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.
Partnership Announced For India’s Largest Floating Solar Power Project
Government-owned hydropower generation company NHPC and a state government agency (Green Energy Development Corporation of Odisha) have entered a joint venture to set up 500 megawatts of floating solar power capacity. The two companies plan to invest Rs 20 billion ($ 0.3 billion) to set up 300 megawatts of solar power projects.
ReNew Power Sells 117 Megawatts Rooftop Solar Portfolio
Nasdaq-listed Indian renewable power generator ReNew Power has divested its rooftop solar power portfolio to another India-based company. Fourth Partner Energy will take control of 117 megawatts rooftop solar power capacity in a deal worth Rs 6.72 billion, including Rs 1.37 billion in debt. Fourth Partner Energy is backed by TPG and Norfund.
Oil & Gas Company BPCL Plans Rs 250 Billion Renewable Energy Investment
Government owned Bharat Petroleum Corporation Limited has announced plans to set up 10 gigawatts of renewable energy capacity by 2040. The company plans to set up 800 megawatts of solar, 100 megawatts of wind power, 60 megawatts of small hydropower and 40 megawatts of biomass-based power generation capacity. The company plans to achieve 10% of its target capacity by 2025.
Reliance New Energy To Acquire Battery Technology Firm Faradion
Reliance New Energy, a 100% owned subsidiary of Reliance Industries, has entered an agreement to acquire a 100% stake in UK-based Faradion Limited. Faradion has developed a sodium-ion-based battery technology.
Waaree Energies Secures Approval For IPO
One of India’s leading solar module manufacturing companies — Warree Energies — has secured approval for the Securities and Exchange Board of India (SEBI) to launch its initial public offering. The company plans to raise Rs 15 billion through this offer. It has a module manufacturing capacity of 2 gigawatts spread across three states and plans to expand it to 5 gigawatts and add a 4 gigawatt solar cell manufacturing line.
Reliance New Energy Increases Stake In Sterling & Wilson Solar
Reliance New Energy Solar acquired 9.7% stake in Sterling & Wilson Solar, one of the largest solar EPC companies in the world. It now owns more than a 25% stake in the company. Last year, Reliance New Energy entered an agreement with Shapoorji Pallonji to acquire a 40% stake in Sterling & Wilson Solar.
Indian Company Plans To Acquire 5,580 Electric Buses
Convergence Energy Services Limited, a subsidiary of government-owned Energy Efficiency Services Limited, plans to acquire 5,580 electric buses over the next few years. The company is likely to acquire these buses through competitive auction on behalf of state transportation companies across India. These buses are expected to be deployed in Bangalore, Delhi, Surat, Hyderabad, and Kolkata starting July this year.
Ola Electric Raises $200 Million From Tekne Private Ventures
Ola Electric Mobility recently announced that it raised $200 million. The company is the electric mobility subsidiary of Ola Cabs, a competitor to Uber. After the latest round of fundraising, Ola Electric Mobility is valued at $5 billion. The company recently started manufacturing electric scooters in India and is reportedly planning to launch them in Europe.
TVS Motors Acquires Stake In Swiss Electric Bike Company
One of the largest 2-wheeler manufacturing companies — TVS Motors — has acquired an 80% stake in electric bike maker Swiss E-Mobility Group. The transaction is valued at $100 million. TVS is expected to complete the transaction next year with the acquisition of the balance of 20%. Last year, TVS had also acquired an 80% stake in another Swiss e-mobility company, EGO Movement, for $18 million.
Renewable Energy & Batteries
Airtel Commissions 21 Megawatt Solar Project For Data Centers
One of India’s largest telecommunications companies — Airtel — has commissioned a 21-megawatt solar power project in Maharashtra. The project has been commissioned with help from private power generation company Avaada Energy. Airtel had earlier commissioned two solar power projects of 14 megawatts each in the state of Uttar Pradesh to power its data centers.
Azure Power Commissions 600 Megawatt Solar Power Project
NYSE-listed Indian renewable energy generator Azure Power has commissioned a 600-megawatt solar power project in the state of Rajasthan. Company claims that this is the largest solar power project in India commissioned by a company at a single location. Power generated from the project will be sold to the Solar Energy Corporation of India.
Tata Power Renewable Energy Commissions 100 Megawatts of Solar Power Capacity
Tata Power Renewable Energy, part of one of India’s largest industrial conglomerates, Tata Group, has commissioned two solar power projects of 50 megawatts of capacity each. The projects have been commissioned in the state of Uttar Pradesh. The projects are expected to generate over 221,000 megawatt-hours of electricity every year and offset 177 million tonnes of carbon dioxide every year.
Talesun To Supply Solar Modules For 300 Megawatt Project In India
Chinese module manufacturer Talesun Solar will supply modules equivalent to 250 megawatts for a project in India. The project is being developed by the private renewable energy generator O2 Power in the state of Rajasthan. Talesun will supply bifacial modules of its BIPRO series for this project.
India’s Solar Module Manufacturing Capacity Could Jump 400%
Ratings company CRISIL estimates that India could add 30-35 gigawatts of solar module manufacturing capacity by 2025. The company analyzed investment plans announced by leading module manufacturing companies in the country and some new entrants. India currently has a solar cell manufacturing capacity of 3 gigawatts and a module manufacturing facility of 8 gigawatts.
Reliance, Hyundai Selected For Incentives To Manufacture Batteries In India
10 companies have been shortlisted for incentives to manufacture batteries by the Indian government. Reliance New Energy, Hyundai Global Motors, Ola Electric, Mahindra & Mahindra, and Larsen and Toubro are some of the leading bidders for manufacturing incentives. The government will offer Rs 180 billion in subsidies over a period of five years after the companies set up manufacturing facilities over the next two years.
Hydropower Generator Wins 125 Megawatt Solar Power Project
Government-owned hydropower generation companies SJVN secured rights to develop two projects with a total generational capacity of 125 megawatts. The projects will be developed in the state of Uttar Pradesh. Auction for the projects was conducted by Uttar Pradesh New and Renewable Energy Development Agency. SJVN will sell power generated from these projects at Rs 2,980 ($38.4) per megawatt-hour.
Originally published on Future Trends.
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