Originally published on Future Trends.
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.
Reliance Invests In US Energy Storage Company
A newly-formed subsidiary of Reliance Industries Limited, one of India’s leading industrial conglomerates, has invested in a US-based energy storage company. Reliance New Energy Solar, along with Paulson & Co., Bill Gates, and other investors, invested $144 million in Massachusetts-based Ambri Inc. Reliance New Energy Solar invested $50 million in the transaction.
ReNew Power To Invest $384 Million To Acquire Solar, Hydro Power Assets
One of India’s leading renewable energy companies, ReNew Power, has announced plans to acquire solar and hydro power projects in the country. The company will spend Rs 28.5 billion ($384 million) to acquire 260 megawatts of solar power capacity and 99 megawatts of hydro power projects.
Canadian Pension Fund Invests $219 Million In Azure Power
International Finance Corporation and its infrastructure fund sold a 19.4% stake in NYSE-listed Azure Power. The stake has been acquired by Ontario Municipal Employees Retirement System (OMERS). CDPQ remains the majority shareholder in Azure Power. The company has 2 gigawatts of operational solar power capacity and another 5 gigawatts capacity under construction.
Tata Motors Launches Tigor EV
Tata Motors unveiled its second electric passenger vehicle, the Tigor. The new car has a 26 kilowatt-hour lithium-ion battery pack which can be charged in less than an hour. The car is expected to have a range of around 300 kilometers (186 miles) per charge.
Tata Motors Looking To Raise $1 Billion For Its Electric Mobility Business
Tata Motors is reported to be in talks with leading global PE investors to raise $1 billion for its electric mobility business. According to media reports, the company has approached Blackstone Group, TPG Capital and KKR & Co. for investment in the EV business. The company plans to launch 10 electric vehicle models by 2025. It currently offers two.
Odisha Announces Incentives For Electric Vehicles
The government of Odisha recently announced its electric vehicles policy to attract manufacturers as well as buyers. The state has exempted electric vehicles from road tax and registration fees. Buyers will also be eligible for subsidies of up to $1,360 for buying electric cars. Battery manufacturing units can get up to $136,000 in capital investment support from the government.
More Than Half A Million EVs Registered In India In Last Three Years
The Ministry of Heavy Industries reported that more than 500,000 electric vehicles have been registered in the country since 2018. These vehicles have benefited from government’s Faster Adoption and Manufacturing of Electric Vehicles (FAME India). The second phase of the FAME scheme, launched in April 2019, will offer Rs 100 billion ($1.4 billion) in subsidies to EV buyers. The government expects to facilitate the purchase of more than 1.5 million electric vehicles under this scheme.
Renewable Energy & Batteries
India Achieves 100 Gigawatts Of Renewable Energy Capacity
On the 12th of August, India’s minister for power and renewable energy, RK Singh, announced on Twitter that the country had achieved the milestone of 100 gigawatts of renewable energy capacity. Solar energy is the largest technology by installed capacity, accounting for 44%, followed by wind energy at 39.5%. Bioenergy accounts for 10% of the installed capacity, while small hydro power projects (less than 25 MW capacity) account for 5%. The rest of the capacity is contributed by waste-to-power capacity. If large hydro power projects are also accounted for, the renewable energy capacity increases to 146 gigawatts.
ReNew Power Signs 400 Megawatt Deal To Supply Round-The-Clock Renewable Energy
The Solar Energy Corporation of India signed a power purchase agreement with ReNew Power for 400 megawatts of solar-wind hybrid power. The company will set up 900 megawatts of wind and 400 megawatts of solar power to meet its obligation to provide round-the-clock power. An undisclosed capacity of battery storage would also be installed.
NTPC Commissions 25 Megawatt Floating Solar Power Project
India’s largest power generation company, NTPC Limited, announced that it commissioned a 25 megawatt floating solar power project in the state of Andhra Pradesh. The project is located at the reservoir of NTPC’s Simhadri thermal power plant. This is the largest floating solar power project in India. NTPC is also working on another floating solar power project with 100 megawatts of capacity.
Engie Commissions 200 Megawatt Solar Power Project
A subsidiary of French utility Engie has commissioned a 200-megawatt solar power project in the western Indian state of Gujarat. The project is part of the Raghanesda solar power park and the company’s second-largest solar project in the country. The company expects annual generation from the plant to be around 550 million kilowatt-hours, resulting in the reduction of around 400,000 tonnes of carbon dioxide emissions. Engie’s India solar capacity now stands at 1.1 gigawatts. The company also has 280 megawatts of wind power capacity operational.
Acme Solar Plans 3.5 Gigawatt Green Hydrogen Project In Oman
Solar IPP Acme Solar Holdings has announced intentions to set up a solar-wind hybrid project in Oman to produce green hydrogen. The company plans to set up 3 gigawatts of solar power and 500 megawatts of wind energy to produce 900,000 tonnes of green ammonia every year. Construction of the project will entail an investment of $3.5 billion and would be ready over the next three years.
Copenhagen Infrastructure Partners Invests $100 Million In Amp Energy
Amp Energy will receive equity investment of more than $200 million with at least half of it coming from Copenhagen Infrastructure Partners. The investment would be used for the company to develop 1.7 gigawatts of solar and solar-wind hybrid capacity.
Tata Power Commissions 324 Megawatt Tracker-Based Project In Gujarat
Tata Power has commissioned a 324 megawatt solar power project in the western state of Gujarat. The project uses single-axis trackers supplied by New York-based GameChange Solar. The project is the largest to use single-axis trackers in India.
Tata Power Wins $52 Million Solar Battery Storage Project
Tata Power Solar Power Systems announced that it secured rights to develop a 50 megawatt solar power project with a 50 megawatt-hour battery storage system. The project will be located in Ladakh and is expected to be commissioned by March 2023. This would be India’s first co-located large-scale battery storage project.
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