Daily News Wrap-Up: Reliance, Tata, ReNew Among Winners for Solar PLI II

SJVN to use the green loan for constructing two solar projects in India

March 29, 2023


The Solar Energy Corporation of India (SECI) has declared the winners eligible to receive a total of ₹139.4 billion (~$1.69 billion) under Tranche II of the performance-linked incentive (PLI) program to manufacture 39.6 GW of solar modules. Some eligible companies include Shirdi Sai, First Solar, Reliance, ReNew, and Tata Power. The Ministry of New & Renewable Energy approved incentives amounting to ₹195 billion (~$2.36 billion) for Tranche II. Out of this, ₹120 billion (~$1.45 billion) had been set aside for vertical integration of manufacturing polysilicon, ingots, wafers, solar cells, and solar modules.

Government-owned SJVN has secured a green financing loan of ₹9.15 billion (~$111.2 million) from the Japan Bank for International Cooperation (JBIC) to construct two solar power projects in India. The first project is the 90 MW Omkareshwar Floating Solar Power Project in Madhya Pradesh, and the second project is the 100 MW Raghanesda Solar Power Project in Gujarat. The combined estimated cost of these projects is ₹12.9 billion (~$156.5 million). JBIC, co-financed with private financial institutions in Japan, is financing these projects with a combined capacity to produce approximately 450 MU of electricity in their first year.

The Solar Energy Corporation of India (SECI) has disbursed a sum of ₹8.9 billion (~$109.5 million) to wind and solar energy developers for the electricity procured in February 2023. SECI’s payments to various wind and solar power generators in February 2023 increased by 61.7% year-on-year (YoY).

The disbursements made in February accounted for approximately 92.5% of the agency’s total payments for the month. Payments to wind and solar power generators saw a 9.58% rise in February 2023 from the preceding month.

International Finance Corporation (IFC), a member of the World Bank Group, will invest ₹3.75 billion (~$46 million) through sustainability-linked bonds (SLB) issued by Tata Cleantech Capital. The investment will help Tata Cleantech Capital advance as a green financer while supporting its climate and sustainability targets. The company will work towards scaling up on-lending towards renewable energy projects and diversifying into energy efficiency and e-mobility sectors over the next three years.

South Eastern Railway has invited bids for state-wise empanelment of agencies for the implementation of rooftop solar projects of 2.3447 MW in Odisha and 1.4738 MW in Jharkhand. The project must be commissioned within 240 days of receiving the work order. The developers must also provide comprehensive operation and maintenance services for 25 years. The last day to submit the bids is May 10, 2023. The bids will be opened on the same day.

Flotation Energy (FE), a subsidiary of TEPCO Renewable Power based in Edinburgh, Scotland, and Norway-based Vårgrønn, have received exclusive rights from Crown Estate Scotland (CES) to develop two floating offshore wind projects with a total capacity of up to 1.91 GW. In the Targeted Oil and Gas Round, Flotation Energy and Vårgrønn won submarine lease rights from CES, which manages the UK seabed and other assets to support sustainable marine industries, to develop two projects – Green Volt and CENOS. The projects are expected to provide a combined electricity supply of 9 billion kWh/year and reduce carbon dioxide emissions by 3.6 million tons/year.

Gujarat Electricity Regulatory Commission (GERC) has approved distribution licensee MPSEZ Utilities’ (MUL) petition to procure 1,070 MW of ISTS-connected wind-solar hybrid power from Solar Energy Corporation of India (SECI) at a tariff of ₹2.60 ($0.031)/kWh, including a trading margin of ₹0.07 ($0.00085)/kWh for 25 years. MPSEZ Utilities, a power distribution company supplying electricity to consumers in the Mundra area of the state, had filed a petition seeking approval for the power supply agreement (PSA) executed with SECI.

Global wind power capacity grew by 9% year-over-year (YoY) to reach 906 GW in 2022, a Global Wind Energy Council report said. During the last year, 77.6 GW of new wind power capacity was connected to the grid. The onshore wind market witnessed a global addition of 68.8 GW, with China accounting for 52% of the growth. However, the YoY growth was lower by 5%, partly due to the wind capacity addition slowdown in Latin America, Africa, and the Middle East.

The Union Government has invited comments from the stakeholder on the draft Carbon Credit Trading Program, a part of the Energy Conservation (Amendment) Bill, 2022, which received Parliamentary clearance in December last year. The power ministry has sought comments from chief and principal secretaries of all states, industry associations, and the central ministries for suggestions and comments on the draft. Stakeholders can submit their comments until April 14, 2023.

A recent study by the Karlsruhe Institute of Technology (KIT) has shown that the formation of the solid electrolyte interphase, which is crucial for the functioning of lithium-ion batteries, occurs through the aggregation of solutions rather than directly at the electrode. The findings offer insights into developing more efficient and long-lasting batteries in the future. The researchers reached this conclusion through simulations, and the results of their study have been published in the Advanced Energy Materials journal.


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