Daily News Wrap-Up: India Announces ₹760 Billion for Semiconductor PLI Program
PFC lends ₹2.75 billion to deploy 350 electric buses across nine cities of Uttar Pradesh
December 17, 2021
Here are some noteworthy cleantech announcements of the day from around the world:
The Indian government has announced a production-linked incentive (PLI) program worth ₹760 billion (~$10 billion) to establish a semiconductor ecosystem in the country. Highlights of the semiconductor PLI program include financial support of up to 50% of the project cost to manufacture semiconductor fabs, up to 30% of capital expenditure for compound semiconductor units and design-linked incentives of up to 50% of expenditure for semiconductor design companies. The electronics ministry will also take steps to modernize the semiconductor laboratory. The has earmarked over ₹2.3 trillion (~$30 billion) towards various PLI programs for electronics manufacturing.
The Power Finance Corporation Limited (PFC) has signed an agreement to lend ₹2.75 billion (~36.12 million) to deploy 350 electric buses across nine cities of Uttar Pradesh. The agreement was signed with GreenCell Mobility, an e-mobility platform supported by the Indian Government and the United Kingdom to boost the adoption of electric vehicles in the country. The buses will be deployed in key cities of Uttar Pradesh, including Agra, Meerut, Aligarh, Bareilly, Ghaziabad, and Mathura.
TP Saurya (TPSL), a wholly-owned subsidiary of Tata Power, received a Letter of Award (LoA) from Maharashtra State Electricity Distribution Company (MSEDCL) to set up a 300 MW hybrid wind and solar project. TPSL won the project through tariff-based competitive bidding followed by an e-reverse auction. The project will be commissioned within 18 months from the power purchase agreement execution. With this, the total renewable capacity of Tata Power will reach 4,907 MW with an installed capacity of 2,953 MW and 1,954 MW under implementation.
Sembcorp Energy UK (SEUK) intends to construct a 360 MW battery storage project at Wilton International on Teesside. At the Wilton International site, SEUK has available land and connections ready to enable swift installment of the batteries, which will be built in tranches. SEUK currently operates 70 MW of batteries, with a further 50 MW already in the pipeline, and will be operational in early 2022. If plans for the battery portfolio expansion and the 300 MW net-zero Whitetail Clean Energy emissions plant proceed, SEUK’s total energy portfolio would be expected to total over 1.6 GW, with almost half of it being supplied by batteries.
France-based renewable energy company Neoen marked the start of construction on its 100 MW/200 MWh Capital Battery in the Australian Capital Territory (ACT). Neoen committed to building a 50 MW large-scale battery in the nation’s capital as part of its winning bid in the ACT Government’s 2020 renewable energy auction. It was awarded a 14-year contract to supply 100 MW of wind energy in Stage 1 of Goyder Renewables Zone. In response to the emerging market for battery services, Neoen has decided to increase the size of the Capital Battery to 100 MW/200 MWh. Early construction works have commenced with the battery expected to operate in the first half of 2023.
The Competition Commission of India (CCI) has approved the acquisition of a shareholding in Sterling and Wilson Renewable Energy Limited by Reliance New Energy Solar Limited (RNESL). The proposed combination envisages the acquisition of 40% of the equity share capital of Sterling and Wilson Renewable Energy Limited by RNESL. However, acquisition can go up to 51.07% of the equity share capital of SWREL in the event of total acceptance of the open offer.