Saurenergy International Magazine December Issue 2019 by Saur Energy International

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SAUR ENERGY

DECEMBER 2019 | Rs. 200

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2019

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FROM THE EDITOR

I N T E R N A T I O N A L GROUP EDITOR PRASANNA SINGH prasanna@meilleurmedia.com DIRECTOR MARKETING PRATEEK KAPOOR prateek@meilleurmedia.com

As we close out 2019, one certainly wishes we could look back on the year that went by with some more fondness. Of course, there were some great moments for us at Saur Energy, with great growth in our online site and a massive improvement in reach thanks to our acceptance on google news. The best part is, this has been noticed and acknowledged by our stakeholders too.

EDITOR MANAS NANDI manas@meilleurmedia.com ASSOCIATE EDITOR MANU TAYAL manu@meilleurmedia.com STAFF WRITER AYUSH VERMA editorial@meilleurmedia.com

On the sector we are dedicated to, the news was not always so good, except for a few bright spots. The acquisition of Amplus Energy by Petronas was MANAGER- MEDIA SOLUTION one, as was the installation of a solar system on GIRISH MISHRA the UN headquarters by India. girish.mishra@meilleurmedia.com But there were a surprising amount of roadblocks, which took a toll of the sector. Growth has DESIGN HEAD stopped completely, and all hopes are pinned SANDEEP KUMAR on 2020 now. But can 2020 deliver, unless the issues from WEB DEVELOPMENT MANAGER 2019 are resolved? In our cover feature, we JITENDER KUMAR look back at the ones that really mattered, just to remind us all that much needs to be WEB PRODUCTION done. For 2020, we can also promise you a whole lot of new, from innovative new events, to deeper and wider coverage of the sector. As we wish the best in 2020 for you, wish us some luck too, we really hope to continue making information access easier for you in the new year!

Prasanna Singh prasanna@meilleurmedia.com

BALVINDER SINGH

SUBSCRIPTIONS KULDEEP GUSAIN subscription@meilleurmedia.com Saur Energy International is printed, published, edited and owned by Manas Nandi and published from 303, 2nd floor, Neelkanth Palace, Plot No- 190, Sant Nagar,East of Kailash, New Delhi- 110065 (INDIA),Printed at Pearl Printers, C-105, Okhla Industrial Area, Phase 1, New Delhi.

Editor, Publisher, Printer and Owner make every effort to ensure high quality and accuracy of the content published. However he cannot accept any responsibility for any effects from errors or omissions. The views expressed in this publication are not necessarily those of the Editor and publisher. The information in the content and advertisement published in the magazine are just for reference of the readers. However, readers are cautioned to make inquiries and take their decision on purchase or investment after consulting experts on the subject. Saur Energy International holds no responsibility for any decision taken by readers on the basis of the information provided herein. Any unauthorised reproduction of Saur Energy International magazine content is strictly forbidden. Subject to Delhi Jurisdiction.

enquiry@lithiumionbattery.co.in infoaqueouss@gmail.com +91-11-41092309, +91-8130600209 www.aqueouss.in

CONTENT PAGE

VIBHAS VERMA Founder Aqueouss

AKSHAY KASHYAP

FOUNDER AND MANAGING DIRECTOR GREENFUEL ENERGY SOLUTIONS

GROWTH OF SOLAR ROOFTOP IN INDIA

COVER STORY

THE POTHOLES OF 2019 FOR INDIAâ&#x20AC;&#x2122;S SOLAR DRIVE POLICY

DECEMBER 2019

MARKET

India Assures Developers of Pro-Business Policies

Poland to Meet RE Target With Amended Regulation

CERC OKs Rs 2.77/kWh Tariff for 1200 MW Projects

Solar + Storage Expected to Dramatically Rise

India Calls for Faster Expansion of ISA at COP 25

RE Ambition in NDCs Must Double by 2030: IRENA

SAUR ENERGY INTERNATIONAL | VOL 4 l ISSUE 04

CONTENT PAGE

PROJECTS

STORAGE

50 ReNew Power Partners With GS E&C for R'than Proj

NTPC Tenders for 500 MW Solar Proj in M'rashtra

US Storage Industry to Build on Strong 3rd Quarter

Amazon Announces 3 RE Projects in USA, Spain

Energy Storage Contracts Down 34% in Q3 2019

MILESTONE

FINANCE

Kerala Govt, Toshiba to make Li-Ion Batteries

Covestro Signs Worldâ&#x20AC;&#x2122;s Largest PPA for Offshore

Rs 183 Cr Funds Released for Mega Solar Project

EESL and SDMC Partner for EV Infra in Delhi

ADB Meets Commitment to Double Financing

ADB Grants $250 Mn to EESL for Energy Efficiency VOL 4 l ISSUE 04 | SAUR ENERGY INTERNATIONAL

DECEMBER 2019

POLICY UPDATES

INDIA ASSURES DEVELOPERS OF PRO-BUSINESS POLICIES The government of India has assured renewable energy (RE) developers that they will be provided with a more businessfriendly environment in India with an introduction and better implementation of policies like the payment security mechanism to lower risk on investment. Speaking on the sidelines of the COP 25 conference in Madrid, New and Renewable Energy Secretary Anand Kumar said that the “government is committed to managing curtailments to enhance the ease of doing business for developers in the renewable energy sector.” A payment security mechanism to derisk investments in renewable has also been put in place, and on the demand side, the ministry is working with farmers and commercial and industrial (C and I) consumers to embed them into the renewables value chain as direct stakeholders, he was quoted as saying in a release by the Ministry of New and Renewable Energy (MNRE). At the summit, the official also informed about India‘s 175 GW renewable energy

capacity by 2022 and said 83 GW has already been installed, and an additional 70 GW capacity is under fruition. The MNRE aims to bid out the balance capacities for solar and wind by June 2020, giving developers 30 months to complete deployment, Kumar said. “Kumar (also) underlined the need for catalysing private investment and

expand India’s clean energy market through innovative risk mitigation and aggregation instruments. He stated that the additional investments in renewable up to the year 2022 would be about USD 80 billion at today’s prices and an investment of around USD 300 billion would be required up to 2030,” the ministry statement added.

MNRE MISSING YEARLY RENEWABLE ENERGY TARGETS

DECEMBER 2019

The Ministry of New and Renewable Energy (MNRE) has continuously failed to achieve its yearly targets of clean energy capacity addition, which may hamper the mission of having 175 GW of renewables by 2022, the Parliamentary Standing Committee on Energy has informed the parliament. The committee observed “with deep concern that the ministry has continuously failed to achieve its yearly target (of renewable capacity addition). For 2016-17 and 2017-18, against the grid-connected renewable energy target of 16,569 MW and 14,445 MW, the ministry could achieve 11,319.75MW and 11,876.82 MW respectively.” The panel was of the view that “year-on-year shortfall in achievement of targets may hamper the entire mission of achieving 175GW (of renewables) by 2022, which in turn reflects poorly upon the commitment and sincerity of the MNRE.” The panel also noted that banks are reluctant to finance renewable projects as there are a lot of bad loans or NPAs in the power sector and at present, both conventional power sector and renewable energy sector are clubbed together for their loan basket. It also noted that about Rs 9,700 crore dues are owed by states and discoms towards renewable energy developers or generators. If the same is not paid back, many of the solar SAUR ENERGY INTERNATIONAL | VOL 4 l ISSUE 04

and wind project will turn into non-performing assets. The committee is of the view that the renewable energy ministry holds discussions with state governments and come up with guidelines or directives, so as to ensure timely payment from discoms to developers or generators. The panel also wants that the bank should separate loan basket and limit of the renewable energy sector from that of the conventional power sector.

POLICY UPDATES

CERC OKs Rs 2.77/KWH TARIFF FOR 1200 MW PROJECTS The Central Electricity Regulatory Commission (CERC) in its latest notification has given its go-ahead for the 1200 MW wind projects tendered by the Solar Energy Corporation of India (SECI) and approved the tariff rate of Rs 2.77 per kWh for the procurement of the power generated by the wind projects. In its petition to the Central commission, SECI had stated that it had agreed to sell the generated wind power to the DISCOMS at the rate of Rs 2.84/kWh which includes a trading margin of Rs 0.07/kWh. SECI had also revealed that after the tendering process and the reverse auctions, it had entered into multiple Power Sale Agreements (PSAs) with Haryana Power Purchase Centre, North Bihar Power Distribution Company Limited, South Bihar Power Distribution Company Limited, secretary (Power), Government of Puducherry; BSES Rajdhani Power Ltd.; and with BSES Yamuna Power Ltd. The central commission after carefully examining all the submissions made by SECI observed that the selection of

successful bidders and the adoption of tariff for the Inter-State Transmission System (ISTS) connected wind projects were carried out through a transparent process of competitive bidding. Further noting that there were no deviations from the guidelines in the Request for Selection (RfS) documents issued by SECI. Based on its findings the commission then approved the

adopted tariff of Rs 2.77/kWh for the projects. As per the guidelines issued by the Ministry of Power, the power procurer (in this case SECI) is required to inform the commission about the initiation of the bidding process, which SECI failed to do. The commission has thus directed the agency to comply with the process for future projects.

Rs 2.65/KWH & Rs 3.46/KWH TARIFF FOR 2GW WIND PROJECTS The Central Electricity Regulatory Commission (CERC) in its latest notification approved the tariffs proposed by the Solar Energy Corporation of India (SECI) and PTC India Limited for 2 GW of wind power projects. The two petitioners had quoted a tariff rate of Rs 2.65/kWh and Rs 3.46/ kWh, respectively. The order was issued after two separate petitions filed by SECI and PTC India Limited requested the commission to approve the amount quoted by them for the wind projects (1 GW each). The two firms had filed separate petitions before the CERC seeking its approval for the adoption of tariffs for 1000 MW (each) of wind power projects connected to the inter-state transmission system (ISTS). In the petition, SECI requested the commission for the approval of Rs 2.65/ kWh, along with a trading margin of Rs 0.07/kWh for 1,000 MW of projects.

SECI had also submitted that some of these projects have already been commissioned. As the DISCOMs and wind developers are spread over multiple states, the Discoms had approached their respective state electricity regulatory commissions for the approval of the procurement process and the adoption of the tariff. In its order, the commission approved

the tariffs for the projects. Furthermore, the commission stated that the CERC could not approve the trading margin for long-term transactions since the new trading margin regulations do not provide the provisions for long-term transactions, and it should be done on a mutually agreed basis. Therefore, the trading margin mutually agreed by the two parties will apply to the projects. VOL 4 l ISSUE 04 | SAUR ENERGY INTERNATIONAL

DECEMBER 2019

POLICY UPDATES

INDIA CALLS FOR FASTER EXPANSION OF ISA AT COP 25 Union Environment Minister Prakash Javadekar stressed on his point that more and more countries should join the International Solar Alliance (ISA) to reduce dependence on fossil fuels to meet their growing energy requirements, Speaking at a ministerial plenary on the sidelines of the 25th session of the Conference of Parties (COP 25) under the UN Framework Convention of Climate Change (UNFCCC) in Madrid, Javadekar said there was a need to speed up this alliance to trap solar energy in a big way. “Four years ago in Paris, when Prime Minister Narendra Modi and French President Francois Hollande launched the ISA, it was a new beginning. Now, I can say that the four-year-old child is running fast, but it must run faster because the need of the hour is that we must tap solar in a big way,” the minister said. The minister’s statement was shared by the Union Environment Ministry. Expressing contentment over 83 countries joining the ISA in just four years, Javadekar said, “When ISA was launched, the idea was that all those countries who get

more solar energy as they fall between the Tropic of Cancer and the Tropic of Capricorn should come together to create the consumers’ own market. “I must also congratulate you all as the ISA has aggregated demand from various countries on Solar Agriculture Pumps and has floated a tender in which four parties have submitted their bids. I am sure that

the best deal is on the cards and they will get it soon,” he added. Listing out the aggressive manner in which India has expanded its renewable energy mix, Javadekar pointed out that five years ago, India had just 3 GW of solar energy. “Today, we have 33 GW of solar energy. It is huge,” the ministry quoted him as saying.

UPERC OKAYS 200MW SOLAR PSA BETWEEN SECI, UPPCL

DECEMBER 2019

The Uttar Pradesh Electricity Regulatory Commission (UPERC) has in its latest notification informed that after careful deliberations it has approved the Power Sale Agreement (PSA) signed between the Uttar Pradesh Power Corporation Limited (UPPCL) and the Solar Energy Corporation of India (SECI) for sourcing 200 MW of solar power at a tariff of Rs 2.89/kWh. UPPCL had entered into the PSA with SECI for the procurement of the 200 MW solar power from Pavagada Solar Park in Karnataka in November last year. The Discom had settled on a tariff of Rs 2.89/ kWh with a trading margin of Rs 0.07/ kWh for a period of 25 years and had then applied for the approval of the state electricity commission. The order further stated that the government of India has designated SECI as the nodal agency for developing grid-connected solar power capacity. SAUR ENERGY INTERNATIONAL | VOL 4 l ISSUE 04

SECI plays the role of an intermediary procurer in line with the provisions of the guidelines for the tariff-based competitive bidding process for the procurement of power from grid-connected solar projects. SECI had auctioned 200 MW of grid-connected solar projects to be developed at the Pavagada solar park located in the Tumkur district of

Karnataka. In the auction, SBE Five Ltd was declared the winner after it quoted a tariff of Rs 2.82/kWh. In its final order, the commission stated that “considering all the above-detailed parameters and the submissions made by the petitioner, the Commission approved PSA between UPPCL and SECI at tariff off Rs 2.89/kWh for 25 years for 200 MW solar power.”

POLICY UPDATES

RAILWAYS TO SOURCE 1 GW SOLAR, 100 MW WIND In a bid to go green, Indian Railways has planned to source about 1 GW (1,000 MW) of solar energy and approx. 200 MW of wind energy progressively by 2021-22, said Piyush Goyal. In a written reply to a question in Rajya Sabha, this information was provided by Piyush Goyal, Minister of Railways and Commerce & Industry. Already, Indian Railways has set up 201 MW, including 98 MW from solar energy and 103 MW from wind power, till October 31, 2019, he further added. In order to green leap forward, Goyal also said in a tweet that, “Railways deploys an environment-friendly and energy-efficient ‘Head on Generation’ technology in electric locomotives, which replaces diesel generators and results in huge savings in operational cost.” Some of the benefits of ‘Head on Generation’ technology includes – it is eco-friendly, energy-efficient, can replace diesel generators, and huge money will also be saved in operational costs. In November last week, the Minister also said that a target has been set for full electrification of Indian railways within

the next three to four years. He tweeted that “Railways is continuously increasing electrification for a better, pollution-free future. The target of electrification of the entire railway in the next 3-4 years has been set, making it the world’s first carbon emission-free railway, along with that the railways are producing solar energy for their power needs.” Earlier, Railway Minister Goyal had said that Indian Railways will become the world’s first “net-zero” carbon emitter by 2030.

OVER 12 GW WIND POWER PROJECTS AWARDED SO FAR Union Minister of State (IC) New & Renewable Energy, Power and Skill Development and Entrepreneurship RK Singh, in a recent written reply to a question in Rajya Sabha, has informed that so far, bids for 15,100 MW of wind power projects have been issued in India, out of which projects of 12,162.50 MW capacity have already been awarded. The Minister further added that the cumulative installed capacity of wind power (as on 31.10.2019) in the country is 37,090.03 MW. “Wind power projects are set up in the country, including in the state of Rajasthan, on the basis of commercial principles taking into account wind resource, land availability, transmission infrastructure, etc,” he added. Singh then went on to add that the Government has issued ‘Guidelines for Development of Onshore Wind Power Projects’ on October 22, 2016, with an objective to facilitate the development of wind power projects in an efficient, cost-effective and environmentally benign manner taking into account the requirements of project developers, States and national imperatives. The Guidelines have provisions for the

requirement of site feasibility, type and quality certified wind turbines, micro-siting criteria, compliance of grid regulations, real-time monitoring, online registry and performance reporting, health and safety provisions, decommissioning plan, etc. The Government has also issued ‘Guidelines for Tariff Based Competitive

Bidding Process for Procurement of Power from Grid Connected Wind Power Projects’, on December 8, 2017, with an objective to provide a framework for procurement of wind power through a transparent process of bidding including standardisation of the process and defining of roles and responsibilities of various stakeholders. VOL 4 l ISSUE 04 | SAUR ENERGY INTERNATIONAL

DECEMBER 2019

POLICY UPDATES

RAILWAYS' MANY INITIATIVES IN GREEN ENERGY With the goal of transforming the Indian Railways into “Green Railways”, complete electrification of the Railway network has been approved by Cabinet Committee on Economic Affairs (CCEA) which will reduce its carbon footprint and will also improve its finances through the reduction in fuel cost. As part of its obligations and commitment to reducing carbon footprints, the Railways is taking several initiatives in the field of Green Energy to achieve the same. In line with this, a Memorandum of Understanding (MoU) was signed between the ministry and the Department for International Development (DFID), the United Kingdom for collaboration on energy and sustainability. Through the Power Sector Reform (PSR) programme, the MoU with DFID envisages to include co-operation for the Energy Efficiency & Energy Self Sufficiency for Indian Railways. The MoU will broadly cover: i. Energy planning for Indian Railways in line with Governments’ policies and regulations as applicable from time to time

including 100 percent greener sources of electricity supply through ii. Promoting energy sustainability initiatives like iii. Electric Vehicle charging infrastructure deployment iv. Battery operated Shunting Locomotives v. Capacity development like training programmes, industrial visits, field visits, etc.

The collaboration of Indian Railways with DFID will go a long way in ensuring self-sufficiency and efficiency in terms of energy and greener Indian Railways, the ministry issued in a statement. Recently, Union Minister Piyush Goyal had informed that a target has been set for full electrification of Indian Railways within the next four years.

MERC OKs Rs 2.52/KWH TARIFF FOR 500 MW WIND POWER

DECEMBER 2019

The Maharashtra Electricity Regulatory Commission (MERC) has in its latest order approved the tariff of Rs 2.52/kWh for procurement of 500 MW wind power as requested by the Maharashtra State Electricity Distribution Company Limited (MSEDCL) in its last petition. The state Discom had filed a petition with the state commission seeking the approval of the adoption of the tariff rate arrived at during the competitive bidding process for its 500 MW wind tender. The Discom advocated that it received bids for only 7 MW at a tariff rate of Rs 2.52/kWh, when the tender was issued in June this year. In its petition, MSEDCL had requested the state commission to adopt the tariff discovered through the competitive bidding process held by MSEDCL for the procurement of 7 MW wind power from intra-state wind projects whose energy purchase agreements (EPAs) with MSEDCL had expired. Additionally, the Discom was also seeking approval for signing of the Power Purchase Agreement (PPA) with the successful bidders at the competitively discovered tariff, and to allow MSEDCL to claim such procurement for the fulfilment of MSEDCL’s renewable purchase obligation (RPO). In its order, the commission approved the procurement of 7 MW of wind energy at a tariff rate of Rs 2.52/kWh and SAUR ENERGY INTERNATIONAL | VOL 4 l ISSUE 04

allowed the bidders to enter into an EPA for eight years. The commission also permitted MSEDCL to use the procured wind power for meeting its non-solar RPO targets. The commission noted in its finding that the rate of Rs 2.52 /kWh that was discovered through competitive bidding was the same that it has previously allowed for purchasing wind power for shortterm from generators whose EPAs had expired.

POLICY UPDATES

INDIA, GERMANY TO WORK ON SOLAR DEVELOPMENT India and Germany will collaborate on Mumbai Metro and solar energy projects as part of bilateral cooperation in energy and urban development sectors, a senior official with Germany’s Ministry of Economic Cooperation has said. Talking to reporters, Director General (Bilateral Cooperation) of the Federal Ministry for Economic Cooperation and Development Claudia Warning said, “Government-to-government negotiations were held on November 27, 2019, and it was decided that 25 concrete projects related to energy cooperation and urban development would be carried out between the two countries.” In October, it was reported that India and Saudi Arabia have signed 12 MoUs and agreements in key sectors including renewable energy, security cooperation, defence industries collaboration, and civil aviation. The agreements were signed in the presence of Prime Minister Narendra Modi and Saudi Crown Prince Mohammed bin Salman. Prior to that, we had reported that India and the US will launch a new initiative for clean energy to fuel economic growth in the strategically-important Indo-

Pacific region where China has been trying to expand its sphere of influence, the US State Department has said. The US has been pushing for a broader role by India in the Indo-Pacific region in the backdrop of China’s rising military manoeuvring in the region. In September, India and China agreed on cooperation

in the Research and Development (R&D) of new and improved technology for the manufacturing of solar cells from alternate material with improvement in their conversion efficiencies. Both sides have also agreed on cooperation in the field of e-mobility and energy storage, government think tank Niti Aayog announced.

INDIA NEEDS OVER Rs 4 LAKH CR FOR 175GW TARGET

DECEMBER 2019

Minister of State for New & Renewable Energy and Power, RK Singh has said that India will need an investment in the region of approximately Rs 4 lakh crore to achieve the balance target of its ambitious 175 GW renewable energy generation capacity by 2022 target. In response to a question raised in the Rajya Sabha, the minister said that the Government has set a target for installing 175 GW of Renewable Energy capacity by the year 2022 which includes 100 GW from solar, 60 GW from wind, 10 GW from Biomass and 5 GW from Small Hydro. And that a cumulative renewable energy capacity of 83.38 GW has already been installed in the country up to October 2019. “To achieve the balance target of 91.62 GW, an investment of approx. Rs 4,14,581 Cr has been estimated as capital cost,” the minister stated in his written response. In response to the question on whether the Government is assessing different policy options for long term financial support to RE sector, and how it plans to attract large scale private investment in this sector, the minister said that most of the grid-connected renewable energy projects in the country are being implemented by the private sector developers selected through transparent bidding process. SAUR ENERGY INTERNATIONAL | VOL 4 l ISSUE 04

Further adding that the Indian Renewable Energy Development Agency (IREDA), a Non-Banking Financial Institution under the administrative control of MNRE finances renewable energy and energy efficiency projects in the country by raising resources from internal and external sources such as bilateral and multilateral agencies, raising masala bonds from international & domestic market, borrowing from banks or financial institutions, etc.

POLICY UPDATES

MNRE MAKES FEW AMENDMENTS IN PROVISIONS FOR DRC The Ministry of New & Renewable Energy (MNRE) has made few amendments in the existing provisions for the Dispute Resolution Mechanism under which disputes are considered between solar/ wind power developers and SECl/ NTPC. The amendment has been made w.r.t. fee payable in case of extension of dispute time. As per the ministry notification, all applications before Dispute Resolution Committee (DRC) under categories (a) all requests for extension of time due to recognized ‘Force Majeure’ events, (b) all requests of extension of time not covered under the terms of contract; and (c) all disputes other than those pertaining to ‘extension of time’ between SECl/NTPC and developer shall be accompanied with the applicable fee. As per the new amended provision, “In case of Extension of Time dispute, the fee payable shall be 5 percent of the impact of SECl/NTPC’s decision being challenged, with the impact being limited to the Performance Bank Guarantee (PBG) submitted for the project concerned, and which in no case be less than Rs one

lakh and not more than Rs one crore.” However, in the existing provision, “In case of Extension of Time dispute, the fee payable shall be 5 percent of the impact of SECl/NTPC’s decision being challenged, with the impact being limited

to the Performance Bank Guarantee (PBG) submitted for the project concerned. A minimum fee of Rs one lakh would be payable even if the 5 percent of the impact of SECl/NTPC’s decision being challenged, is less than Rs one lakh.”

INDIA IN TOP 10 NATIONS ON CCP INDEX: RK SINGH

DECEMBER 2019

India is among the top 10 nations as per the Climate Change Performance Index (CCPI) which is based parameters like renewable power and energy use efficiency, Union Minister for Power and New & Renewable Energy, RK Singh has said. This entry into the top 10 assumes significance in view of India’s resolve to reach 175 GW of clean energy capacity by 2022. The country has already achieved around 84 GW of clean energy capacity, including 32 GW of solar and 37 GW of wind energy. At present, India’s total installed power generation capacity is around 365 GW. “I am happy to share that as per CCPI report, released during COP 25 at Madrid, India is ranked among the top 10 countries in CCPI, which was released after analysing four parameters, that is greenhouse gases emission, renewable energy, climate change and energy use,” Singh said while addressing the 29th National Energy Conservation Awards ceremony in the capital. The minister said 355 industrial units and other establishments have participated in the awards and have collectively achieved savings of Rs 5,283 crore by saving 105.66 billion units of electricity. Singh highlighted the importance of energy SAUR ENERGY INTERNATIONAL | VOL 4 l ISSUE 04

conservation in the country’s sustainable development approach. He emphasised the need for taking measures in order to reduce carbon dioxide emissions so as to minimise the adverse impact of climate change. The minister said 355 industrial units and other establishments have participated in the awards and have collectively achieved savings of Rs 5,283 crore by saving 105.66 billion units of electricity.

POINT OF VIEW

Do you think the Indian solar market is no longer attractive due to lower margins? In recent years, Indian solar industry saw many ups and downs whether it would be related to implementation of GST, safeguard duty, dues on Discoms, renegotiation of PPAs, policy changes etc. Here’re some views and voices from the industry on the impact of margins due to ongoing developments:

AMIT GUPTA

Director of Legal and Corporate Affairs Vikram Solar

Indian solar industry witnessed significant interest from domestic & foreign investor after Government of India revised the target from 20 GW to 100 GW. However, the investment has been drying up in the last couple of years. In 2018, total investments in the Indian solar sector amounted to $9.8 billion, showing a 15 percent decline compared to 2017. At the end of 2019, the number is suspected to fall below 2018’s standards. The effects of decline in investments can be seen in fall of y-o-y installation capacity (9.7 GW in 2017, 8.2 GW in 2018, and nearly 7 GW in 2019). It is true that consistently falling solar tariffs have put pressure on margins quality of equipment and availability of finance. This has reduced ROI for investors and made them hesitant to invest into Indian solar projects. Therefore, lower margins can obviously be considered as a reason behind retracting investor interest, but it is not the only reason behind such scenario. In last 2 years, the sector struggling with issues like renegotiation of PPAs, regulatory hurdles and legal issues due to delays in repayment of money stuck on account of GST and safeguard duty under change in law provisions of the contract, lack of financing solutions, issues in raising capital, global trade war, China reducing its clean energy installation targets etc have contributed in making sector less attractive to investors. In order to improve the investor sentiment, Government of India needs to re-align policies and solve bureaucratic hurdles to build stronger investor confidence within the industry to ensure the flow of investments

That is the general attitude in the market among a decent number of developers who are either new to the market or expecting impractically high margins. ‘Lower or Higher margin’ is a very subjective concept and solely depends on the individual who is defining the profit margin for themselves. However, if you talk to major or experienced players in Indian solar market, you will find that this is just a phase, just like any other market or industry. The main thing to focus here is India’s potential of generating electricity from the Sun. Another major positive factor here is the support we are getting from the Government in the form of policy making and also the benefits offered to the end-users as of subsidies. We believe that necessary policies are there, and profit is still there. As soon as pilot policies will be converted in long term policies, this sector will have the biggest scope compared to any other industries in India.

NIKUNJ PATEL

CEO and Founder Australian Premium Solar

While margins have definitely been under pressure due to overall competition and pricing pressure at the end developer level, India is too big a market to be unattractive for long. We believe the right steps are being taken, albeit a little slowly, to make the corrections on policy and operating environment that will make this a healthy market for all stakeholders in the next two quarters.

SAMIR MEHTA

CEO Bergen Solar Power and Energy Ltd

-MANU@MEILLEURMEDIA.COM VOL 4 l ISSUE 04 | SAUR ENERGY INTERNATIONAL

DECEMBER 2019

THE CONVERSATION

VIBHAS VERMA Founder, Aqueouss

SHIFT TOWARDS EVs MADE FUTURE OF LI-ION BATTERIES BRIGHT

The prospects for lithium batteries right now and in the future are very positive. There is a lot of hype around lithium batteries which makes it a trending market. The shift that India and many other countries have made towards electric vehicles has made the future of lithium batteries very bright in every part of the world, says Vibhas Verma, Founder, Aqueouss, an emerging company manufacturing wide range of Li-ion battery and Life P04 battery. In conversation with Manu Tayal, Associate Editor, Saur Energy International, Verma shared about the prospect for lithium ion batteries in the county, level of consumer awareness, challenges in the industry, future plans etc. Following are the excerpts from that exclusive interview.

How do you view the prospects for Lithium Battery Packs? The prospects for lithium batteries right now and in the future are very positive. There is a lot of hype around lithium batteries which makes it a trending market. The shift that India and many other countries have made towards electric vehicles has made the future of lithium batteries very bright in every part of the world.

How do you see the level of consumer awareness about lithium batteries in India? What more could be done? In this era of digitalisation, consumers are aware of almost every single product before they purchase it. But still the duty lies in the hands of companies selling lithium batteries to ensure the right type and quality will be sold to the customer. The customer should also contribute in this process by not just focusing on buying cheap lithium battery pack instead of buying quality battery packs at a competitive price. We try to make the consumer aware by understanding the requirement and then providing them with best suitable Aqueouss lithium battery packs. We also provide consultancy to the consumers/companies that are developing new products and want our help and regular advice. Our team members are on advisory board of many e-vehicle start-up companies to guide them in the right way and provide them with the best possible Aqueouss lithium battery packs.

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Shed some light on your client base. Can you name a few of them? Our client base is quiet diversified between electric vehicle, solar, medical equipment, defence, railway and many other products. But majority of our customers are working in the fields of solar and electric vehicles. In todayâ&#x20AC;&#x2122;s fast moving culture where everybody requires everything quickly and on the move lithium batteries have made it possible by making products portable.

How do you ensure the quality standards of your products? We have made a very rigorous process for the selection of the Chinese companies with whom we are dealing. We are one of the companies in this market which ensures the quality of the battery packs is maintained while giving the competitive pricing. We do around 4 to 5 rounds of quality checks at different stages of assembling of Aqueouss lithium battery packs which enables us to provide superior quality battery packs to our customers. Our company has employees who have good amount of knowledge in respect of the process of assembling lithium battery packs. We are continuously upgrading our machinery to ensure the proper in-house testing of Aqueouss lithium battery packs.

What kind of challenges do you face while dealing with new customers in the market? The challenges are no different than any other market. Since, lithium

THE CONVERSATION

batteries market is fast growing market, so lot of people are entering into this market to make profit from the growth of this industry. Some people even donâ&#x20AC;&#x2122;t have proper knowledge about lithium batteries. These people or companies are harming the market by selling cheap lithium batteries to customers.

Plan for next five years is to establish Aqueouss as one of the most prominent players in lithium battery industry.

What are your plans for the next five years? The plan for the next five years is very simple and clear to establish Aqueouss as one of the most prominent players in the lithium battery industry.

Do you provide after sales support/ maintenance services too? Explain. Yes we do provide sales support to each and every customer of ours. It is one of the most important principles of our company and also the priority to provide after sales support to every single customer. The only thing we ask from customer is to inform us about the problem in the battery that he is facing and then if we can solve at on site then we do that

otherwise we ask the customer to send the battery packs to our production facility where they are tested by our team and then replaced or repaired as per the requirement.

How do you ensure the safety of your products during transportation? Do Lithium packs require any special maintenance effort? Transportation of lithium battery packs is one of the most critical step in the process and requires utmost precaution to be taken. Aqueouss is very careful in packaging of lithium batteries and also follow all the norms and laws related to transportation of lithium batteries. Lithium batteries need extra safety measures because, unlike other hazardous materials, lithium batteries contain both chemical and an electrical hazard. For example - this combination of hazards, when involved in a fire encompassing significant quantities of lithium batteries, may exceed the fire suppression capability of the aircraft and lead to a catastrophic loss of the aircraft.

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GRID UPDATES

NOKIA TO TRANSFORM FINLAND’S SMART GRID Nokia has announced that it has been selected by Fingrid, Finland‘s national transmission system operator, to build an IP/MPLS network to support the digital transformation of its national electrical grid. Fingrid will use the network to operate 120 high-voltage substations and control 14,600km of power transmission across the country. The new smart grid is needed to manage the growing adoption of variable distributed energy resources, such as wind, solar and micro-generation using bioenergy. Kari Suominen, head of ICT for Fingrid, said, “we are committed to realising the potential of renewable energy generation and are embarking on an ambitious transformation of our national grid to make it smarter and more flexible. Nokia’s IP/MPLS solution plays an important role in the digital

transformation of our distributed energy resource management by providing us with a reliable, secure and agile communications system that has the potential to support all of our power management needs.” As one of Europe’s leading users of

renewable energy, Finland’s power transmission network is constantly being upgraded in order to meet the changing character of energy generation. Solar and wind generation, for example, require a much more agile and automated grid to manage the variable, two-way power flows by automatically ramping and balancing inputs and outputs. This calls for new distributed energy resource management systems, which need a highly reliable, secure communications system to monitor, control, coordinate, and manage distributed energy assets. Kamal Ballout, global vice president of Energy Practice for Nokia, said that Fingrid joins the long list of transmission system operator customers who are modernising their networks and transforming their businesses by embracing more distributed and renewable energy sources.

STERLITE POWER WINS LAKADIA – VADODARA PROJECT

DECEMBER 2019

Adding another feather in its cap, Sterlite Power has secured the Lakadia – Vadodara transmission project Ltd (LVTPL) under tariff-based competitive bidding process in Gujarat. The global power transmission assets developer said that it has acquired this inter-state green energy corridor (GEC) transmission project from PFC Consulting Ltd. The company will further execute this project (WRSS 21 – Part B) under Build, Own, Operate and Maintain (BOOM) model for a period of thirty five years. The transmission major also added that this project will connect the wind energy zones of Bhuj in the state of Gujarat to the load centres in both Maharashtra and Gujarat states. Commenting on the project win, Pratik Agarwal, who is the Managing Director of Sterlite Power said that “this is another resounding success for Sterlite Power. We are proud to be part of this energytransition journey of the country and are fully geared to contribute to it with this and more such projects.” Through this project win, the company has expanded its footprints into the SAUR ENERGY INTERNATIONAL | VOL 4 l ISSUE 04

domestic market in handling the interstate transmission projects to twenty two states having cumulative transmission line network of over 9,000 ckms and 16,000 MVA transformation capacity. The addition of this project has further increased Sterlite Power’s domestic project portfolio to fourteen.

Under the project, the company will be laying of 350 kms of 765 kV doublecircuit transmission line connecting 765/400 kV Lakadia substation to Vadodara substation in the state of Gujarat. Additionally, the project has an aggressive timeframe of 18 months for completion.

YEARS OF EXCELLENCE

Approved by:

THE CONVERSATION

AKSHAY KASHYAP

Founder and Managing Director, GreenFuel Energy Solutions HYDROGEN WILL BE THE GAME CHANGER IN SUSTAINABLE MOBILITY SPACE

One of the good things all over the world is that there is a lot of money being poured into battery technology for storage and e-mobility. This will definitely lead to newer, better and cost effective solutions for batteries. Having said that Li-Ion will remain the front runner and we may see solid state batteries take up a strong position here. I also personally see the hydrogen economy emerge in the sustainable mobility space in the next 10 years. This will be another game changer, says Akshay Kashyap, Founder and Managing Director, GreenFuel Energy Solutions, one of the leading providers of components and solutions for sustainable mobility solutions. In conversation with Manu Tayal, Associate Editor, Saur Energy International, Kashyap shared his views on various topics including companyâ&#x20AC;&#x2122;s product offerings, scope for 2 and 3 wheelers in India, Bharat VI norms, technological trends in battery and EVs etc. Following are the excerpts from that exclusive interview.

Tell us something about GreenFuel Energy Solutions and its various product offerings? What attracted the company founders to this business? GreenFuel Energy Solutions is a leading provider of components and solutions for sustainable mobility solutions for both Gas fuel vehicles and E-mobility. We were established in year 2006 and are happy to say today that we count all the largest auto Oemâ&#x20AC;&#x2122;s in India as our esteemed customers. Personally I have always believed in sustainable mobility, particularly natural gas and electric mobility, as solutions to the climate change and pollution problems in urban areas. When I moved back from USA I saw there was a gap in the technology used abroad and the one being used in India for CNG vehicles. We decided to make this a business and find a way to bridge the standard of components used abroad and in India.

What is attractive about the electric two and three wheeler segment in India? India represents a unique opportunity whereby 70 percent of the commuting is done on 2 wheelers and where

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we sell almost a million 3 wheelers a year. We are the largest market for 3 wheelers in the world which are used for solving the last mile commute problem. Both these segments are ripe for electrification due to the easy return on investment and the travel profile of commuters using such modes. The rest of the world does not have this unique proposition. So we decided to focus our efforts here to make a mark and ensure we emerge leaders in this space.

As per your estimate, in order to start the business of lithium-ion battery packs for 2 and 3 wheelers in India how much investment will be required? The first thing to do is R&D to make a unique engineered product for Indian conditions. Sadly in India, most people want to try and take advantage of this market and they are just importing cheap products from China without really engineering the product for Indian conditions, safety and reliability. Only our R&D spend on the product was Rs 7 crore and took us 2 years to really come out with a robust, reliable and safe product. The next thing is Capex and go to market. We have invested over 4-5 crore in

THE CONVERSATION

Capex and this is just for a capacity of 24 MW. As the market grows there will be further requirements. However our competition is primarily with cheap imports done from China by some Indian companies with Scant regard for safety, reliability or performance. To really promote a good product it will require patience and an upward spend of atleast Rs 15 crore in the first 2 years of inception.

Will ‘Bharat VI’ norms be helpful for the new and emerging companies in the market? I don’t think BS 6 norms are useful for any small companies in the market. There maybe a few exceptions but overall the technology for normal IC engines up gradation to BS6 comes from German or Japanese companies. The Indian OEM’s depend on such big companies for a technology solution so no “new” companies would get an opportunity here. Having said that I hope the price increase and lower GST on new energy vehicles such as electric helps bridging the price difference between such technologies and encourages people to adopt newer, cleaner vehicle technology.

Are you planning for some joint ventures as well in order to take a leap in the Electric Vehicles (EV) segment? If yes by when? We are open to the idea however at the moment and in the near term we have no such plans. We believe that India should lead the technology race in the ERA of new Energy vehicles and not just become a factory for the companies as has happened in the past in the automotive sector. It is sad that being the 4th largest automotive market in the world we were not able to create our own technology and relied mostly on JV’s to fulfill the demand.

Q Getting the right talent with requisite skills and character traits is a big challenge. We have to learn to adjust to the “new” aspiration of younger people and ensure we keep training them for upgrading their skills.

What is the current scenario of recycling or disposing of lithium-ion batteries in India? Is the government providing enough support? There is no clear policy document in this regard in India. Having said that this is not that Big in the world as well except re-cycling. Once the batteries are used up in vehicles they still have enough life to service demands of the Energy Storage industry. This offers a win-win solution as the life of batteries is extended even longer and there is easier adoption in solar and other stationary applications due to lower cost of such cells.

What new technological trends do you see in the battery and electric vehicles segment? One of the good things all over the world is that there is a lot of money being poured into battery technology for storage and E-Mobility. This will definitely lead to newer, better and cost effective solutions for batteries. Having said that LiIon will remain the front runner and we may see solid state batteries take up a strong position here. I also personally see the hydrogen economy emerge in the sustainable mobility space in the next 10 years. This will be another game changer.

Is recruiting the right kind of talent still a challenge in the market? This is one of the biggest challenges in the market even today. Getting the right talent with the requisite skills and character traits is a big challenge. We have to learn to adjust to the “new” aspiration of younger people and ensure we keep training them for up grading their skills. This is one area I think the government and private institutions can focus on to have specific courses for new age vehicles and train students accordingly.

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DECEMBER 2019

STARTUP FEATURE

Lithos Motors ADITYA GANJAPURE Co Founder

ANGAD SINGI Co Founder

Total employees: 10 Turnover: Approx. Rs 10 lakh in past 7 months. Key operational areas (Products, Regions, Clients): Electric Bikes designing and manufacturing for last mile logistics purposes. Regions – Bangalore, Pune. Clients – Faasos. Founding Members detail: Aditya Ganjapure, Angad Singi, Mahendra Sengar. Turning Point for the firm When we made our first delivery of self designed electric two wheelers to four of the ‘Faasos’ outlets. We have been making electric vehicles and electric bikes for delivery boys since the end of 2015. Plans in next 3 to 5 years We want to work as a catalyst for electric vehicle transition phase of India. People are moving towards sharing economy rather than owning. We can experience that with the success of Start-ups like OLA, Uber, Airbnb etc. We want to be one of the major part of electric vehicle sharing ecosystem in our

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MAHENDRA SENGAR Co Founder

country. Right now we are making vehicles for B2B food delivery companies. We are planning to deploy electric vehicles for B2C bike sharing system in coming future. Biggest Challenge in solar sector Single biggest challenge of an EV two wheeler is that the range difference between EV and IC engine is just too massive to overcome only with product. You can easily get a range of 500-800 kms on a full tank (which only takes 2 mins) of Activa or Passion. Comparing this to EV, you get only 80km at a full charge of 4 hrs. For EV two wheelers to become mainstream, the vehicle should be very neatly integrated with the infrastructure and the driving experience should be seamless. Present State of Mind Not really satisfied with the progress so far as we are entrepreneurs, we do not have the luxury of satisfaction. We should have stuck to our vision of bike sharing and keeping that a base we should have built our bikes. But, in the B2B space as well, we created a very well differentiated product which was applauded by Faasos and Dominos and is extensively used in Faasos for over 2 years now. -MANU@MEILLEURMEDIA.COM

EV UPDATES

KERALA GOVT, TOSHIBA TO MAKE LI-ION BATTERIES The Kerala Government has signed an Expression of Interest with Toshiba for the technology transfer and manufacturing of lithium-ion (Li-ion) batteries for electric vehicles (EV). The agreement is an outcome of the Japan visit by Chief Minister Pinarayi Vijayan at the head of a high-level state delegation and was signed in Tokyo at the investment seminar organised in the Japanese capital as part of the visit. Vijayan addressed the Kerala State Investment Promotion Seminar organised with the participation of 150 major Japanese investors at the Indian Embassy, Tokyo. The Vijayan delegation, which includes two state Ministers and senior bureaucrats, also traveled to South Korea and returned on December 4, 2019. In April, it was reported that India after signing a Memorandum of Understanding (MoU) with Bolivia, has leveraged its way into the lithium reserves of the South American nation for exploration and extraction of lithium, a prime component used to power electric vehicles. In a joint statement, issued after talks between President Ram Nath Kovind and his Bolivian counterpart Evo Morales Ayma, both the countries

“Agreed to forge a mutually beneficial partnership to facilitate Bolivian supplies of lithium Carbonate to India and foster joint ventures for lithium battery/cell production plants in India.” In January, Bharat Heavy Electricals Ltd (BHEL) and Libcoin had announced that they are in talks to form a consortium to

initially build 1 GWh lithium ion battery plant in India. The Ministry of Heavy Industries & Public Enterprises added that “its capacity will be scaled up to 30GWh in due course.” With this, India has finally taken steps into its energy security and clean energy commitment to the world, it further added.

EV SALES SET TO INCREASE TO 34 MILLION BY 2025

DECEMBER 2019

With greater vehicle electrification and the rise of disruptive technologies such as vehicle-to-grid (V2G) and peer-topeer blockchain trading, utilities are expected to employ smart charging and demand response programs to cope with the growing demand for energy. Cumulative electric vehicle (EV) sales are set to increase to 34 million in 2025, 121.2 million in 2030, and 636.7 million by 2040, driving the cumulative power demand from 11,612.6 TWh in 2018 to 19,756.8 TWh in 2040. “Utilities will play a bigger role in the transportation electrification revolution with offerings such as EV-specific dynamic pricing, integration with decentralized storage units, vehicle-to-anything (V2X), and workplace charging incentives,” said Vasanth Krishnan, research analyst SAUR ENERGY INTERNATIONAL | VOL 4 l ISSUE 04

for Energy & Environment at Frost & Sullivan. “Collaborative efforts between various stakeholders in the automotive and energy value chain are critical for utilities to offer competitive bundled services and products.” The analysis, “Impact of Electric Vehicles on Power Demand, Forecast to 2040” provides a holistic overview of EV penetration and its potential impact on

energy demand. “China and the US are likely to face a supply gap in the early-to-mid 2030s, while Germany and Japan have around five years longer before the situation becomes critical” noted Jonathan Robinson, research manager for Energy & Environment. “However this supply deficit is only part of the issue. EVs will bring considerable variable load onto the grid, which is an opportunity – as long as there is investment in the 2020s to handle this.” The analyst further reveals that currently, many utilities in key markets are still exploring options in terms of EV charging and tariffs. The majority of the grid investment is expected to be focused on the distribution side, aimed at increasing the capacity.

EV UPDATES

EESL AND SDMC PARTNER FOR EV INFRA IN DELHI Energy Efficiency Services Limited (EESL), a joint venture under the Ministry of Power has signed a Memorandum of Understanding (MoU) with South Delhi Municipal Corporation (SDMC) to establish infrastructure for Electric Vehicles (EV) in SDMC area over a 10-year period. Under the terms outlined in the Memorandum of Understanding, SDMC and EESL shall jointly work to fast-track the adoption of e-mobility in Delhi by installing around 75 public charging stations in South Delhi Municipal Corporation Area. Saurabh Kumar, Managing Director, EESL and Gyanesh Bharti, Municipal Commissioner, SDMC signed the MoU in the august presence of RK Singh, Minister of Power and Anil Baijal, Lt.Governor, Government of NCT of Delhi. RK Singh stated that the centre has

embarked upon a very ambitious e-mobility plan, one in which the government plays a pivotal role in enabling e-mobility. The installation of public charging stations (PCS) would help in taking considerable strides in the creation of a sustainable EV ecosystem in the states across India. “It’s a great stride by SDMC and EESL to come together for

harnessing synergies and opportunities in this broader effort.” The procurement of charging units, procurement of related infrastructure shall be borne by EESL along with the operation & maintenance (O&M) of public charging infrastructure by qualified manpower, whereas, SDMC would be responsible for the provision of space for setting up charging infrastructure in its area. In the first phase, the EV charging station will be installed in 18 locations within 6 months from the effective date, selected through a joint survey by both parties. The total number of finalised locations as per the location assessment will be 75 which may increase/ decrease and include multi-level parking locations in Delhi as well.

WB GOVT MAKES CASE FOR E-BUSES FOR ENVIRONMENT West Bengal Chief Minister Mamata Banerjee has said the state government has been emphasising on electric buses (E-Buses) and ferries as modes of transportation to protect the environment and reduce air pollution. Urging the people to strive to save green and stay clean, she said a programme has also been launched to spray water mixed with chemicals on the roads to counter dust pollution. “Today is #NationalPollutionPreventionDay. Let us strive to ‘Save Green, Stay Clean’. Our Govt in #Bangla is stressing on e-buses and ferries as modes of transport to reduce air pollution. We’ve also launched a programme to spray water mixed with chemicals to suppress dust on roads,” Banerjee wrote on her Twitter handle. The West Bengal Transport Corporation (WBTC) has recently introduced a fleet of e-buses to connect the city to its suburbs and the department has plans to have as many as 5,000 e-buses by 2030, an official said. These buses would help in bringing down the per annum carbon dioxide emissions by 7,82,560 tonnes, the official of the transport department said. In India, the National Pollution

Prevention Day is observed on December 2 to remember those who had lost their lives in the Bhopal gas tragedy of 1984. In September, it was reported that the West Bengal State Electricity Distribution Company (WBSEDCL) had forwarded a proposal to the Ministry of Power for

setting up of 241 electric vehicles (EV) charging stations in West Bengal at an upfront installation cost of Rs 125 crore. According to the proposal, nearly half of these charging stations (116) will come up in the state and national highways at a distance of around 25 km each. VOL 4 l ISSUE 04 | SAUR ENERGY INTERNATIONAL

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EV UPDATES

ASSAM ISSUES TENDER SEEKING OPERATORS FOR E-BUSES The Assam State Transport Corporation (ASTC) has issued a tender, inviting bids from eligible firms for selection of bus operators for the supply, operation, and maintenance of 100 electric buses in the state. As per the Request for Proposals (RfP) the selected firms will work on the operation and maintenance of the electric buses in the cities of Guwahati, Silchar and Jorhat. The Bidder shall be selected on the basis of the lowest GCC rate (Rs/km per bus) out of the technically eligible bidders defined in this RFP. All bidders must also submit an Earnest Money Deposit of Rs 1 crore along with their bids. To be eligible for participation in the building process, the bidder should have a minimum annual turnover of Rs 150 crore in any three of the immediately preceding four financial years ending March 31, 2019. And a minimum positive

net worth of Rs 50 crore in each of the last 4 financial years ending March 31, 2019. Furthermore, the OEM vehicle manufacturer should have manufacturing facilities in India having experience of manufacture of Electric or Diesel /CNG buses over the last 4 financial years

including the financial year of 2018-19. The OEM should also have an annual manufacturing capacity of 400 buses. And, the bidder shall either by himself or through a sub-contractor, have the experience of setting up charging infrastructure for the electric buses.

HYUNDAI BEGINS FEASIBILITY STUDY FOR FUEL CELL EVs

DECEMBER 2019

Hyundai Motor India has announced that the firm has initiated a feasibility study to bring in fuel cell electric vehicles (EVs) in the country. “Progress for humanity with zero-emission mobility is our responsibility and vision to make a long term positive transformation for our future generations,” Hyundai Motor India Ltd (HMIL) Managing Director and CEO SS Kim said in a statement. The company has initiated a feasibility study for fuel cell electric vehicles in the country and promises to be a solution with zero emissions, he added. Fuel cell electric vehicles are free from all kinds of greenhouse gas emissions. The company claims that the Kona EV delivers a range of 452 km in one single charge under standard testing conditions. The parent firm Hyundai Motor had also recently announced plans to invest about 6.1 trillion won/ USD 51.81 billion between 2020 and 2025, with a third of the expenditure focused on electric and autonomous vehicles, but analysts want to see it deliver. The South Korean carmaker unveiled a “Strategy 2025” roadmap that envisages annual average SAUR ENERGY INTERNATIONAL | VOL 4 l ISSUE 04

spending of 10 trillion won, exceeding that of previous years, and up from a 2018 figure of 6.1 trillion won. The firm has also set an ambitious deadline of 2025 to place itself among the world’s top three makers of battery and fuel cell vehicles, with annual sales

of 670,000 electric vehicles, including 560,000 battery-based cars. In October, the Competition Commission of India (CCI) had provided its nod for the acquisition of shareholding by Hyundai Motor and Kia Motors in Ola Electric Mobility and ANI Technologies.

EV UPDATES

GM, LG CHEM TO MASS PRODUCE BATTERY CELLS FOR EVs General Motors (GM) and LG Chem have announced that the companies have come into an agreement to massproduce battery cells for future battery electric vehicles (EVs). Together, the companies will invest up to a total of USD 2.3 billion through a new, equally owned joint venture company. The JV will establish a battery cell assembly plant on a greenfield manufacturing site in the Lordstown area of Northeast Ohio that will create more than 1,100 new jobs. The state-of-the-art plant will use the most advanced manufacturing processes all under one roof to produce cells efficiently, with little waste, and will benefit from strong economies of scale throughout the value chain. The plant will be extremely flexible and able to adapt to ongoing advances in technology and materials. The collaboration also includes a joint development agreement that brings together two leaders in battery science to develop and produce advanced battery technologies, with the goal of reducing battery costs to industry-leading levels. This announcement, along with the recent sale of GM’s manufacturing complex in Lordstown, Ohio to Lordstown Motors Corp. for the production of battery-electric trucks, positions Northeast Ohio and the Mahoning Valley as a major hub for technology and electric vehicle manufacturing.

“With this investment, Ohio and its highly capable workforce will play a key role in our journey toward a world with zero emissions,” said GM chairman and CEO Mary Barra. “Combining our manufacturing expertise with LG Chem’s leading batterycell technology will help accelerate our pursuit of an all-electric future. We look forward to collaborating with LG Chem on future cell technologies that will continue to improve the value we deliver to our customers.”

EV BATTERY MARKET TO REACH 40.6MN UNITS BY 2026 A new report has stated that the global electric vehicle (EV) battery market volume was at 8.6 million units in 2018 and is projected to reach 40.6 million units by 2026, exhibiting a CAGR of 21.1 percent during the forecast period. The report issued by Fortune Business Insights detailed that this increase will be on the back of the increasing impetus globally on governments and companies to transition to electric vehicles. The report titled “Global Electric Vehicle Battery Market Size, Share & Industry Analysis, By Type (Lead Acid Battery, NickelMetal Hydride Battery, Lithium-Ion Battery, Others), By Vehicle Type (PHEV, BEV, HEV), and Regional Forecasts, 20192026”, stated that the demand for EV batteries is driven by apprehension over the availability and longevity of nonrenewable resources, upsurge in the fuel prices, and environmental concerns regarding emissions. “EVs are expected to play a central role in the global commitment towards attaining sustainable development

goals set by the United Nations. This skyrocketing demand and production are further underpinned by the rising concerns regarding rampant pollution and unchecked carbon emissions that are exacerbating the effects of global warming and climate change,” analysts noted in the report. The report further pointed out that Asia-Pacific is anticipated to dominate the EV battery market share owing to the increasingly stringent regulations put in place by governments in the region to reduce carbon and GHG emissions, specifically China. While the volume of the market in Europe which will be second-largest market was at 3.1 million in 2018 and is expected to increase mainly on account of a wellestablished EV infrastructure. The other factor favouring growth in this region is the supply of nickel-metal batteries and lithium-ion batteries at competitive prices by companies. VOL 4 l ISSUE 04 | SAUR ENERGY INTERNATIONAL

DECEMBER 2019

EV UPDATES

PUNJAB IN TALKS WITH JAPAN FOR LAUNCHING E-BUSES The Punjab government has informed that it is in talks with Japan to launch electric buses based on the Japanese model of state-of-the-art quick charge lithium-ion batteries in the state. The project will begin with a pilot of five buses in Chandigarh and Patiala. The government will take forward the discussions on the Japanese electric vehicle (EV) corridor during the upcoming Progressive Punjab Investors Summit 2019 in which Japan External Trade Organization (JETRO), a Japanese government-related organisation, is partnering for the country session. JETRO promotes mutually beneficial trade and investment between Japanese organisations and other countries. Punjab is organising an investors’ summit on December 5 and 6, 2019. A delegation led by the Japanese ambassador to India will attend the summit. It will also see participation from Mitsui, SML Isuzu, Mitsubishi and Yanmar, a release said quoting Vini Mahajan, additional chief secretary, Industries & Commerce Punjab. In October, we reported that the Energy Efficiency Services Limited (EESL), a joint

venture of four National Public Sector Enterprises under the Ministry of Power, Government of India, had signed a Memorandum of Understanding (MoU) with BSNL (Punjab Telecom Circle), an Indian state-owned telecommunications company, to install 100 public EV charging

stations to boost e-mobility in Punjab. Both EESL and BSNL have entered this 10year MOU with the objective of building electric vehicle infrastructure in the BSNL, Punjab Telecom Circle area and explore synergy for further promoting EVs, including electric two-wheelers in the state.

UP GOVT CLEARS PROPOSAL FOR OPERATION OF E-BUSES

DECEMBER 2019

The Uttar Pradesh Government has cleared a proposal for the operation of electric buses as part of the public transport system in 14 cities across the state. UP Cabinet Minister Sidharth Nath Singh told reporters that the electric buses will be inducted to boost sustainable means of transport. “PMI Electro Mobility Solutions Private Limited Consortium was chosen in the tender process. In UP, 700 such electric buses will be operated. One bus will cost Rs 1.25 crore. The Centre under Phase-II of FAME will give Rs 45 lakh per bus,” the minister said. Adding that Rs 250 crore will be incurred in the operation of these buses of which Rs 120 crore will be realised through the sale of tickets. The buses will run in Lucknow, Prayagraj, Meerut, Agra, Ghaziabad, Kanpur, Varanasi, Moradabad, Aligarh, Jhansi, Bareilly, Gorakhpur, Shahjahanpur and Mathura-Vrindavan. In October, the Delhi Transport Corporation (DTC) had floated a tender, inviting bids from eligible bidders for the selection of bus operators for the procurement and operation of 300 air-conditioned electric buses on PPP (BOOT) basis under the FAME-II Scheme. As per the tender documents, the selected supplier and operator will also have to develop the charging infrastructure, including electric transformers, connections, and allied civil infrastructure at the depots under the OPEX model. SAUR ENERGY INTERNATIONAL | VOL 4 l ISSUE 04

More recently, NTPC Vidyut Yapar Nigam Limited had issued three tenders, inviting bids from eligible firms for the operation of 250 electric buses in three cities of Madhya Pradesh. The buses will be procured and operated in the cities of Jabalpur, Bhopal, and Indore. The bids have been invited for 50 buses for the city of Jabalpur, 100 buses for the city of Bhopal, and 100 buses for the city of Indore.

OPED

Growth of Solar Rooftop in India

PUNEET GOYAL

Co-Founder, SunAlpha Energy Pvt. Ltd. At a time when the world is facing global warming and the burden on natural resources is increasing there’s a need to switch massively towards cleaner forms of energy such as solar power. Many developed economies in the world have already started their solar programmes by targeting household rooftops. Also, solar power has reached grid parity and is the cheapest source of distributed power across the world. After realizing the potential, the Centre also revises renewable energy targets every few years. Today, India needs to move from a solar power producer to a raw material producer. The manufacturing capacity of all solar system components has not grown and India is a laggard in this matter. Though many improvements have been done over the last 2-3 years. Many state governments have also taken a short sighted view and are facing a ‘buyer’s remorse’ in a falling capex market. Now, capital subsidies are no longer needed in the industry and the subsidies, if any, should be higher in the value chain like manufacturing. But there are many challenges which are still there in the market and need to be solved. Uneven and constantly changing state policies have created confusion in a market which is already technologically unclear in consumers mind leading to a rampant decision paralysis. System integrators have to bear the brunt of this since their sales lead cycled and business development costs skyrocket. A single centrally controlled policy needs to be implemented. Insufficient land or roof area is another issue which every consumer faces.

Improvement in the plant efficiencies over the last 10 years have been significant in ensuring that the kWh generated per square feet keep improving. Solar power plants installation companies have come a long way today with 400 Wp becoming the new normal now. This is direct 4x jump on the land use efficiency in 10 years. With commercially viable bifacial technologies around the corner, this number will jump to 500 Wp within 12-18 months. A higher Wp per Square foot has an added advantage of reduced Balance of System costs, which will push the industry and will help to grow the market in different sectors. There are many measures which still need to be taken to support the solar rooftop in India. The next revolution in renewable will be in the storage segment and by 2022 storage is slated to be the enabler for the next 100 GW of renewable energy in India. Distributed generation and storage will change the way people depend on the grid for their everyday power needs. Energy independence will become a new norm. It is the result that even common people are also acknowledging rooftop solar power. India’s young and energetic population will adapt this new technology in no time. Recent studies by international research agencies have declared India to be the cheapest solar market in the world. The transition from a cool to prudent technology has been great till now. It is the time to make this from prudent to dependable over the next 5 years. So that country will fully dependent upon the renewable solar energy and lead towards better future. VOL 4 l ISSUE 04 | SAUR ENERGY INTERNATIONAL

DECEMBER 2019

The Potholes of 2019 for India’s Solar Drive

DECEMBER 2019

Looking back at 2019, there is absolutely no doubt today, that it has not been a memorable year for Solar power in India. Generators or manufacturers. With a closing installation figure of barely 7 GW as tracked by us, almost every hope from 2018 has been belied. The bad part? Some of the biggest obstacles that came up during the year were not even anticipated. Worse, some of the biggest obstacles to growth were known for a while now, and solutions are possible, but for some strange reason, ability has failed to meet intent to solve these problems. We spoke to people across the sector, from developers, to manufacturers, both Indian and Chinese, to EPC players and more. After all the queries, we look at the top issues that came up, and possible resolutions to these in 2020. For make no mistake, the world continues to have high hopes from India in 2020, with some estimates pegging India’s expected capacity addition at 15 GW in 2020. It’s a number that would make sense if one goes by our own Power, New and Renewable Energy Minister, R.K. Singh’s assertions in parliament. Speaking in the Lok Sabha on November 28, Singh said this about solar power. “By October 31, this year, a total grid connected solar power generation capacity of 31,696 MW has been set up in the country, projects of 17998 MW capacity are at various stages of installations and tenders for 36278 MW capacity projects have been issued. With new tenders of around 15000 MW planned in remaining period of 2019-20 and 2020-21”. While this assertion was meant to show the path to 100GW, the target for 2022 end, Singh would do well to SAUR ENERGY INTERNATIONAL | VOL 4 l ISSUE 04

consider the issues the industry has thrown up, which would need to be resolved to get anywhere close to the number. So let’s dive right in. What: The Safeguard Duty Move When India imposed a safeguard duty on July 30, 2018 for 2 years, the plan was simple. The duty was pegged at 25 percent for the first year, 20 percent for the next 6 months, and 15 percent for the last 6-month period. The idea behind the duty? Provide a level playing field to Indian manufacturers versus Chinese imports. This followed representations to the government from Indian manufacturers, variously estimated to have a manufacturing capacity for 3GW, when it comes to modules that will meet key quality norms. The duty faced stiff resistance from developers who had counted on Chinese imports to meet their own low bids for projects won earlier, and even for projects going ahead. The Safeguard Duty is now at the fag end of its 2 year cycle, down to the last 15 percent from February next year. What is the impact it had? On manufacturing, almost none. Not only did the duty fail to stimulate domestic manufacturing, it has barely moved the needle on even domestic expansion by existing manufacturers. Thus, not only has it failed its primary objective, the Safeguard Duty had a chilling effect on procurement, throwing up legal challenges from developers who had not provisioned

COVER STORY

for it when bidding, or for orders already placed, and more, leading to a slew of delays in commissioning of projects. In fact, the SGD, along with other policy contortions led to a strange outcome we experienced firsthand as a publication focused on the sector. A demand to ramp up our coverage of legal implications of various government moves. The story of smaller module manufacturers and their own issues with the duty is just one example. According to Sudhir Aggarwal, Executive Director of Patanjali Renewable Energy “India’s move to impose safeguard duty on import of solar cells and modules last year hasn’t helped domestic manufacturers much. While import of solar cells and modules from China have declined since the duty was implemented in July 2018, India still imported USD 1.9 billion worth of panels in the 11 months ended June 30.” According to the North India Module Manufacturer Association (NIMMA), an industry association for primarily SME solar module manufacturers in Domestic Tariff Area, around 20 percent of solar modules supply was met by domestic manufacturers and this can be best opportunity to encourage domestic manufacturing. Unfortunately though, government actions have not followed words as the SME sector has been discriminated against, according to them. Thus, while over 90 percent of all SME’s involved in module manufacturing are located in the DTA (Domestic Tariff Area), almost all the large manufacturers are located in SEZ’s. NIMMA’s contention is that despite the imposition of safeguard

duty last year, actual benefits & tax incentives have been given only to SEZ Units on the raw materials, components, consumables and services on all inputs, giving them a clear advantage over SME’s in the DTA for selling in the domestic market. This is one reason why despite being much more labour intensive and matching large manufacturers on quality, the share of SME’s in solar modules is barely 10 percent of domestic market share. Or barely 2 percent of the total national market for modules, according to NIMMA. NIMMA office bearers contended that SEZ’s, which are meant to be export oriented, are taking advantage of government conditions on domestic outsourcing to steal an unfair march on SME manufacturers, an issue where the government, despite agreeing in principle with NIMMA’s demands in 2018, has yet to take action almost two years after it was raised. The Letter of Credit (LCs) Issue In a bid to ensure faster and timely payment of long pending dues of developers or independent power producers, the power ministry had recently mandated to issue a Letter of Credit (LCs) by state Discoms (state-owned distribution companies). The move simply acknowledged the crisis being caused by payment delays at discom level, with total payments due to the renewable energy sector at close to Rs 6,300 crore according to latest reports. The order was issued in the month of June this year and to be implemented from August 1, 2019, in which the distribution

The RE-Invest (Non) Show One of the smaller issues in terms of quantifiable impact possibly but one which was regularly cited as an example of government failure to follow up on promises, was the repeated postponement of the RE-Invest show. With an aim to attract more investments for the renewable energy sector in the country and showcase India’s growth story in renewables across the world, the Indian Government had started the Renewable Energy Global Investors Meet & Expo, which is popularly known as RE-Invest India. Almost 5 years after the launch of the first show in February 2015, just one more of the shows have been finally held, that too after regular postponements. While the 2018 show was finally held after multiple postponements, the 2019 show, scheduled for October, was abruptly postponed a second time by the Ministry of New and Renewable Energy (MNRE). The show had been scheduled from October 31, 2019 till November 02, 2019, a new date from its originally announced date of October 3-5, 2019. As of now, RE-Invest has been promised in October 2020. With the industry well behind targets, it is anyone’s guess if that show can be held at all. The Reinvest show, while not as critical to the industry as say, the REI show around the same time, nevertheless, does serve a very useful role for the industry. By offering a forum, spread over multiple days, to engage with relevant government functionaries, policymakers and influencers, it serves a critical need to bring everyone on a common

platform. With its focus on investment, Reinvest is also of critical importance for stakeholders to understand the opportunities, and compliances required to get access to funding, both government and beyond. Of course, with subsidies being withdrawn at a rate much faster than they were brought it , the move to relegate this event to low priority might simply reflect the governments desire to see the renewables sector work like any other sector. After all, how many other sectors have an investment event dedicated to their requirements? But that would be missing the woods for the trees. Experienced hands from the government itself stress that caught between pricing and making manufacturing a success, troubles with both are making the government very frustrated. However, by deferring the event altogether, the government has lost yet another chance to get honest industry feedback on precisely these issues. It is no secret that the obsession with pricing has dealt a blow to technological improvements for instance, in a sector that is evolving very fast. There is a real risk of India becoming a receiver of goods well past their due date, so to say, if it continues in its refusal to look beyond price. Even the ISA (International Solar Alliance), an initiative that the government has been justifiably proud of, and tag along with RE-Invest last year has probably not had enough to report perhaps, to make the government feel confident about reviving RE-Invest just for that alliance.

VOL 4 l ISSUE 04 | SAUR ENERGY INTERNATIONAL

DECEMBER 2019

COVER STORY

companies need to start open and maintain Letter of Credit. So, as per the power purchase agreements (PPAs), the power producers would now be entitled to encash Letter of Credits received from Discoms as security in case of delay in payment of dues after the grace period, which is normally for 45 to 60 days. Also, NLDC and RLDC would only dispatch power after confirmation by the power producer and a Letter of Credit with desired amount has been opened by the Discom. This would be treated as a relief for the electricity generating companies. Not felt yet. On the ground, the reality is far different. Discoms have resisted fiercely, and informally, even threatened to reduce off take from renewable energy providers. Some state discoms have simply refused, citing their own precarious financial condition. Clearly, a move that is nowhere close to delivering results, while making discoms adopt even more confrontationist views against the sector. An immediate fallback has been the push to shift to gross metering for rooftop solar, especially for commercial accounts. It is a move that could take away one of the biggest incentives to adopt solar for corporates in open access markets. With key markets like Karnataka and Maharashtra already facing a showdown, the last has not been heard on this issue.

DECEMBER 2019

The Andhra Curry: Too Spicy for All Political rivalries have been sharpening in India in recent years, but very rarely had these rivalries led to a serious impact on state level official commitments. However, in recent years, large infrastructure projects have increasingly borne the brunt of these rivalries. What is happening is that any pet project of a previous government becomes an automatic target, when the government changes. And that is precisely where the new government in Andhra Pradesh, one of the leading states for renewable energy in India overstepped its remit. Soon after the new state government took charge, the Southern Andhra Power Distribution Company had, on July 12, shot off letters to 139 power plants, asking both solar and wind operators to revise tariffs down to Rs 2.44 and Rs 2.43 levels respectively. This was clearly unfair, and was duly contested by all the parties concerned. Among parties that sought to intervene was the central government, which sent off letters to the state to desist, and even multiple foreign ambassadors and financial stakeholders, who warned of the risks such arbitrary action posed to the financial viability of these projects, as well as future investments. Even a high court ruling putting a stay on the order, and ordering the APSERC to intervene, has not prevented the state government from flexing its muscles. By threatening to go back on official Power Purchase Agreements, (PPA’s), and then laying down arbitrary criteria for pricing these PPA’s afresh, the new government managed to do more damage to the sector than any previous policy measure, or lack of one. The actions in Andhra Pradesh, in almost everyone’s mind, were the straw that broke the camel’s back. The fact that the industry’s biggest developers were engulfed in the orders, only made it worse for everyone down the supply chain. After all, the Power Purchase Agreement (PPA) is the one document around which all contracts, funding SAUR ENERGY INTERNATIONAL | VOL 4 l ISSUE 04

Source: cenfa.org

and procurement are decided. If even that is not sacrosanct anymore, then how does the rest of the system work? Rubbing salt into the wounds are reports that even as it claims to be doing it to save costs, the same government is merrily paying much higher tariffs to thermal projects in the same state. An analysis of data contained in the FY2020 tariff order

COVER STORY

from APERC by the Centre for Financial Accountability shows that the state is projected to purchase 5223.25 million units of electricity from thermal power stations at rates above Rs. 4.54/unit (The blended cost of RE), in some cases as high as Rs 11.68/unit. In total, the state is projected to spend over Rs 3,000 crore on such expensive thermal power in FY2019-2020, at an average of Rs 5.75/kWh. The Scourge of Bid Cancellations From open auctions, to price ceilings to poor enforcement of rules for errant discoms. The net result of all the terms and conditions that came with ‘open and transparent’ auctions has been probably the worst year when it comes to cancellations. From lack of bids, to too few bidders, to bids considered too high, almost every reason has been cited in cancelling auctions this year. The culprits have been both central agencies like SECI, public sector undertakings like NTPC, and of course, the discredited state renewable energy agencies. In all these cancellations, the whole idea of an auction, price discovery, has been lost. Expectedly, no one in the industry is amused, especially auction winners who have had to face subsequent cancellations. If cancellations weren’t enough, delays in land allotments and other issues have led to some firms even surrendering their rights to build up capacities. 2019 saw the highest ever cancellations of auctions. Momentum was carried forward from the 2018-19 FY, when 8GW, a volume almost equal to the total capacity additions in 2018, were cancelled. Among the notable cancellations have been the SECI conducted auction in August 2019, to set up 1.2 GW of solar which was undersubscribed by 50 percent. Earlier in May 2019, SECI’s 1,200 MW of ISTS-connected solar-wind hybrid power projects (Tranche-II) was also undersubscribed by 300 MW. The cancellations have caused some real financial pain too. One of the biggest issues with the auction process has been the costs involved, with smaller developers actually struggling to consider bidding for multiple auctions , thanks to the high EMD’s (earnest money deposits) they have to make at every bid, besides the Performance Guarantees, which are supposed to be returned on commissioning of projects, but were getting stuck. The situation is worse in cases where auctions are cancelled after under subscription, as the winning bidders can see their money stuck for even longer, caught between the hope for a fresh auction and adjusting their existing EMD’s there. As a medium sized developer tells us,’ today, while EMD and PG does come back to us, the cost of processing fees is also pinching, as margins have been squeezed to unbearable levels”. Consider cases where even L1 bidders who quoted below the price ceiling have been left fretting, after auctions were cancelled, since no other bidders stepped up to match the L1 bids. With almost 51 GW of tenders still being farmed out, that’s a huge chunk of potential capacity that will need to be converted to actual projects. If the current cancellation rate of over 10% sustains, that’s one gaping hole that the ministry will be hard-pressed to fill. Finally, the Expected- Manufacturing Muddle When it comes to the desire to encourage manufacturing, none will have issues with the government’s logic. Today, India

is a market that is expected to absorb between 15-20 GW of solar capacity, all the way to 2030, going by official targets. Out of this capacity, barely 15 percent is sourced domestically. Besides the obvious need to have more control over a critical energy sector, there is also the attraction of jobs and more that the sector could potentially create. The failure of Safeguard Duty to do much has been written about above. But one of the biggest moves to kickstart domestic manufacturing, the PSU linked solar plan for 12 GW of capacity, has almost been a non-starter. For the PSU linked manufacturing tender, which was floated at the end of 2018, 2019 only brought struggles with acquiring any bids because of the uncertain terms of the initial tender and the policy uncertainties that were looming over the industry. Multiple iterations and deadline extensions later the tender finally has one winner with Azure Power bagging 2 GW in solar projects capacity with an annual 500 MW module manufacturing target. The firm has tied up with a local manufacturer to fulfill its manufacturing quota. The firm has signed a 25-year PPA with SECI at a fixed tariff of Rs 2.92/kWh. Where does solar manufacturing stand in India today? Why doesn’t the government go for simpler incentives? The issue of BIS certifications being given to all and sundry. The state of manufacturing can be best grasped from the report present by a dedicated parliamentary panel that recently questioned the state of renewable (solar) implementation in that country. Casting a cloud over the MNRE’S ability to reach the 175 GW by 2022 target, the panel’s report had suggested formulating a dedicated programme to support solar manufacturing in the country. It noted that the price of solar equipment in the country is not competitive as compared to foreign manufacturers especially Chinese. The panel also pointed towards a decrease in budgetary allocation at the revised estimates stage to the ministry and low utilisation of even decreased allocation of funds. It was of the view that this reflects poor financial planning by the ministry. BIS certification, meant to ensure quality standards, has become a bit of a joke, thanks to the slow rate at which the standards and regulations are updated to accommodate new and improved technology. The introduction of the BIS certification regulations for all cells and modules along with the mandatory enlistment of suppliers and models and manufacturers of solar modules on the ‘Approved List of Models and Manufacturers (ALMM)’ have not yielded desired results. Technology upgrades in the foreign markets, like China from where India imports a big chunk of its modules, is rapidly expanding and the limitations of the set standards by the ministry for quality control have forced developers to procure older version of modules instead of new and improved modules which are yet not cleared by the certification. The net results of all this has been a struggling manufacturing sector that is still demanding clarity in policy and an order flow that will inspire confidence. We have said this earlier too, but the best hope might yet be the manufacturers who have mastered the sector, the Chinese. Without Chinese manufacturers taking an interest, solar manufacturing will probably either struggle, or come at great cost to be borne by the end power consumer. -SAUR ENERGY BUREAU VOL 4 l ISSUE 04 | SAUR ENERGY INTERNATIONAL

DECEMBER 2019

STORAGE UPDATES

US STORAGE INDUSTRY TO BUILD ON STRONG 3RD QUARTER The United States energy storage sector had its strongest third quarter on record this year, deploying 100.7 megawatts (MW) and 264.6 megawatt-hours (MWh) of storage, and a new analysis by WoodMac predicts a 12x growth in MW-terms between now and 2024. The front-of-meter (FTM) market rebounded after its slump with 161 MW deployed, and the residential storage market kept up recent momentum, slightly outpacing second quarter deployment levels to deliver a new record for quarterly residential deployments. Massachusetts was the quarter’s clear leader for FTM storage deployments at 58 MWh deployed. Vermont and Arkansas tied for second place at 24 megawatt-hours of FTM storage each. The U.S. front-of-the-meter segment saw 121 percent quarter over quarter growth in the third quarter and is on track to grow by nearly 10 percent year-over-year in MWterms in 2019. FTM storage growth will accelerate significantly starting in 2020 as the segment adds 825 MW next year and 2,635 MW the following year. “We are encouraged to see the continued strong growth of the energy storage industry,” said Kelly Speakes-Backman, CEO of the US Energy Storage Association. “Three of the last four quarters have recorded

more than 100 MW in deployments, experiencing a healthy diversity of customer-sited and grid-side projects, and a growing pipeline of projects in development. We can expect deployments to accelerate even further if Congress acts to pass legislation making stand-alone energy storage eligible for the 30 percent investment tax credit by the end of this year.”

ENERGY STORAGE CONTRACTS DOWN 34% IN Q3 2019

DECEMBER 2019

Energy storage contracts in the third quarter of 2019, saw 23 contracts announced, marking a drop of 34 percent over the last four-quarter average of 35, according to GlobalData’s power industry contracts database. The proportion of contracts by category tracked in the quarter was as follows: • Supply & Erection: 11 contracts and a 47.8 percent share • P ower Purchase Agreement: five contracts and a 21.7 percent share • Project Implementation: four contracts and a 17.4 percent share • C onsulting & Similar Services: two contracts and an 8.7 percent share • Repair, Maintenance, Upgrade & Others: one contract and a 4.3 percent share. Comparing contract activity in the energy storage segment in different regions of the globe, North America held the top position with 12 contracts and a share of 52.2 percent during Q3 2019, followed by Asia-Pacific with four contracts and a 17.4 percent share and Europe with four contracts and a 17.4 percent share. The report further added that among SAUR ENERGY INTERNATIONAL | VOL 4 l ISSUE 04

the technologies, solar accounted for 13 contracts with a 72.2 percent share, followed by wind with three contracts and a 16.7 percent share and thermal with two contracts and an 11.1 percent share. The top issuers of energy storage contracts for the quarter in terms of power capacity involved were: 1. City of San Jose (United States): 110 MW from one contract 2. New York Power Authority (United States): 20 MW from one contract

3. East Bay Community Energy (United States): 7.5 MW capacity from two contracts. And the top winners of contracts for the quarter in terms of power capacity involved were all based in the United States: 1. EDP Renewables North America (United States): 110 MW from one contract 2. O’Connell Electric (United States): 20 MW from one contract 3. esVolta (United States): 7 MW capacity from one contract.

MODULE UPDATES

JINKO SUPPLIES SOLAR MODULES FOR CHINESE PROJECT JinkoSolar, one of the largest and most innovative solar module manufacturers in the world, has announced that it has supplied 300 MW of its high energy density Tiger panels for an ultra-high voltage demonstration plant in Qinghai Province, China. The Qinghai Ultra High Voltage Demonstration Plant is the first groundmounted utility project in the world to install JinkoSolar‘s Tiger panels which have 20.4 percent module efficiency. JinkoSolar’s efficient Tiger series deliver value as a result of a unique tiling ribbon that improves reliability and efficiency and outperforms conventional panel yield in real-world conditions such as partial shading and elevated temperatures. Kangping Chen, CEO of JinkoSolar, said that as a top global module supplier, the firm is constantly innovating and improving the quality products and “I am proud to have the opportunity to demonstrate their effectiveness by installing them for the first time on a ground-mounted utility project. Our Tiger panels are some of our most sought-

after products due to their application of unique tiling ribbon technology which removes any gaps between the cells, improving reliability and efficiency.” Recently, we had reported that the firm delivered to X-ELIO, a leading company dedicated to the development, construction and operation of photovoltaic plants, 950 MW of its ultrahigh efficiency Cheetah 72 cells solar modules to be installed at different

projects across Spain and Mexico. Out of the 950 MW to be installed, 575 MW of the PV panels will be used in 12 project sites namely in Spain including Ciudad Real, Badajoz, Albacete, Murcia, Almería, Sevilla, Cartagena, Valencia and Segovia, and over 375 MW will be deployed in two different project locations in Mexico, with 118 MW and 257 MW destined for Veracruz and Navojoa, respectively.

CHINA’S MODULE MARKET GROWS DESPITE SLOWDOWN The decline in annual installations of solar photovoltaics (PV) in China does not seem to have had an impact on the country’s solar module manufacturing industry. The country’s solar PV exports stood at 58 gigawatts (GW) in the first nine months of 2019, which is a big boost for the industry and this is despite the tariff regime for solar panels implemented by the Trump administration in the US, a new analysis has revealed. Harminder Singh, director of Power at GlobalData, said that in June 2018, the Chinese government released the Solar PV Power Generation Notice, imposing installation caps and reduced the feed-in tariff (FiT) for solar projects in the country. The government notice specified that a cap of 10 GW had to be imposed on the distributed generation (DG) projects for the year 2018. And that China had targeted 13.9 GW of utility-scale solar PV projects for deployment in 2018. However, the government order states that the utility-scale target for the year had been abolished, and all regional provinces have been instructed to impose bans on all entities seeking FiTs under the 2018 mechanisms. “FiTs have also been reduced by USD 0.0075/kWh across the board. Consequently, the annual capacity addition, which was 53 GW in 2017, dropped to 44 GW in 2018 and the analysis

estimates that the annual capacity addition in 2019 will drop further to 41 GW. The capacity additions are expected to be in the range of 43-45 GW from 2020 to 2022, which would lead to increased domestic demand.” VOL 4 l ISSUE 04 | SAUR ENERGY INTERNATIONAL

DECEMBER 2019

MARKET UPDATES

POLAND TO MEET RE TARGET WITH AMENDED REGULATION The share of renewable energy in the power capacity mix of Poland reached 16.9 percent in 2018 and is expected to reach 39.1 percent by 2030 supported by the recently revised renewable energy sources act. GlobalData’s latest report, ‘Poland Power Market Outlook to 2030, Update 2019 – Market Trends, Regulations, and Competitive Landscape’, reveals that thermal power dominated the country’s capacity mix in 2018 with a 78.1 percent share, followed by renewable energy with 16.9 percent and hydropower with 5 percent. In the non-hydro renewable energy mix, wind represented a 75.5 percent share followed by bio-power and solar photovoltaic (PV) with 20.9 percent and 3.6 percent, respectively. Piyali Das, Power Industry analyst at GlobalData, said that the country has a target of meeting 15 percent of its energy from renewables in gross final energy consumption by 2020. “Recently, the country has revised its renewable energy sources act to focus on recommendations to meet the country’s renewable energy target. This amendment cleared the bottlenecks for conducting onshore wind auction of 2.5 gigawatts (GW) by the end of 2019,” she said. The Government of Poland sees both onshore and offshore wind as highly important to meeting its goals, and the revised renewable energy act extended deadlines for interconnection

agreements while also setting rules for the Guarantees of Origin (GOs) scheme. These actions will ensure more stable wind farm revenues for corporations. “Power traders in Poland are importing cleaner and cheaper energy from neighbouring countries to meet the country’s demand. Investors will find opportunities in Poland’s wind power market, as it can bring maximum penetration of the renewables with the government’s support,” Das concluded.

RISING RE IN SPAIN, CHILE BASED ON FLEXIBILITY ASSETS

DECEMBER 2019

Maximising the role of renewable energy (RE) i.e. solar and wind power in the electricity systems of Spain and Chile between now and 2050 will hinge on the extent to which ‘flexibility assets’ such as batteries and dynamic electric vehicle chargers are deployed and used, a new report has found. The conclusion was published by BloombergNEF (BNEF) in partnership with ACCIONA, the Madrid-based global renewable energy, and infrastructure group, in twin reports recently published. Both Spain and Chile have world-class resources in sunshine and wind and are therefore prime locations for the buildout of renewable energy over the next three decades. The BNEF reports model the outlook for the power generation mix of the two countries by 2050, based on various scenarios. Both Spain and Chile have ambitious targets for decarbonising their electricity systems, the former for renewable generation, and the latter for the retirement of its entire coal-fired power station fleet. But attaining these, SAUR ENERGY INTERNATIONAL | VOL 4 l ISSUE 04

or getting close, will require a focus on flexibility, as well as simply pouring money into increasingly cheap renewables. The report adds that ‘flexibility’ is provided by technologies that can rapidly increase or reduce the amount of electricity they deliver to the grid, depending on the balance between supply from

generators and demand from businesses and consumers. Examples are stationary storage batteries, EV chargers that charge when electricity prices are low rather than at peak periods, inter-connectors to other countries, and – on the fossil fuel side – quick-response gas-fired power stations.

MARKET UPDATES

SOLAR + STORAGE EXPECTED TO DRAMATICALLY RISE In a regulatory order issued on December 4, 2019, the Public Utilities Commission of Nevada approved three “solar-plusstorage” purchase power agreements (PPAs), including one that will be the world’s largest battery project with a capacity of 380 MW/1,416 MWh. The Commission’s approval relied in part on analyses from the Brattle Group, which included an October 2018 study on the economic potential for solar and energy storage in Nevada, as well as expert testimony before the Commission by Principal Ryan Hledik. In conjunction with the Commission’s announcement, Brattle economists have released a new study that examines the market for solar-plusstorage resources. The study notes that co-located solar-plus-storage deployments are expected to increase

dramatically in the next couple of years. According to the study, solarplus-storage already accounts for over 40 percent of all capacity in the California ISO interconnection queue and is experiencing sizeable growth in the PJM queue as well. According to the study, the favourable economics and policies that have driven

this trend toward co-locating energy storage with solar PV include: • Demand for a firmed solar generation as a capacity resource (and growing reluctance to contract for new gas capacity) is evidenced by recent utility procurements. • Efficiencies of co-location reduce costs and increase revenues of solar-plusstorage investments. • D eclining costs of both solar and storage make the hybrid resources increasingly competitive with other resources. • The Federal Investment Tax Credit (ITC) provides up to a 30 percent reduction in storage costs if paired with solar. • S tate solar and storage mandates prioritise the deployment of those resources, reflecting priorities of policymakers and regulators.

RE AMBITION IN NDCS MUST DOUBLE BY 2030: IRENA Countries are being urged to significantly raise renewable energy ambition and adopt targets to transform the global energy system in the next round of Nationally Determined Contributions (NDCs), according to a new report by the International Renewable Energy Agency (IRENA) that will be released at the UN Climate Change Conference (COP25) in Madrid. The report shows that renewable energy ambition within NDCs would have to more than double by 2030 to put the world in line with the Paris Agreement goals, cost-effectively reaching 7.7 terawatts (TW) of globally installed capacity by then. At present, the renewable energy pledges under the NDCs are falling short of this, targeting only 3.2 TW. The report NDCs in 2020: Advancing Renewables in the Power Sector and Beyond states that with over 2.3 TW installed renewable capacity today, almost half of the additional renewable energy capacity foreseen by current NDCs has already been installed. The analysis will also highlight that delivering on increased renewable energy ambition can be achieved in a cost-effective way and with considerable socio-economic

benefits across the world. Increasing renewable energy targets is absolutely necessary, said IRENA’s Director-General Francesco La Camera adding that much more is possible. “There is a decisive opportunity for policymakers to step up climate action by raising ambition on renewables, which are the

only immediate solution to meet rising energy demand whilst decarbonising the economy and building resilience.” “IRENA’s analysis shows that a pathway to a decarbonised economy is technologically possible and socially and economically beneficial,” continued La Camera. VOL 4 l ISSUE 04 | SAUR ENERGY INTERNATIONAL

DECEMBER 2019

MARKET UPDATES

JAPANESE OFFSHORE WIND MARKET STANDS AT 68 MW GlobalData’s research reveals that the Japanese offshore wind market presently stands at a minuscule 68 megawatt (MW). However, 770 MW of capacity is in the pipeline across four projects, all of which are in the permitting stage. There are also a number of announced projects with a much higher total capacity. Harminder Singh, director of Power at GlobalData, said that the offshore wind market in Japan, though presently at a nascent stage, is increasingly showing positive signals to investors. “The recent joint venture between Canadian Energy Company Northland Power and Shizen Energy is a testimony to this.” According to the Japanese Wind Power Association, a number of foreign developers such as Ørsted, Equinor, wpd

and CIP have established branch offices in the country, showing their intent to invest in Japan’s offshore wind sector. In January 2019, Danish offshore wind power company Ørsted had signed

a memorandum of understanding with Tokyo Electric Power Company (TEPCO) to work together on offshore wind projects. Earlier this year, the bill on the promotion of the use of territorial waters for offshore renewable energy generation facilities was passed into law. This was followed up in July this year by the identification of 11 areas as potentially suitable for the development of offshore wind. In four of these areas, wind measurement and geological surveys will be conducted by the government immediately. Furthermore, the installed offshore wind capacity in Japan is expected to reach close to 3.8 GW, accounting for a staggering 33 percent of the total wind capacity in the country by 2030.

POTENTIAL OF OFFSHORE IN BALTIC SEA

DECEMBER 2019

In order to exploit the full potential of offshore wind in the Baltic Sea, WindEurope’s Baltic Taskforce has released a new report, ‘Boosting offshore wind energy in the Baltic Sea’ at the recently concluded “Offshore 2019” event in Copenhagen. The report set out the steps required to exploit the potential of offshore in the Baltic Sea, which could reach 83 GW according to WindEurope’s recent offshore report. The report recommends that European countries give clear details on policies, such as volumes and targets, access to wind sites, long-term revenue certainty and auction schedules. The report also details how important cross-border cooperation is in the Baltic Sea, where an interconnected market would help to overcome the issue of different power pricing zones with different patterns and technical standards. Grid development should also anticipate major growth in both offshore and onshore wind energy. The report then goes on to detail the benefits of offshore wind in the basin. Firstly, offshore enhances energy independence and security as it prevents exposure to the volatility of oil, gas and coal prices. It is also key in the de-synchronisation SAUR ENERGY INTERNATIONAL | VOL 4 l ISSUE 04

of Baltic countries from the Russian power grid. Finally, offshore wind offers significant job creation potential in the region, especially in rural areas. WindEurope’s Baltic Taskforce is a network of Industry representatives and National

Associations promoting offshore wind energy in the region. The Taskforce regularly engages with governmental institutions – at both national and international levels – and organises targeted workshops in the Baltic countries.

MARKET UPDATES

GOVTS TO TAKE STRONG ACTION ON ENERGY EFFICIENCY Governments need to take stronger policy action to reverse the worrying slowdown in global energy efficiency improvements, according to a public survey conducted by the International Energy Agency (IEA). The survey was carried out to inform the first meeting of the Global Commission for Urgent Action on Energy Efficiency, which takes place on December 4, 2019. Launched in July, the 23-member Global Commission is led by Honorary Chair Irish Prime Minister Leo Varadkar and composed of national leaders, current and former ministers, business executives and international experts. It is tasked with producing recommendations by next summer to accelerate global progress on energy efficiency, which declined last year to its slowest rate since the start of this decade. The IEA is providing analytical support for the commissionâ&#x20AC;&#x2122;s work. As part of this, it conducted a global public survey on energy efficiency to which nearly 800 people from around 80 countries responded. The survey includes questions on the objective of efficiency policies, key opportunities and focus areas for the commission. In response to a question asking why the significant potential to improve energy efficiency is not being realised, the most popular answer was that governments do not place efficiency high enough on their agendas. Only 3 percent of respondents pointed to a lack of readily available technologies as a factor. The reduction of greenhouse gas emissions is the most

compelling reason to pursue greater levels of efficiency, according to most survey respondents. Many of them identified the buildings sector as having the greatest potential for immediate efficiency gains. More than 80 percent of respondents agreed or strongly agreed that efficiency progress is not possible without firm targets backed by clear strategies and policies.

STORAGE MARKET IN INDIA TO GROW AT 6.1% CAGR The energy storage market in India was USD 2.8 billion in 2018 and forecasted to grow at a CAGR of 6.1 percent by 2026, said India Energy Storage Alliance (IESA) report. As per the IESAâ&#x20AC;&#x2122;s 5th edition of India Stationary Energy Storage market report, the total annual MWh addition in 2018 hit 24.4 GWh and is expected to grow to 64.5 GWh by 2026. The report further added that, it dwells in-depth into the various applications of advance storage technologies such as in renewable energy integration, transmission & distribution (T&D) deferral, ancillary services, railways, microgrids, telecom, and behind the meter applications such as inverters, UPS, solar rooftop and so on. The base year of the study is 2018, the forecast period is 2019-2026. The market segments include Grid-scale storage applications in solar integration, wind integration, T&D deferral, ancillary

services; Behind the meter (BTM) storage applications such as telecom, rural electrification, solar rooftops, diesel replacements, inverter back-up, UPS back-up, thermal energy storage and railways: rolling stock, signaling and control room back-up. The report further cited that, the demand for energy storage in BTM applications

will account for 68-77 percent of the cumulative market during 2018-2026. Inverters and telecom takes the major share of the BTM market. The report is further segmented into four key segments i.e. total stationary storage market, grid scale stationary storage market, stationary Storage in behind the meter (BTM) applications and Railways. VOL 4 l ISSUE 04 | SAUR ENERGY INTERNATIONAL

DECEMBER 2019

OPINION

MISSING. A PUBLIC PRESENCE FOR RE FIRMS IN INDIA Back in March 1999, when Infosys Limited, the software firm that was just beginning to get noticed listed on the Nasdaq stock market in the US, it was a seminal moment for the firm and the Indian IT sector in general. Not only did the firm become the first Indian firm to list on NASDAQ, its stellar record and subsequent performance ensured an easy entry for many other firms across IT and other sectors to go public. So well did the visibility, and investor enthusiasm for the share work, that one could argue that the biggest Indian IT firm at the time, Tata Consultancy Services Limited (TCS), could actually go for a domestic listing, rather than follow Infosys and its peers to NASDAQ or the NYSE (New York Stock Exchange). So why is the Infosys example relevant? Because, in the words of its own founder, when Infosys went for the NASDAQ listing, it was not just to raise money. That was secondary. What the firm wanted was the visibility the listing would provide in its key market, the US with its potential clients. As it turned out, the BFSI, or the Banking and Financial Segment was particularly crucial for the firm, and it has always acknowledged the tremendous benefit the listing provided it. Somewhat like IT services in 1999-2000, renewables are at a similar point for

some time now. The market has grown massively, the expertise exists here to scale it to much higher level, and the industry could definitely do with the financing from public markets. But India’s top renewable firms are missing from the public markets. At a time when the country has clearly emerged as a large

market in its own right for most renewable and other green technologies, this is a real pity. For a higher public persona will not only drive investor interest, but also go a long way towards changing public awareness and perception about the benefits and potential here, besides the absolute need to embrace it.

HOW RANKINGS CHANGED. INDIA’S TOP SOLAR STATES

DECEMBER 2019

In his reply to a question on solar power production across states, R.K. Singh, the minister for Power, News and Renewable Energy and Skill Development and Entrepreneurship, shared some very interesting data in parliament yesterday. As we can see, Karnataka goes roaring upto the no. 1 rank, from no. 9 in 2016-17. Its a ranking it will probably retain by the end of the year too. Andhra Pradesh, which has retained its no. 4 ranking, should be cause for worry, with Tamil Nadu providing a much better environment for developers. Of course, Uttar Pradesh, which has moved from production of 230 million units to 1192 in 2018-19, is the other state that would have surprised observers, with its massive jump. And continued potential to keep moving up. At one level, these numbers certainly tell the story of solar production (as per government records) since 2016, when the industry truly took off in a big way. A 290 percent jump in production between 2016 and 2018-19 only underscores the massive investments and their impact across the leading SAUR ENERGY INTERNATIONAL | VOL 4 l ISSUE 04

states. Of course, large regions like the North East, Jammy and Kashmir, Himachal Pradesh, or large states like Bengal and Bihar remain laggards, with production that can improve exponentially. The Hill states in particular could perhaps take a leaf out of Uttarakhand’s book, where solar production has moved from 37.7 million units in 2016 to 183 million units by September this year.

FINANCE UPDATES

Rs 183 CR FUNDS RELEASED FOR MEGA SOLAR PROJECT In his reply to a question on solar power production across states, Union Minister for Power, News & Renewable Energy and Skill Development and Entrepreneurship RK Singh, shared some very interesting data in parliament recently. In one of his responses, the minister detailed the amount of funds released by the centre for the development of ultra mega solar parks in the country over the last four financial years. According to the data provided by the minister, as of October 31, 2019, Rs 132.92 crore in funds has been issued for the development of such projects in the country. A majority of the funds issued were shared between four solar projects: the AP-I solar power project being developed in Andhra

Pradesh which received Rs 49.55 crore, the Pavagada solar park in Karnataka which received Rs 40 crore, the Ext trans PGCIL-Rewa Solar Park in Madhya Pradesh which received Rs 30 crore and finally

the RVPN solar parks (Bh-II, Bh-III, Bh-IV) in Rajasthan which received the maximum amount of Rs 57.2 crore. The minister has also informed the parliament that as of October 31, 2019, the total grid-connected solar power generation capacity of the country now stands at 31,696 MW. The Minister has also pointed out that solar projects worth 17,998 MW capacity are at various stages of installations and that tenders for 36,278 MW capacity projects have been already issued. Additionally, the ministry also informed that new tenders of around 15,000 MW are planned in the remaining period of 2019-20 and 2020-21 and that with all these developments the country is on course for achieving its 100 GW solar target.

BORALEX TO REFINANCE WIND AC ENERGY LAUNCHES $400 FARM OPERATIONS IN FRANCE MN FOR LIFE GREEN BOND

DECEMBER 2019

Boralex has announced that it has successfully closed agreements to refinance almost all of its wind farm operations in France, for a total of USD 1.7 billion (EUR 1.1 billion), divided among three credit agreements maturing respectively in 2034, 2036 and 2040. This is the largest financing agreement in the renewable energy sector in France and the largest refinancing arrangement ever for the firm. The transaction immediately makes available financial resources totalling more than USD 178 million (EUR 123 million), achieved primarily by grouping together assets that were previously financed individually through 30 different credit agreements. This amount will be used to enhance the firms’ existing corporate credit facility, resulting in a greater capacity to fund the development of future projects across the corporation. In addition to the amount made available in the corporate credit facility, the financing includes USD 200 million for the construction of short-term projects. Furthermore, an additional USD 180 million tranche to finance the construction of future projects should become available in early 2020 once the necessary documents have been finalised. Beyond the benefits stemming from the more favourable market conditions, this new revolving tranche will accelerate the development of future projects. When built, these projects will be added to the portfolio of projects benefiting from the terms of the refinancing arrangement. Bruno Guilmette, vice president and chief financial officer of Boralex said that this refinancing is a major step forward that will free up significant financial resources and reduce the cost of implementing the firms’ strategic plan. SAUR ENERGY INTERNATIONAL | VOL 4 l ISSUE 04

Ayala Corporation’s energy platform, AC Energy has announced that it has successfully set the terms of its inaugural US dollardenominated senior perpetual fixed-for-life (non-deferrable) green bond issuance at an aggregate principal amount of USD 400 million with a fixed coupon of 5.65 percent for life with no step-up and no reset, priced at par. This represents the first US dollar-denominated fixed-for-life green bond ever issued globally. The Bonds will be issued by AC Energy Finance International Limited, a wholly-owned subsidiary of AC Energy, and will be guaranteed by AC Energy. The Bonds will be listed on SGX-ST and were certified under the ASEAN Green Bonds Standards by the Philippine Securities and Exchange Commission on 18 November 2019.“We are very pleased to see the strong reception among bond investors for our maiden perpetual green bond, said Eric Francia, president and CEO of AC Energy. “We expect to add well over 1000 MW of renewables capacity in 2020, and this fresh capital will further cement AC Energy’s commitment towards renewable energy and sustainability, and will support the company’s scaling up of renewable energy investments in the Asia Pacific.” The firm plans to deploy the funds for renewable energy expansion across the Asia Pacific region to include the Philippines, Indonesia, Vietnam, Myanmar, India and Australia, among others. Cora Dizon CFO of AC Energy lauded the inaugural perpetual fixed-for-life green bond as a step towards widening the company’s investor base. “We recognise the fast-growing investor demand for green bonds, which we are leveraging to strengthen and diversify our sources of capital. The strong investor demand generated interest of over USD 1.2 billion and allowed the company to raise USD 400 million.”

FINANCE UPDATES

ADB GRANTS $250 MN TO EESL FOR ENERGY EFFICIENCY The Asian Development Bank (ADB) has approved a loan of USD 250 million as part of an assistance package to Energy Efficiency Services Limited (EESL), a public sector energy service company, to expand energy efficiency investments in India. “India’s energy efficiency potential is largely untapped—amounting to possible energy savings of about 17 percent of the country’s total power generated in the financial year 2019,” said Jiwan Acharya, principal energy specialist at ADB. “The project will adopt proven energy-efficient technologies to reduce electricity network losses and reduce greenhouse gas emissions.” India has seen strong economic expansion over the last decade and a half, a period in which carbon dioxide emissions from fuel combustion have outpaced economic growth, reaching more than 2 billion tons in 2016, compared to 890,000 tons in 2000. The country is still largely dependent on

fossil fuels, particularly coal power. The government has recognized the need to achieve more sustainable economic growth while reducing carbon emissions. The country is aiming to achieve 175 gigawatts of renewables by 2022 from about 80 gigawatts as of August 2019.

Under the COP21 Paris Climate Agreement, India pledged to reduce the energy intensity of its economy by 33 percent to 35 percent from 2005 levels by 2030. But the government faces various regulatory, institutional, financial, and consumer barriers to achieving these targets.

IBERDROLA SECURES €690 MN LOAN FROM EIB At the Climate Change Conference (COP25) being held in Madrid, the European Investment Bank (EIB) and Iberdrola have announced two new agreements to promote climate action by investing in renewable energy projects and electricity distribution networks. To do so, the Vice-President of the EU bank Emma Navarro and the President of Iberdrola Ignacio Galán agreed two loans for a total of EUR 690 million. EIB Vice-President Emma Navarro, head of the climate action at the Bank and its operations in Spain and Latin America, said that the bank is delighted to be signing these agreements at the Madrid Climate Change Conference because they are a great example of EIB’s efforts to support climate action inside and outside of Europe. “To fulfil the objectives of the Paris Agreement, we need to mobilise resources on an unprecedented scale, and the EIB is seeking to lead the response to this challenge. We are the EU’s climate bank, and that is why we have strengthened our climate ambition. We are working on mobilising up to

EUR 1 trillion over the coming decade through projects that, like the ones we are supporting today, are going to help with the transition towards a low-carbon economy by promoting renewable energies.” Of the EUR 690 million total, EUR 250 million will go to financing the construction of 15 wind farms to be

developed in Brazil by Neoenergia, the Iberdrola subsidiary in Brazil. These new facilities will be located in three states in the northeast: Paraíba, Bahía and Piauí. Once operational, they will have a total installed power of 520 MW and produce an annual average of 2,300 GWh of clean energy. VOL 4 l ISSUE 04 | SAUR ENERGY INTERNATIONAL

DECEMBER 2019

FINANCE UPDATES

DAIWA ENERGY TO ACQUIRE 40% STAKE IN AQUILA CAPITAL Tokyo headquartered Daiwa Energy and Infrastructure (DEI) has decided to enter into a strategic partnership with Aquila Capital Holding to acquire a 40 percent stake in the company. The Aquila Group is an experienced investment manager mainly in renewable energy assets. Founded in 2001 by Dr. Dieter Rentsch and Roman Rosslenbroich, the Group currently manages approximately EUR 9.5 billion for its clients worldwide. Local, on-site management teams are central to the company’s operations, with 13 offices in 12 countries. Comprehensive operational capabilities, more than 300 employees at the group level, intensive asset management and a passion for detail ensure asset and product performance as well as the timely deployment of capital. Embedded in its activities lies a passion for real assets and living ESG,

better every day. Through future collaboration with Aquila Group, Daiwa Energy will aim at accelerating its business in European areas with a huge market opportunity in the renewable energy field, learning from the sophisticated Power Purchase Agreement (PPA)

markets not depending on grants and public support from governments. In addition, the firm is also seeing a growing global demand for sustainable real asset investments, particularly in Japan and Asia. Leveraging Aquila Group’s expertise and strong track record across renewable energy, DEI will support the firm in identifying and developing first-rate investment solutions for the Japanese and Asian investors under the Aquila Capital brand. “This strategic partnership with Aquila Group may also contribute to achieving the United Nations’ 17 SDGs, in particular, Goal 7: Affordable and Clean Energy and Goal 13: Climate Action. Daiwa Securities Group will promote a renewable energy business and contribute to the achievement of SDGs going forward,” the Japanese firm issued in a statement.

BLACKROCK ACHIEVES $1 BN RECORD CLOSE FOR GRP III

DECEMBER 2019

BlackRock Real Assets has announced that it has achieved a USD 1 billion first close for its Global Renewables Power III fund (GRP III) with commitments from over 35 institutional investors in North America, Europe and Asia. The record first close reflects strong investor demand for renewable power assets that can potentially generate attractive risk-adjusted returns with low correlation to the economic cycle, and that align with their long-term sustainability goals. GRP III is the third vintage of BlackRock’s global renewable power fund series. The Fund seeks to invest across the spectrum of climate infrastructure assets, with a focus on renewable power generation, and energy storage and distribution. An early mover in identifying renewable power infrastructure as an attractive global fundamental growth story for institutional investors, BlackRock manages one of the largest global renewable power platforms with $5.5 billion in equity assets under management. Since 2011, BlackRock’s Global Renewable Power platform has invested in more than 250 wind and solar projects globally on SAUR ENERGY INTERNATIONAL | VOL 4 l ISSUE 04

behalf of 150 investors. These projects would provide enough clean energy to power 19 million homes over their lifetimes1, equivalent to a country the size of Spain. GRP III helps clients build portfolio resilience by seeking to deliver returns driven by wind and solar, strong cash yields from the clean power we sell and capital growth from building

and optimising assets. At the same time, more and more investors are asking for solutions that allow them to invest in positive environmental outcomes. Our impact assessment framework provides market-leading reporting that measures and dollarizes the positive contribution made by our clients to help address the UN’s Sustainable Development Goals.

FINANCE UPDATES

IREDA’s $100MN GREEN WINDOW FOR FINANCING PROJECTS The Indian Renewable Energy Development Agency (IREDA) is deliberating over a new USD 100 million (Rs 706 crore) green window for financing renewable energy projects, Ministry of New and Renewable Energy (MNRE) Secretary Anand Kumar has said. IREDA is India’s leading financial institution dedicated to clean energy expansion. Since its founding under MNRE in 1987, it has financed the largest share of renewable energy projects in India. An allocation of approximately USD 20 million is being considered for the green window, with plans of leveraging USD 80 million from other agencies to establish a facility of USD 100 million, the secretary was quoted as saying by an MNRE statement. “IREDA is planning to set up a dedicated green window to serve the unserved segments of renewable energy,” Kumar said at the UN Climate Change Conference (COP 25) in Madrid, Spain. “Renewable energy is increasingly cheaper and better for the strategic interests of India, and the IREDA green window would provide a significant boost to the renewable energy market.” “As India moves towards becoming a USD 5 trillion economy, the country’s aim to install 450 gigawatts (GW) of renewable

energy capacity would be one of the major drivers of its economic growth,” he added. The green window would be set up to dedicatedly support underserved clean energy markets and support scaling up of new clean energy technologies. The seed capital will be used to leverage additional sources of capital from both private domestic banks and international sources, the statement said.

SB ENERGY TO INVEST $4 BN IN GUJARAT ON RENEWABLES Japan’s renewable energy firm and a sister concern of SoftBank, SB Energy Corp will be investing USD 4 billion or approx. Rs 30,000 crore in renewable energy in the state of Gujarat, said the state government release. As per the media reports, the development was announced at a meeting between Gujarat Chief Minister Vijay Ramniklal Rupani and Manoj Kohli, Executive Chairman of SB Energy. Further, SB Energy will be investing in the solar, wind and other unconventional sources of renewable energy. Currently, the installed capacity of Gujarat in renewable energy stood at approx. 8.9 GW and the state government aims to scale it up to 30 GW by 2022. As per the government release, quoted PTI, “of this 30,000 MW, 20,000 MW will be used in the state while another 10,000 MW will be given to other states. SB Energy’s announcement of investing USD 4 billion will go a long way in achieving the target.” Besides, the Chief Minister of Gujarat also inaugurated the Global Business Services Centre of Bank of America (BoA) at Gujarat

International Finance Tec-City (Gift-City) in Gandhinagar. On the occasion, Catherine Bessant, who is the Chief Operations and Technology

Officer of Bank of America, commented that it started its operations in 2004 in India, and this was its 5th unit after Hyderabad, Mumbai, Gurugram and Chennai. VOL 4 l ISSUE 04 | SAUR ENERGY INTERNATIONAL

DECEMBER 2019

FINANCE UPDATES

GOVT FUNDING FOR SOLAR ROOFTOPS With an aim to promote solar energy in the country, government has taken various significant measures in the past few years including amendments in policies, releasing funds under various schemes for the sector etc. However, most of the solar power projects in the country have been set up with private investment, as informed by RK Singh, in response to a question in Lok Sabha. The government has released an aggregate sum of Rs 174.53 crore during the financial year (FY) 2019-20 (as on November 25, 2019) for the grid-connected solar rooftop segment, whereas it released a total of Rs 678.01 crore during FY 2016-17. The total amount includes funds released for all states along with the various government departments and public sector undertakings (PSUs). In FY 2016-17, the government provided the highest share of its fund allocation to the states of Tamil Nadu, Assam, Madhya Pradesh, Uttarakhand, and Maharashtra with an allocated amount of Rs 69.67 crore, Rs 38.46 crore, Rs 31.96 crore, Rs 25.97 crore, and Rs 23.18 crore respectively. On the flip side, in FY 2019-20 (as on November 25, 2019), the Ministry of Power has given preference in issuing funds to the states of West Bengal, Haryana, Gujarat, Assam, and Uttarakhand with allocated amount of Rs 13.38 crore,

Rs 13.06 crore, Rs 12.10 crore, Rs 9.24 crore, and Rs 7.67 crore respectively. However, the ratio of allocation of funds for the grid-connected solar rooftop segment has been declining sharply. The total allocation of funds for all the states comprised of Rs 71.89 crore for FY 2019-20 (as on 25.11.2019). It had been Rs 343.89 crore for the FY 2016-17.

BP RISES STAKE IN LIGHTSOURCE BP TO FORM 50:50 JV

DECEMBER 2019

The management of Lightsource BP and BP have agreed to equalise their shareholdings in Lightsource BP to create a simplified 50:50 joint venture (JV) structure. As part of the transaction, BP will purchase newly-issued equity in the business to help accelerate Lightsource BP’s growth, supporting its ambitious drive towards 10 GW of developed assets by the end of 2023. In December 2017, BP acquired 43 percent of Lightsource which was subsequently rebranded to Lightsource BP. Today, BP has agreed to purchase additional equity in Lightsource BP to become an equal partner in the business with the balance of shares continuing to be held by management and staff. Since new shares will be issued in this transaction, the funds paid by BP to increase its stake will be immediately available to Lightsource BP for investment. Strategic decisions will continue to be taken jointly by the two shareholder groups, with each group now having an equal number of nominees on the Lightsource BP Board. In the two years since BP’s first investment, Lightsource BP’s activities have expanded SAUR ENERGY INTERNATIONAL | VOL 4 l ISSUE 04

from 5 to 13 countries. It has signed major projects across Europe, the Americas and Australia and has built a development pipeline in excess of 12 GW. Nick Boyle, CEO of Lightsource BP, said that “when we first announced this partnership two years ago, we made our mission very clear – that together

we want to accelerate the growth of solar power worldwide and help drive the solar revolution. Although we have already made huge strides forward in both the size and number of our projects and have rapidly expanded our global footprint, there is still so much more we can do together.”

PROJECT UPDATES

RENEW POWER PARTNERS WITH GS E&C FOR R'THAN PROJ ReNew Power has announced that it has partnered up with South Korean firm GS E&C for the execution of its 300 MW solar PV power plant in Rajasthan. GS E&C is South Korea’s leading construction and development firm and is part of the GS Group, with an asset base of over USD 58 billion. Under the JV, ReNew Power will hold 51 percent equity under the partnership, while the balance will be held by GS E&C. “I expect the partnership to set new benchmarks in the Indian renewable energy space and look forward to executing more projects together,” ReNew Power’s Chairman and MD Sumant Sinha said. The project is part of the capacity auctioned by Solar Energy Corporation of India (SECI) under its tranche-IV auctions concluded earlier this year. This partnership will mark the entry of GS E&C in the Indian renewable energy

sector. “GS E&C and ReNew Power will continue to play an important role achieving the country’s ambitious target

for the transition to cleaner energy,” said Huh Yun Hong, the president and head of the new business division of GS E&C.

AP TENDERS FOR O&M OF 1500 MW SOLAR PROJECT

SECI ISSUES NIT FOR 1.2 GW SOLAR, 1.2 GW HYBRID PROJ

The Andhra Pradesh Solar Power Corporation (APSPCL) has issued a tender, seeking bids from eligible parties for carrying out the operation and maintenance (O&M) services for the 1500 MW Ananthapuramu Ultra Mega Solar Park in the state. The Ananthapuramu Solar Park is spread over a total area of 7,925 acres in the Nambulapulakunta Mandal located in the Ananthapur district of Andhra Pradesh. The scope of work for the selected firms will involve carrying out the O&M of the 220/33 kV pooling sub-station-1 and associated 220 kV DC lines including 33 kV lines and water supply scheme at the N.P. Kunta site and of the three 220/33kV Pooling Sub Stations-1,2 and 3 and associated 220 kV DC lines including 33 kV lines and water supply scheme at Galiveedu site of Ananthapuramu Ultra Mega Solar Park for a period of 2 years. The last date for bid submission is December 16, 2019, and the techno-commercial bids will be opened on December 17, 2019. The price bids of the technically cleared bidders will be opened on December 20, 2019. The estimated cost of the maintenance contract is Rs 5.79 crore and all bidders will have to submit an Earnest Money Deposit of Rs 5.8 lakh along with their bids. To be eligible for participating in the bidding process, the bidders must have an “A” Grade Electrical License for 220 kV level and above. And should have experience of carrying out O&M of 220 kV Sub-Station and associated 220 kV transmission lines for a minimum period of one year during the last five financial years.

The Solar Energy Corporation of India (SECI) has issued two new Notice Inviting Tenders (NITs) for the development of solar and hybrid solar and wind projects in India. The first NIT has been issued for the development of 1200 MW of ISTS-connected solar power projects anywhere in India on a Build Own Operate (BOO) basis under the ISTS-VIII. As per the NIT, SECI will enter into a Power Purchase Agreement (PPA) with the successful bidder(s) selected based on this RfS for purchase of power for a period of 25 years based on the terms, conditions, and provisions of the RfS. The RfS for the selection of solar power developers for 1200 MW solar PV power projects under global competitive bidding will be issued by December 16, 2019. Under the second NIT, SECI has invited proposals for setting up of ISTS-connected Wind-Solar hybrid power projects anywhere in India on “Build Own Operate” (B-O-O) basis for an aggregate capacity of 1200 MW (Tranche-III). Just like the first NIT, SECI will enter into a PPA with the successful bidder(s) selected based on this RfS for purchase of power for a period of 25 years based on the terms, conditions, and provisions of the RfS. The RfS for the selection of the hybrid power developers under this tender will be issued by December 20, 2019. The latest response to SECI’s 1200 MW wind tenders was very poor, where only Adani Energy with 200 MW and ENEL for 66 MW responded.

DECEMBER 2019

SAUR ENERGY INTERNATIONAL | VOL 4 l ISSUE 04

PROJECT UPDATES

NTPC TENDERS FOR 500 MW SOLAR PROJ IN M'RASHTRA NTPC Limited has issued a tender, inviting bids from eligible bidders for the development of grid-connected solar power projects up to 500 MW in generation capacity in Maharashtra under Engineering, Procurement and Construction (EPC) package with land and connectivity. The score of work for the prospective bidders will include the design, engineering, manufacturing, supply, packing and forwarding, transportation, unloading, storage, installation and commissioning of solar projects of 100 MW to 500 MW capacity on a turnkey basis under the open category of PV cells and modules, located anywhere in Maharashtra. The operation & maintenance of complete solar PV plant including switchyard and power evacuation system till STU/ Discoms substation along with electrical equipment, consumables, and spare parts will also be included in the scope of work for the developers for a period of 3 years from the date of successful completion of the trial run. The minimum block capacity that can be built has been set at 100 MW beyond which the increments can be made in multiples of 5 MW. The highest capacity that can be awarded to a single bidder is 500 MW. The last date for bid submission

is January 2, 2019. To be eligible, the bidder should have designed, supplied, erected/ supervised erection and commissioned/ supervised commissioning of solar PV based grid-connected power plant(s) of cumulative installed capacity of 40 MW or higher, out of which at least one plant should have been of 10 MW or higher capacity. The reference plant of 10 MW or higher capacity must have been in successful operation for at least six months prior to the date of techno-commercial bid opening.

EESL TENDERS FOR 100 MW SOLAR MODULES The Energy Efficiency Services Limited (EESL) has issued a tender, inviting bids from eligible vendors for the procurement of 100 MW solar photovoltaic (PV) modules (325 W rated) for the state of Maharashtra. The last date for bid submission is December 27, 2019, and the technocommercial bid opening has been scheduled for the same date i.e. December 27, 2019. A pre-bid meeting has been scheduled for December 13, 2019, to address the concerns raised by the prospective bidders. All bidders are required to submit an Earnest Money Deposit of Rs 3.3 crore along with their bids as a bid security amount. However, all MSEs as per GFR 2017 clause 1.1.4 will be exempted from payment of the tender fee and the Bid Security/ Earnest Money Deposit (EMD). As per the tender, 25 percent of the total quantity of the tender is earmarked for MSEs. Out of the 25 percent target of annual procurement from micro and small enterprises owned by Scheduled Caste (SC) and Scheduled Tribe (ST) entrepreneurs and woman entrepreneurs. Recently, the Asian Development Bank

(ADB) has approved a loan of USD 250 million as part of an assistance package to EESL to expand energy efficiency investments in India. The new ADB project is a sector loan guaranteed by the Government of India, allowing for the undertaking of sub-projects with high readiness and inclusion of newer

sub-projects as they are developed. Activities to be undertaken by EESL in eligible states include energy efficiency opportunities not targeted by traditional energy service company investments, such as smart meters, distributed solar photovoltaic systems, and electric vehicles. VOL 4 l ISSUE 04 | SAUR ENERGY INTERNATIONAL

DECEMBER 2019

PROJECT UPDATES

NTPC ISSUES 923MW SOLAR TENDER State-run power producer NTPC has invited bids for the development of up to 923 MW of capacity grid connected solar photovoltaic (PV) projects under CPSU Scheme Phase-II (Tranche-II). As per the tender document details, the bids are invited under domestic content requirement (DCR) category, in which only domestically manufactured solar PV cells and modules can be used in the projects. The project has an aggregate capacity of 923 MW, while the block capacity will be minimum 50 MW and its higher capacity will be in the multiples of 10 MW. However, the maximum capacity to single bidder will not be extended over 300 MW. Further, the scope of work for solar plant up to ISTS sub-station includes design, engineering, manufacturing, supply, packing and forwarding, transportation, unloading, storage, installation, testing and commissioning of the solar PV power plant. The last date and time for submitting bids including both Techno-Commercial Bids and Price Bids is January 03, 2020. However, the date and time of start of reverse auction will be intimated separately by NTPC. Also, there is no cost of

bidding document. For the 50 MW to 90 MW of capacity quoted by the bidder, bid security amount will be Rs 5 crore, whereas for the 100 MW to 190 MW of bidding capacity, the bidder needs to deposit Rs 10 crore as security amount. On the other hand, if bidder wants to quote for the capacity between 200 MW and 300 MW, the security amount will be Rs 20 crore.

EDF BEGINS 450 MW OFFSHORE WIND CONSTRUCTION

DECEMBER 2019

The EDF Group has announced that it has begun construction work on the Scottish Neart na Gaoithe (NnG) offshore wind farm project in partnership with the Irish electricity company ESB which is taking a 50 percent stake in the project. The 450 MW NnG project confirms a wider commitment to renewables in the United Kingdom where EDF already has a strong footprint. Neart na Gaoithe will consist of 54 turbines and will be located in the North Sea approximately, 15 km off the coast of Fife in south-east Scotland. When fully operational, the NnG offshore wind farm will generate the equivalent electricity to power over 375,000 households each year, which corresponds to 4 percent of Scotland’s electricity consumption. This fully consented offshore wind project has a 15-year Contract for Difference (CfD) at GBP 114.39/MWh in 2012 pound sterling, and grid connection agreements in place. With all of the financial agreements now in place, EDF Renewables is launching full construction of the project. The construction of components is now underway, offshore construction will start in June 2020 and full commissioning will SAUR ENERGY INTERNATIONAL | VOL 4 l ISSUE 04

be complete in 2023. Bruno Bensasson, senior executive vice president, renewable energies and chairman and CEO of EDF Renewables said, that these are two major milestones achieved by EDF Renewables demonstrating its strong capabilities in

developing large offshore projects. “We are pleased to get work underway with our new partner ESB and all Scottish companies and stakeholders involved. The 450 MW NnG project will play an important role in de-carbonising the UK electricity system.”

PROJECT UPDATES

AMAZON ANNOUNCES 3 RE PROJECTS IN USA, SPAIN Amazon has announced three new renewable energy projects in the USA and Spain that support it’s commitment to The Climate Pledge and reaching 80 percent renewable energy by 2024 and 100 percent renewable energy target by 2030 on its path to net-zero carbon by 2040. The firm has restated that it is committed to major investments in renewable energy as a critical step toward addressing it’s carbon footprint globally, and that the newest renewable energy project in Europe will be the company’s first largescale project in Spain, located southeast of Sevilla. Once complete, the new solar farm will provide 149 megawatts (MW) of new renewable capacity. Amazon’s newest renewable energy solar projects in the US will be located in Lee County, Illinois and in Northern Virginia. Together, they total 180 MW and are expected to generate almost 400,000 MWh of renewable energy annually. This will be Amazon’s first large-scale renewable energy project in the state of Illinois and ninth in the Commonwealth of Virginia. Once complete, the three

new Amazon renewable energy solar projects will provide an estimated 329 MW of additional renewable capacity supplying energy to the company’s fulfilment network in Europe and Amazon Web Services (AWS) data centres, which power Amazon and millions of AWS customers globally. To date, Amazon has launched over 70

renewable energy projects that will provide over 1,900 MW of renewable capacity and are projected to deliver more than 5.3 million MWh of renewable energy annually. These projects include 21 utility-scale wind and solar farms and more than 50 solar rooftops installed on fulfilment centres and sort centres around the globe.

1190 MW SOLAR, 590 MW STORAGE APPROVED IN NEVADA The Public Utilities Commission of Nevada (PUCN) has approved NV Energy’s Integrated Resource Plan, which will bring an additional 1,190 megawatts (MW) of new solar renewable energy projects to Nevada – enough to power 230,000 homes – and an additional 590 MW of energy storage capacity. All three projects will be located in southern Nevada and are expected to be completed and serving customers by January 1, 2024. With the addition of these new projects, NV Energy will also meet the commitment made to customers last year to double its renewable energy. “This decision brings the environmental and price benefits of low-cost solar energy to our customers – and the addition of energy storage capabilities allows us to extend the benefits of renewable energy to times when the sun is not shining,” said Doug Cannon, NV Energy president and chief executive officer. “We are proud to be delivering a renewable energy vision to our customers that also supports Nevada’s economic and sustainability goals.” In April, Senate Bill 358 was signed into law by Nevada Governor Steve Sisolak requiring Nevada energy providers to achieve a 50 percent renewable energy portfolio standard (RPS) by 2030 – a change that NV Energy fully supported and is one

step closer to satisfying with these projects. The three new solar energy projects and three related energy storage resources will create more than 3,000 construction period jobs using union labor. This will ensure the highest quality construction is used in delivering these projects so they can serve Nevada’s energy needs for the long term. VOL 4 l ISSUE 04 | SAUR ENERGY INTERNATIONAL

DECEMBER 2019

MILESTONE UPDATES

COVESTRO SIGNS WORLD’S LARGEST PPA FOR OFFSHORE German firm Covestro, which produces specialty chemicals for heat insulation foams and transparent polycarbonate plastics, has announced that it has concluded the world’s largest-ever corporate supply agreement/ PPA for electricity from offshore wind turbines with energy supplier Ørsted. Under the terms of the agreement, Ørsted will provide green electricity for ten years, generated in a newly built wind farm off the island of Borkum. The Power Purchase Agreement (PPA) has a capacity of one hundred megawatts (100 MW) – enough to cover the electricity demand of 300.000 people. This is the first major corporate supply agreement for green electricity from new plants in Germany. It is also an unprecedented step for the chemical industry in Europe. “By purchasing green electricity, we are underpinning our comprehensive sustainability strategy and preparing ourselves for the expected rise in energy prices and CO2 costs,” said Covestro CEO

Dr. Markus Steilemann. “We assume that this will enable us to inspire and motivate our customers and corresponding value chains towards sustainable industrial production.” “At the same time, we also hope that the cooperation with Ørsted will stimulate the accelerated expansion of renewable

energies in Germany,” Steilemann added. “Without green electricity, the chemical industry, but also the industry as a whole, cannot make its contribution to ensuring that Germany becomes largely greenhouse gas-neutral by the middle of the century, as specified in the climate protection plan.”

OVER 31GW SOLAR PROJECTS COMMISSIONED IN INDIA

DECEMBER 2019

The Government of India has set a national target of installing 1,00,000 MW grid-connected solar power capacity in the country by December 2022. And the Ministry of New and Renewable Energy (MNRE) has now announced that as on October 31, 2019, the total grid-connected solar power generation capacity of the country now stands at 31,696 MW. This information was provided by Union Minister of State for New & Renewable Energy, Power and Skill Development and Entrepreneurship RK Singh, in a written reply to a question in Lok Sabha. Furthermore, the Minister has also pointed out that solar projects worth 17,998 MW capacity are at various stages of installations and that tenders for 36,278 MW capacity projects have been already issued. Additionally, the ministry also informed that new tenders of around 15,000 MW are planned in the remaining period of 2019-20 and 2020-21 and that with all these developments the country is on course for achieving its 100 GW solar target. The statement issued by the minister also revealed that most of the solar power projects in the country have been/are being set up with private investment. The minister also detailed that the Union Government has been implementing the National Solar Mission under which various schemes have been launched for promoting the SAUR ENERGY INTERNATIONAL | VOL 4 l ISSUE 04

generation and use of solar power in the country. This apart, the MNRE makes publicity for effective implementation of all schemes including solar schemes through print, social, electronic and other media. The Ministry has also launched a Mobile App for solar rooftop systems.

MILESTONE UPDATES

ADB MEETS COMMITMENT TO DOUBLE FINANCING The Asian Development Bank (ADB) has announced that it has achieved a key commitment to double its annual climate financing from USD 3 billion in 2014, hitting a record high of more than USD 6 billion in climate-related financing in 2019. ADB was the first multilateral development bank (MDB) to make a climate financing commitment at the United Nations (UN) Climate Change Summit in September 2015—and has now reached its target commitment one year ahead of time. The milestone was reached with the approval of projects in Cambodia and urban livability and climate-resilience in the People’s Republic of China (PRC). ADB’s climate-related financing for 2019 comprises USD 1.4 billion for financing adaptation and USD 4.8 billion for

mitigating climate change. ADB’s USD 6 billion climate financing milestone coincides with the 25th Conference of the Parties to the UN Framework Convention on Climate Change (COP25) in Madrid. ADB President Takehiko Nakao said, “leading climate representatives gathering in Madrid should commit to increase climate action. At ADB, we are ready to step up as the

climate bank for Asia and the Pacific—in terms of both financing and technical assistance.” ADB remains firmly committed to helping its developing member countries meet their targets under the Paris Agreement, enabling them to transition to a lowcarbon, climate-resilient growth and development path. This is reflected in ADB’s Strategy 2030, which highlights the importance of tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability. ADB has further strengthened its climate targets to ensure that at least 75 percent of its operations focus on climate adaptation and mitigation efforts while providing USD 80 billion in cumulative climate financing by 2030.

STERLING WINS RENEWABLE Co. OF THE YEAR AWARD Sterling and Wilson Solar, the world’s largest solar EPC solutions provider as per IHS Markit has been awarded the prestigious ‘Renewable Company of the Year’ in the Gulf Cooperation Council (GCC) Region at the recently held MEED Awards 2019. In 2018, the company won the ‘Specialist Contractor of the Year’ award at the same event. The Award aims to recognise business excellence among organizations contributing to the diversification of the non-oil sector in the GCC market. Bikesh Ogra, director and global CEO, Sterling and Wilson Solar said, “we are delighted to be recognised by MEED for the second year in a row. This award is particularly noteworthy given our own efforts towards driving change in the renewable energy space which supports the GCC government’s vision of a clean and sustainable energy future.” The 2019 edition of MEED awards focused on acknowledging companies for their contributions towards the development of people, sector diversification, the advancement of society and sustainability. More than 250 nominations from organizations and individuals were submitted to the

awards this year for consideration in 16 categories. The company has been executing projects globally and has to its credit 8.8 GW of solar power projects in various geographies (commissioned and under construction), which includes 2.8 GW in the Middle East market. SWSL had a global market share of 4.6 percent in the year 2018 (which is double the size

of the 2nd largest company globally). It was also the largest solar EPC solutions provider in Africa and the Middle East with a market share of 36.6 percent and 40.4 percent respectively. Present in 25 countries today, Sterling and Wilson Solar has operations in Asia, the Middle East, Africa, Europe, the Americas and Australia. VOL 4 l ISSUE 04 | SAUR ENERGY INTERNATIONAL

DECEMBER 2019

MILESTONE UPDATES

ENGIE INAUGURATES EGYPT’S LARGEST WIND PROJECT Engie has announced that the firm and its consortium partners have now inaugurated the 262.5 MW Ras Ghareb wind park, Egypt’s first private and now the largest wind farm. Ras Ghareb project started commercial operation in October 2019, 6 weeks ahead of schedule. It is the first wind farm tendered on a Build-Own-Operate (BOO) scheme in the country and is part of the Egyptian government’s drive to increase the share of renewables in the energy mix with a target wind generation capacity of 7 GW by 2022. The project company, Ras Ghareb Wind Energy SAE is owned by Engie (40 percent) and its consortium partners Toyota Tsusho Corporation/ Eurus Energy Holdings Corporation (40 percent) and Orascom Construction (20 percent). The total investment cost of the project is approximately USD 380 million. Shankar Krishnamoorthy, Engie’s executive vice president said that the “Ras Ghareb wind farm illustrates our ambitious development strategy, aimed to accelerate the zero carbon transition of our clients. We are proud to contribute

to the greening of Egypt’s energy mix and we are ready to further work with our partners towards the renewables’ objectives of the country.” ENGIE has set a target of developing 9 GW of additional renewable capacity worldwide by 2021 and intends to invest approximately EUR 2.5 billion in the sector. Last month, we had reported that

the consortium had completed the construction and commissioning of the wind farm. ENGIE Africa, CEO, Yoven Moorooven said at the time that “there is a huge potential for low-cost renewable energy in Africa. We are honoured that the Egyptian authorities have selected the ENGIE consortium to be part of their strategic energy plan.”

INDIA’S POWER GENERATION CAPACITY REACHES 365GW

DECEMBER 2019

India‘s installed power generation capacity has reached 364.9 gigawatts (365 GW), which is sufficient to meet the country’s electric demand, Parliament was informed recently. Besides, the peak, as well as energy requirement deficit, was less than one percent during the first seven months of 201920, Minister of States for Power and New and Renewable Energy RK Singh said in a written reply to a question in the Lok Sabha. “As on October 31, 2019, the installed generation capacity in the country is around 3,64,960 megawatt (MW), which is sufficient to meet the electricity demand in the country. It may be seen that the gap between demand and supply of power during the current year 2019-20 (up to October 2019) both in terms of energy and peak is less than 1 percent,” he said. This gap, Singh said, is generally on account of factors other than inadequacy of power availability in the country such as constraints in sub-transmission and distribution network, financial constraints of state power utilities to purchase power. He further said if there is any shortfall in meeting power requirements, Discoms can also purchase power from power exchanges on a daily basis. SAUR ENERGY INTERNATIONAL | VOL 4 l ISSUE 04

“The government is supporting the states/UTs in augmenting and strengthening the intra-state transmission and distribution network through various schemes including Deen Dayal Upadhyaya Gram Jyoti Yojana and Integrated Power Development Scheme,” the minister said. The minister while answering another question in the Lok Sabha informed that as on October 31, 2019, the total gridconnected solar power generation capacity of the country now stands at 31,696 MW.

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PRODUCTS

Hiluckey Solar Fountain Pump

PRODUCT BRIEF: The Hiluckey Solar Fountain Pump comes with a built in 600mAh battery, it can store solar power simultaneously when the fountain is working in full sun, keeping it work continuously and steadily even in cloudy day. PRODUCT FEATURES: The product comes with different sprayers for different water style, 4 selectable nozzles allow the user to choose different water fountain patterns to prevent water splashing from the container easily. The system is powered by a 10V, 1.5W solar panel and can spray water to nearly 70 cms. APPLICATION: Solar Fountain Pump and BirdBath PRODUCT BENEFITS: Once the the pump is on the water, it will work automatically in 3s once exposed to sufficient sunlight, up to 50cm jet height, perfect for bird bath, fish tank, small pond, pool, garden decoration, water circulation for oxygen. With the water level monitoring system, the fountain will work or shut off automatically according to the water level. AVAILABILITY: The product is available for purchase on the company website and retails for USD 25.

Renogy Solar Security Cameras

PRODUCT BRIEF: The Renogy Solar Panel Charger for Security Cameras makes it possible to power security cameras in off-grid locations. PRODUCT FEATURES: The product is easy to install and nearly maintenance free, the highly efficient solar cells and the weatherproof design make the solar charger an ideal choice for security applications in off-grid situations. APPLICATION: Security PRODUCT BENEFITS: The Solar Panel charger can power security cameras in remote locations that have no access to power sources other than sunlight. The charger needs to additional wiring to the indoor transformer or battery maintenance. And the panels used come with a 25-year warranty. AVAILABILITY: The product is available for purchase on the company website.

SDREAM Ur: Suspension Folding E-Bike

DECEMBER 2019

PRODUCT BRIEF: The SDREAM Ur as the firm describes it as is an ultra smooth folding E-Bike with first in class patented hub damping feature that gives the ride its ultra smoothness. PRODUCT FEATURES: The product features a seat post battery which is efficiently slotted in to the design and lasts up to 80 kms on a single full charge. APPLICATION: Last mile connectivity, EV PRODUCT BENEFITS: The product features three modes, pure pedaling, an E-Assist mode which can take up 30 to 70 percent of the total load and Full E-Power mode in which the bike can reach 32/kmph. The battery can be fully charge in just 4 hours and can also be removed and stored with ease, much like the bike itself which folds up. AVAILABILITY: The bike is currently on pre-order on indiegogo. SAUR ENERGY INTERNATIONAL | VOL 4 l ISSUE 04

PRODUCTS

Vacos Cam AI Security Camera

PRODUCT BRIEF: The Vacos Cam AI wire-free security camera is what the firm claims to be the next step in battery-powered security cameraâ&#x20AC;&#x2122;s. According to the firm, the camera is the world's most versatile, accessible & affordable smart solution in AI battery powered security camera field. PRODUCT FEATURES: The innovative product provides installation freedom so that users can install this rechargeable battery powered security camera just anywhere without any limitation. Vacos team adds the most advanced AI technology to this security camera, providing much more accurate alerts than any other security camera. APPLICATION: Security Camera PRODUCT BENEFITS: To remove the blur or tedious black and white images at night, Vacos Cam provides the truly colourful and vivid images with the unrivaled full colour night vision even in complete darkness. The camera adopts the world's most advanced chip to ensure customers can get quick and smooth live view without latency and get longer recording time with a battery that can be charged using solar panels and can last 6 months on a single charge. AVAILABILITY: The product has begun crowdfunding phase on Indiegogo, and the basic package will retails for USD 97 dollars.

SnowLizard SLXtreme Mobile Solar Powered Charging Case PRODUCT BRIEF: The SnowLizard SLXtreme solar powered case can and does keep your mobile charged through the day. The protective mobile case is fitted with flexible solar panels on the back that can charge your device throughout the day using solar power and a substantial battery backup. PRODUCT FEATURES: The case features ultra efficient solar cells and features a solar power indicator that lets the user to adjust the case so it gets the most charge from the sun. The case is waterproof and completely submersible, making it a perfect and compact choice for off-grid usage. APPLICATION: Mobile Case and Charging PRODUCT BENEFITS: The case is extremely rugged, built to MIL Spec 810G Certification the rubberised grips protect against drops and bumps up to 6.6ft/ 2M. Built in screen protector helps prevent scratches to your phone screen. The case also features an integrated battery of 4000 mAh for over 185 percent more power. Adding 16 hours of talkative or 12 hours of screen time. AVAILABILITY: The product is available for purchase on amazon. com for a retail price of USD 51.

GoSun Chill + Solar Table 60

PRODUCT BRIEF: The Chill + SolarTable 60 is portable, efficient, and ice-free, which uses the sun to keep your food cold or frozen. PRODUCT FEATURES: With a 60 Watt collapsible table, the users get a tempered glass table surface and shade to cover the cooler. The SolarTable 60 is the fastest way to recharge the Powerbank of the chiller, which can hold its cool temperature for 14 hours on a single charge. APPLICATION: Off-Grid Cooling PRODUCT BENEFITS: The table provides the necessary charge and shade for the cooler. The combo product also features the PowerBank+ which powers the cooler and has 3 USB ports to charge peripheral devices and a 200 lumens light. AVAILABILITY: The combination retails for USD 999 dollars and is available on the company website. VOL 4 l ISSUE 04 | SAUR ENERGY INTERNATIONAL

DECEMBER 2019

OPPORTUNITIES

Strategic BD/M&A Advisor - Onshore Renewable Power – Shell

Shell is a global group of energy and petrochemical companies with about 84,000 employees across more than 70 countries. It aims to provide customers with clean, affordable and reliable energy solutions. Recognizing that solar PV, wind, and energy storage are set to play a major role in the energy system, Shell is building a Renewable Power business. Shell is looking for a suitable candidate in the Strategic Business Development team which among other activities runs all investments and acquisitions. Location of job: California - San Francisco Type of job: The position is full-time. No. of Positions: One. Eligibility Criterion: • Hands-on experience of project management in commercial settings. Experience in deal origination and new business development, resulting in opportunities progressed to completion strongly preferred; direct experience of building relationships with external parties. • Exposure to deal delivery, with experience of negotiations, due diligence, deal completion, project management for investments in projects, joint development agreements, company investments, asset acquisition/divestment. • Ability to move between high-level framing/shaping and detail as needed; able to maintain a view of strategic objectives at all times, whilst remaining focused on dayto-day deliverables; Job Description: • Supporting deal origination and deal delivery in chosen markets; the role will involve all aspects of origination, deal structuring, negotiation, due diligence through to deal completion. • Detailed analysis of the fundamental economic drivers of each transaction, including key commercial and financial assumptions. • Assisting BOM’s deliver a MW deal, pipeline, and ROI target. • M arket/segment selection, generation and evaluation of leads for viable partnerships, precedent project and platform investments, establishing relationships with potential counterparties and finding a deal space. Apply here: https://bit.ly/2PVUApH

I&C Controls Engineer / Specialist (Renewables) Southern Company

DECEMBER 2019

Southern Company is America’s premier energy company, with 46,000 MW of generating capacity and 1,500 billion cubic feet of combined natural gas consumption and throughput volume serving 9 million customers through its subsidiaries. This position is responsible for providing instrumentation and controls (I&C) technical support services to the generating facilities within the Southern Company. SAUR ENERGY INTERNATIONAL | VOL 4 l ISSUE 04

Location of job: This position will be located at The Energy Center in Birmingham, AL. Type of job: The position is full-time. Eligibility Criterion: • B.S. in Electrical, Controls, Mechanical, Chemical, or other related engineering field from an ABET accredited institution is preferred. • Professional Engineer (P.E.) registration is a plus. • Advanced degree in Business (M.B.A.) or Engineering (M.S.) is a plus. • A.S Degree in Electronic Engineering Technology, Industrial Controls or equivalent degree/experience is preferred. Job Description: • Will be responsible for performing hands-on support for process control equipment (e.g. Programmable logic controllers (PLC) programming, Real-Time Automation Controllers (RTAC), Human Machine Interface (HMI) development, wiring schematics, networking schematics, instrumentation, drives and motor-control systems). • W ill function as a technical consultant to support the plant with instrumentation and controls related issues and troubleshooting. • Will assist in specification, configuration, field checkout, procurement, and startup of control systems. Apply here: https://bit.ly/2YXFggw

General Manager/Senior Manager - Operations - Solar Projects CIEL HR is looking for a suitable candidate for the position of General Manager/ Senior Manager - Operations - Solar Projects with 8 to 16 years of experience for the Gurgaon location in energy/ power/ oil and gas/ infrastructure sectors. Location of job: Gurgaon, India Type of job: The position is full-time. Eligibility Criterion: • MBA is good to have, but not absolute necessity. • Engineering with good academic background is preferred. • Operations experience: handling large teams for more than 2 years, managing tiered teams and multiple functions would be preferred but not mandatory. • 5+ years of experience in execution roles. • Having experience in engineering industries in operations and SCM roles would be preferred. • Needs to be entrepreneurial with a strong self-drive. Job Description: • Process Design, SOPs - Sharpen operations SOPs, design thinking to improve efficiency, define metrics to track efficiency improvements. • Inventory Design, SOPs - Sharpen SOPs, define TATs and necessary metrics to measure efficiency of inventory, ensure that inventory control happens properly - handshake with procurement and state-level installation teams, work on 3PL solutions and SOPs. • Process Control, Audits - Run process audits, inventory audits, and solar installation QC. Apply here: https://bit.ly/38QY99l

EVENTS SIGMA SUMMIT 2020

INTERSOLUTION 2020

website : https://sigmasummit.com

website : www.intersolution.be

START DATE : 09-JAN-2020 END DATE : 11-JAN-2020

Location : New Delhi, India Phone : +91 82879 33633

START DATE : 15-JAN-2020 END DATE : 16-JAN-2020

E-mail : events@sigmasummit.com

E-mail : info@intersolution.be

INTERSOLAR NORTH AMERICA 2020

THE ENERGY EXPO

website : www.intersolar.us

website : www.theenergyexpo.com

START DATE : 04-FEB-2020 END DATE : 06-FEB-2020

Location : California, USA Phone : +49 761 38813800

START DATE : 12-FEB-2020 END DATE : 13-FEB-2020

Location : Ghent, Belgium Phone : +32 9 3857719

Location : Miami, USA Phone : (305) 412-0000

E-mail : bregazzi@intersolar.us

E-mail : mail@TEE2019.com

MIDDLE EAST ELECTRICITY 2020

THE SOLAR SHOW MENA 2020

website : https://www.middleeastelectricity.com

website:https://www.terrapinn.com/exhibition/solar-show-mena

START DATE : 24-APR-2020 END DATE : 25-APR-2020

Location : Dubai, UAE Phone : +971 4 4072470

START DATE : 13-APR-2020 END DATE : 14-APR-2020

Location : Cairo, Egypt Phone : +971 4 4402535

E-mail : Info@middleeastelectricity.com

E-mail : Abdelbasset.hfd@terrapinn.com

RENEWX 2020

POWERGEN INDIA 2020

website : www.renewx.in

website : www.powergen-india.com

START DATE : 24-APR-2020 END DATE : 25-APR-2020

Location : Hyderabad, India Phone : +91 98707 46073

E-mail : sheetal.rathod@ubm.com

Location : New Delhi, India Phone : +91 97114 33860

E-mail : pr@itenmedia.in

SNEC 14TH (2020) INTERNATIONAL PHOTOVOLTAIC POWER GENERATION AND SMART ENERGY

6TH SMART CITIES INDIA 2020 EXPO website : www.solarindiaexpo.com START DATE : 20-MAY-2020 END DATE : 22-MAY-2020

START DATE : 05-MAY-2020 END DATE : 07-MAY-2020

Location : New Delhi, India Phone : +91 11 4279 5000

E-mail : ravim@eigroup.in

website : www.snec.org.cn

START DATE : 25-MAY-2020 END DATE : 27-MAY-2020

Location : Shanghai, China Phone : +86 21 33685117

E-mail : info@snec.org.cn

THE 16TH SOUTH EAST ASIA'S RENEWABLE ENERGY TECHNOLOGY EXHIBITION & CONFERENCE

THE 9TH (CHINA) SHANGHAI INTERNATIONAL DISTRIBUTED ENERGY AND BIOMASS POWER

E-mail : info@annexhibition.com

E-mail : power@ronco.com.cn

website : www.asew-expo.com/Home.aspx Location : Bangkok, Thailand START DATE : 11-JUN- 2020 Phone : +86 10 65262861 END DATE : 13-JUN- 2020

website : www.distributed-energy.cn Location : Shanghai, China START DATE : 16-JUN- 2020 Phone : +86 21 50185270 END DATE : 18-JUN- 2020

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