EQ Magazine Nov-Dec 2023 Edition

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.

Sales Head - MEA & India

Sineng Electric Co., Ltd.

In 2023, Sineng Electric envisions a dynamic landscape in the Indian energy market, where we have seen a wealth of opportunities for our company to thrive and excel.

We have been proactive in enhancing our services and ensuring that our clients have access to cutting-edge technology. It has been made possible through strategic collaborations with industry- leading EPCs, developers, and other stakeholders in the solar energy sector. The year commenced on an exceptionally positive note, many projects have concurrently picked up speed at the beginning of the year, and commissioning is already underway for many projects. Furthermore, our efforts have borne fruit with the signing of contracts for gigawatts of projects. The momentum in order is expected to continue steadily throughout Q4 of 2023. We not only focus on the utility-scale market but also see vast potential in the C&I, residential, and energy storage segments, which have shown significant promise.

2. HOW MUCH BUSINESS HAVE YOU DONE LAST FINANCIAL YEAR IN INDIA?

For Sineng Electric, we have witnessed an exponential increment in PV inverter and PCS sales during the last financial year. Notwithstanding certain challenges, such as high raw material prices and shortage of key components, we have successfully managed to deliver the products on time thanks to our well-organized supply chain management. As a leading supplier of PV and energy storage solutions, Sineng has consistently dedicated to innovation, driving company’s rapid growth. At Sineng Electric, we have always prioritized quality and customer service, continuously optimizing energy solutions to meet higher standards.

Thanks to these ongoing efforts, the year 2022 proved to be highly lucrative, as Sineng Electric proudly ranked Top1 central inverter supplier in India for 2 consecutive years.

3. WHAT ARE YOUR CURRENT PRODUCT / TECHNOLOGY / SERVICE OFFERINGS?

With over a decade of track record in the solar industry, Sineng Electric offers an array of products, including PV inverters, energy storage inverters, and power quality products, catering to customers’ diverse needs. In the realm of solar inverters, our comprehensive product lineup ranges from 3kW to 4.4MW, applicable to residential, commercial, and utility-scale projects.

• 1 In the utility-scale string inverter category, we proudly introduce the 275kW inverter, which is designed to be compatible with high-power modules of 182mm and 210mm wafers, with a maximum string current of 20A. Based on the same technology, 350kW string inverter has been developed and it has been adopted in the Chinese domestic market extensively

• Among the central inverter product series, our flagship offering is the 3.125MW PV solution featuring dual MPPT, which has witnessed GWs of installations worldwide. In response to market demands, we also introduced a 3.3MW solution in 2021, and further expanded our portfolio with the launch of a groundbreaking 4.4MW solution, redefining the benchmark in the central inverter solution segment.

• In the C&I sector, Sineng supplies 25(X)-125kW string inverters. With high string current, built-in AFCI, string current detection, and handle design, the products have gained widespread popularity in the Indian market, thanks to their outstanding performance and user-friendly operation.

• Regarding the residential market, we provide 3kW-25kW solar inverters, featuring fanless design, natural cooling and supporting a 1.5 DC/AC ratio. Our inverters stand out with their superior efficiency, unparalleled reliability and utmost safety, making them the ideal choice for homeowners seeking sustainable and hassle-free energy solutions.

4. WHAT ARE THE PRODUCT LAUNCH PLANS FOR THIS YEAR?

As a customer-centric vendor, there is a zeal in us to make service and products better. Over the years, Sineng has kept investing in research and development, striving to improve the products in terms of efficiency, modularity, diversified capacity, etc. Keeping current market requirements in mind, Sineng looks forward to launching the following products:

• EP-4400-HB-UD: As expected, 4.4MW central inverter solution will be launched in quarter four of 2023 for the international market. This solution has 4 MPPTs, each 1.1MW has one MPPT, overload capacity is 120%. Optimized cooling system and better thermal management has been equipped to improve the utilization of semiconductor device. One module can be tagged out of operation without affecting other healthy modules, this is how the availability of inverter has increased.porting a 1.5 DC/AC ratio. Our inverters stand out with their superior efficiency, unparalleled reliability and utmost safety, making them the ideal choice for homeowners seeking sustainable and hassle-free energy solutions.

• SP-350K-INH: Sineng also will launch the 350kW string inverter in quarter four as well. With maximum efficiency of 99.0% and 12 MPPTs, the product has been regarded as the preferred choice for utility-scale applications. Engineered with IP66 protection, the string inverter ensures reliable performance in harsh environments, including deserts, mountains, and adverse weather conditions. The SP-350K-INH, with the MPPT current of 45A, offers seamless compatibility with high-power modules and provides cost-saving advantages.

5. AS SINENG HAS PLANNED TO EXPAND ITS ANNUAL PRODUCTION CAPACITY OF PCS AND BESS, WHAT ARE YOUR VIEWS ON THE ENERGY STORAGE MARKET?

To expand our annual production capacity of PCS and BESS underscores our unwavering confidence in the energy storage market. According to S&P Global, the period from 2022 to 2030 is expected to witness the installation of a staggering 12.1 GW and 30 GWh of energy storage in Indian market, marking a substantial upswing in prospects. By 2025, the market is projected to experience exponential growth, with nearly 8 GWh in annual installations, and we wholeheartedly believe in its boundless potential. In residential energy storage projects, ESS serves as the whole home backup, cutting electricity expenses, optimizing self-consumption, and diminishing reliance on the grid. For C&I applications, energy storage systems emerge as powerful tools for reducing peak demand charges, providing grid support services such as frequency regulation, and ensuring uninterrupted power supply. When it comes to utility-scale power stations, energy storage plays a pivotal role in guaranteeing grid stability, enhancing resilience, and enabling peak shaving. As the industry places greater emphasis on the significance of solar-plus-storage solutions, we envision a bright and promising future ahead. Our investment in expanding production capacity exemplifies our steadfast commitment to meeting surging demand and contributing to a more sustainable energy landscape.

FEATURED COMPARING IBC AND TOPCON TECHNOLOGY FOR SOLAR MODULES

The photovoltaic market is currently dominated by crystalline silicon (c-Si) p-type Passivated Emitter and Rear Contact (PERC) solar cell technology, as it offers a low-cost, high-efficiency process with average production efficiencies of around 23%. It has been a common understanding in the PV community for over one year now that as PERC technology reaches its efficiency limit, N-type solar cell technologies will take over the PV market in the coming years. All the new investments are based on N-type technologies, mostly TOPCon (Tunnel Oxide Passivated Contacts), HJT (Hetero Junction Technology) and IBC (Interdigitated Back Contact).

TOPCon technology is a new method that helps enhance the efficiency of solar panels that is essentially the next generation of PERC. TOPCon is a technology that involves adding a very thin layer of silicon dioxide (sio2) and a layer of phosphorus-doped polycrystalline silicon, which is done to create passivated contact structures on both front and the back surfaces. This additional layer helps to reduce losses and improve the extraction of carriers by using passivated contact structures on both the front and back surfaces.TOPCon technology can achieve higher conversion efficiencies (~>25%) compared to PERC technology (~24%). TOPCon panels do not have front metal contacts that helps to absorb more sunlight and generate more electrical power in low light conditions. These panels can continue generating power for a longer period. TOPCon solar panels can be made using the same machinery as PERC technology. Additionally, TOPCon cells have better conversion efficiency, which means they can potentially lower the cost of manufacturing per watt. TOPCon technology helps to decrease surface recombination and enhances the durability and consistent performance of the panels over time. TOPCon solar panels have a low power degradation rate in the first year of operation and for the next 30 years too. In the upcoming years, low-cost IBC(Interdigitated Back Contact) technology has the potential to become dominant in its bifacial configuration at the utility scale as well. IBC technology is a big step forward in the design of solar panels. The solar cell has a special design where the front and back contacts are placed on the back of the cell. This helps to make the front of the cell better at absorbing light, making it more efficient. This setup helps to minimize shading losses and therefore improves energy capture. IBC cells increase the overall energy conversion rate by more than 20%.

IBC panels have a sleek and attractive design with no visible metal contacts or grid lines on the front, which makes them visually appealing for both residential and commercial installations. IBC technology has been found to perform better in high-temperature conditions compared to other technologies. Additionally, solar panels using IBC technology operate better at lower temperatures than traditional panels, which makes them a better choice for areas with hot climates. In IBC panels, the contacts on the backside offers more protection against things like moisture and dust. IBC panels are slightly more efficient in certain cases as data has shown that IBC has a theoretical conversion efficiency limit of 29.1%, which is higher than TOPCon’s 28.7%. Although both technologies involve complex manufacturing processes, TOPCon technology may offer potential cost savings in the manufacturing in the long run. Since TOPCon technology is the next logical step after PERC technology, it does not add extra cost to the finished product, and it can produce additional efficiency gains over PERC modules.

About the commercial viability, it depends on a few factors like manufacturing cost, scale of mass production and desirability and adaptability of people to go for new product. IBC technology is advantageous because it can be combined with other cell technologies like TOPCon, HJT, Calcium Titanium Ore, Etc. This combination results in higher conversion efficiencies and creates TBC, HBC, And PSC IBC technologies. Due to its versatility, IBC technology is often referred to as a “Platform Technology” that offers superior performance. Figure below shows the process flows for PERC, TOPCon, HJT and IBC technologies that coexist in the PV market. There is no question that N-type technologies are replacing PERC technology but, the question is that which of the N-type concepts will take over the market leadership—TOPCon, HJT or IBC.

If we judge by simplicity and the efficiency to be achieved, then HJT would win the solar market if the throughput, yield and complexity were not taken into account. Even though TOPCon and IBC have a more complex process flow with 12 process steps, the robustness of the process and the possibility to use standard module processes will be the reason of adaptation of these technologies for the manufacturers. PERC, TOPon and IBC build on each other, so standard processes can be used.

The TOPCon process consists of 12 steps involving only standard equipment such as wet chemistry, POCl3 and BBr3 diffusions, PECVD SiN, laser treatment and screen-printing. The main advantage of the technology is that no passivating contacts are used and so the lower Levelised Cost of Electricity (LCOE) is reduced too.

At, Navitas Solar, a leading module manufacturing company with the capacity of 1.7 GW p.a. we believe that both the IBC and TOPCon solar cell technologies will greatly change the solar panel industry in upcoming time. We at Navitas Solar will be manufacturing N-type TOPCon modules up to 20 bus bars with power generation capacity of 720 watts per panel. N- Type TOPCon Bifacial panels will be the choice of consumers in the upcoming future. Both the technologies have the potential to improve

Process flows for PERC, TOPCon, HJT and IBC

FEATURED

SUNPURE SIGNED A STRATEGIC CONTRACT WITH GENSOL FOR SUPPLYING 200+ ROBOTS FOR SEMBCORP PROJECT IN TAMIL NADU, INDIA

SUNPURE Technology Co. Ltd. secured a strategic contract with GENSOL, India, for supplying Sunpure’ s water-free robotic cleaning systems for Sembcorp project in Tamil Nadu, India. For this project, Gensol is the EPC Contractor and Sembcorp, India is the Independent Power Producer.

The contract includes the supply of Fully Automatic & Semi-Automatic Advanced version of 200+ SUNPURE robotic cleaning. The robotic cleaning systems are scheduled to be commissioned in Q4 2023. SUNPURE will use its advanced AI based communication system for attaining higher ROI by utilizing the concepts of machine learning and deep learning to reduce the OPEX cost. Gensol, a frontrunner in the Solar and Renewables Industry, is a rare mix of youth and experience. With a decent portfolio at base, Gensol is growing and diversifying in other areas of the renewable energy sector. Solar Advisory, Solar EPC and O&M being the biggest strengths of the Group, it is also growing by leaps and bounds in areas like Wind Advisory, Energy Storage, Electric Vehicles, Manufacturing and Electric Vehicles. It has done 33,693+MW of Solar Consulting, 590+ MW EPC, 5400 MW of O&M projects and more than 15 GW of O&M Solar monitoring & analytics so far.

Sunpure Intelligent Technology Co., Ltd. (Sunpure), headquartered in Hefei, China, is the leading PV Cleaning Robotics supplier. Established in 2019, Sunpure has been concentrating on consistently providing convenient, reliable, and innovative solar module cleaning robotic solutions which are compatible with all industry-leading modules and mounting/ tracking systems suppliers over the past years. Based on the mission of “More Power is Coming”, Sunpure has continuously optimized and promoted global service by setting up branches and offices in China, KSA, UAE, Australia, Chile, India, and other regions. SUNPURE has signed PV Cleaning Robot for a cumulative 8GW+ globally.

HOPEWIND SHOWCASED COMPREHENSIVE GREEN ENERGY SOLUTIONS AT RENEWABLE ENERGY INDIA EXPO 2023

Hopewind, a leading global provider of green energy solutions, celebrated its successful participation at REI 2023, where it showcased its diversified energy businesses, including cutting- edge PV solutions, wind power solutions, and PCS energy storage solutions.

Leading PV solutions

One of the standout offerings from Hopewind is its PV solutions with extensive power classes, ranging from 3kW to 385kW, which cover both string and central types and are suitable for all- scenario PV applications. At REI, Hopewind PV solutions highlighted its groundbreaking 385kW string inverter. As a utility-scale PV solution with the industryhighest nominal power output, it is equipped with an advanced cooling system that enables it to operate at full power without derating even in ambient temperatures of up to 40 degrees Celsius. This makes it perfectly adaptable to the hot operating environment in India, allowing for increased power generation while reducing the levelized cost of energy (LCOE). The inverter features PLC communication for seamless integration with control systems, eliminating the need for extensive wiring and reducing installation costs for project owners. Notably, it includes a vital PID recovery function, which extends the life expectancy of PV modules, as well as a built-in SPD module for enhanced safety.

In response to the rapid expansion of rooftop solar plants in India, Hopewind also showcased its 110kW C&I PV solution at the exhibition. This solution, with a maximum PV input current of 20A, is compatible with both high-power and bifacial modules, maximizing energy yields for system owners. With an AC output power range of 300V to 520V, it can withstand grid fluctuations, offering users high-quality and stable power.

Wind power solution

Setting itself apart as a versatile green energy solutions provider, Hopewind also presented its well-recognized wind power solutions at the exhibition. The company introduced itsrevolutionary double-fed converter to the Indian wind power market. Supporting flexible configurations and scalable from 2MW to 6.25MW, this converter features high power density, a wide voltage range, modular design, and flexible cooling methods.

PCS Energy storage solution

Additionally, Hopewind showcased its PCS energy storage system at the event. The PCS combo, which can be flexibly configured from 2.4MW to 3.45MW, meets the needs of large-scale energy storage projects. Its integrated design allows for easy transportation and installation. The system offers multiple working modes, including PO, VF, and VSG, as well as Black Start and grid-forming capabilities. In terms of protection and reliability, it features an IP65 rating and is C5-rated fo corrosion resistance. Furthermore, it can operate at full power without derating even in temperatures up to 45°C. The PCS system also supports flexible combinations, as it can work effectively with either dry-type or oil-type transformers.

We are thrilled to be part of Asia leading B2B energy expo this year,said Sunil Panigrahi, the country manager of India at Hopewind.During this event, we not only demonstrated ourleading innovation capabilities in the PV sector but also in the wind power and energy storage domains. We are now fully prepared to facilitate India green energy transition with our powerful and complete green energy ecosystem,Mr. Sunil added.

FEATURED

GROWATT SHINES BRIGHT WITH SMART ENERGY SOLUTIONS AT REI 2023

Growatt, a global leading distributed energy solution provider, showcased its comprehensive ‘solar, storage and EV charging’ solutions for residential, C&I, utility applications during the REI Expo 2023. The offerings align with Indian market trends and customers’ needs, underscoring Growatt’s dedication to delivering outstanding products and services to customers.

PV INVERTERS

Growatt presented its smart string PV inverters with a wide range of 0.75kW to 253kW at the expo. ‘MIC 1000-3300TL-X2’ and ‘MIN 2500-6000TL-X2’ inverter first captivated the attention of EPCs and homeowners. These inverters feature increased MPPT current and offer an effortless means of incorporating higher watt peak modules into residential solar rooftop systems. The newly unveiled ‘MID 33-50KTL3-X2’ inverter was also on display for C&I sectors in India with its upgraded capacity for higher current, multiple MPPTs, IP66 protection, 98.8% conversion efficiency and compact design. For large utility-scale PV systems, Growatt showcased ‘MAX 185- 253TL3-X HV’ inverter. It ensures high yields with 12 to 15 MPPTs, a maximum efficiency of 99% and up to 200% overload. With high DC and AC voltage, like 1500Vdc and 800Vac, it can help reduce system costs and achieve a tremendous levelized cost of energy.

ENERGY STORAGE SYSTEM

The brand’s innovation in C&I energy storage solutions highlights ‘WIT 50-100K-HU’ hybrid inverter and APX Commercial Battery. The WIT series boasts advanced functions such as built-in UPS, black start capability, 100% unbalanced output, and 110% continuous AC overloading. Besides, it matches with the APX Commercial Battery that adopts the battery soft-switching connection technology that facilitates the integration of battery packs with different States of Charge (SOCs), new and old battery packs within a single system. Together, they empower businesses to elevate energy self-generation and improve operational efficiency.

EV CHARGERS

Facing the challenge of charging infrastructures and growing demands in EVs, Growatt’s Thor AC & DC EV chargers are poised to satisfy the user-side charging needs. They boast stylish design, exceptional features, and safety measures. With GroHome system and PV linkage charge mode, users can charge their EVs with 100% clean power, realizing “zero-carbon” lifestyle. To address diverse energy needs, the company also impressed attendees with its innovative Infinity 1500 portable power station for camping or vanlife, micro-inverter NEO 2000M-X, smart energy management solutions...

“Growatt recognizes India’s significant potential in the renewable energy market and is dedicated tocontinuously innovating cuttingedge technology products and solutions to meet customers’ needs”, Lisa Zhang, Vice President of Marketing at Growatt, stated. “As we move ahead, Growatt remains steadfast in its commitment to strengthening our local teams and collaborating with partners to contribute to a sustainable and greener future”.

CHINA LISTED COMPANY ARCTECH : LEADING THE CHARGE IN ADVANCING SOLAR ENERGY SOLUTIONS IN INDIA LEADING INDIA'S SOLAR ENERGY REVOLUTION

Arctech Solar, a renowned global provider of solar tracking and racking solutions and a China-listed company, continues to play a pioneering role in India's renewable energy sector. Since 2015, the company has firmly established its presence in the Indian market, achieving remarkable milestones and contributing to India's clean energy objectives.

Arctech, the global forerunner in solar tracking and racking solutions, celebrated its momentous 7th Year Anniversary Gala. The event served as a grand tribute to Arctech's outstanding achievements in the Indian solar market, attracting an esteemed gathering of industry leaders, partners, and stakeholders from Sterling and

At the event, Ms Gail Chen, Regional Head of Arctech in India also expressed gratitude to our dedicated employees. “None of this would have been possible without the hard work and dedication of our talented team. I want to take this moment to express my heartfelt gratitude to each and every member of the Arctech Solar Indiafamily. Your commitment, innovation, and relentless pursuit of excellence have been instrumental in our success.”

Wilson Renewable Energy, Torrent Power, Hero Future, Aditya Birla Renewables, KEC International Limited and Clean Max for a day of profound networking, knowledge sharing, and welldeserved recognition. The festivities centered around Arctech's remarkable accomplishments, most notably the successful completion of numerous Giga projects. Notable among these were the awe-inspiring 1.7GW project in 2020 and the monumental 2.8GW project in 2022.

Arctech's unwavering commitment to localized production in India was showcased through the operational excellence of its joint venture factory, Jash Energy, which, since its inception in August 2022, has boasted an astounding annual capacity of 3GW. Gail also placed particular emphasis on the company's unwavering customer-centric approach, which has been instrumental in driving increased energy generation, facilitating a substantial reduction in carbon emissions, and fostering job creation throughout India. Arctech's cutting-edge solar tracking solutions have played an instrumental role in spearheading the nation's transition towards widespread adoption of clean and sustainable energy. In response to the dynamic changes within policy frameworks, Arctech proactively established a joint venture factory exclusively dedicated to solar trackers within India, aligning seamlessly with the production-linked incentive scheme (PLI). This state-of-the-art facility, strategically located in Mundra, Gujarat, goes the extra mile by sourcing steel locally for critical components, further reinforcing Arctech's unwavering commitment to localization and bolstering the nation's economy. The 7th Year Anniversary Gala served as a testament to Arctech's unparalleled commitment to innovation, sustainability, and unwavering leadership within the solar industry. As the company continues to forge ahead, it remains steadfast in its dedication to advancing cutting-edge clean energy solutions and fostering collaborative partnerships, with the ultimate

goal of shaping a greener and more sustainable future, not only for India but also for the global community.

Arctech's Influence on India's Solar Energy Capacity Demonstrated by Landmark Projects. the trailblazer in solar tracking and racking solutions, has left an indelible mark on India's solar energy landscape. This is exemplified by the successful delivery of 1.7GW of SkyLine trackers for the 860MW AEML solar power plant in Rajasthan, which stands as the largest bifacial + tracker power generation project in the country. Arctech's reputation as a market leader has been bolstered by its innovative solutions and cutting-edge wind tunnel testing capabilities. The company's unwavering commitment to sustainability and continuous innovation is evident through its significant investments in research and development. Arctech's recent launch of a PV company-owned numerical wind tunnel, coupled with its extensive patent portfolio, further underscores its dedication to pushing the boundaries of solar technology. Arctech's influence extends beyond the borders of India, as the company has expanded its international presence through the establishment of 14 service centers and branches worldwide. This global footprint positions Arctech as a key player in the renewable energy sector. With a steadfast focus on solar tracking and racking systems, building-integrated photovoltaics (BIPV), and energy storage solutions, Arctech is actively shaping the future of solar technology, both in India and on a global scale.

FEATURED

AVAADA FOUNDATION IS TRANSFORMING LIVES ANDBUILDING A BRIGHTER FUTURE ACROSS INDIA

Avaada Foundation (www.avaadafoundation.com), the philanthropic arm of the Avaada Group, continues to make significant strides in its mission to uplift and better society across 15 states in India. Since its inception, the Avaada Foundation has been dedicated to creating positive impacts in the fields of Education, Empowerment, Youth Development, Environment, Health, and Energy.

EDUCATION FOR ALL (SDG 4)

One of the foundation flagship initiatives is the adoption of government schools in Mathura, Uttar Pradesh. Avaada Foundation is committed to transforming these schools by renovating dilapidated buildings and providing quality education in government institutions that rival private ones. Scholarships are provided to deserving and underprivileged students across the country, ensuring that bright minds have the opportunity to contribute to the country progress.

Additionally, the foundation supplies resources to government schools, eliminating barriers to education for marginalized children. Smart boards have been provided in schools across Gujarat, Rajasthan, Maharashtra, Uttar Pradesh, and several other states. Furthermore, Avaada Foundation has distributed bicycles to needy female students to ensure they can attend school without transportation constraints. Digital learning centres have been established in remote areas, along with community development centres aimed at uplifting communities as children are being given tuition, Spoken English classes, Entrepreneurship workshops, motivational speeches by experts, and career counselling for their all-round development. To ensure quality education, we have implemented the ‘mind opening technique’ in government primary schools. the Avaada Foundation has

HEALTHCARE INITIATIVES (SDG 3)

revolutionized a boarding school by installing a cutting-edge solar water heater. Additionally installed solar panels, guaranteeing an unceasing power supply. This visionary endeavor is set to empower students with an environment conducive to learning, ensuring uninterrupted access to electricity, and thereby illuminating their educational journey.

The Avaada Foundation, in its unyielding pursuit of community welfare, has established a pioneering Model Anganwadi Centre in the vibrant state of Rajasthan. This initiative stands as a beacon of hope and progress, redefining the standard of care and education for the youngest members of the community. The centre embodies a holistic approach, seamlessly integrating early childhood education, nutrition, healthcare, and maternal support. It boasts state-of-the-art facilities, ensuring a safe and stimulating environment for children to learn and grow. With a dedicated team of trained caregivers and educators, the Model Anganwadi Centre sets a new benchmark for early childhood development in the region.

In the healthcare sector, Avaada Foundation has been a pillar of support, particularly during the COVID-19 pandemic. The foundation has set up COVID-19 care hospitals in Gujarat, Maharashtra & Rajasthan. Avaada Foundation has provided 24X7 community health emergency transportation facilities catering 40 KM radius of health services of local communities in Bikaner tehsil of Bikaner, Rajasthan. The foundation has been organising health checkup camps, eye checkup camps, and distributing free medicines to those in need. Regular health tests and checkups are facilitated to ensure the well-being of the underprivileged. We provide state-of-the- art first aid training by experts in villages to train youths in any unforeseen happening. Avaada Foundation extends to celebrating international events like International Yoga Day. The foundation observed International Yoga Day in the Prime Minister's adopted villages with two thousand students and with its employees on all project sites, fostering the importance of physical and mental well-being. The Foundation, with its unwavering commitment to community welfare, organized the Healthy Baby Competition. This unique program employed five crucial indicators to gauge the health status of these young cherubs.

The Avaada Foundation extends its assistance beyond human health, offering door-to-door free health services to cattle farmers in Rajasthan during animal health emergencies such as Lumpi skin disease. Moreover, the foundation supplies free fodder to farmers in Gujarat and Uttar Pradesh.

EMPOWERING YOUTH AND WOMEN (SDG 5)

Youth development has been a core focus, with the foundation establishing sports fields in villages and providing sports materials to schools to promote sports and games among the youth. In a bid to empower women, Avaada Foundation has trained them in handling gadgets, offering employment opportunities. Women have been provided with training in makeup artistry, tailoring, and coding, enhancing their skill sets and opening doors to the job market.

SUSTAINABLE ENERGY INITIATIVES (SDG 7)

Avaada Foundation also actively contributes to the fight against hunger by regularly distributing ration bags to the helpless, ensuring that nobody remains hungry in the country.

NURTURING GREENERY (SDG 13)

In a monumental effort to combat climate change and promote a greener India, Avaada Foundation has planted using Miyawaki& technique and meticulously cared for over one lakh trees. These saplings have flourished into mature trees, contributing significantly to local ecosystems and environmental health. The foundation& tree plantation drive is ongoing, with a commitment to expanding this green legacy on a large scale. Avaada Foundation remains steadfast in its dedication to creating a positive impact on society, forging a brighter and more equitable future for all.

Source: livemint

INDIAN ENERGY EXCHANGE (IEX) ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDING SEPTEMBER 30, 2023

• IEX REPORTS 26.53 BU OVERALL VOLUME IN Q2 FY24, A 15% GROWTH YOY.

• Q2 FY24 CONSOLIDATED REVENUE STANDS AT INR 133 CRORE, MARKING 17% YOY INCREASE.

• CONSOLIDATED PAT FOR Q2 FY24 IS INR 86.5 CRORE, UP 21.5% YOY.

• PowerX* AVERAGE CLEARING PRICE FOR THE QUARTER STOOD AT Rs 5.56/unit.

• IEX LAUNCHED HIGH PRICE TERM AHEAD MARKET (HP-TAM) ON 18th OCTOBER 2023

The key highlights of the unaudited consolidated financial results for the second quarter ending September 30, 2023, as declared by the Company on 02 November, 2023, are listed below:

BUSINESS AND FINANCIAL PERFORMANCE HIGHLIGHTS

During the quarter, the Exchange recorded a trading volume of 26.53 BU, an increase from 23.12 BU in Q2 FY’23, marking a growth of 15% YoY. This volume includes 24.07 BU from the conventional power market and 747.64 MU from the Green Market segment. The Exchange also traded 13.91 lakh Renewable Energy Certificates (REC), equivalent to 1391 MU, and 2.79 lakh ESCerts, equivalent to 279 MU.

On a consolidated basis, the revenue for Q2 FY24 saw a YoY increase of 17%, rising from Rs. 113.8 Cr. in Q2 FY23 to Rs. 133 Cr. in Q2 FY24. The PAT grew by 21.5% YoY, moving from Rs. 71.2 Cr. in Q2 FY23 to Rs.86.5 Cr. in the current quarter.

*PowerX is the price index of Indian Energy Exchange (IEX) and is calculated based on weighted average price of Day-Ahead Market and Real-Time Market discovered for the previous day delivery.

Power demand was higher than anticipated for the monsoon months, with peak power demand reaching nearly 240 GW in September first week. States like Maharashtra, Uttar Pradesh, Gujarat, and Tamil Nadu witnessed soaring demand this quarter.

On the fuel side, India's coal production increased by a robust 16.2 % YoY to reach 205 million tonnes in Q2 FY24 and E-auction coal premium continued its decline since the beginning of this financial year. This improved supply side scenario resulted in increased sell liquidity but an unexpected surge in power demand kept prices higher on the Exchange during the second quarter.

The average market clearing price in the DAM segment during Q2 FY24 period was Rs. 5.88/unit compared with Rs.5.40/unit in the same quarter last year, higher by nearly 9% over Q2FY23.

In October 2023, IEX launched High-Price Term Ahead Market (HP-TAM) and acquired 10% stake in Enviro Enablers India Private Limited (EEIPL). On the gas market front, in Q2FY24, the Indian Gas Exchange (IGX) generated total volumes of 195 lakhs MMBtu during Q2 of FY '24, a jump of 262% over the same quarter last fiscal. The volume jump was largely on the back of increased domestic gas volumes and decreased gas prices compared with spot prices (WIM). For Q2FY24, IGX posted a PAT of Rs. 7.85 crore, a significant increase from Rs. 2.42 crore in Q2FY23, reflecting a growth of 224%.

POWER SECTOR HIGHLIGHTS UPDATE

On the power sector front, electricity consumption in India for Q2 FY24 stood at 435.8 BU, a growth of 13% YoY. By the end of Q2 FY 2024, India’s total installed capacity stood at 425 GW, out of which 179 GW was contributed by renewables.

India remains on track to attain its target of achieving 50% of energy consumption from non-fossil fuel sources by 2030.

APRAAVA ENERGY RECEIVES SBTI VALIDATION FOR ITS GREENHOUSE GAS EMISSION REDUCTION TARGETS

Becomes only the second Indian power business to receive SBTi validation Will reduce its Scope 1 & 2 greenhouse gases (GHG) emissions intensity by 46.3% by 2027

Apraava Energy, a leading integrated energy solutions provider, announced that it has received approval from the Science Based Targets initiative (SBTi) on its decarbonisation target.

Apraava Energy is among a handful of players in India’s power sector to have set emission reduction targets under the SBTi, and only the second Indian power company to have had its targets validated.

Apraava aims to reduce its Scope 1 and Scope 2 greenhouse gases (GHG) emissions intensity (tCO2e/MWh) by 46.3% by 2027 as compared to the base year of 2022. The SBTi’s validation team has determined that Apraava’s target is in line with the 1.5ºC trajectory outlined in the Paris Agreement.

Mr. Rajiv Ranjan Mishra, Managing Director, Apraava Energy

said, “India has set ambitious carbon reduction targets, and Apraava Energy is committed to partnering the country in its journey towards achieving net zero. By aligning to the SBTi targets, we are using the latest climate science to take ambitious climate action. We are committed to India’s energy sector and will continue to look for opportunities to invest in low carbon businesses that strengthen the country’s energy security and infrastructure.”

The Science Based Targets initiative (SBTi) mobilises companies to set science based targets and boost their competitive advantage amidst the transition to a low carbon economy. It drives climate action in line with the Paris Agreement goals of limiting global warming to well below 2°C above pre-industrial levels and pursuing efforts to limit warming to 1.5°C.

Apraava Energy is committed to achieving its SBTi targets and will quantify the company’s sustainability initiatives as the company works towards becoming an integrated energy solutions provider.

SUZLON SECURES ORDER FOR THEIR 3 MW SERIES TURBINES FROM JUNIPER GREEN ENERGY PRIVATE LIMITED OF 50.4 MW

• To supply 16 wind turbines with a rated capacity of 3.15 MW each

• Project to be completed in 2025 at Dwarka district in Gujarat

• Part of bid awarded to Juniper Green Energy Private Limited by Gujarat Urja Vikas Nigam Ltd. (GUVNL)

• A project of this size can provide electricity to ~38 thousand households and curb ~1.51 lakh tonnes of CO2 emissions per year

Suzlon Group, India’s largest renewable energy solutions provider, announced the order of the 3 MW product series for the development of a 50.4 MW wind power project for Juniper Green Energy Private Limited. Suzlon will install 16 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower of their new product with a rated capacity of 3.15 MW each.

Naresh Mansukhani Chief Executive Officer, Juniper Green Energy Private LimitedGroup,

The project is located at Dwarka district in Gujarat and is expected to be commissioned in 2025.

This is the repeat order for the company’s largest turbine rated 3.15 MW, S144-140m from the 3 MW series. As part of the agreement, Suzlon will supply the wind turbines (equipment supply) and execute the project including, erection and commissioning. Suzlon will also provide comprehensive operations and maintenance services post-commissioning.

said: “At Juniper, we are committed to contribute significantly to India’s renewable energy journey. We are delighted to partner with the country’s leading renewable energy solutions provider, Suzlon for our wind energy project. Suzlon is closely aligned to the ideology of Juniper Green Energy Private Limited of building a sustainable India through cost-effective, Made in India, renewable energy solutions. With significant experience in conceptualizing, building, and developing renewable energy assets, we embark on our wind energy journey and look forward to creating many more landmark projects in the future.”

The largest renewable energy solutions provider in India, The Suzlon Group is proud to announce its 3 MW series of wind turbines. With the primary objective of increasing generation, reducing the cost of energy, and contributing to an Aatmanirbhar Bharat, this series marks a significant milestone for the company and the country's wind energy sector.

Suzlon's 3 MW turbines feature a 144-meter rotor diameter and are designed to unlock low wind sites and deliver improved energy yield suitable for all Indian wind regimes. With local content of up to 85-90% by its serial launch, this series proves Suzlon’s commitment to innovation and self-reliance.

The S144 wind turbine generator is one of the largest in India, extendable up to 3.15 MW, depending on site wind conditions, available at a hub height of 140 meters going up to 160 meters by its serial launch. At 160 meters hub height the S144 will also be India’s tallest wind turbine. Suzlon's S144 fleet will deliver a remarkable 40-43% higher generation over Suzlon’s current

model, the S120 – 2.1 MW wind turbine, showcasing its ability to optimize wind resources at higher altitudes and make lowwind sites viable.

Furthermore, the 3 MW turbine generators feature the timetested Doubly Fed Induction Generator (DFIG) technology and the SB 70.5 carbon fiber blade engineered and developed by Suzlon. This world-class technology provides the capability to utilize thinner aerodynamic profiles, resulting in excellent performance in low-wind sites, and a significant increase in generation yield per unit of land.

As a leader in the renewable energy sector, Suzlon's 3 MW series of wind turbines is a testament to the company's dedication to delivering sustainable and cost-effective renewable energy solutions for the future. We are confident that the 3 MW – S144 technology will contribute significantly to the country's renewable energy and net-zero targets.

The Suzlon 3 MW Series

FEATURED

JAKSON GREEN TO DEVELOP RS. 2,400 CRORE GREEN AMMONIA PLANT FOR DEENDAYAL PORT AUTHORITY

• Jakson Green's green ammonia facility at Kandla Port in Gujarat to produce an impressive 133,000 tons of green am monia per annum.

• The project is expected to generate over 5000 jobs including Operation & Maintenance (O&M), making a significant con tribu tion to the economic development of the region.

Jakson Green Private Limited, the dynamic energy transition platform backed by India's Infrastructure and Renewables powerhouse, Jakson Group, has signed a momentous Memorandum of Understanding (MOU) with the esteemed Deendayal Port, Authority to embark on an ambitious journey to set up a state-of-the-art green ammonia facility. Valued at approximately INR 2400 Crore, this landmark project marks a significant milestone in India's sustainable energy transition. The cutting-edge green ammonia facility, situated at Kandla

Mr. Krishnan Kannan, Joint Managing Di rector of Jakson Green, expressed his enthusiasm for the partnership, stating, "We are thrilled to embark on this collaborative journey with the Deendayal Port Authority to establish a green ammonia facility. Green Ammonia stands at the core of our sustainable energy vision and our facility represents a significant stride in reducing greenhouse gas emissions within the Maritime industry. This partnership reinforces our unwavering commitment to driving sustainable energy transition, while also acting as a catalyst for economic growth and the well-being of the local community."

Port, Gujarat, will be developed in a phased approach, with a projected annual production capacity of an impressive 133,000 tons of green ammonia. Additionally, this endeavour is poised to create more than 5000 jobs including O&M, thereby fostering substantial economic growth in the region.

The MoU was signed by Mr Krishnan Kannan, Joint Managing Director, Jakson Green and Shri Sushil Chandra Nahak, Chief Mechanical Engineer, Deendayal Port Authority in the presence of key dignitaries from respective ministries & the state. The Deendayal Port Authority would facilitate Jakson Green in obtaining necessary registrations, approvals, clearances, and provide incentives, among others.

The MoU was signed on the sidelines of Global Maritime India Summit (GMIS), 2023. The maritime industry being a major contributor to greenhouse gas emissions, the summit focused on how renewable energy has the potential to play a significant role in decarbonizing the sector.

ENERPARC ENERGY PVT LTD COMMISSIONS 3.8 MW SOLAR PROJECT WITH THE PROWESS OF WAAREE ENERGIES LTD.

Enerparc Energy Pvt. Ltd, recognized as the global leader in solar power, has commissioned a 3.8 MW solar power project, with the prowess of Waaree Energies Ltd, from January 2023 to October 2023. This project has been executed across various locations in India.

Speaking on the occasion, Mr. Sunil Rathi, Director of Sales & Marketing, Waaree Energies Ltd., said “It has been an honour for us at Waaree to work with Enerparc on this significant undertaking. Sustainable and cost-effective energy generation is the need of the hour in India, and this project provided us with a stellar opportunity to contribute to the country’s green energy transition, with our high-quality, state-of-the-art solar modules.”

Mr. S Nataraj VP – Supply chain and Projects, Enerparc Energy Pvt. Ltd. said, “Waaree’ s high-quality solar modules are renowned in the industry for their reliability and effectiveness, making them the ideal module supplier for this project. It was a pleasure to work with the team at Waaree, and we look forward to further avenues of collaboration in the future.”

GOODWE & SCGJ EMPOWERS SOLAR ENTHUSIATS WITH INNOVATIVE TRAINING & FUELS PRACTICAL LEARNING IN THE SOLAR CUP COMPETITION.

12th & 13th October 2023, India Habitat Centre, New Delhi, India.

GoodWe's Eco Smart Tour Program in India recently concluded with the enthusiastic participation of over 90 young and enterprising professionals in an engaging two-day event. This initiative was conceived with the noble purpose of empowering local communities, including academic sectors, local SMEs, NGOs, and industry education, to explore the vast possibilities of sustainable endeavours in collaboration with GoodWe.

For the past 12 years, GoodWe has been on a remarkable journey in the solar industry, continuously growing and achieving new milestones. However, the company remains grounded and recognizes that all its accomplishments have been made possible through the dedication, skills, and collaborative ‘Spirit of People’. This shared commitment empowers GoodWe, positioning the company as a morally indisputable contributor driv-

Monika Kumari, Marketing Manager for GoodWe India, emphasized the significance of skill development in a time of rapidly evolving phase of Solar Technology and product launches. For GoodWe, a continued emphasis on training reflects our commitment to ensuring that both partners and customers can maximize the potential of their solar systems.

The next day was followed by a Unique competition called the ‘Solar Cup 2023’. The competition was meticulously designed to provide a real-time assessment of the youth's skills. The response from the participating youth was overwhelmingly positive, drawing participants from various states, including Uttar Pradesh, Haryana, and beyond. This event aimed to evaluate the talents of the youth and recognize exceptional performances, featuring questions on solar technologies and real-time project development skills.

The competition comprised two distinct segments. In the initial round, participants faced a series of multiple-choice questions, totalling 45 in number, pertaining to solar and renewable technologies. These questions collectively carried a maximum

ing the Global Smart Energy Transition.

This exciting collaboration in India, was established with Skill Council for Green Jobs (SCGJ), an initiative supported by the Government of India. SCGJ's mission is to identify the skill development needs of manufacturers and service providers within the green business sector. It aims to implement nationwide, industry-led, collaborative initiatives focused on skill development and entrepreneurship, all of which contribute to realizing India's potential for "Green Businesses."

GoodWe India and SCGJ together extended invitations to all individuals and organizations interested in shaping the future of clean energy to join us in this transformative event.

The first day Training Program provided participants with a unique opportunity to gain a deeper understanding of the evolving landscape of solar inverters and the industry in general. Expert Lectures offered valuable insights and inputs into project performance, underscoring the critical role of operation and maintenance (O&M) in optimizing the efficiency, lifespan, and safety of solar systems.

Mr. Subrahmanyam Pulip aka, Chief Executive Of ficer of the National Solar Energy Federation of In dia, who inaugurated the program, highlighted the immense potential offered by solar energy in India and the ongoing advancements in the sector. He also emphasized the numerous green job opportunities that the solar industry is going to generate.

of 45 marks. Subsequently, nine candidates with the highest scores advanced to the final round.

During the final round, participants were provided with GoodWe inverters, solar panels, and other essential technologies, tasked with installing them within a specified time frame. The candidates were divided into three separate teams and had 4.5 hours to complete the installations.

A panel of judges carefully assessed the candidates' performances, leading to the recognition of three outstanding individuals: Raushan Kumar, Aasif, and Meghraj. They were awarded with Scholarship of 1000 USD, that can nurture their passion and enable them to pursue a promising career in the Solar Industry.

This initiative not only enhanced GoodWe’s brand reputation but also paved the way to foster positive local public relations by exemplifying our commitment to the Green Energy transition while prioritizing community involvement.

FEATURED

AMPIN ENERGY TRANSITION AND JUPITER INTERNATIONAL PARTNER TO SETUP UPTO 1.3 GW SOLAR CELL & MODULE MANUFACTURING UNIT IN INDIA

AmpIn Energy Transition (Formerly Amp Energy India), a leading Independent Power Producer (IPP) in India, is pleased to announce its strategic partnership with Jupiter International Limited to establish a joint venture dedicated to the solar manufacturing business. This collaboration marks a significant milestone to boost the solar cell and module manufacturing capacityin India and fostering self-reliance.

Under the JV, a state-of-the-art manufacturing facility will be set up, aimed at manufacturing up to 1.3 gigawatts (GW) of high-quality solar cells and modules under the PLI tranche -II scheme of the government of India.

The PLI initiative supports the Indian government's ambition to boost manufacturing, diminish global supply chain disruptions and reduce India's dependence on solar imports. As AmpIn

Mr. Pinaki Bhattacharyya, MD and CEO of AmpIn Energy Transition, remarked on the collaboration: "Partnering with Jupiter International, a vanguard in solar cell production, resonates with the Indian government's vision of a self-sufficient nation and underscores our unwavering dedication to a greener future.This move will help us achieve backward integration and enhance our control over the supply chain for crucial components, which would help us optimize our operations for quality, efficiency and cost-effectiveness. There is a strong demand for Indian solar modules and with the right support and policies, they will become cost effective and competitive globally."

delves into manufacturing, it aims to enhance its grip on the supply chain for essential components. The appetite for Indiaproduced solar cells is robust, and as favorable policies take root, production costs are anticipated to drop, giving the industry a competitive edge Jupiter International already has an 800 MW solar cell manufacturing stronghold in Himachal Pradesh. It is a heritage company with over 15 years experience in manufacturing global quality high efficiency solar cells with a track record of manufacturing excellence and constant technological upgradation. The company has been forward looking and has navigated the turbulence in the solar industry by constantly investing in its technical competence. The alliance looks to leverage Jupiter's vast expertise and AmpIn's steadfast dedication to providing the lowest cost renewable power to its customers. Under the JV’s stipulations, the modules will be consumed locally by AmpIn and supplied to third party developers propelling both domestic and export growth in India’s renewable sector.

Mr. Alok Garodia Chairman, Jupiter Inter national

Mr. Pinaki Bhattachryya MD and CEO of AmpIn Energy Transition

said, "We are happy to collaborate with AmpIn as this partnership will redefine the solar manufacturing landscape in India. Combining our solar cell manufacturing prowess with AmpIn's commitment to renewables,will play a major role in stabilising the supply chain and reducing India’s reliance on imports. We bring in competencies in designated parts of the value chain, and together, we will be a formidable force."

AVAADA GROUP AND GOPALPUR PORT LTD INK MOU TO LAUNCH ADVANCED GREEN AMMONIA STORAGE FACILITY

Avaada Group, India's prominent integrated energy platform, has signed Memorandum of Understanding (MoU) with Gopalpur Port Limited. This strategic alliance aims to establish a cutting-edge Storage Facility dedicated to storing Green Ammonia at the Gopalpur port, marking a pivotal moment in the journey towards greener future.

Green Ammonia, an eco-friendly solution, is expected to play a crucial role in steering hard-to-decarbonize sectors towards Net Zero emissions, thereby fostering the development of a carbon-free industry. The signing of this MoU represents a significant leap forward, enabling the port to become a vital hub for exporting Green Ammonia, a key component in the global effort to combat climate change.

This milestone agreement was formalized in the esteemed presence of distinguished personalities, Ms. Tukuni Sahu, Honourable Minister Commerce & Transport Odisha, Mr. Sanjay Kumar Mishra, Special Secretary, Commerce and Transport Department, Government of Odisha and Mr. V. Janardhana Rao, CEO Gopalpur Ports Ltd., amid the Global Maritime India Summit 2023; organised under the aegis of Ministry of Ports, Shipping and Waterways. Their presence underscored the significance of this collaboration in the larger context of sustainable energy transition and environmental stewardship.

Avaada Group's commitment to green initiatives in the state of Odisha is underscored by substantial investments in the development of a robust Green Hydrogen ecosystem. In a notable move last month, the group forged another significant partnership by signing an MoU with TSSEZL (Tata Steel Special Economic Zone Ltd.) to establish a Green Ammonia manufacturing facility within the Special Economic Zone (SEZ). These initiatives not only showcase Avaada Group's dedication to driving environmental change but also exemplify its active role in energy transition in India and beyond.

Mr. Vineet Mittal, Chairman of Avaada Group commented, "The urgency of addressing climate change is evident. Worldwide governments and businesses are seeking to adopt a more sustainable approach to foster economic development and prosperity for all. Green Hydrogen and its derivatives have emerged as potent alternates to fossil fuels for advancing accelerated decarbonisation across the sectors and geographies. India with its vast potential of renewable energy and skilled manpower is poised to play an important role in fulfilling global demand for Green Hydrogen and its derivatives.

Avaada’s collaboration with Gopalpur Port Limited marks a significant milestone in our quest for a carbon-neutral world. Our primary goal is to establish an advanced storage facility for Green Hydrogen and its derivatives. With each molecule of Green Hydrogen, we produce and supply to hard-to-abate industries and transportation, we contribute to the transformation of our world.”

FEATURED

NTPC INKS MOA WITH EIL FOR GREEN FUELS & GREEN FERTILIZER

NTPC has signed an MoA with Engineers India Limited (EIL) wherein NETRA (the R&D centre of NTPC Ltd.) can take up collaborative projects in the domain of Carbon Capture Utilization & Storage (CCUS), Green Fuel, Green Chemicals including Green Hydrogen, Green Ammonia etc, Green Fertilizers, Bio-Fuels, Decarbonization, Waste Handling, Water, Ash etc. leading to clean energy transition.

The MoA was signed by Shri U K Bhattacharya, Director (Projects) NTPC Ltd. and Shri Atul Gupta, Director (Commercial), EIL in the presence of Shri Jaikumar Srinivasan, Director (Finance), NTPC, Shri Rajiv Agarwal, Director (Technical), EIL and other senior officials of NTPC and EIL.

NTPC Ltd. is India largest integrated power utility, contributing 1/4 th of the power requirement of the country. With an installed capacity of more than 73 GW and a diverse portfolio of thermal, hydro, solar, and wind power plants, NTPC is dedicated to delivering reliable, affordable, and sustainable electricity to the nation. The company is committed to adopting best prac-

tices, fostering innovation, and embracing clean energy technologies for a greener future.

NTPC Group has a plan of 60 GW of RE capacity by the year 2032 and it is taking up several initiatives towards decarbonization such as Hydrogen blending, Carbon Capture & Fuel cell buses among others.

SHAKTI PUMPS SECURES 6TH PATENT: UNVEILS REVOLUTIONARY EV MOTOR TECHNOLOGY

Shakti Pumps (India) Limited (herein referred to as “Shakti Pumps”), India s leading manufacturer of energy-efficient pumps and motors has received a patent for inventing a “STACK ASSEMBLY FOR PERMANENT MAGNET

ROTOR The Patent Office, Government of India, has awarded Shakti Pumps this patent, fully adhering to the provisions set forth in the Patents Act of 1970. This patent is set to maintain its validity for duration of 20 years, commencing having submitted 25 Patent applications, spanning both domestic and international jurisdictions. Shakti Pumps has recently been granted a patent for their ground-breaking innovation in the field of Electric Vehicle (EV) motor technology. This innovation is a significant advancement that promises to revolutionize the performance and efficiency of electric vehicles. Let & delve into the key aspects of this technology and its potential implications.

Mr. Dinesh Patidar, Chairman of Shakti Pumps,

Mr. Dinesh Patidar, Chairman of Shakti Pumps, commented on this pivotal development, stating, Our ground-breaking EV motor technology has the potential to improve efficiency and extend the range of electric vehicles. By reducing losses, improving power factor, and maintaining lower operating temperatures, this innovation amplifies load capacity and torque, rendering electric vehicles more practical and sustainable, even in challenging conditions like steep terrain and heavy loads. It represents a significant step towards reducing our reliance on fossil fuels.

MEYER BURGER SIGNS COOPERATION AGREEMENT WITH CLEAN TECH START-UP FOR RECYCLING OF SOLAR MODULES

• Together with Meyer Burger, LuxChemtech from Freiberg is laying the foundations for solar recycling on an industrial scale.

• Special technology ensures that valuable raw materials such as silicon, silver, glass, and aluminum can be recycled and returned to the material cycle.

• Comprehensive recycling minimizes the share of thermal utilization of PV production waste and strengthens the circular economy.

In order to recycle solar modules in line with the circular economy, Meyer Burger Technology AG has concluded a cooperation agreement with LuxChemtech GmbH. Under the agreement, a large proportion of the waste generated in PV production will be recycled and returned to the material cycle. To this end, a new plant will be commissioned at LuxChemtech in Freiberg in the presence of Saxony's Minister of Economic Affairs, Martin Dulig (SPD). This plant is also suitable for the complete dismantling of solar modules and cells. Moreover, a demonstration plant for processing solar modules in Tangermünde, Saxony-Anhalt, is scheduled for commissioning in 2024.

"Meyer Burger is committed to sustainable entrepreneurship and has high goals towards a full circular economy," says Katja Tavernaro, Chief Sustainability Officer (CSO) at Meyer Burger. "For us, it goes without saying that we not only focus on innovation and efficiency in our solar products themselves, but also take a look at the entire value chain and think about material recycling from the very beginning. With LuxChemtech, we have found a reliable partner for the future in Saxony and Saxony-Anhalt." The cooperation agreement stipulates that Meyer Burger will provide residues from PV production such as glass, foils, aluminum, and cell fractures. LuxChemtech processes these and

"If I want to produce high-tech, I also need the right ingredients," says Dr. Ingo Röver, CEO and co-founder of LuxChemtech. "In Germany, we have hardly any raw materials worth men tioning for this and therefore have to import. This is where our Recycling 4.0 is needed - with sophisticated technology we want to save the pre cious raw materials from solar prod ucts, such as silicon and silver and ideally recycle them."

recovers valuable materials such as silicon and silver. These are then returned to the economic cycle.

LuxChemtech is a clean-tech start-up based in Freiberg, Germany, specializing in the treatment and processing of silicon, its recycling and the recycling of other rare and critical materials of strategic importance. "Producing solar modules and being able to recycle them makes sense from many perspectives. Here we are always looking for new solutions and step by step we are building up an end-of-life module recycling. To do this, we need strong production partners like Meyer Burger," says Dr. Ingo Röver on the occasion of the new cooperation agreement with the PV producer, which has been operating a solar module production facility in Freiberg since 2021.

The topic of recycling is also highly relevant for both companies in a larger context. For example, in relation to the guideline, "Further expand Saxony as a secondary raw materials state", the New Saxon Raw Materials Strategy focuses on closing the material cycles for future technologies of the energy transition as a very specific priority area for action. For the technologies of the future the demand for certain raw materials, including critical or cost-intensive ones, will increase in the medium term. Material efficiency and material recycling as well as alternative business models are all the more important. The cooperation between Meyer Burger and LuxChemtech is also aimed at investing innovation, research, and new solutions further.

FEATURED

SPDA UNVEILS NEW BRAND IDENTITY TO REPRESENT THE ENTIRE ENERGY TRANSITION SPECTRUM

SPDA, an independent industry association committed towards promoting the renewable energy space, has made a strategic decision to rebrand itself as ‘Sustainable Projects Developers Association’ (SPDA). The new brand identity reflects the association’s transition from representing pureplay renewable energy developers to that of representing end-to-end provider of solutions across the decarbonisation spectrum.

In line with its strategy to focus on the overall clean energy eco-system, SPDA – Sustainable Projects Developers Association has been leading the representation of emerging decarbonisation solutions like green hydrogen and its derivatives, wind, solar, hybrid solutions, energy storage including pumped storage and batteries, carbon markets, solar module manufacturing and electrolyser manufacturing, and is poised to deepen further its engagement with policy advocacy, discussions and consensus building on issues related to the energy transition. The Association has been a pioneer in leveraging its outreach to accelerate the transition to green energy and providing assistance in policy evolution and healthier investment climate for renewable energy and green fuel projects and services in India. SPDA’s new identity will reinforce its position as a marquee organisation in the green services space, forging co-operation with leading global associations and holding events abroad in its pursuit to promote India’s leadership in the global stride towards decarbonisation.

Mr. Shekhar Dutt, Director General, SPDA and Ex Governor of Chhattisgarh, said, "SPDA aims to provide a neutral platform and become the voice of the companies engaged in energy transition in the country. This new identity will also enable SPDA to expand its global outreach especially in countries where urgent transition towards clean energy is becoming the new mantra for Governments. SPDA will promote offerings across the spectrum that support decarbonisation within the context of the future of energy." eign Lawyer in Mauritius.

Mr. Ranjit Gupta, CEO, Ocior Energy, commented "Energy transition stands at the core of climate action and sustainable economic progress. In an everevolving sector, the role of SPDA in shaping green energy discussions cannot be overstated. With our commitment to a greener world, we applaud SPDA for its new direction and look forward to fruitful collaboration."

Mr. Vineet Mittal, President of SPDA and Chairman of Avaada Group commented said, "The urgency of addressing climate change is evident. Worldwide governments and businesses are seeking to adopt a more sustainable approach to foster economic development and prosperity for all. Round-the-clock Renewables, Green Hydrogen and its derivatives have emerged as potent alternatives to fossil fuels for advancing accelerated decarbonisation across the sectors and geographies. India with its vast potential of renewable energy and skilled manpower is poised to play an important role in fulfilling global demand for Green Hydrogen and its derivatives. him on the Board.”

Rechristening of SPDA marks a significant milestone in our quest for a carbon-neutral world. Our primary goal is to widen the outreach of Indian developers, represent their interests both in India and abroad in countries where there is demand for green fuels buoyed by their decarbonization targets. In its pursuit, SPDA will leverage its networking capabilities coupled with research backed representations for effective and transformational policy advocacy.”

Mr. Sandeep Kashyap, COO Am monia, Acme Group, said, "We extend our felicitations to Sustain able Projects Developers Associa tion on its rebranding and renewed focus on advancing green energy sources. The new identity not only signifies commitment to bolstering India’s energy security but also to positioning the nation as a global hub for green energy innovation. We eagerly anticipate working to wards our shared mission for a sustainable future."ing Azure goals together.”

DEVELOPED COUNTRIES NOT ON TRACK TO MEET 2030 EMISSION REDUCTION TARGETS. US, EU, RUSSIA HIGHEST OVER-SHOOTERS

–By 2030, developed countries will overshoot carbon emission targets by 38 per cent

–Only two developed countries—Norway and Belarus—are on track to achieve their NDCs

–Even with post-2030 reductions, developed countries' total emissions would still threaten 1.5°C target

Developed countries are projected to collectively emit around 3.7 giga tonnes extra carbon dioxide in 2030, against the reduction goals expressed in their nationally determined contributions (NDCs) under the 2015 Paris Agreement, according to a new issue brief released by the Council on Energy, Environment and Water (CEEW). This represents a 38 per cent emission overshoot, with the United States, European Union, and Russia responsible for 83 per cent of this. The issue brief, published in collaboration with the TRANGOV project at Wageningen University & Research, highlights that only two

said, “The numbers are clear – even in this critical decade, developed countries are not projected to meet their 2030 NDC targets. This failure has implications for the limited global carbon budget available now, especially for developing countries like India. It is also crucial for the Global South to have produced this analysis and not just rely on handed-down assessments that focus disproportionately on emissions of emerging economies. To fulfil their responsibility as historical emitters and financially capable economies, developed countries must do more than meet the global average in emission reduction.”

The projections also reveal that developed countries rely on drastically ramping up emission reductions after 2030. Even if all developed countries were to reach net zero by 2050, they would require more than four times the average annual reductions they achieved from 1990 to 2020. Further, the issue brief estimates that even in a netzero-by-2050 scenario, developed countries would collectively emit over 40–50 per cent of the remaining global carbon budget left for the 1.5°C warming target, even though they are home to less than a fifth of the world’s population.

developed countries—Norway and Belarus—are on track to achieve their reduction commitments by 2030.

The mitigation efforts of developed countries impact the carbon budget available to developing nations, which need sufficient carbon space to address their economic and social development challenges and ensure a just transition. Further, currently, developed countries’ NDCs for 2030 collectively represent a 36 per cent reduction in emissions from their 2019 levels. This is less than the global average of 43 per cent that is required to keep the 1.5°C target alive.

Sumit Prasad Programme Lead, CEEW,

The issue brief recommends that developed countries enhance their NDCs and scale up climate action to bridge the projected 3.7 GtCO2e implementation gap by 2025. Net-zero goals hinge on significant emission cuts in this decade. Instead of relying on

Dr Vaibhav Chaturvedi Fellow, CEEW

said, “The climate journey of developed countries – historical and proposed – does not show deep enough emission reductions to reflect climate leadership. This means that the burden to mitigate global warming shifts to developing countries, which is problematic in a context where financial support to developing countries to achieve this transition has not been forthcoming, as promised.”

future events, developed countries should define clear year-onyear reduction plans to meet their targets in this critical decade. Further, to build trust, developed countries need to be reliable and stay committed to the Paris Agreement.

STL AMONG THE FIRST INDIAN OPTICAL COMPANIES TO TRANSITION TO GREEN HYDROGEN FOR SUSTAINABLE OPERATIONS

STL (Sterlite Technologies Limited) has emerged as one of the pioneering Indian optical companies to transition to green hydrogen for sustainable operations. By embracing green hydrogen, STL is aligning its operations with eco-friendly practices and reducing its carbon footprint. This proactive step demonstrates STL’s commitment to environmental sustainability, showcasing the company’s dedication to clean energy solutions in the optical industry. This move not only positions STL as an industry leader but also contributes significantly to India’s efforts in transitioning towards a greener and more sustainable future.

STL, a leading optical and digital solutions company, announced that it has collaborated with Hygenco, a homegrown green hydrogen solutions provider, for the supply of Green Hydrogen to its manufacturing plants. In this long-term offtake agreement, Hygenco will build-own-operate the Green Hydrogen facility for STL for 20 years. This facility will be based on renewable energy and commissioned in the next 15-18 months.

This project will be the very first Green Hydrogen project in India’s Optical industry and boost STL’s Net-Zero by 2030 ambition. STL has deep expertise in materials science, photonics and precision engineering and has set up a semiconductorgrade Glass Preform Plant in Aurangabad, Maharashtra. This Industry 4.0 powered plant is dedicated to manufacturing Glass Preforms, which are used to draw world-class optical fibre. Hydrogen and Oxygen are critical components in the production of optical fibre and are used as fuel in blast furnaces for making glass from silica particles. In the optical fibre value chain, gases like Hydrogen and Oxygen are considered as hard to decarbonise areas. STL and Hygenco, through this ambitious Green Hydrogen partnership, aim at carbon abatement to the tune of ~30% year on year. Currently, STL uses electrolysers running on conventional energy. Now, renewable energy-based electrolysers installed by Hygenco will enable STL to in-source its Hydrogen requirement, thereby reducing occupational health hazards associated with procuring Hydrogen in cylinders. Equipped with autonomous energy management and control, this system will also enable constant monitoring and real-time decision-making to ensure optimal efficiency.

Speaking on t his collaboration, Ankit Agarwal, Managing Director, STL, said: “Through this collaboration with Hygenco, STL embarks on a transformative journey towards sustainability, harnessing the power of green hydrogen, an eco-friendly solution that empowers our Glass plant with clean energy. This partnership exemplifies our commitment to environmental stewardship, innovation, and a sustainable tomorrow, where we create products that transform billions of lives.”

Commenting on this partnership Amit Bansal, CEO, Hygenco India, remarked: “Hygenco is facilitating industry transition to Green hydrogen as a commercially viable alternative to Grey hydrogen. Through this partnership, we will embark on a transformative journey towards sustainability, leveraging the potential of Green hydrogen to empower STL’s manufacturing plants. We are confident that our solution will create value for STL. We are excited to see STL trailblaze the Green hydrogen journey in the optical fibre industry and enable a greener internet.”

HOW INDIA CAN UTILIZE ITS COAL AND LIGNITE MINES FOR GREEN HYDROGEN PRODUCTION

India can leverage its coal and lignite mines for green hydrogen production through advanced technologies and strategic initiatives. One approach is to invest in Carbon Capture and Storage (CCS) technology, where carbon emissions from coal and lignite utilization are captured and stored underground, making the process more environmentally friendly.Another method is to implement Integrated Gasification Combined Cycle (IGCC) technology, where coal or lignite is gasified, and the resulting syngas is used to produce hydrogen. By integrating renewable energy sources like solar and wind power into the process, green hydrogen production can become more sustainable.

India is taking significant steps toward its green transition, with the ambitious goal of achieving net-zero emissions by 2070. To accelerate this transformation, the country is exploring alternative solutions, including reducing reliance on imported hydrogen by producing it domestically from carbon-emitting methane. A recent study by the Council for Energy, Environment and Water (CEEW) highlights that India currently consumes around 5.6 million tonnes of hydrogen, with the majority produced using methane. Additionally, 1.9 million tonnes of hydrogen are imported in the form of methanol, ammonia, and fertilizers. This puts India’s total hydrogen consumption at a substantial 7.5 million tonnes annually. In response to this challenge, India’s Prime Minister, Narendra Modi, initiated the National Hydrogen Mission in January 2022. The mission’s primary objective is to meet 7.5 million tonnes of India’s annual hydrogen requirement through domestically produced green hydrogen, positioning India as a leading producer and supplier globally. The adoption of this mission is expected to contribute significantly to India’s climate targets and net-zero vision, potentially reducing CO2 emissions by 3.6 gigatonnes cumulatively by 2050. Under the National Hydrogen Mission, India aims to ramp up its production capacity to at least five million metric tons per year by 2030. This expansion will be accompanied by an increase of around 125 gigawatts (GW) in renewable energy capacity. Private companies, international institutions, and organizations are actively supporting this mission, with notable investments of $1 billion by the EU Bank and Brookfield Renewables in Indian companies specializing in green hydrogen technology. Furthermore, the recent G20 declaration emphasizes the development of a sustainable and equitable global hydrogen ecosystem, marking a shift from theoretical discussions to practical implementation. Green hydrogen is increasingly viewed as a viable alternative to fossil fuels.

Despite these challenges, repurposing reclaimed and closed coal and lignite mines could be a game-changing solution for cost-effective green hydrogen production. These sites offer several advantages, including ample land for utility-scale solar and wind projects, existing freshwater resources, and readily available transmission infrastructure. As the Ministry of Coal estimates, significant land resources will soon become available due to coal phase-outs. Even if a small fraction of these lands is repurposed for green hydrogen production, they have the potential to generate over one million metric tonnes of green hydrogen annually. The advantages of repurposing reclaimed mines are evident. Not only can this approach address challenges related to land, water, and infrastructure, but it can also bring economic benefits by creating job opportunities and rejuvenating coal-dependent communities. Recent initiatives, like the repurposing of a retired coal mine in the US into a green hydrogen facility, highlight the feasibility and potential of this approach. To accelerate green hydrogen production on repurposed mine lands, India should conduct exploratory studies and incentivize private developers to invest in these locations. Policy mechanisms, including green hydrogen consumption obligations, can further enhance the financial viability of such projects. While the potential benefits of repurposing coal mines are substantial, it’s crucial to address environmental concerns and assess resource availability in these regions. With careful planning and management, repurposing mines for green hydrogen production could play a pivotal role in India’s transition to clean energy and emissions reduction. In conclusion, the repurposing of reclaimed coal and lignite mines for green hydrogen production offers significant potential benefits and notable challenges. It requires a comprehensive strategy that minimizes environmental impacts and maximizes economic advantages. If executed effectively, this approach can contribute substantially to India’s green energy transition and carbon emissions reduction.

INDIA

NIIF BACKED AYANA RENEWABLE POWER BECOMES INDIA’S FIRST COMPANY TO EARN TOP ESG RATING GLOBALLY

· ISS ESG Rating of (A-) Makes Ayana Top 3 Globally and highest ranked renewable firm in Asia.

· The rating puts India on a global map on ESG (Environment Social and Governance) as Ayana becomes the only Indian company

· This comes at a time when there is an increasing emphasis globally on improving ESG standards and stringent targets on energy-transition and Net-Zero set by the Indian government

Ayana Renewable Power, India’s leading Independent Power Producer (IPP) backed by NIIF (National Investment and Infrastructure Fund), BII (British International Investment), and GGEF (Green Growth Equity Fund), has been ranked 1st in Asia and among the top 3 companies globally in the renewable energy sector by ISS ESG, setting a new benchmark for ESG (Environmental, Social, Governance) standards in the sector.

Setting the Global Context: India's Energy Transition and Investment Perspective

India, as the world's third-largest energy consumer1, is swiftly transitioning towards cleaner and more sustainable energy sources. With a commitment to achieving net-zero emissions by 2070, India aims to meet 50 percent of its power generation capacity from non-fossil fuel sources by 2030. This monumental effort requires an estimated investment of approximately $15 trillion between 2022 and 2070, equivalent to an average annual spend of around $300 billion2. Global investors are evaluating options in an increasingly conscious world where every metric ton of carbon emissions counts.

Ayana: Leading the Renewable Energy Charge

Ayana is one of the leading renewable energy producers in India, with a current portfolio of with close to 5 GW of solar, wind, and hybrid renewable power. The company has been at the forefront of introducing Round-theClock (RTC) solutions.

“Our unwavering commitment to ESG as our core focus, and the stringent ESG focus of our investors, NIIF, BII, GGEF from the very beginning, has enabled us to consistently maintain transparency in all ESG-related disclosures, follow global gold standards of governance, and meticulously adhere to proactive ESG measures going beyond compliance in all our operations. It is heartening to see this exceptional rating, which renews and further cements our resolve towards ESG commitments and clean energy transition” commented Shivanand Nimbargi, MD and CEO of Ayana Renewable Power. “This rating shows that Indian companies are not only creating climate impact but also setting global benchmarks on ESG” he further added.

Vinod Giri, Managing Partner – Direct Investments

at NIIF said, “Driven by our deep-rooted dedication to leading the way in the adoption of best-in-class Environmental and Social (E&S) standards, we are immensely proud to partner with Ayana as they set industry benchmarks in ESG, not just in India but globally. This distinction underscores both Ayana’s dedication to excellence and NIIF’s unwavering focus on promoting robust ESG practices across our investments.”

Manav Bansal, MD and Head of India, British International Investment, commented: “Since establishing Ayana, we are proud of its progress as a leading renewable energy company that is delivering affordable and accessible clean energy across India. This rating is a significant achievement that reflects Ayana's dedication to integrating ESG principles into its core business practices.”

The ISS ESG rating provides relevant and forward-looking ESG performance assessments for global institutional investors. Drawing from a pool of about 700 standards and industry-specific indicators, ISS ESG applies approximately 100 environmental, social, and governance-related indicators for each of its ratings. Ayana was the only Indian company to be rated A (-), apart from the other two European renewable energy firms.

ADANI GREEN TO INVEST $3 BILLION IN BACKWARD INTEGRATION TO EXPAND SOLAR CAPACITY: MD VNEET JAAIN

Adani Green Energy plans to invest $3 billion in backward integration to expand its solar capacity, according to Managing Director Vneet Jaain. The company aims to enhance its manufacturing capabilities, including solar panel production and other components, to support its ambitious growth in the renewable energy sector. This investment aligns with Adani Green Energy’s strategy to strengthen its position as a leading player in India’s renewable energy market.

Adani Green Energy MD and director Vneet Jaain said that they are investing $3 billion in the next 5-7 years and are backward integrating their operations through the electronic manufacturing cluster at Mundra.

Adani Green Energy reportedly plans to invest $3 billion in backward inte-

gration in order to more than double its solar manufacturing capacity. Adani Green Energy MD and director Vneet Jaain said that they are currently at 4GW and plan to increase capacity to 10GW by 2027.

Jaain, in an interview with The Economic Times said that they are investing $3 billion in the next 5-7 years and are backward integrating their operations through the electronic manufacturing cluster at Mundra, spread across 700 acres.

“Adani Green Energy MD and director Vneet Jaain said that they are investing $3 billion in the next 5-7 years and are backward integrating their operations through the electronic manufacturing cluster at Mundra.

Adani Green Energy reportedly plans to invest $3 billion in backward integration in order to more than double its solar manufacturing capacity. Adani Green Energy MD and director Vneet Jaain said that they are currently at 4GW and plan to increase capacity to 10GW by 2027.

Jaain, in an interview with The Economic Times said that they are investing $3 billion in the next 5-7 years and are backward integrating their operations through the electronic manufacturing cluster at Mundra, spread across 700 acres.

“We started with solar wherein we made the modules, the cells, the wafers and the ingots. We then have plans to go further backward on the polysilicon side. We have also formed joint ventures for the manufacturing of EVA back sheets, aluminium frames etc. So, whatever goes as input in making a panel, we will be manufacturing it,” Jaain told the financial daily. Jaain spoke of the largest energy renewable park that Adani Green is building in Khavda. The company is setting up a 20GW hybrid plant of solar and wind energy, which will be operational in the next five years, he added.

Speaking on the funding, Jaain said that Adani Green currently has Rs 5,000 crore of cash and cash-equivalent. Jaain said that the company will look at “combination of debt and equity” as they have done in the past.

Last month, French oil major TotalEnergies said that it will invest $300 million to form a joint venture with Adani Green Energy to build renewable capacity in India “This is a joint venture which gives TotalEnergies direct access to ownership of the assets contributed by (Adani),” a TotalEnergies spokesperson had said, adding that it allows them to pursue their strategy of renewable growth in India. TotalEnergies already owns about 20 per cent of Adani Green.

BROOKFIELD FORMS A JOINT VENTURE WITH AXIS ENERGY VENTURES TO DEVELOP RENEWABLE ENERGY PROJECTS

Brookfield and Axis Energy Ventures announced their second joint venture partnership to establish a renewable energy development platform. Axis Energy Ventures will contribute their existing development pipeline of wind and solar power projects which are spread across the country and at various stages of development. Brookfield, through the Brookfield Global Transition Fund II (BGTF II), has committed to provide equity capital of up to $845 million towards the development and construction of the power projects.

nder this strategic partnership, both partners will leverage their expertise and resources to jointly provide curated energy solutions to various industry participants, including government entities, corporate customers, and emerging industries such as green hydrogen.

Nawal Saini, Managing Director at Brookfield said, “Building on our successful collaboration, we are delighted to be partnering again with Axis Energy Ventures to develop high-quality renewable power projects with best-in-class capabilities. We foresee strong growth in India on the back of the Government’s target of 500 GW of renewable energy by 2030, and its stated objective of energy security. This demand will be increasingly fulfilled by scaled renewable assets combining multiple technologies, such as solar, wind and storage.”

Kataru Ravi Kumar Reddy, Chairman and Managing Director of Axis Energy Group said, “Axis Energy is happy to be partnering again with Brookfield, which has been a successful partnership since 2019. Through this new platform, we will together accelerate the development of renewable energy projects in India with a strong commitment to sustainability and environmental responsibility. This exciting partnership marks a significant milestone in our mission to accelerate India’s transition to clean and sustainable energy sources.”

Brookfield has more than 16 GW of wind and solar assets in operation or in the development pipeline across India. Since 2019, Brookfield and Axis Energy Ventures through their earlier joint venture have collaborated to develop over 1.8 GW of solar and wind assets.

SWRE WINS NEW ORDER OF ~ INR 1,535 CRORE FROM NTPC REL IN KHAVDA, GUJARAT

• Third order from NTPC REL in Khavda, Gujarat

• Total orders from NTPC REL at ~ INR 5,850 crore (inclusive of O&M and taxes)

terling and WilsonRenewable Energy Limited (SWRE) (BSE Scrip Code: 542760; NSE Symbol: SWSO LAR), announced that it has received the Notification of Award for the EPC project of 300 MWac of NTPC Renewable En ergy Limited (NTPC REL) at Khavda RE Power Park, Rann of Kutch, Gujarat. The total Contract Price, including O&M for 3 years, would be INR 1,535 crore (inclu sive of taxes).

This is the third order for SWRE from NTPC REL in just over a year. This 300 MWac project is synergistically located between the first two projects won. The formal contract signing is likely to happen in due course.

Mr. Amit Jain, Global CEO, Sterling and Wilson Renewable Energy Group said, “We are delighted to win and partner again with NTPC Renewable Energy. The continued partnership further demonstrates the trust and leadership of SWRE’s project management capabilities and global expertise. The new order win of 300 MWac complements our existing portfolio of ~2.47 GWac currently under execution for NTPC REL in Khavda and helps us leverage the low module price environment globally.”

“With this order, our year-to-date order booking stands at ~ INR 3,100 crore. The domestic order pipeline continues to remain strong and we’re confident of surpassing the FY 2023 order booking in this financial year. Over the past decade, we have been a dominant player in the domestic market and are poised to delivering high-quality renewable solutions that drive sustainability and make a positive impact on the world and look forward to spearheading the journey with continuous growth and innovation”, he added.

BLUSMART BECOMES THE FIRST MOBILITY COMPANY IN INDIA TO BE CARBON CREDIT CERTIFIED

BluSmart, India’s first and largest EV ride-hailing service and EV charging superhub infrastructure operator, has achieved a significant milestone by receiving carbon credit accreditation. Certified by Verra, a leading global non-profit corporation, BluSmart becomes the first mobility company in the country to receive these credits from the CO2 emission reductions generated by its EV fleet from February 2020 – December 2021.

BluSmart is on a mission to decarbonise mobility at scale and has completed over 300 million allelectric kms since inception over 9.5 million fully electric trips. Fair Climate Fund India, the carbon consultant, played a pivotal role in carbon estimation of this project and helped BluSmart achieve this feat in record time. BluSmart’s registration in the voluntary carbon markets within the EV ecosystem is a first in India.

Anmol Singh Jaggi, CEO and Co-founder, BluSmart, said “As the first mobility company in India to achieve carbon credit accreditation, BluSmart reaffirms its commitment to the mission to decarbonise mobility at scale.

WAAREE ENERGIES

We will continue to work towards building a business that benefits both people and the planet. Initiatives such as these are vital to incentivize environmentally conscious practices and promote sustainable lifestyle through market based mechanisms.”

BluSmart operates over 5000 EVs in two urban megacities of India – Delhi NCR and Bengaluru

LTD. PARTNERS WITH NTPC LTD. TO SUPPLY

135 MW SOLAR PV MODULES

Waaree Energies Ltd., a leading player in the renewable energy and technology sector, announced that it is engaged by NTPC Ltd. to supply over 135 MW of solar PV modules

NTPC Ltd., a public sector undertaking owned by the Government of India, is the country’s largest power utility company, with an installed capacity of 73,824 MW. The modules supplied by Waaree Energies Ltd. will be utilized by NTPC Ltd. for a solar power project in Anta, in the Baran district of Rajasthan. The order is expected to be completed within a span of 4 months.

Commenting on the agreement,Mr. Hitesh Doshi, Chairman & Managing Director, Waaree Group, said, “It is truly an honour to work with NTPC Ltd., the largest power generating company in India. At Waaree, we take pride in our unwavering commitment to maintain the highest standards of quality and reliability in our products. We are dedicated to driving the clean energy transition in India, and across the globe. Such projects provide us with a splendid opportunity to further that objective, through the provision of our state-of-the-art solar PV modules.”

With a capacity of 12 GW, Waaree Energies Ltd. is India’s largest solar module manufacturer, as well as an independent power producer. The company has a presence over multiple locations in India and worldwide.

SUNGROW HITS 20GW SHIPMENT IN INDIA: PROVIDING PIONEER PV INVERTERS FOR A SUSTAINABLE FUTURE

Sungrow’s achievement not only highlights their expertise in the field but also signifies the growth of solar energy in India. By delivering high-quality PV inverters, Sungrow is playing a vital role in the country’s transition towards a more sustainable and environmentally friendly energy landscape.

Sungrow, the global leading PV inveter and energy storage system supplier, reached a significant milestone in India, having shipped a cumulative total of 20GW of photovoltaic inverters in the region. This achievement highlights Sungrow’s position as a leading provider of clean energy solutions in India. India, a country with vast solar energy potential, has long been a key market for Sungrow. Sungrow entered the Indian market in 2014 and established an Indian branch, along with three offices in New Delhi, Mumbai, and Bengaluru. It is worth noting that Sungrow also established its India manufacturing facility with 10 GW in annual production capacity, and has completed five years of manufacturing in India, which displays the positive impact of Sungrow participation in the “Make in India” initiative and offering more local job opportunities. Sungrow’s 20GW milestone is a testament to the Company’s strong commitment to meeting India’s growing demand for clean energy. Sungrow’s photovoltaic inverters are at the forefront of solar technology, efficiently converting solar energy into electricity to power homes and businesses across the country, for instance, the innovative “1+X” modular central inverter and the new generation 320kW string inverter etc. have quickly increased Sungrow’s market share.

“At Sungrow, we hope to create a sustainable world by providing innovative and reliable clean energy solutions,” said Sunil Badesra, Country Head of Sungrow India. “We are proud of our achievements in India and look forward to continuing our partnership with local enterprises and communities to promote clean energy and reduce carbon emissions.”

Sungrow has been actively engaged in India’s burgeoning solar energy sector. It has already reached several GW of partnerships with Indian power giants, such as TATA Power, Adani Green, Renew Power, Azure Power, O2 Power, Mahindra, ACME, S&W, L&T, and others.

In addition, Sungrow actively participates in the formulation of renewable energy policies and standards within Indian government departments, conducting extensive research and development in clean energy technology in collaboration with local universities and scientific research institutions, as well as other public service activities, according to Sunil. Sungrow remains committed to expanding its presence in India and other global markets. The Company will continue to innovate and offer advanced clean energy solutions tailored to meet each region’s specific needs. Sungrow will also help India achieve 50% renewable energy electricity by 2030, a substantial increase from 38% in 2020 with partners.

HINDUJA RENEWABLES DECLARED A WINNER BY NHPC FOR SETTING UP 3000 MW INTERSTATE TRANSMISSION SYSTEM CONNECTED SOLAR POWER PROJECTS IN INDIA

In a fiercely competitive bid involving 15 bidders, Hinduja Renewables was awarded by NHPC the tender for putting up a capacity of 250 Mw at the tariff rate of Rs. 2.53/kWh. The total consolidated project bid was for setting up a 3000 MW Interstate Transmission System Connected Solar Power Projects anywhere in India. Hinduja Renewables was one of the 8 winning bidders for the bid.

Commenting on the achievement, Sumit Pandey, CEO of Hinduja Renewables, stated, “With this winning bid, Hinduja Renewables would be able to reduce the carbon emissions equivalent of over 5,51,000 tons annually. Hinduja Renewables is well on its way to creating a multi-GW suite of renewables.”

GREW ENERGY TO SET UP SOLAR MODULE MANUFACTURING CAPACITY ACROSS INDIA

Grew Energy’s decision to set up solar module manufacturing capacity across India is a significant step towards promoting renewable energy and sustainable development. By expanding solar module manufacturing, Grew Energy can contribute to the growth of the solar industry in India and help meet the increasing demand for clean energy solutions.

Grew Energy, the renewable energy vertical of the Chiripal Group, plans to infuse Rs 6,000 crore to establish a six GW solar module manufacturing capacity in the country. For this total capacity of six GW, the investment would go to around Rs 6,000 crore, of which 60 to 65 percent will be through debt, and the rest will be infused through promoters. Grew Energy seeks to build a 2.8 GW module manufacturing facility, which will produce solar cells, ingots, and wafers at Dudu,

Jaipur

Rajasthan.

In addition, the company recently announced another 3.2 GW of module manufacturing, which makes six GW of total module manufacturing to come up by March 2025. The 2.8 GW capacity includes 1.2 GW of operational modules manufacturing capacity, while the remaining 1.6 GW capacity is going in the module front. For 3.2 GW module and 2.8 GW cell capacity, the company will begin work in December this year at Dholera, Gujarat.

In March this year, Grew Energy had plans to invest Rs 5,400 crore to set up four GW of solar module manufacturing capacity with backward integration.

Apart from looking for an equity partner, which will be coming in the next few quarters, Grew Energy also seeks to raise around USD 100 million through equity partners. The company is in talks with a few leading private investors in the country.

GREEN HYDROGEN HUB DEVELOPMENT AT PORTS SEEING GOOD RESPONSE: SONOWAL

The government’s ambition to create Green hydrogen hubs at Major Indian Ports has received encouraging response, with V.O. Chidambaranar Port in Tamil Nadu and Deendayal Port in Kandla, Gujarat, are expected to see major investments.

A mid-term review meeting by the Ministry of Ports, Shipping and Waterways on associated infrastructure projects under the ministry and subordinate organizations’ ambit, was undertaken.

As per the outcome from the mid-term review, Deendayal Port Authority in Kandla is setting up green hydrogen hubs in which the port has received responses from 13 prospective developers against global Expression of Interest. A total of more than 7 MMTPA (Million Metric Tonne Per Annum) capacity green Ammonia production has been offered by prospective developers.

Earlier in the month, Europe’s largest generator of renewable energy, Statkraft entered into a Memorandum of Understanding (MoU) with Deendayal Port Authority for production of green hydrogen at the port.

“The development of green ports, green shipping, green park, all these kinds of issues have been taken up today…again for the hydrogen park, we are proceeding with Kandla port in Gujarat,” said Minister for Ports, Shipping and Waterways Shri Sarbananda Sonowal in a press briefing.

On the other hand, V O Chidambaranar Port Authority in Tamil Nadu has earmarked 500 acres of land for green hydrogen hub and has signed a MoU with NTPC Green Energy Ltd for installation of Green Hydrogen/ Derivative Production Facility.

Additionally, proposal for grant for developing the common infrastructure to support the green hydrogen projects have been submitted to the Ministry of New and Renewable Energy.

In the recently held Global Maritime India Summit, MoUs worth more than Rs. 10 lakh crores have been signed, wherein MoUs related to green initiatives were worth Rs. 3.8 lakh crores.

Green hydrogen has the potential to transform our energy systems by providing a clean and sustainable fuel source.

near

in

INDIA

KKR CLOSES $2.8 BILLION GLOBAL IMPACT FUND II

Second Impact Fund More than Doubles Size of First, Underscores Commitment to Contributing to the UN Sustainable Development Goals

NEW YORK--(BUSINESS WIRE)--KKR, a leading global investment firm, announced the final closing of KKR Global Impact Fund II (“GIF II” or the “Fund”), a $2.8 billion fund dedicated to investing in companies whose products and services contribute measurable progress toward the United Nations Sustainable Development Goals (“SDGs”). The Fund is the successor fund to the first KKR Global Impact Fund.

“We launched KKR Global Impact in 2018 because we saw an opportunity to invest behind proven companies that deliver scalable, commercial solutions to global problems,” said Robert Antablin, KKR Partner and CoHead of KKR Global Impact. “Since then, that opportunity set has continued to grow, and we are thrilled with the outcomes our portfolio companies have been able to achieve. We are grateful for the support of our investors who share our conviction in this space, which we believe is well placed given the strong performance of our first fund.”

Global Impact contributes to the SDGs by investing in companies where financial performance and positive societal impact are aligned, with a focus on four key investment themes: Climate Action, Sustainable Living, Lifelong Learning, and Inclusive Growth. These themes seek to address critical and locally-relevant challenges, including climate change and its consequences, reliance on non-renewable resources and increasing waste, lack of access to quality education and the widening skills gap, and social and economic inequality.

“Globally, there is increased urgency to solve some of the world’s greatest challenges, such as the energy transition, supply chain resiliency, digitization and a shortage of skilled workers. For example, analysis by KKR Global Impact portfolio company Lightcast found that the skills requested for the average U.S. job have changed 37% since 2016, requiring a significant acceleration of upskilling1,” said Ken Mehlman, KKR Partner and Co-Head of KKR Global Impact. “We believe our Global Impact strategy is well-positioned to invest behind these macro tailwinds.”

The dedicated KKR Global Impact team is comprised of more than 20 people and is supported by KKR’s full suite of global resources, which allows the team to offer more than just capital to support companies. Since its launch in 2018, KKR Global Impact has invested in 18 companies including GreenCollar, CoolIT, Advanta, Lightcast (formerly known as Emsi Burning Glass), and CMC Machinery.

The Fund received strong backing from a diverse group of new and existing global investors, including public pensions, family offices, insurance companies, and other institutional investors. KKR will be investing $250 million of capital in the Fund alongside investors through the Firm’s balance sheet, affiliates and employee commitments.

750.54W! HUASUN ACHIEVES REMARKABLE MILESTONE WITH RECORD-BREAKING POWER OUTPUT OF HJT SOLAR MODULES

Huasun has once again raised the bar by setting a new power output record for heterojunction (HJT) photovoltaic modules. Only six weeks after its previous achievement in late September, the Huasun Himalaya G12-132 HJT solar module has been certified by TÜV SÜD, a leading third-party testing and certification institution, with a remarkable power output of 750.544W and an impressive conversion efficiency of 24.16%.

Demonstrating unwavering commitment and leadership in the HJT sector, Huasun continues to showcase the immense potential of HJT technology to the global PV industry. This accomplishment not only reaffirms Huasun position as an industry leader but also sets a new benchmark for the mass production of photovoltaic modules. The groundbreaking Himalaya G12-132 module is composed of double-sided microcrystalline G12-20BB HJT cells, meticulously manufactured at Huasun Xuancheng Phase IV HJT Cell Project. The Head of the R&D Center highlights that the average mass-production efficiency of these cells has now reached an outstanding 25.8%, representing a significant increase of 0.5% from just three months ago at the project & production commencement.

This achievement is attributed to the notable progress in cell efficiency, coupled with the refinement of the PIB + light conversion film encapsulation process. As a result, the Himalaya G12132 HJT module has surpassed its own record set six weeks ago, achieving an impressive 6W increase over the previous 744.43W record. The Head of Huasun R&D Centre expressed confidence in continuously breaking records in cell efficiency and module power output by introducing new technologies and processes into mass production.

Since its inception, Huasun has been dedicated to positioning heterojunction as a mainstream solar cell technology in the N-type era through consistent success in industrialization and commercialization. The company remains committed to exploring and implementing HJT mass production solutions that prioritize higher efficiency, increased power generation, and enhanced returns. Huasun's ongoing efforts contribute to creating long-term value for global customers and align with the overarching goal of achieving a "zero-carbon" society.

Source: PTI

HUASUN ENERGY RAISES RMB2 BILLION IN SERIES C FUNDING TO EXPAND HJT SOLAR BUSINESS WORLDWIDE

Recently, Anhui Huasun Energy Co., Ltd. (hereinafter referred to as Huasun Energy) has successfully raised more than RMB2 billion in its Series C funding. The lead investor is China Green Development Investment Group (China Green Development), with co-investments from Bank of China Asset Management Co., Ltd. (Bank of China Asset) and China Post Insurance Company Limited (China Post Insurance). Originvest and China Xinxing Asset Management Co., Ltd. (China Xinxing Asset) also increased their investment in this round. The funding will be used to further expand the production of Huasun & high-efficiency heterojunction (HJT) products and to support the R & D of cutting-edge technologies, including heterojunction-perovskite tandem solar cells.

China Green Development, the lead investor in this round, is a central state-owned enterprise with a focus on green development, directing investments toward green energy and strategic emerging industries. In recent years, the company has been actively advancing in the green energy sector, concentrating on technological advancements and industrialization. HJT is notably one of its key areas of interest.

The participation of central state-owned enterprise has provided robust support for Huasun sustainable development. After this round of financing, Huasun equity structure has been further optimized.

Against the backdrop of the global economic downturn, Huasun has distinguished itself with outstanding innovation capabilities and rising operational performance. The completion of two funding rounds totaling over RMB5 billion within 2023 highlights the capital marketconfidence in Huasun.

China Post Insurance investment in Huasun reflects a deep appreciation for both the company and new energy market.

China Post Insurance aims to capitalize on its advantages in insurance capital investment, uphold ESG principles, and seek a favorable return on investment, which will be seen as a step towards achieving a win-win situation for both parties.

Fang Jian, Chairman of Originvest, stated that as a longstanding shareholder of Huasun, Originvest continues to hold a positive outlook onboth the high-efficiency HJT technology and Huasun team. In early 2022, Origin vest played a crucial role in supporting Huasun’s 5GW HJT intelligent manufacturing plant in Wuxi with a total investment of RMB5.4 billion, showing great support for Huasun’s positioning in the Yangtze River Delta region of China.

ChinaXinxing Asset expressed that their decision to make additional investments in this round was based on their confidence in the Chinese new energy industry. The Chinese photovoltaic industry has successfully achieved grid parity, marking a significant milestone. The next goal is to achievethegrid parityofsolar plusenergy storage. To realize this ambitious objective, the PV industry must continuously reduce costs and increase efficiency. “We have a favorable view of Huasun and are committed to increasing our investment in the company.”

Jimmy Xu, Chairman of Huasun Energy conveyed that Huasun is committed to advancing the industrialization and commercialization of HJT products in 2023, positioning itself as a unicorn in the HJT industry. In September, Huasun achieved overall operational profitability, marking the success of its industrialization and commercialization practices. Huasun also set a global efficiency record for HJT solar modules, reaching 750.54W. By the end of 2023, Huasun aims to have an approximate 20GW capacity. Whether it in terms of technological innovation, production capacity, shipment volume, or market share, Huasun has become as a leading global player in the field of HJT technology.

“Huasun has now entered the fourth year of rapid growth, and the trust from our shareholders fills us with confidence. This confidence strengthens us to face future challenges and accelerate the industrialization of N-type HJT technology. Collaborating with China Green Development will provide robust support for Huasun ustainable development. We believe that HJT will achieve further breakthroughs by deep collaboration, leading photovoltaic power generation to become the most cost- effective energy supply model. This will open more possibilities for the whole solar industry!”

INDIAN ENERGY EXCHANGE (IEX) ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDING SEPTEMBER 30, 2023

• IEX REPORTS 26.53 BU OVERALL VOLUME IN Q2 FY24, A 15% GROWTH YOY.

• Q2 FY24 CONSOLIDATED REVENUE STANDS AT INR 133 CRORE,MARKING 17% YOY INCREASE.

• CONSOLIDATED PAT FOR Q2 FY24 IS INR 86.5 CRORE, UP 21.5% YOY.

• PowerX* AVERAGE CLEARING PRICE FOR THE QUARTER STOOD AT Rs 5.56/unit.

• IEX LAUNCHED HIGH PRICE TERM AHEAD MARKET (HP-TAM) ON 18th OCTOBER 2023

The key highlights of the unaudited consolidated financial results for the second quarter ending September 30, 2023, as declared by the Company on 02 November, 2023, are listed below:

BUSINESS AND FINANCIAL PERFORMANCE HIGHLIGHTS

During the quarter, the Exchange recorded a trading volume of 26.53 BU, an increase from 23.12 BU in Q2 FY’23, marking a growth of 15% YoY. This volume includes 24.07 BU from the conventional power market and 747.64 MU from the Green Market segment. The Exchange also traded 13.91 lakh Renewable Energy Certificates (REC), equivalent to 1391 MU, and 2.79 lakh ESCerts, equivalent to 279 MU.

On a consolidated basis, the revenue for Q2 FY24 saw a YoY increase of 17%, rising from Rs. 113.8 Cr. in Q2 FY23 to Rs. 133 Cr. in Q2 FY24. The PAT grew by 21.5% YoY, moving from Rs. 71.2 Cr. in Q2 FY23 to Rs.86.5 Cr. in the current quarter.

*PowerX is the price index of Indian Energy Exchange (IEX) and is calculated based on weighted average price of Day-Ahead Market and Real-Time Market discovered for the previous day delivery.

Power demand was higher than anticipated for the monsoon months, with peak power demand reaching nearly 240 GW in September first week. States like Maharashtra, Uttar Pradesh, Gujarat, and Tamil Nadu witnessed soaring demand this quarter.

On the fuel side, India’s coal production increased by a robust 16.2 % YoY to reach 205 million tonnes in Q2 FY24 and E-auction coal premium continued its decline since the beginning of this financial year. This improved supply side scenario resulted in increased sell liquidity but an unexpected surge in power demand kept prices higher on the Exchange during the second quarter.

The average market clearing price in the DAM segment dur-

POWER SECTOR HIGHLIGHTS UPDATE

ing Q2 FY24 period was Rs. 5.88/unit compared with Rs.5.40/ unit in the same quarter last year, higher by nearly 9% over Q2FY23.

In October 2023, IEX launched High-Price Term Ahead Market (HP-TAM) and acquired 10% stake in Enviro Enablers India Private Limited (EEIPL).

On the gas market front, in Q2FY24, the Indian Gas Exchange (IGX) generated total volumes of 195 lakhs MMBtu during Q2 of FY ’24, a jump of 262% over the same quarter last fiscal. The volume jump was largely on the back of increased domestic gas volumes and decreased gas prices compared with spot prices (WIM).

For Q2FY24, IGX posted a PAT of Rs. 7.85 crore, a significant increase from Rs. 2.42 crore in Q2FY23, reflecting a growth of 224%.

On the power sector front, electricity consumption in India for Q2 FY24 stood at 435.8 BU, a growth of 13% YoY. By the end of Q2 FY 2024, India’s total installed capacity stood at 425 GW, out of which 179 GW was contributed by renewables.

India remains on track to attain its target of achieving 50% of energy consumption from non-fossil fuel sources by 2030.

BUSINESS & FINANCE

THE BOARD OF STERLING & WILSON RENEWABLE HAS APPROVED A PROPOSAL TO RAISE RS 1,500 CRORES

Sterling & Wilson Renewable Energy’s board has approved a proposal to raise Rs 1500 crore. This decision indicates the company’s intent to secure additional capital for its renewable energy projects and business expansion. Raising these funds will likely support the company’s growth in the renewable energy sector, contributing to its efforts in achieving sustainability goals and expanding its presence in the renewable energy market.

Sterling & Wilson Renewable Energy stated that the board has authorised a proposal to fund Rs. 1500 crore either through debt or equity. To pay off debt maturing this fiscal year, Sterling and Wilson Renewable Energy Ltd (SWREL) is thinking about selling equity shares. SWERL has scheduled principal repayment of Rs 1200 crore between September 2023 and March 2024, of which about Rs 770 crore is projected to be paid between September-October 2023. A Reliance Industries-affiliated firm will acquire 40% stock in the power generation company in 2022, while Shapoorji Pallonji and Company Pvt Ltd currently holds an 18.5% interest. In Bombay, its shares finished at Rs 358. A few months ago, foreign clients invoked two bank guarantees totaling Rs 390 crore, claiming that a project carried out by the company’s foreign subsidiaries Sterling and Wilson International Solar FZCO had been improperly executed. According to a stock exchange statement by the company, Sterling argues that the bank guarantees were incorrectly triggered and has taken legal action against the two consumers.

SWREL was required to pay 390 crore by the end of October 2023 since it had provided corporate guarantees for these bank guarantees, which were granted by Emirates National Bank of Dubai. The bank guarantee has been largely honoured by the company, but as of September 1, 2023, about Rs 270 crore has not been paid, according to a report on September 4. On June 30, the company has an order backlog of Rs. 490 crore. It secured two projects totaling Rs 470 crore in the first quar-

ter, one in each of Rajasthan and Uttar Pradesh. Additionally, it received a 600 MW deal worth Rs 1130 crore in August from Gujarat Industrial Power Company.

The company informed the exchange that the issuance of equity shares, global depository receipts, depository receipts, foreign currency convertible bonds, fully or partially convertible debentures, non-convertible debentures, or any other financial instruments convertible into equity shares has been approved by the board of the company.

THE NATIONAL INVESTMENT AND INFRASTRUCTURE FUND LIMITED (NIIFL) HAS LAUNCHED A $600-MILLION BILATERAL FUND BETWEEN INDIA AND JAPAN

The National Investment and Infrastructure Fund Limited (NIIFL) has launched a $600-million bilateral fund in collaboration with Japan to invest in renewable energy and e-mobility businesses in India. This joint initiative signifies strengthened ties between the two countries and underscores their commitment to sustainable development. The fund aims to drive investments in clean energy and electric mobility, promoting innovative solutions and reducing the carbon footprint in both nations.

The National Investment and Infrastructure Fund Limited (NIIF), a state-owned entity, unveiled a $600 million (Rs 4,900 crore) India-Japan Fund. This venture is in collaboration with the Japan Bank for International Cooperation (JBIC), a financial institution backed by the Japanese government.

This marks NIIF’s inaugural bilateral fund. The target corpus of $600 million will see a 51 per cent contribution from JBIC and a 49 per cent input from the Indian government, as stated in NIIF’s press release. The fund aims to channel investments into India’s environmental conservation sectors, encompassing renewable energy, e-mobility, and circular economy areas like waste management and water management. Moreover, it seeks to bolster collaboration between Indian and Japanese enterprises across various sectors.

In March 2022, both India and Japan set a collaborative goal: a 5 trillion yen inflow in the form of public and private investment and financing from Japan to India over an upcoming fiveyear span.

Hayashi Nobumitsu, Governor of JBIC, highlighted the growing interest of Japanese companies in the Indian market. This interest stems from the current global instability, supply chain disruptions, and India’s pivotal role as a leader in the Global South. “India remains a key partner for Japan,” Nobumitsu said, expressing JBIC’s commitment to environmental conservation in India and promoting symbiotic relations between Indian and Japanese firms.

“Rajiv Dhar, Managing Director & CEO of NIIF, emphasised the fund’s potential in catering to India’s environmental and societal needs. Furthermore, JBIC IG Partners, an affiliate of JBIC, will work alongside NIIF to foster Japanese investments in India. Established in 2015, NIIF oversees funds across diverse asset classes, boasting over $4.9 billion of equity capital commitments spread across its portfolios – Master Fund, Fund of Funds, Strategic Opportunities Fund, and the newly launched India-Japan Fund.

Source: UNI

BUSINESS & FINANCE

EVERSOURCE CAPITAL-BACKED RADIANCE RENEWABLES SECURES GREEN LOAN FACILITY FOR 150 MW SOLAR PROJECT

~ The transaction of ~USD 90 million is the first Green Loan by a C&I renewable energy generation company in India and reaffirms Radiance Renewable's leadership position in the space ~

~ The debt facility would finance development of a 150 MW (AC) project to supply solar energy to a global data center player with operations in the state of Maharashtra.

EverSource Capital-backed Radiance Renewables Pvt. Ltd. hasbecome the first commercial & industrial (C&I) renewable energy player in India to secure a Green Loan Project Finance Facility for its 150 MW (AC) greenfield C&I solar power project located in Maharashtra. The company has an operating capacity of nearly 500 MWp, with a target to increase its capacity to 2 GWp in the next three years.Radiance Renewables secured the Green Loan Project Finance

Speaking about the development, Manikkan Sangameswaran, Ex ecutive Director, Radiance Renewables, said: “We are thrilled to announce that Radiance Re newables has once again proven its track record of achieving financial closure for under-construc tion C&I projects on time. This development underlines the strong process-oriented approach, ESG & HSE focus, and implementation ability of the company. We have more than 15 lenders in our portfolio, and we remain committed to enhancing our partnership with lenders through strict compliance with all applicable regulations, adherence to global ESG principles, and robust execution.”

Facility of approximately $90 million, which was jointly arranged by Axis Bank Limited and Standard Chartered Bank. Standard Chartered Bank acted as the sole green loan coordinator, aligning the transaction with the Loan Market Association's Green Loan Principles and ensuring compliance with IFC Performance Standards and Equator Principles. Axis Bank Limited acted as the Escrow Bank in the transaction. Catalyst Trusteeship Services Limited acted as the Facility Agent and Security Trustee for the transaction.

The facility will provide the necessary financing for the 150 MW (AC) solar project located in Maharashtra. Radiance Renewables, through its subsidiary, has entered into an Energy Supply Agreement with a large Global Data Center company with operations in Maharashtra (Consumer) to supply solar energy to the Consumer's data centers in the state for the next 25 years. The project will be delivered in two phases, with the first phase of 50 MW (AC) already nearing completion. Financial closure, through definitive agreements, has already been achieved for both phases of the project.

Khaitan & Co. acted as the lender's legal counsel, while Luthra and Luthra served as the borrower's counsel. Tractebel Engineering Private Limited played the role of the lender's technical advisor and India Insure Risk Management and Insurance Broking Services served as the lender's insurance agent.

The financial closure of the transaction, which is among the largest single-ticket transactions in the C&I segment, reaffirms Radiance’s leadership position in the space. It showcases the company’s commitment to being a key player in the renewable energy transition journey for the commercial and industrial segment in India.

Source: PTI

SINENG’S 2MW PCS RECEIVES UL 1741 CERTIFICATION FOR NORTH AMERICAN MARKET

Sineng Electric, a globally renowned provider of advanced PV and energy storage solutions, has obtained UL 1741, UL 1741 SB, IEEE 1547, and CSA No.107.116 certifications for its high-power 2MW series central PCS (Power Conversion System), which includes EH-2000-HA-UD-US and EH-1725-HA- UD-US models. It’s another achievement after Sineng’s 200kW string PCS obtained UL standard certification in 2022 and marks a key step for Sineng Electric to enter the North American market.

Sineng’s 2MW series PCS is designed to meet the rigorous grid requirements in the United States, compatible with 1500Vdc systems and achieving CEC efficiency of 98.5%. The high-power design is tailored to match mainstream high-capacity battery cells, thus optimizing LCOS. Additionally, its TYPE 3R enclosure protection ensuresreliable operation in various harsh environmental condi-

tions. Featuring the modular component design, the 2MW series PCS simplifies the operation and maintenance process, while reducing the complexity of repairs and enhancing system availability. Obtaining the UL 1741 certification underscores Sineng’s commitment to providing stable and innovative solutions for the North American market. In alignment with global goals to reduce carbon emissions and achieve carbon neutrality, Sineng Electric is dedicated to promoting the development of the energy storage market and contributing to a greener world.

BUSINESS & FINANCE

SOLAR INVESTMENTS SET TO RISE TO $380 BN THIS YEAR: ISA DG

AJAY MATHUR

Solar investments are poised to increase to $380 billion this year, according to Ajay Mathur, Director-General of the International Solar Alliance (ISA), underlining the growing global focus on renewable energy solutions.

The DH further said that the ISA is supporting the growth of 9.5 GW of solar energy in projects across the world

Ahead of the sixth assembly of the International Solar Alliance (ISA), the Director General of ISA Ajay Mathur informed that the investment in solar is expected to be 380 billion dollars this year as last year witnessed an investment of 310 billion.

“This compares favourably with the highest investment in the electricity generation sector at the height of the fossil fuel boom. So, these are large numbers,” Ajay Mathur said while addressing a curtain-raiser press conference of ISA in Delhi.

The DH further said that the ISA is supporting the growth of 9.5 GW of solar energy in projects across the world.

The DG said that the ISA is planning to perform a solar stocktake which will complement the global stocktake which is set to take place during COP28.

“We are moving ahead on supporting COP Presidency in tripling of renewable energy goal and in doing solar stocktake which will complement the global stocktake which will occur at COP28. The Green Hydrogen Innovation Centre website (https://isa-ghic.org/) is already running. One training has already happened in Africa, at the same venue of the African Green Hydrogen Association meeting,” Ajay Mathur said.

“More important than is supporting the institutional development for these projects. This involves setting up institutional infrastructure for bidding, framing of regulations, demonstration projects and capacity for running the projects. There are various kinds of capacity-building programmes which are underway. We look forward to creating a lot more STAR-C centres focussed on development of national programmes within the countries. Next year at the Assembly, we hope to see approval of projects in various countries,” he added.

The DG said that the problem is that most of the investment is happening in OECD countries and in China

“We need to hence address how the rest of the world can adopt solar. Two, most of the investment is happening in large solar; we need to also focus on how we get to small solar such as solar rooftops and solar mini-grids off the ground. Third, there is a concentration of manufacturing in one or two countries, we need to see how we can make this more geographically diversified,” Mathur said.

He further said, “We are also looking forward at new programmes such as Solar for She, which will look at renewable energy in women, our goal is that more women become entrepreneurs in the solar sector. We will update the Assembly about Global Solar Facility and SolarX Startup Challenge.”

Speaking at the press conference, Union Minister for Power, New and Renewable Energy RK Singh said that the International Solar Alliance has a seminal role to play in energy transition given its focus on solar energy.

“Our experience shows that among renewable sources, solar has the edge; it is much more dependable, reliable and available for more months of the year,” the Minister added.

The Minister said that solar energy is also capable of being deployed in small sizes which makes it the best suited for ensuring energy access.

“When we launched our campaign for universal access to energy, solar played a major role. It is using solar that we light many homes in the hills and in the deserts. It has ability to be deployed for specific villages in mini-grids. For universal access, solar is the solution. That is what makes ISA important,” the Minister said. Singh said that the salience of ISA lies also in energy transition for the South. The Minister shared the government’s belief that energy access is central to any energy transition.

“We cannot have energy transition without energy access. And access has to be clean access as it should not be at the cost of the planet. That is what ISA has been doing. We advise countries how to do this, how to do electrification using solar, we help them set up regulatory structures, and physical structures such as generation being linked to transmission and distribution. We make experts available and ISA bears the cost,” RK Singh said.

The Minister emphasized that the most important contribution of the ISA would be to ensure that investment goes to countries of the South. Stressing on the effectiveness of ISA as an organization at the global level, RK Singh informed that the ISA has 124 signatories, out of which 94 have ratified and this is much bigger than other energy organizations like IEA. He also informed that 168 countries have already registered to participate in the sixth ISA Assembly, out of which 20 are Ministers. “Other organizations such as multilateral development banks and other stakeholders too will participate. We propose to hold the Assembly in Bharat Mandapam which has just hosted the G20,” Singh said. Replying to a media question, the Minister said that there is almost complete unanimity across the world that energy transition has to be done and that emissions have to be reduced as soon as possible.

The Minister further said that hydro has an essential role to play in energy transition.

“Hydro has a role in balancing the grid. Many countries have more than 50 per cent of their energy coming from hydro and it is working well. By and large, hydro has stood the test of time, we have had hydro projects which have been functioning since the 60s and 70s.” Secretary, New and Renewable Energy, Bhupinder Singh Bhalla said that the number of countries who have signed and ratified the ISA Framework Agreement has doubled from 47 to 94 since the year 2018. Another 22 countries have signed and are in the process of ratifying the Agreement, added the Secretary Bhalla said that ISA’s objectives are to ensure energy transition at the global level, energy security at the national level and energy access at the local level.

“India believes that these objectives will ensure access to affordable, reliable, sustainable and modern energy to all. ISA is well-suited to bring these changes in its member counties. ISA’s programmes cover the complete spectrum of solar applications and technologies. The ISA is also providing financial assistance of grants up to 50,000 dollars for demonstration projects which showcase solar potential. ISA is also facilitating availability of trained human resources through STAR-C initiative,” he said He further emphasized, “The Virtual Green Hydrogen Innovation Centre was launched steered by ISA has been launched at the Energy Transitions Ministerial Meeting in July under India’s G20 Presidency. As we move forward, India remains steadfast in its commitment for expansion and strengthening of ISA.”

The Sixth Assembly of the International Solar Alliance will be held in New Delhi from October 30 to November 2, 2023, a government release said.The Assembly will be presided over

by the President, ISA Assembly and Union Minister for Power and New and Renewable Energy RK Singh.

According to the release, ministers, missions and delegates from 116 Member and Signatory Countries of the ISA will participate, along with delegates from prospective countries, partner organizations, private sector and other stakeholders. The ISA was launched jointly by India and France after COP21 in Paris. The sixth assembly of the ISA will deliberate on ISA initiatives that impact energy access, energy security and energy transitions, with a focus on universalisation of energy access through solar mini-grids, mobilising finance for accelerated solar deployment and diversifying supply chains and manufacturing for solar.

The Union Minister for Power, New and Renewable Energy in his capacity as President of ISA interacted with Embassy officials of the countries participating in the forthcoming sixth Assembly meeting. The ISA Secretariat has also planned a high-level conference on New Technologies for Clean Energy Transition in collaboration with the Ministry of New and Renewable Energy, the Government of India, the Asian Development Bank, and the International Solar Energy Society, on November 1, 2023. The conference will focus on various issues concerning climate change and solar energy deployment.

ISA will also be releasing three flagship reports providing u dates on Solar Technology, Solar Market and Solar Investments

The ISA Assembly is the apex decision-making body of ISA, in which each Member Country is represented.

This body makes decisions concerning the implementation of the ISA’s Framework Agreement and coordinated actions to be taken to achieve its objectives. The Assembly meets annually at the ministerial level at the ISA’s seat.

109 countries are signatories to the ISA Framework Agreement, of which 90 countries have submitted the necessary instruments of ratification to become full members of the ISA. The Republic of India holds the office of the President of the ISA Assembly, with the Government of the French Republic as the co-president. The International Solar Alliance is an international organisation with 109 member countries. It works with governments to improve energy access and security worldwide and promote solar power as a sustainable way to transition to a carbon-neutral future. ISA member countries are driving change by enacting policies and regulations, sharing best practices, agreeing on common standards, and mobilising investments.

JA SOLAR AND SAMSUNG C&T CEMENT HAVE SOLIDIFIED THEIR PARTNERSHIP THROUGH A NEW STRATEGIC COOPERATION AGREEMENT, MARKING A SIGNIFICANT STEP IN COLLABORATIVE EFFORTS TOWARDS SUSTAINABLE ENERGY SOLUTIONS

JA Solar and Samsung C&T have cemented their partnership by signing a new strategic cooperation agreement. This collaboration marks a significant step in advancing solar energy technology and solutions. By joining forces, these companies can leverage their expertise to drive innovation in the renewable energy sector, develop cutting-edge solar products, and contribute to the global transition to clean energy sources. This strategic cooperation agreement signifies a strong commitment to sustainable practices and the development of efficient solar technologies.

BEIJING : Seong Kon Kim, Vice President and Renewables ENG Team Leader of Samsung C&T CORPORATION (Engineering and Construction Group), paid a visit to JA Solar’s Beijing Headquarters on August 28th. During the visit, a significant milestone was achieved as JA Solar and Samsung C&T signed a strategic cooperation agreement, spanning from 2023 to 2025. The contracts were signed by Yang Aiqing, the Rotating President of JA Solar, and Kim, Vice President of Samsung C&T, solidifying the partnership between the two organizations.

During the meeting, Kim stated that JA Solar, as a leading enterprise in the photovoltaic (PV) industry, has played an important role in promoting the global green energy transformation process. Previously, JA Solar has supplied high-efficiency modules for Samsung C&T’s key PV projects, such as the 88MW PV project in Mangilao of Guam and the Qatar 875MW PV power plant project, which shows that the two parties have yielded fruitful results. Samsung C&T extends heartfelt appreciation to JA Solar for its invaluable support in past collaborations. The company is eager to enhance communication channels, fostering even stronger ties between the two parties. Samsung C&T is committed to exploring additional areas of cooperation, seeking opportunities that promote resource complementarity and mutually beneficial development.

Yang warmly welcomed the visit of Samsung C&T. He stated that at present, low-carbon development and green transformation have become a global consensus, and PV, a key driver of growth in the new energy sector, has great potential for development in the future.

Since the signing of the global strategic cooperation agreement in 2019, Samsung C&T and JA Solar have achieved remarkable cooperation results, contributing to the early realization of the global carbon neutrality goal. JA Solar is honored to sign a strategic cooperation agreement with Samsung C&T again, and will continue to serve Samsung C&T with reliable and high-efficiency products and services in the future. Building upon the foundation of past cooperation and a strong bond of friendship, JA Solar is excited about the prospect of collaborating with Samsung C&T to drive the successful realization of additional significant PV projects. By working together, both companies aim to make substantial contributions towards the construction of a zero-carbon world.

FREYR ENERGY RAISES RS 58 CRORE TO ACCELERATE SOLAR TRANSITION

Freyr Energy, a leading solar solutions provider in India, has successfully raised Rs 58 crore in funding to accelerate the country’s solar transition. The funding round was backed by a mix of equity and debt from various investors, demonstrating strong support for renewable energy initiatives in India. Freyr Energy plans to utilize the funds to enhance its technology, expand its market presence, and offer innovative solar solutions to residential, commercial, and industrial customers. This infusion of capital will play a vital role in advancing India’s renewable energy sector and promoting sustainable energy practices.

Rooftop solar makes up less than 2 per cent of total energy mix

Tech-enabled rooftop solar company

Freyr Energy has raised an equity investment of ₹58 crore in its Series B round.

The round was led by EDFI ElectriFI, an EU-funded impact investment facility managed by EDFI Management Company, which invested $3 million, along with other partners including Schneider Electric Energy Asia Fund (SEEAA), Lotus Capital LLC, Maybright Ventures, and VT Capital.

“The strategic investment reinforces our commitment to empowering Indian retail customers and will allow us to make investments in building our team, product development, and marketing to continue scaling at a rapid pace,” said Radhika and Saurabh (Co-Founders, Freyr Energy).

The solar market for the retail sector in India is highly fragmented and disorganised, according to Rodrigo Madrazo, CEO of EDFI Management. “We saw an opportunity with Freyr Energy to bring solar solutions combined with technology and consumer financing to allow retail customers to transition seamlessly to solar power and reduce their electricity bills,” he added.

India’s retail sector accounts for more than 50 per cent of its total electricity consumption. Meanwhile, rooftop solar makes up less than 2 per cent of this energy mix today. “Solar power, which is 60 percent less expensive than grid power, presents a substantial market opportunity,” explained Abhishek Agarwal (Founder and Managing Partner, Lotus Capital LLC).

HONEYWELL AND GRANBIO TO PRODUCE CARBON-NEUTRAL SUSTAINABLE AVIATION FUEL

Honeywell and GranBio Technologies announced that they will combine Honeywell’s ethanol-to-jet (ETJ) technology with GranBio’s cellulosic ethanol AVAP® technology to produce carbon-neutral sustainable aviation fuel (SAF) from biomass residues at GranBio’s forthcoming U.S. demonstration plant.

GranBio’s patented AVAP process converts biomass, including forest and agricultural residues, to pure lowcost, low-carbon-intensity sugars, lignin, and nanocellulose. The cellulosic sugars are converted to both SAF, through Honeywell’s ETJ technology, and biochemicals, through a separate process. Using forest biomassderived ethanol from the AVAP process, jet fuel produced from Honeywell’s ethanol-to-jet fuel process can reduce greenhouse gas (GHG) emissions to net zero on a total lifecycle basis, compared to petroleum-based jet fuel1. “Combining our biorefinery expertise with Honeywell experience in developing and scaling fuel technologies will help ensure SAF supply goals while supporting GranBio’s mission to provide integrated value chain solutions throughout the world for net zero SAF from biomass,” said Bernardo Gradin, GranBio CEO. “The AVAP technology has great potential, depending on feedstock and plant configuration to allow carbon negative SAF with current life cycle analysis.1”

“Plus, in addition to vast forest and agricultural residue available for feedstocks, there is an enormous potential to retrofit idle pulp and paper facilities in the U.S., revitalizing forestry value chains and rural manufacturing with great social, environmental, and economic impact,” Gradin added. “GranBio’s low carbon feedstock coupled with Honeywell’s SAF expertise will help decarbonize air travel,” said Barry Glickman, vice president, general manager, Honeywell Sustainable Technology So-

lutions. “Our advanced ETJ process is ready-now and builds upon Honeywell’s near twenty years’ experience in renewable fuels. Honeywell’s renewable fuels solutions, including ETJ, incorporate integrated, modular designs, that enable producers like GranBio to build new SAF capacity more than a year faster than is possible with traditional construction approaches.” GranBio’s AVAP aims to enable worldwide net zero SAF production by utilizing abundant, low-cost biomass feedstocks and diversification of income streams through value-added products beyond SAF, providing significant cost advantage as compared to other SAF producers.

GranBio’s subsidiary AVAPCO was selected by the U.S. Department of Energy to receive an $80M grant to support the demonstration plant that will produce ~2 million gallons per year of SAF upon start-up in 2026. Honeywell now offers solutions across a range of feedstocks to meet the rapidly growing demand for renewable fuels, including SAF. In addition to Honeywell UOP Ecofining™, Honeywell’s renewable fuels portfolio includes ethanol to jet technology and the recently announced Honeywell UOP eFining™, which converts green hydrogen and carbon dioxide into eFuels. Honeywell recently committed to achieve carbon neutrality in its operations and facilities by 2035. This commitment builds on the company’s track record of sharply reducing the greenhouse gas intensity of its operations and facilities as well as its decades-long history of innovation to help its customers meet their environmental and social goals. About 60% of Honeywell’s 2022 new product introduction research and development investment was directed toward ESGoriented outcomes for customers

BUSINESS & FINANCE

OMEGA SEIKI MOBILITY PRIVATE LIMITED SIGNS MOU WITH HONDA POWER PACK ENERGY PRIVATE LIMITED FOR SWAPPABLE BATTERY TECHNOLOGY

Omega Seiki Mobility Private Limited, has taken a significant stride towards revolutionizing the Indian electric mobility landscape through a strategic partnership with Honda Power Pack Energy India Private Limited. This ground-breaking collaboration ushers in a new era of swappable battery technology designed to reshape the electric vehicle (EV) market in India. As part of this transformative tie-up, Honda Power Pack Energy India, a subsidiary of the globally acclaimed Honda Motor Co., Ltd., will provide Omega Seiki Mobility with cutting-edge swappable batteries and establish a network of quick interchange stations in Tier 1 cities across India.

This partnership underscores a shared commitment to sustainability and innovation, with a strong focus on advancing the electrification of mobility in India. The collaboration between Omega Seiki Mobility and Honda Power Pack Energy India holds the promise of shaping the future of electric mobility in India, offering cost-effective, eco-friendly, and convenient lastmile transportation solutions. Battery swapping is nothing short of a game-changer in the realm of electric mobility. Its lightningfast refuelling, eradication of range anxiety, life-extending benefits for EV batteries, budget-friendly approach, and significant eco-warrior advantages collectively make it a transformative technology. By offering rapid, convenient, and environmentally responsible solutions, battery swapping not only accelerates EV adoption but also paves the way for a cleaner and more sustainable future. It addresses the crucial concerns of time, range, longevity, affordability, and environmental impact, making it a compelling choice of electric vehicles.

Mr. Uday Narang, Founder and Chairman of Omega Seiki Mobility ately remarked on this ground-breaking collaboration: In joining forces with Hon da Power Pack Energy India, we embark on a thrilling journey towards re shaping India electric mobil ity landscape. The swappable battery technology represents a paradigm shift, offering unparalleled efficiency and environmental advantages. It perfectly aligns with our vision of rapid, clean, and accessible electric transportation. This partnership is not just about mobility; it & about empowerment, innovation, and a greener, more promising future for all of India.

“In the next two years, we intend to implement Honda e: Swap Technology in over 10,000 vehicles in the Passenger and Cargo segments” Added Mr. Narang

While signing the MoU, Mr. Tomohide Haraguchi, Vice President of Technology and OEM development, Honda Power Pack Energy India. said, “We sincerely welcome our collaboration with Omega Seiki Mobility, which is strategically and innovatively opening up the world of electric mobility in India. The lithium-ion battery technology and know-how that Honda has cultivated overmany years in the global 4-wheeler market were concentrated in this swappable battery pack called Honda Mobile Power Pack e:. This safe and reliable lithium-ion battery pack offering will surely accelerate the expansion of Omega Seiki Mobility sales expansion of innovative electric vehicles.”

Honda Power Pack Energy India (HEID) offers cutting-edge battery swap technology designed to revolutionize India s electric vehicle landscape. With the Honda e:swap service, HEID enables auto rickshaw drivers to conveniently swap discharged batteries (Honda Mobile Power Pack e:) with fully charged ones at strategically located battery stations, often situated at Hindustan Petroleum Corporation Limited (HPCL) petrol stations and metro stations. This innovative technology significantly reduces initial EV purchase costs, alleviates concerns about range limitations, and minimizes downtime associated with battery recharging. HEID intends to develop an extensive battery swap network, initially in Bengaluru and expanding to other Tier 1 cities, underscores its dedication to promoting greener and more accessible mobility solutions in India. Omega Seiki Mobility upcoming EV Three Wheeler (Cargo and Passenger) will be equipped with HEID’s intelligent swappable batteries utilizing advanced lithium-ion technology. These state-of-theart batteries are poised to enhance overall vehicle safety and performance offering to eliminate range anxiety. The extensive network of quick interchange stations will empower electric three-wheeler drivers to effortlessly exchange their batteries in less than two minutes, effectively addressing concerns related to range limitations and long refuelling times. Omega Seiki Mobility’s vision for India’s future lies in the rise of electric mobility applications across all categories. Currently, OSM hosts a Pan-India network of 180 Plus dealerships and is aggressively expanding at the pace of one dealer per week. The company is one of the few firms in the market that uses backward integration to manufacture products in the country. In order to connect automobiles and society, Omega Seiki Mobility’s goal is to eventually establish a clean environment with environmentally sustainable, secure, and congested-free transportation. One of India's top incubators for clean energy, OSM has come to represent India s success in sustainability. By utilizing data-driven, smart engineering, the electric vehicle manufacturing company seeks to advance future mobility with green energy at its foundation.

QUOT;ODISHA TAKES A QUANTUM LEAP IN ENERGY SECURITY: REC PARTNERS WITH KEY PLAYERS TO FINANCE PIONEERING ENERGY PROJECTS

In a significant stride toward bolstering Odisha's positioning as a nucleus for green energy and energy security, the Rural Electrification Corporation (REC) inked three pivotal Memoranda of Understanding (MoUs) with prominent energy giants: Odisha Power Grid Corporation (OPGC), Avaada Energy, and ACME Solar.

The series of MoUs is a clear indication of Odisha relentless drive to elevate its power infrastructure and expand its green energy footprint:

1. OPGC & REC MoU: This collaboration is set to finance the expansion of the Thermal Power Project at Jharsuguda with an investment of INR 9,538 crores.

2. Avaada Energy & REC MoU: Marking Odisha firm commitment to a sustainable future, this MoU facilitates financing for the Green Hydrogen and Green Ammonia Project in Gopalpur, with an impressive allocation of INR 15,000 crores.

3. ACME Solar & REC MoU: This partnership further augments Odisha green energy vision, ensuring financing for ACME Solar Green Hydrogen and Green Ammonia Project in Gopalpur, with a commitment of INR 16,000 crores.

Odisha& steadfast reforms in the power and energy sector have positioned the state at the forefront of the Bay of Bengal region industrial renaissance. Mr. Hemant Sharma, Principal Secretary, Industries Department, Government of Odisha, emphasized, “Odisha strategic location, coupled with our pioneering efforts in green energy, is attracting global investors, setting the state as the Bay of Bengal industrial epicenter.

The state focus on green hydrogen and green ammonia not only amplifies its commitment to sustainability but also underscores its vision of being a futuristic economy. With global industries pivoting towards cleaner, sustainable energy sources, Odisha is strategically positioning itself to be a linchpin in this green revolution.

Mr. Nikunja Dhal, Additional Chief Secretary, Energy Department, noted, “Our collaborative spirit and forwardthinking policies are not just attracting investments but are shaping Odisha as a model state for green and sustainable development in India.

The presence of senior dignitaries, including Mr. Vivek Kumar Dewangan, CMD, REC, during the MoU signing bears testimony to the significance of these partnerships and the collective vision for Odisha energy-rich future. Odisha journey in energy

security and its unwavering focus on green energy solutions is setting the blueprint for other states to emulate, proving once again that when vision meets action, transformative change is possible.

NTPC INKS MOA WITH EIL FOR GREEN FUELS & GREEN FERTILIZER

NTPC has signed an MoA with Engineers India Limited (EIL) wherein NETRA (the R&D centre of NTPC Ltd.) can take up collaborative projects in the domain of Carbon Capture Utilization & Storage (CCUS), Green Fuel, Green Chemicals including Green Hydrogen, Green Ammonia etc, Green Fertilizers, Bio-Fuels, Decarbonization, Waste Handling, Water, Ash etc. leading to clean energy transition.

The MoA was signed by Shri U K Bhattacharya, Director (Projects) NTPC Ltd. and Shri Atul Gupta, Director (Commercial), EIL in the presence of Shri Jaikumar Srinivasan, Director (Finance), NTPC, Shri Rajiv Agarwal, Director (Technical), EIL and other senior officials of NTPC and EIL. NTPC Ltd. is India's largest integrated power utility, contributing 1/4th of the power requirement of the country. With an installed capacity of more than 73

GW and a diverse portfolio of thermal, hydro, solar, and wind power plants, NTPC is dedicated to delivering reliable, affordable, and sustainable electricity to the nation. The company is committed to adopting best practices, fostering innovation, and embracing clean energy technologies for a greener future. NTPC Group has a plan of 60 GW of RE capacity by the year 2032 and it is taking up several initiatives towards decarbonization such as Hydrogen blending, Carbon Capture & Fuel cell buses among others.

SUZLON SECURES ORDER FOR THEIR 3 MW SERIES TURBINES FROM JUNIPER GREEN ENERGY PRIVATE LIMITED OF 50.4 MW

• To supply 16 wind turbines with a rated capacity of 3.15 MW each

• Project to be completed in 2025 at Dwarka district in Gujarat

• Part of bid awarded to Juniper Green Energy Private Limited by Gujarat Urja Vikas Nigam Ltd. (GUVNL)

• A project of this size can provide electricity to ~38 thousand households and curb ~1.51 lakh tonnes of CO2 emissions per year

Suzlon Group, India’s largest renewable energy solutions provider, announced the order of the 3 MW product series for the development of a 50.4 MW wind power project for Juniper Green Energy Private Limited. Suzlon will install 16 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower of their new product with a rated capacity of 3.15 MW

each. The project is located at Dwarka district in Gujarat and is expected to be commissioned in 2025. This is the repeat order for the company’s largest turbine rated 3.15 MW, S144-140m from the 3 MW series. As part of the agreement, Suzlon will supply the wind turbines (equipment supply) and execute the project including, erection and commissioning. Suzlon will also provide comprehensive operations and maintenance services post-commissioning.

JP Chalasani, Chief Executive Officer, Suzlon Group, said, “We are delighted to announce our second order with Juniper Green Energy Private Limited in a short period of time for our 3 MW series. Juniper Green Energy is a committed renewable energy independent power producer (IPP) player in India with a comprehensive wind, solar and hybrid power projects. We are honored that they have partnered with us again for their wind energy project. The electricity from this project will serve the people of Gujarat, helping us deepen our contribution to the state. Suzlon is committed to serve our customers and the nation with our proven technology, extensive experience, and service excellence in India. We look forward to a continued partnership with Juniper Green Energy in their journey towards a greener India.”

Naresh Mansukhani, Chief Executive Officer, Juniper Green Energy Private Limited said: “At Juniper, we are committed to contribute significantly to India’s renewable energy journey. We are delighted to partner with the country’s leading renewable energy solutions provider, Suzlon for our wind energy project. Suzlon is closely aligned to the ideology of Juniper Green Energy Private Limited of building a sustainable India through cost-effective, Made in India, renewable energy solutions. With significant experience in conceptualizing, building, and developing renewable energy assets, we embark on our wind energy journey and look forward to creating many more landmark projects in the future.”

THE SUZLON 3 MW SERIES

The largest renewable energy solutions provider in India, The Suzlon Group is proud to announce its 3 MW series of wind turbines. With the primary objective of increasing generation, reducing the cost of energy, and contributing to an Aatmanirbhar Bharat, this series marks a significant milestone for the company and the country's wind energy sector. Suzlon's 3 MW turbines feature a 144-meter rotor diameter and are designed to unlock low wind sites and deliver improved energy yield suitable for all Indian wind regimes. With local content of up to 85-90% by its serial launch, this series proves Suzlon’s commitment to innovation and selfreliance. The S144 wind turbine generator is one of the largest in India, extendable up to 3.15 MW, depending on site wind conditions, available at a hub height of 140 meters going up to 160 meters by its serial launch. At 160 meters hub height the S144 will also be India’s tallest wind turbine. Suzlon's S144 fleet will deliver a remarkable 40-43% higher generation over Suzlon’s current model, the S120 – 2.1 MW wind turbine, showcasing its ability to optimize wind resources at higher altitudes and make low-wind sites viable.Furthermore, the 3 MW turbine generators feature the time-tested Doubly Fed Induction Generator (DFIG) technology and the SB 70.5 carbon fiber blade engineered and developed by Suzlon. This world-class technology provides the capability to utilize thinner aerodynamic profiles, resulting in excellent performance in low-wind sites, and a significant increase in generation yield per unit of land.As a leader in the renewable energy sector, Suzlon's 3 MW series of wind turbines is a testament to the company's dedication to delivering sustainable and cost-effective renewable energy solutions for the future. We are confident that the 3 MW – S144 technology will contribute significantly to the country's renewable energy and net-zero targets.

SUNGROW SIGNS SUNBRIDGER ENERGY AS ITS DISTRIBUTOR IN DIFFERENT STATES OF SOUTH INDIA

Sungrow is excited to announce the signing of its new distribution agreement with their reliable channel partner, M/s SunBridger Energy Private Limited extending its footprints for the states of Tamilnadu and Kerala. This agreement will allow SunBridger Energy to distribute Sungrow ‘s best in class PV Inverters in the aforesaid regions of southern parts of India from now onwards. Sungrow & SunBridger share the same goal of accelerating the energy transition and climate action at scale. With the unwavering

dedication to excellence and a strong track record of delivering top- notch products and services, Sungrow has become synonymous with reliability and efficiency in the solar energy industry. With SunBridger, one of the leading PV distribution companies in the country & known for its competitive approach and unmatched service support to the customers, deeper market penetration will be possible. Sungrow is poised to deliver a wide range of distributed applications with a comprehensive productportfolio covering product verticals within commercial & industrial, residential and hybrid inverters through this extended partnership in the region concerned.

HYDROGEN IN DECARBONIZATION STRATEGIES IN ASIA AND THE PACIFIC G

reen hydrogen produced by renewable energy could be a “game-changing” solution for both energy security and ambitious climate targets. The most promising applications of green hydrogen are those where renewable energy cannot be used, including decarbonizing hard-to-abate sectors, such as steel and cement; long-term and seasonal energy storage; and cross-border trade. Global investment in green hydrogen is still small compared to investments in renewable energy, mainly due to the high costs. However, these costs are expected to significantly decline during 2030–2050. Asia and the Pacific is playing an important role

in the move toward a society in which hydrogen will be vital for daily life and economic activities. National hydrogen strategies have already been developed in a growing number of countries in Asia and the Pacific, including Australia, India, Japan, New Zealand, the People’s Republic of China, the Republic of Korea, and Singapore, and are under preparation in many others. Hydrogen in Decarbonization Strategies in Asia and the Pacific focuses on both importing and exporting countries of hydrogen and features innovative and insightful research examining hydrogen society development. The discussions aim to inform and be accessible to a broad audience, including policy makers and non-energy experts looking to stay abreast of the latest decarbonization trends in the region.

RUSH AT THE FOREFRONT: THE FIRST 3 GLOBAL PROJECTS FROM JOLYWOOD

For all types of solar cell, monocrystalline silicon solar cell has the highest efficiency and long service life, but manufacturing costs is high. Since 2016, the large-scale PERC cell entered the market. With the rapid development of cell, n-type hetero-junction and TOPCon technologies became the mainstream choice in the market gradually.

N-type or p-type? Jolywood believes that ntype solar cell technology can better match the rapidly development of PV market after research. In 2016, Jolywood announced to raised 1.5 million yuan for “ 2.1GW n-type monocrystalline bifacial cell project”, becoming one of the first enterprises to enter the n-type high efficiency monocrystalline cell field.

THE WORLD FIRST MW SCALE OVERSEAS N-TYPE PROJECT

In 2019, Jolywood took the N-type bifacial cell into mass production of annual production capacity of 2.1GW with efficiency of 22.5%. In 2020, Jolywood shortened the 12 manufacturing process in TOPCon 1.0from 12 to 9 processes, and upgrades to TOPCon 2.0. In 2021, Jolywood built an 182mm large size nN-type bifacial cell production line based on TOPCon 2.0, and it has achieved the highest efficiency record in the lab which is 25.4% at that time!.

India is one of the countries has excellent sunshine condition in the world, and the prime minister Modi put forward a plan to achieve 100GW solar installation target in 2022. In May 2017, Jolywood solar supplied 6.775MW n-type bifacial modules for India renewable energy developer ACME. Modules are consist of 72 pieces n-typebifacial cells with an power of up to 370W per module. This power plant generates high investment return and relieve the electricity shortages in India.

THE FIRST OVERSEAS N-TYPE BIFACIAL PROJECT WITH A SIGNAL UNIT EXCEEDING

100 MW

In January 2020, the 125MW PV power plant in Oman in the Middle East, invested and developed by MARUBENI Corporation of Japan, and built by Sterling & Wilson, module supplies by Jolywood, was completed. Building a PV power plant in Oman is extremely challenging due to desert climate. Jolywood n- type high efficiency bifacial module has “low coefficient temperature, high power output, low risk of degradation”, greatly reduce the environment threat. The back side of modules increases the power output in total.

THE FIRST OVERSEAS N-TYPE BIFACIAL PROJECT WITH A SIGNAL UNIT EXCEEDING 500 MW

Oman Ibri II PV project is the world's first n-type bifacial project with a single unit of more than 500MW, and it is also the largest TOPCon PV ground power plant in the world. The total installed capacity of the project is 607 MW, of which 490 MW TOPCon bifacial module is provided by Jolywood, generating more than 1598 GW/h of electricity every year, which can meet the annual electricity consumption of about 3300 local households. In November 2021, Oman Ibri II PV power station was successfully connected to the grid, which also marked the Middle East region as the first region in the world with a cumulative N-type installed capacity of more than 1 GW!

"Cost reduction and efficiency improvement is the common goal within the industry. The key to achieve is to keep iteration. As N-type frontier technology leader, from the R&D to mass production, and then to the application, Jolywood style which is at the forefront” is exactly the industry needs.

HUASUN SIGNS AGREEMENT WITH PROSUN SOLAR TO SUPPLY 150MW HETEROJUNCTION PRODUCTS TO AUSTRALIA

Huasun Energy is delighted to announce the signing of a Memorandum of Understanding (MoU) with Prosun Solar on October 25 at the All-Energy Australia Expo 2023. This agreement establishes a strategic business partnership between the two companies, with a focus on promoting high-efficiency heterojunction (HJT) technology in the Australian solar energy industry.

As part of this collaboration, Huasun Energy will supply 150MW of its cutting-edge HJT solar modules to the Australian market. By leveraging Prosun Solar expertise and market presence, both parties aim to contribute to the growth and adoption of advanced solar technology in Australia.

Huasun Energy, as the world's largest vertically integrated heterojunction products and solutions provider, promises to give full support to Prosun Solar in various aspects including order delivery, product quality, and aftersales service, ensuring a smooth and reliable experience for customers.

As the key product to be supplied under the agreement, Huasun G10-108 module is mainly targeted at the Residential solar market, with a maximum output power of 450W, which is 40W higher than the mainstream maximum power of other modules of the same version, and the average daily power generation gain reaches 6%. It aims to help Australian end-users achieve better power generation performance and more considerable economic returns.

The Himalaya G10 Series modules, featuring 182mm half-cut cells with gettering and double-sided microcrystalline process and small chamfer design, represent a significant milestone in Huasun HJT solar technology's evolution. These features combine to maximize cell efficiency and module power, resulting in outstanding performance compared to other solar panels currently available in the market.

Prosun Solar, as an esteemed Australian distributor specializing in photovoltaic technology, has built strong relationships with leading global manufacturers over the past decade. Their reputation for high-quality products aligns well with their

Peter Xiong, Sales Director APAC of Huasun Energy, and Muhammad Mahmood, CEO of Prosun Solar, signed the MOU on behalf of the two parties.

commitment to introducing the most advanced high-efficiency n-type HJT modules to Australia.

This partnership between Huasun Energy and Prosun Solar signifies Huasun's dedication to expanding its global presence and supporting sustainable development in the renewable energy sector. By collaborating with strategic partners like Prosun Solar, Huasun Energy continues to strengthen its position as a leading provider of innovative HJT solar products and solutions on a global scale.

THAILAND’S FIRST FLOATING HJT PV PROJECT! HUASUN AND GROW ENERGY SIGN 150MW FRAMEWORK AGREEMENT

On November 8th, Huasun Energy and Grow Energy, the renowned Thai EPC company, signed a framework agreement for providing 150MW heterojunction (HJT) modules in Bangkok. Jacky Chan, Director of Overseas Sales and Project Development at Huasun Energy, and Suttirote, General Manager of Grow Energy, signed a memorandum of understanding (MoU) on behalf of both parties.

In accordance with the MoU, Huasun is set to supply Grow Energy with 150MW of cuttingedge HJT modules. The objective is to deliver high-efficiency HJT products for Thailand's floating photovoltaic systems, ground power stations, and commercial distributed projects. This strategic partnership aims to enhance the overall power generation performance and investment returns for project stakeholders, contributing collaboratively to the advancement of clean energy facilities in Thailand. As the world's largest provider of vertically integrated HJT products and solutions, Huasun is fully committed to supporting Grow Energy comprehensively, encompassing areas such as order fulfillment, product quality, and pre-sales and after-sales services.

The project will exclusively utilize Huasun's independently developed high-efficiency bifacial HJT modules. Of the total capacity, 60MW will be allocated for the floating photovoltaic projects, while 90MW will be dedicated to ground power stations and the construction of distributed rooftop systems for industrial and commercial use. The project is set to break ground in 2024, and upon its successful completion, it will consistently deliver a green and clean power supply to the local area, positively impacting the regional economy, society, and environment.

The signing of the MoU reflects the comprehensive recognition by our Thai clients for the high power output, reliability, performance, and return of HJT products. As the pioneer of the world's first collaborative innovation platform for the industrialization of HJT technology, Huasun has taken the lead in introducing processes such as double-sided microcrystalline and

silver-plated copper, possessing a full product power range and industry-leading product efficiency.

For instance, the Himalaya series G12-132 module, suitable for ground power stations, boasts a champion power output of 744.43W and a peak efficiency of 23.96%. Meanwhile, the Himalaya series G10-144 module, targeted at the distributed market, achieves a maximum power output of 600W, surpassing TOPCon mainstream power levels by approximately 20W. Huasun's average cell production efficiency is 25.4%, with the champion efficiency of 26.2% for 210mm cells, leading the development of N-type HJT modules in terms of high power, high efficiency, and high performance.

During the signing ceremony, Jacky showcased Huasun's technology and product advantages. He specifically highlighted various projects and testing cases. Huasun has previously achieved success in floating photovoltaic power station with the 23MW Fishery-Solar Hybrid Project in Anhui, China. In this venture, Huasun not only provided all heterojunction modules but also offered crucial technical support. The project delivers an annual average of 24.64 million kWh of clean electricity, contributing to a significant reduction of 24,600 tons of carbon dioxide emissions. Jacky remarked, "By outlining a clear cooperative roadmap and reaching agreements with Grow Energy, this marks an important step for both parties to deepen collaboration in clean energy."

Southeast Asia is the focus for Huasun's overseas market expansion this year. Countries such as Thailand, Philippines, Vietnam, Malaysia, and Indonesia, are showing increasing recognition for HJT products. In the strategic collaboration with Grow Energy, Huasun will leverage its advantages as a Bloomberg-tier component manufacturer to drive the development of the clean energy industry in Southeast Asia.

DECARBONISATION

CARBON EMISSION REDUCING PRACTICES UNDER GCP WILL EARN CARBON CREDITS: GOVT

Under the Green Credit Program (GCP), carbon emission-reducing practices will earn carbon credits, announced the government. This initiative aims to incentivize businesses and industries to adopt eco-friendly practices, reducing their carbon footprint. By earning carbon credits, organizations can contribute to mitigating climate change while also benefitting financially, thus encouraging the adoption of sustainable technologies and processes. The move signifies India’s commitment to environmental conservation and sustainable development, aligning with global efforts to combat climate change.

Any activity generating green credits under the government’s Green Credit Programme (GCP) will also receive carbon credits under the Carbon Credit Trading Scheme if it leads to the reduction or removal of carbon emissions, according to a notification.

The government notified rules for the GCP, which aims to incentivise environmentally conscious practices and promote a sustainable lifestyle through a market-based mechanism. Green credits generated through such actions can be traded on a domestic market platform.

According to rules, environment-friendly actions include tree plantation, water management, sustainable agriculture, waste management, air pollution reduction, mangrove conservation and restoration, ecomark label development, and sustainable building and infrastructure. The rules also specify that green credits generated or procured by industries, companies and other entities to fulfil any legal obligation cannot be traded.

“The Green Credit programme is independent of the carbon

credit programme under the Carbon Credit Trading Scheme, 2023, established under the Energy Conservation Act, 2001.

“An environmental activity generating green credit may have climate co-benefits, such as reducing or removing carbon emissions, and an activity generating green credit under the Green Credit programme may also earn carbon credits from the same activity under the said scheme,” the notification read.

The government had notified India’s Carbon Credit Trading Scheme in June under the Energy Conservation Act to develop the country’s first-ever domestic carbon market.

The Indian Council of Forestry Research and Education (ICFRE) is responsible for effectively implementing the Green Credit programme, including its management and operation.

According to the rules, individuals or entities seeking green credits must submit an application for registration to ICFRE through a government-established website.

Upon receiving the application, the administrator will request a designated agency to verify the activity. After verification, the agency will submit a report to ICFRE, following which the applicant will be granted a green credit certificate.

NATIONAL CARBON TRADING SYSTEM TO COVER 15% OF EMISSIONS BY 2030: BEE

India’s national carbon trading system is set to cover 15% of the country’s total emissions by 2030, according to the Bureau of Energy Efficiency (BEE). This initiative aims to promote sustainable practices and reduce carbon emissions in various sectors. By creating a market-based mechanism, India aims to encourage industries to adopt cleaner technologies, improve energy efficiency, and reduce their overall carbon footprint. This step aligns with the country’s commitment to combating climate change and achieving its renewable energy and emission reduction targets.

India’s national emissions trading system should begin operating within two years and could cover about 15% of the country’s emissions by 2030, according to an official involved in the preparations.

The market is likely to initially cover heavily polluting industries including steel, cement, paper and pulp, petrochemicals and aluminum, subject to their readiness, said Abhay Bakre, director general at the state-run Bureau of Energy Efficiency.

India’s power sector, which currently relies on coal for about 70% of electricity generation, may not be included in the system, Bakre said in an interview in New Delhi last week. Decar-

bonization in that sector is being driven by other mechanisms including renewable purchase obligations for power retailers as well as trading of renewable energy certificates.

The compliance market is intended to encourage major industrial polluters to curb their climate footprint and to adopt clean energy technologies, including green hydrogen and carbon capture. India is the world’s third-largest emitter and targeting reaching net zero by 2070.

Emissions trading will build on an existing system run by the bureau, where companies can trade energy savings beyond a prescribed mark, Bakre said.

Discussions with industries are also continuing on the potential need to develop a voluntary carbon market, he said.

INDIA TO PUSH DEVELOPED NATIONS TO BECOME ‘CARBON NEGATIVE’ BEFORE 2050: SOURCES

India is set to advocate for developed nations to achieve ‘carbon negative’ status before 2050, according to sources. The country aims to address climate change challenges by urging wealthier nations to not only reduce their carbon emissions but also actively remove excess carbon dioxide from the atmosphere. This proactive stance highlights India’s commitment to pressing global leaders to take more ambitious measures in the fight against climate change.

India wants to push developed nations to become carbon negative rather than carbon neutral by 2050, arguing that would allow emerging market economies more time to use fossil fuels for development needs, two Indian government sources said.

India, which is resisting calls to commit to a deadline for phasing out its own use of coal and other fossil fuels, is set to make its proposal at the COP28 climate summit in Dubai later this year.

“The rich countries should become net negative emitters before 2050 to enable the world to achieve the target of global net-zero by that year while allowing developing nations to use the available natural resources for growth,” one of the government officials said.

Developed countries including the United States, Britain, Canada and Japan are targeting net zero by 2050.

China has committed to net zero by 2060 while India has committed to reaching that goal by 2070.

fices did not reply to emails seeking comment.

India has committed to operating half of its installed power capacity with non-fossil sources and cutting the ratio of greenhouse emissions to gross domestic product to 45% of its 2005 level by 2030. At a summit in New Delhi last month G20 countries accepted the need to phase-down unabated coal power, but stopped short of setting a timeline or emission reduction goals.

The declaration was a step forward in climate negotiations, with the 20 countries accounting for over 80% of global emis-

Net zero or carbon neutrality means the amount of carbon dioxide released into the atmosphere through any activity is offset by an additional activity to remove an equivalent amount. Carbon negative is a step forward and requires a country to remove more CO2 from the atmosphere than it emits.

COP28 discussions are taking place at a time when extreme weather-related events have lead to heatwaves and erratic monsoons and scientists have called for immediate action.

India intends to continue resisting developed economies’ push to fix a deadline for fossil fuel phase down and instead favours shifting focus to reducing overall carbon emissions through “abatement and mitigation technologies,” the two officials and a third government official said.

None of the officials wished to be named as the discussions are private and a final stance has not been firmed up.

India’s environment, external affairs and prime minister’s of-

sions agreeing to phase down coal for the first time.

The decision was a surprise as coal-dependent economies, including China, India and Indonesia, have in past negotiations resisted talks of exiting the black fuel and asked developed economies to instead end their use of gas.

“It’s just not feasible for India to commit to a timeline to end coal. Coal is going to be the country’s mainstay in the near future even if storage and abatement technologies become viable in a hypothetic situation,” another official said.

Data shows that thermal power stations provide 73% of electricity consumed in India, even though the country has increased its non-fossil capacity to 44% of its total installed power generation capacity.

COP28 is scheduled to take place between Nov. 30 and Dec. 12.

HONEYWELL AND GRANBIO TO PRODUCE CARBON NEUTRAL SUSTAINABLE AVIATION FUEL

Honeywell and GranBio Technologies announced that they will combine Honeywell’s ethanol to jet (ETJ) technolog with GranBio’s cellulosic ethanol AVAP® technology to produce carbon neutral sustainable aviation fuel (SAF) from biomass residues at GranBio’s forthcoming U.S. demonstration plant

GranBio’s patented AVAP process converts biomass, including forest and agricultural residues, to pure lowcost, low-carbon-intensity sugars, lignin, and nanocellulose. The cellulosic sugars are converted to both SAF,

through Honeywell’s ETJ technology, and biochemicals, through a separate process.

Using forest biomass-derived ethanol from the AVAP process, jet fuel produced from Honeywell s ethanol to jet fuel process can reduce greenhouse gas (GHG) emissions to net zero on a total lifecycle basis, compared to petroleum-based jet fuel 1 .

“Combining our biorefinery expertise with Honeywell experience in developing and scaling fuel technologies will help ensure SAF supply goals, while supporting GranBio’s mission to provide integrated value chain solutions throughout the world for net zero SAF from biomass,” said Bernardo Gradin, GranBio CEO. “The AVAP technology has great potential, depending on feedstock and plant configuration to allow carbon negative SAF with current life cycle analysis. 1 ” “Plus, in addition to vast forest and agricultural residue available for feedstocks, there is an enormous potential to retrofit idle pulp and paper facilities in the U.S., revitalizing forestry value chains and rural manufacturing with great social, environmental, and economic impact," Gradin added.

“GranBio’s low carbon feedstock coupled with Honeywell’s SAF expertise will help decarbonize air travel,” said Barry Glickman, vice president, general manager, Honeywell Sustainable Technology Solutions. “Our advanced ETJ process is ready-now and builds upon Honeywell’s near twenty years’ experience in renewable fuels. Honeywell’s renewable fuels solutions, including ETJ, incorporate integrated, modular designs, that enable producers like GranBio to build new SAF capacity more than a year faster than is possible with traditional construction approaches.

GranBio’s AVAP aims to enable worldwide net zero SAF production by utilizing abundant, low-cost biomass feedstocks and diversification of income streams through value-added products beyond SAF, providing significant cost advantage as compared to other SAF producers.

GranBio’s subsidiary AVAPCO was selected by the U.S. Department of Energy to receive an $80M grant to support the demonstration plant that will produce ~2 million gallons per year of SAF upon start-up in 2026. Honeywell now offers solutions across a range of feedstocks to meet the rapidly growing demand for renewable fuels, including SAF. In addition to Honeywell UOP Ecofining™, Honeywell’s renewable fuels

portfolio includes ethanol to jet technology and the recently announced Honeywell UOP eFining™, which converts green hydrogen and carbon dioxide into eFuels. Honeywell recently committed to achieve carbon neutrality in its operations and facilities by 2035. This commitment builds on the company’s track record of sharply reducing the greenhouse gas intensity of its operations and facilities as well as its decades-long history of innovation to help its customers meet their environmental and social goals. About 60% of Honeywell’s 2022 new product introduction research and development investment was directed toward ESG-oriented outcomes for customers. 2

AVAADA GROUP JOINS HANDS WITH REC LTD FOR FINANCING OF ENERGY TRANSITIO PROJECTS IN ODISHA

AVAADA Group (www.avaada.com), a leading business enterprise with a significant presence in India’s energy transition space, has signed a Memorandum of Understanding (MoU) with REC Ltd. Avaada Group has inked this partnership to finance its Energy Transition Projects in Odisha, India. The MoU was signed in the presence of Mr. Hemant Kumar Sharma, Principal Secretary, Industries Department – Govt. of Odisha at Bhubaneshwar with a total agreed amount of INR 15,000 cr./ INR 150 Bn.

The partnership is focused on accelerating the transition to green energy and supporting India aspirations to establish itself as a prominent global hub for manufacturing Green Hydrogen and its derivatives.

With the increasing demand for sustainable energy, Odisha has initiated a range of efforts to attract investments into the energy sector with a focus on accelerated decarbonisation.

Commenting on this partnership, Vineet Mittal, Chairman of Avaada Group, said “I am delighted to announce that we have signed the MoU with REC Ltd. which will be our pivotal step in helping strengthen India’s commitment to achieving Net Zero by 2070. We thank the Government of Odisha for facilitating the comfort of renewable energy and green molecule business transactions and robust initiatives, making it an ideal destination for sustainable growth. Our commitment to this enterprise stems from the belief that embracing green energy is not only essential for our future but also a powerful catalyst for positive change in the world. This partnership will enable us to continue financing renewable energy projects in Odisha which shall not only contribute to the state’s sustainable development but also reinforce our renewable energy footprint in India and globally.”

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

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 today. 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 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.”

he 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.”

Future is Electric, diesel and petrol SUVs will become history: Power and New & Renewable Energy Minister R. K. Singh

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 jour-

ney 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.”

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 subsi-

dies 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”.

L&T FINANCE PARTNERS WITH ATHER ENERGY TO OFFER UP TO 100% OF LOAN-TO-VALUE (LTV) ON ELECTRIC VEHICLES (EV)

• L&T Finance to offer loans at the lowest interest rate @ 6.99% per annum

• Customers can avail up to 100% of the Loan-to-Value (LTV) without any income proof

• Loan from L&T Finance can be availed hassle-free without any hypothecation

• Turn-Around-Time (TAT) for availing the loan is below 5 minutes and with on-the-spot approvals

L&T Finance, a leading Non-Banking Financial Company (NBFC) with a Two-Wheeler Finance business book size of Rs. 9,190 crore as of the quarter ending June 2023, announced its partnership with Ather Energy India’s first intelligent electric vehicle manufacturer with presence in 100+ cities across the country. L&T Finance is amongst one of the leading financiers in the new Two-Wheeler segment and under this partnership, L&T Finance will provide up to 100% financing of the Loanto-Value of the Electric Vehicles (EV) offered by Ather Energy to its customers. The amount of loan being financed will be on an On-road price basis i.e., inclusive ex-showroom, Regional Transport Office (RTO), and insurance on the vehicle, and will be determined based on the credit profile of the customer.

Customers of Ather Energy can avail EV financing under various lines of products from L&T Finance like Verified Income Proof (VIP) Loan, VIP Pro Loan, Sabse Khaas Loan (SKL), SKL Pro, Centum Loan, and Express Loan. For all these products except for Express Loan, the customers can avail the loans at an annual rate of interest of 6.99% per annum. In case of Express Loan, a product for all, customers are not required to submit any credit profile or income proof, but the annual rate of interest is slightly higher at 7.99% per annum. All these offerings from L&T Finance have a TAT of under 5 minutes and are with a loan tenure ranging from 3 months to 48 months and the rate of interest is exclusively offered to the customers of Ather Energy.

Commenting on the partnership, Mr. Sanjay Garyali, Chief Executive – Urban Finance, L&T Finance, said, “We are excited to partner with Ather Energy and this partnership is a part of our Company’s shared commitment of providing mobility which helps in contributing towards the reduction of carbon footprint and making India a cleaner & greener country. Further, the partnership reinforces our focus on the fourth pillar within L&T Finance’s Lakshya 2026 strategy where under ESG and CSR whatever the Company does has to be environmentally responsible and sustainable.”

“For the Indian Two-wheeler segment, we expect strong growth across the industry. This growth is expected to be fuelled by improved purchasing power, increased dependence on personal mobility for millennials, and shifting preference towards vehicles powered by technology and artificial intelligence. Considering these aspects, it won’t be surprising to see the penetration of vehicle financing in India, which currently stands at around 60% and grow to 75% in the next few years,” Mr. Garyali added.

Mr. Ravneet Phokela, Chief Business Officer, Ather Energy said, “Ather has since inception, focused on building strong partnerships with banks, NBFCs etc to introduce lucrative EV financing for our users. In-fact today, more than 50% of Ather’s customers opt for vehicle financing as their preferred mode of purchasing our scooters. We are delighted that this collaboration with L&T Finance will allow us to further accelerate EV adoption by offering users multiple finance products to choose from, based on personal preferences. Their reach, credibility and expertise will be a huge asset as we expand our distribution footprint to more geographies.”

A PROCUREMENT OF 3,000 ELECTRIC VEHICLES (EVS) FOR OPERATION IN DWARKA IS UNDERWAY

E-scooters and e-cycles will be launched under the PeSS and PeCS initiative proposed in January

The Delhi government has invited proposals from service providers for deploying high and low-speed e-scooters as well as e-cycles in Dwarka under the Public e-Scooter Sharing (PeSS) System and Public e-Cycle Sharing System (PeCS) initiative.

Delhi Transport Minister Kailash Gahlot said the Aam Aadmi Party government has invited these bids to ensure last-mile connectivity for making public transportation more accessible and convenient for everyone.

Under the initiative proposed in January, a total of 3,000 two-wheeler electric vehicles (EVs) would be launched across 90 locations in the Dwarka sub-city in three phases. The first phase will kick off with 1,500 vehicles, including both high and low-speed e-scooters and e-cycles. In the next two phases, 750 vehicles each will be deployed, with the condition that they be offered for long-term hiring or rental.

According to the tender floated, the estimated cost of the project is ₹18 crore and bidders will have the flexibility to operate different EV variants based on demand. The timeline for implementation is six months for the first phase and four months each for the second and third phases, followed by a seven-year period for operations and maintenance. The window for submission of bids opens on October 4 and closes on October 20.

As per the document, the bidders are expected to propose a per-minute user charge, subject to a minimum usage of 10 minutes. The quantity split provision is set at a ratio of 60% high-speed and low-speed e-scooters to 40% e-cycles, with a cap on user charges to ensure affordability for users.

To be eligible, bidders must be original equipment manufacturers (OEMs), authorised dealers of OEMs, or fleet aggregators of e-scooters/e-cycles. They must meet a set of technical requirements and achieve a minimum score of 70 marks to qualify. Proof of concept with two operational vehicles at site conditions is also a prerequisite.

L&T FINANCE PARTNERS WITH ATHER ENERGY TO OFFER UP TO 100% OF LOAN-TO-VALUE (LTV) ON ELECTRIC VEHICLES (EV)

• L&T Finance to offer loans at the lowest interest rate @ 6.99% per annum

• Customers can avail up to 100% of the Loan-to-Value (LTV) without any income proof

• Loan from L&T Finance can be availed hassle-free without any hypothecation

• Turn-Around-Time (TAT) for availing the loan is below 5 minutes and with on-the-spot approvals

L&T Finance, a leading Non-Banking Financial Company (NBFC) with a TwoWheeler Finance business book size of Rs. 9,190 crore as of the quarter ending June 2023, announced its partnership with Ather Energy India’s first intelligent electric vehicle manufacturer with presence in 100+ cities across the country.

L&T Finance is amongst one of the leading financiers in the new Two-Wheeler segment and under this partnership, L&T Finance will provide up to 100% financing of the Loan-to-Value of the Electric Vehicles (EV) offered by Ather Energy to its customers. The amount of loan being financed will be on an On-road price basis i.e., inclusive exshowroom, Regional Transport Office (RTO), and insurance on

Commenting on the partnership, Mr. Sanjay Garyali, Chief Executive - Urban Finance, L&T Finance, said, “We are excited to partner with Ather Energy and this partnership is a part of our Company’s shared commitment of providing mobility which helps in contributing towards the reduction of carbon footprint and making India a cleaner & greener country. Further, the partnership reinforces our focus on the fourth pillar within L&T Finance’s Lakshya 2026 strategy where under ESG and CSR whatever the Company does has to be environmentally responsible and sustainable.”

“For the Indian Two-wheeler segment, we expect strong growth across the industry. This growth is expected to be fuelled by improved purchasing power, increased dependence on personal mobility for millennials, and shifting preference towards vehicles powered by technology and artificial intelligence. Considering these aspects, it won’t be surprising to see the penetration of vehicle financing in India, which currently stands at around 60% and grow to 75% in the next few years,” Mr. Garyali added.

the vehicle, and will be determined based on the credit profile of the customer.

Customers of Ather Energy can avail EV financing under various lines of products from L&T Finance like Verified Income Proof (VIP) Loan, VIP Pro Loan, Sabse Khaas Loan (SKL), SKL Pro, Centum Loan, and Express Loan. For all these products except for Express Loan, the customers can avail the loans at an annual rate of interest of 6.99% per annum. In case of Express Loan, a product for all, customers are not required to submit any credit profile or income proof, but the annual rate of interest is slightly higher at 7.99% per annum. All these offerings from L&T Finance have a TAT of under 5 minutes and are with a loan tenure ranging from 3 months to 48 months and the rate of interest is exclusively offered to the customers of Ather Energy.

Mr. Ravneet Phokela, Chief Business Officer, Ather Energy said, “Ather has since inception, focused on building strong partnerships with banks, NBFCs etc to introduce lucrative EV financing for our users. In-fact today, more than 50% of Ather’s customers opt for vehicle financing as their preferred mode of purchasing our scooters. We are delighted that this collaboration with L&T Finance will allow us to further accelerate EV adoption by offering users multiple finance products to choose from, based on personal preferences. Their reach, credibility and expertise will be a huge asset as we expand our distribution footprint to more geographies.”

A US EXECUTIVE SUGGESTS THAT INDIA’S ENERGY STORAGE PLANS REQUIRE SUBSIDIES TO INCENTIVIZE ADOPTION

A US executive has stated that India’s energy storage plans require subsidies to be effective. This viewpoint emphasizes the importance of financial incentives and support mechanisms to encourage the adoption of energy storage technologies in India. Subsidies can stimulate investments, promote innovation, and make energy storage solutions more accessible, accelerating India’s transition towards sustainable and reliable energy systems.

The promising renewables market in India could be stifled by the high cost of power storage, which will become an essential component of the transi tion away from fossil fuels, Robert Piconi, chief executive officer company, said in a interview.

India’s support for energy storage is essential to enable the renewables growth Prime Minister Narendra Modi has promised, but more incentives may be needed, according to the head of California-based Energy Vault Holdings Inc. The promising renewables market in India could be stifled by the high cost of power storage, which will become an essential component of the transition away from fossil fuels, Robert Piconi, chief executive of ficer of the company, said in a interview

In this period of transition “there’s a lot of opportunity for the government to get a little more involved there and provide those incentives,” he said, adding that what’s available at the moment is “very little.” Renewable electricity available at any time of the day and night “is sort of a holy grail,” Piconi said. “It’s not achievable with the current technologies, because they are not economical.”

Piconi is traveling in India to talk with potential partners, including coal giant NTPC Ltd. and clean energy company ReNew Energy Global Plc. He said details of the partnership with NTPC will be disclosed later this year.

India’s potential for large-scale deployment means renewable power can be built on the cheap, and storage will be essential to support this expansion, Piconi said. But given the country’s price-conscious market, adding enough battery capacity to displace coal and meet evening demand peaks with clean energy is a tall order, he said.

India will soon accept bids for the construction of a 100 megawatt round-the-clock clean energy system, backed by storage, but until the technology’s price drops, new coal plants will continue to be planned in order to meet the needs of a growing economy, Power Minister Raj Kumar Singh said earlier this

month. The government has a plan to offer a total of $2.5 billion in subsidies to large scale battery makers, Singh said last year, although a firm proposal has yet to come. The government has rolled out $2.3 billion of production-linked-incentives for electric vehicle batteries, benefiting companies such as Reliance Industries Ltd., Ola Electric Mobility Pvt. and Rajesh Exports Ltd.

Richer economies are deploying more aggressive subsidies to kick-start the energy storage market. In 2017, the European Union launched the European Battery Alliance, which so far has attracted about €100 billion ($105 billion) in investment commitments. This year, the US issued a $9.2 billion conditional loan to Ford Motor Co. to build three battery factories. A scenario for India in which the growth of energy storage is nonnegotiable, but comes at a stiff price, “is going to force a lot of innovation to try to deal with the cost issue,” Piconi said. Since research and development are inherently expensive, “subsidies would definitely help,” he added. “In some cases it keeps some companies going that otherwise wouldn’t make it.”

Energy Vault is marketing its proprietary gravitation technology, where heavy blocks are lifted with the help of electric motors and become storehouses of potential energy, which can then be converted into electrical power when they’re lowered to the ground.

ENERGY STORAGE

THE TAMIL NADU GOVERNMENT IS SET TO EXPLORE LARGE-SCALE GREEN ENERGY STORAGE OPTIONS, REFLECTING ITS COMMITMENT TO ADVANCING RENEWABLE ENERGY INFRASTRUCTURE AND SUSTAINABLE POWER SOLUTIONS

The Tamil Nadu government is set to explore large-scale green energy storage options, indicating a proactive approach towards enhancing energy sustainability. By investing in energy storage technologies, the state can efficiently manage renewable energy fluctuations, ensure a stable power supply, and reduce dependence on non-renewable sources. This initiative aligns with Tamil Nadu’s commitment to fostering a green energy ecosystem, contributing to environmental conservation, and promoting sustainable energy practices.

Tamil Nadu is exploring a hybrid storage model, in which pumped storage power plants (PSP) will be used to store excess energy from solar, wind, and other sources

The Government of Tamil Nadu is considering options for storing green energy during peak generation seasons to use it during lean periods. Currently, no state in India has a comprehensive strategy for storing green energy and ensuring round-the-clock renewable energy (RE) supply.

Tamil Nadu contributes 26 per cent of the wind power generation, 10 per cent of solar generation, and a total of 14 per cent to India’s overall RE generation capacity.

According to sources, the state’s Industries Minister, T R B Rajaa, has informed District Collectors that green energy storage is a significant focus for Tamil Nadu, addressing a meeting.

this comes weeks after the Ministry of Power released a detailed framework to reshape the country’s energy sector, with a special emphasis on energy storage systems. Based on the plan, the central government may offer viability gap funding support for battery energy storage system projects, covering up to 40 per cent of the initial capital expenses of these projects. Tamil Nadu is exploring a hybrid storage model in which pumped storage plants (PSPs) will be used to store excess energy from solar, wind, and other sources during periods of high demand, said sources. An industry executive noted, “Wind and solar power are seasonal. Hence, this strategy will be advantageous for a state like Tamil Nadu.”

“The seasonality of these sources is disproportionate to consumption patterns, which essentially calls for sustainable storage infrastructure. In the case of Tamil Nadu, over 30 per cent of the demand is met by RE sources. While there is potential for expansion, grid balancing during peak demand, along with seasonality, makes a strong case for storage. Building storage infrastructure requires significant investment and technology,” said Alex T Koshy, director of India entry advisory services at SAS Partners, a corporate advisory firm facilitating foreign investments in India.

While conventional energy sources like coal, gas, and nuclear power can be stockpiled and generation can be controlled, this is not possible with seasonal RE sources. The storage of this power will help improve grid stability, considering the country’s aggressive approach to RE capacity additions.

The country’s RE capacity is expected to reach 280 gigawatt (Gw) by 2025, contributing to approximately 37 per cent of the total energy supply.

PSPs operate similarly to giant water batteries, storing power and releasing it when needed. This approach is costeffective compared to various battery technologies that use different electrochemical reactions to store electricity, such as lead-acid batteries, lithium-ion (Li-ion) batteries, sodiumsulphur batteries (NaS), flow batteries, zinc-air batteries, and supercapacitors.

According to the Central Electricity Authority (CEA), the present installed capacity of PSPs in the country is 4.7 Gw, with another 1.5 Gw under active construction. This is in comparison to 36 Gw in China and 22 Gw each in the US and Japan.

Large-scale energy storage-based RE projects are yet to be built in the country. Several companies, including state-owned NHPC, have plans to use PSPs to store green energy.

The step by Tamil Nadu is also significant given the surplus RE generation in the state but an acute lack of interstate transmission system to evacuate it to other states.

Tamil Nadu Generation and Distribution Corporation recently urged the Centre to conduct a state-wise analysis of transmission systems required by RE-rich states and connectivity possibilities with the ones that would require this RE power.

According to the CEA’s monthly report in August, of the 131 Gw of RE installed capacity in India, 18 Gw is in Tamil Nadu.

Of the total 11,557 million units of wind power generated in June, Tamil Nadu contributed around 3,049 million units.

Similarly, of 9,607 million units of solar power generated during that month, the state’s contribution was 969 million units.

RUSH AT THE FOREFRONT: THE FIRST 3 GLOBAL PROJECTS FROM JOLYWOOD

For all types of solar cell, monocrystalline silicon solar cell has the highest efficiency and long service life, but manufacturing costs is high. Since 2016, the large-scale PERC cell entered the market. With the rapid development of cell, n-type heterojunction and TOPCon technologies became the mainstream choice in the market gradually. n-type or p-type? Jolywood believes that n-type solar cell technology can better match the rapidly development of PV market after research. In 2016, Jolywood announced to raised 1.5 million yuan for “ 2.1GW n-type

The World First MW Scale Overseas N-type Project

monocrystalline bifacial cell project”, becoming one of the first enterprises to enter the n-type high efficiency monocrystalline cell field.

In 2019, Jolywood took the N-type bifacial cell into mass production of annual production capacity of 2.1GW with efficiency of 22.5%. In 2020, Jolywood shortened the 12 manufacturing process in TOPCon 1.0from 12 to 9 processes, and upgrades to TOPCon 2.0. In 2021, Jolywood built an 182mm large size nN-type bifacial cell production line based on TOPCon 2.0, and it has achieved the highest efficiency record in the lab which is 25.4% at that time!.

India is one of the countries has excellent sunshine condition in the world, and the primeminister Modi put forward a plan to achieve 100GW solar installation target in 2022. In May 2017, Jolywood solar supplied 6.775MW n-type bifacial modules for India renewable energy developer ACME. Modules are consist of 72 pieces n-typebifacial cells with an power of up to 370W per module. This power plant generates high investment return and relieve the electricity shortages in India.

The First Overseas N-type Bifacial Project with a Signal Unit Exceeding 100 MW

In January 2020, the 125MW PV power plant in Oman in the Middle East, invested and developed by MARUBENI Corporation of Japan, and built by Sterling Wilson, module supplies by Jolywood, was completed. Building a PV power plant in Oman is extremely challenging due to desert climate. Jolywood n- type high efficiency bifacial module has “low coefficient temperature, high power output, low risk of degradation”, greatly reduce the environment threat. The back side of modules increases the power output in total.

The First Overseas N-type Bifacial Project with a Signal Unit Exceeding 500 MW

Oman Ibri II PV project is the world first n-type bifacial project with a single unit of more than 500MW, and it is also the largest TOPCon PV ground power plant in the world. The total installed capacity of the project is 607 MW, of which 490 MW TOPCon bifacial module is provided by Jolywood, generating more than 1598 GW/h of electricity every year, which can meet the annual electricity consumption of about 3300 local households. In November 2021, Oman Ibri II PV power station was successfully connected to the grid, which also marked the Middle East region as the first region in the world with a cumulative N-type installed capacity of more than 1 GW! Cost reduction and efficiency improvement is the common goal within the industry. The key to achieve is to keep iteration. As N-type frontier technology leader, from the R&D to mass production, and then to the application, Jolywood style which is rush at the forefront” is exactly the industry needs.

RENEWEABLE ENERGY

SJVN ROPES IN EKI ENERGY SERVICES FOR ISSUANCE OF INTERNATIONAL RENEWABLE ENERGY CERTIFICATES

SJVN, a prominent renewable energy company, has partnered with EKI Energy Services for the issuance of international renewable energy certificates (RECs). This collaboration highlights SJVN’s commitment to promoting renewable energy on a global scale. By issuing RECs, the company is contributing to the international effort to reduce carbon emissions and combat climate change. This initiative signifies a significant step towards a more sustainable and greener future.

State-owned power producer SJVN Ltd has roped in carbon credits developer EKI Energy Services for registration, issuance and trading of international renewable energy certificates for its 1,500 MW Nathpa Jhakri hydro power project in Himachal Pradesh. An international renewable energy certificate (I-REC) means one MWh (1,000 units) of electricity was produced from renewable energy sources, SJVN said in a regulatory filing. “SJVN has issued a letter of award to EKI Energy Services for registration, issuance and purchase/trading of I-RECs for 1,500 MW NJHPS (Nathpa Jhakri Hydroelectric

Power Station),” the filing said. I-RECs can originate from wind, solar, ocean energy, biomass, hydropower, landfill gas, aerothermal, geothermal, and landfill gas projects. This will have significant impact on the environment as it will lead to reduction in carbon emissions. SJVN’s NJHPS has been registered in IREC registry mechanism for January 1, 2023 to December 31, 2027, the filing said.SJVN expects the total annual revenue per annum Rs 10 crore from I-RECs. Under the administrative control of the Union Ministry of Power, SJVN Ltd is a joint venture of the central government and the government of Himachal Pradesh.

WAAREE ENERGIES LTD. WINS 200 MW MODULE SUPPLY MANDATE FROM ENGIE INDIA

Waaree Energies Ltd., India’s leading PV solar module manufacturer, announced that it has received a mandate from ENGIE India for supply of 200 MW of solar modules for a solar power project in Sayla village in the Surendra Nagar district of Gujarat.

ENGIE India is a subsidiary of the French-based ENGIE Group, a global player in low-carbon energy and services. The company is developing the Sayla village project, designated as GUVNL 2, under a 25-year solar power purchase agreement (PPA) with Gujarat Urja Vikas Nigam (GUVNL). Waaree Energies Ltd. holds the distinction of being the only Indian solar module manufacturer to secure a Tier 1 rating from BloombergNEF for 35 consecutive quarters. The exceptional bankability and reliability of the company’s modules, coupled with its immense capabilities to cater to largescale utility requirements, has made Waaree a valued supplier of choice for solar power projects in India and across the globe.

Commenting on the mandate, Mr. Hitesh Doshi, Chairman & Managing Director, Waaree Group, said, “This mandate from ENGIE India is a validation of Waaree’s status as India’s predominant solar module manufacturer. We take pride in our unwavering commitment to the best standards of quality and reliability for our modules. Waaree is dedicated to driving the clean energy transition in India, and across the globe, and we look forward to contributing to further projects that are in line with this objective.”

Mr. Hitesh Doshi, Chairman & Managing Director, Waaree Group,

Waaree’s supply mandate with ENGIE is expected to commence from November this year and is expected to complete by February 2024. The 200 MW of AHNAY 545 Wp Bifacial modules to be supplied by the company for the Sayla village project will generate 34 crore units of electricity per annum.

SINENG’S 2MW PCS RECEIVES UL 1741 CERTIFICATION FOR NORTH AMERICAN MARKET

Sineng Electric, a globally renowned provider of advanced PV and energy storage solutions, has obtained UL 1741, UL 1741 SB, IEEE 1547, and CSA No.107.1-16 certifications for its high-power 2MW series central PCS (Power Conversion System), which includes EH-2000-HA-UD-US and EH-1725HA-UD-US models. It’s another achievement after Sineng’s 200kW string PCS obtained UL standard certification in 2022 and marks a key step for Sineng Electric to enter the North American market.

Prime Minister Narendra Modi on laid out his vision of making India the world’s third-largest economy with a focus on renewable energy, biofuels and hydrogen as he pivots a roadmap to cut reliance on imported oil and gas. Modi met top oil and gas industry leaders f Obtaining the UL 1741 certification underscores Sineng’s commitment to providing stable and innovative solutions for the North American market. In alignment with global goals to reduce carbon emissions and achieve carbon neutrality, Sineng Electric is dedicated to promoting the development of the energy storage market and contributing to a greener world. or the annual brainstorming to discuss ideas and initiatives to put India on a sustainable growth path, sources aware of the matter said. The meeting on the sidelines of the India Energy Week here saw the Prime Minister outline his vision to make India the world’s third-largest economy from the current fifth-largest. For this, the fuel needed should come from renewables, biofuels and hydrogen. Sources said at the meeting Modi spoke of using 100 per cent renewable energy and increasing blends of ethanol and biofuels in traditional fuels. Also, he talked about making India the world’s largest hydrogen-producing nation. Hydrogen is the cleanest known fuel which on burning emits only water and oxygen. Sources said heads of international oil companies such as BP plc of UK, ExxonMobil and TotalEnergies participated. Rosneft head Igor

Sineng’s 2MW series PCS is designed to meet the rigorous grid requirements in the United States, compatible with 1500Vdc systems and achieving CEC efficiency of 98.5%. The high-power design is tailored to match mainstream high-capacity battery cells, thus optimizing LCOS. Additionally, its TYPE 3R enclosure protection ensures reliable operation in various harsh environmental conditions. Featuring the modular component design, the 2MW series PCS simplifies the operation and maintenance process, while reducing the complexity of repairs and enhancing system availability.

Source: ANI

COMPACT IN SIZE, POWERFUL IN PERFORMANCE: GROWATT INTRODUCES

THE REVOLUTIONARY ‘NEO 2000M-X’ MICROINVERTER

Growatt’s commitment to advancing research and development has positioned it as a global leading distributed energy solution provider that always offers comprehensive and customeroriented products. Due to this steadfast commitment, the diligent R&D team at Growatt has launched their inaugural product in the microinverter category, the NEO 2000M-X. Microinverters are mainly designed for small residential rooftops or balconies and have garnered interest increasingly. With strong in-house R&D capabilities, Growatt microinverter series, the NEO 2000M-X highlights higher sy tem productivity and yields with 2kW full power output, four MPP trackers and a maximum efficiency of 96.5%. NEO 2000M-X combines impressive efficiency with flexibility. It converts DC to AC current at panel level so as to optimize the performance of each solar panel individually under diverse circumstances. Even if one panel is shaded or damaged, it won’t impact the other panels. The presence of four independent MPPTs of NEO 2000MX improves flexible design. It can be used in situations where space is limited or where some solar modules have to be installed without standard orientations and facilitate straightforward system expansion by merely installing additional panels and microinverters.

In addition, NEO 2000M-X enables the incorporation of 600W+ solar modules with string currents of up to 15 A. This compact device measures 388/301/38mm and has a weight of only 4.7kg, realizing an easier installation and transportation. Safety is another key point that Growatt’s products enjoy great popularity in mainstream PV markets. NEO 2000M-X operates at lower roof voltages (max. 60 V), eliminating the risk of arc-fault circuit and PID, and can shutdown immediately in the event of fault. Notably, featuring IP67 protection and Type III SPD on AC side, thus, itensures resilience in challenging environments. NEO 2000M-X offers two convenient communication choices, WiFi and RF. When opting for the radio frequency model, the microinverter’s integrated RF module is connected to ShineWeLink for remote monitoring. Besides, the use of encrypted LORA wireless technology guarantees dependable long-distance communication with robust penetration capabilities.

In addition, NEO 2000M-X enables the incorporation of 600W+ solar modules with string currents of up to 15 A. This compact device measures 388/301/38mm and has a weight of only 4.7kg, realizing an easier installation and transportation. Safety is another key point that Growatt’s products enjoy great popularity in mainstream PV markets. NEO 2000M-X operates at lower roof voltages (max. 60 V), eliminating the risk of arc-fault circuit and PID, and can shutdown immediately in the event of fault. Notably, featuring IP67 protection and Type III SPD on AC side, thus, it ensures resilience in challenging environments. NEO 2000M-X offers two convenient communication choices, WiFi and RF. When opting for the radio frequency model, the microinverter’s integrated RF module is connected to ShineWeLink for remote monitoring. Besides, the use of encrypted LORA wireless technology guarantees dependable long-distance communication with robust penetration capabilities.

SOFAR UNVEILS GROUND-

BREAKING

350 KW UTILITY PV INVERTER FOR THE INDIAN MARKET

SOFAR, the global leading provider of all-scenario PV & ESS solutions, has launched the PowerMega (350KTLX0) for the Indian market at REI 2023. This latest product offering is tailored for utility-scale projects both in India and globally.

The innovative inverter is optimized for utility solar. The company firmly believes that the technology in PowerMega will be an important part of the solar industry’s future, given its unique advantages, including a maximum efficiency of 99.05% at 50 degrees. Featuring the integration of ultra-high current, easy installation, and intelligent protection, it also characterizes 8*60A multiple MPPTs, compatible with 500Wp+highpower modules and various utility-scale designs, which en-

sures lower LCOE and higher yields for end-users.

Driven by the optimistic expectation in upcoming C&I and small-scale utility applications, SOFAR also introduced the brand-new 100-125KTL-G4 to the audience. Currently, highpower modules are the dominant technology in the PV industry. Equipped with 40A*10 MPPTs ultra-high currents, the perfectly compatible inverter is expected to enable optimal yields and lower LCOE in complex terrains for end-users. Meanwhile, the inverter provides comprehensive protection through AFCI, Type II SPD, and I-V curve scanning, effectively enhancing system safety and avoiding potential financial loss.

Jesse Lau, Head of SOFAR APAC & MEA Region, points out that high efficiency, easy installation & maintenance, in addition to the local technical support and global acceptance are some of the critical reasons why customers choose SOFAR. “By H1 2023, our shipment to India has reached over 2.5GW. We’re pleased to provide our pioneering solutions for different EPCs, IPPs, and C&I customers. In the future, we’ll keep working on technological innovations and service optimization, further expanding our business layout to satisfy the demands of localized service support in India.”

EXPLORING OPPORTUNITIES FOR GREENH ELECTROLYSIS - A LEADING GREEN HYDROGEN TECHNOLOGY COMPANY IN INDIA

Dhiman is a seasoned and dynamic management professional with 27+ years of hands-on experience in global business leadership roles and working in multinational environments in India and other countries. He has held leadership positions in several entities of a Spanish MNC, Abengoa in Mexico, Spain & India, Derit Infrastructures & KEC International.

Ihope this email finds you well. I am writing to share with you that we are managing the PR for GreenH Electrolysis, a leading Green Hydrogen technology company manufacturing electrolysers in India. GreenH is a JV between H2B2 Electrolysis Technologies from Spain and GR Promoter Group from India. The firm offers a complete range of solutions to suit varied client requirements including plug & play electrolysers, integrated solutions for large capacities, and development of Green Hydrogen plants. The firm is currently developing its first 1 GW, state-of-the-art,

PEM electrolyser manufacturing plant in Reliance MET Industrial Park, Jhajjar District, Haryana. Mr. Dhiman Roy is the CEO and Director for GreenH.In case there are any industry stories or articles you are writing about green hydrogen, we would be happy to participate and share our commentary. Please feel free to reach out to me with your requirements, and I would be happy to help.We would also be happy to contribute an authored article by Mr. Dhiman Roy on a suitable topic on green hydrogen, should such an opportunity arise. I am sharing his profile for your reference.