India X Cleantech – February 2022
Welcome to another issue of our India x Cleantech series! On a monthly basis, we bring together news from all cleantech sectors in India into a single, concise roundup article about the country.
Investments in clean technologies
Announcing Partnership for India’s Largest Floating Solar Power Project
The government hydropower company NHPC and a state government agency (Green Energy Development Corporation of Odisha) have entered into a joint venture to set up 500 megawatts of floating solar power capacity. The two companies plan to invest Rs 20 billion ($0.3 billion) to set up 300 megawatts of solar power projects.
ReNew Power sells 117 megawatt rooftop solar portfolio
Nasdaq-listed Indian renewable energy producer ReNew Power has sold its rooftop solar portfolio to another India-based company. Fourth Partner Energy will take control of 117 megawatts of rooftop solar power capacity in a deal worth 6.72 billion rupees, including 1.37 billion rupees of debt. Fourth Partner Energy is backed by TPG and Norfund.
Oil and gas company BPCL plans Rs 250 billion investment in renewable energy
Government-owned Bharat Petroleum Corporation Limited has announced plans to install 10 gigawatts of renewable energy capacity by 2040. The company plans to install 800 megawatts of solar power, 100 megawatts of wind power, 60 megawatts of small hydro and 40 megawatts of biomass. power generation capacity. The company plans to reach 10% of its target capacity by 2025.
Reliance New Energy to Acquire Battery Technology Company Faradion
Reliance New Energy, a 100% subsidiary of Reliance Industries, has reached an agreement to acquire a 100% stake in the British company Faradion Limited. Faradion has developed battery technology based on sodium ions.
Waaree Energies Obtains IPO Approval
One of India’s leading solar module manufacturing companies – Warree Energies – has secured clearance from the Securities and Exchange Board of India (SEBI) to launch its initial public offering. The company plans to raise Rs 15 billion through this offer. It has a 2 gigawatt module manufacturing capacity across three states and plans to expand it to 5 gigawatts and add a 4 gigawatt solar cell manufacturing line.
Reliance New Energy increases its stake in Sterling & Wilson Solar
Reliance New Energy Solar has acquired a 9.7% stake in Sterling & Wilson Solar, one of the world’s largest solar EPC companies. He now holds more than 25% of the company’s capital. Last year, Reliance New Energy reached an agreement with Shapoorji Pallonji to acquire a 40% stake in Sterling & Wilson Solar.
Indian company plans to acquire 5,580 electric buses
Convergence Energy Services Limited, a subsidiary of government company Energy Efficiency Services Limited, plans to acquire 5,580 electric buses over the next few years. The company is likely to acquire these buses through competitive auctions on behalf of public transport companies across India. These buses are expected to be rolled out in Bangalore, Delhi, Surat, Hyderabad and Kolkata from July this year.
Ola Electric raises $200 million from Tekne Private Ventures
Ola Electric Mobility recently announced that it has raised $200 million. The company is the electric mobility subsidiary of Ola Cabs, a competitor of Uber. After the last fundraising, Ola Electric Mobility is valued at $5 billion. The company recently started manufacturing electric scooters in India and plans to launch them in Europe.
TVS Motors acquires stake in Swiss e-bike company
One of the largest 2-wheel manufacturing companies – TVS Motors – has acquired an 80% stake in electric bike manufacturer Swiss E-Mobility Group. The transaction is valued at $100 million. TVS is expected to complete the transaction next year with the acquisition of the remaining 20%. Last year, TVS also acquired an 80% stake in another Swiss e-mobility company, EGO Movement, for $18 million.
Renewable energy and batteries
Airtel commissions 21 megawatt solar project for data centers
One of India’s largest telecommunications companies – Airtel – has commissioned a 21 megawatt solar power project in Maharashtra. The project was commissioned with the help of private power generation company Avaada Energy. Airtel had previously commissioned two solar power projects of 14 megawatts each in the state of Uttar Pradesh to power its data centers.
Azure Power commissions 600 megawatt solar power project
Indian renewable energy producer Azure Power, listed on the NYSE, has commissioned a 600 megawatt solar power project in the state of Rajasthan. The company says it is the largest solar power project in India commissioned by a company at a single location. The electricity produced by the project will be sold to the Solar Energy Corporation of India.
Tata Power Renewable Energy commissions 100 megawatts of solar power capacity
Tata Power Renewable Energy, part of one of India’s largest industrial conglomerates, Tata Group, has commissioned two solar power projects with a capacity of 50 megawatts each. The projects have been commissioned in the state of Uttar Pradesh. The projects are expected to generate more than 221,000 megawatt hours of electricity each year and offset 177 million tonnes of carbon dioxide each year.
Talesun to supply solar modules for 300 megawatt project in India
Chinese module maker Talesun Solar will supply 250 megawatt equivalent modules for a project in India. The project is being developed by private renewable energy producer O2 Power in the state of Rajasthan. Talesun will provide its BIPRO series bifacial modules for this project.
India’s solar module manufacturing capacity could jump 400%
Rating company CRISIL estimates that India could add 30 to 35 gigawatts of solar module manufacturing capacity by 2025. The company analyzed investment plans announced by the country’s major module manufacturing companies and some new entrants. India currently has a solar cell manufacturing capacity of 3 gigawatts and a module manufacturing facility of 8 gigawatts.
Reliance and Hyundai selected for battery manufacturing incentives in India
10 companies have been shortlisted for battery manufacturing incentives by the Government of India. Reliance New Energy, Hyundai Global Motors, Ola Electric, Mahindra & Mahindra, and Larsen and Toubro are among the top bidders for manufacturing incentives. The government will offer Rs 180 billion in subsidies over a period of five years after companies set up manufacturing facilities over the next two years.
Hydroelectric generator wins 125 megawatt solar power project
State-owned hydropower companies SJVN have been granted the rights to develop two projects with a total generation capacity of 125 megawatts. The projects will be developed in the state of Uttar Pradesh. The bidding for the projects was conducted by the New and Renewable Energy Development Agency of Uttar Pradesh. SJVN will sell the electricity generated by these projects at Rs 2,980 ($38.4) per megawatt hour.
Originally posted on Future Trends.
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