Daily News Wrap-Up: SECI’s Renewable Trading Revenue at ₹100 Billion in FY23

India’s First-ever Green-Hydrogen Fuel Cell Microgrid in Leh

April 25, 2023


Central government-owned Solar Energy Corporation of India has earned over ₹100 billion (~$1.22 billion) in renewable power trading revenues in the financial year 2022-23, the highest ever since its inception. The company plays a central role in several government programs that traded over 35 billion renewable energy units in the fiscal year ending March 31. It represented a 59% year-over-year jump in its power trading volume.

Uneecops Technologies, a Delhi-based green hydrogen and solar developer, has won the engineering, procurement, and construction (EPC) contract for setting up a green hydrogen-based fuel cell microgrid of 25 kW capacity at Alchi in the Leh region. The project will be developed at a high altitude of 3,200 meters. Uneecops will also be responsible for the operation and maintenance of the project for three years to ensure the smooth and uninterrupted operation of the microgrid.

The World Bank has proposed a comprehensive framework for the energy transition in low- and middle-income countries (LICs and MICs) involving the deployment of renewable energy and energy efficiency technologies and the phasing down of coal-fired power generation. The World Bank estimates that LICs and MICs will need to invest approximately $1.3 trillion per year in renewable energy and energy efficiency by 2030, which is more than four times the current level of investment.

Floating offshore wind power solutions developer Ocean Winds announced that its Moray West Offshore Wind Farm in Scotland secured £2bn (~$2.4 billion) of non-recourse project finance and reached the financial close. Ocean Winds, a joint venture between EDP Renewables and ENGIE, supported the project as the primary sponsor, while Ignitis Group was the minority shareholder. Corporate power purchase agreements (CPPAs) were signed with long-term strategic partners for over 50% of the project’s output.

In a new experiment aimed at improving organic solar cells’ efficiency to maintain long-term stability, scientists found that addressing the issue of electron donor polymer chain twisting can enable these cells to produce affordable and efficient energy over the long term. The work published in the journal Joule, focussed on the degradation mechanisms for two components used in the light-absorbing layer of organic solar cells: the electron donor and electron acceptor materials.

A United States House of Representatives committee has voted to restore tariffs on solar panel imports from four Southeast Asian nations, reversing the Biden administration’s decision to allow more “unfair” solar imports from China into the U.S. In a bipartisan move, the Ways and Means Committee said that by allowing solar products through Cambodia, Malaysia, Thailand, and Vietnam, “China is obviously circumventing American tariffs designed to ensure a level playing field for American workers.”

Telecommunications Consultants India, Mauritius, a Government of India Enterprise, has invited bids for the installation and commissioning of a 25 MW of grid-connected solar power project with an associated transmission line up to the point of dispatch to the grid in Mauritius. The successful bidder must also oversee the project’s operation and maintenance for one year. The last date to submit the bids is April 28, 2023. Bids will be opened on the same day.

The Australian Government will introduce a sovereign green bonds program in 2024 to enable investors to support public projects driving Australia’s net-zero transition and boosting the country’s green finance market scale. The green bonds initiative is expected to increase transparency around climate outcomes and the volume of accessible green investments. The recent second investor roundtable announced the decision that allowed collaboration between governments, investors, banks, global asset managers, and superannuation funds.


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