Daily News Wrap-Up: BluPine Gets ₹5.11 Billion Loan for 120 MW Solar Project

Odisha sets generic tariffs for small hydro and biomass power projects till FY26

December 15, 2023


Renewable energy company BluPine Energy has announced the financial closure of ₹5.11 billion (~$61.3 million) for its 120 MW solar project in Gujarat. The green loan financing for the project was secured from Standard Chartered. The total investment for the project is valued at ₹6.65 billion (~$79.8 million). Upon completion, the project is expected to generate about 323,000 MWh of solar energy annually, offsetting an estimated 296,000 tons of CO2 and providing power to approximately 270,000 households.

Odisha Electricity Regulatory Commission has determined the generic tariff and prices for renewable energy projects, including small hydro, biomass, and non-fossil fuel-based co-generation power projects. The control period of the tariff will span three financial years, starting from the beginning of the financial year (FY) 2023-24 and ending at the conclusion of FY 2025-26 for all renewable power projects. For small hydroelectric projects, the control period extends from the beginning of FY 2023-24 to the end of FY 2027-28.

Pune-headquartered KPIT Technologies, an autonomous software integration partner for the automotive and mobility sector, has introduced its sodium-ion battery technology with the aim of alleviating lithium dependency in India’s energy storage sector. The technology is anticipated to decrease reliance on imported core battery materials and boasts various applications within the automotive and mobility realms, particularly for electric two and three-wheelers and commercial vehicles.

Bengaluru-based electric vehicle (EV) charging and battery startup Exponent Energy has raised $26.4 million in a series B funding round led by Eight Roads Ventures and a strategic investment from TDK Ventures, marking their debut investment in India’s EV sector. The company plans to utilize the fresh funding to expand its presence to five new cities by the fiscal year 2024. The startup aims to diversify its electric three-wheeler space offerings and enter the intercity e-bus segment in 2024. By 2025, Exponent envisions deploying 1,000 charging stations and powering 25,000 EVs with their innovative technology. The latest funding brings Exponent’s total capital raised to $44.4 million.

The U.S. energy storage market installed 7,322 MWh in the third quarter (Q3) of 2023, the highest capacity in a quarter to date, according to the U.S. Energy Storage Monitor report by Wood Mackenzie and the American Clean Power Association. The cumulative capacity of energy storage installations in 2023 reached 13,518 MWh, surpassing the total volume in the whole of 2022, which stood at 11,976 MWh. The report suggests that installations in Q3 could have been higher if not for the delay experienced by 80% of the projects that were in the pipeline.

As solar power installations continue to grow, it has become crucial to optimally size the solar photovoltaic (PV) inverters to maintain their efficiency and performance to manage power generation in high ambient temperatures. Mercom India hosted a webinar titled “Optimal Sizing of PV Inverters for Robust Performance in High Ambient Temperatures” on December 12, 2023, where industry experts discussed the factors involved in optimally sizing solar PV inverters for diverse locations and temperatures and achieving higher performance.