India X Cleantech — June 2021

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

SoftBank To Exit India Solar Business In US$3.5 Billion Deal

SoftBank is set to sell its entire stake in SB Energy to Adani Green Energy, one of India’s largest renewable energy companies. Bharti Enterprises is also expected to sell its 20% share in the joint venture which, at one point, also had Foxconn Technologies as a partner. The total value of the transaction is reported at US$3.5 billion, including debt.

Tata Power Renewable Energy Plans $470 Million IPO For Yieldco

One of India’s leading renewable energy companies — Tata Power Renewable Energy — has announced plans for a public listing of its infrastructure investment trust or yieldco. The news of possible public listing of the yieldco comes just days after multiple media outlets reported that talks to onboard Malaysian petroleum giant Petronas had fallen through. Petronas has reportedly reached an understanding to invest around $500 million to acquire 30–35% stake in the yieldco.

Renewable Energy & Batteries

India Announces US$600 Million Incentives Scheme For Manufacturing Solar

The Indian government has announced a new incentive scheme to boost manufacturing in the solar power sector. Through this scheme, the government plans to disburse more than $600 million in incentives over the next five years. India’s Ministry for New and Renewable Energy recently announced the guidelines for a production-linked incentives scheme for the solar equipment manufacturing sector. Incentives will be offered to manufacturers of polysilicon, wafers, cells, and modules. The Ministry will call for bids from manufacturers in order to allocate the earmarked incentive.

Adani Green Energy Posts 86% Jump In Q1 2021

One of India’s largest renewable energy generation companies, Adani Green Energy, has reported stellar financial performance during the first quarter of this year. According to the company’s filing with the Indian stock exchanges, Adani Green Energy’s profit rose from US$7.6 million in Q1 2020 to $14.1 million in Q1 2021. The company also reported a sharp increase in revenue – from $97 million in Q1 2020 to $147 million in Q1 2021.

Tata Power Wins 250-megawatt Solar Auction at ¢3.4 per kWh

According to media reports, a subsidiary of Tata Power Renewable Energy secured the rights to develop 250 megawatts of solar power projects in the western state of Maharashtra. The capacity is part of a solar power park in the state. A tender was issued by the Maharashtra State Electricity Distribution Corporation Limited, a power distribution utility. Apart from Tata Power, India’s largest power generation company, NTPC, and hydropower generation company SJVN also participated in the auction. NTPC and SJVN submitted bids of Rs 2.82 (US¢3.8) and Rs 2.53 (US¢3.4) per kilowatt-hour.

Indian State Issues 1.3 Gigawatt Solar Power Tender

The Indian state of Maharashtra has issued a tender for the installation of 1.3 gigawatts of solar power projects. According to media reports, the entire capacity will be used for supplying electricity to agricultural consumers. The capacity would be spread across 29 districts in Maharashtra. Project developers would be required to set up projects of 25 megawatts or 50 megawatts. Power generated from these projects would be purchased by the state’s power distribution utility, Maharashtra State Electricity Distribution Corporation Limited.

ReNew Power Announces 2 Gigawatts Solar Manufacturing Facility

One of India’s largest renewable energy generators, ReNew Power, has announced plans to expand into solar manufacturing. The company announced that it has identified a site in the western state of Gujarat to set up a manufacturing capacity for 2 gigawatts of solar cells and modules. The company aims to start operations at the facility before March 2023.

JSW Energy Finalizes 540 Megawatts Wind Energy PPA 

A subsidiary of thermal power generator JSW Energy signed a power purchase agreement with the Solar Energy Corporation of India (SECI) for the sale of 540 megawatts of wind power. JSW Renew Energy had secured rights to develop 810 megawatts of wind energy projects in an auction conducted by SECI in August 2020. JSW Energy has 4.5 gigawatts of power generation capacity, including 3.2 gigawatts of thermal power capacity.

India Opens Anti-dumping Investigation Into Imported Solar Cells

Indian Ministry of Commerce and Industry has initiated an anti-dumping investigation into solar cells imported from China, Thailand, and Vietnam. The investigation was launched after complaints were filed by two Indian solar module manufacturers.

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