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.
ReNew Power Secures $1 Billion Loan
ReNew Power Global has secured a $1 billion loan from a consortium of 12 international lenders. The consortium was led by Rabobank. The loan will be utilized for setting up a 1.3 gigawatt battery-enabled solar/wind hybrid project. ReNew secured this project through a competitive auction conducted by the Solar Energy Corporation of India. In April of this year, the company had sold a 49% stake in this project to Mitsui & Co. ReNew Power has a gross portfolio of 12.8 gigawatts.
JSW Energy To Acquire 1.75 Gigawatts Of Renewable Energy Capacity
Power generation company JSW Energy has announced plans to acquire 1.75 gigawatts of solar and wind energy capacity from renewable energy project developer Mytrah Energy. JSW Energy will acquire this capacity through 17 special purpose vehicles at an estimated enterprise value of around $1.32 billion. The portfolio includes 1.3 gigawatts of wind energy capacity and 422 megawatts of solar power capacity.
Norfund, KLP Partner For 300 Megawatt Solar Power Project
Norwegian investment fund Norfund and pension company KLP has agreed to acquire a 49% stake in a solar power project being developed by Enel Green Power. The project, being developed in the north-western state of Rajasthan, will have 420 megawatts (DC)/300 megawatts (AC) of capacity. The two investors will pay $35.1 million for this transaction.
NHPC, BEL Announce Plans To Set Up Solar Module Gigafactory
Government-owned company NHPC and BEL have signed agreement to set up a gigawatt-scale factory for the production of solar power equipment. The two companies did not share any details about the proposed factory except that it would be a vertically integrated solar manufacturing facility.
Assam Expected To Have 2 Gigawatts Of Solar Power Capacity In Four Years
Assam, located in India’s northeastern part, is expected to have an installed solar power capacity of 2 gigawatts over the next four years. The state is expected to attract $1.3 billion for setting up this capacity. The state government has signed agreements with a government-owned company, NLC India Limited, and the Asian Development Bank, for development of large-scale solar power projects in the state.
Module Manufacturer Vikram Solar Gets Approval For IPO
The Securities and Exchange Board of India has given its nod for an initial public offer to module manufacturer Vikram Solar. The company plans to use proceeds from this fundraising activity to set up a new 2 gigawatt solar module production line. As of December 2021, the company had an order book of $620 million.
Government May Incentivize Offshore Wind Turbine Manufacturing
According to media reports, the Indian government may consider offering production-linked incentives for manufacturing offshore wind turbines. The government has set a target to have 30 gigawatts of offshore wind capacity by the end of this decade. The new scheme could be on similar lines as the $3 billion production-linked incentive scheme for solar module manufacturing.
Renewable Energy & Storage
Amp Energy Signs 100 Megawatt Solar Power Contract
Amp Energy India has signed an agreement with Rewa Ultra Mega Solar Limited to set up a 100 megawatt floating solar project in the state of Madhya Pradesh. The project will be set up at the Omkareshwar Reservoir. The total size of the floating solar power park is envisaged at 600 megawatts and will be developed in two phases of 300 megawatts each.
Government-Owned SJVN Secures 200 Megawatt Solar Power Project
SJVN Limited, a government-owned hydropower generation company, has announced that it secured rights to develop a 200 megawatt solar power project in the western state of Maharashtra. Power generated from the project will be procured by the state’s power distribution utility. SJVN secured the project through a competitive bidding process conducted by Maharashtra State Electricity Distribution Company Limited for a total capacity of 500 megawatts.
NTPC Fully Commissions 296 Megawatt Solar Power Project
NTPC has announced that it commissioned 48.8 megawatts of capacity as part of a 296 megawatt solar power project at Fatehgarh, Rajasthan. NTPC secured this project through a competitive auction under the viability gap funding scheme in 2019. The tender was issued by the Solar Power Corporation of India. The project was executed by Adani Infra India Limited.
Chinese Tracker Company Arctech Inaugurates Factory In India
Arctech Solar has opened a 3 gigawatt solar tracker manufacturing facility in India. The facility has been launched in joint venture with Jash Energy and is located in the western state of Gujarat. According to media reports, Arctech Solar was the largest supplier of trackers in India in 2021 with a 45% share. According to the company, the location of its factory and the joint venture with Jash Energy will give it easy access to international markets like the Middle East and Africa.
Tata Power Commissions 225 Megawatt Solar Power Project
Tata Power Renewable Energy, a subsidiary of integrated power company Tata Power, has announced that it has commissioned a 225 megawatt solar power project. Power from this project will be supplied to another group company — Tata Power Mumbai Distribution. The project is part of a solar/wind hybrid project. Tata Power Renewable Energy will use 96 megawatts of existing wind power capacity to complement the newly commissioned solar power project to supply hybrid power.
Siemens Gamesa Wins 346 Megawatt Wind Turbine Order
Siemens Gamesa has landed an order to install 346 megawatts of wind turbines for NYSE-listed Azure Power. According to the press release issued by the turbine manufacturer, 96 units of the SG 3.6-145 model will be installed at a project in the southern state of Karnataka. This is Azure Power’s first wind energy project; the company has a portfolio of 7.4 gigawatts. Siemens Gamesa is among the leading turbine manufacturers in India and recently surpassed 8 gigawatts of installed capacity in the country.
Greenko Energy To Develop 400 Megawatt Renewable Power For Hindalco
One of India’s leading renewable energy developers, Greenko Energy Holdings, will develop a 400 megawatt solar/wind hybrid project to aluminum manufacturer Hindalco. The project will supply power to Hindalco’s aluminum smelter located in Odisha. Greenko will assure round-the-clock supply to the smelter using its pumped hydro storage facility in Andhra Pradesh. The project is expected to offset around 680,000 tonnes of carbon dioxide emissions every year.
Inox Wind Secures 200 Megawatt Project From NTPC
Indian wind turbine manufacturer Inox Wind has secured an order to supply 200 megawatts of wind turbines to government-owned power generation company NTPC Limited. Inox Wind will supply 100 units of the DF 113/92 wind turbine for a project to be commissioned in the western state of Gujarat. The project is expected to be commissioned by January 2024. Inox Wind had secured another order for 150 megawatts of capacity last year from NTPC Limited for a project also located in Gujarat.