India X Cleantech — January 2022

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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

Government Expects $15 Billion Investment In Renewable Energy In 2022

The Indian minister for new and renewable energy, RK Singh, said that his government expects investment of $15 billion in renewable energy, electric vehicles, manufacturing of solar equipment, and green hydrogen in 2022. According to Bloomberg New Energy Finance, India attracted $26.2 billion in renewable energy investment between 2018 and 2020.

KKR-backed Yieldco Virescent Renewable Buys 40 Megawatts of Solar Projects

Virescent Renewable Energy Trust acquired four solar power projects aggregating to 40 megawatts for Rs 3.5 billion ($46 million) from developer Focal Energy. The projects are located in the states of Madhya Pradesh, Punjab, and Rajasthan and were commissioned between 2015 and 2020. Virescent is India’s first renewable energy infrastructure investment trust and holds a portfolio of around 394 megawatts (DC).

Reliance To Acquire Battery Technology Company Faradion

Reliance New Energy Solar, a subsidiary of Reliance Industries, has signed an agreement to buy British battery technology firm Faradion. Reliance New Energy Solar will acquire a 100% stake in the company for £100 million.

First Solar To Get $500 Million Debt Funding For 3.3 Gigawatt Solar Fab In India

US International Development Finance Corporation agreed to provide $500 million in debt funding to First Solar for the company to set up a 3.3 gigawatt solar module manufacturing facility in India. The vertically integrated plant will be set up in the state of Tamil Nadu.

Renewable Energy & Batteries

Tata Power Wins Solar Power Battery Storage Project

The Solar Energy Corporation of India (SECI) awarded Tata Power the rights to develop a 100 megawatt solar power project supported by 120 megawatt-hours of battery storage. The project will be located in the state of Chhattisgarh in central India. The project is to be commissioned with 18 months and carries an estimated value of Rs 9.5 billion ($127 million).

Adani Green Energy Signs Agreement To Supply 4.7 Gigawatts Of Solar Power

Adani Green Energy signed an agreement with the Solar Energy Corporation of India (SECI) to sell 4.7 gigawatts of solar power. This deal is part of the 8-gigawatt bid that Adani had made under the manufacturing-linked solar power tender. NYSE-listed Azure Power had secured rights to develop 4 gigawatts of capacity under this tender. SECI will further sell this power to state power distribution utilities.

Solar Energy Corporation of India, BPCL Agree To Develop 1 Gigawatt Of Renewable Energy Capacity

Downstream petroleum company Bharat Petroleum Corporation Limited has signed an agreement with SECI to develop 1 gigawatt of renewable power capacity. The two companies will explore opportunities across different technologies, including solar, wind, electric mobility, hydrogen, and waste-to-energy. BPCL has set a target to have a 1 gigawatt renewable energy portfolio by 2025 and 10 gigawatts by 2040.

Tata Power Wins 300 Megawatt Solar-Wind Hybrid Project 

A subsidiary of Tata Power secured rights to develop a 300 megawatt solar-wind hybrid project in an auction conducted by Maharashtra State Electricity Distribution Company Limited (MSEDCL). The project is to be commissioned within 18 months of the signing of the power purchase agreement.

Azure Power Secures Contracts For 2.5 Gigawatts Of Renewable Energy Capacity

NYSE-listed Azure Power signed power purchase agreements for 2.3 gigawatts of solar power capacity with the Solar Energy Corporation of India (SECI) under the manufacturing-linked solar power tender. The capacity will be commissioned in three phases between November 2024 and November 2026. The company also signed an agreement to set up 200 megawatts of solar-wind hybrid capacity for Maharashtra State Electricity Distribution Company Limited (MSEDCL).

Power Generator NTPC Plans 3 Gigawatts Renewable Energy Tender

India’s largest power generation company NTPC plans to launch a 3 gigawatt renewable energy tender in coming months. The tender will also require developers to set up a battery storage system. According to media reports, the total investment for such project would be around $2 billion.

Ayana Renewable Commissions 150 Megawatt Solar Power Project 

Ayana Renewable Power has commissioned a 150 megawatt solar power project in the Bikaner district of Rajasthan. With this project, Ayana’s operating portfolio crosses the 1 gigawatt mark. The company now has a total portfolio of over 2 gigawatts, which includes projects under development and planned projects.

Power Generators SJVN, DVC Sign Agreement To Develop 2 Gigawatts of Solar Power Capacity

Hydro power generator SJVN and thermal power generation company DVC signed a memorandum of agreement to jointly develop 2 gigawatts of solar power capacity. The two companies will explore water bodies with potential to set up floating solar power projects.

Shirdi Sai Signs Agreement With Germany’s Viridis.iQ To Set Up Solar Manufacturing Plant

Shirdi Sai Electricals Limited signed an agreement with German engineering firm Viridis.iQ for setting up a 4 gigawatt solar equipment manufacturing plant. Shirdri Sai will use a production-linked incentive it is eligible for under a recently announced scheme of the central government to support this polysilicon-to-module production facility.

Originally published on Future Trends.

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

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