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.
Total Invests US$2.5 Billion To Acquire Stake In Adani Green Energy
French energy major Total has invested US$2.5 billion to acquire a 20% stake in one of India’s largest solar power companies, Adani Green Energy. Total will also get 50% ownership of Adani’s operational solar power assets. Shares of Adani Green Energy have soared from less than US$3 to over US$14 in just the last year.
Softbank Exits India Renewable Energy Market, Sells Stake To Canadian Pension Fund
SoftBank has sold its 80% stake in a joint venture platform, SB Energy, to Canadian Pension Plan Investment Board (CPPIB). Indian telecom giant Bharti Enterprises owns 20% in the venture and has decided to stay put in the business.
SB Energy has been struggling to raise capital to execute solar and wind energy projects that it had secured in competitive auctions. The last major project that the company secured was 600 megawatts in a 2-gigawatt auction conducted by NHPC earlier this year.
Tata Motors To Launch Affordable Electric Cars
One of India’s leading electricity mobility companies, Tata Motors, has announced plans to launch a series of affordable electric vehicles. Prices of these cars will not have more than a 15-20% premium over conventional petrol/diesel cars.
Ola Partners With Siemens For US$330 Million EV Manufacturing Hub
Cab-hailing Uber competitor Ola has joined hands with Siemens to set up a manufacturing facility for electric vehicles in India. Ola signed an agreement with the government of Tamil Nadu to set up a new electric manufacturing factory. Annual production capacity of the facility will be 2 million scooters.
Renewable Energy & Batteries
Rajasthan Likely To Complete 925 Megawatt Solar Power Park By Next Year
The Nokh solar power park, located in the northwestern region of India, is likely to achieve full capacity by next year. It is the second largest solar power park in Rajasthan after the 2.25 gigawatt Bhadla solar power park. These solar power parks have propelled Rajasthan to being one of the leading Indian states in solar power capacity. As of March 2020, the state had 9.6 gigawatts of capacity.
Adani Green Commissions 150 Megawatt Solar Project In Gujarat
One of India’s leading private solar power generation companies, Adani Green Energy, announced that it commissioned a 150-megawatt solar power project that it had secured through competitive bidding under Gujarat’s solar power policy. With this project, the company’s operational renewable energy capacity has reached 3.1 gigawatts with an additional 11.6 gigawatts under construction.
Adani Green Wins 600 Megawatt Solar-Wind Hybrid Project
Solar Energy Corporation of India (SECI) awarded Adani Green Energy the rights to develop a 600 megawatt solar-wind hybrid project. The company secured the project at Rs 2.41 (US¢3.44) per kilowatt-hour in a competitive auction where SECI had offered 1.2 gigawatts of capacity. The project must be commissioned within 18 months of signing the power purchase agreement.
Tata Power Wins 320 Megawatt Solar Power Project Contract From NTPC
India’s largest power producer, NTPC Limited, has awarded a contract to develop a 320 megawatt solar power project to Tata Power Solar. The contract is worth US$162 million with Tata Power Solar responsible for land acquisition, engineering, procurement, installation, and commissioning.
Progress Reported On 600 Megawatt Floating Solar Power Project
The government of Madhya Pradesh has reported that a feasibility study into the development of a 600 megawatt floating solar power project is complete. The project will be located at Omkareshwar dam spanning 2,000 hectares, and is to be implemented at a cost of US$420 million. The state government has sought support from the International Finance Corporation for project development.
Eden Renewables Raises US$165 Million For 450 Megawatt India Solar Project
Eden Renewables India reported that it raised US$165 million in debt finance for its 350 megawatt solar PV project in India. The renewable energy developer raised debt from a group of banks including DBS Bank, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation. The project is already under construction and is expected to be commissioned over the next five months.