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India x CleanTech


India x Cleantech — January 2021

Welcome to another issue of our new India x Cleantech series! On a monthly basis, we are pulling news from across clean technology sectors in India into a single, concise summary article about the country.

Originally published on Future Trends.

Welcome to another issue of our new India x Cleantech series! On a monthly basis, we are pulling news from across clean technology sectors in India into a single, concise summary article about the country.

India x CleanTech

Cleantech Investments

Indian Solar Glass Manufacturer Raises US$27 Million

Borosil Renewables announced that it raised Rs 200 crore (US$27 million) through a Qualified Institutions Placement (QIP) issue. The company has a solar glass production capacity of 450 tonnes per day and will using the raised funds to expand this capacity to 950 tonnes per day through acquisitions. Borosil is the only solar glass manufacturer in India.

KKR-backed Yieldco Buys 100 Megawatts Of Solar Power Projects

India Grid Trust, an infrastructure investment trust, has acquired 100 megawatts of solar power projects from Fotowatio Renewable Ventures in India. Both the projects are located in southern state of Andhra Pradesh and have power purchase agreements with Solar Energy Corporation of India (SECI). The transaction was valued at around US$90 million.

Ayana Renewables Raises US$390 Million In Fresh Equity Funding

CDC Group-backed Ayana Renewables reported that it raised additional equity funding from CDC Group, the National Investment and Infrastructure Fund (NIIF) and Green Growth Equity Fund. Following the completion of the transaction, NIIF will become the majority stakeholder in Ayana Renewables. The company has a portfolio of 1.14 gigawatts of solar power capacity.

Electric Transport

EV Sales To Touch 6.3 Million Per Year By 2027: Report

According to a report issued by India Energy Storage Alliance, sales of electric vehicles in India will increase at 44% every year between 2020 and 2027 to reach 6.34 million per year. Annual battery demand is expected to grow at 32% per year to reach 50 gigawatt-hours by 2027, with lithium-ion batteries commanding an 80% share. In 2019-20 India’s electric vehicles sales were 0.4 million. 

Uber Rival Ola To Invest US$330 Million In Electric Scooter Factory

Ride-hailing company Ola Cabs is planning to invest US$330 million to set up world’s largest scooter manufacturing factory. The company is planned in India’s southern state of Tamil Nadu. The factory will have an initial production capacity of 2 million electric scooters per year. Ola Electric, a fully-owned subsidiary of Ola Cabs, has so far secured US$400 million in funding.

Tata Motors Crosses 2,000 Sales Of Electric SUV Nexon

Tata Motors reported that sales of its electric compact SUV Nexon have crossed 2,000, with 1,000 units sold in three months. The company claimed that the Nexon EV is India’s highest selling electric car. Apart from Nexon, Tata also offers a compact sedan in the electric segment.

Renewable Energy & Batteries

Solar Tariff Bids In India Hit New Low Of 2.71¢ Per Kilowatt-Hour

Saudi Arabia-based Aljoemaih Energy and Water and Green Infra quoted the lowest-ever tariff for a solar power project in India. The two companies offered to set up 200 megawatts and 400 megawatts of capacity, respectively, at Rs 2.00 (2.71¢) per kilowatt-hour. State-owned power generation company NTPC quoted a tariff of Rs 2.01 (2.73¢) per kilowatt-hour. NTPC, also India’s largest power generation company, offered to set up 600 megawatts but was allocated only 470 megawatts due to limited capacity on offer. The latest bid is sharply lower than the previous record bid of Rs 2.36 (3.21¢) per kilowatt-hour realized in June of this year.

Solar Tariffs Drop To New Record Low For 500 Megawatt Gujarat Tender

Within days of achieving a record tariff bid of Rs 2.00 (2.72¢) per kilowatt-hour, India witnessed a new record for the lowest tariff bid for solar power projects. Gujarat auctioned 500 megawatts to four companies — NTPC, Aditya Birla Renewables, Torrent Power, and Aljoemaih Energy and Water. All the four companies were allocated projects at Rs 1.99 (2.71¢) per kilowatt-hour.

6.4 Gigawatt Solar Tender Over-Subscribed 2.3x In India

A 6.4-gigawatt solar power tender issued by the southern Indian state of Andhra Pradesh garnered tremendous response from developers who submitted bids to develop 13.4 gigawatts. India’s leading renewable energy company, Adani Green Energy, submitted bids to develop the entire capacity. Other major bidders include Sri Sai and NTPC which submitted bids for 5.8 gigawatts and 1.8 gigawatts.

1.2 Gigawatts Solar-Wind Hybrid Capacity Auctioned At 3.29¢ Per Kilowatt-hour

Three companies secured rights to develop 1.2 gigawatts of solar-wind hybrid capacity in an auction conducted by the Solar Energy Corporation of India (SECI). The projects were awarded to Adani Green Energy, ABC Renewable Energy (backed by Brookfield Asset Management), AMP Energy, and Acme Solar. The tariff discovered in this auction is at a 10% discount compared to the tariff discovered in a similar auction held in May 2019. 

Actis & Brookfield Eye Fortum’s 500-Megawatt India Solar Assets

Private equity firms Actis and Brookfield are frontrunners to acquire a majority stake in Finnish developer Fortum’s India solar power portfolio. Fortum is looking to selling a controlling stake in 500 megawatts of projects in a transaction with an estimated value of €500 million. Fortum has a total of 700 megawatts of solar power assets in India. The company also plans to set up a bio-ethanol plant, EV charging stations, and a waste-to-energy project. 

Work Begins At World’s Largest Renewable Energy Park In Gujarat

Indian Prime Minister Narendra Modi laid the foundation stone at what is to become the world’s largest renewable energy park. Once completed, the park will have 30 gigawatts of solar and wind energy capacity. Companies that will set up projects at the park include Adani Green Energy, Suzlon Energy, NTPC, Gujarat Industries Power Company, and Gujarat State Electricity Corporation.

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Written By

An avid follower of latest developments in the Indian renewable energy sector.


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