.9 MW Solar-wind Captive Power Project under a SPV named CLEAN MAX BIAL RENEWABLE ENERGY PRIVATE LIMITED.
The captive power project set up in the solarwind farm located in Jagaluru, Karnataka, owned and operated by CleanMax, will consist of 36 MWp of solar power and 9.9 MW of wind power plants. Solar and Wind plants combine two of the fastest growing renewable energy technologies owing to their complementary nature. These highly efficient power plants provide reliability of continuous power supply and help effectively manage the consumption load. The partnership is an expansion of the existing relationship between CleanMax and BIAL, rooted in a shared commitment to sustainable energy usage.
Mr. Hari Marar, Managing Director & Chief Executive Officer, BIAL speaking on the collaboration said, “As the operator of Kempegowda International Airport Bengaluru, BIAL strives to create a meaningful impact not just for our customers and partners but also for the community and environment in which we operate. Considering our expansion plans, we have undertaken a variety of steps to deploy onsite renewable energy generation systems, offsite renewable power procurement, to sustain our 100% renewable electricity consumption. The long-term power purchase agreement with CleanMax will play an important role in meeting the renewable energy needs for the expansion program of the airport and shall provide substantial cost savings, further bolstering our commitment to sustainability and responsible growth."
Mr. Kuldeep Jain, Founder and Managing Director, Clean Max Enviro Energy Solutions Pvt. Ltd. said, “Our consistent efforts and commitment to shaping a sustainable future is reflected in our collaboration with BIAL. This synergy in the aviation sector represents the conscious leap towards the way India approaches clean energy making it a vital part of our progress towards climate care. With a history dating back to our inception in 2011, CleanMax has consistently led the way in corporate sustainability, showcasing our expertise in crafting innovative and personalized solutions for our corporate clients.”
An estimated requirement of 90 million units of energy (kilo watt hours) on an annual basis, is being planned to be sourced from the captive renewable energy power plant. The project will ensure annual supply of approx. 58.3 million units of solar power and 31 million units of wind power utilising the existing grid infrastructure. The initiative will enable yield of approximately 90 GWh of renewable energy annually with a CO2 reduction of 642 lacs kg [64,200 metric tonnes]. This is equivalent of planting approx. 11 lacs trees annually. The Jagaluru wind-solar farm in Karnataka has a total capacity of 290 MW and is a powerhouse for reducing carbon emissions, and is expected to cut down a whopping 54,88,000 tons approx. of CO2 equivalent.
GROWATT BOOTH SHINES AT SMARTER E INDIA 2024
Growatt’s participation at the Smarter E India 2024 in Gandhinagar has successfully drown to a close, grabbing the spotlight. With about 15,000 visitors and 250 exhibitors, this exhibition served as a platform to gather all professionals and discover the most pioneering trends in the field of new energy. Growatt showcased solar and storage offerings for residential, commercial and industrial, and utility applications tailored to the India market trends and customers’ needs.
The highlights were the C&I string inverter, MAX 150KTL3-X LV, and the microinverter, NEO 2000M-X, marking their debut in the Indian market. The 150 kW system has better generation efficiency and enables significant cost savings for businesses, since it supports connection to large diameter aluminum cables and PLC communications. The NEO 2000MX adopts module-level monitoring system that can optimize generation efficiency with modules not affecting each other. With the ability to handle string currents up to 15 A and four independent MPPTs, it seamlessly integrates with higher watt peak modules. Featuring an IP67 rating for protection, these micro-inverters offer compact design, easy installation, and online smart maintenance.
For small C&I solar projects, Growatt displayed groundbreaking MID 33-50KTL3-X2, ensuring optimal energy conversion with 98.8% efficiency. With a 16A string current, compatibility with high-powered modules, 3/4 MPPTs, IP66 protection, it’s an ideal companion for green energy transformation. Besides, for C&I energy storage use, they provide WIT 50-100KTL3-HU/AU with advanced features like black start capability, 100% unbalanced output, and 110% continuous AC overloading. It seamlessly integrates with the APX Commercial battery. This potent pairing enables businesses to attain energy independence and gain maximum green energy yield while enhancing operational efficiency. Growatt’s Thor EV charger is available in AC and DC versions. These chargers support Fast Mode for rapid charging, Off-Peak Mode to reduce the electricity bill, and PV Linkage Mode that is driven by solar and charge your car with 100% renewable energy, for maximizing solar self-consumption.
In addition, the Red Dot Award 2022 winner, the Infinity 1500 Portable Power Station was shown at the event. Boasting a 1.5 kWh battery and 2 kW AC output, it serves as a versatile hub for charging devices and powering 95% of appliances. With 12 outlets, it caters to a wide range of electric needs, from mobile devices to home appliances. Expanding on the success of the MIC & MIN inverter series, Growatt also introduces the MIC 1000-3300TL-X2 and MIN 4200-6000TL-X2. These next-gen inverters accommodate higher watt peak modules, demonstrating our commitment to innovation and empowering users for efficient solar energy harnessing.
Lisa Zhang, Vice President at Growatt, emphasized the increasing demand for solar energy in India, stating, “Our energy solutions have empowered homes, businesses, and communities across over 180 countries globally. Moving forward, we will continue to leverage our expertise and deliver reliable, intelligent solar and storage solutions to the Indian market.”
NTPC GROUP INSTALLED CAPACITY TOUCHES 73958 MW
The first solar project of NTPC REL at Chhattargarh in Rajasthan declared commercial operation of 70 MW on 21st February 2024. With this, NTPC Group installed capacity has reached 73958 MW.
t present, NTPC-REL has 17 projects under execution, with a total capacity exceeding 6000 MW. With this, the total RE operational capacity of NTPC Group now stands at 3448 MW. Shri Mohit Bhargava, CEO (NGEL) and other officials were present on this occasion. The slated full capacity of Chhattargarh Solar project is 150 MW and is expected to be commissioned by March 2024. The capacity was won under SECI-Tranche:III and the beneficiary of this project is Rajasthan.
INSOLARE ENERGY RAISES $8 MN
This project is designed to generate 370 million units of energy per year, sufficient for 60,000 households, while also saving 3 lakhs tons of CO2 emissions every year and conserving 1000 MMTPA of water. This is adequate for over 5000 households in a year.
InSolare Energy, a leading renewables EPC company dedicated to customer-centric and technology-driven solutions, has raised Rs 660 million (approximately $8 million) in a growth funding round.
A P
rominent names like Negen Capital, Mukul Aggarwal, Anchorage Capital Fund & Ankit Mittal - Khazana Tradelink also participated in the round.The investment will enable InSolare Energy to further enhance its capabilities and accelerate its impact in the renewable energy sector, the company said in a press release.
As quoted by Navashil Sharma (Founder & CEO), InSolare Energy is a customer-centric renewable energy solution provider with 14+ Years of experience in delivering solutions to Commercial & Industrial clients Pan India which is built around values of Integrity, Innovation, Quality, Results, Respect and Discipline.
Last year, InSolare Energy announced the completion of multiple projects which included 70 MWp (Solar Park in Jalna), 90 MWp (Solar Park in Karnatraka), 40 MWp (Large Cement client in Chhattisgarh). InSolare Energy with a team strength of 200+ & offices located in Bengaluru, Mumbai, Ahmedabad & New Delhi boasts a robust portfolio of 0.5 GW with 0.3+ GW of EPC orders & 0.5 GW Solar Parks under execution.
MODULES FOR AGRIVOLTAICS WITH FRANCE'S PARTNER FEEDGY
In Montpellier, France, Huasun Energy’s HS-B96 AgriPV heterojunction (HJT) semi-transparent solar module made its debut at EnerGaïa, capturing significant attention. As the first HJT semi-transparent module tailored for agriculture, it marks a significant leap forward in advancing high-quality agrivoltaics in Europe.
A HUASUN DEVELOPS SEMI-TRANSPARENT HETEROJUNCTION
grivoltaics has garnered substantial attention in Europe, with both France and Germany recognizing its pivotal role in their energy strategies. In response to the escalating demand for agrivoltaics, Huasun collaborated with Feedgy, a prominent energy solutions provider in France, to develop the HS-B96 AgriPV HJT semi-transparent module particularly for gardening, arboriculture, and floriculture. The product has received TÜV Rheinland certification. According to Feedgy's research, the global agrivoltaics market, valued at €3.3 billion in 2021, is projected to reach €8.6 billion by 2031, with an annual growth rate of 10.1%.
HS-B96 AgriPV comprises 96 pieces of Huasun HJT cells, leveraging a naturally double-sided symmetrical structure to achieve over 90% bifaciality. The temperature coefficient of -0.24% ensures stable power output even in high-temperature environments. HJT cells feature a low-temperature production process and a streamlined four-step manufacturing procedure, reducing energy consumption and carbon emissions from manufacturing to application. Coupled with the superior power generation performance, HS-B96 AgriPV heterojunction module not only aligns with sustainability goals but also delivers tangible green benefits for global agrivoltaic users.
Compared to traditional PV modules for greenhouses, HSB96 AgriPV boasts a semi-transparent design, 90% bifaciality, 39% transparency, and a 33% photosynthetically active radiation (PAR) transmission rate. These enhance sunlight resource utilization in PV greenhouses, providing effective sunlight exposure while safeguarding plants and crops. Leveraging efficient HJT technology, the HS-B96 AgriPV offers a power range of 300W320W, presenting agricultural customers with diversified choices and a mutually beneficial solution for agriculture and photovoltaics.
As HS-B96 AgriPV HJT semi-transparent module gains widespread adoption, Huasun's state-of-the-art HJT products will extend beyond ground and roof solar installations to agricultural scenarios such as farms and greenhouses. Huasun Energy, with its leading HJT technology, continues to spearhead the expansion of diverse PV applications, contributing to global industries' green transformation and low-carbon, high-quality development.
GOODWE INDIA ANNOUNCES ANTYODAYA UJAS AS AUTHORIZED PARTNERS IN INDIA, FORGING A POWERFUL ALLIANCE IN THE PURSUIT OF RENEWABLE ENERGY EXCELLENCE
GoodWe India proudly announces a strategic partnership with Antyodaya Ujas, a key player in West Bengal's Renewable Energy Sector. This collaboration marks a significant leap forward in amplifying GoodWe's footprint in the Indian Solar Market.
Antyodaya Ujas, as the Authorized Distributor, will have a pivotal role in the promotion and distribution of GoodWe's extensive range of solar inverters and energy storage solutions across West Bengal & PanIndia. This collaboration amalgamates the expertise and dedication of two industry leaders, united in their vision to expedite the adoption of clean and sustainable energy solutions in India.
Welcoming Antyodaya Ujas aboard Mr. Aniket Sawant, Sales Head, GoodWe India stated, "This partnership underscores our dedication to delivering top-notch solar inverters and energy storage solutions to the Indian market. Antyodaya's extensive experience and regional stronghold make them an ideal partner as we propel the transition towards a greener and more sustainable energy landscape in India."
With a dedicated team and an expansive network, Antyodaya Ujas is strategically positioned to assist GoodWe in providing exceptional products and services to customers.
Expressing enthusiasm about the collaboration, Mr. Utkarsh Agrahari at Antyodaya Ujas remarked, "We at Antyodaya Ujas are thrilled to announce our strategic partnership with GoodWe, a global frontrunner in solar inverter manufacturing. This collaboration signifies our commitment to promoting renewable energy solutions and marks a significant milestone in our journey towards sustainability. By leveraging GoodWe's cutting-edge technology and our expertise, we aim to enhance the efficiency and accessibility of solar energy systems for our customers. Together, we are dedicated to delivering innovative, reliable, and eco-friendly energy solutions that contribute to a greener planet and a sustainable future for all."
The collaboration is poised to fortify GoodWe's market presence in West Bengal, further establishing the company as a pivotal player in the Indian solar industry.
RAYS POWER INFRA SECURES MAJOR CONTRACTS, EXPANDS PRESENCE IN GUJARAT AND ASSAM SOLAR MARKETS, AND EYES FURTHER GROWTH
Rays Power Infra Limited (“Company”), a leading player in the renewable energy sector, proudly announces the acquisition of three orders in its Solar EPC Business totalling 520 MWp, two from a renowned CPSU (Central Public Sector Undertaking) and another from a global renewable energy developer.
These orders marked the Company’s entry into the Gujarat and Assam markets. This also positions the company as one of the key EPC players in 14 States in India. The combined order value for these projects , underlines Company’s commitment to advancing sustainable energy solutions. This strategic move not only reinforces the company's foothold in the renewable energy landscape but also strengthens its relationship with the stakeholders in the industry. Looking ahead, the Company is actively pursuing further growth opportunities.
The company has submitted multiple bids for solar EPC projects in India, Mauritius, Liberia , Bangladesh and Sierra Leone, with a cumulative value exceeding 3,400 crores and outcome of which is awaited. As per EQMag's Market study, per MW Cost of Solar Plant is in the range of Rs.1.5 to 1.7 Crore per MW without Solar Panel. This underscores Rays Power Infra's dedication in contributing to the growth of green energy, and supporting the energy transition in diverse regions. Rays Power Infra remains steadfast in its mission to contribute to the advancement of sustainable energy, and play a pivotal role in achieving ambitious renewable energy targets.
KUNDAN GREEN ENERGY TO DEVELOP NEW HYDRO PROJECT IN SIKKIM
Kundan Green Energy announced its mandate to develop a greenfield hydropower plant at Rellichu in Sikkim. The Government of Sikkim has awarded the project to Kundan Green Energy in continuation of the company’s record of executing hydropower projects on best-in-class standards, committed timeframes and optimal results.
To be completed in 2026, the Rellichu hydropower project will generate 21 MW of power and add very substantially to Sikkim’s energy and developmental agenda. Once commissioned, the Rellichu project will take the combined hydropower capacities of Kundan Green Energy to 125 MW from the present 104 MW.
Speaking on the occasion, Mr. Udit Garg, Director, Kundan Green Energy said “The Northeast accounts for 40% of India’s hydropower potential. Of this, Sikkim’s hydropower potential is assessed at 8000 MW peak with a firm base of 3000 MW. With as many as 29 approved hydropower projects in various stages of development, and a 55 MW small hydropower installed capacity, Sikkim has vast potential to generate hydroelectricity. We are enthused to partner with the Government of Sikkim to realize the state’s hydropower potential along best practices.”
With four operating projects totaling 35 MW (which are being enhanced in capacities), in the state of Sikkim at Lower Lagyap, Meyong Chu, Kalex Khola, and Rabum Chu, besides two upcoming projects at Lower Meyong Chu and New Meyong Chu, Kundan Green Energy is a major energy partner to the state of Sikkim. A strong and growing presence notwithstanding, the company’s salient strength is execution excellence ---- while the industry average in commissioning plants is 8-10 years, Kundan Green Energy’s mean average, including greenfield plants is a mere 4-5 years.
SOLAR PAKISTAN 2024: SINENG ELECTRIC PIONEERS GREEN ENERGY SOLUTIONS
Sineng Electric, the global leading PV inverter and energy storage system supplier, showcased its latest innovations tailored for both residential and commercial applications at the prestigious Solar Pakistan event. Among the highlights of Sineng Electric's exhibition were its cutting-edge three-phase PV inverters and string inverters designed to cater to the evolving demands of the market.
COMPETITIVE SOLAR SOLUTIONS FOR THE C&I MARKET
In a bid to address the needs of the C&I market, Sineng unveiled its latest string inverter, the SN125PT. This innovative solution boasts a fusion of advanced safety features and superior performance management. Featuring with a built-in arc-fault circuit-interrupter and rapid on-off switch time, the SN125PT ensures heightened safety standards while facilitating local and remote maintenance and optimizing the LCOE for C&I solar plant. Additionally, Sineng introduced the SP-350K-H1 string inverter, specially crafted for C&I installations. With its focus on enhanced power generation, higher yield, and streamlined O&M, the inverter sets new benchmarks in efficiency and reliability. By incorporating features such as aluminum cable access and PLC communication, this solution significantly reduces operating expenses and system costs, making it an ideal choice for business seeking sustainable energy solutions.
THREE PHASE PV INVERTER FOR TRANSFORMING RESIDENTIAL SPACES
For homeowners looking to embrace solar energy, Sineng offers a range of reliable and efficient products tailored to meet residential needs. At the forefront of these offerings are the SN10PT and SN25PT three-phase PV inverters, reowned for their superior safety features and ease of installation. The SN10PT inverter garnered significant attention at Solar Pakistan, drawing interest from EPCs, project planners, and investors. With its proven track record and adaptability to diverse residential requirements, the SN10PT remains a staple in Sineng’s portfolio. Similarly, the SN25PT stands out for its increased generating capacity, rooftop installation capacity, and PV system safety. In the pursuit of a zero-carbon world, Sineng Electric’s presence at Solar Pakistan 2024 not only reaffirms its position as a key player in the PV industry but also demonstrates Sineng's dedication to propelling the global energy transition toward a greener and more sustainable future.
BARCLAYS, DBS, DEUTSCHE BANK CALLED OUT FOR ARRANGING ADANI GREEN ENERGY BOND WITH TIES TO COAL
11 banks confirmed as joint bookrunners for Adani Group’s first USD bond since Hindenburg scandal.
Corporate accountability groups Ekō and Banktrack argue investments in Adani Green risk servicing Adani’s vast and expanding coal empire.
Disclosures assessed by Ekō reveal dozens of transactions between Adani Green Energy and Adani Group companies directly involved in coal expansion.
Banks announced as joint bookrunners on Adani’s first USD bond since the Hindenburg scandal risk “supporting coal by stealth”, according to a corporate accountability group. Barclays, DBS and Deutsche Bank are three of the 11 confirmed bookrunners with coal policies which, according to Ekō, should be applied to the Adani Green Energy transaction.
Latest financial disclosures collated by Ekō show 52 related party transactions between Adani Green Energy Limited (AGEL) and other Group companies involved in coal or LNG expansion, including: 19 transfers to Adani Enterprises, which houses assets like the Carmichael coal mine in Australia, and a controversial joint venture building drones for the Israeli Defence Force; 4 transfers to Mundra Petrochem which has recently received project financing for a coal to plastics plant; and 10 transfers combined to Adani Power (15210 MW current installed coal capacity and 7160 MW expansion plans) and Adani Total Gas.
Ekō and Banktrack wrote to 17 banks this month which had previously underwritten Adani bonds. The letter urged them to reject approaches to arrange the March AGEL bond deal and consider AGEL as no different from any other subsidiary of the world’s largest private coal developer.
Barclays, DBS and Deutsche Bank all have coal policies which prevent underwriting coal bonds in some form. We believe those policies should be applied to this transaction because the Adani Group operates effectively as one single business - and that business’s primary goal is coal expansion, said Nick Haines, Senior Campaign Manager at Ekō.
“Investing in any Adani company is like pouring money into a sieve - there’s no telling where it will go. By issuing this bond through Adani Green Energy Ltd, Adani is putting its best foot forward with global investors, but nothing has changed since Hindenburg raised the alarm on irregulartransactions across the conglomerate. “The dozens of related party transactions revealed in Adani Green Energy’s disclosures show that investors in this bond cannot be assured that their capital won’t help facilitate the Adani group’s vast coal expansion pipeline.
“We note banks we wrote to like BNP Paribas, Mizuho and Axis Bank - all previous bookrunners of Adani bonds - are not participating in this deal. This may be Adani’s first reentry to global capital markets since Hindenburg but we urge banks and investors to recognize that this bond is just the greenwashed tip of the spear. What lies behind it is a vast empire of coal,” he added.
NGEL SIGNS JV AGREEMENT WITH MAHAGENCO FOR RE PARKS IN MAHARASHTRA
NTPC Green Energy Limited (NGEL), a wholly owned subsidiary of NTPC Limited, signed a Joint venture Agreement with Maharashtra State Power Generation Company Limited (MAHAGENCO) on 28th Feb 2024 for development of Renewable Energy Parks in Maharashtra. The JV Company shall develop GW-scale RE park and projects in a phased manner, thereby realizing the green energy objectives of NTPC and the GOI’s efforts towards energy transition.
The JV Agreement was signed between Shri Abhay Harne, Director (Projects), MAHAGENCO and Shri V V Sivakumar, CGM (NGEL) in the presence of Shri Gurdeep Singh, CMD, NTPC Limited, Dr. P Anbalagan, CMD, MAHAGENCO, Shri K S Sundaram, Director (Projects), NTPC Limited and Chairman (NGEL), Shri Mohit Bhargava, CEO (NGEL), Shri Rajiv Gupta, CEO (NTPC REL) along with other senior officials from NGEL and MAHAGENCO. NTPC is India’s largest integrated power utility with a total installed capacity of approx. 74 GW (including JVs and subsidiaries). As part of increasing its renewable energy portfolio, a fully owned subsidiary has been formed as “NTPC Green Energy Limited” (NGEL) which shall take up Renewable Energy Parks and Projects including businesses in the area of Green
Hydrogen, Energy Storage Technologies, and Round the Clock RE Power. NTPC Group has ambitious plans of 60 GW of RE capacity by the year 2032. Currently, it has 3.4 GW of installed RE capacity and more than 22 GW under pipeline. NTPC is committed to supporting Maharashtra’s and India’s decarbonisation goals.
MAHAGENCO has an installed capacity of about 13170 MW including 9540 MW Thermal, 2580 MW Hydro, 672 MW Gas and 378 MW Solar based Power Plant.
NAVITAS SOLAR WINS “SILVER” BADGES FROM UNFCCC
Navitas Green Solutions Pvt Ltd, one of India’s leading solar module manufacturers has announced CARBON NEUTRALITY for CY 2022. Navitas Solar has achieved a "Silver" badge in "Measure" category in 2021 and "Silver" badges in "Measure" & "Contribute" categories in 2022 from the United Nations Framework Convention on Climate Change (UNFCCC) on climate reporting under the ‘Climate Neutral Now’ initiative for outstanding accomplishment in managing carbon emissions.
In accordance with UN targets and Nationally Determined Contribution(NDC), Navitas Solar specialises in manufacturing high-efficiency mono and polycrystalline solar modules ranging from 40 Watts to 720 Watts per panel, with a total installed capacity of 2 GW p.a. and expanding to 5 GW p.a. by 2026. Navitas Solar has been providing sustainable forms of energy solutions since last 11 years. Navitas Solar had appointed a third-party consultant with the task of carrying out the assessment of GHG emissions, defining a methodology and calculation approach to be adopted and implementing monitoring procedures. It validated that the calculations met the specifications of the ISO 14064-1:2018 standard and the GHG protocol based on the assessment. In line with this, the consultant also declared that Navitas Solar has bought carbon credits to offset the same amount of emissions and has achieved Carbon Neutrality for the calendar year 2022.
Commenting on the achievement, Vineet Mittal, Co-Founder and Director of Navitas Solar, said, "We are elated to achieve UNFCCC's Silver Badge for carbon neutrality for the year 2022. We at Navitas Solar have always endeavoured to establish a sustainable organization and will keep offering valuable solutions to support the worldwide clean energy movement. In our efforts to deliver sustainable energy to society, we prioritize distributed and indigenous initiatives. As part of this mission, we regularly engage in skill development and awareness campaigns in local communities."
“Recently, we became Official Renewable Energy Partner for Royal Challengers Bangalore (RCB) team for this T20 season. This collaboration will not only increase our visibility and brand recognition, but also align with our goal of promoting a more sustainable future. By teaming up with one of the T20's most popular teams, we aim to influence cricket enthusiasts to encourage global adoption of renewable energy solutions and environmental conservation. We hope this strategy will help us to maintain our top position in the Indian solar PV module manufacturing industry.” Said, Mr. Mittal.
Governments worldwide have committed to limiting rising temperatures to 1.5°C by 2050. The United Nations has warned that breaching this limit will lead to a "highly uncertain world." To avoid it, carbon emissions must be reduced by 45% by 2030 and reach net zero by 2050. In line with this, India has announced a Nationally Determined Contribution (NDC) to install 500 GW of renewable energy by 2030, with the goal of becoming Net Zero by 2070. India has already started its sustainable transition, with efforts such as Vision 2050 for CarbonNeutral Ladakh, 90 green airports by 2024, solar powered villages and heritage sites, and green railways by 2030 reducing overall anticipated carbon emissions by one billion tonnes from now until 2030. At, Navitas Solar, we believe that by collective efforts in the sustainability filed, we can surely achieve major targets set by the Indian Government and make the clean & green world.
ADANI GREEN ENERGY OPERATIONALIZES 1,000 MW (1 GW) OF THE 30,000 MW KHAVDA RENEWABLE ENERGY PARK
FASTEST SUCH GREENFIELD SOLAR CAPACITY ADDITION IN INDIA’S RENEWABLE SECTOR
• Construction curve is aligned to the plan of developing 30 GW at Khavda over the next 5 years.
• Plant will be entirely covered with waterless robotic module cleaning systems .
• 81 billion units will be generated powering over 16 million homes annually in India (nearly equivalent to the number of homes in the entire country of Poland, Canada); the energy output can power entire nations such as Belgium, Chile, Switzerland.
Adani Green Energy Limited (AGEL), India’s largest and one of the world’s leading renewable energy (RE) companies, has operationalized cumulative capacity of 1,000 MW solar energy at the world’s largest RE park at Khavda, Gujarat. With this, AGEL has achieved operational capacity of 9,478 MW and continues its journey to the stated goal of 45,000 MW by 2030.
AGEL delivered 1,000 MW in less than 12 months of commencing work at Khavda. This involved installing approximately 2.4 million solar modules. The accelerated progress underscores AGEL’s commitment to India’s goal of achieving 500 GW nonfossil fuel capacity by 2030.
The world’s largest RE plant of 30 GW spans a staggering 538 sq km of barren land, five times the size of Paris. The project is expected to be completed in the next five years and will create over 15,200 green jobs. (For more information on the plant, refer to annexure.) Leveraging the proven project execution capabilities of Adani Infra, technological expertise of Adani New Industries Limited (ANIL), operational excellence of AIMSL, robust supply chain, AGEL is set to replicate its success in building and operating India’s first and the world’s largest wind-solar hybrid cluster at Jaisalmer.
Innovative solutions are being deployed at Khavda to integrate sustainable practices. AGEL has committed to deploy waterless cleaning robots for the entire solar capacity to address dust accumulation on panels to increase the energy output and help conserve water in the arid Kutch region. This will enable AGEL’s water neutrality goals aligned to United Nations Sustainable Development Goal 6.
The Khavda plant is a testament to AGEL’s sustainable progress and unwavering resolve to accelerate India’s clean energy transition and enhance social and natural capital in the region.
SEMBCORP AWARDED 440MW WIND-SOLAR HYBRID POWER PROJECT IN INDIA
Addition of over 1.4GW of greenfield and brownfield projects in India since Sembcorp’s Investor Day 2023
Sembcorp Industries (Sembcorp), through its whollyowned renewables subsidiary Green Infra Wind Energy Limited (GIWEL), has received the Letter of Award (LOA) for a 440MW Inter State Transmission System (ISTS) connected wind-solar hybrid power project (the Project) from SJVN Limited (SJVN). The build-own-operate Project is part of a 1.5GW bid issued by SJVN in September 2023.
Subject to the execution of a power purchase agreement (PPA) and upon completion of the Project, power output from the Project will be sold to SJVN under a 25-year long-term PPA. The Project is expected to be ready for commercial operation within 24 months from the date of signing the PPA and will be funded through a mixture of internal funds and debt. Since its Investor Day 2023 held in November 2023, Sembcorp has announced over1.4GW of greenfield and brownfield projects awarded and acquired in India. Including this latest award, Sembcorp’s gross renewables capacity globally is now at 14.3GW, including a 245MW acquisition pending completion.
The award of the Project is in the ordinary course of business and is not expected to have a material impact on the earnings per share and net tangible assets per share of Sembcorp for the financial year ending December 31, 2024.
HUASUN PARTNERS WITH AE POWER TO EXPAND HETEROJUNCTION SOLAR REACH IN PAKISTAN
Huasun Energy, a leading innovator in heterojunction (HJT) solar technology, is pleased to announce a strategic partnership with AE Power as its Exclusive Sales Distribution & Services Partner in Pakistan. This collaboration marks a significant milestone in Huasun's commitment to bolstering its presence in Pakistan's solar energy market and ensuring the accessibility of high-quality HJT products across the nation.
Pakistan, with its substantial electricity consumption demand, stands as a crucial market for Huasun's global expansion, particularly in the South Asian region. As the "Belt and Road" initiative and the development of the "ChinaPakistan Economic Corridor (CPEC)" progress, Huasun remains committed to supporting Pakistan's infrastructure development with high-quality HJT products and services.
With a distinguished reputation as the industrial pioneer of HJT technology in China, Huasun Energy has supplied over 4GW of HJT products to more than 40 countries worldwide. Currently boasting a 20GW capacity of highefficiency HJT products, Huasun aims to double its capacity to 40GW by the end of 2025. The company's relentless pursuit of technological advancements and cost-effective mass production underscores its vision of providing stateof-the-art heterojunction products with heightened performance and superior quality, thereby contributing significantly to the global transition towards a zero-carbon future.
AE Power brings a decade-long legacy of excellence in the renewable energy sector since its inception in 2012. Renowned for its commitment to introducing the latest solar technology from world-renowned brands, AE Power aligns seamlessly with Huasun Energy's mission to promote sustainability and innovation in Pakistan's energy landscape.
The management team of both companies expressed mutual dedication to advancing the adoption of n-type HJT technology, emphasizing its potential to enhance energy efficiency and reduce environmental impact throughout the product lifecycle. As champions of sustainability, Huasun Energy and AE Power are committed to delivering cutting-edge solar technology and sustainable energy solutions to communities across Pakistan, paving the way for a brighter, greener future.
GCF BACKS AVAANA CAPITAL MAJOR INVESTMENT BOOST FOR INDIA'S SUSTAINABLE FUTURE
The partnership between Avaana Capital and the Green Climate Fund exemplifies a collaborative effort towards driving climate resilience and sustainable development.
First Climate Venture Fund in India to be financed by GCF.
Validation for NDC led climate mitigation and adaptation investment strategy focused on technology and innovation and aligned with national priorities.
Avaana Capital, known for its thematic strategy and focus on sustainable investments, announces the approval of investment in the "Avaana Climate and Sustainability" by the Green Climate Fund (GCF). With a total value of USD 120 million, including a substantial USD 24.5 million investment from GCF, this initiative marks a significant stride towards fostering climate innovation and sustainability in India. The approval was granted during the 38th Board Meeting of the GCF, held in Kigali, Rwanda, on March 5th, 2024.
We are delighted to share the news of the Green Climate Fund Board's approval of Avaana Capital's Climate and Sustainability Fund, expressed Anjali Bansal, Managing Founder of Avaana Capital. "This milestone represents the culmination of dedicated efforts, with gratitude extended to the Green Climate Fund team, including Rajeev Mahajan, Ayaka Fujiwara and Donggun Kim, for their unwavering support and guidance throughout this journey. We also acknowledge the leadership of Kavita Sinha and Soji Omisore in making this partnership a reality. This collaboration underscores GCF additionality and our shared commitment to advancing climate action"
Avaana's collaboration with the GCF highlights the transformative impact of technology and innovation in shaping low-emission and climate-resilient development pathways. "The Green Climate Fund's investment in India's first techled climate VC underscores the transformative impact that technology and innovation have in carving low-emission and climate-resilient development pathways," stated Bansal. "It also further highlights the potential that India presents in developing solutions for mitigation and adaptation that are affordable and inclusive, enabling a just transition." The GCF, recognized as the world's largest climate fund, is dedicated to supporting developing countries in developing and implementing climate action projects. It commits financial resources for the adaptation and mitigation of climate change effects, targeting key areas such as Energy Transition, Mobility, Supply Chains, Sustainable Agriculture, and Food Systems. Avaana extends its gratitude to mission-aligned institutions, including SIDBI's Green Finance Vertical team, for their invaluable role as the GCF Accredited Entity. The approval of the Avaana Sustainability Fund marks a significant push towards advancing India's commitment to driving climate innovation and taking action.
"We are grateful for all the support from our partners SIDBI as the Accredited Entity, FCDO, and others," concluded Bansal.
Kavita Sinha, Director of GCF Private Sector Facility, remarked, "The Green Climate Fund is proud to partner with Avaana Capital, and SIDBI, a GCF Direct Access Entity, to support the Avaana Sustainability Fund that aims to support commercialization of local, earlystage climate technology ventures. These climate technology ventures will enable India’s transition to a low emissions, climate resilient future. This partnership exemplifies our shared commitment to fostering climate resilience and sustainable development in India, especially for those most vulnerable to the impacts of climate change."
Avaana's philosophy revolves around the belief that substantial outcome creation along India’s path towards net zero emissions necessitates an ecosystem approach, integrating critical elements of technology, policy, industry, and academia. Avaana uniquely integrates and works across four ecosystems: Digital innovation, Industry Linkages, Policy, and Academia, and Catalytic Capital. This approach results in the creation of insights and thought leadership, positioning Avaana at the forefront of emerging technologies and investment areas. The fund follows a proactive thesis-led sourcing approach for tracking highquality entrepreneurs and follow-on investments in portfolio companies, facilitating their journey to scale.
HON’BLE MINISTER OF POWER AND NEW & RENEWABLE ENERGY AND HON’BLE MINISTER OF SOCIAL JUSTICE AND EMPOWERMENT
LAY THE FOUNDATION STONE OF NTPC REL'S BARETHI SOLAR POWER PROJECT WORTH RS. 3,200 CRORE
Hon'ble Minister of Power and New & Renewable Energy, Shri R K Singh and Hon’ble Minister of Social Justice and Empowerment, Dr. Virendra Kumar together laid the foundation stone for Barethi Solar Power Project of NTPC REL in Madhya Pradesh on 10th March, 2024.
Located at Barethi RE Park in Chhatarpur District of Madhya Pradesh, the 630-MW solar project entails an investment of Rs 3,200 Crore and would be sufficient to light over 3 lakh households upon completion. It is being developed as part of MNRE RE Park under UMREPP Mode-8. A step towards sustainable power generation, the project will reduce 12 lakh tons of CO2 emission annually, thereby helping in achieving country’s climate commitments and green energy targets. Commissioning of this project will not only supply green power to the grid, but will also ensure affordable power to the beneficiaries. Meanwhile, the construction of the project is helping in creation of direct and indirect employment opportunities in the region.
On the occasion, Hon'ble Minister of Power and New & Renewable Energy spoke about the need to keep adding further power capacity in line with the growing power demand. He said “Ours is the fastest growing large economy in the world and our power demand too is growing fast. We need to add more power capacity to meet the growing demand. The Barethi solar power project is very important since it is 630 MW and further it is clean energy”. He further said that “NTPC is among the world’s biggest power companies which is setting up renewable energy plants in addition to thermal plants”.
Addressing the occasion, Hon’ble Minister of Social Justice and Empowerment said “Barethi Solar Power Project will help power the development of the region. He also mentioned that besides setting up solar power plants, the government is also promoting the use of solar power in agriculture.”
Shri Rajesh Kumar Shukla, MLA (Bijavar); Smt Lalita Yadav, MLA, (Chattarpur); and Shri Arvind Pateria, MLA (Rajnagar) were present at the programme. Shri Gurdeep Singh, CMD NTPC also graced the occasion virtually along with senior officials from MoP, Govt of Madhya Pradesh, and NTPC Limited.
NTPC Limited is India’s largest integrated power utility having 75+ GW installed capacity that contributes 25% of total electricity demand in India. By 2032, NTPC is looking to expand its nonfossil based capacity to 45-50% of the company’s portfolio that will include 60 GW RE capacity with a total portfolio of 130 GW.
E.ON BUILDS HYDROGEN FILLING STATION IN ESSEN
E.ON receives funding commitment of €2.3 million from the state of North Rhine-Westphalia in Germany.
Construction of a hydrogen filling station planned in Essen’s city harbor.
Milestone in the development of infrastructure for hydrogen mobility in the Ruhr region.
With the funding commitment from the state of North Rhine-Westphalia (NRW) of €2.3 million as part of the NRW state funding program for the construction of hydrogen refuelling infrastructure, E.ON is now embarking on the concrete planning of a public hydrogen filling station for heavy goods vehicles and cars in Essen's city harbour. With the help of the funding, E.ON is thus making a contribution to strengthening hydrogen mobility in the region and supporting the transition to nationwide sustainable mobility. The project will also have a positive impact on local air quality, noise emissions and climate protection and increase the attractiveness of hydrogen vehicles. There is currently no hydrogen filling station for heavy goods vehicles in operation in Essen. The Rhine-Ruhr region is a key transportation hub in Germany. The demand from fleet owners for hydrogen for fuel cell trucks and the necessary infrastructure is particularly high here. By using a 350 and a 700 bar pump at the planned hydrogen filling station, E.ON wants to enable the refuelling of all fuel cell vehicles (FCEV) available on the market.
Carsten Borchers, Managing Director at E.ON Hydrogen, says: "We will probably provide the only hydrogen filling station for trucks in Essen. The funding will give us a big boost in the realization of the project. With the help of the Ministry of Economic Affairs, Industry, Climate Protection and Energy, we can respond to the great demand from our customers for refuelling facilities for fuel cell trucks. In close cooperation with the state of NRW, we are thus achieving a milestone for the entire region. This project is not only a contribution to reducing CO2 emissions, but also a step towards a sustainable future in the transport sector."
Minister of Economic Affairs and Climate Protection Mona Neubaur:
"Hydrogen is an important building block for climate-neutral heavy goods transport in North RhineWestphalia: Hydrogen trucks have long ranges and short refuelling times. This will ensure the competitiveness of logistics companies and hauliers. In order to be able to rely on emission-free drives in heavy goods transport in the future, we must create the conditions now. To this end, the development of the hydrogen infrastructure must be significantly accelerated. With our funding, we are creating an important incentive for the expansion of the urgently needed filling station network in North Rhine-Westphalia."
Hydrogen-powered vehicles are considered one of the most promising solutions for reducing emissions in the transportation sector and are paving the way to a low-carbon future. They produce no exhaust gases, as the only by-product of their operation is water vapor. Compared to environmentally friendly electric vehicles, hydrogen-powered trucks can be supplied with fuel much more quickly. This is particularly important for logistics and heavy-duty transport companies that have to make time-critical deliveries and rely on constant and uninterrupted operation. Hydrogen also has a significantly higher energy density, making the vehicles lighter and able to carry more live weight. The battery-powered electric vehicle (BEV), on the other hand, is particularly suitable for trucks that have to cover shorter distances and whose charging times can be planned. It is therefore realistic that both BEVs and FCEVs will be used in the commercial vehicle sector in the future.
The project will save over 5000 tons of CO2 per year with the equivalent mileage of a comparable diesel truck. In addition, a pump will be used in the hydrogen filling station, which will enable around 50 percent faster refuelling compared to conventional refuelling of heavy goods vehicles (40-ton trucks). The investment volume for the entire project is around 4.6 million euros.
HARTEK POWER BAGS RS 474 CRORE SOLAR PROJECT
Hartek Power clinches a significant Rs 474 Crore solar project, solidifying its position in the renewable energy sector and contributing to India’s green energy ambitions with a substantial investment in solar infrastructure.
Hartek Power, the renewable energy division of Hartek Group, celebrates a significant milestone with the acquisition of a substantial EPC contract valued at Rs 474 crore. This accomplishment reinforces Hartek’s prominent standing in the industry and its ability to oversee projects from inception to completion. The project entails the establishment of a massive 300 MW ground-mount solar PV power plant sprawling over 1209 acres in Rajasthan. This initiative not only bolsters the state’s energy infrastructure but also aligns with India’s sustainable energy goals outlined by the Ministry of New and Renewable Energy (MNRE).
Sanjay Kumar, CEO of Power & Renewable Infra Business at Hartek Group, expressed enthusiasm about the win, highlighting the company’s commitment to advancing renewable energy in India. He emphasised Hartek’s capability to deliver projects efficiently with innovative solutions that prioritise sustainability. This prestigious contract underscores Hartek Group’s growing expertise and esteemed reputation for timely project delivery in the renewable energy sector. With meticulous execution strategies in place, the organisation aims to exceed expectations and maintain its legacy of excellence.
EXIDE INDUSTRIES SHARES GAIN ON AGREEMENT FOR SOLAR POWER GENERATION
“Exide Industries shares surge following an agreement for solar power generation, signaling investor confidence in the company’s diversification into renewable energy and its potential for growth in the sustainable power sector.”
Exide Industries shares rose nearly a percent to Rs 386.95 in early deals against the previous close of Rs 383.80 on BSE. Shares of Exide Industries Ltd surged in early trade after the automotive battery manufacturer said it inked an agreement to buy a 26 percent equity stake in Clean Max Arcadia, a special purpose vehicle (SPV) promoted and incorporated by Clean Max Enviro Energy Solutions, for the generation and supply of solar power. Exide Industries has agreed to invest Rs. 5,34,59,929 or Rs 5.34 crore in Clean Max Arcadia. Exide Industries shares, which hit their all-time high of Rs 398.05 on April 9 rose nearly a percent to Rs 386.95 in early deals against the previous close of Rs 383.80 on BSE. Market cap of Exide Industries rose to Rs 32,505 crore. Total 7.72 lakh shares of the firm changed hands amounting to a turnover of Rs 27 crore on BSE. The stock hit a 52-week low of Rs 179 on April 10, 2023.
Through the SPV, the company will promote renewable energy on a long-term basis by qualifying as a captive consumer for a solar capacity of 14.85 MWp at its factory in Bawal, Haryana. The proposed transaction does not fall within Related Party Transaction. Indicative time period for completion of the Acquisition is April 30, 2024 The objective of this investment is to promote renewable energy in the operations of the company by qualifying as a captive consumer. Further, the current arrangement will also optimise overall power cost at the factory situated in Bawal, Haryana. Clean Max Arcadia Private Limited, is incorporated as a special purpose by Clean Max Enviro Energy Solutions Pvt Ltd having its registered office in Mumbai.
GENSOL ENGINEERING’S MASSIVE
RS 1783 CRORE ORDER BOOK SETS THE PACE FOR FY25
Gensol Engineering’s robust Rs 1783 Crore order book sets a promising pace for FY25. This substantial backlog underscores their leadership in renewable energy solutions, poised to drive significant growth and impact in the coming year.
Gensol Engineering Ltd, a prominent player in the renewable energy and electric mobility sectors, has announced a robust order book of Rs 1783 crore for the beginning of FY25. This significant milestone underscores the company’s strong position in the industry and foreshadows a promising year ahead. The diverse order book reflects Gensol’s involvement in various sectors, contributing to its overall portfolio growth.
Anmol Singh Jaggi, Chairman and Managing Director of Gensol Engineering Ltd, expressed his satisfaction with the order book for FY25, emphasising the increasing demand for their renewable energy and e-mobility solutions. He attributed this achievement to clients’ trust in their capabilities and commitment to excellence. The orders, to be executed over the next 12 months, affirm Gensol’s leadership in solar EPC, solar tracking, and EV leasing.
Jaggi extended gratitude to stakeholders and the Gensol family for their unwavering support, highlighting their role in the company’s success. The company remains dedicated to delivering value and sustainable growth as it continues to innovate in the renewable energy and electric mobility sectors.
EU-INDIA JOIN FORCES TO PROMOTE START-UP COLLABORATION ON E-VEHICLES BATTERIES UNDER TRADE AND TECHNOLOGY COUNCIL
The EU and India are collaborating to foster startup cooperation in E-Vehicle Batteries under the Trade and Technology Council. This partnership aims to drive innovation, accelerate the adoption of electric vehicles, and address sustainability challenges in transportation.
The European Union (EU) and India launched expressions of interest for start-ups working in Electric Vehicles (EVs) Battery Recycling to participate in a matchmaking event. This initiative takes place under the India-EU Trade and Technology Council (TTC) announced by the Prime Minister of India, Shri Narendra Modi and Ms Ursula von der Leyen President of the European Commission, at their meeting in New Delhi in April 2022. It aims to enhance the cooperation between European and Indian SMEs and start-ups in the clean and green technologies sector. The intended exchange of knowledge and expertise will be instrumental in advancing the circularity of rare materials and transitioning towards carbon-neutrality in both India and the EU. Funded by the EU and supported by the Office of the Principal Scientific Adviser to the Government of India, the proposed matchmaking initiative seeks to facilitate cooperation and partnerships between solution providers and adopters from both regions.
Twelve startups from Europe and India (six each) will be selected and get a pitching opportunity during a joint EU-India matchmaking event in June 2024. The online event will take place in the presence of Professor Ajay Kumar Sood, the Principal Scientific Adviser to the Government of India, and Mr. Marc Lemaître, Director-General for Research and Innovation at the European Commission. Six finalists (3 from the EU and 3 from India) out of the twelve shortlisted candidates will be selected following their pitching presentations in the matchmaking events. The six EU and Indian selected start-ups will be awarded with a visit to India and the EU respectively, to explore market opportunities with their counterparts. This initiative is a direct outcome of the EU-India TTC, a collaboration platform to address key trade, trusted technology, and security challenges. Under the Green and clean energy technologies Working Group, recycling of batteries for e-vehicles and standards through pre-normative research is one of the key identified areas for enhanced cooperation.
INDIA’S GREEN HYDROGEN VALUE CHAIN A $125-BILLION INVESTMENT OPPORTUNITY BY 2030
: AVENDUS
CAPITAL
Avendus Capital’s projection of India’s green hydrogen value chain as a $125-billion investment opportunity by 2030 highlights the nation’s burgeoning renewable energy sector. This estimation underscores the pivotal role of green hydrogen in India’s transition to sustainable energy and presents significant prospects for economic growth and innovation in the coming decade.
Renewable energy production is expected to generate investment opportunities worth almost $80 billion by 2030 The green hydrogen value chain in India is likely to create a cumulative investment opportunity of as much as $125 billion by 2030, driven by the rising focus on sustainability, demonstrated commercial viability, expanding use-cases and a strong regulatory push, according to Avendus Capital. The biggest chunk within this opportunity is renewable energy production, the key component in the green hydrogen value chain, with an investment potential of almost $80 billion by 2030. Green hydrogen and green ammonia production offer investment opportunities worth $30 billion and $10 billion, respectively, while electrolyser production offers a $5 billion opportunity, the investment bank said in a report.
India is home to one of the cheapest renewable electricity costs globally, has abundant availability of fresh water and is emerging as a global manufacturing hub – three essential elements required for the production of green hydrogen at a competitive cost,” said Prateek Jhawar, managing director & head of infrastructure & real assets investment banking at Avendus Capital. Jhawar said that while the commercial and industrial (C&I) business model for domestic consumption of green hydrogen will drive the first set of investments in the sector, the steel industry will form the largest share of offtake contracts in the near term with the imposition of the Carbon Border Adjustment Mechanism (CBAM) in the EU.
Akhil Dokania, director of infrastructure & real assets investment banking at Avendus Capital, said the green steel industry’s consumption will provide a fillip to investments in India as it will be at the domestic level, unlike green ammonia, which would depend on the Far East or European markets. Akhil Dokania, director of infrastructure & real assets investment banking at Avendus Capital, said the green steel industry’s consumption will provide a fillip to investments in India as it will be at the domestic level, unlike green ammonia, which would depend on the Far East or European markets. To bolster green hydrogen production and local electrolyser manufacturing, the Indian government has introduced a production-linked incentive (PLI) scheme, and some capacity has already been allocated in the first tranche.
The emergence of green hydrogen has also increased the target market for renewable power producers and can lead to better project economics, Avendus said. According to the report, early-stage investment risks are likely to be short-lived as the sector is already at an inflection point. “In terms of project bankability, green hydrogen is already viable for a subset of target off-takers and its derivatives are also gaining visibility in global markets. Hence, long-term contracts are already available,” said Dokania. To be sure, while the green hydrogen ecosystem offers a huge investment opportunity, Avendus noted that there are some constraints in achieving its full potential.
“India has ambitions of deploying a large amount of renewable power just to support the power needs of the country. Along with that, now we have to deploy additional renewable power to support the production of green hydrogen. It puts a constraint on the resources that the country has, whether it is the solar resource that India has or vendor source or the transmission infrastructure,” said Dokania. He said funding will also be a challenge as the $125 billion potential will translate into equity investment requirements of close to $40 billion by 2030. “In the next five to six years we have to be doing at least $5 to $6 billion of equity in this space on an average every year. When you compare that with renewables, we do not see more than $5 to $6 billion of equity transactions per year. So, it’s a big funding requirement,” said Dokania.
Even though the equity investment needed is massive, Avendus said there is interest in the sector from a range of investors and not just the traditional infrastructure/energy focused investors. “We are witnessing a global shift towards core sectors, driven primarily by the fact that energy transition is becoming a centrepiece when it comes to deployment of capital. Big capital pools, globally, are realising that over the next 20 years, the big chunk of money will go towards energy transition,” said Jhawar. “Traditionally, the so-called infra funds were the ones who were investing in the energy space with a limited mandate of generating predictable cash flows and hence they were more interested in operating assets. But now you will see investors who play across the value chain – right from VC funds all the way up to private equity growth. Investors are looking to make early bets, they are not really waiting for only operating assets,” added Jhawar.
OIL INDIA, GMC PARTNER TO CONVERT WASTE INTO RENEWABLE CBG
Oil India Limited (OIL) and the Guwahati Municipal Corporation (GMC) have inked a Memorandum of Understanding (MoU) aimed at pioneering an innovative initiative to transform municipal solid waste into Compressed Bio-Gas (CBG). This transformative collaboration signifies a significant step towards sustainable waste management practices and the utilisation of renewable energy sources in India. Under this agreement, OIL and GMC will work in tandem to establish facilities for the processing of municipal solid waste into CBG. Compressed Bio-Gas, a renewable energy source, holds immense potential in addressing both waste management challenges and energy requirements. It offers a sustainable alternative to traditional fossil fuels, contributing to environmental preservation and reducing greenhouse gas emissions.
The initiative aligns with the Indian government’s ambitious goals outlined in its Swachh Bharat Abhiyan and the commitment to increasing the share of renewable energy in the energy mix. By converting municipal solid waste into CBG, the project not only tackles the issue of waste accumulation but also contributes to meeting the nation’s energy demands in an eco-friendly manner. Moreover, this collaboration signifies the synergy between government bodies and corporations in driving forward sustainable development agendas. By leveraging each other’s expertise and resources, OIL and GMC aim to establish a robust waste-to-energy infrastructure that can be replicated in other regions across the country.
The MoU signifies a proactive approach toward addressing pressing environmental concerns while simultaneously promoting energy security and self-sufficiency. It underscores the importance of public-private partnerships in fostering innovation and sustainable development initiatives that benefit society at large. In conclusion, the partnership between Oil India Limited and the Guwahati Municipal Corporation to convert municipal solid waste into Compressed Bio-Gas marks a significant milestone in India’s journey towards sustainable waste management and renewable energy utilization.
SHIRDI SAI ELECTRICALS MAKES AN INITIAL INVESTMENT OF RS 15K-CR TO SET UP A SOLAR CELL TO MODULE UNIT
Shirdi Sai Electricals Limited will make an initial investment of Rs 15,000 crore to build an integrated solar cell and module manufacturing facility at Ramayapatnam in Andhra Pradesh, CEO Sharat Chandra said. The investments in the first phase will be made through subsidiary Indosol Solar to set up 5 gigawatts (GW) of modules, 5 GW wafers, 5 GW ingots and 5 GW glass capacities, he told PTI over phone.
“We have started production of the module from Sunday (March 31). We are calling it Phase 1A, which is part of Phase 1. Initially, we have started production of 500 MW modules by investing Rs 1,300 crore. The entire phase-1 (consisting of 500 MW (module, cell, wafer and ingot) will be completed by 2025. In addition, a production capacity of 5 GW of glass, a commodity product, will also be set up,” he said.
The entire project has an upstream capacity of 30 GW. It is part of the government’s PLI scheme for the solar industry, Chandra said without sharing the entire project cost. Once completed, it will be the world’s first fully integrated quartz-to-module manufacturing plant with 20 GW downstream and 30 GW upstream facilities, he said, adding that the project is expected to be completed in 2028. It also aims to create 32,000 direct and indirect employment opportunities, Chandra said.
The company will produce TOPCon (tunnel oxide passivated contact) and HJT (heterojunction technology) modules at the plant. Established in 1994 as a transformer repair company, SSEL Group has over the years grown into India’s largest transformer manufacturing company. In addition to hydropower and green energy projects, the company is also involved in setting up transport projects on an EPC basis. It employs around 5,000 people and reported a turnover of Rs 2,680 crore in the financial year 2022-2023.
Oil India Limited has partnered with Guwahati Municipal Corporation (GMC) to collaborate on converting waste into renewable Compressed Biogas (CBG). This initiative aims to promote sustainable energy practices, reduce waste pollution, and contribute to India’s renewable energy goals.
Shirdi Sai Electricals initiates a significant investment of Rs 15,000 crores to establish a solar cell to module unit, as reported by ET EnergyWorld. This substantial investment underscores their commitment to renewable energy production and reflects their confidence in the solar energy market.
NLC INDIA PLANNING TO SELL RENEWABLE ASSETS WORTH ESTIMATED $720 MILLION
NLC India is planning to divest renewable assets valued at approximately $720 million. This strategic move signals a shift towards green energy initiatives, reflecting the company’s commitment to sustainable practices and aligning with global trends in renewable energy investment.
State-run coal miner and power producer NLC India Ltd. is planning to sell renewable assets worth an estimated 60 billion rupees ($720 million). The company will put nearly 1.4 gigawatts of mostly solar plants on the market, Chairman M. Prasanna Kumar said in an interview. It hopes to sell them by the end of this fiscal year, and has appointed SBI Capital Markets to advise on the transactions, he said, adding that the valuation is still not final.
The NLC sales come as New Delhi seeks to raise 500 billion rupees via selling assets in the fiscal year that began April 1, according to the interim budget presented by Finance Minister Nirmala Sitharaman in February. Monetizing assets is a way for state-run firms to attract private capital and raise efficiency, according to NITI Aayog, an Indian government run public policy think tank.
INTPC AND NHPC SECURE JBIC LOAN FOR RENEWABLE PROJECTS
ndia’s leading energy giants, NTPC and NHPC, have successfully secured a loan from the Japan Bank for International Cooperation (JBIC) to fuel their renewable energy projects. This financial backing marks a significant step forward in India’s quest to bolster its green energy initiatives. The loan agreement, facilitated by JBIC, is set to provide substantial financial support to NTPC and NHPC as they continue to expand their renewable energy portfolios. This funding injection is poised to accelerate the development and deployment of clean energy projects across the country. NTPC, known for its prowess in thermal power generation, has been actively diversifying its energy mix towards renewables in recent years. With this JBIC loan, NTPC aims to ramp up its renewable energy capacity and contribute significantly to India’s renewable energy targets. Similarly, NHPC, a prominent player in hydropower generation, is also venturing into renewable energy ventures. The funding from JBIC will enable NHPC to bolster its renewable energy projects, particularly in the solar and wind energy sectors.
The collaboration between Indian energy giants and JBIC underscores the growing international cooperation in advancing renewable energy agendas. It reflects the shared commitment towards combating climate change and transitioning towards a sustainable energy future. The JBIC loan for NTPC and NHPC not only facilitates the expansion of renewable energy infrastructure but also fosters economic growth and job creation in the renewable energy sector. This partnership signifies a significant milestone in India’s journey towards achieving its renewable energy goals and reducing its carbon footprint.
NTPC and NHPC have successfully secured a loan from JBIC to fund their renewable energy projects, marking a significant step forward in their efforts to bolster their renewable energy capacities.
RAYS POWER INFRA RAISES ₹54 CRORE VIA PRE-IPO PLACEMENT
Rays Power Infra successfully secured ₹54 crore through a pre-IPO placement. This move underscores investor confidence in the company’s growth prospects. The funds raised will likely bolster Rays Power Infra’s expansion plans, further strengthening its position in the renewable energy sector. This development sets the stage for potential market debut anticipation and highlights the company’s attractiveness to investors.
Rays Power Infra completes ₹54 crores PreIPO round to increase investor trust. Plans to refile DRHP for larger fund at better valuation. Exciting growth opportunities ahead with strategic alliances and capital raising.
Rays Power Infra IPO announces completion of its Pre-IPO round of ₹54 crores today.
Rays Power Infra IPO: The integrated solar power firm Rays Power Infra IPO announced the completion of its Pre-IPO round of ₹54 crores in order to raise funds and increase investor trust. As part of this process, the company intends to refile its Draft Red Herring Prospectus (DRHP) with the capital market regulator, Securities and Exchange Board of India (SEBI). Rays Power Infra’s Managing Director, Ketan Mehta, stated that the company intends to refile its DRHP for a larger fund at a much better valuation, given the recent flood of substantial fresh deals and predicted growth trajectory. To maintain its current development trajectory, the company will keep exploring opportunities for strategic alliances and capital raising.
“We are excited to announce this Pre-IPO Investment and this milestone reflects our unwavering commitment to transparency, governance, and shareholder value. We are grateful for the support of our pre-IPO investors and look forward to continuing our journey of growth and innovation,” added Ketan Mehta. “Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights!” Rays Power Infra Ltd filed its DRHP with SEBI for an IPO in January but eventually withdrew its papers. A number of well-known investors, including financial advisor Kamlesh Navinchandra Shah, Vijay Mohan Karnani, founder of Vimana Capital, Ashok Kumar and Tushar Anand from Alkem Family House, and financial investor Rakesh Laroia, took part in the private placement.
The company’s expansion plans and overall strategic goals will be aided by the funds that are obtained through this investment. In the fiscal year 2024–2025, the company hopes to achieve a remarkable twofold growth in revenue, supported by a confirmed order book of ₹2,300 crores as of February end. This would represent a significant improvement in its financial performance. The initial offer comprised of a fresh issue of equity shares up to ₹300 crore and an offer for sale (OFS) by Promoter Selling Shareholders of up to 2.99 million shares. The OFS included up to 1.4 million shares by Ketan Mehta, up to 7.78 lakh shares by Pawan Kumar Sharma, and up to 7.78 lakh shares by Sanjay Garudapally. Since its founding in 2011, the company has developed into a respected supplier of complete solar engineering, procurement, and construction (EPC) services. It first gained prominence as an early player in the solar park industry. The country’s growing need for renewable energy solutions has been the main driver of its expansion. The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions. Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away!
ULTRATECH TO BUY 26% STAKE IN O2 RENEWABLE FOR GREEN ENERGY NEEDS
UltraTech Cement intends to purchase a 26% equity stake in O2 Renewable, underscoring its dedication to sustainable energy solutions and bolstering its capacity to meet green energy demands in line with environmental commitments.
The cement maker company has entered into an energy supply agreement and share subscription and shareholders agreement with O2 Renewable Energy. UltraTech Cement said it will acquire 26 per cent equity of O2 Renewable Energy, a company engaged in the generation and transmission of renewable energy. This will help the Aditya Birla Group firm meet green energy needs, optimise energy costs and comply with regulatory requirements for captive power consumption under electricity laws. The cement maker company has entered into an energy supply agreement and share subscription and shareholders agreement with O2 Renewable Energy.
“The acquisition is for the purposes of meeting the company’s green energy needs, optimising energy cost and complying with regulatory requirements related to captive power consumption under electricity laws,” UltraTech said in a regulatory filing.
On the equity investment, the company said it would be a cash consideration of up to Rs 15.68 crore and expects to complete it within 180 days from the signing of the agreement.
GPS RENEWABLES RAISES $50 MN DEBT FUNDING TO BUILD BIOGAS PLANTS ACROSS INDIA
GPS Renewables secures $50 million in debt funding to construct biogas facilities throughout India. This investment underscores the growing interest in sustainable energy solutions and highlights the potential for biogas technology to address environmental challenges while meeting energy needs. With this funding, GPS Renewables aims to expand its footprint and contribute to India’s renewable energy landscape.
The debt financing round saw participation from PNB, HDFC, Yes Bank, HSBC Bank, ICICI Bank, Citibank, Vivriti Capital, Northern Arc, among others. GPS Renewables will deploy the fresh capital to expand its footprint, fuel expansion, and build compressed biogas plants across India. Founded in 2012, GPS Renewables offers end-to-end solutions for the development, production and distribution of biofuels
Cleantech startup GPS Renewables has raised $50 Mn (about INR 410 Cr) in a debt financing round from a clutch of banks and non-banking financial companies (NBFCs). The round saw participation from Punjab National Bank, HDFC Bank, Yes Bank, HSBC Bank, Kotak Mahindra Bank, ICICI Bank, Citibank, Vivriti Capital, Northern Arc, Spark Capital, Tata Capital and SIDBI. The startup will use the capital to expand its footprint and fuel expansion efforts. The capital will also be utilised for nationwide execution of compressed biogas plants, said the startup. Founded in 2012 by Mainak Chakraborty and Sreekrishna Sankar, GPS Renewables offers end-to-end solutions for the development, production and distribution of biofuels. Commenting on the funding, GPS Renewables chief finance controller Tilak Minocha said, “… To further accelerate our efforts, we not only need financial backing but also strategic industry collaborations. The current round of funding will allow us to accelerate our expansion efforts and promote India’s transition to sustainable green energy.”
Prior to this, the Bengaluru-based startup raised $20 Mn from the likes of SBICap Ventures, Hivos-Triodos Fund and Caspian Impact Investments. GPS Renewables claims to have built more than 100 biogas plants and has a current order book worth $240 Mn. It also claims to have signed multiple MoUs, totaling $540 Mn, for the execution of multiple compressed biogas plants across India. Employing a workforce of 500, GPS Renewables competes with the likes of 75F, Recykal, Ace Green Recycling, AirOk and altM among others. As part of its expansion spree, the startup also acquired Germany-based design and engineering firm Proweps Envirotech in August last year. The fundraise comes at a time when the homegrown cleantech space is witnessing a major boom, fueled by the growing demand and adoption of green energy products. As a result, more than 13 cleantech and climate tech-focussed funds were unveiled last year in the country. As per Inc42 data, Indian cleantech startups raised more than $861 Mn across 57 deals in 2023.
VAST RENEWABLES SIGNS CONTRACTS WITH AFRY, FYFE, PRIMERO AND WORLEY FOR VS1 PROJECT
Vast Renewables has sealed contracts with Afry, FYFE, Primero, and Worley for its VS1 project, marking a significant step forward in renewable energy development. These partnerships underscore Vast Renewables’ commitment to leveraging expertise from leading firms, ensuring the success and efficiency of the VS1 project in advancing sustainable energy initiatives.
Vast Renewables has signed contracts with Afry, FYFE, Primero and Worley to complete FrontEnd Engineering Design (FEED) on its VS1 project. Vast Renewables, which is specializing in concentrated solar thermal power (CSP) systems that generate zero-carbon electricity and industrial process heat, said VS1 is a 30MW / 288 MWh CSP plant to be located in Port Augusta, South Australia. VS1, utilising Vast’s modular tower CSP v3.0 technology, will generate low-cost, dispatchable power with over 8 hours of thermal energy storage. Vast Renewables said the project is anticipated to create dozens of green manufacturing jobs and hundreds of jobs during construction and longterm plant operations roles. News announcement with Afry, FYFE, Primero and Worley follows Vast’s appointment in May 2023 of Worley and Worley Consulting to complete VS1 basic engineering. FEED is expected to be completed by August ahead of a Final Investment Decision in Q3 2024 and construction starting in late 2024.
Craig Wood, CEO of Vast said, “Afry, FYFE, Primero and Worley will bring the right combination of global and local expertise to VS1, which will utilise our technology to capture and store the sun’s energy during the day before generating heat and dispatchable power during the day or night.” Vast’s CSP v3.0 technology has received significant support from the Australian Government, including the Australian Renewable Energy Agency (ARENA), announcing it has approved up to AUD$65 million in funding to support the construction of VS1. VS1 will be co-located with Solar Methanol 1 (SM1), a world-first green methanol demonstration plant. In February, Vast, along with its consortium partner, announced that they signed funding agreements to receive AUD$19.48 million and EUR13.2 million from a collaboration between the Australian and German governments, respectively. SM1 will use zeroemissions dispatchable electricity and heat from VS1 to produce green methanol for use as a sustainable shipping fuel.
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