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India x CleanTech

Clean Power

India X Cleantech — December 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

Partners Group Plans To Invest $300 Million In Rooftop Solar Company Sunsure

Switzerland-based private equity fund Partners Group is reportedly looking to invest $300 million in one of India’s leading rooftop solar power companies. Sunsure Energy operates in India’s rooftop solar power market offering engineering, procurement, and construction services to developers and consumers.

German Development Bank KfW, State Bank Of India Sign €150 Million Loan Agreement For Solar Projects

India’s largest commercial bank and Germany’s development bank, KfW, have signed a second agreement to fund solar power projects in India. State Bank of India is expected to receive a loan from KfW at concessional rates which would then be disbursed to solar power project developers. Neither bank specified the type of solar power projects that would likely benefit from this partnership. The two banks had earlier signed a similar agreement in 2017 through which KfW had offered a €150 million line of credit to SBI.

Sembcorp Acquires Indian Renewable Power Developer Vector Green

A subsidiary of Singapore-based Sembcorp Industries has signed an agreement to acquire a 100% equity stake in Vector Green, an India-based renewable energy project developer. Sembcorp Green Infra will acquire Vector Green for $342 million. Vector Green has solar and wind power projects across 13 states in India comprising of 559 megawatts of solar power capacity and 24 megawatts of wind power capacity. With this acquisition, Sembcorp Green Infra will cross 1 gigawatt of renewable energy capacity.

Indore To Issue India’s First Municipal Bond For A Solar Power Project

Indore Municipal Corporation is planning to issue India’s first municipal bond to fund a solar power project. Indore is a city in the state of Madhya Pradesh. The municipal corporation is looking to raise around 32 million through a 10-year bond sale. The bond shall be open to retail investors. Proceeds from the bond sale shall be used to set up a 60 megawatt solar power project in the city.

India’s First Sovereign Green Bond To Fund Solar, Wind Power Projects

The Indian government is planning to issue its first sovereign green bond. India’s finance minister had announced plans to issue green bonds in order to raise funds from the domestic market. According to media reports, the government is looking to raise Rs 160 billion before March 2023. Proceeds from these bonds would be used to finance solar, wind, and small hydro power projects. These funds would not be used to support nuclear power plants, biomass-based power plants, or hydro power projects with a capacity of more than 25 megawatts.

Renewable Energy & Storage

Solar Energy Corporation Of India Eyes Non-Battery Storage Projects

India’s leading renewable energy tendering agency, Solar Energy Corporation of India, has sought bids from developers to set up non-battery energy storage projects. The government agency has asked interested developers to bid for projects based on various technologies, including gravity-based storage, green hydrogen, etc. SECI has offered to financial support the equivalent to 100% of the project cost, which will be disbursed in tranches at key milestones during project development. These include submission of project design, procurement of equipment, and installation. Developers that have participated in the energy storage tenders so far are believed to be working on battery-based energy storage or pumped hydro storage.

ReNew Power Plans 2 Gigawatt Solar Cells & Modules Capacity

Nasdaq-listed ReNew Power, one of India’s largest renewable energy developers, has announced plans to develop 2 gigawatts of solar cells and modules production capacity in the western state of Gujarat. Company chairman Sumant Sinha announced that construction of the first phase of the manufacturing capacity is in full swing. The facility is expected to be commissioned by late 2023. Initially, the company shall have annual production capacity of 2.4 gigawatts of modules and 2 gigawatts of cells. The cell production line is expandable to up to 4 gigawatts.

300 Megawatt Floating Solar Tender Receives 1,000 Megawatts of Bids

A tender issued for the development of a 300 megawatt floating solar power project in the state of Madhya Pradesh has attracted bids from seven companies. Government-owned companies NHDC and SJVN and privately owned Tata Power Solar bid to develop 200 megawatts each. Eden Renewables, Hinduja, Mahindra Susten, and NTPC submitted bids for 100 megawatts each. The project is part of a 600 megawatt floating solar park being developed by Rewa Ultra Solar Limited. An earlier tender of 300 megawatts was awarded to NHDC, AMP Energy and SJVN which are collectively developing 278 megawatts.

1 Gigawatt Solar Wind Hybrid Tender Oversubscribed 3.5x

An expression of interest issued by government-owned PTC India seeking potential bids from project developers for setting up solar wind hybrid projects has been significantly oversubscribed. Developers have expressed interest to develop 3,500 megawatts of capacity against an offered capacity of 1,000 megawatts.  The EOI offered potential bidders 500 megawatts of capacity with an equivalent greenshoe option. PTC India is seeking projects with an ability to supply renewable power round the clock. Developers will have 18-24 months to commission projects. PTC India will sign 25-year power purchase agreements with successful bidders. The projects may be set up in the states of Rajasthan, Gujarat, Madhya Pradesh, and Karnataka. The EOI also allows PTC to sell power through market-linked instruments, a unique feature likely never included in tenders in India. Some leading project developers that expressed interest in bidding include ReNew Power, Tata Power, Torrent Power, Engie, and Enel Green.

Enfinity Adds 205 Megawatts To Solar Portfolio In India

US-based renewable energy project developer Enfinity Global has added 205 megawatts of solar power capacity to its India portfolio. The company commissioned ten projects with total capacity of 135 megawatts. These projects are located in the western state of Maharashtra. Enfinity has signed 25-year power purchase agreements with Maharashtra State Power Generation Company. It also acquired three operational projects located in the southern states of Karnataka and Telangana.

SECI Launches 1.2 Gigawatt Solar-Wind Hybrid Tender

The Solar Energy Corporation of India has launched a fresh tender seeking bids for solar-wind hybrid projects. Developers will be required to sign a 25-year power purchase agreement with SECI. Rated capacity of solar and wind power projects should be at least 33% of the total contracted capacity.

India Offers Incentives Worth $2.4 Billion For Solar Module Manufacturing

In an attempt to boost domestic solar cell and module manufacturing capabilities, the Indian government has announced phase II of its incentive program with a budgetary support of $2.4 billion. The program allows companies to set up manufacturing units across different integration levels — polysilion to modules, ingot-wafers to modules, and cells to modules.

Originally published on Future Trends.

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