Daily News Wrap-Up: MNRE Urged to Expedite Efforts to Repower Old Wind Turbines

India’s solar module manufacturing capacity grows tenfold

August 9, 2023


The Parliamentary Standing Committee on Energy urged the Ministry of New and Renewable Energy to expedite the approval and implementation of the revised policy on repowering old wind turbines. In a report on the evaluation of wind energy in India, presented to the Lok Sabha recently, the Committee said most of the wind energy potential is concentrated in eight states and suggested retiring old, inefficient wind turbines occupying prime wind sites. It recommended replacing the old turbines with advanced, more efficient ones to maximize natural resources and land usage.

India’s solar module manufacturing capacity witnessed a staggering tenfold growth, soaring from 2.4 GW per annum in 2014 to an impressive 25 GW per annum in 2023. Additionally, the country has installed an indigenous solar cell manufacturing capacity of 6 GW/annum over the past nine years, underlining its commitment to domestic innovation, said the Union Minister for Power and New & Renewable Energy R. K. Singh. The country has continued its push to ensure the domestic solar manufacturing sector is well established to cut the import dependency.

Rajasthan Electricity Regulatory Commission has directed the Solar Energy Corporation of India to compensate Palimarwar Solar House for the higher expenses incurred on developing two 20 MW solar projects due to an increase in customs duty on solar inverters and changes to the Customs Tariff Act. Palimarwar Solar House was one of the successful bidders in an auction conducted by SECI. The company commissioned two solar projects, each with a capacity of 20 MW, in Barmer, Rajasthan.

INQ Holdings, a wholly owned subsidiary of the Qatar Investment Authority, acquired a significant stake in Adani Green Energy (AGEL) by purchasing 42.6 million shares. The transaction took place at a price of ₹920 (~$11.11) per share, taking the total transaction value to ₹39.2 billion (~$472 million). INQ bought the shares after Infinite Trade and Investment, a stakeholder of Adani Green, divested 44.88 million shares in the company for ₹41.3 billion (~$498 million).

ICICI Bank has provided loans amounting to ₹556 billion (~$6.7 billion) to sectors like renewable energy, electric vehicles, and green-certified real estate, among other important lending areas in the fiscal year 2023. In its environmental, social, and governance report, ICICI Bank said the portfolio dedicated to green financing constituted 21.4% or ₹119 billion (~$1.4 billion) of the total amount lent. The bank also subscribed to India’s inaugural issue of sovereign green bonds during fiscal 2023.

Spain-based wind turbine maker Siemens Gamesa’s net loss stood at €2.56 billion (~$2.8 billion) during the third quarter of the financial year 2023, a year-over-year (YoY) increase in losses of 458% from a loss of €405 million (~$443.4 million). The company recorded a revenue of €2.05 billion (~$2.2 billion), a 16% YoY decrease. Siemens Gamesa attributed the decrease in revenue to the reversal of income and the profit before special items facing a burden of expenses amounting to €2.2 billion (~$2.4 billion), including €1.6 billion (~$1.7 billion) linked to quality problems concerning specific onshore platforms.