Daily News Wrap-Up: APICORP Releases ESG Framework, to Invest $1 Billion in Green Energy

Tata Motors inks a power purchase agreement with Tata Power to install a 3 MW rooftop solar project

September 16, 2021


Here are some noteworthy cleantech announcements of the day from around the world:

The Arab Petroleum Investments Corporation (APICORP) unveiled its new environmental, social, and governance (ESG) policy framework to support the energy transition in its member countries and beyond. APICORP targets allocating $1 billion to green energy projects and sustainable energy companies to support the energy transition in the Middle East and North Africa over the next two years. Currently, green assets comprise more than 13% of the APICORP’s overall portfolio, equal to around $550 million in loans and direct investments.

Tata Motors has signed a solar power purchase agreement with Tata Power to install and operate a 3 MW rooftop solar project at its passenger vehicle plant in Pune. This solar rooftop project is expected to generate 45 lakh KWh per year, offsetting approximately 3,538 tons of CO2 per year. The company maintains that in FY 2021, its car plants in Pune and Sanand generated or sourced 26.10 million kWh of renewable electricity – 25.0% of its total power consumption. Tata Motors claims that its renewables usage contributed to the avoidance of 18,672 metric tons of CO2 emissions.

Hydrogen fuel cell-powered commercial vehicles manufacturer Hyzon Motors will deliver 154-ton hydrogen fuel cell trucks from Ark Energy Corporation. Ark Energy will lease the trucks to its sister company, Townsville Logistics, which will deploy trucks on a short-haul 30-kilometer loop operating from the Port of Townsville to the Sun Metals Zinc Refinery owned by the group. The trucks claim to reduce carbon dioxide emissions by over 1,400 tons/year, and delivery is expected by the end of 2022.

The Maharashtra government and JSW Energy Ltd signed two MoU for two green projects worth ₹355 billion (~$ 4.83 billion)  in northern and western Maharashtra- building a 1,500 MW hydropower project in Igatpuri, Nashik, and a 5,000 MW wind power project of power generation, spread across 1,870 hectares at Kolhapur, Solapur, Satara, and Osmanabad, districts Maharashtra.

Amp Energy’s 2.4 MW solar power plant at Pondicherry University (PU) was inaugurated by Vice-President of India M Venkaiah Naidu. Spread over 15 buildings, two car parks, and two land parcels, and the plant would meet 40% of the university’s energy needs. PU will offset 2,900 tons of CO2 every year. This project has been developed under the 97.5MW rooftop scheme by the Solar Energy Corporation of India. PU and Amp Energy India have signed a 25-year power purchase agreement (PPA) to procure solar power.


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