Welcome to another issue of our 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.
Cleantech Investments
India Enhances Solar Module Manufacturing Incentive To $3 Billion
India has increased its incentive package for solar module manufacturing by a factor of 5, to $3 billion. The Minister for New and Renewable Energy, RK Singh, recently told media outlets that his government has enhanced the production-linked incentive package for solar module manufacturing. Initially, the incentive package was worth $600 million. The scheme incentivizes companies to set up module manufacturing units with backward integration of up to polysilicon production. They would receive incentives on the basis of annual production and the efficiency of modules.
Adani Solar To Increase Module Production To 3.5 Gigawatts
Adani Solar, one of India’s largest solar cell and module manufacturers, plans to more than double its module production capacity by end of this year. The company operates a production line of 1.5 gigawatts and is expected to commission another line of 2 gigawatts by end of this month. Adani Solar recently participated, successfully, in an auction to secure a subsidy to set up new manufacturing units.
Tata Group Likely To Invest $390 Million In Solar Manufacturing Unit
According to the government of Tamil Nadu, a subsidiary of Tata Group is expected to invest Rs 30 billion ($390 million) to set up a 4-gigawatt solar cell manufacturing unit in the state. The proposed plant will employ around 2,000 locals, mostly woman. The state is host to a 1.2-gigawatt module manufacturing plant of Vikram Solar. First Solar recently announced plans to invest $684 million in the state to set up a vertically integrated 3.3-gigawatt solar module production plant.
KKR-backed India Solar Yieldco Raises $290 Million
The private equity firm KKR-backed renewable energy infrastructure investment trust has raised $290 million worth of debt funding from multiple sources. Virescent Renewable Energy Trust announced that it raised Rs 21.5 billion ($290 million) through a combination of non-convertible debentures (NCD), long-term and working capital financing.
Renewable Energy & Batteries
Azure Power Signs 600 Megawatt Solar PPA
NASDAQ-listed Indian renewable energy developer Azure Power recently announced that it signed a 600-megawatt power purchase agreement with the Solar Energy Corporation of India. The company will supply this power from projects it secured in the manufacturing-linked project development tender. The projects are expected to be commissioned in the state of Rajasthan by December 2023.
India, UK Launch One Sun One World One Grid Initiative
The Indian and British prime ministers launched the One Sun One World One Grid initiative at the sidelines of the COP26 summit. The initiative is aimed at setting up an international power grid based on solar power projects. According to the International Solar Alliance (ISA) Director General, the initiative could create 2,600 gigawatts of interconnection capacity by 2050 and lead to annual savings of €226 billion in power savings.
Indian Solar Portfolio Stands At Over 100 Gigawatts
India’s Ministry of New and Renewable Energy announced that the country has around 107 gigawatts of solar power capacity commissioned or at various stages of development. The minister informed the Parliament that 46 gigawatts of capacity is operational, around 36 gigawatts of capacity are in various stages of development, and another 24 gigawatts of capacity has been tendered.
India To Achieve 500 Gigawatts Of Renewable Capacity Before 2030
Minister for New and Renewable Energy RK Singh has expressed confidence that India would achieve its target to have 500 gigawatts of renewable energy capacity before the deadline of 2030 announced by the Prime Minister. Singh stated that renewable energy capacity stood at 149 gigawatts with another 63 gigawatts under construction.
Inverter Maker Sungrow Achieves 10 Gigawatts Of Shipments To India
Chinese inverter manufacturer Sungrow announced that it has achieved the milestone of shipping 10 gigawatts of inverters to India. The company entered the Indian market in 2014. It reported achieving 7 gigawatts of cumulative shipments to India in January 2021.
Madhya Pradesh Plans 1.5 Gigawatts Of Solar Power Projects
The Indian state of Madhya Pradesh plans to set up three large solar power parks. These solar power parks would range between 450-550 megawatts each. The three solar power parks will require an estimated investment of $700 million. Power generation from these solar power parks is expected to start beginning in March 2023.
Fossil Fuel Giants Announce Renewable Energy Partnership
India’s largest thermal power generation company and oil refining company have announced a partnership to develop renewable energy assets. NTPC will develop renewable energy generation and energy storage applications for Indian Oil Corporation. This partnership between the two government-owned companies is the latest in a long list of similar efforts by other public sector companies over the last few years.
Originally published on Future Trends.
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