Industry News and Policy Briefs

Delhi-based Greenzo Energy India said it would invest $50 million to manufacture 250 MW of anion exchange membrane electrolyzers per year and the balance of plant in the Sanand-II Industrial Estate, a part of Gujarat Industrial Development Corporation. The company aims to provide end-to-end solutions for green hydrogen production and storage.

Adani Green Energy, through its subsidiary Adani Solar Energy AP Six, raised a project loan facility of ¥27.95 billion (~$205.31 million) to help refinance its debt. The facility includes amortizing project loans, a 16-year debt structure with a door-todoor tenor of ten years and an average tenor of more than eight years.

Neuron Energy, a Mumbai-based lithium-ion battery manufacturer, will invest ₹500 million ($6.04 million) to increase production capacity. The investment will be split into ₹350 million ($4.2 million) of working capital and ₹150 million ($1.8 million) of equity from the promoters and strategic partners.

homiHydrogen said it would invest $50 million in an electrolyzer manufacturing facility of 1.5 GW per annum capacity in Pune, catering to domestic and export markets. With this facility, homiHydrogen will become the first company to provide all four commercially available electrolyzers, which include efficient and cost-effective alkaline, anion exchange membranes, proton exchange membranes, and solid oxide electrolyzers.

Tata Power secured a ₹4.5 billion (~$54.3 million) trade finance facility from Japan-based Mitsubishi UFJ Financial Group for two solar projects. The funds will be used for a 100 MW solar project in Parthur, Maharashtra, and a 120 MW solar project in Mesanka, Gujarat. Both projects will be executed by TP Kirnali, a wholly owned subsidiary of Tata Power Renewable Energy, the clean energy arm of Tata Power.

India-based automobile conglomerate and the parent company of Royal Enfield, Eicher Motors, said it would acquire a 10.35% stake in European electric motorcycle manufacturer Stark Future with an initial equity investment of €50 million (~$53.2 million). Both Royal Enfield and Stark Future will use the investment for the electrification of motorcycles.

The Indian Renewable Energy Development Agency sanctioned a ₹44.45 billion (~$537.14 million) loan to SJVN Green Energy, a subsidiary of SJVN, to develop a 1 GW solar project in Bikaner, Rajasthan. SJVN had bagged the project tendered by the Indian Renewable Development Agency under the CPSU Phase-II (Tranche-III) program under viability gap funding to develop a grid-connected solar project.

Mahindra and Mahindra said that the Maharashtra government had approved its plan to invest ₹100 billion (~$1.2 billion) for an electric vehicle (EV) manufacturing facility in Pune. The company said the investment would be made through its subsidiary over 7-8 years. The investment will also be directed toward producing Mahindra’s upcoming Born Electric Vehicles, a few of which were exhibited in the UK earlier this year.

Adani New Industries, the manufacturing and green hydrogen platform of the Adani Group, signed a development and licensing agreement with Melbourne-based hydrogen technology company Cavendish Renewable Technology. The deal includes infrastructure costs for intellectual property development, license fees, and royalties on the successful commercialization of Cavendish Renewable Technology’s electrolyzer technologies.

Wind turbine maker Suzlon approved the sale of its remaining stake of 51.05% in the subsidiary Vayudoot Solarfarms to Ahmedabad-based Aries Renewables, the company said in a National Stock Exchange filing. Suzlon sold the balance stake for a consideration of ₹142.3 million (~$1.7 million).

Jindal Stainless signed a contract with ReNew Power to develop an approximately 300 MW utility-scale captive renewable project to power its facilities in Jajpur, Odisha. The project would use a mix of solar and wind technologies and is expected to generate 700 million units of energy annually.

Floating solution provider Acqafront Infrastructure developed ‘i-Ghat,’ a futuristic project to power boats with solar energy instead of diesel at Kada Ghat, Kaushambi, in Uttar Pradesh. Acquafront originated at the Startup Incubation and Innovation Centre, IIT Kanpur. The company develops floating solutions for large-scale infrastructure, including the world’s first floating CNG (compressed natural gas) refilling station on the River Ganga at Khidkiya Ghat in Varanasi.

Mumbai-based renewable energy company CleanMax Enviro Energy Solutions partnered with global internet giant Meta to invest in 33.8 MW of new renewable energy projects in India. The projects will comprise 21.6 MW wind and 12.2 MW solar installations.

Inox Green Energy Services, a subsidiary of Inox Wind, acquired a majority stake in an undisclosed independent wind power operations and maintenance company with above 230 MW of operating capacity, primarily in South India. Inox Green’s first acquisition is expected to help the company expand its O&M fleet through an inorganic route.

India-based independent power producer ReNew Power announced it had signed an agreement with Microsoft India to supply 150 MW of solar power from its recently commissioned project near Bikaner in Rajasthan With an aim to remove carbon in its energy purchases by 2030, Microsoft plans to contract green energy for 100% of carbon-emitting consumption by all its data centers, buildings, and campuses worldwide.

Adani Enterprises became the first company to start the construction of a polysilicon and monosilane manufacturing facility to be constructed in Mundra, Gujarat. Stateowned construction and engineering company Engineers India secured an assignment for providing owner’s engineer services for 30,000 MTPA polysilicon and 500 MTPA monosilane project from Mundra Solar Technology, a group company of Adani Enterprises.

Adani Solar introduced India’s first large monocrystalline silicon ingot at its Mundra facility. These ingots will be used to produce renewable electricity from silicon-based solar modules with efficiencies between 21% and 24%. The company completed the backward integration of the ingot line infrastructure in seven months and will produce silicon ingots exclusively for its solar wafers, cells, and modules.

Researchers at IIT Kanpur said they had developed organic solar cells consisting of a combination of an organic polymer and PCBM — an organic semiconductor — on steel substrates that can convert a steel roof into an energyproducing device. The researchers developed the devices using the organic polymer PTB7 as a donor and PCBM as an acceptor. The devices were fabricated on opaque steel substrates with a MoO3/ Au/MoO3 top electrode.