EQMagPro Jan 2024 Edition by EQ Int'l Solar Media Group

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Disclaimer,Limitations of Liability While every efforts has been made to ensure the high quality and accuracy of EQ international and all our authors research articles with the greatest of care and attention ,we make no warranty concerning its content,and the magazine is provided on an>> as is <<basis.EQ international contains advertising and third –party contents.EQ International is not liable for any third- party content or error,omission or inaccuracy in any advertising material ,nor is it responsible for the availability of external web sites or their contents The data and information presented in this magazine is provided for informational purpose only.neither EQ INTERNATINAL ,Its affiliates,Information providers nor content providers shall have any liability for investment decisions based up on or the results obtained from the information provided. Nothing contained in this magazine should be construed as a recommendation to buy or sale any securities. The facts and opinions stated in this magazine do not constitute an offer on the part of EQ International for the sale or purchase of any securities, nor any such offer intended or implied

C ONTEN T

VOLUME 16 Issue 01

FEATURED

ADANI TOTAL GAS, SHIGAN SIGN MOU FOR COLLABORATION IN DECARBONIZATION

21 FEATURED

SHRI K SHANMUGHA SUNDARAM TAKES CHARGE AS DIRECTOR (PROJECTS)

40 SOLAR PROJECTS STERLITE POWER WINS 8 GW GREEN ENERGY TRANSMISSION PROJECT IN RAJASTHAN

BUSINESS & FINANCE

SOLAX POWER & LUBI ELECTRONICS SIGNED STRATEGIC PARTNERSHIP AGREEMENT FOR INDIA MARKET

Restriction on use The material in this magazine is protected by international copyright and trademark laws. You may not modify,copy,reproduce,republish,post,transmit, or distribute any part of the magazine in any way.you may only use material for your personall,Non-Commercial use, provided you keep intact all copyright and other proprietary notices. want to use material for any non-personel,non commercial purpose,you need written permission from EQ International.

INDIA

UNION POWER AND NEW & RENEWABLE ENERGY MINISTER LAUNCHES DASHBOARD FOR DATA ON ADOPTION AND FORECASTS OF ELECTRIC VEHICLES

TECHNOLOGY BOOSTING PV PLANT PERFORMANCE: THE ROLE OF FULL-SCENE PV INTELLIGENT CLEANING ROBOTS

FEATURED SERENTICA RENEWABLES SECURES GROUNDBREAKING ECB FINANCING WORTH INR 3500 CRORES FOR 530 MW ROUNDTHE-CLOCK RENEWABLE PROJECT IN INDIA

37 DECARBONISATION

TATA POWER ENCOURAGES EMPLOYEES TO ADOPT ZEROEMISSION MOBILITY TO FIGHT AIR POLLUTION IN DELHI NCR

24 PRODUCT REVIEW

640W+23.7%! HUASUN UNVEILS WORLD’S FIRST 210R HJT RECTANGULAR CELL MODULES

PRODUCT REVIEW GROWATT INTRODUCES NEW GENERATION OF MAX INVERTER SERIES FOR C&I SEGMENT WITH ENHANCED INPUT CURRENT CAPACITY

BUSINESS & FINANCE

RENEW SIGNS MOU WITH ASIAN DEVELOPMENT BANK FOR US$ 5.3 BILLION

EQ News Pg. 08-77

Founded in 2005, JA Solar is a manufacturer of high-performance photovoltaic products. With 12 manufacturing bases and more than 20 branches around the world, the company’s business covers silicon wafers, cells, modules and photovoltaic power stations. JA Solar products are available in over 120 countries and regions.

FEATURED

ADANI TOTAL GAS, SHIGAN SIGN MOU FOR COLLABORATION IN DECARBONIZATION • Will explore retrofitting ICE engines to run on alternate fuels like CNG & LNG. • Primary focus of retrofitment solution will transportation and mining applications. • Partners to also explore other applications like stationary engines, locomotives, and marine equipment. • Will contribute to development of ecosystem by bringing together key stakeholders . • Will explore e-mobility based solutions for last mile delivery players.

n a move towards sustainability and environmental responsibility, Adani Total Gas Limited (ATGL), India’s leading energy and city gas distribution company, and Shigan Quantum Technologies Limited (Shigan), an alternative fuel system solutions provider for automotive, locomotive and stationary engine applications, today announced the signing of a Memorandum of Understanding (MoU) that aims at decarbonizing the supply chain by creating an ecosystem which will enable transitioning to cleaner fuels such as CNG and LNG. Under the MoU, both ATGL and Shigan will explore various areas of collaboration. Shigan manufactures alternative fuel system solutions for automotive OEMs (original equipment manufacturers) and aftermarket. The primary focus of both the partners will be on adopting natural gas for transportation and mining applications through sustainable solutions for fleet operators, including those deployed by Adani Group companies in sectors like cement, ports and logistics. The LNG retrofitment solution also will explore various applications like stationary engines, locomotives and marine equipment. Besides developing CNG/LNG-based retrofitment solutions, the partnership will explore developing e-mobility based solutions for last mile delivery players and use cases for green hydrogen as fuel for ICE (internal combustion engine) vehicles. ATGL and Shigan are confident that the collaboration will have a positive impact on the environment and the broader business community. The MoU will enable both parties to prioritise their sustainability efforts without compromising on operational efficiency.

Mr. Suresh P. Manglani, Executive Director and CEO, ATGL, said, “The signing of the MoU represents a collective vision for a greener, more sustainable future. We look forward to co-developing end-to-end solutions, which will support the transport and mining industries in their decarbonization journey and contribute to the net zero commitments of the country.”

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Mr. Shishir Agrawal, Managing Director, Shigan, expressed enthusiasm about the collaboration, stating, “This MoU marks a significant step forward in our joint commitment to environmental responsibility. By transitioning to cleaner fuels, we aim to not only reduce our carbon footprint but also inspire positive change within industry."

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FEATURED

PUTTING PRICE ON EMISSIONS: WHY CARBON CREDITS ARE IN FOCUS AT COP28?

At COP28, the global focus on the stocktake underscores the stark reality that business-as-usual falls short in reducing greenhouse gas emissions adequately. Many nations grapple with the dilemma of choosing between both short- and long-term financial stability and the long-term health of the planet, exacerbated by constrained public finances and prolonged periods of elevated interest rates.

he dilemma is intensified by the fact that the impact of climate change is more visible than ever. Extreme weather patterns and losing land due to rising sea levels have told the story of climate change like never before. Against this backdrop, an increasing number of countries are turning to carbon pricing as a strategic tool to meet financing need to meet its climate objectives. The fundamental idea is straightforward: impose a cost on polluters based on their emissions, creating a powerful incentive for them to adopt cleaner practices. This approach can manifest as a tax or an emissions trading scheme (ETS), compelling companies to acquire tradable offsets for their emissions. COP28 hosted a High-Level Roundtable on 'Unlocking High-Integrity Carbon Markets,' bringing together global leaders and institutions. Speakers emphasized the crucial role of carbon pricing schemes, compliance markets, and voluntary carbon markets (VCMs) in the net-zero transition. The progress made by the Article 6.4 supervisory body and plans for the growth of global carbon markets, particularly in preserving forests, were highlighted. While acknowledging achievements in establishing guardrails for high-integrity credit supply, participants stressed ongoing capacity building and coordinated action among stakeholders for a cohesive global carbon market architecture by 2024-2025. This marked a significant stride towards effective climate mitigation.

CARBON PRICING Carbon pricing, a pivotal tool in the fight against climate change, involves placing a monetary value on greenhouse gas emissions. The fundamental idea is to make industries and businesses accountable for the carbon dioxide they release into the atmosphere, turning environmental costs into a financial responsibility. In essence, carbon pricing operates through mechanisms like carbon taxes or cap-and-trade systems. Carbon taxes set a direct price on each ton of emitted carbon, encouraging companies to reduce emissions to cut costs. On the other hand, cap-and-trade establishes a maximum limit (cap) on overall emissions, with companies buying or selling offsets to stay within this cap. As countries grapple with the urgent need for emission reductions, carbon pricing emerges as a strategic solution, aligning economic incentives with environmental stewardship. Continue on... Pg. 12

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HIGHLIGHTS

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FEATURED WHY IS CARBON CREDIT IN FOCUS AT COP28? The Appeal Carbon credit is emerging as a preferred choice for industries and governments across the world to offset their emissions. Carbon pricing's appeal is rooted in three pivotal factors. It proves effective as the centerpiece of a comprehensive emission reduction strategy, providing incentives for a transition to cleaner energy, decreased overall energy consumption, and increased investment in clean technology. Notably, sectors covered by the EU’s Emissions Trading System have witnessed a substantial 37% decline in emissions since 2005. Carbon credit stands out as the most cost-efficient solution. Administering carbon pricing, especially when built on existing energy fuel taxes, minimizes administrative complexities. The EU scheme alone has generated revenues exceeding €175bn, turning the green transition into a financially sustainable endeavor. These funds can be directed towards tax reduction, funding public services, or developing clean energy infrastructure. Importantly, carbon pricing's scalability over time mitigates abrupt disruptions. Thirdly, with thoughtful design, carbon pricing ensures fairness. The principle is simple: those entities responsible for higher emissions bear a greater financial burden. This not only addresses any distributional concerns within and across countries but also provides a mechanism for managing these implications effectively. The Reach Domestically, the price impact on poor households can be offset with only a small portion of carbon tax income. According to the IMF, approximately 20% of these are required to compensate the poorest 30% of households, making the reform work for vulnerable consumers and small emitters. Globally, revenues from carbon pricing can contribute to climate finance for developing nations, addressing equity concerns. Differentiated carbon price floors and net-zero trajectories aligned with countries' historical emission-footprints offer additional fairness measures. African leaders have recently advocated for a comprehensive global carbon taxation regime encompassing fossil fuel trade, maritime transport, and aviation, with generated revenues directed towards climate investments in less affluent countries. The momentum is evident, with 73 carbon pricing schemes in nearly 50 countries, covering a quarter of emissions—a doubling since the signing of the Paris Agreement in 2015. However, achieving emission reduction goals necessitates a significant increase in the global carbon price, reaching an average of $85 per tonne by 2030, a substantial leap from the current $5.

The Obstacle Despite the numerous benefits of carbon markets, their wider adoption faces obstacles, with political will often cited as a primary challenge. The initial step into implementing carbon markets can be politically sensitive, requiring commitment and collaboration from various stakeholders. However, once initiated, countries often experience steady progress as the benefits become evident. Another impediment to widespread adoption is the intricate nature of climate policy and the need for international cooperation. Negotiating and aligning policies among nations can be a complex process. Additionally, concerns about the distributional impact of carbon pricing may arise, with policymakers navigating ways to ensure fairness, especially for vulnerable populations. Both factors are inter-related, which is why COP28 becomes a milestone amid the geopolitical storm and climate emergency more evident than ever. COP28 – A Turning Point for Carbon Markets Raising awareness and garnering support for carbon markets is crucial. Demonstrating the tangible outcomes, such as using revenues to enhance public investments or reduce other taxes, can build popular backing for these initiatives. For a successful global transition towards carbon pricing, COP28 holds the key to establishing a robust benchmark for international cooperation in carbon markets. The coordination of efforts is essential to manage compliance costs, particularly for smaller companies in developing nations. A widespread adoption of carbon pricing across countries can mitigate trade frictions and enhance competitiveness. The Paris Agreement provides a framework for exchanging carbon credits among nations moving at different speeds, but effective operation necessitates more ambitious climate goals and clear, credible standards. COP28 is an opportunity to ensure transparent carbon pricing as a tool for emission reduction, steering away from business-as-usual practices that fall short of preventing catastrophic consequences. The fair pricing of pollution is imperative for the future, aligning with global trade goals and securing a sustainable environment for generations to come.

Author MR. MANISH DABKARA Chairman & Managing Director EKI Energy Services Ltd.

EQ JANUARY 2024

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FEATURED

AIRTEL BUSINESS TO POWER 20 MILLION SMART METERS FOR ADANI ENERGY SOLUTIONS WITH ITS TRANSFORMATIVE SMART IOT SOLUTIONS Airtel Business – the B2B arm of Bharti Airtel, one of India’s leading telecommunications service providers – today announced that it will power over 20 million smart meters for Adani Energy Solutions Limited (AESL).

irtel, through its robust nationwide communications network will deliver reliable and secure connectivity for all AESL’s smart meter deployments. In addition, Airtel’s transformative smart metering solutions that are powered by NB-IoT, 4G and 2G, will help AESL to ensure real-time connectivity and uninterrupted transfer of critical data between smart meters and headend applications. The solution will also come powered with Airtel’s IoT platform - ‘Airtel IoT Hub,’ which enables smart meter tracking and monitoring with advanced analytics and diagnostic capabilities in addition to real-time insights and services that empower customers with enhanced control over their energy consumption. Adani Energy Solutions has an order book of over 20 million smart meters from the power utilities of Assam, Andhra Pradesh, Bihar, Maharashtra and Uttarakhand.

Ganesh Lakshminarayanan, CEO - Airtel Business (India), said, “India’s smart metering programme is one of the most significant policy reform measures undertaken by the Government. These meters are critical building blocks for smart grids and fundamental enablers for the digitalization of the power sector. Airtel expects its NB-IoT technology to play a significant role in the Utilities space to connect and manage smart meters at scale with enhanced coverage, high reliability and security. We look forward to a long and fruitful association with the Adani Group, supporting them in their endeavours to digitize utilities”.

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Kandarp Patel, CEO - Adani Energy Solutions Ltd., said, “India’s ambitious Revamped Distribution Sector Scheme (RDSS) is transforming the way we deliver power, and AESL is proud to be at the forefront of this revolution. Our partnership with Airtel marks a critical step towards realising the vision of a smarter, more efficient grid for all. This strategic tie-up leverages the best of both worlds: our deep domain expertise in the T&D sector and Airtel's robust nationwide network and comprehensive suite of IoT offerings, including NB-IoT and 4G LTE. This powerful combination will enable us to seamlessly deploy our current order book of over 20 million smart meters across India, empowering millions of consumers with real-time consumption data and control, while simultaneously driving down inefficiencies in the distribution network”.

EQ JANUARY 2024

FEATURED

SERENTICA RENEWABLES SECURES GROUNDBREAKING ECB FINANCING WORTH INR 3500 CRORES FOR 530 MW ROUND-THECLOCK RENEWABLE PROJECT IN INDIA RAISES A TOTAL OF INR ~3500 CRORES ($425 MILLION) FROM A CONSORTIUM OF INTERNATIONAL AND DOMESTIC BANKS.

erentica Renewables (“Serentica” or the “Company”), a leading C&I focused renewable energy developer in India, announced the signing of its first international and commercial bank foreign currency loan worth INR 3500 crores (US$425 million) for its Round-TheClock renewable energy project in India. The transaction brings together a consortium of three international banks (Rabobank, MUFG Bank, Société Générale) and three Indian lenders (YES Bank, Export-Import Bank of India, India Infrastructure Finance Company) in a historic first for the Indian corporate offtake market. Rabobank acted as the sole structuring bank for this loan facility. This landmark deal will help Serentica in funding the development of its 530 MW hybrid (wind and solar) renewable energy project coming up in Rajasthan and Maharashtra. This project will provide clean energy to one of India's largest zinc producers, Hindustan Zinc, replacing 24% of their coal-based power supply with firm dispatchable green power while significantly reducing their carbon footprint.

Commenting on the milestone, Mr. Pratik Agarwal, Chairman, Serentica Renewables said, “We thank our banking partners, who have trusted us with the first ever dollar loan for a C&I project in India. We will work harder to build on this trust.”

Mr. Amardeep Parmar, Head – Project Finance Asia, Rabobank said “Rabobank is pleased to lead and structure this landmark renewable transaction in the C&I segment. We look forward to partner with Serentica in their future energy transition endeavors.”

EQ JANUARY 2024

Serentica is committed to developing 4GW of renewable energy capacities across the country to deliver round-theclock green energy needs of its customers. The overall portfolio will supply more than 9 BUs of clean energy annually, offsetting 8.5 million tonnes of CO2. Serentica’s vision is to supply over 40 billion units of clean energy annually in the medium term and displace 37 million tonnes of CO2 emissions. The capital infusion comes close on the heels of the total debt raise of INR 5600 crores that the company secured from power sector majors – PFC & REC, recently.

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FEATURED REVOLUTIONIZING C&I SOLAR POWER INTEGRATION GROWATT’S WIT+APX ENERGY STORAGE SYSTEM India’s solar market is led by commercial and industrial (C&I) applications, accounting for a significant 70-80% of all the rooftop solar installations, according to the report from JMK Research. It’s because, in India, residential and agricultural users are subsidized while C&I consumers are levied an additional significant cross-subsidy surcharge leading to higher than average mains electricity tariffs. Electricity costs are up to 50% of their total expenses. Thus, cutting such costs via solar power sustainably improves their competitiveness in a big way. This shift towards solar energy in the C&I sectors also supports India’s renewable energy goals and enhance sustainability.

WHY WE NEED ENERGY STORAGE? JMK research stated, it is likely that in the next 2-4 years, 20% of all C&I installations will be connected to the grid, coupled with battery storage. Energy storage helps further optimize solar energy utilization and combat escalating energy prices in C&I sector. Moreover, the volatility and intermittency of solar power and other unpredictable factors all emphasize the importance of energy storage solutions (ESS). Businesses stand to gain energy independence and achieve clean energy objectives through the adoption of ESS. Growatt has introduced WIT 50100K HU/AU with APX Commercial Battery system for C&I energy storage projects.

MAJOR APPLICATIONS The ‘WIT+APX’ C&I energy storage system, designed for commercial, industrial, and micro-grid scenarios, offers eight distinct application modes: self-consumption, peak shaving, demand charge, power expansion, micro-grid, backup power, and power quality. This system caters to diverse customer needs, ultimately ensuring their optimal benefits.

APX Commercial Battery The ‘WIT+APX’ C&I energy storage system, designed for commercial, industrial, and micro-grid scenarios, offers eight distinct application modes: self-consumption, peak shaving, demand charge, power expansion, micro-grid, backup power, and power quality. This system caters to diverse customer needs, ultimately ensuring their optimal benefits.

KEY FEATURES

WIT 50-100K-HU/AU

The WIT 50-100K-HU/AU storage inverter offers a maximum efficiency of 98.2% with up to 10 MPPTs and 20 strings. With a DC/AC ratio up to 2.0 and a string current of 16A, it is compatible with high-watt power module. This product is engineered to manage a 100% unbalanced load in backup mode, ensuring exceptional reliability. For off-grid use, it supports parallel operation of up to 3 units, reaching a total of 300kW. Additionally, for on-grid use, it supports parallel operation of up to 9 units, providing a total capacity of 900kW. This versatility makes it well-suited to address diverse power demands. In terms of safety, it boasts a fuse-free design, ensuring maximum uptime and reducing maintenance requirements. It also features a built-in PID recovery function, IP66 protection level, Type II SPD on both DC and AC sides and active ARC protection (AFCI).

The APX Commercial LFP batteries feature a redundant design and multi-level protection for robust safety. With an operational range of -10°C to 50°C, IP66 protection, and scalability up to 200kWh, they're suitable for outdoor installations. The control/power module enables energy optimization, supporting full charge/discharge and the mixing of new and old battery packs or batteries of different SOC. Businesses can achieve energy independence with Growatt’s innovative ‘WIT+APX’ C&I energy storage system. Committed to creating the world’s largest intelligent sustainable ecosystem, Growatt continues to pioneer innovation, offering cutting-edge products to support the transition to clean and eco-friendly energy.

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EQ JANUARY 2024

FEATURED REVFIN AND SHOFFR SET TO REDEFINE URBAN MOBILITY AND FINANCIAL INCLUSION Revfin, a leading force in improving financial inclusion in India, and Shoffr, a premium EV taxi service based out of Bangalore, have announced a joint milestone after Shoffr's successful completion of its first year in operation.

ince its launch in November 2022, Shoffr has established itself as the gold standard of rides with its high quality service, friendly drivers, and dedication to guests. In partnership with Revfin, which initially provided Shoffr with four BYD e6 electric vehicles, Shoffr’s fleet has now been bootstrapped to an impressive 40+ electric vehicles, all BYD e6. This growth reflects the dedication and vision shared between Revfin and Shoffr to transform urban mobility. Shoffr’s fleet has not only grown in size but also excelled in performance metrics, with asset utilisation levels remaining consistently above 75%. The Shoffr fleet has now covered more than a million clean kilometers across thousands of rides, underscoring the commitment to providing efficient and sustainable transport solutions in Bangalore. Moreover, both Revfin and Shoffr recognize the impact on drivers, promoting a friendlier work environment, better pay, and improved quality of life, thus contributing to societal betterment. Environmental impact has been a key focus for the partnership. Together, they aim to scale operations not just in Bangalore but beyond, with a vision to deploy a fleet of electric vehicles that will significantly reduce carbon emissions.

Vision and Collaborative Efforts: The joint vision of Revfin and Shoffr aims to revolutionize the transportation sector by deploying a fleet that not only enhances customer experience but also contributes to environmental sustainability. Their shared commitment involves enhancing urban mobility while reducing the carbon footprint, marking a crucial step towards a more sustainable future.

Sameer Aggarwal, CEO, and Founder at Revfin says, "Through our partnership with Shoffr, we're not just redefining transportation; we're transforming the landscape of urban mobility. Our joint efforts mark a significant stride towards a future where financial inclusion and sustainable transportation go hand in hand."

EQ JANUARY 2024

Vikas Bardia, Founder & CEO of Shoffr says, "Shoffr has come a long way in just one-year to establish itself as the gold standard of rides and become a favourite of commuters in Bangalore. RevFin has been an early believer in Shoffr, and we’re delighted to strengthen our partnership as we grow." Both Revfin and Shoffr are excited about the future. The joint plans include expanding their presence in Bangalore and other metro cities, focusing on enhancing the quality of service, bolstering environmental sustainability, and creating a more inclusive urban transport system.

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FEATURED

AMPIN ENERGY TRANSITION SET TO ELECTRIFY EASTERN INDIA WITH RENEWABLE ENERGY Plans toinvest Rs 3,100 Crore in Solar Generation & Manufacturing. Establishing a state-of-the-art 1.3 GW integrated solar& cell manufacturing facility.

mpIn Energy Transition, India’s leading renewable energy transition platform, is set to make a significant impact on India's power landscape in the Eastern region with a ground-breaking investment of INR 3,100 crores. The investments are for setting up renewable energy projects of about ~600 MW+ and an integrated manufacturing facility of solar cells & modules. Significant investments are planned in West Bengal, Bihar, Odisha, Jharkhand, Chhattisgarh & Northeastern States. The investment reflects AmpIn Energy Transition’s commitment of accelerating the renewable energy transition and adoption of clean energy solutions in the Eastern region.

In the region, the company has the largest solar open access portfolio of ~200 MWp, the largest utility PPA with CESC for a 250 MWpof wind solar hybrid project and the largest Behind the Meter industrial solar project of 10.5 MW for an industrial customer.With its diversified portfolio of assets, AmpIn is helping customers save about 25% - 40% on their energy costs & also helps mitigate their carbon footprint substantially. The company is serving marquee customers in the region across diverse sectors such as Cement & Steel, IT & Data Centre, Heavy engineering, FMCG, Utility etc through its projects.

AmpIn can

Mr. Pinaki Bhattacharyya, MD and CEO, AmpIn Energy Transition, expressed "Time has come for the Eastern region which is the home of coal to embrace renewable energy. Our investment in the region marks a significant milestone in our mission to drive thetransition to renewables in the region.

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partner with any customer to help them achieve 100%RE and we believe that with the right policy intervention like Green Energy Open Access, the shift to renewables is unstoppable. Also, the integrated solar cell & module manufacturing capacity that we are establishing in the region, would strengthen the push to renewables.Collaboration between industry, solution providers, the financial sector, and government at both central and state levels is also crucial for a successful transition.The 4 wheels that must be synchronised for Energy Transition: financial markets, industry that decarbonises and saves energy costs, energy transitioners that create solutions for renewable energy transition, and government that sets the right policies to support the transition for the Eastern region." AmpIn is also establishing a state-of-the-art 1.3 GW solar manufacturing facility in the Odisha. This facility is poised to play a pivotal role in advancing the country's solar energy ambitions and self-sufficiency. The strategic location in the eastern region for solar manufacturing underscores AmpIn Energy Transition's commitment to contributing to the economic growth of the region.The 1.3 GW solar manufacturing unit is expected to create job opportunities, stimulate economic development, and position the eastern region as a key player in the renewable energy sector. Ampln also conducted a seminar on Renewable Energy Transition for Commercial and Industrial Consumers in Kolkata in partnership with industry association FICCI which haddynamic panel discussions among energy leaders from the government and industry, financiers, and other stakeholders, discussing the Roadmap to achieve 100% RE for Corporates & Industrial consumers in East India.

EQ JANUARY 2024

FEATURED SINENG ELECTRIC RANKED AS A BLOOMBERGNEF TIER 1 PV INVERTER MAKER Sineng Electric, a global leading manufacturer of PV and energy storage inverters, ranked in BloombergNEF Tier 1 PV inverter maker list, due to its technological progress, business stability, and outstanding market competitiveness.

NEF's tiering system, based on bankability, involves a stringent evaluation process that covers various dimensions. Inclusion in this esteemed list further validates Sineng's brand credibility within the industry. The Tier 1 ranking is a critical benchmark, providing potential investors with a trusted reference point when seeking reliable partners in the dynamic renewable energy sector. Aligned with the innovation-driven and customer-centric strategy, Sineng presents a comprehensive product lineup and solutions tailored to meet customers’ diverse requirements. Cumulative shipments of PV inverters have now surpassed 70GW, with energy storage inverters exceeding 6GW worldwide. These time-tested products have garnered global recognition, creating value for all Sineng customers.

EQ JANUARY 2024

At the core of Sineng's achievement is the particular focus on research and development, embodied by the ever-growing team of skilled engineers. Substantial investments in R&D have yielded cutting-edge solutions. The groundbreaking products such as the 350kW string inverter, 4.4MW central inverter, 2MW central PCS, and 200kW string PCS, can offer enhanced efficiency, exceptional reliability and utmost safety. Qiang Wu, Chairman of Sineng Electric, declared, "Being acknowledged as a Tier 1 PV inverter manufacturer fills us with enthusiasm. It elevates our reputation and influence on a global scale. As a trustworthy trailblazer dedicated to promoting environmental awareness and ecological consciousness, we look forward to bringing about positive changes."

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FEATURED 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 500KWp 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.

ommissioned 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.

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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.

EQ JANUARY 2024

FEATURED

JOHNSON CONTROLS OUTLINES NEW BLUEPRINT FOR INDIA’S NET ZERO FUTURE Johnson Controls launches its whitepaper titled “Tech for Green India - Mission Net Zero” at the 21st edition of India Green Building Congress 2023. Details the role of green buildings and technology in India’s vision for decarbonisation, and key challenges and opportunities facing the industry today.

ohnson Controls (NYSE: JCI), the global leader for smart, healthy, and sustainable buildings, today launched a whitepaper titled “Tech for Green India - Mission Net Zero” at the 21st edition of Green Building Congress 2023, India’s flagship conference and expo on the green built environment

Buildings contribute nearly 40% of global emissions and at Johnson Controls, our priority is to help make buildings more sustainable and energy efficient, providing solutions that meet the specific needs of each building. We believe a holistic and collaborative approach will enable the nation to realise its full potential effectively,” said Anu Rathninde, president, Asia Pacific, Johnson Controls. “This white paper aligns with our vision for sustainability, and we are committed to continuous innovation and collaboration with our ecosystem partners, in the journey to a decarbonised future. The launch was presided over by Mr. Rathninde and Mr. Arun Awasthy, president & managing director, Johnson Controls India. In response to the climate crisis, nations across the world have accelerated their efforts towards achieving net zero emissions and have set targets in alignment with their developmental needs. India, the third largest energy consumer in the world, established a target of meeting net zero emissions by 2070. In the collective efforts towards achieving these goals, the whitepaper details the role of technology in transforming buildings and urban spaces. The whitepaper explores the multiple challenges facing the Indian green building industry today, and provides a framework within which these challenges can begin to be addressed. A comprehensive strategy is imperative along this journey:

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• Increasing Awareness & Adoption: Comprehensive information campaigns are an effective tool to educate both professionals in the sector as well as citizens. Also important is incorporating sustainability and green building modules into academic curricula, creating a pool of energy experts and offering life-cycle costing training to emphasise longterm financial gains. Meanwhile, strengthening the incentive framework around green building projects in terms of lowinterest loans, additional construction area, discounted property taxes, and worker skilling would be hugely beneficial to the sector. • Enhancing Standardisation: Consolidating a set of consistent green building standards into one or two legally binding certifications will bring more effectiveness, and these standardised certifications need to be aggressively promoted across various channels, to promote adoption. Also there is a call for consistent evaluation matrices, for accurate and consistent performance assessment. • Optimizing the Use of Data & Technology: The whitepaper suggests leveraging India's PM Gati Shakti Platform to consolidate information on green buildings, fostering a network and an information dashboard for more effective use of green building technology. Also, establishing sustainability indices becomes essential while assessing the sustainability and performance of a city or locality in comparison to its counterparts in different regions, which should be adjusted to factor in the developmental and climactic realities of the region. Leveraging technology, such as smart controls and IoT, along with innovative materials and behavioural changes in residents, can create smart, energy-efficient, and resilient buildings.

India is at the cusp of making some great breakthroughs in the Green Building sector. We are at a point that demands immediate action and collaboration. It is heartening to see that there is a strong willingness among stakeholders in the public and private sector to collaborate on a framework that accelerates India’s green building adoption. At Johnson Controls India, we look forward to being at the forefront of this reform, said Mr. Awasthy.

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FEATURED

SHRI K SHANMUGHA SUNDARAM TAKES CHARGE AS DIRECTOR (PROJECTS) Shri K. Shanmugha Sundaram has taken charge as Director (Projects), NTPC on 1st December, 2023.

hri K. Shanmugha Sundaram is a 1988 batch Electronics and Communication Engineering graduate from Govt. College of Technology, Coimbatore with PGDM from MDI Gurgaon in the area of Strategy & Finance. Prior to joining as Director (Projects), NTPC Limited, he was ED to CMD, NTPC Limited. Shri K. Shanmugha Sundaram joined NTPC Limited as Graduate Engineer Trainee officer in 1988 and has more than 35 years of diverse and versatile experience in Project as well as Commissioning stages of 110, 210, 500, 660 and 800 MW fleets, greenfield as well as brownfield, across various states in India. He also has experience of operating and maintaining vast fleet of power stations. Shri K. Shanmugha Sundaram was actively involved for the development of 1st supercritical power project of India at Sipat. He has worked in various capacities at NTPC Darlipali Project. He has exposure of working at Corporate Centre in Operation Services department wherein monitoring of Company’s functions is being carried out and strategic initiatives taken. During his tenure as Head of Project at NTPC Barauni (720 MW), a taken over Project from Bihar State Electricity Board, project commissioning was accomplished. As Head of Project at Talcher Kaniha (3000 MW), he was influential in improving the performance of the station which has ensured CII-ITC Sustainability award and also construction of FGD. He is a professional with Corporate and Site experience, peopleoriented approach, knowledge and experience of the entire power sector and works towards speedy implementation of Projects.

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FEATURED ENERMAN TECHNOLOGIES – COMPANY FEATURE ARTICLE 1. INTRODUCTION EnerMAN is a leading provider of innovative, IoT based AI & ML driven SCADA and Energy Management solutions at affordable prices to the Renewable Energy Industry. EnerMAN Technologies is founded in May 2019, with the vision to “Provide innovative digital products to manage energy and decarbonize the world”. EnerMAN is contributing towards achieving net zero goal by providing innovative products to digitize Renewable Assets. From data acquisition at the site equipment level, to analysis of data that provides meaningful insights to plant performance & health, EnerMAN provides end to end solutions to digitize and manage PV assets. EnerMAN has successfully deployed ETiSOL® IoT SCADA Monitoring, Control and Analysis solution to more than 1.8GW (1,800MW) of Solar PV plants and Rooftops, 500+ sites, in 8 countries. Our ever-increasing product portfolio proves that there is always a demand for good product, which is reliable, easy to use with user friendly dashboards (GUI), timely accurate alerts on breakdowns, automated reports and backed by quick customer service support from professional team.

2. STRATEGY Company’s broader vision for the renewable energy sector is to “Provide innovative digital products to manage energy and decarbonize the world”. EnerMAN is on a mission to be a global leader for Energy Monitoring & Managing Products and solutions. Our goal is to install smart IoT datalogger at the plant to get clean live data with zero data loss and store all data in a cloud platform for lifetime of the plant. EnerMAN provides Energy Management Dashboards that are simple, easy touse and affordable.In the first year of operations EnerMAN did lot of retrofit projects – replacing few expensive and nonfunctional SCADA systems which lacked service support and was alson very expensive to maintain. Now that we have proven our technical competitiveness, and we have the presence in the global market with our affordable solutions. Our strategy is to partner with local players who have a strong regional presence to expand footprint in global market.

3. BUSINESS CONCEPT EnerMAN provides end-to-end solutions i.e., Hardware, Firmware and Software systems that are developed in-house by an experienced team. This removes the dependency on third party suppliers and helps us sell at an affordable cost.

OUR KEY PRODUCTS ARE ETi-LOG: is an IIoT Data logger, which collects the data through RS 485 (RTU/TCP) from Solar PV plants end equipment (inverters, SMUs, WMS, Transformers, Trackers, Breakers/Relay panels) and sends data to Local PC/Servers or to the cloud Servers through RS485 (RTU/TCP) or RF or Wi-Fi. It has in built storage to ensure no data loss during internet failure.

ETi-PPC: is a Power Plant Control system that will control active power, reactive power, and power factor of Solar Inverter (Solar Plant, Solar-Wind Hybrid Plants). PPC is a combination of Software Logic and Hardware which continuously monitors and controls the Solar inverters. 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 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 load/consumption at factory/manufacturing unit. ETi-LMS: Load Management System is 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/rooftops.

TEAM & MANAGEMENT

Team EnerMAN has hands on experience building & operating Solar PV Plants & Rooftops. The team used their experience to create value for the customer in terms of saving energy, reducing opex and improving plant performance. The business and technology leadership has seen them create innovative products & solutions in the Solar Energy space for more than a decade. The core team has many years of global experience in MNCs developing products for the Networking, Telecom, Semiconductor industry. Much of this knowledge about technology & process has been replicated at EnerMAN to churn high class reliable products and solutions.

CUSTOMERS & PROJECTS

From Rooftops to large Utility PV plants, we have diversified clientele. Few of the Solar PV industry leaders from prestigious Govt organizations with whom we are proud to associate with are BHEL, BEL, NTPC, HAL, MES, NFC, AIIMS, IISc, NLC & GSECL in India. Apart from this we have also deployed our solutions to a few private industry leaders. Apart from this, our Wind-Solar Hybrid PPC (Power Plant Controller) solution is implemented in some of the Wind-Solar Hybrid plants in Karnataka and our PPC is implemented on 350MW single largest plant in Kurnool, AP.

ETi-Edge: is a local monitoring SCADA solution. Eti-Edge can be installed in local plant server to avoid data storing in 3 rd party cloud server and no dependency on internet.

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FEATURED

SINENG ELECTRIC SIGNS A COOPERATION FRAMEWORK AGREEMENT WITH SPIC GREEN ENERGY Sineng Electric, a global leading PV and energy storage inverter manufacturer, proudly announced the signing of a cooperation framework agreement with SPIC Green Energy, a renowned energy company focusing on power conversion, hydrogen energy, and energy storage. The strategic agreement, formalized at a ceremony in Beijing, signifies a momentous step towards promoting the widespread adoption of Sineng’s cutting-edge, energy-efficient solutions in wind, solar, and energy storage projects. Viktor Duan, CEO of Sineng Electric, and Li Qizhao, the chairman of SPIC Green Energy, attended the signing ceremony with other executives from both companies.

mbracing synergy and unlocking the potential of technology, Sineng continuously expands the array of its product and solution offerings, to translate technical innovations into long-term sustainability. Viktor Duan, CEO of Sineng Electric, expressed his enthusiasm for the growth prospects, “By fostering collaborative intelligence, nurturing open dialogue, and facilitating knowledge exchange, we are confident that our partnership will yield mutual benefits. With a proven track record in the solar industry, Sineng is set to propel the community toward achieving energy self-sufficiency and reliability. Our diverse solutions are tailored to meet the versatile needs of our customers, addressing concerns related to the energy crisis, high electricity prices, and energy security During the meeting, Li Qizhao, the chairman of SPIC Green Energy, shed light on the company history, its four business areas and the ambitious & Green Energy 1134 Strategy. Underscoring Sineng's pivotal role as a leading solar equipment manufacturer and solution provider, Mr. Li emphasized the paramount significance of this collaboration for both parties in advancing the renewable energy landscape.

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With a shared commitment to achieving a win-win outcome, the cooperation strives to expedite China's pursuit of the double carbon, target, catalyzing the country’s efforts to boost sustainable economic growth. Sineng Electric and SPIC Green Energy envision a different and vibrant future by spearheading the clean energy transition..

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FEATURED

AMPIN ENERGY TRANSITION APPOINTS AMIT KUMAR MITTAL AS COO-C&I BUSINESS TO STRENGTHEN ITS MANAGEMENT TEAM

AmpIn Energy Transition (Formerly Amp Energy India), India’s leading renewable energy transition platform, has appointed Mr. Amit Kumar Mittal as Chief Operating Officer (COO- C&I Business) in line with its growth & expansion in powering the renewable energy transition in the country and helping corporates meet their 100% RE targets. Amit's appointment marks a strategic enhancement to our leadership team & is a testament to our commitment of providing our C&I customers with not just renewable energy solutions but a roadmap to 100% RE transition. With his vast experience across solar, wind, hybrids and cutting-edge technologies like Green Hydrogen, he is poised to drive our mission forward. His expertise in building scalable & sustainable businesses & leading large multi-functional teams will be pivotal as we continue to boost our efforts in helping corporates meet their green energy targets, & Mr. Pinaki Bhattacharyya, AmpIn Energy Transition, MD & CEO, said.

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r. Amit is a seasoned professional in renewable energy operations & brings about 36 years of experience across Solar, Wind, Hybrids, BESS, Green Hydrogen, Thermal & Nuclear power plant engineering working with leading corporations such as Radiance Renewables, First Solar, Reliance Power and Nuclear Power Corporation. He is an alumnus of BITS, Pilani. Mr Amit has been brought on board to focus on delivering customised & integrated renewable energy solutions to C&I customers as AmpIn continues to expand its business offerings to this segment and is a trusted 100% RE transition partner for corporates.

Stepping into this role at AmpIn Energy Transition feels like a natural progression of my professional journey, one that has been dedicated to the pursuit of excellence in renewable energy & resonates well with AmpIn as a brand. It's more than a new chapter; It's about making a tangible impact in an era where sustainable practices are imperative. AmpIn has quickly scaled up to become the trusted RE transition platform for corporates and my commitment will be to propel our collective ambitions at AmpIn into reality while delivering innovative energy solutions that redefine industry standards,& expressed Mr. Amit Kumar Mittal on assuming his new role as COO-C&I Business.

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FEATURED WAAREE ENERGIES, INDIA'S LARGEST SOLAR MANUFACTURER TO BUILD 3- GIGAWATT MODULE MANUFACTURING FACILITY IN TEXAS AND SIGNED A LANDMARK MULTI-YEAR OFFTAKE AGREEMENT •

Waaree plans to invest up to $1 billion to scale up to 5 GW annual capacity for both solar module and integrated cell manufacturing facility by 2027 Waaree’s new facility will support SB Energy and other leading solar companies while expecting to create over 1,500 American jobs

•

aaree Energies (“Waaree”), India&#39;s largest solar PV module manufacturer and major supplier to the U.S., announced it will establish its first U.S. manufacturing facility in the Houston areas. The facility, located in the town of Brookshire, will have the initial capacity to manufacture 3 gigawatts (GW) of solar modules annually by the end of 2024. Waaree plans to invest up to $ 1 billion over the next four years to scale its annual module manufacturing production up to 5 GW by 2027, making it one of the largest solar module manufacturing facilities in the U.S. Waaree will also add an integrated U.S.-made solar cell facility that is expected to be operational by 2025. In total, Waaree’s new facility is expected to create over 1,500 total jobs in the US when at full capacity. Waaree already has a major presence in the U.S. solar market. Till date Waaree has supplied over 4 GW of modules from its current Indian facility to U.S. customers. Waaree’s ambitious U.S. expansion benefits from the long-term supply agreement with SB Energy, a leading climate infrastructure and technology platform with over 2 GW of solar in operations, 1 GW in construction, and another 15 GW+ of solar and storage in development across the U.S. Waaree will supply multi-GWs of solar modules to SB Energy over the next 5 years following the commissioning of the facility which is expected to be set-up in 2024. The deal further enhances SB Energy’s leadership in the domestic supply chain and ensures availability of modules for a growing pipeline of projects.

“We are proud of this significant commitment by Waaree to U.S. domestic solar manufacturing,” said Waaree Chairman and Managing Director Hitesh Doshi. “In partnership with a company of SB Energy’s mission and stature, Waaree is fostering a solar manufacturing ecosystem in Texas, a state that has taken a leading position in clean energy manufacturing.

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“We are delighted to expand our U.S. supply chain with Waaree, a leading global supplier of solar modules. Through our long-term supply agreements, we are proud to support the growing U.S. solar supply chain and well-paying manufacturing jobs,” said Abhijeet Sathe, co-CEO of SB Energy. “Waaree brings a proven track record of delivering superior technology to some of the largest solar projects in the U.S. and India.”

“Most major components used in the manufacturing of these solar modules will be sourced domestically, enabled in part due to the Inflation Reduction Act,” stated Sunil Rathi, Board member, Waaree Solar Americas Inc. “By setting up the new facility in the Houston area, Waaree brings critical technologies that will boost American solar production, reducing reliance on overseas sources while supporting strong U.S. jobs. We are committed to the U.S. and its growing demand for clean energy.”

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TECHNOLOGY

BOOSTING PV PLANT PERFORMANCE: THE ROLE OF FULL-SCENE PV INTELLIGENT CLEANING ROBOTS In India's ever-expanding PV industry, where 10 GW of PV plants are increased annually, a unique challenge looms large – soil loss. This challenge, driven by air pollution, results in a soiling loss rate in power plants as high as 17%-25%, well above the global average. To exacerbate matters, the scarcity of water resources has limited the traditional module cleaning method that involves water.

n this context, adoption of cutting-edge robotic cleaning solutions is the answer to this situation. Sunpure, with its innovative and highly effective cleaning technology, is leading the way towards a sustainable cleaning future.

Inherent advantages paired with customized solutions for India Sunpure’s intelligent PV cleaning solution holds distinct advantages in India: It is a fully automatic intelligent cleaning solution to make sure waterless operation. For every 10 MW power plant cleaned three times per year, it consumes around 2,000 tons of water annually. However, the robotic cleaning solution requires no water and significantly enhances the water's sustainability. It is module friendly, and the cleaning brush can operate reliably whether in high or low temperatures, which is also anti-UV aging and can offer an effective solution to dust pollution; The SmartPure Cloud Platform, offers intelligent, convenient, efficient, and secure methods to remote monitoring and management;

BAP PV PROJECT IN INDIA

By significantly reducing operational costs, alleviating O&M pressures, and lowering the LCOE, it makes PV plants more profitable A local technical team in MENA region provides a response service commitment within 24 hours. As a newcomer in the Indian market, Sunpure has developed rapidly and established firm collaborations with leading companies such as AMP, CleanMax, and Sprng Energy, among others, making Sunpure an indispensable supplier of PV cleaning robots in this market. For the next step, Sunpure will continue to engage the Indian market, accelerate the localization process, understand local demands, shorten the service response time and provide more cost-effective services to serve clients in India.

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GUJARAT PV PROJECT IN INDIA

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TECHNOLOGY RED SOLAR UNVEILS 26.01% OF CONVERSION EFFICIENCY OF N-TYPE TOPCON SOLAR CELLS Red Solar, a subsidiary of CETC who owns over 200,000 employees all over the world, focuses on the innovation and application of its pioneering TOPCon Solar Cell Technology, achieves significant breakthrough in the TOPCon industry recently. Namely, N-type TOPCon solar cells with an average conversion efficiency of 26.01% was designed and prepared

his technological breakthrough is attributed to the successful practices of the company R&D team in the development and validation of low reflectivity texture technology, front boron+rear-oxidized high sheet resistance technology, LPCVD and Phosphorus diffusion matching process, ultra-narrow line width printing and metallization technology ,rear-side special multi-busbar technology, and laser induced firing technology.

These technical measures not only effectively improved the contact and transmission performance of the cells, but also elevated the average conversion efficiency of TOPCon solar cells to new heights. On early October 17 th ,2023, leveraging its excellent technical capabilities, Red Solar assisted its client in smoothly completing the first batch of wafer processing within three days, achieving a breakthrough with a conversion efficiency of 25.6% for TOPCon processed cells, fully demonstrating the company & important position in PV technology.

"We have already mastered the core technology to achieve a better cell efficiency and are expected to achieve a higher average conversion efficiency in the first quarter of 2024. This will further enhance RedSolar brand influence in the field of TOPCon solar cell technology, and driving the company sustained and rapid development in new energy industry. The spokesperson said. As a prominent global player in the photovoltaic industry, Red Solar is dedicated to PV technological innovation and the exploration of diverse photovoltaic applications. Our commitment is to creating a sustainable green world for global customers.

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PRODUCT REVIEW 640W+23.7%! HUASUN UNVEILS WORLD’S FIRST 210R HJT RECTANGULAR CELL MODULES Everest, Himalayas’ Mount, the highest peak in the world, has inspired countless individuals to challenge themselves. The height of 8848m symbolizes not only courage and perseverance, but also innovation and transcendence. Everest G12R, the world’s first rectangular heterojunction (HJT) solar module series, was officially launched by Huasun Energy, the global leading provider of vertically integrated HJT products and services, on November 27th, 2023.

he Everest G12R Series modules are based on the HJT3.0 high-efficiency solar cell technology and feature 182mm*105mm rectangular cells. By integrating advanced processes including bifacial microcrystalline, SMBB, light conversion film and PIB, these modules are designed to achieve a minimum efficiency of 23% and a highest power output of 640MW, which is 20W more than other technology-based rectangular modules of the same type. The new product by Huasun helps more in realizing targets of high efficiency, high power, high reliability, high energy yield, low BOS, low LCOE for the photovoltaic power projects.

As a pioneer and innovator in heterojunction, Huasun is sparing no efforts in climbing the "Himalayas" towards the top of "Everest". We strive to develop products and refine technology to the strictest standards.

Available in Industry “Golden Size”, Performance Advantages of HJT Modules being Maximized Featuring "four high" advantages of high efficiency, high power output, high bifaciality, and high reliability and "four low" characteristics of low temperature coefficient, low degradation rate, low carbon emissions and low temperature processing, HJT has been well recognized by the solar industry and become one of the mainstream n-type solar cell technologies. Notably, the average efficiency in mass production of Huasun HJT cells has achieved 25.8% and the champion surpassed 26.2%. Based on these high-efficiency cells, and adoption of double-glass + PIB encapsulation, Huasun HJT modules have been continuously improved its capabilities in resisting UV, water vapor and hotspots, and have recently achieved a world record high power output of 750.544W with a conversion efficiency of 24.16%.

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Huasun has consistently ranked among the top 3 in TaiyangNews Highest Efficient Commercial Solar Modules List since September 2023.

To actively respond to the industry’s call for standard module size, and improve performance of heterojunction products in solar projects, Huasun has focused on the R&D of rectangular silicon wafers. Compared to the traditional 182mm square wafers, the new rectangular wafers with larger size have a power increase of approximately 40W, resulting in potential cost savings for BOS components like racking and cables. Keeping the same width of 1134mm, Huasun developed three versions of G12R modules with different lengths catering to various application scenarios: G12R-96, “Earning Best Return for Residential”: max. power of 460W, highest efficiency of 23.02%; bring the family users with more financial returns with better dimensions and higher efficiency. G12R-108, “Bifacial Power Generation Rising Star for C&I”: max. power of 520W, highest efficiency of 23.40%; the high bifaciality and strong weak light performance of heterojunction contribute to higher energy yield for Commercial and Industrial distributed solar projects. G12R-132, “Model of Creating Best Value for Utility”: max. power of 640W, highest efficiency of 23.69%; comprehensive and powerful performances create the best value for large-scale utility solar projects.

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PRODUCT REVIEW

IRR Increased by 3.9%, Creating Larger Value to All Application Scenarios The adoption of Everest G12R modules can lead to increased project installed capacity, higher energy yield per watt, and improved overall performance. For example, using G12R-96 modules on residential rooftops can increase installed capacity by 7% compared to TOPCon modules, resulting in an additional 47,000 kWh of power generation over a 30-year lifespan. Similarly, the G12R-108 version designed for commercial and industrial rooftops offers an 8.9% increase in installed capacity and a 10.8% increase in total energy yield over 30 years. The G12R-132 modules for utility-scale projects provide a 3.2% increase in energy yield per watt and contribute to lower LCOE and higher IRR. Huasun's Everest G12R Series modules also offer advantages in terms of transportation, installation, and maintenance due to their larger loading capacity. For instance, Everest G12R-132 could achieve 5% larger loading capacity than

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G10-144 for the same regular 40' HIGH-CUBE container. The first batch of G12R HJT cells was successfully produced in Huasun’s Hefei base on October 29, and a total capacity of 12GW Everest G12R rectangular HJT cells and modules are planned from the manufacturing bases in Huasun Hefei, Wuxi and Xuancheng to ensure the sufficient supply in 2024. With the consistent improvement in equipment and processing like NBB and copper plating, the cells will perform better and better, and the modules could expect an average delivery power of 630MW. With the release of the Everest G12R series, Huasun expands its HJT product portfolio, which consists of six mainstream module types including small versions G10-108 and G12R-196, medium versions G10-144 and G12R-108, and large versions G12132 and G12R-132, covering power outputs ranging from 450W to 750W. Huasun is committed to paying attention to the needs of niche-market various application scenarios and serving the global clients with more diversified and valuable high-efficiency modules, jointly contributing to creating a zero carbon world for a sustainable future.

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PRODUCT REVIEW GROWATT INTRODUCES NEW GENERATION OF MAX INVERTER SERIES FOR C&I SEGMENT WITH ENHANCED INPUT CURRENT CAPACITY The demand for solar panels with higher power outputs continues to grow, driven by the need for more energy generation in limited spaces, such as commercial and industrial scenarios. Ongoing development of solar cell technologies have contributed to the development of high-current modules. Growatt recognizes the necessity for inverter technology to progress in tandem with advancements in panel-level technology.

he MAX 100~125KTL3-X series of inverters from Growatt have gained widespread acceptance in both Indian and global markets. Due to the remarkable success of this product, Growatt has introduced an enhanced version, the MAX 100~125KTL3X2. This upgraded model features 8 MPPTs with an increased input current capacity of 45A per MPPT i.e. 22.5A per string. As a result, it becomes easier to integrate higher wattpeak panels and bi-facial panels into your solar system. The MAX-X2 inverter enables a DC/ AC ratio of up to 200%, contributing to a lower Levelized Cost of Energy (LCOE) for PV plants. With a broad MPPT range spanning from 180V to 1000V, the inverter can initiate operation early in the morning and extend its functioning into the late evenings, thereby maximizing the time available for solar energy harvesting. Growatt ensures operational safety by incorporating Type II Surge Protective Devices (SPD) on both DC and AC sides, a fuse-free design, an integrated DC switch, IP66 protection, and additional safety features such as optional active arcing protection (AFCI) and built-in PID recovery.

Growatt provides a comprehensive monitoring solution designed for remote tracking, which empowers businesses to make informed decisions by leveraging the insights gathered from the monitored data. Growatt streamlines the control of numerous inverters through its Smart Energy Manager, capable of implementing system export limitation and PF control. For end users, Growatt has introduced ShinePhone and ShineServer, allowing them to monitor system operations at any time. Additionally, the company offers an OSS (Online Smart Services) system for installers and distributors, facilitating convenient online services like intelligent I/V scan and diagnosis, remote configuration, and firmware upgrades. This approach enables the resolution of 60% of issues without the need for on-site visits, effectively lowering operation and maintenance costs.

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In conclusion, Growatt's innovative MAX 100~125KTL3-X2 inverter series, with its enhanced features like a higher input current capacity, all-compassing O&M solutions, and enhanced safety, is poised to be a game-changer in the solar industry. With its presence in Indian market, Growatt continues to demonstrate its commitment to making sustainable power generation more accessible and efficient for businesses and users alike.

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QUARTER RESULTS

RENEW ANNOUNCES RESULTS FOR SECOND QUARTER AND HALF YEAR RESULTS FOR FISCAL YEAR 2024: US$81 MILLION PAT FOR H1 FY24, RAISES EBITDA GUIDANCE FOR FY24 ReNew Energy Global Plc (“ReNew” or “the Company”) (Nasdaq: RNW, RNWWW), a leading decarbonization solutions company, announced its consolidated unaudited IFRS results for the three-month period ended September 30, 2023. OPERATING HIGHLIGHTS: As of September 30, 2023, the Company’s portfolio consisted of 13.8 GWs, compared to 13.4 GWs as of September 30, 2022, of which ~8.3 GWs are commissioned and 5.5 GWs are committed. Total Income (or total revenue) for H1 FY24 was INR 53,291 million (US$ 641 million), compared to INR 47,416 (US$ 571 million) for H1 FY23. Net profit for H1 FY24 was INR 6,754 million (US$ 81 million) compared to a net loss of INR 1,090 million (US$ 13 million) for H1 FY23. Adjusted EBITDA for H1 FY24 was INR 39,897 million (US$ 480 million), as against INR 38,366 million (US$ 462 million) in H1 FY23. Cash Flow to equity (“CFe”) for H1 FY24 was INR 18,930 million (US$ 228 million) compared to INR 21,040 million (US$ 253 million) in H1 FY23. Total Income (or total revenue) for Q2 FY24 was INR 28,632 million (US$ 345 million), compared to INR 22,409 (US$ 270 million) for Q2 FY23. Net profit for Q2 FY24 was INR 3,771 million (US$ 45 million) compared to a net loss of INR 986 million (US$ 12 million) for Q2 FY23. Adjusted EBITDA for Q2 FY24 was INR 21,298 million (US$ 256 million), as against INR 18,209 million (US$ 219 million) in Q2 FY23. Cash Flow to equity (“CFe”) for Q2 FY24 was INR 9,346 million (US$ 112 million) compared to INR 7,125 million (US$ 86 million) in Q2 FY23.

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Days Sales Outstanding (“DSO”) ended Q2 FY24 at 112 days, a 119 day improvement year on year.

FY 24 GUIDANCE We are raising the lower end of our FY24 Adjusted EBITDA guidance range by 3% and continue to expect to complete construction of between 1,750 to 2,250 MWs 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.

Financial Year

Adjusted EBITDA

Adjusted EBITDA/ share

Cash Flow to equity (CFe)

CFe/ share

FY24

INR 62,000 – INR 66,000 million

INR 153 INR 164

INR 6,000 – INR 8,000 million

INR 15 INR 20

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DECARBONISATION NEW VCMI GUIDANCE OPENS DOOR FOR CORPORATE CARBON CREDIT CLAIMS High-integrity voluntary carbon markets are critical to increase flow of private sector climate finance. VCMI releases ‘Carbon Integrity’ Claims Branding and Monitoring, Reporting and Assurance (MRA) Framework; enables companies to make high-integrity claims about their use of carbon credits. A ‘beta’ version of a ‘Scope 3 Flexibility’ Claim will increase climate action and unlock finance through VCMs. 2024 roadmap establishes a collaborative work program to beta test the new claim. The Voluntary Carbon Markets Integrity Initiative (VCMI) has released additional guidance for its Claims Code of Practice (Claims Code), enabling companies to make claims about their use of high-quality carbon credits.

his guidance includes a Monitoring, Reporting and Assurance (MRA) Framework, a brand and associated mark for making ‘Carbon Integrity' Claims, and a beta version of an additional claim. Using the MRA framework and the ‘Carbon Integrity’ Claims branding, companies can now make Silver, Gold or Platinum Claims as outlined in the original Claims Code of Practice released in June. This means these companies can now make claims using high-quality carbon credits, directing finance to initiatives that mitigate climate change, and demonstrating that they are going above and beyond science-aligned emissions cuts.VCMI has also launched the beta version of a new claim – called the ‘Scope 3 Flexibility’ Claim - as a practical step to accelerate corporate climate action. Once finalized next year, the Scope 3 Flexibility Claim will enable companies to take responsibility for their scope 3 emissions (those which aren’t directly produced by the company but which it has indirect responsibility over through its value chain), while getting on the path to net zero through use of high-quality carbon credits. Robust guardrails are in place to maintain integrity and avoid misuse of this new claim.

John Kerry, U.S. Special Presidential Envoy for Climate: "Voluntary carbon markets can be is a powerful tool for mobilizing the investment in innovative technologies and actions needed to keep a 1.5 C limit on warming within reach. VCMI is performing a vital service by establishing high-integrity pathways for companies to support stronger climate action while making progress toward their own net zerogoals. By creating sound guardrails for the use of high-quality carbon credits, the new VCMI guidance will provide strong assurance that this finance will help deliver the greater climate action we so urgently need.” High-integrity use of carbon credits can accelerate global net zero and significantly contribute towards Paris Agreement goals When used with integrity, voluntary carbon markets (VCMs) can accelerate capital flows to low- and middle-income economies and can contribute meaningfully to both the Paris Agreement goal to limit global warming temperatures 1.5°C above pre-industrial levels, and the UN Sustainable Development Goals. Some estimates have shown that, if companies start to invest in VCMs as part of their transition plans today, over $50 billion

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could be unlocked by 2030. Evidence demonstrates that companies that use voluntary carbon markets are more ambitious, and decarbonize faster, than those that don't. According to Ecosystem Marketplace research, voluntary carbon buyers are 1.8x more likely than non-buyers to be decarbonizing year-on-year. But to deliver these outcomes, VCMs must operate with integrity. Carbon credits must represent real, verified GHG reductions and removals and apply robust environmental and social safeguards. They must be used by companies in addition to – not instead of – decarbonization as part of their net zero transitions, and associated claims must be credible. Following the VCMI Claims Code - including the additional guidance that was promised in June and delivered today - ensures that this will be the case.

Mark Kenber, Executive Director, VCMI: “Today’s release of additional guidance means that the VCMI Claims Code of Practice is ready for use and companies can now directly make claims against it. We encourage all businesses to show ambition, make a claim and accelerate global net zero.” “With COP28 beginning in a matter of hours, VCMs will once again be on the agenda, and it is important that what is discussed is the promotion of credible, and believable, climate action. Along with the work of the ICVCM and others delivering integrity into the VCMs, the Claims Code of Practice is a critical part of the rules that are forming in voluntary markets. We have delivered what buyers need to make Claims today, along with practical solutions to spur further corporate action. Companies can now step up their credible use of carbon credits, and should feel confident to do so.” Launch of ‘Carbon Integrity’ brand and MRA Framework means companies can make first VCMI claims VCMI has released a standalone brand for the VCMI Claims announced in the Claims Code of Practice in June 2023, which are now called ‘Carbon Integrity’ Claims. These Claims indicate that companies are “accelerating global net zero” - the brand’s tagline - by going above and beyond science-aligned emissions cuts through the additional use of high-quality carbon credits. The brand features a distinctive

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DECARBONISATION mark that is used across the Carbon Integrity Claims, differentiated based on the type of Claim itself (Silver, Gold, or Platinum). The brand guidelines released will support companies in communicating the achievement of Carbon Integrity Claims. The MRA Framework enables companies to substantiate a Carbon Integrity Claim. The Framework provides the information that must be disclosed and appropriately evaluated, evidenced, and verified. Within the framework, companies provide information relating to the Claims Code’s Foundational Criteria, which establish best practice on corporate climate action, as well as key information about the carbon credits used to make a claim. This information is then assured by an independent third party. As such, the MRA Framework provides the backbone of authority for Carbon Integrity Claims.

VCMI has developed guardrails intended to further embed integrity in the new claim and ensure that it cannot be used to greenwash. These include: Companies must comply with the VCMI Foundational Criteria laid out in the Claims Code of Practice. Companies must make meaningful progress towards meeting scope 1 and 2 emission reduction targets. The number of carbon credits used must not exceed a volume of 50% of its GHG inventory Scope 3 emissions in the claim year. Use of credits must decline over time, leading to complete phaseout no later than 2035, at which point the company must be on the path to net zero through internal decarbonization.

Released alongside the beta version of the new claim, a roadmap sets out the work required to finalise it by Q3 2024, at which point companies will be able to make a claim. This roadmap includes: Suzanne DiBianca, EVP and Chief Impact Officer at Salesforce: "We're at a pivotal stage in the climate crisis where immediate action is essential. We commend the Voluntary Carbon Markets Integrity Initiative (VCMI) for its leadership in shaping the enhanced guidance for the Claims Code of Practice. This effort underscores the urgent need for organizations to collaboratively engage in developing robust, high-quality standards and fostering integrity within voluntary carbon markets. Let's continue pushing innovation forward to ensure our collective impact ultimately translates into meaningful benefits for people and the planet." The beta version of the Scope 3 Flexibility Claim will increase urgent climate action as companies get on the path to net zero - with guardrails put in place to maintain integrity and ensure carbon credits are used in addition - and not to delay - decarbonization. Many companies that satisfy the foundational criteria laid out in the VCMI Claims Code have difficulties in meeting scope 3 emissions reductions in the near-term. In the face of the pressing urgency posed by climate change, nothing is more dangerous than inaction. VCMI has launched a beta version of the “Scope 3 Flexibility” claim as a practical solution to incentivise companies to act now and be recognised for climate leadership while increasing internal decarbonization to get on the path to net zero. The beta version of the new claim permits a company to make limited use of carbon credits to close the emissions gap between its scope 3 emissions reductions targets and its actual scope 3 emissions, while the company increases its internal decarbonization efforts and investment. MSCI Carbon Markets (formerly Trove Research) estimated that, currently, $19bn could be delivered if companies used carbon credits to cover the emissions gap between their scope 3 emissions reductions targets, and their current scope 3 emissions.

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Developing tools to measure a company’s progress towards its targets and define if a company is suitably “ontrack” to meet its targets. Refining the criteria and guardrails of the new claim. Establishing a separate claim name and brand that is distinct from the Carbon Integrity Claims while incentivising companies to move to a position to make a Carbon Integrity claim. VCMI has worked extensively across the market with a wide range of corporate sustainability, climate, and finance experts on the development of the new claim and subsequent roadmap to ensure the beta version reflects a wide range of perspectives. This collaborative approach has been delivered through its Stakeholder Forum, Expert Advisory Group, Country Contact Group, and Early Adopter Programme to bring over 150 views to inform VCMI’s work.

We are at a critical juncture. VCMI has stepped up with its Claims Code and calls on standard setters to address governance gaps, mobilize demand, and make 2024 the year of accelerated climate action. Through its Claims Code of Practice, VCMI has delivered a key part of the initiatives that are bringing integrity to carbon markets, working closely with the ICVCM to develop end-toend rules for integrity, from demand to supply sides.

Annette Nazareth, Chair, Integrity Council for the Voluntary Carbon Market: “The Integrity Council is working closely with VCMI to create a voluntary carbon market with endto-end high-integrity. Buyers must have confidence that the carbon credits they buy make a genuine impact on emissions and they must be able to demonstrate that their use of credits complements genuine action to decarbonise their value chain. By setting high-integrity standards for the supply and use of credits we aim to mobilise private sector investment at scale for climate solutions to reduce and remove billions of tonnes of emissions.” EQ JANUARY 2024

DECARBONISATION Clear guidance from the standard setters is essential to incentivize companies to use carbon credits to address remaining emissions while getting on the path to meeting science-based targets. It is critical to incentivise more corporate transitions, which will build speed and scale to fight the climate crisis.

Rachel Kyte, Co-Chair, VCMI: “Action to decarbonize is not on track. We need to urgently ramp up investment in clean infrastructure and nature protection and mobilize capital to do so. Today, VCMI has delivered guidance that will accelerate action when used as part of a high integrity voluntary carbon market. Companies can use our Claims Code of Practice today. Governments can build out their plans for carbon markets today. And in the high-integrity voluntary carbon market, VCMI will work with other standard setters to ensure a well governed and seamless set of rules speed the growth and deepening of these markets over the next year.”

Christiana Figueres, Former Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC): "We are at a stage now where it is absolutely critical for businesses to deploy every tool in the box in the address climate change in a timely manner. The Voluntary Carbon Market is a key tool and we have seen that companies who actively engage in the VCM and purchase credible and high quality carbon credits are reducing their own emissions more quickly than their peers. VCMI’s Claims Code of Practice will help move the market away from accusations of greenwashing and towards action”

Hon. Minister Samuel A. Jinapor, MP, Minister for Lands and Natural Resources, Government of Ghana: “Highintegrity Voluntary Carbon Markets (VCMs), can channel private finance, which is urgently needed, to achieve rapid reductions in deforestation and forest degradation on the ground; a necessity to deliver green growth towards the Paris Agreement and Sustainable Development Goals. There is therefore the need to strengthen VCMs with the right tools and capacity both for the demand and supply sides. Ghana has invested in the necessary legal and institutional frameworks to embed integrity in carbon market programs, operating across both voluntary and compliance markets. We welcome the VCMI’s Claims Code of Practice, which builds trust and confidence in the market. We encourage the private sector to take action without delay – purchase high quality carbon credits, make a VCMI claim, and demonstrate climate leadership that has transformative value for people and their ecosystems”. 36

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Mr. Yutaka Matsuzawa, Vice-Minister for Global Environmental Affairs, Ministry of the Environment, Japan: “We would like to congratulate the release of additional guidance for the Claims Code of Practice. The additional guidance could contribute to the operationalization of environmental integrity in voluntary carbon markets. We believe the leadership of VCMI can unlock the finances to accelerate the mitigation activities toward net zero by 2050.”

Laura Clarke, CEO, ClientEarth: "We know claims that carbon credits ‘offset’ fossil fuel emissions are misleading. The VCMI framework will ensure that companies tell a more accurate story, making clear that it is not a case of ‘either, or’ when it comes to reducing emissions and funding climate action. In a timely response to evolving regulations, particularly the EU's prohibition of misleading offsetting claims based on carbon credits, the VCMI's initiative sets a new standard for transparent and impactful climate initiatives in corporate practices.”

Ambassador Patricia Espinosa, former Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC): "Voluntary Carbon Markets catalyze crucial capital flow into emerging markets, embodying the 'all hands on deck' ethos we desperately need. While direct mitigation remains our priority, these markets are vital bridges, channelling resources and efforts where they are most needed. Every action counts, and the leadership of Voluntary Carbon Markets Initiative to foster high-integrity voluntary carbon markets are critical to ensure that the global community can contribute collectively to the biggest challenge humanity has faced.”

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DECARBONISATION TATA POWER ENCOURAGES EMPLOYEES TO ADOPT ZERO-EMISSION MOBILITY TO FIGHT AIR POLLUTION IN DELHI NCR In a major thrust to improve air quality in Delhi NCR, Tata Power, one of India’s largest integrated power companies, launched a special program to incentivize its employees to switch to EVs. This announcement is aligned with Tata Power's 'Sustainable is Attainable' movement, which encourages adoption of green energy solutions and products to commit to a Lifestyle for Environment (LiFE).

T Commenting on the partnership, Mr. Himal Tewari, CHRO, Chief - CSR & Sustainability, Tata Power said, “We are encouraging our employees to embrace e-mobility and champion the cause of sustainable lifestyle by reducing individual carbon footprint. Tata Power is cultivating a culture of environmental stewardship, empowering every employee to become a 'Climate Action Hero' through such initiatives. We hope this move will also contribute towards improving the AQI in Delhi NCR, the city with one of the highest vehicular densities in the country."

ata Power and its subsidiaries have nearly 4000 employees working in the Delhi NCR region and are focused on building a culture of responsible environmental practices among the employees through initiatives like Climate Crew, which aims to mobilize the workforce to opt for green practices. Under this program, Tata Power has encouraged its employees to purchase EVs, and is also offering free charging facility at select office locations including reimbursement of charging costs beyond company premises. Tata Power has also tied up with EV market leader Tata Motors to make available popular EVs at special prices for employees, with priority delivery post booking, and long term and low EMI financing covering the entire cost of the vehicle.

Tata Power currently has an expansive EV Charging network consisting of 250+ e-Bus charging points, and 500+ public and semi-public charging points across Delhi NCR.

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DECARBONISATION CARBON EMISSIONS OF AN AVERAGE EARNER IN DEVELOPED COUNTRIES MUCH MORE THAN RICHEST 10% IN INDIA, BRAZIL, OTHER DEVELOPING COUNTRIES: CEEW Richest 10% in developed nations, China adopting low-carbon lifestyles could save 3.4 billion tonnes of CO2 yearly. A carbon tax on the richest 10% in developed countries and China could generate USD 500 billion for climate change mitigation.

he carbon dioxide emissions of an average earner in many developed countries are much higher than the emissions of the richest 10 per cent in developing countries such as Argentina, Brazil, India and the ASEAN region, according to a new independent study released by the Council on Energy, Environment and Water (CEEW). The emissions divide between developed and developing countries is starker when we compare the poorest populations. The carbon emissions of an individual in the bottom 10 per cent income bracket of Saudi Arabia, the US, or Australia are 6 to 15 times more than an individual in the poorest decile of India, Brazil or the ASEAN region. As world leaders gather at the 28th Conference of Parties (COP28) in Dubai for a Global Stocktake, the CEEW study underscores the urgent need for developed countries and China to embrace sustainable lifestyles and vacate carbon space for developing countries. The CEEW study—using data from the World Inequality Database and the World Bank—analysed per capita CO2 emissions for different income brackets across 14 countries, EU and the ASEAN region spanning the developed and developing world. These major economies, taken together, represent approximately 81 per cent of global emissions, 86 per cent of the world’s GDP, and 66 per cent of the global population. Among the countries considered for the analysis, the study, The Emissions Divide: Inequity Across Countries and Income Classes, found that the richest 10 per cent in the developed countries and China emitted 22 per cent more CO2 than the total emissions of all the developing countries studied.

Dr Arunabha Ghosh, CEO, CEEW, said, “The CEEW study clearly shows that not everyone is equally responsible for increasing global carbon emissions. The top 10 per cent in many developing countries emit less than the average per capita emissions in developed countries. This, once again, drives home the scientific basis for ‘common but differentiated responsibilities’, especially as COP28 holds up a mirror to past pledges and broken promises. The findings make the need for accountability and longterm climate finance both imperative and immediate. We can no longer argue why emerging economies need carbon space, or cheap and convenient finance to power their sustainable futures. Moreover, there is no technological substitute for more conscious consumption. Developed countries must make sustainable consumption aspirational, just like India’s Mission LiFE, which nudges individual action to catalyse global changes for people, prosperity and the planet.”

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The CEEW study also found that encouraging the adoption of low-carbon lifestyles among the richest can lead to significant emission reductions. If the richest 10 per cent of developed countries and China reduce their carbon footprint even by half, they can save more than 3.4 billion tonnes of CO2 annually. Moreover, a carbon tax on the richest 10 per cent of developed countries and China could shore up USD 500 billion and discourage highly carbonintensive consumption patterns, the study found. These funds could be used for climate change mitigation, research and development, de-risking clean technology, and building resilience.

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DECARBONISATION This is crucial since another recent CEEW study showed that developed countries are not on track to meet their 2030 emission reduction targets, and will overshoot their Nationally Determined Contributions (NDCs) by 38 per cent.

Pallavi Das, Programme Lead, CEEW, said, “Inequity in the climate debate has a long-standing history and the rich in developed countries are primarily responsible for carbon emissions. Our study shows that while the emission intensity of income has reduced for the highest earners (top 10 per cent) in most countries between 2008 and 2018, overall emissions are increasing because of the rise in incomes. With the carbon budget depleting to keep the world below the 2°C threshold, the rich must be held accountable and nudged to pursue sustainable lifestyles.”

The CEEW study also highlighted that the carbon emissions across both developed and developing countries reveal significant inequities between the wealthiest and poorest income brackets. The difference in the carbon footprint between the top and bottom income 10 per cent ranges between 8 and 22 times for the countries studied. This makes it clear that high earners must make concerted efforts to adopt low-carbon lifestyles and practice responsible consumption. Sustainable living should include practices such as installing energy-efficient appliances in homes and offices, switching off appliances when not in use, increasing the set temperature in air conditioners for appropriate thermal comfort, and using natural daylight. Furthermore, embracing measures such as the use of public transport and carpooling can significantly decrease emissions related to personal commuting. Emissions that cannot be avoided can be offset through carbon offset programmes. Finally, by shifting to low-carbon products and technologies, individuals can create demand that can incentivise businesses to develop and provide sustainable alternatives, which can then spur a low-carbon economy. Source: CEEW

ODISHA BECOMES FIRST STATE TO ISSUES TENDER WITH AN OPTION OF VIRTUAL NET METERING (VNM) FOR 6.5 MW SOLAR PV PROJECTS UNDER RESCO MODE The Odisha Renewable Energy Development Agency (OREDA) has issued a tender for setting up of 6.5 MW solar projects for govt buildings of Health department under RESCO model. The bidders have an option to chose to set up the solar projects on the rooftop of the identified buildings with Net Metering or on land within the same Discom’s area, with Virtual Net Metering (VNM) (bidder has to find its own land).

disha is one of the few states in the country which has released regulations and SOP for Virtual Net Metering (VNM) and Group Net Metering (GNM) for RE projects of capacity up to 500 kW. This is the first tender in India which allows bidders to participate under RESCO. Successful implementation of these projects will bring more speed to distributed RE installations with the new regulations of VNM and GNM.

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OREDA has also kept the provision of Payment Security Fund (PSF) to ensure the timely payment to the vendors for the supply of solar energy. The selected bidder will enter into a Tri Partite Agreement (TPA) with the beneficiary department, and OREDA for supply of solar power under Net Metering/ Virtual Net Metering. Recently, OREDA had also issued tender for 4 MW rooftop solar in Bhubaneswar Green City under RESCO mode.

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SOLAR PROJECTS

STERLITE POWER WINS 8 GW GREEN ENERGY TRANSMISSION PROJECT IN RAJASTHAN

Secures LOI for Rajasthan REZ Ph-IV (Part-1) (Bikaner Complex): Part-B Transmission Project terlite Power, a leading private sector power transmission developer, has secured the order for Rajasthan REZ Ph-IV (Part-1-Bikaner Complex): Part-B Transmission project. With this order win, Sterlite Power has secured its third Green Energy Corridor (GEC) project in the state of Rajasthan. Sterlite Power will be building this project on a BOOT (Build, Own, Operate, Transfer) basis, for a period of 35 years. The project was bid out through tariffbased competitive bidding (TBCB) process. As part of the Part B Bikaner Complex transmission scheme, Sterlite Power will develop two integral components -1) 6000 MVA, 765/400kV substation at Neemrana, and 2) Two 400 kV transmission lines spanning ~ 250kms; connecting Neemrana with existing Kotputli substation, and another LILO corridor that will connect the existing Gurgaon-Sohna line with the Gurgaon & Sohna substations.

Expressing his views on the new order win, Pratik Agarwal, Managing Director, Sterlite Power, said, “Transmission today underpins India’s energy transition success. We are happy to win this critical project that will allow around 8000 MW of renewable energy to flow from RE rich Bikaner to load centers in Rajasthan, Haryana and UP. We stay committed to build robust transmission infrastructure projects in the country to solve the toughest challenges of green energy delivery.”

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This project win adds to the overall green energy portfolio of the company taking the total projects under execution tally to 8. In March 2023, Sterlite Power won its first GEC project in Rajasthan - Fatehgarh III Beawar Transmission Ltd (Phase III, Part G project). This was followed by Beawar Transmission Ltd. (Phase III, Part-F) win in August 2023. Taken together with Project B Bikaner complex, these GEC projects will entail construction of a ~950 km long transmission corridor across Rajasthan. These corridors will be instrumental in evacuation of a significant portion of 20 GW of renewable energy from REZs in Fatehgarh (9.1 GW), Bhadla (8 GW) & Ramgarh (2.9 GW) and 7.7 GW in Bikaner. Sterlite Power's commitment to pioneering challenging and essential green energy transmission corridor initiatives was demonstrated earlier in March 2023, with the successful commissioning of its largest Green Energy Corridor Project – LVTPL (Lakadia-Vadodara Transmission Project Limited). This landmark project, today, facilitates the evacuation of 5 GW of reliable green power from the wind and solar energy hubs of Bhuj & Kutch to various parts of India.

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SOLAR PROJECTS

ENGIE COMMENCES CONSTRUCTION OF 400 MW SOLAR PV PROJECT IN GUJARAT

ENGIE, a leader in low-carbon energy solutions, has been awarded a 400 MW solar project from Gujarat Urja Vikas Nigam (GUVNL) in the 750 MW GUVNL Phase (XVI) auction process with an estimated investment of around $200 million. ENGIE secured its position as a favored bidder with a 25-year Power Purchase Agreement (PPA) signed with GUVNL, the project is estimated to generate 907 gigawatt-hours of electricity while avoiding 774,112 tons of carbon emission annually. This project once commissioned will take ENGIE’s total renewable portfolio in India to 1.5 GW, with 18 projects across 7 states.

n Gujarat, this will be ENGIE’s third renewable project following the commissioning of a 200 MW solar project in Raghanesda in August 2021 and a 29.9 MW wind project in Tithva in 2019. The project is presently in the construction phase, with the Final Investment Decision (FID) already made. It is anticipated to be operational by the second quarter of 2024. This successful FID decision is a significant milestone for ENGIE and showcases our potential to accelerate the development of our renewable energy portfolio and achieve our global target of adding 4 GW of capacity per year by 2025, taking our global installed capacity to 50 GW. The FID decision is a crucial stage in the development of a project, marking the point at which a project sponsor or investor decides to commit funds to a particular project, and it's the final stage of project development before construction or implementation begins.

Speaking on the achievement, Amit Jain, Managing Director, ENGIE India, remarked, "We are optimistic about many such future milestones of ENGIE. This award is a testament to ENGIE's commitment to supporting India with its plan for energy transition and achieving its 500 GW clean energy goals by 2030. The transition towards sustainable energy sources is a crucial prerequisite for bringing about lasting change in consumption patterns, and ENGIE has emerged as a dynamic player in this field.”

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It has been informed that ENGIE plans to further expand its energy storage capabilities and also aims to provide innovative energy solutions to its customers in India. It is committed to playing a leading role in India's energy transition by collaborating with local partners and stakeholders to develop sustainable energy solutions. This includes working closely with the government, policymakers, and regulators to create an enabling environment for the growth of renewable energy in India.

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BUSINESS & FINANCE RENEWABLE ENERGY INVESTMENTS TO SURGE 83 PC TO USD 16.5 BILLION IN 2024

Renewable energy investments are projected to surge by 83%, reaching USD 16.5 billion in 2024. This substantial increase signifies growing global commitment and financial support for clean energy initiatives, highlighting the sector’s expanding significance.

ndia will witness more than 83 percent increase in investments in renewable energy projects to around USD 16.5 billion in 2024, as the country focuses on the energy transition to reduce carbon emissions, energy ministry estimates show. This is in line with India’s ambitious target of 500 GW of renewable energy by 2030 and its resolve to reduce overall fossil fuel power generation capacity to less than 50 percent. India has committed a net zero emission target by 2070. However, Energy and New and Renewable Energy Minister R. K. Singh has said on many occasions that up to 65 percent power generation capacity would be from non-fossil fuels by 2030, that would be higher than the set target of 50 percent. In an interview with PTI, Singh said, “India is likely to see the addition of 25 GW of renewable energy capacity, including an investment of Rs 1,37,500 crore (about USD 16.5 billion) in calendar year 2024, which would be higher than 13.5 GW with an investment of Rs 74,250 crore (nearly USD 9 billion) seen in 2023.” Apart from solar and wind power, India has significantly increased its focus on green hydrogen to reduce dependence on fossil fuels, mainly diesel, required for long-haul vehicles. India’s economy is diesel-driven, so most commercial vehicles for passenger and freight services use diesel as the fuel.

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In January this year, the Union Cabinet approved the National Green Hydrogen Mission with an outlay of Rs 19,744 crore. Later in July, the Solar Energy Corporation of India (SECI) called bids for providing incentives for the production of 4,50,000 tonnes of green hydrogen and 1.5 GW of electrolyser manufacturing facilities annually. 21 firms have bid for incentives for electrolyser manufacturing of 3.4 GW and 14 companies for green hydrogen production of 5,53,730 tonnes under the Strategic Interventions Plan for Green Hydrogen Transition (SIGHT) (Mode-1- Tranche-I). Reliance Electrolyser Manufacturing, Adani New Industries, L&T Electrolysers, and Bharat Heavy Electricals are among the 21 companies that have bid for government incentives to set up an annual capacity of 3.4 GW for manufacturing electrolysers.Other companies that have bid were Hild Electric Private, Ohmium Operations, John Cockerill Greenko Hydrogen Solutions, Waaree Energies, Jindal India, Avaada Electrolyser, Green H2 Network India, Advait Infratech, ACME Cleantech Solutions and Oriana Power. Matrix Gas and Renewables, HHP Seven, HomiHydrogen, Newtrace, C. Doctor & Company, Pratishna Engineers, and LiveHy Energy also participated in the bidding. The 14 companies that evinced interest in incentives to set up green hydrogen production facilities were ACME Cleantech Solutions, Torrent Power, UPL, GH4INDIA, Aneeka Universal, Sembcorp Green Hydrogen India, Greenko ZeroC and CESC Projects. Others were JSW Neo Energy, Welspun New Energy, Avaada GreenH2, Reliance Green Hydrogen and Green Chemicals, HHP Two, and Bharat Petroleum Corporation.

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BUSINESS & FINANCE The National Green Hydrogen Mission aims to make India a global manufacturing hub for this clean energy source and is expected to lead to the development of 5 million metric tons per annum of green hydrogen production capacity by 2030. The mission provides for the setting up of two green hydrogen hubs in the initial phase. The Ministry of Ports, Shipping and Waterways has identified three major ports – Deendayal, Paradip and V.O. Chidambaranar (Tuticorin) Ports- to be developed as hydrogen hubs. Singh said India has 7.8 million tonnes of green hydrogen capacity at different stages. The Strategic Interventions Plan for Green Hydrogen Transition (SIGHT), supported by Rs 17,490 crore, will help catalyze the production of green hydrogen and electrolyzers, develop the green hydrogen ecosystem, and enable industrial decarbonization. India’s dedication to environmental sustainability is in line with the global shift towards green hydrogen and its derivatives, said Vineet Mittal, Chairman of CII’s Taskforce on Green Hydrogen and Co-Chair of CII’s Renewable Energy Council. “However, meeting additional demand for renewable energy and establishing a robust ecosystem for green hydrogen and green ammonia will be pivotal in 2024.” Leveraging the renewable energy potential, India can emerge as a production hub to meet the escalating demand for green hydrogen derivatives, said Mittal, who is also Chairman of Avaada Group. Observing that the outlook for renewable energy in 2024 is positive, Rahul Munjal, Co-Chairman of CII Renewable Energy Council, said there is an expectation of continued investment and technological advancements, particularly in the areas of renewable energy and battery storage. Munjal is also the Chairman and Managing Director of Hero Future Energies. The comprehensive vision outlined in the Central Electricity Authority’s report on the optimal generation mix for the year 2030 targets the production of 292 gigawatts of solar energy, 100 gigawatts of wind energy, and 18 gigawatts of hydroelectric energy, which provides great opportunities for various investments in this sector.

To achieve the goal of 292 GW of solar installations and 100 GW of wind energy installations by 2030, Renewable Energy Implementation Agencies (REIAs) must invite large-scale bidding (up to 5 GW) to maximize the implementation capabilities of developers, Shekhar Dutt, Director General of Solar Power Developers Association (SPDA), said. He also pitched for mandating Green Hydrogen Consumption Obligations (GHCOs) for key industrial sectors to promote the use of green hydrogen. Installed renewable energy capacity, excluding large hydropower plants, in India is expected to rise to about 170 GW by March 2025 from a level of 132 GW, said Girishkumar Kadam, senior vice president & Co-Group Head – Corporate ratings at ICRA Moreover, he said more capacity addition thereafter is likely to be supported by the significant improvement in tendering activity in the current fiscal, with more than 16 GW of projects tendered so far and another 17 GW under implementation by central nodal agencies. He added that this is in line with the 50 GW annual bidding trajectory announced by the government in March 2023.

ADANI GREEN ENERGY INKS PACT WITH SECI FOR SUPPLY OF 1,799 MW SOLAR POWER Adani Green has signed an agreement to supply 1,799 megawatts of solar power to the Solar Energy Corporation of India (SECI). This significant pact strengthens Adani Green’s role in contributing to India’s renewable energy landscape and supports the country’s sustainable energy goals.

dani Green Energy (AGEL) it has signed a power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) to supply 1,799 MW of solar power. With the signing of this balance PPA, AGEL has completed the power offtake tie-up for the entire 8,000 MW manufacturing-linked solar tender awarded to it by the SECI in June 2020, a company statement said. According to the statement, AGEL has announced the execution of a PPA with the SECI to supply 1,799 MW of solar power.

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AGEL has progressed on the commitments of the SECI manufacturing-linked solar PV tender, including setting up 2 GW of PV cell and module manufacturing facilities.

We are glad to conclude the largest green PPA and enable a sustainable energy landscape. Aligned to India’s target of 500 GW non-fossil fuel capacity by 2030, Adani Green is determined to deliver in excess of 45 GW renewable energy, a five-fold increase from our current operating portfolio,” Amit Singh, CEO, AGEL, said.

AGEL has already commissioned a solar PV cell and module manufacturing plant with a capacity of 2 GW per annum through its associate company Mundra Solar Energy Ltd (MSEL), it stated. The plant is located at Mundra, Gujarat. AGEL holds 26% shares of MSEL through its wholly-owned subsidiary Adani Renewable Energy Holding Four Ltd.

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BUSINESS & FINANCE RENEW SIGNS MOU WITH ASIAN DEVELOPMENT BANK FOR US$ 5.3 BILLION The memorandum of understanding, a first of its kind in the Indian RE sector, was signed at the COP28 conference by ReNew Chairman and CEO Sumant Sinha and Suzanne Gaboury, ADB Director General, Private Sector Operations. US$5.3 billion for decarbonization related projects between 2023 and 2028 ReNew Energy Global Plc ("ReNew") (Nasdaq: RNW, RNWWW), India’s leading renewable energy company and a preferred decarbonization partner, signed a Memorandum of Understanding (MoU) with the Asian Development Bank (ADB) to collaborate on climate change mitigation and adaptation projects. The MoU covers projects with investment value of more than US$ 5.3 billion between 2023 and 2028.

he MoU was signed at COP28, Dubai by ReNew’s Founder, Chairman & CEO, Sumant Sinha and Suzanne Gaboury, Director General, Private Sector Operations Department, ADB. The MOU identified potential investments in renewable energy projects, manufacturing, carbon offset projects, green hydrogen, with the aim of jointly supporting sustainable energy transition. The MoU, a first of its kind in the Indian RE sector, is expected to draw interest from additional international investors to participate in financing long-term debt for significant Renewable Energy infrastructure projects. In addition, it will help ADB achieve its funding ambition of $100 billion in green energy projects by 2030.

capacity by 2030.”

Sumant Sinha, Founder, Chairman, and CEO, ReNew, said: “Today’s agreement marks an exciting time for ReNew. Significant financing is needed to reach global climate targets and this agreement helps secure the capital needed. We look forward to collaborating with Asian Development Bank over the coming years to meet India’s target of achieving 500 GW of renewable

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Suzanne Gaboury, ADB Director General for Private Sector Operations, said: “This collaboration between ADB and ReNew envisages the continued cooperation of both organizations over the next five years, by providing a framework for working together towards shared goals and to deliver on the results envisioned in combating climate change.” The memorandum of understanding signed with ADB reaffirms ReNew’s position as the leading renewable energy player in India. With a portfolio of almost 14 GW of clean energy capacity, ReNew is among the top 10 clean energy companies globally, ex China. The company has already invested around $8 billion in the clean energy space and the MoU will enable ReNew to raise further funding for renewable energy projects.

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BUSINESS & FINANCE COPENHAGEN INFRASTRUCTURE PARTNERS LAUNCHES GROWTH MARKETS FUND II WITH A USD 3 BILLION TARGET SIZE The fund is focused on investment in greenfield renewable energy infrastructure in high growth middle-income markets and is expected to enable more than 10 GW of clean energy

openhagen Infrastructure Partners (CIP) announced the launch of its Growth Markets Fund II (GMF II), during the 2023 United Nations Climate Change Conference (COP 28) in Dubai. With a focus on developing and building offshore and onshore wind, solar PV, energy storage and Power-to-X projects in selected high growth middle-income markets across Asia, Latin America and EMEA, the fund has a target size of USD 3 billion and is expected to deliver renewable energy infrastructure projects reflecting over USD 10 billion of capital investment. This will enable more than 10 GW of new renewable energy capacity. It is set to be the world’s largest fund focused on greenfield renewable energy investments in high growth, middle-income markets.

To reach net-zero, we need to bring affordable, reliable, and clean energy to all parts of the world. With a continuous increase in carbon emissions, successful deployment of large-scale renewable energy is particularly important in high-growth, middle-income countries. This fund will be deploying significant private capital and therefore ensure renewable projects in countries, where it will contribute to growth and job creation and deliver substantial impact in terms of reducing carbon emissions, said Christina Grumstrup Sørensen, Senior Partner and founder of CIP. By all estimates, emissions from middle-income markets are expected to grow dramatically over the coming decades. Renewable energy power capacity will need to at least triple by 2030 for the global community to stay on the path to net-zero. To achieve these capacity goals, investments into clean energy must more than quadruple, and middle-income and emerging markets alone will need investments of more than USD 1.9 trillion by 2030. The GMF II fund will play an important part in reaching and realizing these goals.

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These middle-income and emerging markets represent not only a mandatory task for the industry – and we believe that they are also very attractive markets for investors seeking exposure to the some of the highest expected growth rates for renewables. They are estimated to account for 25% of global renewable energy capacity by 2050, as economic and demographic growth drives rapidly increasing electricity demand, said Niels Holst, partner at CIP and co-head of GMF.

With GMF II we are applying our proven greenfield and industrial investment approach from our predecessor funds to create excess returns while significantly mitigating risks. The fund is off to a good start with a large and diversified portfolio of projects reflecting potential equity commitments of more than USD 5 billion – far exceeding the target fund size. We expect the fund to be a global driver in the green and just transition, said Ole Kjems Sørensen, Partner at CIP and co-head of GMF. Based on GMF II’s already existing portfolio of renewable energy development projects, the fund has the potential to reduce greenhouse gas emissions by more than 10 millon tonnes annually, while powering more than 10 million homes with clean energy and creating more than 100,000 full-time equivalent (FTE) years globally. The launch of GMF II adds to what has already been a record year at CIP in 2023, with first close of the fifth flagship fund, Copenhagen Infrastructure V (CI V), at nearly EUR 6 billion as well as final close of both the Advanced Bioenergy Fund I and Green Credit Fund I at a combined EUR ~2 billion. GMF II is CIP’s 12th fund.

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BUSINESS & FINANCE SOLAX POWER & LUBI ELECTRONICS SIGNED STRATEGIC PARTNERSHIP AGREEMENT FOR INDIA MARKET SolaX, a global supplier of solar inverters and energy storage solutions, is pleased to announce a strategic partnership with LUBI Electronics, a prominent name in the Indian electronics industry. This groundbreaking collaboration positions LUBI Electronics as a new distributor for SolaX products across PAN India, fortifying both companies' commitment to advancing renewable energy initiatives in the region.

he partnership with LUBI Electronics marks a strategic move to expand SolaX's footprint in one of the world's most promising solar markets. Renowned for its innovative solar solutions, SolaX has earned global acclaim for delivering high-performance, reliable, and cost-effective products. LUBI Electronics, with its decades-long legacy and extensive market presence, is poised to leverage its distribution prowess to make SolaX's advanced solar technology accessible to a broader consumer base across India.

Speaking on the occasion, Mr. Vipin Bhardwaj, the Country Manager of SolaX Power India, expressed his enthusiasm about the collaboration, stating, "We are delighted to partner with LUBI Electronics, a company with a strong presence and reputation in the Indian market. This collaboration aligns with our vision of making clean and renewable energy accessible to all. Together with LUBI Electronics, we aim to contribute significantly to India's solar revolution."

As India looks towards a future powered by renewable energy, the partnership between SolaX Power and LUBI Electronics stands as a beacon of innovation, bringing efficient and reliable solar solutions to the doorstep of millions across the country.

SBI INKS $165 MILLION LOC WITH WORLD BANK TO PROMOTE ROOFTOP SOLAR PROJECTS

The State Bank of India (SBI) has signed a $165 million Line of Credit (LoC) with the World Bank. This financial arrangement is likely aimed at promoting rooftop solar projects, signaling a collaborative effort to boost renewable energy initiatives and sustainability in India.

he country’s biggest lender, State Bank of India (SBI), said that it will be signing a $165 million Line of Credit (LoC) from the World Bank in Delhi today to support grid-connected rooftop solar photovoltaic projects in residential and institutional sectors. In September, SBI said that it plans to make home loans with rooftop solar installations mandatory for residential projects funded from the bank’s longterm climate action funds drawn down from multilateral agencies. The lender has outstanding forex loans of $2.3 billion from multilateral

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agencies, including the World Bank, the Asian Development Bank, and KfW of Germany. SBI is planning to make it mandatory for builders to make rooftop solar installations if the project is funded from the bank’s green funds, said Ashwini Kumar Tewari, managing director in charge of international banking, information technology and associates and subsidiaries at SBI. Tewari added that SBI is planning to make it a bundled deal for home loan applicants in the coming years.Tiwari also said that SBI is raising its exposure to

The lender has outstanding forex loans of $2.3 billion from multilateral green initiatives, including funding green buildings, battery recycling, and solar rooftop plans, among others. On December 21, SBI announced it is signing Rs 1,800 crore in LoC with the European Investment Bank (EIB) to support climate action projects in the country. On December 14, SBI signed Rs 630 crore in LoC with German Development Bank KfW to promote solar projects in India. SBI registered a 9.13 per cent growth in consolidated net profit in the September quarter to Rs 16,099.58 crore as against Rs 14,752 crore in the year-ago period.

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BUSINESS & FINANCE KUNDAN GREEN ENERGY TO DEVELOP 80 MW HYDROPOWER IN UTTARAKHAND COMMITS INR 1000 CRORE

undan Green Energy has signed an MoU with the Government of Uttarakhand. The agreement envisages adding 80 MW through greenfield projects to the state’s hydropower generation capacity at an investment of INR 1000 crore.

Speaking on the occasion, Mr. Apurve Goel, Director, Kundan Green Energy, said “We are committed to the national agenda of optimizing renewable energy in India. Hydropower is complex, long haul and capital intensive. At the same time, it is always available, since it is independent of wind speeds or sunshine. The state of Uttarakhand has very vast untapped potential in hydropower, which we are working to develop.” The Mou was signed in the presence of the Hon’ble Chief Minister of Uttarakhand, Shri Pushkar Singh Dhami and the Principal Secretary (Power), Government of Uttarakhand.

With the setting up of these greenfield projects in a 4-5 year estimated timeframe, Kundan Green Energy will create employment for 500 people directly and an estimated 2000 people indirectly. The projects will incorporate state-of-the-art technology and best sustainable environmental practices while coopting local communities.

Despite its vast potential to generate renewable power, Uttarakhand is a net power importer. This is due to undeveloped potential. “We hope to play a contributory role in helping the state achieve self-sufficiency in power through renewable methods, and in the process achieve its socio-economic and developmental goals” added Mr Goel.

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BUSINESS & FINANCE STERLING AND WILSON RENEWABLE ENERGY RAISES RS. 1,500 CRORE THROUGH QUALIFIED INSTITUTIONS PLACEMENT (QIP) ROUTE Sterling and Wilson Renewable Energy Limited (SWRE) (BSE Scrip Code: 542760; NSE Symbol: SWSOLAR) has, on Thursday, December 14 th , 2023, announced the completion of a fundraise of Rs. 1,500 crore through Qualified Institutions placement (QIP) route.

he Securities Issuance Committee of Board of Directors at its meeting held on December 14 th , 2023 approved the issue and allotment of 4,32,27,665 equity shares of face value Re. 1/- each to eligible qualified institutional buyers at the issue price of Rs. 347/- per equity share (including the premium of Rs. 346/- per equity share). The Rs. 1,500 crore QIP witnessed a strong response from both domestic mutual funds and marquee global FIIs. Through this QIP, we are more strategically positioned to harness the immense potential of renewable energy market, globally. As a company, we continue to stay committed to our vision of accelerating a renewable future by delivering high-quality renewable solutions that drive sustainability and make a positive impact on the world. We look forward to spearheading the journey with continuous growth, innovation and creating shareholder value.”

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Speaking on the overwhelming response, Mr. Amit Jain, Global CEO, Sterling and Wilson Renewable Energy shared “We express our gratitude to our investors and other stakeholders for the faith reposed in us. Last couple of months have been challenging for us as an organization and the successful completion of the QIP is a significant moment in our journey. Bulk of the proceeds from the QIP will be used to pare down debt furthermore providing us capital to pursue the fast-growing solar EPC markets in India and abroad. The company’s unexecuted order book as of September 30 th , 2023, continues to remain healthy at INR 6,835 crore aided by strong domestic EPC order inflows with a robust and growing bid pipeline in both India and abroad. We remain well positioned to accelerate our growth.

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BUSINESS & FINANCE PROMOTERS TO INVEST INR 9,350 CRORE EQUITY IN ADANI GREEN

• • •

The Board of AGEL approved issuance of INR 9,350 crore of warrants on a preferential basis to the promoter group at a share price of INR 1,480.75/share, calculated basis SEBI ICDR regulations Funds to be utilized for deleveraging and accelerated growth capex in AGEL to deliver 45 GW capacity by 2030 This transaction follows successful debt raise of ~USD 1.4 billion earlier in December 2023, and takes the total capital raised to USD 3 billion

Adani Green Energy Ltd (“AGEL”), India’s largest and the world’s leading renewable energy developer, announced that the Board of Directors of AGEL have approved a preferential issuance of warrants to the Promoters of AGEL for a quantum of INR 9,350 crore (equivalent to USD 1,125 million) at a per share price of INR 1,480.75/share calculated basis SEBI ICDR regulations. The issuance is subject to the approval of regulatory and statutory authorities as well as the shareholders of the company at the Extraordinary General Meeting (EGM) scheduled on 18 January 2024. The funds shall be utilized for deleveraging and accelerated capital expenditure. AGEL is now fully equipped to achieve its stated target of 45 GW by 2030, with 20.6 GW locked in capacity, secured land of over 2,00,000 acres (equivalent to over 40 GW of additional capacity) in resource rich areas of India and additional equity infusion of INR 9,350 crore which fully funds this stated target.

India is on the cusp of becoming a global leader in renewable energy and Adani Green Energy is in the vanguard of this revolution,” said Mr Gautam Adani, Chairman of the Adani Group. “This investment by the Adani family underscores our commitment not only to making our nation’s clean energy dream a reality but also to an equitable energy transition where we phase down traditional power sources while simultaneously phasing up green, affordable alternatives to fuel our accelerating growth and development plans. With the funds infusion, AGEL remains favorably positioned to achieve its accelerated growth trajectory. Earlier, AGEL announced USD 1.36 billion construction facility (by 8 leading international banks) for construction of 2,167 MW solar power projects in Khavda, Gujarat, the largest solar park in India. In addition, AGEL has announced USD 1.425 billion of equity capital (USD 1.125 billion from preferential issuance by promoters and USD 300 million from TotalEnergies JV), which translates to a capital raise of ~ USD 3 billion. This demonstrates the deep interest by long term investors, strategic partners, financial institutions, banks coupled with continued promoter commitment, to enable AGEL’s target of adding 45 GW of renewable capacity in India by 2030.

HINDUJA RENEWABLES WINS 140 MW SOLAR POWER PROJECT IN GUVNL TENDER In a highly competitive bid, Hinduja Renewables has won a bid to set up 140MW solar power capacity in a tender issued by GUVNL at a tariff rate of INR 2.64/kWh. This has a potential to increase to 280 MW as GUVNL may allow additional capacity 140 MW by exercising the Greenshoe option.

he award is part of the Solar Tender Phase -XXII issued by GUVNL for selection of solar power developers for setting up 500 MW Solar Power Projects anywhere in India. Hinduja Renewables was one of the 4 winning developers under this tender which saw a participation from leading IPPs.

Commenting on the achievement, Sumit Pandey, CEO of Hinduja Renewables, stated, “This is a welcome addition to the recent tenders we have won this year across different central and state tenders such as NHPC and GUVNL. With this achievement, Hinduja Renewables will operate with a capacity of 1.5+ GW in the country in the coming few years. Hinduja Renewables is well on its way to creating a multi-GW suite of power capacity.”

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BUSINESS & FINANCE TOTALENERGIES SECURES LONG-TERM SOLAR CPPAS TO SUPPLY LYONDELLBASELL TotalEnergies has successfully secured long-term solar Corporate Power Purchase Agreements (CPPAs) to provide a sustainable and reliable energy supply to LyondellBasell. This strategic move emphasizes a commitment to renewable energy and contributes to achieving sustainable power solutions for industrial operations.

tion goals.

n a strategic move toward sustainable energy collaboration, TotalEnergies has recently announced the signing of a second long-term Corporate Power Purchase Agreement (CPPA) with LyondellBasell, a prominent player in the global chemical industry. This agreement underscores TotalEnergies’ commitment to providing competitive renewable electricity and supporting industry leaders in achieving their decarboniza-

The latest CPPA involves the supply of a combined 275 MWac (358 MW) of green electricity sourced from TotalEnergies’ utility-scale Cottonwood Bayou and Brazoria Solar farms in Texas. This partnership follows a precedent set at the close of 2022 when the two companies inked their initial renewable CPPA. Under the newly signed 15-year CPPA, LyondellBasell is set to offtake 125 MWac (163 MW) from TotalEnergies’ Brazoria Solar farm. This facility, with a robust capacity of 325 MW, is strategically situated southwest of Houston, with commercial operations slated to commence by the end of 2025. Simultaneously, the 12-year CPPA signed in 2022 will see LyondellBasell offtaking 150 MWac (195 MW) from TotalEnergies’ Cottonwood Bayou Solar plant. This project, located south of Houston, boasts a capacity of 455 MW, with commercial operations expected to start by the close of 2024. One distinctive feature of these CPPAs is their indexation on merchant prices, facilitated through an innovative upside-sharing mechanism. This mechanism ensures that both companies participate in any potential upside resulting from increased market prices throughout the contract term. TotalEnergies’ ability to structure agreements with such flexibility has been evident in prior CPPAs with industry giants like Amazon and Saint-Gobain in the United States.

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Vincent Stoquart, Senior Vice President of Renewables at TotalEnergies, expressed pride in supporting LyondellBasell’s climate goals and highlighted how these agreements align with TotalEnergies’ strategy to assume merchant exposure. Stoquart emphasized that these agreements contribute to the objective of achieving profitable growth for TotalEnergies’ Integrated Power business. LyondellBasell, in turn, sees these CPPAs as pivotal in advancing its commitment to reducing scope 1 and 2 greenhouse gas emissions. Chris Cain, LyondellBasell Senior Vice President for Net Zero Transition Strategy, underscored the critical role of power purchase agreements in meeting the company’s emission reduction targets. Cain emphasized that these agreements with TotalEnergies play a crucial role in accelerating the development of clean energy and facilitating the shift to lowcarbon energy consumption at LyondellBasell’s sites. Moreover, LyondellBasell has set a target to procure a minimum of 50% of electricity from renewable sources by 2030, based on 2020 procured levels. With approximately 15% of the company’s 2020 baseline scope 1 and 2 greenhouse gas emissions stemming from electricity consumption, the transition to renewable electricity forms a pivotal component of LyondellBasell’s pathway to achieving net-zero scope 1 and 2 emissions by 2050. In summary, TotalEnergies’ strategic collaboration with LyondellBasell through these CPPAs not only reinforces their commitment to sustainable practices but also exemplifies the pivotal role that major corporations play in driving the global energy transition towards a greener future. As the energy landscape continues to evolve, such partnerships serve as beacons of innovation and sustainability, influencing the broader industry’s trajectory toward cleaner and more environmentally responsible practices.

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BUSINESS & FINANCE GREENCELL MOBILITY INKS POWER-PURCHASE AGREEMENT, MAKES STRATEGIC EQUITY INVESTMENT IN RENEWABLE POWER PLANT IN MP GreenCell Mobility has finalized a power-purchase agreement and executed a strategic equity investment in a renewable power plant in Madhya Pradesh. This move underlines the company’s commitment to sustainable practices, securing a clean energy source and contributing to the renewable energy landscape in the region.

he company is actively pursuing similar agreements in other states where it operates. Eversource Capital promoted GreenCell Mobility has revealed a power purchase agreement and executed a strategic equity investment, facilitated by its subsidiary GreenCell Express, in a 1 MW wind solar hybrid captive power plant located in Ratlam, Madhya Pradesh.

The plant boasts an annual generation capacity of 4.6 million units. GreenCell Express operates the “NueGo” brand of inter-city electric buses. The development, the company said, will see its inter-city electric buses in the state powered predominantly by renewable energy, leading to incremental CO2 savings of 38 thousand metric tonnes over the lifetime of the buses.

Devndra Chawla, CEO and MD of GreenCell Mobility, “At GreenCell Mobility, we are not just about embracing the future; we are about creating it. This initiative of powering our EVs through renewable energy sources in Madhya Pradesh is more than an innovation; it’s a commitment to our planet and our future generations. We are setting a precedent in the industry, demonstrating that sustainable practises can go hand-in-hand with business growth.”

The company added that, in line with this vision, GreenCell Mobility is actively pursuing similar agreements in other states where it operates. The company’s goal is to transition completely from grid power to renewable energy (RE) sources.

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Additionally, GreenCell is exploring the deployment of battery energy storage solutions to ensure that its operations are end-to-end green. GreenCell is actively working with both central and state stakeholders to facilitate policy changes to increase adoption of RE power for e-buses, it continued.

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BUSINESS & FINANCE

SEMBCORP INKS DEAL WITH JAPANESE FIRMS TO EXPORT GREEN AMMONIA FROM INDIA Sembcorp Industries has signed an agreement with Japanese firms to export green ammonia from India. This collaboration highlights a significant step toward promoting sustainable and low-carbon energy solutions, contributing to the global effort to reduce carbon emissions and advance the green economy.

ingapore’s Sembcorp Industries said its green hydrogen unit had partnered with two Japanese firms to supply green ammonia produced in India to Japan, as the company moves to strengthen its position as a major green energy supplier. Sembcorp Green Hydrogen Pte, has signed a memorandum of understanding with Japanese conglomerate Sojitz Corp and energy major Kyushu Electric Power for potential opportunities for green ammonia production, Sembcorp said. “With green ammonia as a critical energy source to decarbonise Japan’s power supply mix, the partnership will support the (Japanese) government’s goal to achieve net zero by 2050,” the firm, backed by state-owned investor Temasek Holdings, said in a statement.

SINGLE WINDOW COMMITTEE CLEARS OVER RS 1079 CR INVESTMENT FOR RENEWABLE POWER PROJECTS The Single Window Committee approves investments exceeding Rs 1079 crore for renewable power projects, highlighting a significant stride in advancing sustainable energy initiatives. This financial endorsement underscores a commitment to bolstering the renewable energy sector’s growth.

he Energy Department’s Single Window Committee (SWC), chaired by Principal Secretary Vishal Kumar Dev, has approved investment proposals totaling Rs 1079.62 crore, marking a positive step towards a sustainable energy future. This substantial funding shows the state’s unwavering commitment to hitting its NetZero target by going toward the development of game-changing green energy projects. The 30 MW ground-mounted solar project by GMR Kamalanga and the 19.53 MW rooftop solar initiative by JSL, which will eventually revolutionize the region’s solar energy capacity, were approved with overwhelming support by the SWC. Similarly, the state-run PSU Odisha Hydro Power Corporation Ltd.’s approval of the 63MW large hydro project represents a significant step towards the harvesting of hydroelectric power (OHPC).

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BUSINESS & FINANCE TATA POWER SHARES RISE 2% AFTER SOLAR ARM BAGS ORDER FROM NTPC Tata Power’s shares have surged by 2% following its solar arm securing an order from NTPC (National Thermal Power Corporation). This positive market response indicates investor confidence in Tata Power’s renewable energy initiatives and the potential positive impact on the company’s financial performance.

ata Power Solar Systems has signed a contract worth ₹418 crore with NTPC to supply solar PV modules for its Nokh Solar Park in Rajasthan. Shares of Tata Power rose nearly 2%, snapping two sessions losing streak, after its solar arm secured an order worth ₹418 crore from NTPC, the country’s largest power generation company. The Tata group stock fell 1.5% in the past two session as investors booked profit at higher levels after the counter touched fresh 52-week high on December 14, 2023. Earlier, Tata Power shares opened higher at ₹339.20, up 1.8% against the previous closing price of ₹333.20 on the BSE. The stock gained as much as 2.1% to hit an intraday high of ₹340.2, while the market capitalisation rose to ₹1.08 lakh crore. The largecap stock has risen 87% in nine months, from its 52week low of 182.45 touched on March 28, 2023, to fresh record high of ₹341.30 on December 14, 2023. The market cap the integrated power company crossed ₹1 lakh crore mark on December 7, becoming the sixth Tata Group company to achieve this market value after Tata Consultancy Services (TCS), Titan Company, Tata Motors, Tata Steel, and Trent. In a post-market release on December 15, Tata Power said that its subsidiary, Tata Power Solar Systems signed a contract with state-owned NTPC to supply solar PV (photovoltaic) modules for its Nokh Solar Park in Rajasthan. The order value of the project is around ₹418 crore. “Tata Power Solar Systems Limited (TPSSL), a wholly owned subsidiary of Tata Power Renewable Energy Limited (TPREL), one of the leading renewable energy players in India, is pleased to announce that it has signed a contract to supply 152 MWp

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DCR Solar PV Modules for NTPC Limited (NTPC’s) Nokh Solar PV Project in Rajasthan,” the company said in the filing. “This contract highlights TPSSL’s commitment to promoting the growth of renewable energy, thereby furthering the nation’s sustainable energy objectives,” it added. NTPC is developing three 245 MW (total 735 MW) Nokh Solar Park at Pokaran, Jaisalmer, Rajasthan. The entire project will utilise DCR (Domestic Content Requirement) category Bi-Facial Mono-PERC modules. The solar panels, including the solar cells and modules, of these DCR Solar PV modules, are being manufactured in India in adherence to the domestic content requirement policy. TPSSL’s solar cell and module manufacturing plant in Bengaluru will supply 152 MWp DCR Solar PV modules for this project. TPSSL’s solar EPC portfolio is more than 12.5 GWp of ground-mount utility-scale, over 2 GW of rooftop and distributed ground-mounted systems, and over one lakh solar water pumps. As of September 30, 2023, Tata Power’s clean energy portfolio achieved the milestone of 5,500 MW, standing at 38% of total installed generation capacity. It also made significant progress in its distribution business by improving its cash flow and reducing AT&C losses in Odisha. Further, it is well-poised to capitalise on the pumped hydro storage projects and has signed a pact with the Maharashtra government for the development of 2,800 MW projects, with a proposed total investment of around ₹13,000 crore. Early this month, in an analyst meeting at its Bhivpuri Hydro capacity in Maharashtra, the company gave an aggressive target to double its revenue and profit by FY27 at a capital expenditure of ₹60,000 crore in the next four years. Out of which, 45% will be spent on renewables during FY24-27.

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BUSINESS & FINANCE BLUPINE ENERGY TIES UP RS 511 CRORE GREEN LOAN FOR GUJARAT SOLAR PROJECT BluPine Energy secures a green loan of Rs 511 crore for its solar project in Gujarat. This financial arrangement highlights the growing support and investment in renewable energy initiatives, particularly in the solar sector, contributing to India’s sustainable energy transition.

he green loan financing for the project has been secured through leading global banking institution Standard Chartered, a company statement said. Renewable energy services firm BluPine Energy has tied up a Rs 511 crore green loan for its 120 MW solar project in Gujarat. The green loan financing for the project has been secured through leading global banking institution Standard Chartered, a company statement said.

“With a green loan valued at Rs 511 crore ($62 million), this visionary project not only contributes to India’s ambitious clean energy goals but also highlights our unwavering dedication to innovation and environmental responsibility,” Sanjeev Bhatia, CFO of BluPine Energy, said in the statement.

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“We are happy to announce the successful financial closure of our first 120 MW solar project in Gujarat,” he added. The company stated that the total investment for this project is valued at Rs 665 crore ($80 million). Upon completion, the solar plant is expected to generate about 3.23 lakh MWH of solar energy annually, offsetting an estimated 2.96 lakh tons of CO2 and providing power to approximately 2.7 lakh households. “This financing reinforces our support to growing renewable energy platforms in India and Standard Chartered’s commitment to mobilise $300 billion of sustainable finance by 2030,” Prasad Hegde, Managing Director – Regional Head Project & Export Finance, South Asia at Standard Chartered Bank, said in the statement. The electricity generated from this plant will be supplied to Gujarat Urja Vikas Nigam Ltd (GUVNL) under a Power Purchase Agreement (PPA) for 25 years from the scheduled commercial operation date. With the addition of this project, BluPine Energy’s cumulative solar and wind energy capacity in Gujarat will scale up to 360 MW and 290 MW, respectively, across three projects under GUVNL. Moreover, the overall renewable energy capacity will reach approximately 1.5 GW, with 360 MW currently operational. BluPine Energy is a renewable energy services company established in India by Actis, a global investor and world leader in funding and building sustainable infrastructure companies.

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BUSINESS & FINANCE MAHINDRA AND MAHINDRA WILL TAKE OVER A SOLAR PROJECTS DEVELOPER WITHIN THE GROUP FOR ₹288 CRORE

The statement suggests that Mahindra and Mahindra, a part of the Mahindra Group, will acquire a solar projects developer within the group for ₹288 crore. This acquisition reflects the company’s strategic move to expand its presence and capabilities in the solar energy sector. Acquiring a solar projects developer aligns with the broader trend of businesses investing in renewable energy to support sustainability goals and diversify their energy portfolios.

ahindra and Mahindra’s board of directors approved the acquisition of 58.64 lakh equity shares of Emergent Solren, an arm of Mahindra Holdings Ltd, for ₹288 crore. Following the completion of the transaction, the stake of Mahindra Holdings Ltd (MHL) in Emergent Solren Pvt Ltd (ESPL), a solar projects developer, would become nil, while M&M would hold 60.01% of the stake in ESPL. It is a related party transaction, the Anand Mahindra-led company informed the stock exchanges. Anand Mahindra, the non-executive chairman of M&M, is an Indian billionaire with a net worth of over $2.6 billion as of December 13, according to Forbes. Mahindra and Mahindra shares are up over 30% in 2023 so far. Emergent Solren is engaged in the business of developing and operating

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renewable solar projects with a capacity of 360 megawatts. Post the acquisition of Emergent Solren by Mahindra and Mahindra, it will sell the same to Sustainable Energy Infra Trust (SEIT), a joint venture between the Mumbai-based $19 billion conglomerate and the Ontario Teachers’ Pension Plan (a pension fund based out of Canada). In September 2022, Mahindra and Mahindra said that Mahindra Holding will hive off some assets to a new company, which would then be sold to an infrastructure investment trust (InvIT) to be set up by a Canadian pension fund and its affiliates. The latest takeover of Emergent Solren is part of the same arrangement. InvITs function like mutual funds that collect money and invest in specific projects. Investors in InvIT can buy and sell units. It is a fractional ownership that, experts say, are less volatile than stocks and give better returns than fixed deposits. At 9.47 AM, shares of Mahindra and Mahindra were trading 1.28% higher at ₹1,655 apiece on the BSE.

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BUSINESS & FINANCE ADANI GREEN CONCLUDES PPA TIE-UP FOR ENTIRE 8,000 MW MANUFACTURING-LINKED SECI TENDER Final PPA to supply 1,799 MW solar power inked for a period of 25 years

dani Green Energy Ltd (AGEL), India’s largest and among the world’s leading renewable energy players, has announced the execution of power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) to supply 1,799 MW of solar power. With the signing of this balance PPA, AGEL has completed the power offtake tie-up for the entire 8,000 MW manufacturing-linked solar tender awarded to it by SECI in June 2020, which set a record for being the world’s largest solar tender. AGEL has progressed on the commitments of the SECI manufacturing-linked solar PV tender, including setting up 2 GW of PV cell and module manufacturing facilities. AGEL has already commissioned a solar PV cell and module manufacturing plant with a capacity of 2 GW per annum through its associate company Mundra Solar Energy Ltd (MSEL). The plant is located at Mundra, Gujarat. AGEL holds 26% shares of MSEL through its wholly owned subsidiary Adani

Renewable Energy Holding Four Ltd. With this, Adani Green now has tied up PPAs of 19.8 GW and balance is merchant capacity in its 20.6 GW locked-in portfolio. With over 2 Lacs acres of land already tied up in resource rich areas of India, the portfolio is fully derisked for execution of 45 GW capacity by 2030.

Mr Amit Singh, CEO, Adani Green Energy Ltd. “Adani Green is committed to not only enabling India’s decarbonization goals but also contributing towards the Atmanirbhar Bharat vision. We are glad to conclude the largest green PPA and enable a sustainable energy landscape. Aligned to the India’s target of 500 GW non-fossil fuel capacity by 2030, Adani Green is determined to deliver in excess of 45 GW renewable energy, a five-fold increase from our current operating portfolio. This reaffirms our resolve to provide affordable and accessible clean energy.”

POWER MINISTER AIMS TO CUT ENERGY STORAGE COSTS FROM RS 10-18/KWH The Power Minister aims to reduce energy storage costs from the current range of Rs 10-18 per kilowatt-hour (kWh). This indicates an effort to make energy storage technologies more cost-effective, which is crucial for the widespread adoption of renewable energy and grid stability. Lowering storage costs can contribute to making clean energy solutions more affordable and accessible.

ndia’s Power Minister announces plans to further reduce energy storage costs, currently at Rs 10-18 per kWh. This initiative aligns with the government’s commitment to making sustainable energy solutions more affordable and accessible for a wider population. The current cost of energy storage reflects a significant achievement in the renewable energy landscape, indicating advancements in technology and economies of scale. The Power Minister’s proactive approach to decreasing these costs demonstrates the government’s dedication to fostering a conducive environment for the widespread adoption of energy storage solutions. Reducing energy storage costs is crucial for the integration of renewable energy sources into the grid and addressing the intermittency challenge. As India continues its transition towards cleaner and more sustainable energy systems, affordable energy storage solutions play a pivotal role in ensuring grid stability and reliability. The government’s commitment to driving down costs indicates a positive outlook for the renewable energy sector. It not only supports the achievement of India’s renewable energy targets but also positions the country as a global leader in adopting cost-effective and sustainable energy storage technologies. This move aligns with the broader global trend of making clean energy solutions economically viable, contributing to a greener and more sustainable future.

EQ JANUARY 2024

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WIND PROJECTS

APRAAVA ENERGY EXPANDS ITS RE PORTFOLIO WITH A 300 MW WIND ENERGY PROJECT WIN IN KARNATAKA

praava Energy, a leading integrated energy solutions provider, announced that it has secured a 300 MW wind energy project in Aski, Karnataka. The project is part of the 1200 MW auction capacity of Inter-State Transmission System (ISTS)-connected wind power projects (Tranche-XIV) from the Solar Energy Corporation of India (SECI). The construction of the project will be completed within the stipulated timelines as per Power Purchase Agreement (PPA), which is for a period of 25 years at a competitive tariff of INR 3.24/kWh. As part of the agreement, Apraava Energy will be responsible for acquiring the land, developing the wind farm, and establishing the grid infrastructure up to the metering point at the ISTS grid substation. The company's current RE portfolio (Solar and Wind) stands at 1176 MW, with projects spread across the states of Rajasthan, Gujarat, Maharashtra, Madhya Pradesh, Tamil Nadu, Telangana and Karnataka.

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Commenting on the project win, Mr. Rajiv Ranjan Mishra, Managing Director, Apraava Energy, said, “This is our third wind project in the state of Karnataka, which offers tremendous opportunities for RE growth. With the rich experience of being early adopters of wind power generation in the country, coupled with expertise of working with marquee O&amp;M partners, we aim to build the project with the highest operational standards. The government&#39;s efforts through SECI and other federal agencies have been instrumental in bringing much-needed transparency to the bids, resulting in the accelerated growth of renewable energy and bringing the nation closer to its ambitious energy transition goals.”

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INDIA

GOVT FOCUSED ON INVESTING IN GREEN, CLEAN TECHNOLOGIES: JAISHANKAR The government is actively prioritizing investments in green and clean technologies, according to statements by External Affairs Minister S. Jaishankar. This emphasis aligns with global efforts to promote sustainability, combat climate change, and transition towards cleaner and more environmentally friendly technologies.

H or fossil fuels.

Highlighting the imperative to invest in environmentally friendly technologies, External Affairs Minister S. Jaishankar emphasised that the government is currently directing its efforts towards this crucial area. The minister underscored the necessity of considering the security implications associated with external dependence on renewables

“If we invest in green and clean technologies–not exactly, not surprisingly–that is exactly where the government is focused today. We have great skill at hedging the risks of external energy exposure, but when it comes to fossil fuels, that same awareness, let alone response, is not yet there in much of the world when it comes to renewables,” Jaishankar said, while speaking at the 3rd convocation of Rashtriya Raksha University in Lavad, Gandhinagar. “A serious consideration of the security implications of external dependence on renewables is very much the need of the day,” he said. Jaishankar delved into the pressing issue of water security, acknowledging the impact of new approaches to harvesting, usage, and conservation across the country. “Water security is another looming issue, where new thinking on harvesting, usage and conservation has already made its impact across the country. The growing demand of an expanded population depends on growing demand for water resources,” Jaishankar said. “The emergence of new technologies in this particular field and apprehensions emanating from climate change, all of them combined, contribute to the need for change in conversations,” he added. Recently, Prime Minister Narendra Modi attended the World Climate Action Summit of the Conference of Parties-28 in Dubai, UAE.

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His visit was defined by fruitful engagements with global leaders and path-breaking initiatives for accelerating global climate action. During his UAE visit, PM Modi noted that climate change has had an immense impact on the countries in the Global South. The PM said that to fulfil the aspirations of the Global South, climate finance and technology are essential. “We all know that countries in the Global South, including India, have had less of a role to play in climate change. But the impact of climate change on them is immense. Despite a lack of resources, these countries are committed to climate action,” the Prime Minister said at the COP28 Presidency’s session on Transforming Climate Finance then. COP28 was held from November 28-December 12 under the Presidency of the UAE in Dubai.

PM Modi, along with Sweden’s PM Ulf Kristersson, President of Mozambique Filipe Jacinto Nyusi and European Council president Charles Michel, launched the web portal of the Green Credits Programme at the COP28 World Climate Action Summit in Dubai. “The manner in which we give importance to our Health Card in life, we have to similarly start thinking in the context of environment. We will have to see what is to be done to add positive points to Earth’s Health Card. I think this is what Green Credit is,” PM Modi said. Moreover, India and Sweden also announced the launch of the Leadership Group for Industry Transition 2.0 (LeadIT 2.0) in Dubai. The PM said the initiative will have three focuses. “First, inclusive and just industrial transition. Second, co-development and transfer of low-carbon technology; and third support for emerging technology. To make all this possible, we are also launching the India-Sweden industrial transformation platform. I have full belief that we will write a new green growth story for the generation to come,” PM Modi said.

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INDIA INDIA EXPECTED TO SEE 1 CR EV SALES ANNUALLY BY 2030, CREATE 5 CR JOBS: GADKARI India is projected to witness 1 crore (10 million) electric vehicle (EV) sales annually by 2030, according to Nitin Gadkari, the Union Minister for Road Transport and Highways. Additionally, this growth is expected to generate around 5 crore (50 million) jobs, reflecting a significant shift towards sustainable transportation and a boost to employment opportunities in the sector.

he Union Road Transport and Highways minister asserted that India has the potential to become number 1 EV maker in the world India is likely to see 1 crore Electric Vehicle (EV) sales a year and the segment is expected to generate about 5 crore jobs by 2030, Union minister Nitin Gadkari said. Addressing the 19th EV EXPO 2023, Gadkari, “As per the Vahan database, 34.54 lakh EVs are already registered in India.” The Union Road Transport and Highways minister asserted that India has the potential to become number 1 EV maker in the world and the government is committed to making India a self-reliant country in clean energy production and mass application. Gadkari said the government has also permitted retrofitting of existing polluting vehicles into hybrid and fully EVs. The regulations have been finalised and technology demonstrations done successfully, he added. He said the government intends to shift public transport and logistics to EVs.

GOA TO HOST INDIA ENERGY WEEK FROM FEB 6-9 Goa is set to host India Energy Week from February 6 to 9. This event is likely to serve as a platform for discussions, collaborations, and insights into the country’s energy landscape. The week-long event may focus on various aspects of India’s energy sector, including policy discussions, technological advancements, and sustainable energy solutions.

oa will host the second edition of India Energy Week (IEW) 2024 from February 6-9, organisers of the event announced. The IEW will be organised by the Federation of Indian Petroleum Industry (FIPI) under the aegis of the Ministry of Petroleum and Natural Gas, Government of India from February 6-9, 2024. Federation of Indian Petroleum Industry (FIPI) Director General Gurmeet Singh said in Goa that IEW will serve as a catalyst for meaningful discussions, knowledge exchange, and collaboration among industry experts, policy makers, academia and entrepreneurs.

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He said the spotlight at IEW 2024 will demonstrate India’s intricate energy landscape, characterised by a diverse energy mix, rapid growth in renewable energy, challenges related to energy access, urbanisation, and economic development, all within the context of addressing climate change. Singh said the IEW will give a boost to visitors to Goa. Sanjeev Singhal, Executive Director & Head, Institute of Petroleum Safety, Health and Environment Management, said IEW 2024 builds on the first edition of IEW, which was inaugurated by Prime Minister Narendra Modi who underscored the possibilities in India’s energy sector. The organisers said IEW 2024 is expected to draw over 35,000 plus attendees, 350-plus exhibitors, more than 400 speakers and 4,000 delegates, from over 100 countries.

EQ JANUARY 2024

INDIA ADANI FAMILY PLANS $1 BN INVESTMENT IN CONGLOMERATE’S GREEN ENERGY UNIT The Adani family is set to invest $1 billion in the conglomerate’s green energy unit, signaling a substantial commitment to expanding the company’s renewable energy initiatives. This significant investment reinforces Adani’s dedication to sustainable and clean energy development.

illionaire Gautam Adani and his family plan to inject $1 billion into the conglomerate’s renewable energy unit, people familiar with the matter said, as the group races to reach ambitious green goals while facing maturing bonds next year. Adani Green Energy Ltd. is looking to issue preferential shares to the company’s founders for meeting expansion and refinancing needs, according to the people familiar with the discussions who didn’t want to be identified as the talks are private. Shares rose as much as 6.7% in Mumbai after the news broke, paring this year’s loss to 20%. An Adani Group representative didn’t offer an immediate co ment on the founders’ investment. The company board will consider fundraising proposals on Dec. 26, including evaluating options such as selling shares or convertible securities, it said in a filing without sharing any more details. “An equity raise could boost deleveraging and lower refinancing risk, though governance concerns may linger,” Sharon Chen, a Bloomberg Intelligence analyst, wrote in a Dec.

15 note. The company, which has a goal of 45 gigawatts of green energy capacity by 2030, also has bond maturities worth $1.2 billion coming up next year and it has already begun outlining plans for repaying or refinancing those. It also raised a loan from eight banks earlier this month. All these efforts underscore Adani Group’s attempts to draw a line over damaging allegations of corporate fraud levied by Hindenburg Research in January that plunged the ports-to-power conglomerate into crisis for months. Clawback Mode Despite strongly denying these allegations, Adani companies lost over $150 billion in market value at one point. The conglomerate has since then been in clawback mode — it has lowered debt, got marque investors and secured US funding for its Sri Lanka port project — winning back investor and lender confidence. The group’s stocks saw a relief rally in its shares last month after India’s top court said it won’t take media reports on the conglomerate as the “gospel truth” while reserving verdict on its probe into Hindenburg’s allegations. Adani Green’s stock has jumped more than 65% since the top court made these observations end of last month.

STATUS OF ADOPTION OF GREEN HYDROGEN IN THE COUNTRY The implementation of the PM KUSUM Scheme shows notable progress, particularly in advancing solar energy in agriculture. On the ground, the initiative has contributed to sustainable energy practices and rural development, aligning with its goals.

he Union Minister for New & Renewable Energy and Power has informed about the status of the adoption of green hydrogen in the country. The Ministry of New and Renewable Energy is implementing the National Green Hydrogen Mission, approved by the Union Cabinet on 4th January 2023, with an outlay of ₹ 19,744 crore. The overarching objective of the Mission is to make India the Global Hub for production, usage and export of Green Hydrogen and its derivatives. The present status of adoption of Green Hydrogen in the country is as follows: GAIL Limited has started India’s maiden project of blending Hydrogen in City Gas Distribution grid. Two precent by volume of hydrogen is being blended in CNG network and 5 vol% of hydrogen is being blended into PNG network at City Gas Station of Avantika Gas Limited (AGL), Indore in the state of Madhya Pradesh. NTPC Limited has initiated blending of Green Hydrogen up to 8% (vol/vol) in PNG Network at NTPC Kawas Township, Surat, Gujarat from January 2023. Besides these, other PSUs have taken up various projects such as: Hydrogen based Fuel-Cell Electric Vehicle (FCEV) Buses in Leh by NTPC Hydrogen based Fuel-Cell Electric Vehicle (FCEV) Buses in Greater Noida by NTPC Oil India Limited has developed a 60 kW capacity hydrogen fuel cell bus, which is a hybrid of an electric drive and a fuel cell.

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Demonstration pilot plants for production of Green Hydrogen through water electrolysis using solar power, biomass oxy steam gasification and CBG reforming for refueling 15 no. of Hydrogen Fuel Cell buses by Indian Oil In addition, several entities have announced plans to set up production facilities for Green Hydrogen/ Green Ammonia in India. Since Green Hydrogen adoption in the country is at an initial stage, through demonstration projects, its impact on job creation, reduction in dependence on oil and exports has been limited so far. However, the expected outcomes of the National Green Hydrogen Mission, by 2030, are as follows: India’s Green Hydrogen production capacity is likely to reach 5 MMT per annum, contributing to reduction in dependence on import of fossil fuels. Achievement of Mission targets is expected to reduce a cumulative ₹ 1 lakh crore worth of fossil fuel imports by 2030. This is likely to leverage over ₹8 lakh crore in total investments and create over 6 lakh jobs. Under the Strategic Interventions for Green Hydrogen Transition (SIGHT) scheme (Mode – I, Tranche – I) of the National Green Hydrogen Mission, Request for Selection (RfS) has been issued for selection of Green Hydrogen producers for setting up production facilities of 450,000 tons for Green Hydrogen in India.This information has been given by the Union Minister for New & Renewable Energy and Power Shri R. K. Singh, in a written reply to a question, in Lok Sabha on December 21, 2023.

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INDIA ROOF TOP SOLAR CAPACITY INSTALLATIONS GROWING AT COMPOUND ANNUAL GROWTH RATE OF AROUND 46%: UNION POWER AND NEW & RENEWABLE ENERGY MINISTER Union Power and New & Renewable Energy Minister reports a robust growth in rooftop solar capacity installations, with a remarkable compound annual growth rate (CAGR) of approximately 46%. This signifies a substantial acceleration in the adoption of rooftop solar energy solutions.

he Union Minister for New & Renewable Energy and Power has informed that the rate of growth of renewable energy capacity in the country has been one of the highest globally in the last 5 years. The Ministry of New and Renewable Energy (MNRE) launched Rooftop Solar Programme Phase-II on 08.03.2019 with an objective to achieve 40 GW of rooftop solar (RTS). The Programme envisages installation of 4,000 MW of RTS capacity in the residential sector by providing Central Financial Assistance (CFA). The CFA admissible for general category states is Rs. 14588/kW for first 3 kW RTS capacity and Rs. 7294/kW for RTS capacity beyond 3 kW and up to 10 kW. For special category states (North-eastern states including Sikkim, Uttarakhand, Himachal Pradesh, UT of Jammu & Kashmir, Ladakh, Lakshadweep, and Andaman & Nicobar Islands), the admissible CFA is Rs. 17662/kW for first 3 kW RTS capacity and Rs. 8831/kW for RTS capacity beyond 3 kW and up to 10 kW. The Resident Welfare Associations/ Group Housing Societies (RWA/GHS) are also eligible to avail CFA for RTS installation in common facilities, up to a maximum of 500 kW capacity. The CFA admissible for RWA/GHS is Rs. 7294/kW in general category states and Rs. 8831/kW in special category states. The details of installed capacity State/UT- wise under the Grid connected Solar Rooftop Programme is attached as given below. Cumulative installed capacity under the Grid connected Solar Rooftop Programme as on 30.11.2023 The Financial outlay of the Phase-II Rooftop Solar (RTS) programme is Rs.11,814 Crore which includes Rs.6,600 Crore of CFA and Rs.4,985 Crore of incentives to the Distribution Companies. The Programme has been extended till 31.03.2026 without change in the financial outlay initially approved for the Programme. There is inherent seasonal variation in energy production from various renewable energy sources, including solar, wind, and hydro. The variability in energy production from these sourc-

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es exhibits complementary characteristics, for instance, solar generation is reduced during monsoon months, when wind and hydro generation is higher. A mix of different renewable energy sources can be utilized to reduce the overall variability. Accordingly, the Government of India’s policies and programmes support deployment of different renewable energy sources, including hybrid combinations of different sources. As reported by various Distribution Companies, the cumulative Roof Top Solar (RTS) installed capacity increased from 1.8 GW as on 31.03.2019 to 10.4 GW as on 30.11.2023. The Compound annual growth rate (CAGR) of RTS installations is around 46%. The Ministry of New and Renewable Energy has taken several steps to promote rooftop solar inter-alia include: Launch of National Portal where residential consumers from any part of the country can apply for installation of rooftop solar and get subsidy directly into his bank account under the Programme. Development of online portals at DISCOM level and aggregation of demand relating to RTS projects. Electricity (Rights of Consumers) Rules, 2020 has been issued for net-metering up to five hundred Kilowatt or upto the electrical sanctioned load, whichever is lower. Facilitation of concessional loans from multilateral agencies such as the World Bank. Renewable energy included under priority sector lending guidelines of RBI. Quality standards for deployment of solar photovoltaic system/ devises notified. Information and public awareness activities through various mediums. The present prices of solar PV cells and module are around their lowest levels in last one and half years or so. Thus, the present prices of solar PV cells and modules are not preventing the growth of solar power installations. This information has been given by the Union Minister for New & Renewable Energy and Power Shri R. K. Singh, in written replies to two separate questions, in Lok Sabha on December 21, 2023.

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INDIA SOLAR PLANT INSTALLED IN SABARMATI MULTI-MODAL TRANSIT HUB, EXPECTED TO GENERATE ABOUT 10 LAKH UNITS OF GREEN ENERGY ANNUALLY In Gujarat, a solar plant has been installed at the Sabarmati Multi-Modal Transit Hub. Anticipated to generate approximately 10 lakh (1 million) units of green energy annually, this initiative aligns with Gujarat’s commitment to sustainable practices and renewable energy development, contributing to environmental conservation and reducing carbon footprints.

he Sabarmati Multi-Modal Transit Hub building in Gujarat’s Ahmedabad has installed a 700 kWp (kilowatt peak) solar power plant under the Renewable Energy Service Company (RESCO) mode. The Sabarmati hub is a multi-modal transit building that will provide seamless connectivity to other modes of transport like railway station, metro, BRT and road transport with HSR system, a press release said. The National High-Speed Rail Corporation Limited (NHSRCL), the company that is executing the Mumbai-Ahmedabad highspeed rail corridor, has become the first entity in the state of Gujarat to secure approval for Net-Metering in RESCO mode and received registration from the Gujarat Energy Development Agency (GEDA). This strategic initiative has resulted in substantial savings in Capital Expenditure (Capex), amounting

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to INR 2.73 Crores, which might have been spent on the installation of the rooftop solar plant.The solar plant is expected to generate approximately 10 lakh units of green energy annually, with zero investment and maintenance costs incurred by NHSRCL for a remarkable period of 25 years. The Solar Photovoltaic (PV) project, implemented under the RESCO Mode, has been contracted at an attractive rate of INR 3.9 per unit for the next 25 years. This rate is significantly lower than the current DISCOM rate of approximately INR 11 per unit, emphasizing the economic viability and enduring advantages of embracing renewable energy solutions. NHSRCL’s forwardlooking approach not only signifies a significant step towards a greener future but also sets a precedent for other entities to explore and adopt sustainable practices in the realm of energy consumption. Further, with the registration of its first Roof-Top Solar project, NHSRCL geared up for more such projects in its stations, buildings, depots and sheds throughout its alignment.

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INDIA HON’BLE UNION MINISTER BHUPENDER YADAV LAUNCHES A NITI AAYOG REPORT, ‘A GREEN AND SUSTAINABLE GROWTH AGENDA FOR THE GLOBAL ECONOMY’ As of my last knowledge update in January 2022, I don’t have specific information about Hon’ble Union Minister Bhupender Yadav launching a NITI Aayog report titled ‘A Green and Sustainable Growth Agenda for the Global Economy.’ Since my information is not up-to-date, I recommend checking official sources, news releases, or NITI Aayog’s official website for the latest and accurate information.

he report will add to the body of knowledge on the subject and will also provide valuable inputs for Brazil as it takes over the G20 presidency from India” The report launch was a significant effort of NITI Aayog in Partnership with IDRC and GDN paving the way for green and sustainable growth Shri Bhupender Yadav, Hon’ble Minister, Ministry of Environment, Forest & Climate Change and Ministry of Labour & Employment launched a G20 report, ‘A Green and Sustainable Growth Agenda for the Global Economy’ today in New Delhi in the presence of Shri Amitabh Kant, Sherpa, G20 India, Shri Suman Bery, Vice Chairman, NITI Aayog, Shri B.V.R. Subrahmanyam, CEO, NITI Aayog, Shri Ajay Seth, Secretary, Department of Economic Affairs and Shri Kapil Kapoor, Regional Director for Asia, International Development Research Centre. His Excellency Kenneth Félix Haczynski da Nóbrega, Ambassador of Brazil to India participated in the panel discussion after the launch. The event also witnessed the presence of Prof. Ramesh Chand, Member, NITI Aayog, and Dr. V. K. Paul, Member, NITI Aayog who made important interventions related to agriculture and One Health, respectively. In a significant collaborative effort, NITI Aayog, in partnership with the International Development Research Centre (IDRC) and the Global Development Network (GDN), published a report, ‘A Green and Sustainable Growth Agenda for the Global Economy’ based on the proceedings of the G20 international conference held in New Delhi on 28-29 July 2023, featuring 40 leading experts from 14 countries across the world. Addressing the gathering, Bhupender Yadav, Hon’ble Minister, Environment, Forest & Climate Change and Labour & Employment, extended his congratulations to NITI Aayog for putting together the publication and releasing it at a crucial time when Brazil has just taken over the G20 presidency from India. He further stated, “India has put forth the resolve to make climate action a collaborative process based on common but differentiated responsibilities. A swift, just and equitable transition to renewable energy sources must be underpinned by deep emission cuts and scaled-up finance. India has maintained that climate finance and technology are essential for enabling the Global South to achieve the twin objectives of sustainable and green growth. The countries of the Global South have had little to no contribution to the climate crisis. It is therefore imperative for the developed countries to help them combat climate change. The G20 New Delhi Leaders’ Declaration stated that implementing the climate agenda requires several trillion dollars by 2030. At COP28, Hon’ble PM emphasized that the developed world must ensure a steady flow of climate finance that is accessible and affordable.”

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Addressing the gathering at the event, Amitabh Kant, India’s G20 Sherpa, stated, “Let me complement NITI Aayog for organizing the international G20 conference in July and now releasing its this publication. Since I actively participated in the July conference, several inputs shared by the experts were incorporated into the New Delhi Leaders’ Declaration. The Declaration highlighted the urgency and importance of accelerating the pace of global growth, for which free trade is critical as it has lifted vast segments of the population above the poverty line. The World Trade Organisation needs to be revitalized for this purpose.” Commenting on the significance of the launch of the G20 report, Suman Bery, Vice Chairman, NITI Aayog, said, “I would say that today was both a closure, but also a fresh start with respect to what this means for NITI Aayog and India. This report is being released to enable the transfer of knowledge that came out of the G20 international conference organized by NITI

in July to Brazil so that they can benefit from the ideas in the volume.” The report launch was followed by a video message from Global Development Network, a brief introduction to the report, and an interactive panel discussion with experts on the issues covered in the volume, moderated by Suman Bery, Hon’ble Vice Chairman, NITI Aayog. The discussions at the event underscored the theme of a just transition as a critical pathway to mitigating climate change, emphasizing its potential positive economic impact for developed and emerging economies. The event was a testament to the commitment of the participating stakeholders to collectively shaping a more sustainable and equitable world.

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INDIA 50 SOLAR PARKS APPROVED IN 12 STATES TILL NOVEMBER 30: POWER MINISTER R K SINGH If Power Minister R K Singh made such an announcement, it indicates a significant push towards solar energy projects and the creation of dedicated solar parks. Solar parks are large-scale developments that host multiple solar power projects, contributing to the overall growth of solar energy generation.

total of 50 solar parks with a combined capacity of 37,490 MW have been approved in 12 states till November 30, Parliament was informed. The government is implementing a scheme — Development of Solar Parks and Ultra Mega Solar Power Projects — with a target capacity of 40 GW, Minister of New and Renewable Energy R K Singh said in a reply to the Rajya Sabha. Under the said scheme of the Ministry of New and Renewable Energy, 50 solar parks with an aggregate capacity of 37,490 MW have been sanctioned in 12 states in India as on November 30, Singh said. An aggre-

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gate capacity of 10,401 MW of solar projects have been commissioned in 19 solar parks so far, he added. Singh further said two solar parks — Kadaladi Solar Park and Ramanathapuram Solar Park — of 500 MW each were earlier sanctioned in Tamil Nadu, but were subsequently cancelled due to slow progress and land constraints. According to data shared by the minister, about 12,150 MW of solar park projects have been sanction in Gujarat, followed by 8,276 MW in Rajasthan, Andhra Pradesh (4,200 MW), Madhya Pradesh (4,180 MW), Uttar Pradesh (3,730 MW), Karnataka (2,500 MW). Besides, 1,089 MW solar park projects in Jharkhand, 750 MW in Maharashtra, 155 MW in Kerala, 100 MW in Chhattisgarh and 20 MW in Mizoram were also sanctioned, as per the data.

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INDIA BIHAR CABINET APPROVES NEW ELECTRIC VEHICLE POLICY The Bihar cabinet has approved a new electric vehicle (EV) policy, signaling the state’s commitment to promoting the adoption of electric vehicles. Such policies typically include incentives, subsidies, and measures to create a conducive environment for the growth of the electric vehicle ecosystem, aiming to reduce emissions and foster sustainable transportation.

he policy, for a period of five years, aspires to see 15% of all new vehicles registered in Bihar by 2028 being electric vehicles; State Cabinet also clears plans to buy 400 electric buses. In a landmark move to champion eco-friendly transportation, the Bihar government has given the nod to a comprehensive Electric Vehicle (EV) policy. The policy places a strong emphasis on creating a conducive ecosystem for electric vehicles with a particular focus on developing a robust network of charging stations across the State. In a parallel initiative to bolster electric mobility, the State cabinet, headed by Chief Minister Nitish Kumar, also cleared a proposal from the Transport Department to acquire 400 electric buses under the PM-eBus Sewa scheme. These buses, slated to operate in various districts of

Bihar, aim to reduce reliance on conventional petrol and dieselpowered public transport vehicles. The Bihar Electric Vehicle Policy, designed to steer the State towards a sustainable transport paradigm, outlines ambitious goals for the next five years, culminating in 2028. The policy aspires to see 15% of all new vehicles registered in Bihar by 2028 being EVs. To incentivise the adoption of electric vehicles, the EV policy introduces various measures, including subsidies on Motor Vehicle Tax of up to 75% and purchase incentives of up to ₹1.25 lakh for the first 1,000 personal four-wheeler EVs. Additionally, there are similar benefits for the first 10,000 personal two-wheeler EVs, with subsidies on Motor Vehicle Tax up to 75% and purchase incentives up to ₹10,000. CM’s push Chief Minister Nitish Kumar, leading by example, has been utilising an electric vehicle for his travels in Patna for the past four years, emphasising the importance of environmental conservation.

Speaking on the broader objectives of the EV policy, Transport Secretary Sanjay Kumar Agarwal said: “The Bihar Electric Motor Vehicle Policy aims to promote an electric vehicle transport system in the State, complemented by accessible EV charging infrastructure. It seeks to enhance environmental quality by mitigating air pollution while fostering startups and investments in the electric mobility sector and its associated support industries.” Public charging stations

In a bid to make electricity more affordable for power charging stations, the policy provides a 30% subsidy on power tariffs for public and semi-public charging stations during the initial three years. “Subsidies are extended to the establishment of electric charging stations in residential apartments, with various government departments setting up public charging stations on government-owned land,” Mr. Agarwal said. The policy also promotes the use of renewable energy for EV charging stations, with approved tariff rates for high tension EV charging stations set at ₹8/KvA for the financial year 2023-24. Further, provisions for incentives for scrapping EVs and their

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components are outlined in the policy as well. Presented at COP-28. It is noteworthy that the draft of the EV policy, crafted in 2022, benefited from contributions by international expert agencies, including World Resources Institute (WRI) India. WRI India CEO Madhav Pai highlighted the Bihar Electric Vehicle Policy during a session themed “Leading E-Bus Transition: Global Experiences and Learnings” at the United Nations Climate Change Conference of the Parties (COP-28) in Dubai. The Bihar government’s unveiling of the comprehensive EV policy underscores its commitment to fostering sustainable practices, promoting green transportation, and contributing to global efforts in combating climate change.

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INDIA

GOA’S NEW ELECTRIC VEHICLE POLICY HITS FISCAL ROADBLOCK Goa’s ambitious electric vehicle (EV) policy has encountered financial challenges, impeding its implementation. The state’s initiative to promote electric mobility faces hurdles due to budgetary constraints, hindering the swift adoption of EVs in the region. Despite these setbacks, efforts are underway to address fiscal issues and bolster the transition to cleaner transportation solutions in Goa.

inancial crunch seems to have held back the State government’s plan to re-launch the EV subsidy scheme that was abruptly discontinued in July, last year. Even after Rs 25 crore provisions made in the State Budget 2023-24, the revised policy — drafted by the department of new and renewable energy — is pending for financial approval for more than two months now.

In November 2021, the government had launched a subsidy scheme to promote electric vehicles but with growing demand for EVs, the subsidy was stopped on July 31, 2022 onwards. According to the policy, the subsidy amount was capped at Rs 30,000 per vehicle for two-wheelers, Rs 60,000 per vehicle for electric three-wheelers and Rs 3 lakh per vehicle for electric four-wheelers. The subsidy was limited to a maximum number of 3,000 electric two-wheelers, 50 three-wheelers and 300 fourwheelers.

Speaking to The Goan, Minister for new and renewable energy Ramakrishna ‘Sudin’ Dhavalikar said that the department has already redrafted the policy with minor changes. “The file has gone to the Chief Minister. It’s been more than two months now that the file is waiting for financial approval,” he said, adding ‘a financial provision of Rs 25 crore was made in the budget for re-launch of the scheme’.

The Minister said that the new policy also speaks about EVcharging infrastructure along highways as well as charging stations in cities and rural areas. According to sources, the new policy will cap the subsidy to a certain percentage of the actual price of the vehicle like 25-30 per

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cent subsidy for two-wheelers, 40 per cent for three-wheelers and four-wheelers up to Rs 3.50 lakh. “Finance department has not approved the file due to financial issues,” sources said. According to the data, for the financial year 2022-23, Goa saw a record purchase of 7093 E-vehicles as compared to 1,816 in 202122. Last financial year, a total 6,325 EV two-wheelers were sold as against 1,443 in 2021-22. Four-wheelers contribute only 11 per cent of the total EV purchase in the State so far. Of the total 1089 four-wheelers, 684 were purchased in the last financial year. As per the State government’s draft ‘Goa State Energy Vision 2050’ the State intends to increase the penetration of electric vehicles to a minimum of 75 per cent for public transport, 100 per cent for two-wheelers and taxis.

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INDIA

UNION POWER AND NEW & RENEWABLE ENERGY MINISTER LAUNCHES DASHBOARD FOR DATA ON ADOPTION AND FORECASTS OF ELECTRIC VEHICLES

Future is Electric, diesel and petrol SUVs will become history: Power and New & Renewable Energy Minister R. K. Singh V-Ready India dashboard forecasts 45.5% Compounded Annual Growth Rate in electric vehicles between 2022 and 2030; Annual sales of 1.6 crore EVs in India by 2030 The Union Minister for Power and New & Renewable Energy, Shri R. K. Singh launched a brand-new EV-Ready India Dashboard (evreadyindia.org) in New Delhi. Developed by policy and industry experts at thinktank OMI Foundation, the dashboard is a free digital platform focussed on near real-time Electric Vehicle adoption and forecasts, associated battery demand, charging density, and market growth trends. The dashboard is expected to facilitate greater inclusion across audiences, for the industry, policymakers and end users of electric vehicles. The platform leverages the power of data and AI and seeks to address the need for macroeconomic data and analysis on India’s massively growing electric mobility segment. The EV-Ready India dashboard has forecast a 45.5% Compounded Annual Growth Rate (CAGR) in electric vehicles between calendar year (CY) 2022 and CY 2030, increasing from annual sales of 6,90,550 electric two-wheelers (E2Ws) in 2022 to 1,39,36,691 E2Ws in 2030. “Future is Electric, nobody can stop this, diesel and petrol SUVs will become history” Addressing representatives of central and state governments, industry, World Bank and other stakeholders at the launch event, the Union Minister for Power and New & Renewable Energy asserted that the future is going to be electric. “The future is electric. Nobody can stop this. The price of storage will come down, and once that comes down, diesel and petrol SUVs will be history. We will have electric, which suits in our journey as one of the largest economies of the world.” Shri Singh said that it is absolutely essential for India as a country to switch to electric mobility. “We want to move up from 5th largest to 3rd largest economy and increase our heft in strategic affairs. This requires energy independence, which is the primary reason for Electric Vehicles.” “Decarbonizing transport absolutely essential to reduce carbon emissions” The Union Minister for Power and New & Renewable Energy emphasized the importance of decarbonizing transport sector and said that transport accounts for 18% of our emissions, just below industry and the government was actively promoting EVs. “Our Prime Minister bought solar at Rs. 15 per unit when he was Chief Minister of Gujarat; many people criticized him then saying that thermal power was available at Rs. 4.50 per unit, but he said that unless he buys at that rate, the price

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will not come down. And today, the price of solar has come down. This is the motive behind our push for electric vehicles.” The Minister recalled that the government first came out with guidelines for charging of electric vehicles, in April 2018, much before anybody had started talking about EVs. The Minister informed that the government has launched a dashboard (https://evyatra.beeindia.gov.in/) where we will get to know the location of charging stations and whether they are occupied or not. That dashboard enables one to book charging space before you reach the destination. “Coming out with another PLI for batteries, to increase volume and reduce storage cost” Speaking about hurdles in adoption of electric vehicles, the Minister said that one hurdle is price, which in turn is because of the cost of storage. “We have come up with Production Linked Incentive for manufacturing of batteries, we are going to come up with another PLI. We need to reduce price of storage. The West kept talking about importance of reducing carbon emissions, but they did not do anything about reducing storage cost. The price of storage will come down only if we add volume, and that is why we are coming out with another PLI to increase manufacturing, capacity and volumes.” “Supply chain issues are strategic issues, need to shift away from lithium to other chemistries” The Minister pointed out that the other hurdle for adoption of EVs is lithium resources. “80% of the lithium reserves are tied up by one country, and 88% of lithium processing is located in one country. Supply chain issues have now come to the forefront. What needs to be done is to shift away from lithium to other chemistries, such as sodium ion. Alternative chemistries are absolutely essential for security of supply chain.” Pointing out that supply chain issues are strategic in nature, Shri Singh asked the industry to invest in research in alternate chemistries. “EVs Critical for a Growing Economy and for Climate Action” Shri Singh emphasized that that the adoption of electric vehicles is critical for a growing economy like India as well as for climate action. “It is necessary to change the climate change discourse and make it real. The discourse on climate action has been driven by developed countries, which has been nothing but hypocritical. Our per capita emissions are one third of global average, while that of developed countries is three times the global average. We are responsible for only 4% of legacy carbon dioxide load on the planet even though our population is 17%. So, we have added least quantum of carbon on a per capita basis and we are adding at the slowest possible rate on a per capita basis.”

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INDIA The Minister reiterated that any assessment of carbon emissions has to be on per capita basis, not on absolute terms. “Moreover, India is the only major economy whose energy transition actions are consonant with the sub-two-degrees-Celsius rise in global temperature. We are the only major economy which has achieved all its NDC commitments in advance. In no other country has renewable energy capacity has grown so fast. We achieved NDC of reducing emission intensity in 2019, 11 years in advance. So, in Glasgow, we said that we will have 50% of our power capacity coming from non-fossil-fuel sources. We pledged that we will reduce our emissions intensity by 45%.” Shri Singh said that transition to EVs will reduce our emissions. “It is important to us as a government since we value our planet, it is in our culture. We are taking action since we believe in the environment.” Joining the event virtually, G20 Sherpa, Government of India, Shri Amitabh Kant remarked: “OMI Foundation’s EV-Ready India Dashboard is a transformative platform that consolidates vital insights on electric mobility. Recognising that the real action in electric mobility occurs at the state level, the dashboard offers comprehensive, state-specific insights, empowering policymakers to make informed decisions, fostering India’s journey into a global EV leader.” EV-Ready India dashboard According to OMI Foundation, EV-Ready India Dashboard is the only dashboard in India that compiles sales data across all Vahan states and Telangana, along with a direct view into the state of charging infrastructure, demand trends and comparisons of Total Cost of Ownership, making it useful for the EV buyers as well. Additionally, it tracks the current investment climate for EVs, and forecasts on market growth and EV hotspots for the country. It further measures emissions avoided, aiming to accelerate India’s journey to Net Zero. The Foundation has said that the dashboard estimates over 1.6 crore annual EV deployments in India by 2030. “With this, it also cites Maharashtra and Delhi operating with the highest number of charging stations in India (2531 and 1815 respectively). Tamil Nadu emerges as the E2W manufacturing hub of the country, Telangana leads in E3W manufacturing, Maharashtra in E4W manufacturing, Gujarat in battery manufacturing, and Karnataka in R&D. Chandigarh reports the lowest public charging supply tariff at INR 3.6/kWh, 73% lower compared to the national average of INR 13.74/kWh. The dashboard also reports that India has avoided an estimated 5.18 million tonnes of CO2 emissions in 2023 so far, equivalent to 85.47 million tree seedlings covering twice the cumulative area of Lakshadweep islands.” Executive Director of OMI Foundation, Aishwarya Raman added: “EV-Ready India is a dashboard that is all-in-one and free for all. It is for all those who want to be a part of India’s EV journey. This is a milestone for OMI Foundation, as it culminates extensive research, statistical analysis, and relentless dedication of our inhouse experts. The platform is meant to enhance knowledge, foster ecosystem-wide collaboration and underpin effective policy making – as we continue to make this dashboard more comprehensive, and insightful. It is our contribution towards positioning India as a leader in sustainable mobility.”

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Key Features of the EV-Ready India Dashboard: For the policymakers and industry, the dashboard presents consolidated sales data for all 34 Vahan states and Union Territories, and the additional Telangana. The data is visualised for easy understanding of adoption rates and trends presented by time period, form factors, states, and more. The dashboard shows forecasts on EV adoption, and associated battery demand till 2030, allowing both policymakers and industry alike to strategize and execute their clean mobility goals. In addition to pan-India projections, the dashboard presents state-wise projections, in a first-of-its-kind approach. For the end user, i.e. the (potential) buyer of EVs, the dashboard shows financial benefits of EV ownership, including potential savings on upfront costs, operating and maintenance costs, etc. On the click of a button, the user can also review the list of EV models that are eligible for subsidies and the quantum of such subsidy. It also includes a comprehensive repository of all policies and regulations covering all value chains of the EV ecosystem. The policy module helps states compare their policies, update them based on their competitive advantages, For users, industry, and policymakers alike, the dashboard presents a comprehensive overview of charging infrastructure covering both charging stations and points across the country. Additionally, the dashboard shows the density of charging points with respect to EVs on the road. This module also shows charging tariffs allowing states to improve their rates vis-a-vis others, By tracking and benchmarking investments across EV value chains such as vehicle manufacturing, battery technology, battery recycling or urban mining, etc., and research and development, the dashboard maps the contributions to India’s economic growth and job creation. The dashboard, further, measures India’s journey towards net zero by tracking emissions avoided due to accelerated EV adoption across the length and breadth of the country. Lastly, the dashboard presents news and blogs on EV adoption and data-driven decision-making pertaining to all value chains of the EV ecosystem in a single place. The launch event also featured a panel discussion around “Data-Driven Decision Making in the EV Sector”.

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ENERGY STORAGE FOURTH POWER SECURES $19 MILLION FOR SCALING ITS THERMAL ENERGY STORAGE SOLUTIONS Fourth Power, a company specializing in thermal energy storage solutions, has secured $19 million in funding. This financial support is expected to facilitate the scaling of Fourth Power’s technology, which likely involves innovations in thermal energy storage for various applications. Thermal energy storage is crucial for optimizing energy use, enhancing efficiency, and supporting the integration of renewable energy sources into the grid.

hermal battery energy storage Startup, Fourth Power has secured $19 million in a series A funding round to scale its thermal battery storage technology. The latest investment round was led by the venture capital firm DCVC, with participation from Black Venture Capital Consortium and Bill Gates-backed Breakthrough

Energy Ventures (BEV). Fourth Power will utilize the new investments to scale its thermal energy storage solution and initiate the construction of a 1 MWh e prototype facility outside Boston, which is expected to be completed by 2026. Beyond the facility, the funding will also be used for rigorous durability tests and expanding the company’s engineering team.

“Our vision has always been to tackle climate change by making renewable energy – which is the most cost-effective form of power – a reliable resource for the grid to use at all hours of the day,” said Fourth Power’s CEO, Arvin Ganesan.

“We need utility-scale energy storage that can grow with the grid to make this a reality on a global scale. With the support of our investors, Fourth Power will accelerate our mission and reshape the clean energy landscape by making grid-scale thermal battery storage the most cost-effective solution for power production.” Fourth Power’s thermal battery storage system is engineered in a way that it converts renewable energy to heat, or thermal energy which is stored until needed. The thermal battery heats liquid tin and moves it through a piping system to heat stacks of carbon blocks until they glow white hot. The system then exposes thermophotovoltaic (TPV) cells to the light and converts it into electricity. The company claims its products are designed to maximize the value of renewable energy generation and offer grid operators control and flexibility at the lowest cost compared to other energy storage options. Further, the thermal battery technology can provide both short-duration and long-duration energy storage solutions, from 5 -10 hours to meet needs now and scale with renewable deployment for needs up to 100 hours and any increment in between. “After more than ten years of research and development, we are grateful to reach this crucial milestone in our journey thanks to our funding partners who recognized the innovation and potential of Fourth Power’s thermal battery technology,” said Asegun Henry, founder, and chief technology of-

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ficer of Fourth Power. “I’m proud to lead this team of engineering experts and look forward to continuing our work to develop a long-duration energy storage solution that can be significantly cheaper than existing solutions, reliable, and, importantly, scalable without the necessity of mining for lithium.” Fourth Power’s thermal battery technology was developed by Dr. Asegun Henry while he was a professor at Georgia Tech,

and now at the Massachusetts Institute of Technology (MIT). Fourth Power’s thermal battery technology holds several records, including the Guinness World Record for the highest temperature pumping of liquid metal at 1200°C degrees.

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HYDROGEN GREENH ELECTROLYSIS ENTERED INTO A CONTRACT TO BUILD A HYDROGEN PRODUCTION AND REFUELING STATION TO POWER INDIA’S FIRST HYDROGEN TRAIN • Signed an EPC contract and long-term service agreement with Hyderabad-based Medha Servo Drives Pvt. Ltd. for Hydrogen production and Refueling Station at Jind, Haryana, for Indian Railways

• Project equipment to be supplied from GreenH Electrolysis’ newly constructed plant at Jhajjar, Haryana

reenH Electrolysis (“GreenH”), a joint venture between H2B2 Electrolysis Technologies and GR Promoter Group, announced that it entered into a contract in October 2023 with Medha Servo Drives Pvt. Ltd. (“Medha”) to build a Hydrogen production and refueling station in Jind, Haryana, to supply Hydrogen for India’s first Hydrogen

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train under the prestigious Indian Railways’ “Hydrogen for Heritage” initiative. Indian Railways has awarded a contract to Medha for a pilot project to retrofit Diesel Electric Multiple Unit rake, on the Sonipat-Jind section, from diesel to a hydrogen-powered train, as a first step to achieving India Railways’ net zero emissions goal. In turn, Medha has contracted GreenH to provide the Engineering, Procurement, and Construction (“EPC”) of a Hydrogen production and refueling station for this important and groundbreaking project.

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HYDROGEN GreenH will provide the necessary equipment from its newly constructed PEM electrolyzer manufacturing plant in Jhajjar District, Haryana. The Hydrogen production and refueling station is expected to deploy a comprehensive system to both produce Hydrogen and refuel the trains on a daily basis. To achieve the first stage, a 1 MW electrolyzer, supplied by GreenH, will operate round the clock with an expected capacity of 420 kg/day of hydrogen. The refueling infrastructure is expected to integrate 3,000 kg hydrogen storage, hydrogen compressors,

and two hydrogen dispensers with pre-cooler integration, allowing for quick refueling of the trains, being adapted to their daily routes. The Hydrogen production and refueling station is expected to be a turn-key solution, comprised of all the technical disciplines (process, electrical, instrumentation and control, safety, etc.), and providing full support to the end user through a Long-term Service Agreement for operation and maintenance purposes.

Mr. Dhiman Roy, CEO and Director, GreenH Electrolysis Pvt. Ltd. said, “We are delighted to be a part of this prestigious Indian Railways project that has the potential to revolutionize our country’s lifeline and decarbonise the transport sector. We are committed to providing the latest technology via our parent company H2B2 Electrolysis Technologies. We look forward to playing a meaningful role in the achievement of India’s green hydrogen plans.”

Mr. Kasyap Reddy, Managing Director, Medha Servo Drives Pvt. Ltd. said, “We are excited to be partnering with GreenH Electrolysis Pvt. Ltd. in setting up a hydrogen production and refueling station at Jind for India’s first hydrogen-powered train. With GreenH’s technical expertise and globally proven green hydrogen technology at a commercial scale, we believe they are the best partner to deliver this critical project.”

The Indian Railways plans to operate thirty-five hydrogen trains as part of the “Hydrogen for Heritage" initiative. The first of these hydrogen-fueled trains will run between Jind and Sonipat and will be flagged off next year, marking India’s entry into the league of countries that are actively investing in cutting-edge technologies to transform the transport sector.

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COMPANY REVIEW GROWATT’S 2023 HIGHLIGHTS: INNOVATING AND THRIVING IN THE GLOBAL SOLAR MARKET As the end of 2023 is approaching, reflecting on the achievements, this year has been a milestone for Growatt, marked by moments of growth, transformation, and learning. Growatt remains the global NO.1 residential inverter supplier, according to S&P Global Commodity Insights. The company is also making great progress in C&I and large-scale PV plants, strengthening its position among the world’s top 4 PV inverter suppliers. Growatt experienced an impressive growth in Indian market as well, for Mercom India Research indicated, Growatt is the third-largest inverter supplier in the first half of 2023.

rowatt has achieved remarkable success in the solar industry, receiving multiple awards and recognition for its innovation, quality, and market leadership. In 2023, Growatt received two Top Brand PV Awards from EUPD Research for South East Asia and was selected as one of the GlocalIn Top 50 Tech Faces of Globalized Chinese Companies by MIT Technology

Review China, DeepTech, and LinkedIn China. They were also honored with the prestigious Smart Technology Innovation of the Year award and the State Technology Leadership Award Inverter. In 2023, adhering to the global strategy, they held over 100 ShineElite Roadshows, technical training and other events across the global. Additionally, Growatt has presented itself in the global stage like SNEC, Intersolar Europe, REI among others, which ended with meaningful connections, building trust, and a shared passion for change.

Growatt has also endeavored to cater to the ever-changing market demand and launched innovative solutions for Indian market including MID 30-50KTL3-X2 inverter, which empowers smaller-scale businesses with greener operations. Besides, the best-selling MAX 100-125KTL3-X was updated

to a new generation with larger input current capacity. For C&I energy storage solutions, Growatt introduced WIT 50100K-HU hybrid inverter and APX Commercial Battery.

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COMPANY REVIEW Commenting on the achievements, Lisa Zhang, the vice president of Growatt emphasized that with their products installed in over 180 countries worldwide, Growatt has established a strong local support network of 42 representative sites globally to deliver efficient service support and provide ultimate customer experience for clients. As for our upcoming plans, “we are now focusing on expanding our presence in the growing C&I segment while maintaining our leading position in residential. We aim to enable everyone to benefit from sustainable energy, and by providing reliable products and services, we build enhanced collaboration with like-minded partners worldwide to accelerate the energy transition,” Zhang added.

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RENEWABLE ENERGY IEA WORKING TO CUT RENEWABLE ENERGY COSTS IN DEVELOPING WORLD The International Energy Agency (IEA) is actively working to reduce renewable energy costs in the developing world. This effort underscores a commitment to making sustainable energy more accessible and affordable, aiming to accelerate the global transition towards renewable sources and mitigate climate change impacts.

he International Energy Agency (IEA) is working to reduce the costs of renewable energy in developing countries, according to Fatih Birol, the agency’s executive director. He stated that the agency will ensure that the World Bank, regional development banks, and other institutions prioritize the cost of investing in clean energy in developing countries after the latest United Nations Climate Change Conference (COP28). During COP28 in Dubai, global governments agreed to triple renewable energy generation capacity by 2030 and shift away from fossil fuel use. However, no mechanism was agreed upon for financing the transition to clean energy in developing countries. Speaking on the sidelines of an energy conference in Istanbul, Birol mentioned that investments in clean energy in emerging and developing countries have remained stagnant since 2015

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while increasing almost globally. Most of the growth has come from China and advanced economies. He told Reuters, “For the International Energy Agency, the main story from now until Baku will be finding mechanisms to mitigate risks to ensure a flow of funds to developing and emerging countries.” COP29 is scheduled to take place in Baku next year. Birol added that risks mean that the cost of capital for investing in solar power plants in the developing world could be up to four times higher than those in advanced economies, hindering the flow of capital. “Our task will be to ensure that the World Bank, regional development banks, and the finance sector prioritize clean energy financing, reduce risks for those investments, and provide easy financing,” he said. He further stated, “The world now has more capital than it needs. If the World Bank, regional development banks, and financial institutions provide some guarantees and mechanisms to reduce risks, the money will flow quickly because the potential is enormous.”

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RENEWABLE ENERGY 15TH STAKEHOLDERS’ MEET: CMD, IREDA HIGHLIGHTS FINANCIAL VIABILITY FOR EMERGING RENEWABLE ENERGY During the 15th Stakeholders’ Meet, the Chairman and Managing Director (CMD) of IREDA highlighted the financial viability for emerging renewable energy projects. This emphasizes the crucial role of financial sustainability in promoting and supporting the growth of renewable energy initiatives.

hri Pradip Kumar Das, Chairman and Managing Director of Indian Renewable Energy Development Agency Limited (IREDA), reiterated the company’s commitment to leading the charge in transforming new and emerging Renewable Energy technologies into financially viable ventures. He made these remarks during the 15th Stakeholders’ Interaction Meet of IREDA, held through a virtual platform, which serves as a platform for discussions aimed at advancing the development of the Renewable Energy sector. The session commenced with a comprehensive presentation highlighting recent business initiatives undertaken by IREDA, showcasing notable achievements and advancements in the Renewable Energy sector. A key focus was placed on recent amendments to IREDA’s existing Loan Products, and an action report was presented on the major suggestions received from stakeholders during the previous interaction meet held on 16th September 2023. In his address, CMD Shri Pradip Kumar Das expressed sincere gratitude to IREDA’s dedicated business partners, under-

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scoring their pivotal role in the company’s historic growth and achievements over the last three and a half years. He emphasized that the Stakeholders’ Interaction Meetings have played a crucial role in propelling IREDA’s rapid growth, serving as a catalyst for collaborative efforts within the Renewable Energy sector. CMD, IREDA, attributes the significant success of IREDA’s IPO primarily to the valued customers, who have maintained continuing business relationships with the company over an extended period. Emphasizing the pivotal role of IREDA’s IPO in raising awareness within the investor community and the public at large regarding Renewable Energy development. The meeting witnessed strong participation from esteemed business partners, ensuring a diverse range of perspectives. During the meeting, borrowers extended their congratulations to IREDA for its historic listing and ‘CMD of the Year,’ along with four other prestigious awards recently received. The borrowers actively participated in the dialogue, contributing several productive suggestions for the development of the Renewable Energy sector. Their insights and suggestions were welcomed by IREDA as valuable inputs that will be considered appropriately in future policy formulations and strategic planning.

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RENEWABLE ENERGY ‘THE ENERGY CONSERVATION BUILDING CODE’ NOTIFIED BY 24 STATES / UTS UNTIL OCTOBER 2023: UNION POWER AND NEW & RENEWABLE ENERGY MINISTER As of October 2023, The Energy Conservation Building Code has been officially notified by 24 states and Union Territories, according to the Union Power and New & Renewable Energy Minister. This highlights the widespread recognition and adoption of energy-efficient building standards across various regions in India.

he Union Minister for Power and New & Renewable Energy has informed that presently, around 33% of the total electricity consumption is in commercial and residential category of consumers. Category-wise consumption for the next twenty years has not been estimated, however, as per the twentieth Electric Power Survey Report, prepared by Central Electricity Authority, the combined consumption of electricity in commercial and residential category of consumers is estimated to be around 40% of the total electricity consumption

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by the year 2031-32. The Energy Conservation Building Code has been developed with an objective that new Commercial buildings are constructed with features that enable reduction in energy consumption. The responsibilities for implementation of Energy Conservation Building Code lies with the State Government. Till October 2023, 24 States/UTs had notified ‘The Energy Conservation Building Code’ in their respective States. This information has been given by the Union Minister for Power and New & Renewable Energy Shri R. K. Singh, in a written reply to a question, in Lok Sabha on December 21, 2023.

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RENEWABLE ENERGY RENEWABLE ENERGY SECTOR TO BREAK OUT OF TORPOR IN 2024

The renewable energy sector is poised to break out of its torpor in 2024. Anticipated advancements, increased investments, and supportive policies are expected to propel the sector forward, marking a significant shift towards sustainable energy solutions.

he country has set a target of achieving 500 GW of renewable energy capacity by the year 2030 and to fulfill the same would require 50 GW of capacity addition every year. Multilateral discussions on shifting away from fossil fuels and relying more on renewable energy (RE) capacity seemed to put India in a tough spot in the past year. The government, however, asserted repeatedly through the year – including at the COP28 summit held in Dubai in November –the country’s dependence on coal-based capacity will not only stay, but it would also have to scale up thermal power before the phasing down starts. This ‘balanced’ approach was considered appropriate by most analysts as the country’s power demand reaches new peaks. The country has set a target of achieving 500 GW of renewable energy capacity by the year 2030 and to fulfill the same would require 50 GW of capacity addition every year. For the RE sector, the year gone by panned out to be slower in terms of capacity addition and investments made. Experts, however, see tendering and implementation of projects gaining pace, towards the end of the financial year 2023-24. The RE sector was governed by many challenges especially in the first half of the current fiscal as high solar module prices coupled with the government’s decision of a 40% duty on imports of modules from China made projects unviable. As a result, the country was only able to add some 6.6 GW of renewable energy capacity by the end of September. But the trend is likely to be reversed in the second half owing to lower prices of solar modules and relaxation of the approved list of models and manufacturers (ALMM) till March 2024 by the government which may enable developers to commission many of the delayed projects by the year end. “Annual ordering of more than 10 GW thermal and 8-10 GW of wind is envisaged to counter rising base or peak demand in non-solar hours,” Nuvama Wealth and Investment Ltd said in its recent report. Commercial and industrial and round-the-clock renewables tenders have raised the wind mix to nearly 50% of a project’s composition as against 30% earlier, as per analysts. Additionally, the module manufacturing under the Production Linked Incentive (PLI) scheme is expected to catalyse the establishment of a significant number of domestic manufacturing units, contributing to a significant addition of RE capacity the next year. Among RE categories, one segment that has gained traction this year is green hydrogen. The government as well as private companies have accelerated their focus on this arena and has started adding capacities in the same. The Union Cabinet in January has approved the National Green Hydrogen Mission with an outlay of Rs 19,744 crore from FY24 to FY30 with the objective to reduce its dependence on fossil fuels. It aims at achieving green hydrogen production capacity of 5 million tonne per annum by 2030. “Achievement of Mission targets is expected to reduce a cumulative Rs one trillion worth of fossil fuel imports by 2030 and the reduction of nearly 50 million tonnes of annual greenhouse gas emissions,” the government had said. Twenty companies including Reliance, Larsen and Toubro, Jindal India, and Adani Group have submitted bids for incentives to manufacture electrolysers under the government’s green hydrogen plan. The envisioned growth in the RE sector will also require huge investments. As per energy think tank Ember, India requires an investment of $293 billion

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between 2023 and 2030 to meet its solar and wind capacity addition targets envisioned under the latest National Electricity Plan including investments in storage and transmissions. As per NEP, the renewable-based installed capacity for 2031-32 is projected at 596,275 megawatts (MW), which includes large hydro (62,178 MW), solar (364,566 MW), wind (121,895 MW), small hydro (5,450 MW), biomass (15,500 MW), pump storage plants (26,686 MW) and battery energy storage systems capacity of 47,244 MW/236,220 MWh. The government, on the other hand, has estimated an investment of Rs 929,500 Crore in the renewable energy sector during 2022-2025 under the National Infrastructure Pipeline. Even as India gears itself for long strides in renewable energy, it also realizes that the need for coal-based power is not going anywhere. The government has repeatedly said that it will continue to add coal-based capacity and has announced an addition of 80 GW thermal capacity by 2030 against 51 GW planned earlier as India continues to record peak power demand. The peak power demand in the country hit a record 239.9 GW in September. To expedite the process, it has also started auctioning new coal blocks for mining and has successfully auctioned 91 mines so far. The government has also a s k e d c o m panies to take suitable m e a s u r e s and operationalise the mines at the earliest. All of this is being done so as to ensure the energy security of the nation. Even though the country is confident of tripling its RE share by 2030, it faces some key challenges to be able to achieve the same. To begin with, there is the issue of storage for renewable energy and its round-theclock availability. Investments required in the sector too, demands for proper addressal, experts say. The International Monetary Fund, in its report, had highlighted that investments made in renewable energy in the emerging and developing economies lags behind those done in the area of fossil fuels. “Estimates suggest that a target ratio of about 4:1 for renewable over fossil fuel investment is required globally throughout this decade,” the report had said. “As the scale up of RE capacity happens, the financing requirement will go up and that’s when the developed countries will have to step up and contribute, in terms of getting greater access to low cost funding,” Vikram said. At present, coal-based power accounts for three-fourths of India’s power supplies, and by all indications, it would still have a share of over 60% even a decade from now. This is despite continued focus on renewable energy capacity, and investments being planned to bolster RE storage capacity and connectivity of the benign energy to the grid. A key challenge is to address the intermittency of RE.

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Please Mail the coupon to: Name:------------------------------------------------------------------------------------Job Title:-------------------------------------------------------------------------------Department: --------------------------------------------------------------------------Company:------------------------------------------------------------------------------Description of the Company: ---------------------------------------------------Adress:------------------------------------------------------------------------------------------------------------------------------------------------------------------------------City/State/Zip Code:----------------------------------------------------------------Country:--------------------------------------------------------------------------------Phone:-----------------------------------------------------------------------------------Fax:---------------------------------------------------------------------------------------E-Mail. ----------------------------------------------------------------------------------Web site:--------------------------------------------------------------------------------

PAYMENT 1.- My Cheque/DD in favour of “FirstSource Energy India Private Limited” for Rs…………………………………………………………………… Drawn on………………………………………is enclosed herewith. Date/Signature: 2.- I will pay by Credit Card Type:........................................................................... Name on Card:.............................................................. Number:....................................................................... Security Code: .............................................................. Expiration Date:............................................................. Mail this coup on to: First Source Energy India Pvt. Ltd. Subscription Department. 95 C, Sampat Farms, Bicholi Mardana Distt-Indore 452016 Tel. + 91 96441 22268

EQ JANUARY 2024

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EQ JANUARY 2024