Daily News Wrap-Up: Lok Sabha Passes Bill to Establish Carbon Credit Trading Markets

Shell completes acquisition of Sprng Energy Group


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

The Lok Sabha passed the Energy Conservation (Amendment) Bill 2022, which provides for establishing carbon credit markets in the country. The Bill also makes it mandatory for buildings with a connected load of 100 kW to meet their energy requirements from renewable energy sources. The legislation has provisions for issuing carbon credit certificates and provides a framework for carbon credits trading.

Shell Overseas Investment, a wholly owned subsidiary of Shell, announced the closure of its 100% acquisition of Solenergi Power and, with it, the Sprng Energy group of companies from Actis Solenergi. In April this year, the company signed an agreement to acquire Solenergi Power and Szprng Energy for $1.55 billion. The solar and wind assets Shell acquires through the deal are expected to triple Shell’s present renewable capacity in operation and help deliver its Powering Progress strategy.

Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) announced the cancellation of the tender to select a solar power generator for setting up decentralized ground-mounted grid-connected solar power plants of 0.5 MW /1 MW/1.5 MW / 2 MW (AC) aggregating to a total 98 MW capacity. These plants were to be constructed on barren/uncultivable or agricultural land, pasturelands, and marshlands of farmers within 5 kilometers from DISCOMs’ 33/11 KV substations in Uttar Pradesh under Pradhan Mantri Kisan Urja Suraksha evem Utthan Mahabhiyan (PM-KUSUM) program.

The European Commission approved a €149 million (~$152.55 million) Romanian program made available through the Recovery and Resilience Facility to support renewable hydrogen production. The measure aims to contribute to the development of renewable hydrogen in line with the objectives of the EU Hydrogen Strategy and the EU Green Deal. The program aims to support the construction of new installations for the production of renewable hydrogen, to achieve by December 31, 2025, renewable hydrogen production capacities of at least 100 MW in electrolysis installations producing at least 10,000 tons of hydrogen per year. The program will also contribute to the objectives of the REPowerEU Plan to reduce dependence on Russian fossil fuels and fast forward the green transition.

Global investment firm Carlyle and GIC and the green ammonia project development company Eneus Energy announced Carlyle and GIC’s strategic investment in Eneus to support the development of a 14 GW+ pipeline. Eneus is amongst a small cohort of first movers for industrial-scale production plants in a global market for green ammonia and/or green hydrogen. Since its establishment in 2013, Eneus has developed significant expertise and industry connections to deliver viable green ammonia production sites. The committed capital will finance Eneus’s development of a portfolio of green ammonia projects globally. Eneus Energy was advised by A. Brown + Company and Wilson, Sonsini, Goodrich & Rosati. Allen & Overy and Ashurst advised Carlyle and GIC.