EQ Magazine Sept 2017 Part 1/4 by EQ Int'l Solar Media Group

Volume # 9 | Issue # 9 | Septenber Part A 2017 |

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VOLUME 9 Issue # 9

47 ELECTRIC VEHICLES Salman Khan’s Being Human E-Cycles Will Exclusively Launch On Amazon Prime Day

EXPERT OPINIONS Here Are SP Tulsian’s Views On Websol Energy

61 BUSINESS & FINANCE

Mr. Mukesh Ambani Plans For Foray Into Renewables

74 TRIBAL STORY Creating Opportunities - Transforming Lives Breaking BarriersBreaking Myths

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

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SOLAR PROJECTS Protecting Solar Projects With Insurance

September part A 2017

WIND ENERGY PPAs Signed For First Wind Auction Totalling 1050 MW

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41 INTERVIEW

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With Mr.Allen Cao, Director, Arctech Solar India

GST & SOLAR POWER GST IMPACT ON SOLAR POWER PROJECTS

EXPERT OPINIONS

The Road Ahead For The Solar Power Story Gripping India

INTERVIEW

With Mr. Florian, CEO of Eternal Sun Group

RESEARCH & ANALYSIS Energy To 2040 – Faster Shift To Clean, Dynamic, Distributed

RENEWABLE ENERGY How India Can Rally The World Around A Renewable Energy Revolution

32 BUSINESS & FINANCE Azure Power to Issue India’s First Solar Green Bond

ELECTRIC VEHICLES Dynamics In The Global Electric Vehicle Market

INTERVIEW 2017 Touted As Landmark Year For Solar Energy In ndia: Mr. Sushant Arora , Co-Founder Of Cleanmax Solar

ROOFTOP & OFFGRID

BUSINESS & FINANCE Wall Street Sours on $9 Billion Mechanism for Green Projects

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CLEAN ENERGY Solar Powers India’s Clean Energy Revolution

UK student Clementine Chambon lights up Sarvantara village in Uttar Pradesh with solar power

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Solar Projects

Tata Steel’s Noamundi first iron ore mine with solar plant Tata Steel’s Noamundi mine became the country’s first iron-ore mine to have solar plant for reducing carbon footprint. With due consideration towards Tata Steel s initiatives towards reducing carbon footprint, a three MW solar photovoltaic(PV) power plant has been commissioned at Noamundi and this is the first solar power plant in any iron-ore mine in the country. Tata Steel said today in a release. The project, executed by Tata Power Solar will help in reducing carbon emission by about 3,000 tonnes per annum. Noamundi mines is open cast iron-ore mine of Tata Steel and located in Jharkhand. We have constantly looked at opportunities to exploit renewable energy sources. This is yet another milestone in our quest to become a sustainability driven company, committed to exploring clean energy solutions. Renewable energy is the best way of mitigating the impact of climate change, said Tata Steel's, Managing Director, Mr. T V Narendran said.

et up at a cost of Rs 35 crore and covering 19 acres, the power from the plant, Tata Steel will be the sole buyer at a contracted tariff. The selected site has a potential of 4.5 MW solar power generation.

The company is planning to set up a roof top solar power plant at its operation areas in the steel city and Kalinganagar in Odisha. - said Tata Steel's Vice-President, Mr. Rajeev Singhal speaking at the solar power plant inauguration in Jamshedpur

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September Part A 2017

SOLAR PROJECTS

Bhageria Ind trades in green, receives letter of commission for solar power plant

Bhageria Industries has received a letter from Maharashtra Energy Development Energy confirming the commissioning of entire 30 MW capacity solar PV power plant of the company at Ahmednagar with effect from June 17, 2017.

eanwhile, the stock traded in positive territory gaining 0.86% at Rs 322.35 per share on BSE. The stock on NSE, attracted a traded volume of 16,629 shares and a traded value of Rs 54.02 lakh. On a yearly basis, the stock has given 41.83% return. The company’s profit grew by 76% over 5 years and has a return on equity of 45.66%. Bhageria Industries Limited, formerly Bhageria Dye-Chem Limited, is engaged in the manufacturing and sale of chemicals, dyes and dyes intermediates required for dye manufacturers and merchant export of related items. The company is also engaged in generation of solar power.

STOCK VIEW Bhageria Industries Ltd is currently trading at Rs 324.9, up by Rs 5.3 or 1.66% from its previous closing of Rs 319.6 on the BSE. The scrip opened at Rs 326 and has touched a high and low of Rs 329 and Rs 321.5 respectively. So far 19768(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 508.98 crore. The BSE group ‘B’ stock of face value Rs 5 has touched a 52 week high of Rs 452.8 on 01-Nov-2016 and a 52 week low of Rs 104.05 on 26-Jul-2016. Last one week high and low of the scrip stood at Rs 323 and Rs 312.15 respectively. The promoters holding in the company stood at 50.17 % while Institutions and Non-Institutions held 0.1 % and 49.72 % respectively. The stock is currently trading above its 200 DMA. Source:Reuters

September part A 2017

USAID and ADB Sign MOU to Develop Solar Parks

The U.S. Agency for International Development (USAID) and the Asian Development Bank (ADB) recently signed a Memorandum of Understanding to facilitate $848 million (Rs. 5,681 crore) in funding to develop solar parks across India. The agreement was signed by Jonathan Addleton, Mission Director, USAID/India and M. Teresa Kho, Country Director, India Resident Mission, Asian Development Bank. hrough the agreement, USAID will align the technical resources of two of its programs to support ADB’s investments in the development of solar parks and renewable energy transmission infrastructure in states at the forefront of India’s efforts to promote clean energy. The collaboration will initially focus on the state of Rajasthan. The cooperation will design and develop public-private partnership models as well as study options for managing grid reliability. In particular, USAID technical activities will help place investments of $348 million (Rs. 2,331 crore) by ADB for transmission infrastructure for renewable energy deployment in western Rajasthan. USAID will also work with ADB across India with an additional $500 million (Rs. 3,350 crore) of investment in the design and development of solar parks. The Government of India’s target for renewable energy is 175 Gigawatts of installed capacity by 2022. In support of this, the Ministry of New and Renewable Energy (MNRE) launched a solar parks scheme to attract investment from project developers by reducing risks, streamlining the permitting process, bringing down cost through economies of scale, and modernizing infrastructure to allow easier integration of renewable energy into the grid. MNRE plans to establish 25 solar parks with a combined capacity of 20,000 megawatts of solar power by 2020. This agreement between USAID and ADB will help finance the development of solar parks in support of the Government of India’s renewable energy targets.

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September Part A 2017

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RESEARCH & ANALYSIS

Powering India – Renewable Projects Leap Ahead of Thermal Private thermal projects are staring at muted power demand, which is the effects of non-remunerative tariffs partly due to aggressive bids and some adverse perception due to falling renewable tariff, says India Ratings and Research (Ind-Ra). Ind-Ra believes that private developers are facing more challenges in operating thermal power projects than renewable energy projects.

Short-Term Power Trading Set to Rise Ind-Ra believes that short-term power trading is set to rise, as the difference between the landed cost of power for industries from third party sources remains competitive to the tariff charged by distribution utilities. The transition will be aided by easing transmission congestion, transparency, thermal plants looking to sell untied power, discoms trying to sell excess power, and falling solar power cost.

Solar Manufacturers’ Operating Margins Contract

n contrast, the large target by the government for renewable capacity addition and the focus on renewable purchase obligation along with falling tariffs in competitive bidding regime have led to an increase in demand for renewable energy. Strong counterparties for solar companies including Solar Energy Corporation of India and NTPC Limited (‘IND AAA’/Stable) are providing comfort to developers on payment security. However, an improvement in the financial profile of distribution utilities is important for power projects to have stable revenue receipts. For some states, particularly Uttar Pradesh and Bihar, which houses a significant proportion of population, the average per capita supply of electricity is lower than the national average. Also, a reliable and continuous supply is yet to be ensured in most states. Electricity demand is likely to grow across the country, driven by industrialisation. In FY16, 44% of electricity demand nationally was attributed to industrial demand, while around 23% was domestic demand (Source: Central Electricity Authority of India; CEA). Per capita supply was 1,075kWh in FY16. In a falling electricity deficit scenario and excess energy tie-ups by distribution utilities, even amid high demand growth, projected generation capacity is well placed to meet the demand. In the scenario of electricity replacing diesel in applications including diesel generators, agricultural implements and railways, the additional electricity demand can be addressed by a 6 percentage point increase in the plant load factor of thermal plants. Ind-Ra in its estimates considers the amount of electricity that would have been required if all vehicles had become electric in FY17, to indicate the quantum of demand that can arise from the electrification of road transport.

September part A 2017

Solar tariffs have fallen considerably, preceding even the pace of fall in solar panel prices. The pressure on price of solar panels is set to continue as there is a significant oversupply. The median gross margins were 8% and the median operating margin was negative 2% in 4Q16 for solar manufacturers which shipped about 30GW in 2016 (Source: National Renewable Energy Laboratory). The rise of new technologies in solar modules may also lead to a further price reduction.

Wind Projects Face Grid Curtailment Hurdle Grid curtailment remains a major risk for wind projects, while the distribution utilities are trying to manage the grid with increasing intermittent power. Wind resource is a major affecting the viability of a project, as wake effect and climate events such as El Nino take a toll on generation.

Counterparty Profiles Display Inconsistency Inter-state transmission assets continue to exhibit stable operating and receivable parameters, despite being exposed to weak counterparties. Counterparties’ profile remains inconsistent as distribution utilities treat asset classes differently. Also, many distribution utilities have reported high payable days in their financial statements, while they pay within 90 days to independent power producers. Such anomalies lead to uncertainties in the assessment of counterparty behaviour. Source:bloombergquint.com

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RESEARCH & ANALYSIS

Greenpeace study finds RE will be cheapest electricity in G20 countries by 2030 Wind energy and solar power will be the cheapest form of power generation in every G20 country by the year 2030 at the latest, a new Greenpeace Germany report has found. "There can be no excuses anymore. Climate protection increasingly makes economic sense across the G20 as renewable energy becomes cheaper than dirty coal and nuclear,” Greenpeace Germany energy expert Tobias Austrup said. Any G20 country that is still investing in coal and nuclear power plants is wasting their money on technology that will not be competitive in coming years. The G20 now has a responsibility to send a clear signal that accelerating the clean energy transition is not only the right thing to do for the climate, but also for the economy.”

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he Finnish Lappeenranta University of Technology study, commissioned by Greenpeace, calculates the electricity generation costs in all G20 countries for the years 2015 and 2030. The study found that wind farms already generate the cheapest form of electricity in 2015 in large parts of Europe, South America, the US, China and Australia. Due to rapid technical progress and falling price, in 2030 solar energy will be so cheap that it will be even cheaper than wind power in many G20 countries.Global invest-

ments mirror the results of the Greenpeace study. UN figures reveal that in 2016 investments in renewables were double that of investments in conventional power stations. About 55 percent of the added electricity capacities were based on renewable energies last year - a record figure. US President Trump, however, is mistakenly promoting coal and nuclear power. "Trump’s energy policy is simply a bad deal," Austrup added. "The US has excellent conditions for expanding its wind and solar energy capabilities and states like California, Texas or Iowa will not miss this chance."

September Part A 2017

ROOFTOP & OFFGRID

UK student Clementine Chambon lights up Sarvantara village in Uttar Pradesh with solar power Nearly 100 homes in Uttar Pradesh's Sarvantara village have been electrified, thanks to an initiative by a student from the UK's prestigious Imperial College.

lementine Chambon, a final year PhD student, has helped connect the homes with a mini eight-kWh solar energy grid via her social enterprise start-up company – Oorja – last month. The mini solar grid provides around 1,000 people with energy for affordable lighting, phone charging and fans to cool homes. “We are delighted to see the smiles on the faces of our happy customers, to hear their reports of how electricity is allowing their children to study longer, and their hopes that a computer centre will be opened in the school so that students can learn how to use a computer,” said Chambon. Like most hinterlands in India, majority of the population in Sarvantara are farmers. Chambon reckons her project will help fuel the farmers’ productivity. Since less

September part A 2017

“The renewable energy generated will also power pumps to provide irrigation services to farmers, providing significant cost savings compared to diesel-powered pumps,” said Chambon. than average rainfall has been predicted for this year, the Briton said, the demand for electricity to pump water for irrigation has surged. “Villagers are particularly keen to sign up to receive energy from our system for affordable irrigation services,” she said. “They are very relieved that an alternative to expensive diesel pumps will be available, especially as the diesel price in India is expected to get much more expensive, following recent deregulation of the market,” she added.

Chambon intends to expand her project and fit the 100 households with smart meters to enable remote monitoring of energy generation and consumption in real-time. “The data will help Oorja to analyse the performance of the system and improve the services they provide,” she said. Oorja was founded in 2015 by Chambon and a colleague, Indian social entrepreneur Amit Saraogi. The company provides affordable and reliable power to rural communities in India that are currently not connected to the country’s national energy grid network. Source: Financial Express

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September Part A 2017

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ROOFTOP & OFFGRID

DMIDC starts commercial ops of 1MW solar plant in Rajasthan Delhi Mumbai Industrial Corridor Corporation (DMIDC) said its 1 MW smart micro grid solar power plant in Rajasthan has started commercial operations.

he project demonstrates integration of solar power with backup diesel generators and the plant has started supplying power to its first industrial consumer Mikuni India, DMIDC said in a statement here. The 1 MW unit is a part of a larger project by the DMICDC which also includes a 5 MW model solar power plant that uses thin film technology being implemented in partnership with Japan's state-run New Energy and Industrial Technology Development Organisation (NEDO). Japanese firms are supplying solar panels and equipment for the project. Online transportation app TYGR launches services in Mumbai TYGR, an omni-transport app, has launched services in Mumbai, following Kolkata, Indore and Ranchi. TYGR has rolled out its services, which also address the hassles of changing fares and surcharges, with a fleet of 5,000 cabs in Mumbai, the company said in a statement here. Its business model has been recognised by global leaders such as NASSCOM and is also backed by Facebook through FbStart, it said.

Village cooperative sets up first-ever solar power plant A village cooperative society in Sriganganagar district of Rajasthan has set up the first-ever solar power plant to serve its own needs and supply surplus electricity to the power grid. The initiative has been hailed as a major step for promoting renewable energy and a significant contribution to environment protection.

he 20 kV on-grid rooftop solar energy system has been installed in a 2,000 sq. foot area at the cooperative society’s office in Bandha Colony village, situated 11 km away from the Anupgarh town. The plant is set to start power production within a week after completion of formalities. Cooperative society’s manager Jasvinder Singh Brar told The Hindu on Monday that the society members decided to install the plant in view of heavy electricity bills paid for operating the facilities created for the villagers. These facilities include a supermarket, gymnasium, reverse osmosis (RO)-based water purifier plant and a training centre for women.

Source: DNA

Vivaan Solar, VISM Group signs contract for 50 KW grid project In a bid to make gwalior a green city, Vivaan Solar has announced establishing a 50 KW solar power grid at VISM Group of studies, Gwalior, Madhya Pradesh.

he Polly Crystalline PV Modules based system will help to meet most of the electricity requirements of VISM Group of Studies, which is one of biggest educational groups in the region. The commissioning of the 50 KW is expected to start from July 31. VISM Group of Studies awarded this project to Vivaan Solar Private Limited, which is 1A SMERA Solar Grading company after evaluating the proposals and credentials of various companies in the bidding process. Vivaan Solar was qualified as an L1 bidder by the panelists of VISM Source: outlookindia Group of Studies.

September part A 2017

Mr. Brar said an expenditure of ₹12.65 lakh was incurred on the solar power project, while the cooperative society received 30% subsidy, amounting to ₹3.79 lakh, from the Renewable Energy Department. Enthusiastic youths from the village accompanied us in the purchase of photovoltaic cells and other equipment from Jaipur” .

The plant is likely to produce 33,000 units of electricity annually, of which 23,000 units will be utilised for the cooperative society’s own needs through uninterrupted power supply. About 10,000 surplus units will be supplied to the power grid, bringing additional revenue to the cooperative society. Source: thehindu

AMIT BANSAL Director Finance, Vivaan Solar

“We are committed to make Gwalior, a green city and serving the VISM Group of Studies is really a great motivation for us in following our mission. From Karnataka to Punjab, Vivaan Solar is growing by leaps and bounds all across the country because of our clear vision and sincere approach. “We are also developing a mobile app where our consumers can look at their daily production, operation, and maintenance status, billing and generate a service request, said director finance Vivaan Solar, Amit Bansal.

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INDIA

PM inaugurates Parliament Annexe extension Prime Minister Narendra Modi on Monday inaugurated the Parliament House Annexe Extension Building which has committee rooms, an auditorium, a banquet hall and chambers for chairpersons of Standing Committees.

mong those present on the occasion were Lok Sabha Speaker Sumitra Mahajan, Deputy Speaker M. Thambidurai and Parliamentary Affairs Minister Ananth Kumar. The building has two blocks spread over 39,495 sq meters. Block A, which has three storeys, is a ceremonial block comprising four committee rooms, an auditorium, a banquet hall, call-on rooms and a few office rooms. The six-storey Block B has 41 chambers for chairpersons of Standing Committees and branches of the committees. The building is “green” with a terrace garden, energy efficient lighting and solar water heating system. It has provision for solar power generation and provides easy access to the differently-abled.

A Lok Sabha Secretariat release said the Parliament House Annexe Building was built in 1975 to accommodate offices of Lok Sabha and Rajya Sabha Secretariat. But the number of parliamentary Standing Committees and other offices belonging to them have increased. The foundation stone of the Extension building was laid in May 2009 by Vice-President M. Hamid Ansari and then Lok Sabha Speaker Somnath Chatterjee. The construction work started in May 2011 and was completed in December 2016. Source:IANS

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September Part A 2017

ROOFTOP & OFFGRID

BRPL, TERI SIGN MOU TO EXPLORE OPPORTUNITIES, RESEARCH IN SOLAR ROOFTOPS

Power giant BSES Rajdhani Power Limited (BRPL) and The Energy and Resources Institute (TERI) have signed a memorandum of understanding (MoU) for two years to achieve the common goals and objectives. he MoU was signed between Amal Sinha (CEO, BRPL) and AK Saxena, Director, TERI. A senior official of the BSES said the both will jointly explore collaboration opportunities at utility level for capacity building programs and conducting research on solar rooftop PV, energy storage systems, electric vehicles, energy efficiency, demand side management and smart grid technologies for various stakeholders.

Amal Sinha, CEO of BRPL said, “I am sure, the collaboration will foster path breaking research and explore newer collaboration opportunities at in the domain of emerging technologies. “This will also provide impetus in rooftop PV sector in NCT of Delhi by mitigating challenges faced by discoms. We are amongst the few utilities in India, which are engaged in actively propagating the roof top solar installations. BRPL has already implemented 8 MW of solar rooftop in its licenses area and estimates addition of another 20 MW during 2017-18,” Expressing his views on the joint collaboration, A K Saxena, Director, electricity & fuels division, TERI said, “BRPL being one of the proactive discoms in the country. “we value this cooperation and I believe the outcomes of our study would enable informed decision making for large scale adoption of rooftop solar into their distribution grid,” he said. “This collaboration will help all the stakeholders, including BRPL, TERI and consumers. It will also help in improving the quality and reliability of power supply,” the official said. “The growing penetration of solar roof top systems into the distribution system may cause undesired effects in the operation of the distribution system in many ways. TERI will undertake this study to understand the challenges that may arise with higher penetration of solar rooftop systems in distribution grids,” he added. BSES Rajdhani Power Limited (BRPL) is a joint venture between Reliance Infrastructure Limited and Government of NCT of Delhi. Source:ThePioneer

September part A 2017

INDIAN RAILWAYS’ FIRST SOLAR POWERED DEMU TRAIN WITH SIX TRAILER COACHES The railways launched its first solar-powered local train here with a battery bank facility which ensures sufficient power even in the absence of sunlight.

he entire electrical need of the coaches - lights, fans and information display system - will be met by energy produced by solar panels fitted on the roof of coaches of DEMU (diesel electric multiple unit) train.

Launching the train, Railways Minister Suresh Prabhu said it was a “path-breaking leap” towards making Indian trains more environment friendly. Normally, DEMU trains — a multiple-unit train powered by on-board engines without a separate locomotive - provide power for its passenger comfort system i.e lights and fans from a diesel-driven generator. The train was launched at the Safdarjung railway station here and the first rake will be put in commercial service over the suburban railway system of Delhi division shortly. Route will be decided soon, rail officials said. While the 1,600 horsepower train has been manufactured at the Integral Coach Factory (ICF) in Chennai, its solar system and panels have been developed and fitted by the Indian Railways Organisation of Alternative Fuel (IROAF). Twenty-four more coaches will be fitted with this system within six months. Referring to the Railways committment to using cleaner fuels, Prabhu said it was trying to increase the use of non-conventional sources of energy. The carrier is taking several other environment friendly measures like using bio-toilet, water-recycling, waste disposal, bio-fuel CNG and LNG, and harnessing wind energy. The IROAF has developed this system with a smart inverter which optimises power generation on a moving train to cater to full load even during night hours with the help of a battery bank which ensures sufficient electricity. The system reduces diesel consumption and the carbon signature of these commuter trains by reducing CO2 generation by 9 tonnes per coach per year. A solar power DEMU train with six trailer coaches will save about 21,000 litres of diesel and thereby save costs Source:PTI of Rs. 12 lakh every year, the railways said.

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September Part A 2017

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ROOFTOP & OFFGRID

CM inaugurates rooftop solar power plant at Garhwa Civil Court Chief Minister Raghubar Das inaugurated a Rooftop Solar Power Plant at Civil Court, Garhwa. In his inaugural address, the CM said the state government is committed to provide the people of the state with basic infrastructure, clean air and water and clean and green atmosphere.

“With installation of solar plants on the rooftops of government building, pollution will be minimized. The government is planning to provide the farmers green energy,” said the CM Raghubar Das.

as appealed to the people to install solar power plants on their rooftops to boost green energy revolution. He said solar power system should also be adopted by farmers for agricultural purposes. The CM said that JREDA has planted a 110 KW system on the rooftop of Garhwa Civil Court at an expense of Rs 1.32 crore. “All sorts of systems can be run from this arrangement. In the next three months, a similar system will be planted in Gumla as well,” he said.Das praised Justice D N Patel for his role in ensuring the solar systems. He thanked the government officers and staff and said that solar plant installation work should be expedited. “The government has decided to supply electricity to all the household of 32,000 villages latest by December 2018. At the same time, two third transmission lines will be completed by 2019. The government will ensure LED street lights in 11 districts including Jamshedpur, Dhanbad, Bokaro and Devghar for Durga Puja,”

he said. Justice Madan B Lokur of the Supreme Court, Executive Chief Justice of Jharkhand High Court D N Patel and Justice H C Mishra were also present on this occasion. Justice Lokur expressed his happiness over plantation of solar power plants in Garhwa and said that it was a praiseworthy step of the court from disposal of issues point of view. With mobile app, very soon the advocates won’t have to bother about diary. Justice Patel said that without the creative support of the CM, it couldn’t have taken place. He said that Das was working actively in the field of energy. Gumla civil court will be the next to avail this facility, he said. In the programme, a total of seven victims were given damage control cheque and Progressive Women SHG, Tandwa was also given appreciation letter by the CM. Justice S Chandrasekhar, Health Minister Ramchandra Chandrawanshi, MP B D Ram, MLA Satendranath Tiwari, Energy Secretary Nitin Madan Kulkarni, PDJ Civil Court Pankaj Srivastava and others were present on this occasion. Source: avenuemail

September part A 2017

Solar Thermal Applications to the Most Needed @ Leh, India by Waaree Group

aaree Energies Ltd. announces the incredible achievement of biggest Solar Thermal Systems Project Completion at Leh Ladakh (J&K) territory, INDIA. Team Awardee’s footprint has spanned the largest mountain of the world, with the tremendous accomplishment of Solar thermal project at Leh Ladakh. Leh – Ladakh is one of the biggest Districts in the country on Himalayan Mountain Valley in the northern part of country. Its known for its extreme environment challenges with harsh and rapid changes with an Altitude of 12,500 Feet from Sea level registered – 25 to + 30 Deg Cent temperatures which is normal phenomena. Mr. Jigmet Takpa, Director, LREDA adds, ”Solar Thermal Systems Supplied by Waaree Group is excellent in Quality and giving best performance thanks to Customised design with timely delivery and execution of Project in extreme climatic conditions. All the systems are like hot cake and quite useful to the citizens of Leh, Ladakh. We Congratulate and Thank you Team Waaree” “We, at Waaree Group, always looking beyond Business and have always focused in Giving Customised Solutions fir betterment of citizens. We are quite happy with the overwhelmed support received from LREDA officials, Local Partners and residents of Leh Ladakh to complete the project in time. This project reiterates our commitment towards bringing the latest and the best technology in solar thermal industry for sustainable development in the renewable energy sector of the country”, said Mr. Hitesh Doshi, Chief Managing Director, Waaree Energies Limited. “Team Waaree has been known for its commitments and quality support and ready to accept challenge in adverse situations. Solar Thermal Project at Leh adds confidence of Team to Adjust, Accommodate and Accelerates in any tough situation.” adds, Mr Kirit Doshi, Waaree Group of Companies, “Waaree Group of Companies has installed over 2,500 Systems of Various Capacities across the various places with Customised Design to suit the local climatic conditions. The total Installed capacity of @ 250,000 Liters Per Day Capacity will help local citizens of Leh for their daily usages and will support to earn Carbon Foot Prints of over 31,50,000 Kg annually. Logistics were big challenge in the harsh climatic conditions where our team has shown fantastic team work to complete the project in timeline” added by Mr. Nikunj Shukla, Vice President and SBU Head of Waaree Group.

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September Part A 2017

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ROOFTOP & OFGRID

JSW Energy eyes solar rooftop, energy storage The Sajjan Jindal-promoted JSW Energy is planning an asset-light strategy and is evaluating options in the solar rooftop and energy storage segments for a stronger foothold in renewable energy. “Energy storage is one area where a paradigm shift is happening. It could be an opportunity for a generator like us to look at. Going directly to the customer through solar rooftops is another option. The space is changing. As a company, we are not just looking at it from the generator’s point of view. We were working on an asset-heavy balance sheet, asset light is the new normal now.” - Mr. Prashant Jain, joint mD and cEO, JSW

JSW Energy was considering blending imported coal with local supply at its plant in Karnataka but this has hit a roadblock.

Energy, said in an interview

ain said not much progress had been made in the company’s pending deal with Jindal Steel and Power (JSPL) to buy the steel company’s power plant in Chhattisgarh. “Both companies are committed to the transaction, and there is a long stop date, June 2018. We are optimistic,” Jain said. An agreement to sell 1,000 MW thermal power generation capacity to JSW Energy was signed in May 2016. JSPL was committed to closure of the

Haryana executing solar power-run micro irrigation project under PMKSY The Haryana government is executing a unique solar power-run micro irrigation pilot project under the Pradhan Mantri Krishi Sinchai Yojna (PMKSY), an official said.

agreement, a company spokesperson said in response to an email. In addition to renewables, JSW Energy will evaluate options in thermal power. “As and when an opportunity arises at the right valuation we will look at it. Capacities that are stranded were set up at Rs 8-10 crore per MW,” Jain said, adding the system was stabilising with Rs 3 a unit as the normal purchase price for thermal power.

“Costing Rs 24.65 crore, this will be the first-of-its- kind project in the country which will draw energy from solar power and the grid, and will be connected to the nearest 11 KV line through hotline to ensure uninterrupted power supply,” a spokesman of Canal Area Development Authority (CADA) said here.

e said the foundation stone of this project had been laid by Chief Minister Manohar Lal Khattar earlier. Additional power generated by solar power panels at the project would be supplied to the nearest power sub-station, which would be connected to 24-hour plant of 11 KV line. The spokesman said the Chief Minister would inaugurate the project in Gumthala Garhu Dera Fateh Singh village near Pehowa on July 30. With a view to ensuring water supply to

“You can only participate in the coal linkage auction when you have a power purchase agreement, which is not viable for power from the Karnataka plant at current exchange rates. We will look at blending opportunities once the agreement is in place.” – Prashant Jain said. Source: business-standard

every farm, CADA has established this pilot project on micro irrigation under the PMKSY in the state, he said. Two-thirds of Haryana’s underground water is saline, he said. While water consumption is increasing rapidly every year, the amount of available water is getting limited. Keeping in view the requirement of water in future, the Chief Minister had directed CADA to prepare a pilot project. With this scheme, farmers would get fresh canal water for micro irrigation and this water could be utilised for drip and sprinkler irrigation system. “It will not only reduce water consumption but also help in achieving the goal of water availability to every farm. CADA will provide opportunities for maximum use of available irrigation facilities to the farmers,” the spokesman added. Source: PTI

September part A 2017

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ROOFTOP & OFGRID

Tata Power Solar to install 2.67 MW solar carport at Cochin Airport Tata Power Solar announced the commissioning of 2.67 MW solar carport at Cochin International Airport.

he project comprised of putting together 8472 solar panels on 27 carports spread over 20289.9 square meters of area. The entire solar plant is aimed towards reducing 1868 tonnes of Carbon dioxide (CO2) annually. The grid-connected carport plant required high-level engineering and designing skills for assembling the massive car port structures. Additionally, advanced technology and design was of utmost importance to match and maintain the quality standards in place.

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Cochin International Airport Limited became the first airport in the world to be fully powered by solar energy during August 2015. It has now accomplished another milestone by implementing India?s largest solar carport, said V J Kurian, Managing Director, Cochin International Airport Limited. The project is a benchmark in terms of engineering expertise utilised in terms of complexities encountered considering the high water levels in backfilled lands. The modular design has helped us to execute the project in a record time and we are looking forward to more of these initiatives being replicated in other airports and commercial establishments,

Ashish Khanna, ED and CEO, Tata Power Solar Source: ANI

September Part A 2017

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FEATURED

JSW Energy looks at new opportunities in renewables

S Sajjan Jindal-led JSW Energy is exploring new opportunities in renewable energy space and transmission and distribution segment, the company said in its annual report 2016-17.

ajjan Jindal-led JSW Energy is exploring new opportunities in renewable energy space and transmission and distribution segment, the company said in its annual report 2016-17. Given the stress in power sector, the company anticipates consolidation in the domestic space which would offer it a good prospect for investing in future, it said. Moreover, going forward, JSW Energy is renewing its focus on cost optimisation and as part of this, planning to utilise domestic coal in its coal mix at Vijayanagar and Ratnagiri plants.The company is also streamlining elements like operations and maintenance (O&M) and financing

costs to achieve maximum cost efficiencies. It is also undertaking rigorous efforts to tie up its open generation capacity through various offtake arrangements, including power purchase agreements (PPAs) with group captives and discoms. The report further said GST is also likely to boost economic growth over the medium term as it improves efficiency of goodsâ&#x20AC;&#x2122; movement between states, avoids tax cascading as well as strengthens tax compliance and governance. This, it said, is likely to boost GDP growth rate to eight per cent or above, consequently driving power demand. Source: PTI

Kongsberg Group enters into MoU with India's PTC A part of the 200 year-old Kongsberg Group, Kongsberg Digital AS of Norway has entered into a Memorandum of Understanding (MoU) with India's largest power trading organisation, the Power Trading Corporation of India (PTC) recently.

Contract Signing was held at the Royal Norwegian Embassy in New Delhi.

s quoted by Norwegian Embassy in New Delhi portal, the contract signing was held at the Royal Norwegian Embassy in New Delhi. The MoU paves the way for the Kongsberg's entry into the Indian renewable sector, with a focus on the wind sector and digitalisation opportunities in renewable energy. Under this MoU, the PTC will endeavour to market a software called 'Empower', which has been developed by the Kongsberg Digital as a wind forecasting, condition monitoring and performance monitoring software. The PTC will combine the software with their other products, promoting it as a utility tool for wind-based independent power players. After the Signing of the MoUs, all parties agreed on collaborating more on avenues in renewable energy such as training and development and capacity building. There may also be Joint Working Groups established on different aspects of renewable energy such as solar, wind, hydro and smart grids. Source: ANI

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INDIA

Hon’ble Union Minister of State, Ministry of Law & Justice and Electronics & IT, Shri P.P. Chaudhary inaugurates 200 KW solar rooftop plant commissioned by Jakson Group Hon’ble Union Minister of State, Ministry of Law & Justice and Electronics & IT, Shri P.P. Chaudhary, today, inaugurated a 200 KW solar rooftop PV power plant at Electronics Niketan Building in New Delhi, installed and commissioned by Jakson Group, a leading energy and engineering solutions company. This rooftop solar plant will help generate upto 3,00,000 units of electricity every year, reduce emissions by 216000 kilograms per year and help achieve cost savings between Rs 8 to 10 lakhs per year.

s part of the project, Jakson, installed 669 solar modules of 310 watt manufactured at its state-of-the-art solar module manufacturing plant in Greater Noida. In addition to turnkey engineering, procurement and construction services for the project. Jakson will also provide annual operations and maintenance service to the plant for 25 years. The project was executed under Solar Energy Corporation of India’s (SECI) RESCO scheme. Under the Renewable Energy Service Company (RESCO) model, the consumer can install a solar power plant and not pay anything upfront. A power purchase agreement is signed between the installer and the consumer at a mutual tariff.

Commenting on the successful execution of the project, Mr Sundeep Gupta, ViceChairman & MD, Jakson Group said, “We are honoured to be associated with this prestigious project. Government buildings in India have a lot of potential to install solar capacity to meet their captive requirements. This project is a testimony to our strong EPC expertise in the solar rooftop segment.”

“Jakson is one of the leading players in rooftop solar under the RESCO scheme. Some of the most prestigious government buildings in Delhi have solar rooftop plants installed by Jakson. This project is another successful addition to that list,” said Mr Ashish Sethi, Director – Solar Business, Jakson Group. According to a report from Bridge to India, there is a strong impetus on increasing rooftop solar deployment on government-owned buildings. The government rooftop solar segment has grown at a CAGR of 118% in last four years and now accounts of about 12% of the total rooftop market. The report estimates the government segment to achieve total rooftop solar capacity of 4 GW by 2022, accounting for 24% of the total rooftop solar market.

Ujwal DISCOM Assurance Yojana achieve improvement of 1.07% in AT&C losses and Rs.0.13 a Unit in ACS-ARR gaps in FY 2017 28

September part A 2017

he Minister of State (IC) For Power, Coal, New & Renewable Energy and Mines, Shri Piyush Goyal, in a written reply to a question in Lok Sabha today, informed the House that interventions under Ujwal DISCOM Assurance Yojana (UDAY) including reduction in interest costs & cost of power and efficiency gains have yielded encouraging results. The Minister informed that as per the unaudited data submitted by States, the participating States have achieved an improvement of 1.07% in Aggregate Technical & Commercial (AT&C) losses and Rs.0.13 a Unit in Average Cost of Supply (ACS) – Average Revenue Realized (ARR) gaps in FY 2017. However, different states have different trajectories since they have joined UDAY at different time. Shri Goyal also stated that the participating states have already issued Bonds of approximately Rs.2.32 lakh crores, which addresses 86% of the debt envisaged in Memorandum of Understanding (MoU) executed under UDAY. Source:Orissadiary

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September Part A 2017

BUSINESS & FINANCE

GE arm in talks to invest in Avaada Power’s renewable energy projects

“GE Energy Financial Services is in talks with Avaada Power to invest in its wind and solar power projects,” said one of the people cited above, requesting anonymity. GEEFS has made investment commitments of around $15 billion globally. The second person confirmed the development and, also requesting anonymity, added, “GE has ambitious plans for India given the scale of green energy here.”

G GE Energy Financial Services (GEEFS) is expanding its Indian renewable energy portfolio and is in talks with Avaada Power to invest in the renewable energy projects of the Vineet Mittalpromoted firm, two people aware of the development said. Avaada Power is Mittal’s second innings in India’s clean energy space after Tata Power Co. Ltd bought the entire 1.1 GW renewable energy portfolio of Welspun Energy Ltd for $1.4 billion last year.

September part A 2017

EEFS has previously invested in Welspun Renewables Energy Pvt. Ltd’s Neemuch plant, Atria Power’s wind projects at Anantapur district of Andhra Pradesh and Betul district of Madhya Pradesh, and Greenko Group Plc’s wind projects in India. Also, GE Energy Financial Services plans to invest $90 million to develop a solar power project portfolio of 500 MW with RattanIndia Group, Mint reported on 29 June. Driven by India’s ambitious clean energy target of adding 175 GW by 2022, a host of foreign investors have been scouting for opportunities. Of the total capacity targeted, 100 GW is to come from solar power projects and 60GW from wind power.

“It’s an exciting time to raise funds and invest in the renewable space to create long-term value for shareholders given its understanding of the emerging business models and opportunities. Key would be to identify right set of promoters with track record,” said Sambitosh Mohapatra, partner (power and utilities) at PwC India.

GE’s investment in the Indian project comes at a time when financing at the lowest cost has become the key to success. India’s solar and wind energy space has become intensely competitive with tariffs falling to a record low of Rs2.44 per kilowatt hour (kWh) and Rs3.46 per kWh, respectively. Avaada Power, on its part, has been one of the bidders which has helped bring down the solar power tariff in the country. It was South Africa’s Phelan Energy Group and Avaada Power who bid Rs2.62 per kWh to win contracts to build capacities of 50MW and 100MW, respectively, at Adani Renewable Energy Park Rajasthan Ltd. It also placed a bid of Rs2.60 per kWh at the auction of 500 MW of capacity at the Bhadla solar park in Rajasthan. This price is lower than the average rate for power generated by the coal-fuelled projects of India’s largest power generation utility, NTPC Ltd, at Rs3.20 per unit. While Mittal declined to comment, a GE spokesperson in an emailed response said, “There are opportunities to inv est in renewable energy in India. GE continues to be interested in providing equity to projects with the right risk return profile.” Analysts said global energy markets have been disrupted by clean energy sources. “Numerous key markets recently reached an inflection point where renewables have become the cheapest form of new power generation, a dynamic we see spreading to nearly every country we cover by 2020. The price of solar panels has fallen 50% in less than 2 years (2016-17). All-in costs for wind power in countries with favourable wind conditions can be as low as one-half to one-third that of coalor natural gas-fired power plants, and wind turbine output will increase exponentially as wind blade lengths continue to increase,” Morgan Stanley said in a 5 July report. Source: livemint

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September Part A 2017

24.07.14 11:0

BUSINESS & FINANCE

Shell, SoftBank among potential suitors for $5 billion renewable energy firm Equis: sources Royal Dutch Shell and SoftBank are among several global groups considering bidding for Equis Energy, Asia’s largest independent renewable energy producer valued at up to $5 billion, sources familiar with the matter said.

apanese trading companies, global pension funds and buyout firms are also in the fray to buy Singapore-based Equis, the sources said, at a time when many Asian governments are expanding the use of renewable power and renewable energy costs are decreasing. First-round bids for Equis are due this week, said the sources. Equis owns a portfolio of 97 projects comprising solar, wind and hydro generation assets spread across

countries including Japan, India, Philippines and Australia. It is part of Equis Funds Group, which has raised $2.7 billion in equity from global investors for infrastructure investments, mostly in renewables, over the past five years.

Equis Funds was set up by a group of senior executives, many of whom worked at Australian investment bank Macquarie Group. Bidders are forming groups so that they can divide the portfolio as some buyers are keen to only buy certain assets, the sources said. Other potential suitors include Japanese financial conglomerate Orix Corp, which is teaming up with Dutch pension fund APG, and a joint bid from I Squared Capital – an infrastructure investor – and a Japanese trading company, the sources said. Shell, SoftBank, Orix and Equis declined to comment, while I Squared and APG did not immediately respond to Reuters queries. The sources declined to be identified as they were not authorized to speak to the media. Source:Reuters

Solar-Log® Nearing 12 GW Solar Power Monitored World-Wide

World Bank Loan for Solar Projects

Global solar PV monitoring powerhouse, Solar-Log®, is nearing 12GW monitored world-wide as we approach Intersolar, North America’s most attended solar event. This significant number solidifies the brand’s position as the global market leader in residential and commercial monitoring, among independent software vendors. Over 1 million inverters are now connected to Solar-Log® in over 106 countries. Continuous growth confirms the system’s high level of recognition by installers and O&M providers.

orld Bank financing of USD 100 Million for development of internal infrastructure of solar parks has been planned by Indian Renewable Energy Development Agency Ltd. (IREDA) under the aegis of Ministry of New and Renewable Energy. The World Bank loan is proposed to flow to the interested Solar Power Park Developers (SPPDs) through IREDA. This was stated by Shri Piyush Goyal, Minister of State (IC) for Power, Coal & New and Renewable Energy and Mines in a written reply to a question in the Lok Sabha. In addition, the World Bank is providing low cost financing to roof-top solar developers under a $625 million Programme for Results (PforR) to be routed through the State Bank of India. These programmes will increase the availability of debt financing, de-risk commercial financial flows, and build capacity across the solar PV industry to significantly expand the programme of rooftop solar PV across India. The first 100 MW of solar rooftop financing under this loan has just been approved, the Minister added.

“We like to say ‘been there done that’ when discussing solar PV monitoring”, said Anthony Conklin, President of Solar Data Systems, Inc. “Our experience allows us to assist plant owners in maximizing on their solar investment, and our global fleet means we can help installers overcome any monitoring or metering obstacle.”

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nstallers, plant operators and owners across the country can view the latest solar monitoring technology and receive a hands-on demo of the SolarLog WEB Enerest™ platform this July 11-13th, at the Moscone center, San Francisco, CA, West Hall, Level 3,

September part A 2017

booth 9121. *According to GTM Research report, ‘Global PV Monitoring 2016-2020: Markets, Trends and Leading Players’, Solar-Log® is the largest independent software vendor for residential and commercial solar PV monitoring.

Source: PIB

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INDIA’S

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Solar IPP

PV Module Manufacturing

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Solar Products

JAKSON GROUP

A-43, Hosiery Complex, Phase-II Extn., Noida-201305, Tel.: 0120-4302600, 4526100 www.jakson.com | Toll Free No.: 1800 103 2600 | info@jakson.com www.EQMagPro.com

September Part A 2017

BUSINESS & FINANCE

Azure Power to Issue India’s First Solar Green Bond • New US$500 million Bond to be issued • Represents the first green bond with only solar power projects in India

zure Power Energy Ltd, a wholly owned subsidiary of Azure Power Global Ltd, a leading independent solar power producer in India, will issue an inaugural US $500,000,000 green bond offering, maturing in 2022 (the “Bond”). The Bond has been certified by Climate Bonds Initiative as green bond and is the first solar green bond to be offered by a company with only solar power assets out of India. The Company expects to use the proceeds to refinance existing indebtedness and for other general corporate expenses. The Bond is offered to eligible yield investors who have a specific mandate or portfolio for buying green bonds, and in each case who are qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), or non-U.S. persons in accordance with Regulation S under the Securities Act. The Bond has not been and will not be registered under

“The transaction is aimed at financing Azure Power’s existing and future eligible solar power projects which promote sustainability, whilst optimizing financial costs and diversifying sources of funding. Through this bond offering we are furthering our contribution towards realization of our Hon’ble Prime Minister’s commitment towards clean and green energy, through solar power generation.” - Mr. Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer, Azure Power the Securities Act and may not be offered or sold within the United States absent registration or an applicable exemption from the registration requirements. This is not an offer to sell or purchase nor the solicitation of an offer to sell or purchase securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any person to whom such an offer, solicitation or sale would be unlawful.

Ravindra Energy Ltd commissions solar power project

ukkeri Solar Power Project LLP, in which Ravindra Energy Ltd (formerly Ravindra Trading & Agencies Ltd) is a Partner, has received Commissioning Certificate from Karnataka Power Transmission Corporation Limited stating that the said LLP has commissioned Ground Mounted Solar Power Project of the capacity of 2 MW at Hukkeri Village, Hukkeri Taluka, Belgaum District, Karnataka. Shares of Ravindra Energy Ltd. was last trading in BSE at Rs.45 as compared to the previous close of Rs. 45. The total number of shares traded during the day was 5 in over 1 trades. The stock hit an intraday high of Rs. 45 and intraday low of 45. The net turnover during the day was Rs. 225. Source: equitybulls

Azure Power Assigned Highest Accreditation Rating by ICRA

• The rating affirms Azure Power’s ‘Highest Performance Capability’ and ‘Highest Financial Strength’ to undertake solar projects • ICRA was mandated by Ministry of New and Renewable Energy (MNRE) to carry out accreditation for System Integrators

September part A 2017

zure Power, a leading independent solar power producer in India, has been assigned SP 1A rating by ICRA, one of India’s leading rating agencies. The rating indicates ‘Highest Performance Capability’ & ‘Highest Financial Strength’ of Azure Power to undertake solar projects. While assigning

the rating ICRA considered Azure Power’s strong track record of project execution, its well qualified and experienced management, technical competence, quality of suppliers and ties-up, and strong financial profile. The rating is valid for a period of two years up to July 16, 2019.

“We are pleased to be assigned the SP 1A rating by ICRA. The rating reflects our strong project development, engineering, and execution capabilities and are a testament to our efficiency and reliability as a trusted solar power producer.”

- Mr. Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer, Azure Power

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BUSINESS & FINANCE

Wall Street Sours on $9 Billion Mechanism for Green Projects Wall Street investors have gone cold on one of the main mechanisms banks invented to fund the green-energy revolution.

he business structure, known as the yieldco, feeds dividends from operating solar and wind farms to investors. Yieldcos raised $7.9 billion in public equity in 2014 and 2015 but only $1 billion since then, according to Bloomberg New Energy Finance. The shift is further fallout from the collapse of yieldco promoter SunEdison Inc. and has changed the way clean-energy developers finance themselves. In years past, they started yieldcos to buy projects once they were operating, recycling the capital into new installations. Now, they’re turning to a large and deepening pool of buyers — insurance companies and pension funds — to provide funding and sometimes take control of income-producing assets.

September part A 2017

“The idea of a you-have-to-have-a-virtuous circle — that idea that you’re hooked at the hip between the public markets and growth — is dead,” Mike Garland, chief executive officer of the San Francisco-based yieldco Pattern Energy Group Inc., said in an interview. “The market is saying, “‘Come to us last, not first.’ When we started, it was ‘Come to us first.”’

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BUSINESS & FINANCE

l Yieldcos first emerged in 2013, when the largest U.S. independent power producer, NRG Energy Inc., launched NRG Yield Inc. The parent formed the yieldco to hold operating wind and solar farms that it had built or acquired. Revenue from those assets funded dividends. l Pattern Energy and NRG Yield are projected to pay 12-month dividend yields of 6.4 percent and 6.5 percent respectively, according to data compiled by Bloomberg. That’s about three times higher than the average 2.1 percent yield of 500 companies on the Standard & Poor’s index. l The yieldco structure became a major growth engine for renewables, spawning at least eight yieldcos in North America and similar entities in the U.K. and continental Europe. Investors liked the story: support the growth of clean-energy while also reaping dividends that flow from electricity sales guaranteed by longterm contracts. And because the yieldcos promised to buy more and more projects, the dividends would only grow.

FADING APPEAL But headwinds — most prominently the run-up to SunEdison’s bankruptcy in April 2016 — stopped at least three other would-be yieldcos from forming and have forced others to eschew public markets for private fundraising. SunEdison had relied on its two yieldcos to finance its dizzying multi-continent buyingbinge, thrusting them into turmoil and introducing doubt that the companies would be able to grow fast enough to pay rising dividends. The company’s struggles contributed to a broad renewables slump that made it more difficult to raise funds from the public equity markets. l As the business case for yieldcos has lost favor, a new group of buyer has emerged: pension funds and insurance companies hungry for wind and solar farms’ steady revenues. And the green bond market has boomed. Issues of bonds linked to environmental projects is set to surpass $100 billion this year more than 10 times the scale of the market in 2012, according to BNEF. l

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“The yieldco market got very heated,” Barry Gold, the New York-based head of Orix Infrastructure & Renewable Energy, said in an interview. “But we all know how things work in the financial markets: if a door closes, someone opens a window somewhere.”

QuickTake Q&A: Yieldcos, Fuel for Energy Projects, Draw Scrutiny

everal yieldco owners see the writing on the wall. SunEdison, Abengoa SA and First Solar Inc. are trying to distance themselves from the units they created.

Mark Widmar, First Solar’s Chief Executive Officer, described the company’s 8Point3 Energy Partners LP yieldco as “a dormant vehicle basically.”

attern, meanwhile, is continuing as an owner of clean-energy projects — the original intent of yieldcos — but is now pushing into development. It recently bought a stake in an affiliated private company that feeds it projects, and it recruited Canada-based Public Sector Pension Investment Board to buy almost 10 percent of its stock.

“We’re short renewables in the U.S. — and we want more,” Patrick Samson, a Montreal-based MD at PSP Investments, said in an interview. “My pensions need long-term cash flows.”

September Part A 2017

BUSINESS & FINANCE

Institutional investors are indeed emerging as a heavy of renewables M&A: l Alberta Investment Management Corp. in February agreed to buy one of the largest U.S. private solar companies, sPower, alongside AES Corp. l John Hancock Life Insurance Co. in March said it will buy a 49 percent stake in a clean-energy portfolio owned by Exelon Corp.

Activist investor Paul Singermay pressure NRG to sell its yieldco, potentially to capture institutional interest in wind and solar farms.

“Why not just sell to a pension fund?” said Jigar Shah, chief executive officer of clean-energy investor Generate Capital Inc. and a former SunEdison CEO. “There are literally hundreds of them that want these assets.”

Wind and solar farms typically have utility contracts that ensure consistent revenue streams, which neatly dovetail with the long-dated liabilities that insurers and pension fund managers accrue. For endowments, solar and wind investments help satisfy their heightened sustainable targets. “The concept of pooling operational renewable-energy assets and selling to private investors will outlive the yieldco,” said Daniel Shurey, a New York-based analyst at BNEF, said by email. “The term ‘yieldco’ is going extinct.” Source: bloombergquint

September part A 2017

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EXCLUSIVE INTERVIEW

In Exclusive Talk With Mr.Allen Cao

EQ : W importanchat is the e, fea viability of using Solarsibility, Track various sta tes of India ers in Allen : Drop ? ping

PPA price and utility sc ale makes so s, high irradiation and only ch lar trackers oice to get the perfect higher IRR in India. Th for a solar e solar plan plant t g en to 15%-25% eration can more yield achieve up when using single axis trac a horizonta l as: Tamil N ker in most regions o f India, such adu, Karnat aka, AP, Tel Maharashtr angana, an a. Even in N d orth India, get 15-20% you can still more energ y by using zontal sing a horile axis trac ker with tilt modules. A ed solar s a result, m ore and mo top solar d re evelopers te nd to use sola r tracke technology. r

EQ: What are your your view on the GOI target of 100GW Solar Power by 2022 Allen: Honorable Prime Minister Shri Narendra Modi has expressed huge determination to adapt renewable resources as a viable means to meet the rising power demand in the Indian sub-continent by setting an ambitious target of achieving 100GW through solar by 2022. This target makes India a booming market and there is no doubt that India will emerge as top 3 solar market in the world in 2017. We see great potential in the Indian solar market, at least in next 5 years. While growth opportunities envisaged are obvious, challenges and associated risks cannot be sidelined. Due to the stringent project delivery timelines, most of the projects are executed in an extremely short time frame which cannot be seen anywhere else. Planning and coordination becomes major contributing factors in order to achieve stern targets as everyone is under paramount pressure to deliver. MMS suppliers. have to face the major brunt because design is normally finalized in the last but site delivery is expected much ahead of any other material. We try very hard to satisfy the needs and requirements laid down by our various customers through leveraging our huge production capacity and adapting advanced inventory control system. The good thing is that we have never let down our customers so far.

EQ: Explain briefly about your company, directors, promoters, financial & tech strengths, investors its background, vision & mission etcâ&#x20AC;Ś

- Director, Arctech Solar India

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Allen: Arctech Solar is now ranked No. 1 in terms of solar structure supplied in China and India with a vision to be a leading solution provider and manufacturer of solar racking and tracking systems in the world. Since 2009, the year Arctech installed its first high precision dual axis tracker, we have always tried to adapt our products and technology to market demands and as a result our accumulated installation is 10GW up until this January. With a 3GW tracker and 6GW fixed structure annual production capacity, Arctech is well equipped to be an active player in the world solar market.

September Part A 2017

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EXCLUSIVE INTERVIEW EQ: What is the kind of tracker technology you supply for the solar market Allen: The horizontal single axis tracker with redundant backup system and linked rows is the main tracker technology we are promoting in Indian market, and it is also the most cost effective and durable solution we have developed. Our R&D team is working on next generation to help our clients reduce column post foundation nos and land consumption, and the same time increase energy yield.

EQ: Mention the technical specifications of the trackers you offer.

Allen: We normally use heavy-duty slew gears in our trackers which can drive up to 1000 pcs of 72-cells solar modules. In the meanwhile, our unique redundancy design makes “never stop tracking system” from a concept to a real product. The backup system can automatically be activated whenever the primary system stops. Therefore, there is no power generation loss.

EQ: What is your USP’s, distinctive advantage of your technology, products, solutions Allen: Firstly, Arctech solar is not always trying to sell trackers or racking system to our customers. We are the solar structure solution provider. We always listen to the customers, try to understand the real needs, and then provide financially viable and technically workable solar mounting solutions to the customers including trackers and racking systems. Secondly, we will sit with our customer together and discuss how to adapt our products to the local applications. For example, since it becoming more and more difficult for investors to find flat land for PV projects, we launched a smaller tracker which can be much more flexible for land requirement.. We also have an integration solution with inverter and solar module to help our customers minimize cost and simplify the design. Thirdly, we provide highly reliable products backed by a dedicated R&D team with more than 40 talented engineers. Our Redundancy Solar Tracker Technology, also called “Arctracker PRO”, has set a new level of reliability for solar trackers. Finally, Arctech Solar is committed

September part A 2017

to only providing the highest quality solutions in any market that we enter. Arctech Solar is probably the only company which has very strong R&D capabilities and a huge vertical integrated production capacity as well. It allows us to control quality from design phase and throughout every step of production. On the other hand, our customers can also experience the high quality of our services from site surveying, plant layout, financial analysis, tracker performance monitoring, local warehousing for spare parts, technical support, and on site instruction.

EQ: Please present case studies, noteworthy projects in India and/or worldwide. Allen: Arctech has supplied the biggest solar tracker project in India, which was a 172MWp 100% solar tracker project in Telangana, has commissioned this year. Our client will have around 18%-19% generation gain with support of Arctech solar’s redundancy tracker technology.

EQ: What are your plans for India and your view on the opportunities and challenges. Allen: We are proud to announce that we have achieved an unprecedented record 2GW installation footprint in India which includes 650MW solar trackers. We have signed MOU’s and firm agreements with several top IPP, developers and EPC companies with a strong pipeline of more than 2GW backing us. For Arctech Solar, we take India market as one of the two home markets besides China. In India, we want to be viewed as an Indian company, which means localization of more and more aspects of our business and longterm commitments accordingly. In addition to business, we also want to develop our CSR and grow the company together with the society.

EQ: Explain various guarantees, warrantees, insurance, certifications, test results, performance report of your trackers Allen: Arctech Solar is one the few tracker companies to obtained ISO, CE, UL2703, UL3703 certificates and Black&Veatch bankability report, and

the first tracker company certified by TUV according to IEC 62817.

EQ: The recent aggressive bidding by various developers keeping Solar Tariffs in the price range of Rs.2.44 – Rs.3.3 per kWh in various Solar Tenders… Whats your view on the viability, Costs & timeline pressures, Resource Challenges (Materials, ManPower, Execution, Grid Connection, Land Possession) etc… Allen: Currently the Rs 2.44 tariff price will force the solar panel and BOS cost coming down, but will also encourage use of new technologies such as use of high efficiency solar panel, robotic cleaning systems and system integration. Arctech Solars R&D team has done a lot of innovations and we treat our tracker systems and MMS as a platform to integrate different technologies. For example, we have released integrated solar tracker design, which allows tracker and inverter share power and communicate cables, and no UPS or battery needed for trackers eventually saving the BOS cost. Using higher efficiency module such as bifacial module on solar tracker will reduce the BOS cost significantly and what’s more importantly, it will solve land limitation issue. We can also further think combination of tracker and robot cleaning technology.

EQ: In the overall Solar Market….what is the size of installations with trackers… in this what is your market share. Allen: Solar tracker is one of the most effective equipment to help investors increase their IRR with some IPPs considering 100% tracker portfolio. In 2016, global tracker installation capacity was estimated at around 11.6GW, 20% of total installed volume. We are expecting the percentage will further increase by 40-45% in next 5 years. Arctech solar ranked Top 5 in order of global shipment volume. If look at Asia pacific market, India market and China market, Arctech Solar shipment volume were No. 1 in 2016. India and China became the most active market for solar tracker besides United states.

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EXCLUSIVE INTERVIEW 2016 Global PV tracker Market shares by Shipments (MWdc)

2016 Asia-Pacific PV tracker Market shares by Shipments (MWdc)

2016 India PV tracker Market shares by Shipments (MWdc)

EQ: How has Arctech's perspective of the solar energy segment in India changed over the past one year? Accordingly, how have the company's strategies for developing solar portfolio evolved? Allen: As per our experience in last year, we witnessed several new trends emerge in the market l Solar tracker projects scaled from 100MW to GW within 1 year. l Solar roof-top market has heated up in last one year, especially in the commercial and industrial segment due to various policies announced by states leveraging solar as a viable and sustainable form of energy which further helps reduce the carbon foot print. l Indian solar market exceeds 10GW milestone. Since many developers and EPC companies have gained the expertise to manage utility scale installations, it will further help in ramping up the installation capacity for meeting future milestones. As a MMS and tracker solution provider and manufacturer, our target is not only to meet the market request, but also to lead the market trend by innovation. Besides high-quality products and on-time delivery, after sales support is the most important deciding factor for our clients while opting for our solutions. We have built a strong local service team in India which allows Arctech Solar to render professional and timely technical support.

EQ: What are your manufacturing plans in India? Above info sourced from GTM research

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Allen: We do have plans to set up manufacturing facilities in India and we will announce details at the right time.

September Part A 2017

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GST & SOLAR POWER

GST IMPACT ON 2. Tax on electricity SOLAR POWER C PROJECTS Current Scenerio-

urrently, electricity duty is levied on sale and consumption of electricity. However, various taxes on inputs (including goods and services) such as VAT, service tax, excise duty etc., which are used for setting up of a solar power plant, are a cost to the project as they cannot be utilized for setting off against the electricity duty.

Scenario under the proposed GST regime

Mr. Nand Kishore Partner, Taxation team -HSA Advocates

Ms. Anshul Verma Senior Associate, Taxation team -HSA Advocates

1. OVERVIEW OF GST

he proposed Goods and Service Tax (GST) is a destination based indirect tax that will be levied on supply of goods and services. GST would subsume various indirect taxes currently levied by the Central and the State Government including excise duty, service tax, value added tax (VAT), central sales tax (CST), purchase tax, octroi, entry tax etc. To facilitate introduction of the GST law, the Constitution of India has been amended vide the Constitution (One Hundred and First Amendment) Act, 2016. The proposed GST structure is two-tiered, whereby tax would be levied by both, Centre and State Governments. For intra-State (within the State) supply of goods or services viz., the Central Goods and Service Tax (CGST) and State Goods and Service Tax (SGST), would be levied by the respective Gov-

September part A 2017

ernments, respectively. Credit of the above taxes would be available throughout the entire supply chain and the ultimate burden on payment of tax would be borne by the customer. For inter-State transactions (from one State to another), InterState Goods and Service Tax (IGST) would be levied by the Central Government. Clearly, the implementation of GST would result in abolition of multiple taxes and would bring much needed uniformity and certainty in tax rates. GST would also ensure that tax at each stage is creditable, thereby avoiding double taxation. Also, under the GST manufacturers need to comply with only three laws, which are Central law for CGST and IGST and State law for SGST, thereby reducing the complexity involved in compliance with multiple legislations.

he Constitution Amendment Act, 2016, for introduction of GST does not include electricity duty as part of the GST. In this context, reference is made to the “Report of the Select Committee on the Constitution (One Hundred Twenty Second Amendment) Bill, 2014” wherein the Stakeholders had made recommendations to the upper house of the parliament i.e. Rajya Sabha, to subsume electricity duty under GST which will reduce the cost of electricity significantly. The Stakeholders had suggested that electricity duty may not be fully replaced by GST and only a part of the electricity duty may be subsumed to allow the set-off of input GST against the output tax paid on electricity and the States may be granted flexibility to levy a supplementary tax on electricity, in addition to GST, if required. However, the Rajya Sabha rejected the representations made by the Stakeholders. Thus, even after the introduction of GST, the position for claiming set off of taxes paid on inputs against electricity duty remains unchanged.

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GST & SOLAR POWER

Scenario under proposed GST regime

3. Taxes on equipment and services for solar power projects Current Scenerio-

urrently, excise duty on manufacture of all items of machinery, including prime movers, instruments, apparatus and appliances, control gear and transmission equipment and auxiliary equipment (including those required for testing and quality control) and components required for initial setting up of a solar power generation or solar energy production project or facility viz solar modules, solar panels, cables, inverter etc., are at Nil rate. Similarly, these items also enjoy a concessional Basic Customs Duty of five per cent), Nil Countervailing duty in lieu of excise duty and Nil Additional Customs Duty in lieu of VAT on import. The imposition of VAT on solar power generating equipment has been diverse with some states offering complete exemption such as Rajasthan, Maharashtra, Chhattisgarh etc. and on the other hand some States have levied a concessional rate of tax at 5% (five per cent) on the equipment and components used for setting up of a solar power generating equipment. There is no exemption on services used for setting up of a solar power plant, however, except the services provided by way of transmission and

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distribution of electricity. Works contract services provided by EPC Contractors attracts both service tax and VAT. Value of services in a works contract is deemed to be 40% (forty per cent) of the consideration charged for the works contract. Thus, the effective rate of service tax works out to 6% (six per cent) of the consideration. Also, works contract is subject to VAT in respect of goods supplied in the execution of the contract. Value of the goods is either determined on actual basis or on deemed deduction basis. Typically, in a works contract, the value of goods is determined on deemed deduction of services at prescribed rates. The standard deduction rate is usually 25% (twenty five percent) to 30% (thirty per cent) of the contract value. Thus, VAT is payable on 70% (seventy per cent) to 75% (seventy-five per cent) of the consideration of works contract. It may be noted that the above method results in overlap of taxes, especially when service tax is payable on goods portion of the works contract, resulting in a cascading effect increasing the overall tax cost of the project.

The GST rate on solar power generating systems and raw material used (including modules), has been notified at 5% (five per cent) of value of such goods. However, other goods such as inverter, cement and cables have been kept under the 18% (eighteen per cent) bracket. Further, the GST on various services such as works contract service, technology etc. which are typically used in setting up of a solar power plant has been kept at 18% (eighteen percent).

nder GST, works contracts have been granted the status of services, therefore, the issue of double taxation i.e. VAT and service tax on the same contract value has been resolved. However, there is a significant increase in the rate of tax on services and some other components used in the setting up of a solar power plant, at 18% (eighteen per cent). This could lead to an increase in the overall cost for setting up of a solar power generating plant by 5% to 6%. Moreover, this would also lead to increased tariff rate as the project owners will not be able to avail credit of such tax paid in setting up of the solar power project. Consequently, the construction component in the cost of the setting up of a power plant would see an increase in cost owing to the increased rate of tax on goods and services resulting in a negative impact on the sector.

September Part A 2017

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RENEWABLE ENERGY

How India Can Rally The World Around A Renewable Energy Revolution

- By Rajiv Shah, President of Rockefeller Foundation, New York City

Prime Minister Narendra Modi’s meeting with US President Donald Trump last week was a display of what the two leaders called “true friendship” reaffirming India-US relations. Against the backdrop of recent tensions and strong differences in position, not least on climate change, the visit demonstrated Prime Minister Modi’s diplomatic skills and his stature as a global leader. Modi must now use this goodwill to assert his vision in driving the international community toward alow-carbon world.

ndeed, with the US’ retreat from the Paris Climate Agreement, it may be Modi - with his bold renewable energyagenda, ‘power for all’ commitment, and push for widespread adoption of LED (light-emitting diode) light bulbs - who steps up to the plate. His leadership in energy will be even more critical as India flexes its economic muscles. Energy access will be the cornerstone of India’s economic development. It is an often-repeated fact that nearly 230 million Indians have little to no access to electricity, hampering their ability to join the modern economy. The World Bank estimates that globally, delivering electricity to the energy poor could create 1.5 trillion additional productive hours, save $38 billion in energy expenditures, and enable nearly 300 million school-age children to study longer under better conditions. India can only truly rise if these 230 million rise as well. And it

starts with reliable energy access. Modi’s government in New Delhi understands this well. Under its stewardship, India is growing into a laboratory not only for the development of clean technology but also for new models of power distribution, particularly of decentralised renewable energy. Today, India’s largest cluster of renewable energy mini-grids, developed under the Rockefeller Foundation’s innovative Smart Power for Rural Development programme, has powered more than 110 villages and illuminated the lives of 40,000 people. These results are significant not only in scale but also in human impact. With tools and machines powered by reliable electricity, carpenters, tailors and small entrepreneurs have more than doubled their productivity. Cold storage facilities are being built, keeping fresh farm produce from spoiling, so farmers can sell more and at better market prices. Entrepreneurs have opened car washes, water purification and delivery systems, and computer training centres. Essential health services are now within reach. Looking at the transformation of these villages, it’s clear that access to sufficient and reliable energy is the missing link that can unleash their people’s potential, empowering rural Indians to lift themselves out of poverty. In villages touched by the Smart Power for Rural Development programme, energy access has enabled enterprising Indians to raise their local economy

by $18.50 per capita - accounting for an increase in economic productivity and the value of benefits to health, environment and social well-being. Micro-enterprises have reported a 13% average increase in monthly revenues, and there is evidence that business is growing: 11% of businesses reported some form of expansion, and 7% of them are entirely new, established as a result of gaining access to energy. Other countries can benefit from what India has achieved so far. Many emerging economies hunger for power that can help their citizens lift themselves out of poverty and reach their full potential. Because they know what India’s government knows: if you provide reliable and sufficient electricity, social and economic development will follow. This is where India can truly lead. Modi should leverage India’s achievements to rally the world around a renewable energy revolution that uplifts people from poverty while driving forward the Paris agreement commitments. It’s already clear that large-scale programmes on solar, wind and hydropower will redefine India’s emerging role as a leader in clean energy and climate change, and our work together on behalf of the poorest Indian families will change the lives of tens of millions of people. If Modi stays committed to energy access for all Indians, India’s renewable energy leadership will be an incredible legacy for the world. Source: EconomicTimes

September part A 2017

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ELECTRIC VEHICLES

Salman Khan’s Being Human E-Cycles Was Exclusively Launched On Amazon Prime Day prices at Rs start 3 40,32

Salman Khan’s Being Human unveiled two e-cycles in India called the BH12 and BH27, which are priced at Rs 40,323 and Rs 57,577 respectively. The company has exclusively partnered with Amazon and the e-cycles will be available on the online retailer’s Prime Day sale starting 6PM on July 10.

“Being Human E-cycle illustrate a responsible choice for shaping our future, a quality that resonates with dynamic, tech-savvy and new-age Prime members. Prime Day is a special day created for these customers, making it a perfect platform for us to launch Being Human E-cycle. We look forward to a successful Prime Day on Amazon.in.” - said Mr. Atul Gupta, CEO, Being Human E-Cycle

nlike traditional cycles that only rely on muscles for propulsion, the e-cycles comes with a motor and batteries too. Riders can switch between the two modes of propulsion at their discretion. The BH12 and BH27 e-cycles have a top speed of 25km/hr. The two bikes feature lightweight frames and come with mechanical disk brakes and adjustable front suspension. Both also come with LED headlights.

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“Prime brings to members the best of Amazon with unlimited free fast delivery, ad-free video streaming, exclusive selection & deals, and much more. Prime Day gives Prime members 30 hours of exciting shopping with great deals & exclusive launches across a wide range of categories, with new deals being added all through the day. We are delighted to partner with the highly popular Being Human brand to exclusively offer their E-cycles to Prime members for India’s first Prime Day.” - said Akshay Sahi, Director & Head, Amazon Prime, India

September Part A 2017

ELECTRIC VEHICLES KEY HIGHLIGHTS-

How Much Power Does India Need For Its Cars To Go All Electric?

l Govt has set 2030 deadline to switch all cars in India to electric. l Renewable power capacity target set at 175 GW 500 billion units of energy needed to power electric vehicles in India.

- By Shubhashish, ZeeBiz WebDesk

European car and truck maker Volvo last week said that it will stop producing internal combustion engines from 2019 and move to electric. Elon Musk's Tesla Motors is already more valued than General Motors even with a fraction of car sales. Global car makers like BMW, Mercedes, Audio and Jaguar Land Rover are already producing their versions of electric cars and honing technology to produce better cars.

midst all this, India too has signalled its intentions of going full electric for its road transport, including private cars, by 2030. Though the country has not set a hard target and carmakers continue to set up manufacturing units to produce traditional cars (petrol and diesel run), most experts feel that switching to electric on such a scale in 13 years time is ambitious. International Energy Agency (IEA) in May said that India would need nearly eight times the global stock of electric vehicles in order to meet its target.

Bloomberg quoted IEA as saying, "The country would need to sell more than 10 million electric cars (1 crore) in 2030, compared with the almost 1.3 million (13 lakh) on the road worldwide in 2015."

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September part A 2017

Prime Minister Narendra Modi, during his G20 address to the BRICS (Brazil, Russia, India, China and South Africa) on July 7, 2017 reiterated the country's commitment towards climate change and Paris accord. Piyush Goyal, Minister for Power, at the World Conference on Environment 2017 on March 27, 2017 said, that it Prime Minister Narendra Modi's vision for converting all vehicles in India to electric vehicles. He said that the Prime Minister has directed a group of senior Ministers to lead the initiative and make sure that by 2030 most, if not all, vehicles in India are powered by electricity. Nearly 38 lakh cars were sold in India in 2016-17 as against 31 lakh in 2011-12. India is expected to be the fourth largest car market in the world in the next two years and is already an export hub for leading carmakers globally.

As compared to this, the country had a meagre 5,000 electric vehicles on its road at the end of last year, IEA said. For a country dependent on external sources for oil to run its vehicles, pushing for electric vehicles answers very pertinent questions about its finances and foreign policy.

Goyal said that converting all vehicles to electric would help the country save $100 billion (Rs 6.5 lakh crore) in fuel bills annually. He said, "According to a study conducted by the Government, India can power its entire vehicular traffic in 2030 on solar power by using only 1% of the land area of Rajasthan."

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ELECTRIC VEHICLES

Recent push for solar power has already started delivering some results. India is already the world's largest market for solar power and government's rules of making power companies compulsarily buying solar power is further helping cleaner generation of energy.

R Venkatraman, Siva Subramanian and Divya Charen of India Ratings, in a report titled Powering Ahead - A Power Sector Overview, said, "The large target by the government for renewable capacity addition and the focus on renewable purchase obligation along with falling tariffs in competitive bidding regime have led to an increase in demand for renewable energy."

The trio and India Ratings said, "In the scenario of electricity replacing diesel in applications including diesel generators, agricultural implements and railways, the additional electricity demand can be addressed by a 6 percentage point increase in the plant load factor of thermal plants."

ELECTRIC VEHICLES

Even with rural electrification targets and new transmission lines being laid in order to cut wastage of power distribution, India is far from achieving 24x7 power for all. Power cuts in metros are still visible and smaller states continuously suffer from power deficit at peak hour. Industrialisation is also adding to the burden of greater power generation. In FY16, 44% of electricity demand nationally was attributed to industrial demand, while around 23% was domestic demand, according to Central Electricity Authority of India whereas capita supply was 1,075 kWh in FY16.

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ll these calculations, however, have one key power guzzler missing electric vehicles. India Ratings calculations show that if the government actually begins working towards pushing electric vehicles in a big way, India's power needs are going to sky rocket. 500 billion units of electricity would be needed to power all electric vehicles in India, the report's calculations show. Electricity supply in India in financial year 2017 stood at 1240 billion units. Nearly 60% of this power came from coal. This simply means that that nearly 40% of today's power generation would be needed just to power electric vehicles in India in the next decade. In other words, India's estimate power demand projections are short of fatoring in the needs if all cars in

the country are to switch to electric over the next 13 years. With renewable and hydro currently contributing to 16% and 14%, respectively, their share has to increase dramatically in order for this switch to electric to be meaningfully about the environment. Off the future power generation capabilities, 4.3 GW is expected from coal, 15 GW from hydro, 2.8 GW from nuclear and a massive 115 GW from various other renewable sources like solar. The government has already achieved 22% of its megag 175 GW power production plan from renewable sources.

"The Government is committed to expand the project (electric cars) rapidly across the country," Goyal said.

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EXCLUSIVE INTERVIEW

Exclusive Interview With Mr.Florian van Rijn We recently spoke with Mr. Florian, CEO of Eternal Sun Group, which represents both Eternal Sun and Spire Solar in India. Both brands are active in the solar simulation sector of the industry and are enjoying a strong H1 2017. EQ: Could you update us on the current status of Eternal Sun & Spire Solar? FVR: We believe that objective testing has a critical part to play in developing a mature, solar industry which can compete with the full range of energy sources in today’s demanding cost environment. In Jan 2016 we have taken over the solar testing division of Spire Corporation: Spire Solar. With this acquisition we are able to offer quality control, insight and confidence across the entire supply chain. We are very proud to see the continued confidence customers have in this company. Proven technology, strong business relations and the ability to quickly respond to customer needs enabled us to hit the ground running.

EQ: Now you are able to offer your services to the entire value chain, did you re-arrange your company’s priorities? FVR: One year after the acquisitionwe have streamlined operations, improving both our cost structure and our time to market. The improvement left sales and customer service unchanged but

integrated both manufacturing facilities and brought them to the Netherlands. In this same process, non-critical parts of the supply chain are outsourced. The effect is a shift from fixed to variable cost and it raises the manufacturing peak capacity - and thus improves lead time - anticipating to the highly cyclic solar market. Furthermore, our combined R&D teams and our testing labs will bring our application knowledge and competencies to a higher level. This enables the development of high-end technology, an expanded suite of applications and dedicated PV module testing advice. The improvements we already achieved during 2016 with respect to our operational improvements have been very encouraging, and we look forward to seeing the full impact of this improvement on the 2017 results. Our long-term goal is to build a central knowledge centre, align service and sales presence with our customer footprint, and to contribute to the development and growth of the solar industry. We will do this by enabling the highest degree of measurement control and certainty by providing high-end solar testing advice, technology & services.

EQ: What’s your view on the Indian solar market? FVR: The growth of the Indian solar market is certainly impressive! However, despite the growth, the steep fall of the global prices makes it harder for India’s domestic suppliers to compete with imports. Everyone in the industry feels the cost pressure and we strongly believe that to survive you have to keep innovating: both to keep the cost down, and to keep in the front of the industry. Luckily, there are numerous options available: PERC, HJT and bifacial are just three options to distinguish yourself successfully from the local and global competition. Therefore we still see India as the global growth market, especially now the Chinese government is cutting their FIT drastically. Together with our local Indian agent we will continuously work on improving our local service to be able to support our Indian customers to the best of our abilities.

September part A 2017

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EXCLUSIVE INTERVIEW

EQ: Do you see a rise in the local testing &certification industry as well? FVR: Yes, we certainly see more attention to quality and therefore testing & certification in the industry. We distinguish a difference between performance testing and reliability testing, and both are on the rise. Performance testing is often used as a gateway test for large utility projects and to maintain a certain degree of quality. The other one, which is much more related to the Indian climate, is reliability testing. With Indian climates being so diverse (from hot & humid, to hot & dry and very cold in the high north) the failure mechanisms will be very different as well. Local accelerated testing for these mechanisms is on the rise as well, as we see a high degree of interest from local certification and R&D institutes like, UL, HiPhysix, CPRI and, of course, ITT Bombay. Take into account the previous mentioned cost pressure and the growth of the local market and testing &certification become paramount.

towards a testing solution together with our loyal customers is what we like to keep doing. Our new combined stress setup is an excellent example of this cooperation: we combine steady state illumination, with temperature, humidity, an electronic bias and continuous IV measurements. This enables us to combine several stresses at the same time and therefore accelerate known degradation mechanisms and find previously unknown ones as well. This setup is developed together with top-notch Dutch research institutes.

Figure 2: Climate Chamber Solar Simulator Setup, used for combined stress testing

EQ: Chinese competition is the main theme running through the equipment supply business, how do you meet this challenge as a European provider? FVR: We chose to focus on two separate areas, which are: reliability research, and accurate performance measurements. In both areas there is just one driver: innovation. If we do not supply our customers with the latest innovations, we might as well close the business. That is why we keep a strong research scene in Europe and the USA and try to develop this in India as well. Having leading universities and research institutes working with our equipment and providing us with feedback is very valuable.

EQ: You mentioned you focus on reliability research, isnâ&#x20AC;&#x2122;t this a conservative part of the industry where innovation is not welcomed with open arms? FVR: No, this is not something we see. Although most of the reliability related tests are based on research from the 1970s, most researchers are very open to new testing methods and equipment. If we take the earlier discussed trends (new PV technologies like PERC and bifacial, fast market growth and the cost pressure) into account and combine it with the fierce Indian climate you see why reliability research is an extremely important part of the industry. Issues like LID and PID need to be found and solved faster and cheaper than currently is the case. Working

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September Part A 2017

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EXCLUSIVE INTERVIEW

EQ: What do you think is driving the performance measurement in the coming years? FVR: We see new technologies like PERC and HJT taking over the market much faster than anticipated. These technologies have two things in common: They need a wider spectrum (300 to 1200nm) and a longer pulse (>100ms) for accurate testing compared to standard mono or poly PV modules. The older test technologies lack either or both, so they are not capable of testing the new module types. Alternative test technologies may have a wider spectrum but lack the longer pulse width and they compensate for this lack of pulse width by using correction methods. Unfortunately, correction methods are a common cause for errors and therefore they always allow room for discussion with your customers. We prefer a method with as less corrections as possible and therefore matched our irradiance spectrum with the EQE of these new materials and extended our single long pulse up to 230ms.

Figure 4: QE of PERC and BST cell, the difference is at 300-400nm and 1100-1200nm.

Figure 3: Development of new PV technologies (Source: International Technology Roadmap for Photovoltaic (ITRPV), Eight Edition, 2017)

Figure 5: Sweep time of PERC and HJT compared, 40 and 200ms are necessary for proper measurements.

EQ: Whatâ&#x20AC;&#x2122;s next? FVR: We see an increase in interest and knowledge level at the downstream side of the industry. Where previously PV modules were seen as a commodity, we currently see there is an increased awareness of the quality of PV modules and the suitability of a certain technology for a certain climate. This is triggered by the need to calculate a more accurate LCOE for large projects by project developers, and therefore being able to deliver a better offer than the competition. We will actively work together with the industry to develop solutions for these challenges. Without spoiling too much I can already mention that one will be focused on the determination of temperature coefficients and irradiance coefficients, and the other one will be focused on finding a solution for LID.

54Â

September part A 2017

EQ: Last but not least: where can we find you on REI? FVR: We will be waiting for you in Hall 5, Booth No. 5.3.

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EXPERT OPINIONS

The Road Ahead For The Solar Power Story Gripping India Key support has dropped out of the Paris climate deal and the thrust is now on this large subcontinent to journey through to save the dependents.

“Although India’s vision is lofty, its goals are comprehensive” – Narendra Modi.

ith tremendous potential to achieve its goals, the Ministry of New and Renewable Energy (MNRE) has attracted global attention with its intention to scale up clean power generation capacity to 175 gigawatts (GW) by 2022. Of this, solar energy alone will be 100 GW. With approximately 300 days of sunshine every year, India is one of the countries that has the best conditions to harness solar energy in the world.

A report by the Ministry of Power shows projections for FY 2016-17 – although falling short of its targeted 12,000 MW, the solar sector has had an impressive compound annual growth rate of 59% in the last four fiscal years. The rapid expansion of solar power can drastically improve the quality of life for millions of Indians. To fulfill the agenda within the stipulated time, production of solar power should ideally increase by 15GW annually, for the remaining six years. This has the potential to create umpteen jobs in the industry and reinforce progress in all areas of development, helping the country fulfil its dream of becoming one of the largest harnessers of solar energy. The growing momentum of activity in the renewable energy sector will get a further fillip if India addresses some of the key challenges.

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September Part A 2017

EXPERT OPINIONS 1

The first challenge is on funding mechanisms. Bloomberg New Energy Finance (BNEF) estimated that India would require $100 billion dollar in financing to realize its solar vision. In addition to the existing resources, the ministry will be able to help realize this through support from domestic and foreign private investors. Funding from reputed bodies like World Bank and KfW Bank are a welcome indication of the interest the Indian solar industry holds for foreign investors. Two things are requisite to attract funding – clear and transparent plan of how the funds will be used and structured programmes to deploy these funds. Agencies like IREDA and SECI are a step in the right direction towards deploying these funds but the fund utilization plan and its goals need more clarity and transparency. Second issue is related to legislative frameworks. To provide power to the whole country, private funding and public-private partnerships are paramount, and the key to this lies in appealing incentives and policies. Best explained as a two-way road, funding from non-government entities usually calls on support from the government in various ways which in turn encourage investment. Regulation by the central government is a must to ensure that funds are first directed to states with acute power shortage and poor grid infrastructure, and those states seeing rapid industrialization. In the absence of such regulation, select states with easy access to large funding agencies will be the only ones to benefit.

All these said, the ultimate success of the solar industry depends on a couple of other key factors like the need to promote mass awareness, ramp up local manufacturing capabilities in the solar industry, and investment in the new and emerging areas of power generation. Another hurdle to be overcome is in terms of land acquisition issues faced by project developers that can be resolved to a certain extent if land banks could be created, under the aegis of the land and revenue department of the states, and enabled through information technology. Access to litigation-free land banks with requisite infrastructure will become increasingly difficult with the ramp-up of solar installations. A well-maintained digital database of available land banks will develop considerable confidence in investors and project developers alike. Furthermore, IT enabled services from land and revenue departments for swift approvals and single-window clearance should help cut down the current lengthy timelines for due-diligence and statutory clearances. There is a need to promote mass awareness. Renewable energy is sustainable, promotes a green environment and is a more realistic option for the future. Among the different forms of renewable energies, solar energy is the most reliable, cost effective, efficient, and is low on maintenance.

OPINION BYMr. Venugopalan CM | ET EnergyWorld

September part A 2017

Right information and education should be imparted to the public, so that they can voluntarily transition into using it. India must also ramp up the manufacturing capabilities in the solar industry. According to a KMPG report on solar manufacturing in India, it is recognized as an industry with ‘strategic importance’. As per the National Solar Mission targets, indigenous manufacturing capacity to the tune of 4-5 GW can be achieved by the year 2020. Local manufacturing with benchmark quality and competitive pricing can enable faster ramp up of installations and de-risk supply uncertainties from other markets. Another key area of intervention is technology. Bio-solar cells, floating panels, floating solar farms, along with novel methods of converting solar energy into electricity, and energy harvesting through various methods are some technology probes into renewable energy. Efficient and cost-effective energy storage technologies will further enhance the reliability of renewable energy during zero-generation hours of the day. If all these systems work together harmoniously, it will support the implementation of renewable energy strategies, policies and programs that will assist in successfully achieving the ambitious targets set forth by the national solar mission.

The rapid expansion of solar power can drastically improve the quality of life for millions of Indians. To fulfill the agenda within the stipulated time, production of solar power should ideally increase by 15GW annually, for the remaining six years.

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EXPERT OPINIONS

Here Are SP Tulsian’s Views On Websol Energy OPINION BY-

Mr. SP Tulsian sptulsian.com

In an interview to CNBC-TV18’s Latha Venkatesh, Reema Tendulkar and Anuj Singhal, SP Tulsian, sptulsian.com shared his and outlook on Websol Energy System.

Q: Your recommendation is Websol Energy, you have put a target price of Rs 140, take us through how you arrive at it and what the story is behind it? Answer : First let me give you the business profile of the company, they are making photovoltaic solar sales and modules and they have recently increased their capacity from 120 megawatt to 200 megawatt. They have their manufacturing plant in West Bengal. If you see the dramatic performance, which we have seen in FY17, firstly they have gone for one time settlement of repayment of Rs 270 crore debt and that has converted the company’s net worth from negative to positive. If you take a call on the financial performance, its income for FY17 has been at about Rs 300 crore with an operating profit of about Rs 13.17 crore. I am referring operating profit because I am not taking the net profit, which includes onetime settlement, gain of Rs 70-71 crore also of about Rs 360 crore having paid by the company, which was at about minus Rs 6 crore for FY16. That means there has been a turnaround of about Rs 20 crore or an incremental gain of about Rs 20 crore in FY17 and 96 percent of that has come in the second half of FY17. That means first half was again loss-making or flat and 96 percent of that has come in the second half largely because of a classical case of turnaround. In fact in the similar space, we have recommended share Swelect Energy Systems in the beginning of June and that stock has risen by about 60 percent post our recommendation or maybe 50 percent. We recommended in the morning show at Rs 400, now the stock is ruling at Rs 600. So they are also similarly more or less in the similar space. Coming on the equity base, it is at Rs 22 crore, promoters have a low equity of closer to about 30 percent but they have been increasing their stake in the company gradually, net worth is at about Rs 60 crore, which was negative Rs 205 crore on March 31, 2016 largely be-

cause of onetime write-off they got and then because of the conversion of the FCCB. So these two things and because of that change in the fortunes of the company because of the profit making status and all that.

Coming on the solar sector per se, if you see in FY17, the addition in the renewable source of energy has been equal at about 7,300 megawatt in the wind and 7,300 megawatt in solar and there is a huge demand because of the capital cost having come down and even for the photovoltaic sales and modules because of the incremental demand coming up in the solar space, this company is likely to do quite well. Incremental capacity of 120 megawatt to 200 megawatt will be the kicker. So taking all this into consideration, maybe a turnover of about Rs 370 crore can be expected for FY18 with operating profit of closer to about Rs 30 crore and company is due to declare their results tomorrow. Generally we refrain giving the buy call ahead of the results. The same strategy has been followed by us in Prakash Industries when I recommended the stock, about a week back and post good numbers, the stock has risen by about 30 percent. So it is slightly taking a slight risk on playing ahead of an event but that is worth taking a chance that if you buy the stock today probably with a target of about Rs 140 for six months but those who are cautious investors, wants to wait to see the results, they can wait to see the Q1 numbers tomorrow or we have a buy call with a horizon of six months with a price target of Rs 140. Source: moneycontrol

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September Part A 2017

INTERVIEW

2017 Touted As Landmark Year For Solar Energy In India:CleanMax Solar Along with large ‘utility-scale’ solar plants and the demand for solar energy through rooftop or grid-connected solutions, the use of solar energy is increasing significantly.

The Ministry of New and Renewable Energy (MNRE) has set a target of adding 100 gigawatts (GW) of solar energy by 2022. For this goal, there are many private players who are helping the government in achieving this target. Indian on-site solar power provider CleanMax Solar is one such company that has been recognized by MNRE to achieve this goal.

IN AN EXCLUSIVE INTERVIEW WITH BW BUSINESSWORLD, Mr. SUSHANT ARORA , CO-FOUNDER OF CLEANMAX SOLAR DISCUSSES THE ROOFTOP SOLAR PANEL INDUSTRY AND THE FUTURE OF SOLAR ENERGY. EDITED EXCERPTS:

September part A 2017

EQ: How is CleanMax Solar being instrumental in helping MNRE help achieve its vision and target of adding 100 GW of solar energy by 2022?

EQ: Despite falling costs and record low prices for solar energy, why is it still not a rising phenomenon in our country? When the solar energy 'revolution' will take place here?

Sushant: As India’s No. 1 rooftop solar developer with 24 per cent market share (Bridge to India Report 2017), we are consistently working to increase our installed capacity in tandem with government’s National Solar Mission of 100 GW by 2022. Of this target, 40 GW is targeted at the rooftop segment. At CleanMax Solar, we are working towards installing 200-250 megawatts (MW) of cumulative solar capacity this financial year and are confident of reaching this target as an increasing number of corporate and institutional clients are opting for sustainable energy which also saves them anywhere between 15 - 40 per cent versus grid power without any investment.

Sushant: On the contrary, we believe that India is amid a solar revolution. Since 2017 has been touted as a landmark year for solar energy in India, installations have hit 10 GW. Post the 2015 Paris Climate Conference (COP21), several corporates have pledged towards RE100 to become carbon neutral. Along with large ‘utilityscale’ solar plants and the demand for solar energy through rooftop or grid-connected solutions, the use of solar energy is increasing significantly. The ‘OPEX’ or ‘BOO (Build Own Operate)’ Model has been successful in bringing about the solar energy wave in India since it is risk-free, capex free and very convenient to adopt.

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INTERVIEW

EQ: How goods and services tax (GST) affect the solar energy sector? Was it beneficial or detrimental to the efforts of CleanMax Solar and other rooftop solar panel players? Sushant: GST is an excellent initiative by the government to help ease business and we feel that the long-term benefits far outweigh the initial hiccups and should in no way be an obstacle to the solar story in India.

EQ: What are some of the challenges faced by the rooftop solar industry? Sushant: Two of the most significant challenges for rooftop solar industry are net metering policies, and expectations on continuous reduction of prices. Net metering policies are essential to wider adoption of rooftop solar systems, since they provide solar power to be fed back into the grid on days when rooftop solar system users don’t have adequate load e.g. Sundays at a factory and summer vacations at a school. While many states have issued net metering regulations, there are various implementation challenges as Distribution Companies (DISCOMs) and energy development agency officials are often under-informed or misinformed about the provisions of the regulation and their applicability on the ground. Further the regulations in many states themselves are artificially restrictive and place unnecessary limits on the size of the rooftop solar

plant that can be installed. These limits are often arbitrary and not linked to the carrying capacity of the existing grid e.g. most states’ net metering policies have a cap of 1 MWp on rooftop solar plants seeking net metering. Some states such as Gujarat also restrict net metering only to those plants which are owned by users themselves rather than those owned by a developer like CleanMax Solar under the opex model. This severely curtails the pace of adoption in that state. Further, solar panel prices have fallen drastically over the last few years. While that’s great for the industry in general it has created the unrealistic expectation with users that prices will continue to fall and potential solar users continue to delay solar power adoption in the hopes of even cheaper pricing. We feel this is risky and such a trend cannot continue indefinitely; in fact earlier this month solar panel prices rose by 2-3 cents (USD dollar) per watt peak, which is the first of its kind in many years.

EQ: What are some of CleanMax Solar’s initiatives in reducing carbon footprint internally and externally (for other entities)? Sushant: At CleanMax Solar, our vision is to help companies go green by adopting solar power and thus reducing their carbon footprint to help become more energy efficient. Currently, CleanMax Solar has installed around 85 MWp onsite power plants and around 60 MWp offsite power plants. In direct terms, it leads to 120 thousand tonnes of carbon dioxide abatement annually. We’ve also helped corporates like Mindtree in their path towards RE100 mission. Currently their Whitefield facility in Bengaluru draws 75 per cent of its power from our open access solar farm in Karnataka.

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EQ: What does the future look like for rooftop solar panel industry and for CleanMax Solar? Sushant: As sustainability partners for leading corporates and PSUs, our penetration into the market is taking off and the future looks bright. Companies are realising the importance of sustainability in their operations and in energy efficiency. We are also looking at energy storage solutions besides considering overseas expansion to the Middle East and South Asia. We see huge potential for our expertise in the region and are already working on our first rooftop project in the Middle East. As for India, the benefits associated with rooftop solar systems are multi-fold. It includes reduction in the land and interconnection costs. Rooftop solar plants assist DISCOMs by reducing the peak demand during daytime and decrease transmission and distribution (T&D) losses as the power is consumed at the point of generation. According to PwC, more than 10,000 MW of electricity will be saved by avoiding T&D losses in 2022 alone if 40 GW rooftop PV is achieved. Further, commercial benefits in avoiding investments in transmission system are huge. Finally and most importantly, it reduces the dependence on grid power, diesel generators and is a longterm reliable power source for consumers.

September Part A 2017

ELECTRIC VEHICLES

DYNAMICS IN THE GLOBAL ELECTRIC VEHICLE MARKET SOURCE: MCKINSEY

China has increased its lead in electricvehicle (EV) production, according to new McKinsey research (Exhibit 1). Chinese OEMs produced 43 percent of the 873,000 EVs built worldwide in 2016. And the country now has the largest fleet of EVs on the road, overtaking the US market for the first time.

New research on electric mobility reveals Chinese OEMs produced-

43 %

of EVs worldwide in 2016 and highlights other trends in supply and demand.

September part A 2017

OUR METHODOLOGY

hina extended its industry leadership by making gains across all dimensions of the supply side of EVs, including current and projected production of EVs and their components, such as lithium-ion battery cells and electric motors. One important factor is that the Chinese government provides subsidies to the sector in an effort to reduce fuel imports, improve air quality, and foster local champions. Whereas Chinese OEMs accounted for 40 percent of EV production in 2015, this increased to 43 percent in 2016. Leading Chinese EV manufacturers all ranked among the top ten global EV producers in 2016. Given the rapid increase in production capacity by domestic suppliers, China’s lithium-ion battery-cell players increased their global supply share, reaching about 25 percent in 2016. This is mainly at the expense of Japanese companies, which lost significant market share year on year—though they still accounted for the greatest share in 2016, with around 48 percent. South Korean suppliers expanded their position and now hold 27 percent of the light-vehicle battery-cell market.

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ELECTRIC VEHICLES

verall, Germany and the United States also perform well in the industry, with no major changes in EV production share (23 percent and 17 percent, respectively). However, these countries saw slight losses with respect to electric-motor production due to China’s expansion.China’s domestic EV demand grows, while Europe stagnates. In addition to its leading role in EV supply, the market for EVs in China held steady in 2016. For the

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first time, China has overtaken the US market in the total number of EVs on the road. Cumulative EV sales reached 650,000 units in 2016, and the country increased new registrations for EVs by 70 percent year on year, to around 350,000 units (Exhibit 2). In comparison, Europe saw a sales increase of only 7 percent during the same period, after doubling them the prior year. The stagnation of the European market largely stems from a big drop in new registra-

tions in the Netherlands, attributable to changes in the incentive scheme for plug-in hybrid vehicles. In the United States, EV sales were at 160,000 in 2016, a 37 percent increase.The sales dynamic in China has been supported by a launch of many new EV models. Roughly 25 new EV models were introduced to the market in 2016. Overall, Chinese customers can now choose from around 75 EV models—the most of any market.

September Part A 2017

ELECTRIC VEHICLES

hile China outperforms in absolute terms, the country does less well if considered in relative terms: in 2016, EV penetration in the overall light-vehicle market was only 1.4 percent. Norway outperforms here; about one in four cars sold in the country in 2016 was electric. Generous incentives are provided to EV customers in Norway, making EVs more affordable than cars with internal combustion engines. The Netherlands also has rela-

tively high penetration, with an EV share of 5 percent, though sales decreased in 2016 (falling by 48 percent year on year). Sales dropped in 2016 after the country announced it would increase the company car tax for plug-in hybrids. Most other markets still do not exceed the 2 percent threshold. Japan was also affected by very low sales in the second half of 2016. These examples show that e-mobility development varies significantly by country.

MARKETS TAKE DIFFERENT APPROACHES ON INCENTIVES

espite the newly introduced EV-purchase incentives in Germany, EV sales increased only 3 percent since the official launch of the purchase premium in May 2016. The German government and the respective OEMs currently offer EV buyers as much as €4,000 for purely battery electric vehicles in an attempt to increase sales (Exhibit 3). But so far the effect has been limited. South Korea also recently increased EV incentives by around €1,600 to stimulate the market, while several other nations announced plans to reduce or phase out subsidies. China, for example, will slowly switch from direct subsidies to nonmonetary incentives after 2020. Currently, it retains one of

September part A 2017

the most powerful EV-stimulus mechanisms. Certain cities have made EVs exempt from license-plate lotteries and significant registration fees that apply for cars with internal combustion engines. This is a huge lever to make EVs more attractive, especially among younger first-time car buyers. Other countries that have been reducing or phasing out subsidies include Denmark, France, Portugal, and Norway. To support the EV dynamic, China has quickly expanded its EV-charging infrastructure, reaching 107,000 public EV-charging outlets by the end of 2016—an increase of 118 percent year on year. Japan and the Netherlands are also investing significantly

to build additional charging stations, while progress remains comparatively slow in France, Germany, the United Kingdom, and the United States. Last year saw an uptick in EV sales in key markets, in line with announcements from several OEMs on new EV strategies and upcoming models. It seems that China, in particular—driven by the involvement of the government and its policies, which affect EV buyers as well as vehicle and component manufacturers—is pushing ahead to develop its EV market and industry. As market share grows and as governments make the issue a priority in many regions, electric mobility will remain high on the agenda of the auto industry in years to come.

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BUSINESS & FINANCE

Mukesh Ambani Makes Reliance Industries Future Ready, Plans For Foray Into Renewables In yet another move to make the company future ready, Reliance Industries (RIL) plans to invest in new sources of energy like renewable and in materials having multiple new applications.

- Mr. Mukesh Ambani Chairman RIL

“India’s energy and materials demand will grow steadily to meet the needs of a fast-growing economy and the rapidly increasing aspirations of people.” Addressing the shareholders at the company’s 40th Annual General Meeting, Ambani said that the company will invest in new sources of energy, aiming for leading positions in renewables, as also in new materials which will have “dramatic and multiple new applications. Our energy and materials businesses constitute a strong platform to generate stable, annuity-like cash flows with a potential to reach EBITDA of Rs 1 lakh crore within the next few years.”

he company over the last five years, has made capital investment of Rs 3.3 lakh crore, of which Rs 1.3 lakh crore were in its energy and material businesses and the remaining Rs 2 lakh crore in digital services. In refining and petrochemicals, Ambani said the company’s goal is to be fully integrated producer of refining and petrochemical products serving the Indian and global markets. In petrochemicals, RIL’s Off-gas Cracker complex will be fully operational in a few weeks and production in less than six months from mechanical completion. The refinery Off-gas Cracker at Jamnagar is among the world’s largest and fully integrated crackers. The project was mechanically completed last quarter. Under the petroleum refining and marketing business, company’s Petcoke gasification project at Jamnagar has also made sig-

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“First gas from these fields is expected in mid-2020.” – Ambani said. Meanwhile, in the organised retail space, over the next 12 months, company aims to scale up the penetration of its stores into tier 2 and tier 3 cities of India. l

nificant progress in the past year and is in an advanced stage of commissioning. “This project will convert low value petroleum coke to high value fuels and Hydrogen and ensure energy self-sufficiency at Jamnagar. The benefits of the project will be immediately visible in lower energy cost and higher gross refining margins,” Ambani said. The company is also making efforts to make its domestic E&P (exploration and production) business economically viable in the coming years, he said. Additionally, RIL’s US Shale Gas business continues to face challenges due to lower prices, the company and its partners are making efforts to improve efficiency and rationalise these portfolio investments, he added. While the company has commenced commercial gas production from the CBM Blocks in Madhya Pradesh, RILand BP have recently approved an investment plan to monetize over 3 trillion cubic feet of gas from new fields in KG D6 block.

“Reliance Retail is a business with significant growth possibilities- I have set our leadership a target of 30% growth each year over the next decade,” he said.” Source: financialexpress

September Part A 2017

SOLAR PROJECTS

Protecting Solar Projects With Insurance Over the past few years there has been a rapid growth in solar power projects in the country. While the investment in solar projects is high , the investors always look for different insurance options for their risk coverage. As risk and uncertainty are present throughout each phase of the solar project life cycle from construction to operation and through its life cycle to decommissioning.

nfortunately, developers are not educated about the coverage they need and fail to insure their project properly. Usually developers focus on project development, not insurance, they may not know what coverage they need. Most developers think they pay too much for insurance. However, if they have not fully covered themselves, they may be paying less than they need to pay to cover all possible risks. The solar PV market is a maturing industry, but it is not yet mature (even for crystalline silicon). The solar PV industry has excellent fundamentals (e.g., strong product demand, declining input costs). Solar industry participants are suggested to opt for Tailor made insurance policies to reduce their financial loss. These coverages transfer or reduce the financial impact of equipment breakdowns, physical damage

Article by Amit Agarwal, Director- Ideal Insurance Brokers Pvt Ltd. from natural perils, theft and liability exposures associated with owning and operating a solar system. Most insurance companies’ products are generic and homogeneous, and therefore are not easily adapted to provide protection for renewable energy technologies. However, industry-specialist insurance brokers work with renewable energy product manufacturers, facility developers, and project finance clients to create unique product offerings and the necessary underwriting support that are not well covered by traditional insurance. The goal of an industry-specialist or consultative insurance broker is to strategically partner with clients and provide innovative, responsive, and cost-effective solutions that mitigate the risk and uncertainty of renewable energy systems.

The typical insurance options available for the solar project developers are as follows: Property Damage – all risks cover to protect from any loss arising out of fire,catastrophe risks eg. Earthquake, lightening , flood & inundation , Cycle , storm , and high wind damages etc. Machinery Breakdown – electrical or mechanical breakdown of any machinery or other equipment resulting in costly repairs or even replacement of the solar panels. Business Interruption – cover for periods of operational downtime as a result of an Insured peril e.g. fire or storm damage, machinery breakdown and equipment failure.

Business interruption insurance is often required to protect the cash flow of the project. This coverage ensures that policyholders can recover lost sales as a result of the system not being operational and loss of production-based incentives also resulting from the lack of electricity production. Contract Works – protection against any loss arising from property damage caused during construction of the project. Cover starts while solar panels are in transit to the job site and ends once the job is completed or the owner accepts the work

Employers’ Liability – provides cover against risk of accident from usual workplace risks such as working at height and manual handling Public Liability – provides cover for any damage caused to third party property during installation of the panels. Essential for businesses engaged in Construction and Installation of solar panels and solar farms. Marine Cover – Covers include Marine Transit for any loss of goods and Marine Delay in Start up to protect from any consequential loss in revenue.

Specialized policies such as contractor’s equipment, equipment breakdown, delay in start-up and business interruption insurance also are available. These provide additional coverage that can be critical throughout the construction and operation phases of a solar project, protecting developers, owners and investors alike.Some of the companies have also started providing the generation insurance for the solar projects in order to cover the solar irradiation risk.

September part A 2017

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RESEARCH & ANALYSIS

ENERGY TO 2040 –

Faster Shift To Clean, Dynamic, Distributed In the last 10 days, I have been travelling around North America presenting to senior executives from energy companies, policymakers and investors a long- term forecast for the world’s electricity system that would have been seen as wildly fanciful just a decade ago. And that’s putting it politely.

t’s a measure of just how rapidly things are changing in energy, particularly with the steep and remorseless reduction in the cost of cleaner options, that the reaction to BNEF’s New Energy Outlook 2017 forecast, published this month, has been totally different from that. The questions that my colleague Elena Giannakopoulou, senior analyst on the project, and I have been hearing have mostly begun with “how much” or “how fast” – not with “whether”, “how on Earth” or “what the blazes?” Events are moving rapidly, and that is evident in the way energy system forecasts from industry players such as BP, ExxonMobil and the International Energy Agency have shifted in the last few years. BNEF’s work differs from those – we like to think it is a few steps ahead – but it is mostly a matter of degree, not direction. So what are we saying in New Energy Outlook, or NEO, 2017? Before I list this year’s 10 high-level messages, just a reminder what NEO is, and is not. It is not based on how we think policy on clean energy or climate change might evolve between now and 2040. Instead, drawing on the work of 65 analysts, NEO is based squarely on the changing economics of electricity generation. Starting with a forecast for electricity demand, peaks and profiles, we first consider projects under development and our near-term industry forecasts, before modelling the supply mix using our in-house, least-cost optimization model. NEO explicitly removes renewable energy subsidies once they have run their course, and does not assume aspirational national climate targets are met, unless a mechanism to ensure compliance has been legislated.

OK, I promised 10 key messages for energy in 2017-2040. Here they are:

SEB HENBEST, Lead Author, New Energy Outlook, Head of Europe, Middle East and Africa Bloomberg New Energy Finance

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• Solar and wind dominate the future of electricity • Solar’s challenge gets more serious • Onshore wind costs fall fast, and offshore falls faster • China and India are a $4 trillion opportunity for the energy sector • Batteries and new sources of flexibility bolster reach of renewables • Homeowners’ love of solar

grows • Electric vehicles bolster electricity use and help balance the grid • Coal-fired power collapses in Europe and the U.S., peaks globally by 2026 • Gas is a transition fuel, but not in the way most people think • Global power sector emissions peak in just over ten years, then decline

September Part A 2017

RESEARCH & ANALYSIS

The following paragraphs will dig into each of these points in more detail. Around $6 trillion of new investment in wind and solar power between now and 2040 will reshape the world’s electricity markets as we move from a system where coal, gas and oil-fired power plants make up over 60% of capacity, to one where solar and wind are the two largest categories, and where fossil fuels make-up less than a third.

Electricity demand worldwide grows 58% to 2040 and this is met by a doubling of installed capacity to 13,919GW in 2040 from 6,719 GW today, with wind up 349% and solar expanding a whopping 14-fold, split between 69% grid-scale and 31% small-scale installations. In addition, we expect growth in new sources of system flexibility, including batteries and demand response, such that by 2040 flexible assets make up around 7% of total installed capacity – similar to size of oil-fired power today. Just under 50% of global investment in new power capacity to 2040 will be in Asia-Pacific and the bulk of that – around $4 trillion – will flow to China and India. What determines these high-level conclusions are the relative economics of coal, gas, wind and solar power,

September part A 2017

country by country, over the next 24 years. And the challenge thrown down by renewable energy is perhaps best exemplified by solar PV. Based on data going back to the U.S. space program, we can extract an experience curve that describes the price decline for every doubling of capacity. Last year we said that rate of decline was 26.5%. But after the BNEF solar team reanalyzed the data in January, we upped it to 28%. Solar PV is getting cheaper, faster than we thought. Modules are down 90% in price since 1990; and solar electricity has got 72% cheaper since 2009, with another 67% reduction forecast by 2040. The same applies to wind energy. Looking at the decline in the price per MW of onshore wind turbines over time, we can extract a 9% experience rate. However, the wind turbine built today is fundamentally a very different machine to the one from 2008. Over time, wind turbines have not just got cheaper, they have also got more efficient at extracting energy from the wind field, with average capacity factors rising from around 15% at the start of this century, to almost 30% for new projects today. As solar and wind costs continue to decline sharply, it becomes a matter of when, not if, these technologies get cheaper than other forms of power generation. We see two tipping points ahead. The first is when a new solar or wind project can compete directly with a

new coal or gas plants in the absence of subsidies. The second is when that new solar or wind project is cheaper than continuing to run coal and gas power stations that are already built. Tipping point one is either already, or almost, upon us in all major markets. In Germany, new onshore wind and solar already appear to be costcompetitive with new coal and gas; in China today, coal is the lowest-cost, new-build electricity generation, but in 2019, onshore wind gets cheaper, then PV follows two years later; in the U.S., cheap natural gas makes it the lowestcost source of new electricity right now, but by 2022-23 PV and wind both begin to beat it; and in India, new solar PV starts to look cheaper than new coal, across the country, from 2020. Not only do solar and wind get cheaper than coal and gas on a newbuild basis, they also start to undercut existing fossil fuel plants. We define this as tipping point two, and our analysis suggests this is going to happen much faster than most people think.

In China, PV gets cheaper than running an existing coal plant by 2030; in the U.S. PV beats existing gas by 2027; and in Germany, new solar and onshore wind undercut existing coal and gas generation between 2027 and 2030.

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RESEARCH & ANALYSIS

These two tipping points paint a dramatic picture of the rapidly changing economic calculus that we think will shape the future of energy. That said, these signals will be affected by policy and the inertial politics of vested interests. It is therefore very likely that these tipping points will not suddenly result in a wholesale shift in electricity generation but, as is often then case, policy and politics will lag technology. But when they do catch up, it may all come in a rush.

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September Part A 2017

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RESEARCH & ANALYSIS

ne of the big surprises in the news on clean energy in the last year has been offshore wind. Cost declines have been remarkable. A combination of nearshore sites, competitive tendering and a deliberate effort to de-risk project development has allowed prices to fall as low as $50 per megawatt-hour in Denmark, the Netherlands and Germany for projects coming on-line from 2020. By 2040, we think that offshore wind will be 71% cheaper than today, at about $37 per MWh as a global average. And while we don’t think it will ever be as cheap as onshore wind or PV, the combination of scale, high capacity factors, easier politics and

verall, about 45% of our battery forecast is utility-scale, the remainder is small-scale. We anticipate that small-scale batteries will be deployed alongside rooftop PV system by households and businesses, particularly after 2025, when the cost of combined systems starts to be within reach of mainstream consumers. Small-scale PV is already at “socket parity” in countries like Australia, Germany and Chile, where there are high electricity prices, good

September part A 2017

more stable output than other variable renewables increases its value. As more variable wind and solar generation enter the system, new sources of flexibility are going to be increasingly important. Coal and gas plants that can be ramped up and down and dispatched when required currently provide the bulk of flexibility to electricity systems. However, as these plants reach their end-of-life or are forced out by cheaper solar and wind, new sources of flexibility – such as batteries and demand response – will need to be added. A lot of the early successes with utility-scale batteries have been in relatively small markets such as ancillary services.

However, batteries can also help manage peak demand, and in NEO 2017 we have explicitly modelled the value of lithium-ion batteries compared with other technology options – in particular open-cycle, or “peaker”, gas plants. Batteries are best at providing power very rapidly for relatively short durations, making them ideal for hitting narrow peaks. However, their application is somewhat self-limiting, as each additional battery unit lengthens the remaining peak requirement, ultimately requiring larger, higher-cost battery systems that can discharge for longer periods. So, even as batteries get cheaper, their application can get more expensive.

sunshine, or both. Over time, the ongoing decline in the cost of PV means self-generation is likely to take off in all major markets – the biggest being China and Europe, and the fastest growing Latin America including Brazil. And by 2025, China, the U.S. and almost all of Europe will be at socket parity. Tariff reform, shifting more of the total cost to fixed rather than variable charges, could upend these conclusions. Combining small-scale solar,

small-scale batteries and distributiongrid-level demand response, provides a measure of the increasing decentralization in the future electricity system. Australia sets the pace, with as much as 45% of total capacity located behind- the-meter by 2040. We think that Brazil, Japan, Mexico and Germany are each likely to have a decentralization ratio of over 30%. This represents a shift in value downstream towards consumers at the expense of gridscale assets.

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RESEARCH & ANALYSIS

he rise of electric vehicles offers to arrest the decline in net grid demand that we would otherwise expect to see as behind-the-meter solar booms. The competitiveness of EVs comes down to battery prices, and these too are falling fast. Since 2000, the market price for li-ion battery packs is down 73%, and we expect prices to fall a further 73%, to $73 per kWh by 2040. The result is a very big EV story which adds around 14% new electricity demand in the U.K., 11% in Australia and 10% in France. However, it’s not just the total amount of new electricity demand EVs add that matters, it also matters when these vehicles charge. In NEO 2017,

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we have assumed that half the EVs on the road in 2040 can do smart charging – that is, they can charge throughout the day, whenever prices are low. Allowing smart charging tends to push EV demand to times when there is an excess of renewable generation and by 2040 that’s increasingly during daytime hours when PV is at maximum output. In this way EV demand can follow supply, helping to smooth out load profiles and better integrate new renewables. It also supports PV plants, which might otherwise struggle to find demand for their electricity. An ageing fleet and the influx of renewables result in the collapse of coalfired electricity generation, in Europe

and the U.S., falling by 87% and 51% respectively by 2040. However, heralding the end of coal would be extremely premature as it will continue to be central for some time, particularly in Asia. China currently runs the world’s largest coal fleet by some way and we expect a further 20% growth in coal-fired generation in that country, before a peak in 2026 and fall thereafter. In India, coal generation continues to grow, but cheaper solar means we now anticipate a much slower increase, of just 50% from 2020 to 2040, compared to 130% in last year’s assessment. Overall by 2040, we think that global coal generation will be 5% down from where it is today.

September Part A 2017

RESEARCH & ANALYSIS

as-fired electricity, on the other hand, does grow, up 10% by 2040. But we don’t see it playing a “transition fuel” role in the commonly understood sense, whereby carbonintensive coal gives way to less-carbonintensive gas, before this too yields to renewables. Wind and solar are just getting too cheap, too fast. Gas does not win more than a third of the market lost by coal. One exception is perhaps the U.S. where cheap $2-3/MMBtu gas has already started to push coal out of

inally, on emissions – we expect 10% growth in global power sector emissions over the next ten years as faster demand growth in China, and higher gas prices in the U.S. increase coal burn. China runs easily the biggest coal fleet in the world, so more than any other country, it will determine future emissions. This year we have emissions peaking in 2026, the same year as coal generation in China, and falling thereafter at one percent per annum,

September part A 2017

the mix. However, even here the age of gas may be limited once the tipping points for solar and wind are reached. Instead, gas appears likely to be an important ingredient in the “glue” that helps bind the electricity system together, offering supply-side flexibility to help meet extremes and when renewable generation is at a minimum. We anticipate over $800 billion of new investment and a 16% increase in gas capacity to 2040, with the bulk of this running only a fraction of the time.

The combination of large amounts of close-to-zero running-cost wind and solar, and low capacity-factor gas plants in a cost-optimized system, strongly supports new market reform to ensure both are adequately remunerated for the system services they can provide. This subject was addressed at length in last month’s VIP Comment from my colleague Albert Cheung, and in a White Paper by Michael Liebreich, and will be an important research focus for BNEF over the coming year.

to four percent below 2016 levels by 2040. This is higher in the near term in line with restated expectations for Chinese demand growth, but falls more rapidly beyond 2030 as cheaper renewables weigh heavily on coal in both China and India. This emissions trajectory puts the world broadly ontrack to meet the Nationally Determined Contribution targets defined under the Paris Agreement, and our analysis suggests there is definitely scope to ratchet up ambition without

incurring additional costs. However, there remains a large gap to anything resembling a 2-degree Celsius scenario. The task is slightly smaller than we projected last year, but would still require extra investment of around $5.3 trillion in zero-carbon generation between now and 2040 to bridge it. This creates significant additional climate policy risk and the possibility that the dramatic changes we are painting to 2040 in NEO 2017, may very well be accelerated.

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WIND ENERGY

PPAs Signed For First Wind Auction Totalling 1050 MW India’s Power, Coal, New & Renewable Energy and Mines Minister Piyush Goyal presided over the signing of Power Purchase Agreements (PPAs) for purchase of 1050 MW of wind power under Ministry of New and Renewable Energy (MNRE)’s first Wind Auction Scheme.

“I welcome the churning happening in the industry and look forward to healthy competition and affordable power for all through increase in scale”, Shri PiyushGoyal added. Goyal also informed that the Ministry is working to bring robust guidelines for the wind energy bidding and is in discussions with regulators for better forecasting and scheduling of renewable energy in the grid. The Minister also informed that with every unit of renewable power generated in the country, jobs are being created to the tune of 5-7 times as compared to power generated through conventional energy sources.

Piyush Goyal witnessing the Wind PPA signing ceremony, in New Delhi on July 21, 2017.

he PPAs were signed between PTC India Ltd., the trading company, and the successful wind power developers. As per the PPAs signed, Mytrah Energy, Inox Wind and Ostro Kutch Wind Pvt. Ltd. would supply wind power of capacity 250 MW each. Further, Green Infra would supply 249.9 MW and Adani Green Energy 50 MW from their wind power projects through interstate transmission system at a tariff of Rs. 3.46 per kWh discovered through the open and transparent competitive bidding process. PTC India has tied-up this wind power for sale to DISCOMS of a number of States. Under this, Uttar Pradesh would get 449.9 MW, Bihar 200 MW, Jharkhand 200 MW, Delhi 100 MW, Assam 50 MW and Odisha 50MW for meeting their Non-Solar Renewable Purchase Obligation (RPO). For these projects Solar Energy Corporation of India (SECI) conducted

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e-reverse auction on 23rd February 2017 and issued Letter of Award (LoA) to the successful wind power developers on 5th April 2017. The wind power projects under first wind auction are likely to be commissioned by September 2018. Congratulating all stakeholders of the sector on their coordinated efforts to drastically bring down renewable energy prices, Goyal encouraged everyone to keep the interests of the end consumers as their priority. The Minister also floated the idea of doing away with the requirement of separate Renewable Purchase Obligations (RPO) for different renewable energy sources and allow the States to independently decide their energy mix. Goyal desired that wind energy bids should be brought out every month, though he also advised the senior officials of the Ministry to calibrate the pace of this process keeping in mind the affordability of renewable energy for common man. Industry players which are inefficient would either evolve and face competition in the sector or finally wind up.

Speaking on the occasion, Secretary MNRE, Shri Anand Kumar informed that the Ministry has done away with the Inter State Transmission levies on transfer of Renewable Energy from windy States to nonwindy ones, which would aid the latter to meet their RPOs and keep the costs of power affordable. Earlier, MNRE had sanctioned a scheme for setting up of 1000 MW inter-state transmission system (ISTS) connected Wind Power Projects on 14th June 2016 with the objective to encourage competitiveness through scaling up of project sizes and introduction of efficient and transparent e-bidding and e-auctioning processes. Other dignitaries present on the occasion were A.K. Bhalla, Secretary Power, Deepak Amitabh, CMD PTC India, Dr. Ashvini Kumar, MD SECI and other senior officers of the Ministry and Industry partners.

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SOLAR POWER

SOLAR POWERS

INDIA’S CLEAN ENERGY REVOLUTION With 1.3 billion people, India is the world’s third largest consumer of electricity. Over 450 million ceiling fans are in use and 40 million sold each year, but 240 million people still have no legal electricity connection. Demand for electricity is growing at the same rate as in France or Germany as millions of people in rural or impoverished areas seek access to power in their homes and workplaces.

September part A 2017

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SOLAR POWER

What if India planned to meet that need with energy sources like coal?

t isn’t. In fact, the country is focused on just the opposite. With a sweeping commitment to solar power, innovative solutions and energy efficiency initiatives to supply its people with 24x7 electricity by 2030, India is emerging as a front runner in the global fight against climate change. That’s good news, because if the world expects to reach its Paris Climate Agreement objective of containing global warming to under a 2-degrees Celsius increase, it is imperative for India – the third largest emitter of carbon dioxide -- to be a global leader on renewable energy. The World Bank is committed to supporting India’s solar energy push. The Bank is providing more than $1 billion to support India’s solar plans, starting with a Grid Connected Rooftop Solar project that aims to put solar panels on rooftops across the country, and 100MW of energy has already been financed through this project.

Exactly a year ago, on June 30, 2016, the institution signed an agreement with the International Solar Alliance (ISA), consisting of 121 countries led by India, to collaborate on increasing solar energy use around the world and mobilize $1 trillion in investments by 2030.

With its conscious choice to use significantly more clean energy to fuel its growth, India is contributing to global efforts to save the planet from the effects of climate change. Just a few weeks ago, the country also walked away from plans to install nearly 14 GW of coal-fired power plants, largely because it is as affordable now to generate electricity with solar power as it is to use fossil fuels.

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September Part A 2017

SOLAR POWER SOLAR AS A SOLUTION

n India and beyond, solar power is starting to displace coal as an energy source. The cost of electricity from solar photovoltaic (PV) is currently a quarter of what it was in 2009 and is set to fall another 66% by 2040. That means, a dollar will buy 2.3 times as much solar energy in 2040 than it does today. With nearly 300 days of sunshine every year, India has among the best conditions in the world to capture and use solar energy. Clearly, the market agrees, as is evident from the significant drop in the cost of solar power. In its latest solar auction, the country achieved a record low tariff of INR 2.44/unit (4 cents/unit) for a project in the desert state of Rajasthan. The Indian government is setting ambitious targets that include

LIGHTING INNOVATIONS 160 gigawatts (GW) of wind and solar by 2022. Not only will this help hundreds of million people light their homes it will also enable children to study at night, provide families with refrigerators to preserve their food or TVs to entertain themselves after a long day of work. It is also an incentive for international firms to invest in India’s solar market. The Bank is also working with India on solar parks, innovative solutions to store solar power and support for mini grids. The institution’s backing will increase the availability of private financing, introduce new technologies, and enable the development of common infrastructure to support privately developed solar parks across India.

“The World Bank financing, routed through State Bank of India (SBI), is the first time that a dedicated institutional financing has been made available for rooftop solar power plants . This financing will help in expeditious adoption of distributed solar by Indian consumers and will act as a significant catalyst for the growth of the rooftop solar sector in India. We will continue to work with World Bank and SBI to create innovative credit structures so that benefits of this attractive financing scheme will reach the maximum number of consumers.”

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- Sanjeev Aggarwal, Founder and MD & CEO of Amplus Solar

n turning to solar, India has sought creative solutions to challenges such as limited land availability to host solar panels for a rapidly growing population. It must go beyond what Morocco has done, for instance, with its concentrated solar power that requires large tracts of land to set up giant mirrors and lenses. So, in addition to its solar parks, India is installing solar panels on rooftops and floating solar platforms on rivers and other bodies of water. It also has ambitious plans to only sell electric cars by 2030. STILL, IS THAT ENOUGH? India’s greenhouse gas emissions are predicted to keep increasing at least until 2030 – something it is working hard to change with serious energy efficiency measures. The Bank is also supporting India’s UJALA program, through which the country has distributed more than 241 million LED bulbs, making it the largest and the first zero-subsidy national LED lighting program in the world. Residential consumers can get LED bulbs from UJALA distribution centers or through participating retailers and pay upfront or in smaller installments, which make the bulbs more accessible for poorer customers. The program has helped save more than 6,000 MW of energy and resulted in a 25-million ton reduction in CO2 emissions per year. India plans to replace all of its 770 million incandescent bulbs with LEDs by 2019. Other countries in the region are also adopting clean energy measures with support from the Bank.

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SOLAR POWER

REGIONAL ADVANCES

ake Pakistan, for instance. Recognizing the potential of solar energy in the country, the Bank is helping map the country’s annual average solar power potential with a free, web-based app that has the capacity to zoom into areas with a spatial resolution of 1 km, or 0.6 of a mile. The tool provides access to high resolution global and regional maps and geographic information system (GIS) data, providing investors and solar developers with an easily accessible and uniform platform to compare resource potential between sites in one region or across multiple countries. The Bank is also working with Pakistan on the Dasu Hydropower Project, which aims to improve the country’s energy security through the use of more low-carbon energy sources and make electricity access more affordable and prevent frequent blackouts for millions of consumers, including industry, households and farmers. And in Bangladesh, more than 18 million people have electricity thanks to solar home systems, making it the largest program of its kind in the world. The country is also turning to standalone solar mini-grids to power up small businesses and homes in remote areas that the electricity grid does not reach, helping women like Lota Khatun earn an income. Khatun lives with her family on the remote island of Monpura, which is served by a solar mini-grid. She now has electricity at night, and runs a sewing business from home.

“When we got solar, I bought this (sewing) machine,” Khatun said. “Now that we have light at night, I can sew at night.”

“I have on more occasions than one discussed with world leaders that it's time that the world collectively decides that wherever technologies are focused towards a safer planet, we must try and make it open access… make it available to the whole world, so that we can encourage clean energy (and) sustainability while making it more affordable,” said Piyush Goyal, India’s Minister of State with Independent Charge for Power, Coal, New and Renewable Energy and Mines, at a recent event in Vienna. “If we believe in it, and we work towards it collectively, all of us can make a difference.”

India’s efforts demonstrate its serious commitment to mitigate climate change. But more has to happen for millions of the country’s citizens to have some of the basic conveniences that electricity provides. www.EQMagPro.com

September Part A 2017

TRIBAL STORY

Creating Opportunities – Transforming Lives

Breaking BarriersBreaking Myths In 2010, as part of its plan to tackle the urgent and growing demand for energy by implementing clean energy solutions, the Government of India's Ministry of New and Renewable Energy launched the National Solar Mission to promote grid-connected and off-grid solar energy with an aim to establish India as a global leader in solar energy and targeting the deployment of 20 GW of solar power by 2022which was later increased to 100 GW by the Narendra Modi government in the 2015 Union budget.

long with this, job creation was an important rationale in promoting solar energy. Solar PV is recognized as creating more jobs per unit of energy produced than any other energy source; potentially representing a much needed solution to unemployment in the face of India's burgeoning population and labour force.

It is a myth that the solar industry requires highly skilled and qualified personnel. In fact, even a layman with the utmost basic skills can be trained to work in a Solar equipment facility.

“The growth inclusive employment opportunities and training offered by Goldi Green to the tribal youth have proved to be highly productive and should be recognized as a trend setter and adopted by other players in this industry as well.” -IshverDholakiya , MD, Goldi Green

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INTRODUCTION

The term ‘Adivasi’ connotes to a specific meaning for the original and aboriginal inhabitants of a given region, which are collectively referred by the English word ‘tribes’. They are officially recognized by the Indian government as the ‘Scheduled Tribes’ under Article 366(25) of the Constitution of India. India has one of the largest concentrations of tribal population in the world, second only to Africa. Greater than 50% of the tribal population in India is concentrated majorly in the states of MP, Chattisgarh, Maharashtra, Orissa, Jharkhand and Gujarat. In the state of Gujarat there are twenty nine notified Scheduled Tribes existing in different areas. The South Gujarat tribal belt, comprising of Narmada, Bharuch, Surat, Navsari, Valsad and the Dangs comprise of 53% of the total tribal population of Gujarat state. From these, the Chaudhary, Vasava, and Gamit tribes mainly hail from Mandvi and Mangrol talukas of Surat district. They are the original inhabitants ofthese areas. Forest resources and agriculture being the main source of livelihood of these communities and with the monsoons in India always being unpredictable and erratic, these communities who mainly dwell in and around forests have faced difficulties in their survival.

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TRIBAL STORY

his initiative was the brain child of Mr.Govind Dholakia, founder of SRK Exports and mentor of Goldi Green. Mr.Govind Dholakia is best known for his philanthropist activities. He has always been thinking of ways to help the disadvantaged communities that dwell in our society and has also been well aware of the plight of the tribal people. Under Mr. Dholakia’s guidance, Goldi Green took up this opportunity to train and employ the youngsters of this community and indirectly elevate their status in the society. Goldi Green can almost be termed as an ST (Scheduled Tribes) institution that trains and enhances the skill capabilities of these tribal youth, shaping up and transforming them into industry – ready professionals. Not merely a job, but these youth are getting an employment which pays much more than what they would earn doing rural work or as farm hands.

“As a substantial contribution to our Prime Minister’s ‘Skill India’ campaign, Goldi Green has been training these tribal youth, employing them and contributing to their overall personal development and social status, empowering them to be financially independent and live a life of self-respect.” -Chetan Shah Director, Goldi Green

“It should be noted that these youth who come from the most primitive background are today self – sufficient in operating robotic and fully automatic modern machinery.” -Bharat Bhut Director, Goldi Green

Besides, the Goldi Green facility provides a work environment where attitude, behaviour, punctuality and discipline are inculcated in them.

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September Part A 2017

TRIBAL STORY Following is an excerpt from the lives of some of the youth out of a total work force of more than 125 tribals employed at the manufacturing facilities of Goldi Green. Himanshu Chaudhary “It feels good to earn money, I am not dependent on anyone, I can buy new clothes, I have made new friends here and most importantly I could complete my education.” -Himanshu Chaudhary

imanshu Chaudhary hailing from Nandola village in Mandvi taluka (tehsil) of Surat district had a burning desire to further his education after completing his HSC, learn new things and improve the quality of his life. The son of a labourer, financial constraints were holding him back from going to college. Joining Goldi Green was a turning point in his life. Along with working at the facility, within a course of three years, he has completed his Bachelor of Arts undergraduate course. Working at Goldi Green has not only fulfilled his dream of pursuing his education but also improved his life financially and upgraded his family’s lifestyle. With a consistent income and increasing salary his father does not have to hunt for labour work every day. Himanshu now aims to finish his post graduate in Master of Arts and then go for a B.Ed. (Bachelor of Education) which will give him an opportunity to become a school teacher, which is his cherished dream. Where there is a will, there is a way. Himanshu is a classic example of this saying. Life at Goldi Green has brought about a complete turnaround in his life. He has also bought a motorcycle on personal finance and successfully repaid the loan.

Sailesh Gamit

9 year old Sailesh Gamit hails from the nearby village of Pipodara. Having completed his ITI in 2011, he worked as an operator in looms. Working 12 long hours every day in the terrible heat and noise, that prevails in a textile looms unit was taking its toll on his health and he began considering a better option with better pay. In 2012, when Goldi Green had just commenced operations, he visited the facility location, and was recruited as a trainee in the fabrication section of Goldi Green. Today, after four and a half years at ‘My seniors are very Goldi Green, and a consistent salary raise at friendly and helpful and regular intervals, he has have always stood by no cause for complain. me…I really enjoy workHe is a contented man ing in this company’ and settled down with his wife and one year -Sailesh Gamit old son. When asked what has made him stick in this company for four and a half years he answers: ‘I work with a good team which always supports me’, Goldi Green is a true testimonial of a manufacturing company with the best work place environment.

Yogesh Gamit ”I hugely appreciate Goldi Green’s No – Tobaccopolicy, owing to which, me and my colleagues have not fallen for any bad habits.” -Yogesh Gamit

Bakul Chaudhary “I like the overall environment of this company, the company provides last mile bus facility right up to my village and I have made new and valuable friends. Besides, in these three years, there has been a consistent increment in my salary.” -Bakul Chaudhary

akul Chaudhary, a settler of Kasaal village in Mandvi taluka is an ITI pass out. He joined the Goldi Green facility three years ago as a trainee operator. Three years down the line he has learned most of the manual process of a module assembly and he also doubles as a cell tabber when hands are short. This has been a great support to his father, two brothers and mother, who are into farming. He is now engaged to a girl with whom he will tie the knot next year.

September part A 2017

ogesh Gamit is 28 years old. Yogesh’s father died in an accident when Yogesh was just 13 years old. Yogesh hails from Laveth village of Mangrol taluka. Living in extreme poverty, his mother worked in government Aanganwadi’s as a caretaker earning rupees 3 – 4 thousand a month which could barely support the family. In spite of financial difficulties, Yogesh managed to complete his higher secondary education and then went on to complete his ITI.

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TRIBAL STORY Kaushik Gamit

Deepak Chaudhary

aushik Gamit is 26 years old and lives in Laveth village of Mangrol Taluka. He works in the module re-working section of Goldi Green’s manufacturing facility but is also an expert at tabbing, stringing and layup. Having completed his ITI in 2011, he started working for an electrical contractor. But as soon as the contract work was over, he found himself without work. Goldi Green recruited him and after a three month training process, he permanently got employed. Living in a house with other six members of the family, life was tough before he started working with “The best thing about Goldi Green. The family working in Goldi Green is could barely make ends the transportation facility meet with just enough to eat from tilling the provided by the company small piece of land and the timely deposit of they owned. At pressalary credited in my acent he is settled in his count every month.” life and married since two years. As he looks -Kaushik Gamit back four years into the past, he agrees that joining Goldi Green was a good decision. Many of his friends working in other companies nearby lament mainly due to the irregular and inconsistent salary payment schedule and also the risk they have to take travelling on their bikes on the highway more than fifty kilometres one way to reach work. Being served good, nutritious lunch by the company every day is an added advantage as his wife does not have to wake up early specially to prepare his lunch.

But he did not find a suitable job where he could earn a good salary. Then Goldi Green happened to him. Initially working as a trainee, it’s now four and a half years since he is working in Goldi Green’s manufacturing facility. Speaking about the transformation in his life he says ‘Before I began working here, my life was zero. I had no money and had no clue where life was going. After joining Goldi Green, today I am financially independent.’ Yogesh has bought two motor bikes on loans and now his house is fitted with all the electrical appliances, and also a refrigerator (which is considered a luxury in his village). With his continuously increasing salary, he has managed to pay off all his loans and has now also bought a smart phone. Yogesh says that life is good working at Goldi Green… ‘The atmosphere is good and the transportation that the company provides is a big plus point for me, as many of my friends working in other companies travel on bikes and their villages being more than 50 kms away, they get tired of riding a bike for such long distances. Besides, it is risky to travel on the highway on a two – wheeler.’

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“Along with enjoying my responsibilities here, it gives me a sense of belonging while working at Goldi Green”. -Dipak Chaudhary

eepak Chaudhary, a tribal hailing from Juna Kakrapar village of Mandvi taluka, has been with Goldi Green since more than four years. Having learnt a basic computer course at HCL and a brief stint as a computer maintenance person, Goldi Green opened doors of opportunities for Deepak. He was recruited as a trainee in the IT department. Right from the beginning, he recalls, his seniors gave him immense support and freedom to learn. Four years down the line, Deepak looks after the maintenance of all the computers and peripherals, solves networking issues, is in charge of installing and managing the CC TV cameras and also maintaining the EPBX system. Job satisfaction, friendly atmosphere and support from seniors are the main attractions for Deepak at Goldi Green. The nutritious and balanced lunch and transportation facilities right up to his village are the extra benefits, he adds with a wide smile on his face.

oldi Green is one of the fastest growing Solar PV Module manufacturing companies, growing at a CAGR of 80%. We manufacture PV Modules up to the range of 340Wp using Poly and Mono Crystalline Solar cells in an ISO 9001:2015, ISO 14001:2015 & OHSAS 18001:2007 certified facility. Offering turnkey services, and the latest in technology, we are also a leading solar design and installation firm undertaking EPC projects.In a course of just a few years, we have established ourselves in the domestic as well as international market as leading players providing the best in value and service to our customers. We are also a leading OEM Solar PV Module company, catering to many international brands across the globe and delivering unmatched quality at a competitive price. Goldi Green has been recognized and certified as ‘Star Export House’ of India by the Ministry of Commerce & Industry, Government of India. Goldi Green is also the first Indian company to be audited by SolarBuyer, U.S.A. Goldi Green is now soon set towards expanding its manufacturing capacity up to 1GW to meet the ever increasing demand for its Solar PV Modules. This will help us in fulfilling the demand of our customers across the globe. PROMOTERSGoldi Green is promoted by members of the Dholakia family, who are also founders of the USD 1.2 billion diamond manufacturing conglomerate, SRK Exports.

September Part A 2017

PR DUCTS ABB CENTRAL INVERTER, PVS800, NOW AVAILABLE UP TO 2 MW SIZE ABB continues to expand its extensive solar inverter portfolio through the launch of the high-power central inverter, PVS80057B – a new member of the highly successful PVS800 central inverter series.

ollowing the success of the PVS800 central inverter series, ABB has released an extension to the family – a new high-power central inverter, PVS800-57B, developed on the basis of ABB’s decades of experience in power converter and inverter technology. The new PVS800-57B central inverters, with ratings up to 2 MW, reduce overall system cost of the solar photovoltaic (PV) plants with one of the most compact and easy-to-maintain designs on the market. The modular direct current (DC) input design combined with a true mirror design provides superior flexibility for system integrators. With a 50 percent higher power density than in the preceding PVS800 models, the new PVS80057B is one of the most compact inverters on the market both by footprint and volume per kW. This reduces installation and container space and lowers transportation costs. The larger inverter power rating also brings considerable savings on the medium voltage side by allowing larger transformers to be used. The new ABB central inverters offer a wide operational temperature range, up to 50°C at nominal power

September part A 2017

ratings of 1645 kW and 1732 kW, and up to 60°C with power derating. This makes the product very suitable for hot climate conditions. At lower temperatures, the central inverter provides up to 20 percent power overloading capability, up to a maximum power output of 1975 kW and 2078 kW at 25°C for 1645 kW and 1732 kW inverters, respectively. The inverter with a true mirror design and modular DC input section provides system integrators with flexibility in designing the container and the BOS (balance of system) arrangements, especially considering the DC cable type and the number of junction boxes needed. The PVS800-57B central inverter is available as standard with 16 fused busbar inputs, which can be extended up to 24 inputs. Additionally, the DC input section can be provided with integrated DC current measurement per input. The inverter also includes the standard grid support features of PVS series inverters such as active and reactive power control including night time reactive power support. ABB has developed this inverter with a global mindset to ensure the inverter supports a wide range of local utility requirements

through adjustable grid support features, as well as the future smart grids.The ABB central inverters are designed for multi-megawatt PV power plants. With the ABB central inverter’s certificates and advanced and flexible grid support functions, it is possible to meet all applicable network connection requirements, regardless of the project’s location. To help meet bankability requirements and secure an attractive and sustainable return on investment, ABB supports its customers with a dedicated global service network providing a complete range of life cycle services in more than 60 countries. ABB (ABBN: SIX Swiss Ex) is a pioneering technology leader in electrification products, robotics and motion, industrial automation and power grids, serving customers in utilities, industry and transport & infrastructure globally. Continuing more than a 125-year history of innovation, ABB today is writing the future of industrial digitalization and driving the Energy and Fourth Industrial Revolutions. ABB operates in more than 100 countries with about 132,000 employees.

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September Part A 2017

SOLAR PHOTOVOLTAIC MODULE BACKPLANE SERIES SDJ-5A The Factory Direct Selling Price $1.5/SQ.M. Suzhou Top Giant New Material Technology Co., Ltd. Is a backbone of technological innovation-based enterprises, is one of the drafters of the industry standard for national solar energy components from the back. Company since its establishment 2012, has always focused on the new material of modified plastics, polyester modified, the application of new materials and other high-tech insulating materials R & D, production and sales. The company passed the ISO9001 quality system certification and ISO14001 environmental management system certification. The first product of high-performance environment-friendly solar cells backplane assembly SDJ-5A have been through the national CPVT, SGS, the European TUV and American UL certification. Now has an annual output of 10 million M2 high performance and environment-friendly solar energy components from the back of the produce can dimensions. SDJ-5A series in the quality of the back board, Has obvious advantages in performance and cost aspects, To solve the current global back-plate industry are the most outstanding difficulties: the high moisture of have the snail phenomenon, low resistance to aging, service life, EVA shift, the phenomenon of degumming and other defects. Products of water-resisting performance, size stability, the performance of the voltage-resistance and insulation resistance of wear resistant surface are better than the present industry product. Company uphold the aim is “to be the best quality of the products is endless”, Adhering to “walk hand in hand with customers, win-win future” business principles, Always adhere to the innovation and development of the foundation with high quality, high performance-price ratio for the vision of the product, creating a good focus on the sustainable development of green material enterprises.

SDJ-5A certified by TUV

SDJ-5A certified by UL

SDJ-5A Passed SGS environmental protection test

SDJ-5A certified by CPVT

Contact Us : Web : www.dingjiutech.com Mob/WhatsApp : +86 13814998299 Fax : +86 512 53666258 Email : export@dingjiutech.com Address : 22 Dongbang Road Chengxiang, District Taicang Jiangsu, China, 215000

September part A 2017

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September Part A 2017

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September part A 2017

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September Part A 2017

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