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					</table><p>The Ethanol Blended Petrol (EBP) program by the <a href="https://mopng.gov.in/en" target="_blank" rel="noopener">Ministry of Petroleum and Natural Gas</a> has saved public sector Oil Marketing Companies ~5.09 billion liters of petrol during the Ethanol Supply Year (ESY) 2022-23.</p>
<p>This resulted in savings of ₹243 billion (~$ 2.914 billion) of foreign exchange and expeditious payment of ₹193 billion (~$ 2.313 billion) to farmers.</p>
<p>The Minister of State in the Ministry of Petroleum and Natural Gas, Rameswar Teli, shared the information in a written reply in Rajya Sabha.</p>
<p>So far, the government has approved 1,212 projects, including 590 molasses-based,474 grain-based, and 148 dual-feed-based projects under the interest subvention program to enhance ethanol production.</p>
<p>Under the program, in June 2022, the government had <a href="https://www.mercomindia.com/oil-companies-to-sell-petrol-with-20-ethanol-from-april-2023">set</a> a target of 20% ethanol blending in petrol by ESY 2025-26. An indicative target of 5% biodiesel blending in diesel is proposed by 2030.</p>
<p>According to the Roadmap for Ethanol Blending in India 2020-25, achieving this target will require approximately 10.16 billion liters of ethanol, which will replace the same quantity of petrol, saving $4 billion annually.</p>
<p>Through the Global Biofuels Alliance, the government aims to accelerate the uptake of biofuels through incentives, technical support, policy sharing, and intensifying utilization of sustainable biofuels.</p>
<p>In June 2023, the timeline for disbursement of loans for ethanol projects was <a href="https://www.mercomindia.com/government-extends-loan-for-ethanol-projects" target="_blank" rel="noopener">extended</a> to September 30, 2023, to accommodate the complex application processing and coordination required with multiple agencies. The government will provide financial assistance to such projects in the form of interest subvention at a rate of 6% per annum or 50% of the interest charged by banks, whichever is lower, for five years, including a one-year moratorium.</p>
<p>In November 2023, Hindustan Petroleum Corporation said it is <a href="https://www.mercomindia.com/hpcl-ethanol-plant-in-punjab-by-end-of-2023" target="_blank" rel="noopener">investing</a> over ₹14 billion (~$168.12 million) to build a Second-Generation bio-refinery plant in Bathinda, Punjab, using paddy straw to produce ethanol as part of the government’s Ethanol Blending Program.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/staff/" class="vcard author" rel="author"><span class="fn">Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

Ethanol Blended Petrol Saves India ₹243 Billion in Foreign Exchange


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					</table><p>Solar module maker <a href="https://www.canadiansolar.com/" target="_blank" rel="noopener">Canadian Solar</a>&#8216;s net income surged 200% year-over-year (YoY) to $78 million for the fourth quarter (Q4) of the financial year (FY) 2022, fueled by increased module shipments and reduced expenses.</p>
<p>The module manufacturer&#8217;s engineering, procurement, and construction subsidiary CSI Solar shipped 6.4 GW of solar modules to 70 countries in Q4, a 68% rise YoY.</p>
<p>The operating expenses of Canadian Solar for Q4 stood at $213 million, down by 22% YoY. The decrease was primarily due to lower logistics costs and a lower impairment charge for certain manufacturing assets.</p>
<p>In a separate development, Canadian Solar recently received approval to register its initial public offering (IPO) with the China Securities Regulatory Commission.</p>
<p>The company&#8217;s total revenue increased by 29% YoY to $1.97 billion.</p>
<p>Canadian Solar said that the top five markets for shipments in Q4 were China, the U.S., Brazil, Spain, and Germany.</p>
<p>The company has two segments: project developer Global Energy and module manufacturer CSI Solar.</p>
<p>Chairman and CEO of Canadian Solar Dr. Shawn Qu said, &#8220;As solar equipment costs reach the bottom of the cost curve, volume growth is translating into revenue and earnings growth, driven by a combination of a stabler cost structure, increasing pricing power and operating leverage. This is evident in our 2022 results and adds to our confidence in our future growth opportunities. Lastly, as we speak today, CSI Solar&#8217;s carve-out IPO just got approved by China Securities Regulatory Commission.&#8221;</p>
<p>In December 2022, CSI Solar <a href="https://www.mercomindia.com/daily-news-wrap-up-canadian-solar-wins-256-mw-modules" target="_blank" rel="noopener">signed</a> a 256 MW solar module contract with SOLA Group, an independent power producer based in Cape Town. CSI Solar is supplying modules to the two largest utility-scale solar power projects in South Africa with 126 MW and 130 MW capacity.</p>
<p><strong>Full Year 2022</strong></p>
<p>Canadian Solar&#8217;s net income for FY 2022 totaled $240 million, up YoY by 45%, driven by record solar and battery storage equipment shipments.</p>
<p>CSI Solar shipped 21.1 GW of solar modules in 2022, up by 45% YoY, while the utility-scale battery storage shipments doubled to 1.79 GWh from last year.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Canadian-Solar-updated.png"><img decoding="async" loading="lazy" class="alignnone wp-image-51715 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Canadian-Solar-updated.png" alt="Canadian Solar updated" width="1095" height="1320" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Canadian-Solar-updated.png 1095w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Canadian-Solar-updated-249x300.png 249w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Canadian-Solar-updated-768x926.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Canadian-Solar-updated-650x784.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Canadian-Solar-updated-624x752.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Canadian-Solar-updated-600x723.png 600w" sizes="(max-width: 1095px) 100vw, 1095px" /></a></p>
<p>Higher shipments resulted in a 42% YoY growth in the company&#8217;s revenue which stood at $7.47 billion in 2022.</p>
<p>In January 2023, CSI Solar <a href="https://www.mercomindia.com/canadian-solar-expand-solar-battery-capacity-china" target="_blank" rel="noopener">entered</a> a multi-year investment agreement with the municipal government of Yangzhou City in Jiangsu Province of China for capacity additions across the company&#8217;s solar and battery storage supply chain. Through the agreement, CSI Solar aims to add vertically integrated high-efficiency wafer, cell, and module capacity, along with battery system manufacturing capacity in Yangzhou&#8217;s clean energy manufacturing industrial park.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Canadian Solar’s Q4 Net Income Surges by 200% on Higher Module Shipments

<p><a href="http://urjaglobal.in/projects" target="_blank" rel="noopener noreferrer">Urja Global Limited</a> has announced that it has received the approval to raise green bonds of up to $500 million (₹35.64 billion) to finance renewable projects and electric vehicles (EVs).</p>
<p>The company can now list the bonds overseas at platforms like the London Stock Exchange, Singapore Stock Exchange, NASDAQ or any other foreign exchange, according to the company’s regulatory filing.</p>
<p>The approval for the issue of green bonds of up to $500 million for financing renewable energy projects and e-vehicles, was granted during the 27<sup>th</sup> annual general meeting of the company held on September 30, 2019, said the filing.</p>
<p>Urja Global is engaged in designing, consultancy, integration, supply, installation, commissioning, and maintenance of off-grid and grid-connected solar power projects. Its current products also include lithium-ion batteries, e-rickshaws batteries, and automotive energy storage systems.</p>
<p>Meanwhile, in May 2019, it was reported that Urja Global and Andhra Pradesh Economic Development Board (APEDB), signed a memorandum of understanding (MoU) for <a href="https://mercomindia.com/andhra-pradesh-2-billion-ev-manufacturing-ecosystem/" target="_blank" rel="noopener noreferrer">setting up a manufacturing unit</a> of lithium-ion batteries and electric vehicles for the development of electric mobility ecosystem.</p>
<p>Under the MoU, Urja Global agreed to invest ₹2 billion (~$28.55 million) to create 250 direct and 1,000 indirect job opportunities. The manufacturing unit was slated to be set up at Anantapur, Nellore, and Chittoor in Andhra Pradesh.</p>
<p>The green bond principles were <a href="https://mercomindia.com/bse-green-bond-platform/" target="_blank" rel="noopener noreferrer">established in 2014</a> by a consortium of investment banks: Bank of America Merrill Lynch, Citi, Crédit Agricole Corporate and Investment Bank, JPMorgan Chase, BNP Paribas, Daiwa, Deutsche Bank, Goldman Sachs, HSBC, Mizuho Securities, Morgan Stanley, Rabobank, and SEB. ICMA is monitoring and providing development guidelines for green bond principles.</p>
<p>Interestingly, India now has its own green bond trading platform. Earlier this year, the Bombay Stock Exchange (BSE)’s international arm, India International Exchange (India INX), announced its exclusive green listing and trading platform called Global Securities Market (GSM). GSM Green serves as a platform for fundraising and trading green, social, and sustainable bonds exclusively.</p>
<p>Over the past few years, several Indian renewable companies have announced their plans to launch green bonds. For instance, recently, Azure Power Solar Energy Private Limited announced that it would issue a <a href="https://mercomindia.com/solar-developer-azure-power-green-bond/">green bond</a> offering of $350 million (~₹25 billion). The bond is expected to mature in 2024 with an expected US Dollar coupon of 5.65%</p>
<p>In June this year, <a href="https://mercomindia.com/adani-green-500-million-green-bonds/" target="_blank" rel="noopener noreferrer">Mercom</a> had reported that Adani Green Energy Limited (AGEL), the renewable energy arm of Adani Group, also announced it would raise $500 million through green bonds.</p>
<p>The bonds would be listed on the Singapore Exchange Securities Trading Limited (SGX- ST) and India International Exchange (IFSC) Limited.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/anjana/" class="vcard author" rel="author"><span class="fn">Anjana Parikh</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2019/06/Anjana2.png" width="112" height="121" />Anjana is a news editor at Mercom India. Before joining Mercom, she held roles of senior editor, district correspondent, and sub-editor for The Times of India, Biospectrum and The Sunday Guardian. Before that, she worked at the Deccan Herald and the Asianlite as chief sub-editor and news editor. She has also contributed to The Quint, Hindustan Times, The New Indian Express, Reader’s Digest (UK edition), IndiaSe (Singapore-based magazine) and Asiaville. Anjana holds a Master’s degree in Geography from North Bengal University, and a diploma in mass communication and journalism from Guru Ghasidas University, Bhopal.</p>
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Urja Global to Issue Green Bonds of up to $500 Million to Finance Renewable Projects & EVs

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