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Welcome to another edition of our India x Cleantech series! Each month, we’re pulling news from across the clean tech sector in India into a single, concise summary of the country.
Cleantech investment
The partnership group plans to invest $300 million in rooftop solar company Sunsure
A Swiss-based private equity group is reportedly looking to invest $300 million in one of India’s leading solar companies. Sunsure Energy operates in the Indian rooftop solar market offering engineering, procurement, and construction services to developers and consumers.
German Development Bank KfW, State Bank of India signed a loan agreement of 150 million Euros for solar projects
India’s largest commercial bank and Germany’s development bank, KfW, have signed a second agreement to finance solar projects in India. The State Bank of India is expected to receive loans from KfW at concessional rates which will then be disbursed to developers of solar projects. The two banks did not specify the type of solar energy projects that may benefit from this partnership. The two banks had previously signed a similar agreement in 2017 through which KfW offered a 150 million euro loan to SBI.
Sembcorp has acquired Indian renewable energy developer Vector Green
A subsidiary of Singapore-based Sembcorp Industries has signed an agreement to acquire 100% of shares in Vector Green, a developer of renewable energy projects in India. Sembcorp Green Infra will acquire Vector Green for $342 million. Vector Green has solar and wind projects across 13 states in India comprising 559 MW of solar power generation capacity and 24 MW 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 solar projects
The Indore Municipal Corporation is planning to issue India’s first municipal bond to finance solar energy projects. Indore is a city in the state of Madhya Pradesh. The municipal corporation is seeking to raise approximately 32 million through the sale of 10-year bonds. The bonds will be open to retail investors. The proceeds from the sale of the bonds will be used to establish a 60 megawatt solar power project in the city.
India’s first sovereign green bond to finance wind, solar projects
The Indian government is planning to issue its first sovereign green bond. India’s finance minister has announced plans to issue green bonds to raise funds from the market. within the country. According to media reports, the government is looking to raise Rs 160 billion before March 2023. The proceeds from these bonds will be used to finance solar, wind, and small hydropower projects. These funds will not be used to support nuclear power plants, biomass power plants or hydroelectric projects with a production capacity of more than 25 megawatts.
Renewable energy & storage
Indian solar companies are looking at non-battery storage projects
India’s leading renewable energy auctioneer, Solar Energy Corporation of India Dia, sought bids from developers to establish an energy storage project that Not a battery. Government agencies have called on interested developers to bid for projects based on various technologies, including gravity-based storage, green hydrogen, and others. SECI has offered financial assistance equal to 100% of the cost of the project, which will be disbursed in tranches. Important goals during project development. These include project design submissions, equipment procurement, and installation. Developers who have participated in the energy storage auction 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 cell and module manufacturing capacity in the western state of Gujarat. Company President Sumant Sinha announced that the first phase of capacity building is in full swing. The plant is expected to be commissioned by the end of 2023. Initially, the company will have an annual production capacity of 2.4 gigawatts of modules and 2 gigawatts of cells. The cell production line can expand up to 4 gigawatts.
300 megawatt solar power auction receives 1,000 megawatt bid
Tenders issued for development of 300 MW floating solar power project in Madhya Pradesh Attracted bids from 7 companies. Government-owned companies NHDC and SJVN and private Tata Power Solar bid to develop 200 megawatts each. Eden Renewables, Hinduja, Mahindra Susten, and NTPC have submitted bids for 100 megawatts each. The project is part of a 600 megawatt floating solar park developed by Rewa Ultra Solar Limited. The previous tender of 300 MW was awarded to NHDC, AMP Energy and SJVN which is developing a total of 278 MW.
1 Gigawatt Solar Wind Hybrid Tender Oversubscribed 3.5x
The expression of interest issued by the government-owned PTC India seeking potential bids from project developers for setting up solar-wind hybrid projects has been heavily subscribed. Developers have expressed interest in developing 3,500 megawatts of capacity against the proposed 1,000 megawatts. The EOI offered potential bidders 500 MW with an equivalent green shoe option. PTC India is looking for projects that have the ability to provide round-the-clock renewable energy. Developers will have 18-24 months to commission the project. PTC India will sign a 25-year power purchase agreement with the successful bidder. The project may be located 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 that has never been included in auctions in India. Some of the leading project developers who have expressed interest in bidding include ReNew Power, Tata Power, Torrent Power, Engie, and Enel Green.
Enfinity Adds 205 MW to Solar Portfolio in India
US-based renewable energy developer Enfinity Global has added 205 megawatts of solar capacity to the company. in India. The company has awarded 10 projects with a total production capacity of 135 megawatts. These projects are located in the western state of Maharashtra. Enfinity has signed a 25-year power purchase agreement with the Maharashtra State Power Corporation. It has also got three operational projects located in the southern states of Karnataka and Telangana.
SECI launches 1.2 Gigawatt Solar-Wind Hybrid Tender
Indian solar power companies have launched a new tender seeking bids for solar-wind hybrid projects. The developer will have to sign a 25-year power purchase agreement with SECI. The capacity level of solar and wind energy projects should be at least 33% of the total contracted capacity.
India offers incentives worth $ 2.4 billion for the production of solar modules
In an effort to increase the production capacity of solar cells and internal modules The Government of India has announced Phase II of its incentive program with the support of Support the budget of 2.4 billion dollars. The program allows companies to set up production units across the integration level that Different — polysilion with modules, ingot-wafers with modules, and cells with modules.
Originally published on Future Trends.
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