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.
15 Companies Propose To Invest $15 Billion In Solar Manufacturing
Leading industrial conglomerates have expressed interest in setting up manufacturing facilities for polysilicon, wafer, cells, and modules. Indian Renewable Energy Development Agency invited bids under a production-linked incentive (PLI) scheme. Some major bidders include Reliance Industries, Adani Enterprises, First Solar, Coal India, Acme Cleantech, ReNew Power, Larsen and Toubro, and Cubic PV. These combines submitted a combined bid of 106 gigawatts across the manufacturing chain.
Adani Group Plans To Invest $20 Billion In Renewable Energy
Indian conglomerate Adani Group has announced plans to invest $20 billion in renewable energy business. The group owns Adani Green Energy, one of the largest renewable energy project developers. Over the next four years it plans to invest 75% of its capital expenditure in renewable energy technology.
KKR-backed Renewable Energy Yieldco Raises $61 Million
India’s first renewable energy yieldco Virescent Infrastructure has raised Rs 4.6 billion ($61 million) from domestic and foreign investors. The yieldco currently has nine projects in its portfolio with a total capacity of 395 megawatts. The company is planning to acquire another project of 55 megawatts.
NTPC Renewable Energy Secures $67 Million Loan For Capacity Expansion
NTPC Renewable Energy, a subsidiary of NTPC Limited — India’s largest power generation company — has secured debt worth Rs 5 billion ($67 million) from Bank of India. The loan will be used to set up two solar power projects of 670 megawatts in Rajasthan and Gujarat. NTPC currently has a portfolio of 3.45 gigawatts and has been participating aggressively in competitive auctions.
Government Approves $3.5 Billion Incentive Scheme For EVs, Hydrogen Fuel Vehicles
The union cabinet approved a production-linked incentive scheme to promote manufacturing of components for electric vehicles and hydrogen fuel vehicles. Manufacturers will be offered incentives worth $3.5 billion over five years. The government hopes to attract investments worth $5.6 billion through this scheme.
Renewable Energy & Batteries
ReNew Power Commissions 250 Megawatt Solar Project
Nasdaq-listed Indian renewable energy developer ReNew Power announced that it commissioned a 250-megawatt solar power project in the state of Rajasthan. The company will sell power to the Solar Energy Corporation of India (SECI) at Rs 2.55 per kilowatt-hour (US¢ 3.5 per kilowatt-hour). The company will add 50 megawatts of capacity to the project in a few weeks.
25% Of Indian Trains Could Run On Solar Power
According to a report issued by Indian NGO Climate Trends and UK-based green tech startup Riding Sunbeams, 25% of Indian trains could run on solar power. Around 5.2 gigawatts of solar power projects can be located across the Indian railway network and power could be supplied without the use of the electrical grid. Indian Railways is planning to set up 20 gigawatts of solar power capacity.
Tata Power Awarded 250 Megawatt Project In Maharashtra
Maharashtra State Power Generation Corporation Limited has awarded a 250 megawatt solar power project to a subsidiary of Tata Power. The company secured this project through a competitive auction and quoted a tariff of Rs 2.51 per kilowatt-hour (US¢ 3.80 kilowatt-hour).
Coal India Subsidiary, NTPC To Partner For 50 Megawatt Solar Power Project
A subsidiary of Coal India Limited, Northern Coalfields, will partner with NTPC Limited to set up a 50 megawatt solar power project in the state of Madhya Pradesh. The project would be located at Nigahi coal mines of National Coalfields in the Singrauli district. Coal India plans to set up 3 gigawatts of solar power capacity by March 2024.
Modules Manufacturer Waaree Energies Files IPO Papers
India’s largest module manufacturing company, Waaree Energies, has filed a draft red herring prospectus with plans to launch an initial public offer (IPO). The company has a module production capacity of 2 gigawatts. The company plans to use the proceeds from the IPO to set up 2 gigawatts of module production and 1 gigawatt of cell production facilities.
NTPC Awarded 325 Megawatt Solar Project In Madhya Pradesh
NTPC Renewable Energy Limited, a subsidiary of NTPC Limited, India’s largest power generation company, has been awarded a contract to set up a 325 megawatt solar power project. The project will be set up in the state of Madhya Pradesh.
Tata Power Wins 330 Megawatts of Solar Power Capacity In Madhya Pradesh
Tata Power has secured two solar power projects of 330 megawatts of capacity from Rewa Ultra Mega Solar Limited. The projects will be located at Neemuch Solar Power Park. Tata Power secured rights to develop these projects through a competitive auction at tariff rates of Rs 2.14 and Rs 2.15 (US¢2.90) per kilowatt-hour.
Public Companies Win 5 Gigawatts of Solar Capacity In SECI Tender
Five government-owned companies have bid for 5 gigawatts of solar power capacity in an auction conducted by Solar Energy Corporation of India. India’s largest power generation company, NTPC, bid for 1.99 gigawatts, while hydropower generation companies NHPC and SJVN bid for 1 gigawatt of capacity each. Coal mining company NLC bid for 510 megawatts and railway construction company IRCON International bid for 500 megawatts.
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