India x Cleantech — November 2020

Welcome to another issue of our new 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

India Approves 2.1 Gigawatt Renewable Energy Deal Between Adani Green & Total

The Competition Commission of India approved a transaction between Adani Green Energy and a subsidiary of Total to transfer 2.1 gigawatts of solar and wind energy assets to a joint venture company. Adani Green Energy and Total’s subsidiary each have 50% holding in the joint venture. Adani Green Energy will transfer over 2 gigawatts of operational solar and wind energy assets spread across 11 Indian states. All of these projects have long-term power purchase agreements with power distribution utilities at fixed rates. Adani also has 475 megawatts of solar, 1.5 gigawatts of wind, and 0.9 gigawatts of solar-wind hybrid capacity under construction.

ReNew Power Raises US$325 Million Through Green Bond Issue

India’s leading renewable energy company, ReNew Power, announced that it raised US$325 million though a green bond issue. The company offered the bonds at a coupon rate of 5.375% for a period of three and a half years. Response to the green bond issue was very encouraging with an order book of US$1.9 billion. A large portion (around 70%) will be used to refinance existing loans, while the balance would be used to finance new projects.

Indian Government Receives Interest For 20 Gigawatt Solar Manufacturing Capacity

The Minister for New and Renewable Energy announced that multiple companies have expressed interest to set up solar cell and module manufacturing facilities. Over the last few months the Indian government has announced several schemes to incentivize manufacturing in the solar power sector. The minister also stated that companies using advanced technologies and manufacturing high efficiency modules will be given additional financial incentives.

Brookfield, Canadian Pension Board Look To Buy 600 Megawatts of Solar Power Assets

Indian solar power developer Mahindra Susten has received bids from six companies and investors looking to buy 600 megawatts of its assets. Brookfield, Canadian Pension Plan Investment Board, National Investment Infrastructure Fund and Edelweiss Yield Plus Infrastructure Fund are among the six bidders. The portfolio on sale includes two large projects of 250-megawatts in capacity each and a number of smaller projects. 

PE Firm Warburg Looks To Sell Rooftop Solar Company CleanMax

US-based Warburg Pincus is planning to sell its stake in CleanMax, one of India’s leading rooftop solar power companies. The company had a portfolio of around 500 megawatts as of 2019 and plans to have 300 customers by 2022. Over the last few years a number of deals in the rooftop solar power market have increased. Malaysian oil giant Petronas acquired Amplus Energy last year, while EverSource Capital acquired rooftop solar power business of NYSE-listed Azure Power.

Electric Transport

Tesla Could Enter Indian EV Market Next Year

Tesla CEO announced on Twitter that his company could enter the Indian electric mobility market next year. This is the first time that Elon Musk gave a definite timeline for the launch of Tesla cars in India. In 2018, he had pointed to some regulatory challenges for the delay in Tesla’s entry to India.

Karnataka Offers Subsidy To Set Up EV Charging Stations

The government of Karnataka is planning to offer a subsidy to install EV charging stations. The cost of setting up an EV charging station is around US$40,000-54,000. The government will offer the subsidy to cover up to 20% of this cost. Karnataka was the first state in India to issue a dedicated EV policy in 2017.

Uber To Add 1,000 EVs To India Fleet

Cab hailing company Uber announced that it will add 1,000 electric vehicles to its fleet soon. The company current claims to have 100 EVs in its fleet and plans to increase that number to 2,000 over the next 12 months. The new EVs will be provided by Lithium Urban Technologies, which claims it runs 1,000 EVs in India. Uber has entered into partnerships with Mahindra & Mahindra, Yulu, and Sun Mobility to enhance the share of EVs in its fleet. 

Renewable Energy & Batteries

KKR Launches Renewable Energy Platform In India

Investment firm KKR launched its renewable energy platform in India — Virescent Infrastructure. The platform currently owns 317 megawatts of solar power projects in Maharashtra and Tamil Nadu. KKR joins a long list of investors to enter India’s renewable energy market. Goldman Sachs, CDPQ, Canadian Pension Plan Investment Board, JERA, GIC Holdings, Global Infrastructure Partners and Temasek have made investments in leading Indian renewable energy companies such as ReNew Power, Azure Power, and O2 Power.

Tata Power Wins 100 Megawatt Solar Project In Gujarat

One of India’s leading integrated power companies, Tata Power, announced that it formally secured rights to develop a 100 megawatt solar power project in the western state of Rajasthan. The company had won the project as part of a 700 megawatt solar power tender issued by Gujarat’s power distribution utility. Tata Power will be paid Rs 2.92 (US¢3.93) per kilo-watt hour for a period of 25 years.

Eden Renewables Announces 1.35 Gigawatt Solar Wins This Year

Eden Renewables, a joint venture between energy majors EDF and Total, announced that it has secured rights to develop 1.35 gigawatts of solar power capacity in India this year. The company secured two projects of 450 megawatts each in two separate auctions conducted by the Solar Energy Corporation of India, and another 450 megawatts in a recent auction conducted by National Hydro Power Corporation. All three projects are expected to be commissioned by early 2022.

NHPC Planning To Set Up 600 Megawatt Solar Power Park

NHPC Limited, India’s leading hydro power generation company, is looking to set up a 600 megawatt solar power park in the northern state of Uttar Pradesh. The company has taken initial steps to conduct a technical feasibility study of the planned solar park.

GE Lands 327 Megawatt Wind Turbine Order From SB Energy

GE Renewable Energy has secured an order to supply wind turbines worth 327 megawatts for a project by SB Energy, a joint venture between SoftBank, Bharti Enterprises, and Foxconn. The project will be located in the state of Madhya Pradesh and is among the largest wind power projects in India. SB Energy secured the rights to develop the project in an auction conducted by the Solar Energy Corporation of India in February 2019.

Advertisement