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.
IFC To Advise On 600-Megawatt Solar Power Development In India
According to a press release, the IFC will provide guidance on a large solar power park in the state of Uttar Pradesh. The park is being developed by TUSCO, which is a joint venture company between hydropower generation company THDC India and the Uttar Pradesh New & Renewable Energy Development Agency. THDC India is looking to set up solar parks of 2 gigawatts of capacity, including this 600-megawatt park. The solar park will be developed under central government’s Ultra Mega Renewable Energy Power Park scheme. As part of this scheme, the Ministry of New and Renewable Energy offers capital support for development of infrastructure at solar parks.
Government Of India Plans To Raise $3.3 Billion Through Green Bonds
The government of India is planning to raise billions of dollars by issuing up to $3.3 billion (equivalent) in “green bonds” to fuel its ambitious renewable energy targets, according to media reports. These government-issued green bonds could be issued by the government-owned companies Power Finance Corporation, Rural Electrification Corporation, and Indian Renewable Energy Development Agency. These companies are believed to hold a majority share of the debt market for renewable energy projects in the country.
Brookfield Eyes Stake In Indian Solar EPC Company
Canada-based Brookfield Asset Management is looking to expand its footprint in India’s renewable energy sector. According to media reports, Brookfield is looking to acquire a ‘significant stake’ in Mahindra Susten, a solar power project developer and EPC contractor. The enterprise value of this deal is potentially worth Rs 70 billion ($925 million) with an equity valuation of around Rs 17 billion ($225 million).
Torrent Power Buys 50-megawatt Solar Project From Lightsource India
Indian power company Torrent has acquired a 100% stake in a 50-megawatt solar power project from Lightsource India. The project is located in western state of Maharashtra and cost Torrent Power $39.4 million. The project was commissioned in April 2018 and has a long-term power purchase agreement with Solar Energy Corporation of India.
Solar Cell Maker Raises $22 Million For Expansion Plans
Solar cell manufacturer Jupiter International has raised $22.2 million from Edelweiss Alternate Asset Advisors to expand its manufacturing capacity. The company is constructing a 500-megawatt solar cell line based on monocrystalline passivated emitter and rear cell (mono-PERC) technology. It plans to set up a new line for 2 gigawatts of solar cells and modules.
Sungrow Increases Inverter Production Capacity In India To 10 Gigawatts
Chinese inverter company Sungrow has increased its production capacity in India to 10 gigawatts. The company has been supplying inverters in India since 2014 and started local manufacturing in 2018. The company recently added two new models and plans to cater to all segments of India’s expanding solar market.
Renewable Energy & Batteries
Indian Data Center Operator Sify Signs PPA For 231 Megawatts Of Solar & Wind
Sify Technologies Limited, a data center operator in India, has signed power purchase agreements to procure 200 megawatts of solar and wind power. According to media reports, Sify signed the power purchase agreements with Vibrant Energy Holdings. The two companies now have an agreement for a total of 231 megawatts, including 67 megawatts signed in March of last year. Vibrant Energy is owned by Blue Leaf Energy Asia, which in turn is part of Macquarie’s Green Investment Group.
India Plans $2.5 Billion Auction For Solar Module Manufacturing Incentives
The Indian government is soon expected to launch a fresh tender to allocate subsidies for companies to set up solar cells and modules. According to media reports, the Ministry of New and Renewable Energy is expected to call for bids from companies interested in expanding existing or setting up new module manufacturing facilities. The government will offer Rs 195 billion ($2.5 billion) as incentives to successful bidders. This will be the second such auction after the government successfully completed allocation of Rs 45 billion ($590 million) last year. A total of 19 companies participated in tender issued by the Indian Renewable Energy Development Agency (IREDA) in October 2021. Three companies — Shirdi Sai, Adani Enterprises, and Reliance New Energy — were allocated subsidies to set up up to 4 gigawatts of solar module manufacturing facilities. These companies are required to set up an entire value chain from polysilicon-to-module within 4-5 years.
Greenko Lands Two Deals For India Pumped Hydro Storage Project
India-based renewable energy developer Greenko has signed two deals for its pumped hydropower storage project. According to media reports, one of India’s largest industrial conglomerates, Adani Group, recently signed an agreement with Greenko for using the latter’s pumped hydropower storage capacity. Adani will utilize around 6 gigawatt-hours of storage capacity for its industrial complex. In another deal, an Indian joint venture company of ArcelorMittal and Nippon Steel will procure 250 megawatts of round-the-clock renewable energy from Greenko. ArcelorMittal Nippon Steel India (or AM/NS India) will invest in and own a part of the 975 megawatt renewable energy plus storage project in the state of Andhra Pradesh.
Indian Companies Scramble To Set Up Renewable Energy Projects In Sri Lanka
Indian companies have bagged multiple renewable energy projects in economically battered Sri Lanka. The Indian government has offered a credit line to Sri Lanka to help the island country navigate through the economic peril it faces. Indian power generators are looking to expand their footprint in Sri Lanka, either through government intervention or direct negotiations with the Sri Lankan government.
India’s Renewable Energy Capacity Reaches 153 Gigawatts
India’s new and renewable energy minister RK Singh announced that renewable energy capacity in the country reached 153 gigawatts at the end of February 2022. Solar power is now the largest renewable energy technology with 51 gigawatts. Large hydropower and wind energy contribute 46.5 gigawatts and 40 gigawatts, respectively. Capacity from bioenergy and small hydropower stood at 11 gigawatts and 5 gigawatts, respectively.
Azure Power Commissions 300-megawatt Solar Power Project
NYSE-listed Indian renewable energy developer Azure Power announced that it commissioned a 300-megawatt solar power project in north-western state of Rajasthan. Power from the project will be sold to Solar Energy Corporation of India through a 25-year power purchase agreement.
Fortum Scores 200 Megawatts Solar In Gujarat
Finland-based Fortum has secured rights to develop a 200 megawatts solar power project in the western state of Gujarat. The project was awarded as part of a 500-megawatt tender organized by the state power utility. Fortum is expected to commission the project by 2024 and will sell the power through a 25-year power purchase agreement at $30 per megawatt-hour.
1.8 Gigawatts Of New Solar Power Parks Planned In Rajasthan
Rajasthan Renewable Energy Corporation has announced plans to set up two solar power parks in Jaisalmer and Bikaner. The state already hosts the world’s largest solar power park of 2.2 gigawatts at Badhla in Jodhpur district. Another park of 925 megawatts is being developed at Nokh in Jaisalmer district.
Originally published on Future Trends.
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