Daily News Wrap-Up: Anti-Dumping Probe on Aluminum Solar Module Frames from China
Each User Mandated to Own 26% Shareholding in Group Captive Power Project
July 7, 2023
The Ministry of Commerce of India has announced an anti-dumping investigation by the Directorate General of Trade Remedies into the imported aluminum solar module frames from China. The investigation aims to recommend an appropriate anti-dumping duty that would adequately address the injury to the domestic industry. The decision comes after Vishakha Metals, an Ahmedabad-based solar equipment manufacturer, filed a petition alleging that the aluminum solar module frames are being imported into India from China at dumped prices in significant quantities, resulting in material harm to the domestic industries.
Each captive power user, even in a group captive structure of open access, must now hold a minimum ownership of 26%, according to the amendments to the Electricity Rules, 2005, issued by the Ministry of Power. Earlier, the minimum ownership of 26% was to be collectively held by captive users. The amendment implies that only three users can now participate in a project under the group captive model. Also, if the captive generating project is set up by an affiliate company, the captive user should hold at least 51% of the ownership in that affiliate company.
The Solar Energy Corporation of India (SECI) has disbursed ₹10.5 billion (~$127.3 million) to wind and solar power generators for the electricity procured in May 2023. The disbursements accounted for approximately 97.4% of the ₹10.8 billion (~$130.8 million) allocated for the month. Payments to power generators saw a 19% increase in May from the preceding month. On a year-over-year basis, the payments surged 53%. The rise in SECI payments on both an annual and sequential basis to wind and solar power generators bodes well for India’s efforts to move away from a reliance on fossil fuels to a clean energy regime.
Adani Green Energy, the renewables arm of the Adani Group, plans to raise ₹123 billion (~$1.4 billion) through the sale of shares via qualified institutional placement or permissible methods. In a regulatory filing, the company said its board had approved the fundraising endeavor. Adani Green intends to issue a specific number of equity shares, each having a face value of ₹10 (~$0.12), alongside other eligible securities or a combination thereof.
The Government of Portugal has announced a plan to accelerate the incorporation of renewable energy sources in its electricity generation, aiming to achieve 80% of its energy from renewable sources by 2026, four years ahead of schedule. Portugal has set a target of 20.4 GW of solar photovoltaic capacity by 2030, which is the largest allocation among all power generation sources. The plan was unveiled in the first review of the 2030 National Energy and Climate Plan, published by the Ministry of Environment and Climate Action. The step brings Portugal closer to its goal of climate neutrality by 2045.
The U.S. Department of Energy (DOE) has announced a plan to invest up to $1 billion in a demand-side initiative called the Regional Clean Hydrogen Hubs (H2Hubs) to establish a national clean hydrogen network. The network is expected to play a crucial role in reducing emissions from energy-intensive sectors such as industry, chemical processes, and heavy-duty transportation. The DOE’s announcement signifies an important step toward achieving commercial-scale clean hydrogen deployment, job creation, and long-term decarbonization objectives.
Gurugram-based Battery Smart, a battery-swapping stations network for electric two and three-wheelers, has raised $33 million by closing a pre-series B funding round. The company said that the capital raised would be used to add 100,000 new customers to its network in the next three years and also help the company expand its operations and services globally. Battery Smart has to date, set up over 600 swap stations and worked with over 25,000 vehicles across 25 cities in India. The funding round saw participation from Battery Smart’s existing investors, Tiger Global, and Blume Ventures, along with new investors, the Ecosystem Integrity Fund and British International Investment.