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					</table><p>The Cabinet Committee on Economic Affairs has given its approval for the implementation of the Green Energy Corridor (GEC) Phase-II – Inter-State Transmission System (ISTS) project to facilitate the evacuation of 13 GW of renewable power in the region of Ladakh.</p>
<p>The project, scheduled for completion by the financial year 2029-30, comes with an estimated cost of ₹207.74 billion (~$2.4 billion), with Central Financial Assistance (CFA) covering 40% of the total project cost, amounting to ₹83.09 billion (~$998 million).</p>
<p>The government said the execution of this project, considering Ladakh&#8217;s challenging terrain, harsh climatic conditions, and defense sensitivities, has been entrusted to the Power Grid Corporation of India (<a href="https://www.powergrid.in/" target="_blank" rel="noopener">POWERGRID</a>).</p>
<p>The govt affirmed that to ensure efficient and reliable power transmission, state-of-the-art technology will be employed.</p>
<p>The project will incorporate a Voltage Source Converter (VSC) based High Voltage Direct Current (HVDC) system and Extra High Voltage Alternating Current (EHVAC) systems.</p>
<p>The transmission line will traverse through Himachal Pradesh and Punjab before reaching Kaithal in Haryana, where it will integrate with the national grid. An interconnection has also been planned from this project to Leh&#8217;s existing Ladakh grid, guaranteeing a steady power supply to the region.</p>
<p>Furthermore, it will connect to the Leh-Alusteng-Srinagar line, ensuring power reaches Jammu &amp; Kashmir. This extensive project includes the establishment of 713 km of transmission lines, including a 480-kilometer HVDC line and 5 GW capacity HVDC terminals at Pang in Ladakh and Kaithal in Haryana.</p>
<p>The venture is expected to play a pivotal role in India&#8217;s ambitious goal of achieving 500 GW of installed electricity capacity from non-fossil fuel sources by 2030.</p>
<p>It opens substantial employment opportunities for both skilled and unskilled workers in the power and related sectors, particularly in the Ladakh region.</p>
<p>The project complements the ongoing Intra-State Transmission System Green Energy Corridor Phase-II (InSTS GEC-II) in multiple states, including Gujarat, Himachal Pradesh, Karnataka, Kerala, Rajasthan, Tamil Nadu, and Uttar Pradesh.</p>
<p>The InSTS GEC-II program aims to facilitate grid integration and power evacuation for approximately 20 GW of renewable energy capacity and is projected to be completed by 2026. This initiative entails the addition of 10,753 circuit km of transmission lines and 27,546 MVA capacity of substations, with an estimated project cost of ₹120.31 billion (~$1.4 billion) and CFA amounting to 33%.</p>
<p>The project can be traced back to PM Modi&#8217;s Independence Day Speech on August 15, 2020, when he announced the establishment of a colossal 7.5 GW Solar Park in Ladakh. Following extensive field surveys, the Ministry of New and Renewable Energy (MNRE) devised a plan to set up a 13 GW renewable energy generation capacity along with a 12 GWh Battery Energy Storage System (BESS) in Pang, Ladakh. To facilitate the evacuation of this substantial energy output, the construction of an inter-state transmission infrastructure is deemed essential.</p>
<p>Recently, the Union Cabinet <a href="https://www.mercomindia.com/union-cabinet-approves-royalty-critical-minerals" target="_blank" rel="noopener">approved</a> the amendment to the Second Schedule of the Mines and Minerals (Development and Regulation) Act, 1957 (MMDR Act), setting reduced royalty rates for three critical and strategic minerals – lithium, niobium, and Rare Earth Elements (REEs) – used in the energy transition technologies.</p>
<p>Earlier, the Cabinet <a href="https://www.mercomindia.com/cabinet-approves-gap-funding-for-battery-energy-storage-projects" target="_blank" rel="noopener">approved</a> the viability gap funding (VGF) for the development of the battery energy storage systems (BESS) program with an initial allocation of ₹94 billion (~$1.1 billion), which includes budgetary support of ₹37.6 billion (~$452 million).</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/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
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<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Cabinet Approves ₹208 Billion Green Energy Corridor in Ladakh


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					</table><p>UAE government-owned renewable energy company <a href="https://masdar.ae/" target="_blank" rel="noopener">Masdar</a>, <a href="https://weareiph.com/" target="_blank" rel="noopener">Infinity Power</a>, and <a href="https://www.hassanallam.com/utilities/group-profile" target="_blank" rel="noopener">Hassan Allam Utilities</a> have signed an agreement with Egypt&#8217;s New and Renewable Energy Authority to develop a 10 GW onshore wind farm in Egypt.</p>
<p>With a project value exceeding $10 billion, the wind farm is set to be one of the largest in the world, the company said.</p>
<p>The wind farm will produce 47,790 GWh of clean energy annually, reducing the country&#8217;s annual carbon emissions by around 9%.</p>
<p>It will also contribute to Egypt&#8217;s goal of sourcing 42% of its energy from renewables by 2030 and save the nation $5 billion in natural gas costs yearly.</p>
<p>Masdar will lead the consortium in developing the project.</p>
<p>Infinity Power, one of Africa&#8217;s largest pure-play renewable power companies and a joint venture between Masdar and Egypt&#8217;s Infinity, and Hassan Allam Utilities, a sustainable infrastructure investment platform, are part of the consortium.</p>
<p>The project aligns with global efforts to triple renewable energy capacity by 2030 to meet the goals of the Paris Agreement.</p>
<p>Egypt&#8217;s favorable geographic location and available land make it suitable for producing significant electricity from renewable sources.</p>
<p>Masdar has been expanding its presence in Africa, becoming one of the significant renewables operators on the continent in partnership with Infinity Power.</p>
<p>Earlier in the year, Masdar <a href="https://www.mercomindia.com/uaes-masdar-to-develop-5-gw-renewable-projects-africa" target="_blank" rel="noopener">signed</a> agreements with Angola, Uganda, and Zambia to develop renewable energy projects with a combined capacity of up to 5 GW to help African nations make the energy transition.</p>
<p>In April, Masdar <a href="https://www.mercomindia.com/masdars-900-uzbekistan-reach-financial-closure" target="_blank" rel="noopener">reached</a> financial close on three solar photovoltaic projects in Uzbekistan. The projects will be a part of the largest solar development program in the area, with a total capacity of approximately 900 MW, and will start construction shortly.</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/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</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/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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UAE’s Masdar-led Consortium to Develop 10 GW Onshore Wind Farm in Egypt

<p>Here are some noteworthy cleantech announcements of the day from around the world:</p>
<p><a href="https://www.sgh2energy.com/" target="_blank" rel="noopener"><strong>SGH2 Energy</strong></a><strong> has <a href="https://www.sgh2energy.com/sgh2-signs-largest-green-h2-offtake-deals-in-history" target="_blank" rel="noopener">signed</a> a green hydrogen contract with two California-based operators of hydrogen refueling stations.</strong> The companies – California Energy Commission and Air Resources Board – will use SGH2’s green hydrogen to supply existing and 90 new refueling stations. Total production from the SGH2 plant, 3,850,000 kg annually, is now under contract for ten years, representing one of the largest green hydrogen purchase agreements. SGH2 Energy also signed a pact with the city of Lancaster, announcing a formal public-private partnership that establishes the company and city as co-owners of the SGH2 green hydrogen plant based in Lancaster, CA.</p>
<p><strong>The National Solar Energy Federation of India </strong>(<strong>NSEFI)</strong>, <strong>the umbrella organization for solar energy stakeholders in India, has </strong><strong>written</strong><strong> a letter to the Union Minister of Power Raj Kumar Singh</strong>, putting forward the grievances of the stakeholders regarding the alleged mishandling of an auction by Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA). <strong>NSEFI said that </strong>UPNEDA <a href="https://mercomindia.com/uttar-pradesh-scraps-500-mw-solar-auction-plans-to-re-auction-hoping-for-lower-bids/" target="_blank" rel="noopener">canceled</a> the Phase-4 e-reverse auction while a letter of intent was expected to be issued within 94 days of the results. <strong>NSEFI accused </strong>UPNEDA of issuing an incoherent statement, adding that the move will damage India’s reputation among foreign investors. In May this year, <strong>NSEFI had raised </strong><a href="https://mercomindia.com/daily-news-facility-gujarat/" target="_blank" rel="noopener">concerns</a><strong> over the delay in issuing letters to the successful bidders.</strong></p>
<p><strong>France has pledged to </strong><a href="https://in.ambafrance.org/France-commits-1-M-EUR-to-International-Solar-Alliance-ahead-of-COP26" target="_blank" rel="noopener"><strong>contribute</strong></a><strong> €1 million (~$1.22 million) towards the International Solar Alliance (ISA), headquartered in India.</strong> As co-president of ISA, France aims to further strengthen the organization that works towards mitigating global climate change and accelerating the energy transition. The move comes in the run-up to the COP26 United Nations Climate Change Conference, set to take place in Glasgow in November 2021. The contribution will benefit ISA’s flagship program, Solar Technology Application Resource Centre, which provides capacity building and training activities on all aspects of solar energy development. The contribution will particularly serve in skilling drives in the Indo-Pacific region and Africa.</p>
<p><strong>India and the United Kingdom have </strong><a href="https://pib.gov.in/PressReleasePage.aspx?PRID=1723981" target="_blank" rel="noopener"><strong>launched</strong></a><strong> a new workstream to promote industrial energy efficiency under the Clean Energy Ministerial’s (CEM) Industrial Deep Decarbonization Initiative </strong>coordinated by United Nations Industrial Development Organization, at the 12th CEM. The CEM commenced on May 31, 2021, and will conclude on June 6. The initiative has been supported by Germany and Canada, with more countries expected to join soon. The objective of the program is to infuse green technologies and stimulate demand for low-carbon industrial materials. At the program, India highlighted that it is committed to cut emission intensity per unit of GDP by 33% to 35% by 2030 and said it is working on effective deployment of low-carbon technologies in energy-intensive sectors.</p>
<p><strong>The Government of Canada is </strong><a href="https://www.newswire.ca/news-releases/canada-invests-over-960-million-in-renewable-energy-and-grid-modernization-projects-880196618.html" target="_blank" rel="noopener"><strong>investing</strong></a><strong> in renewable energy and upgrading the electricity grid to make clean, affordable electricity options more accessible in communities across Canada.</strong> The $964 million program was launched to support smart renewable energy and grid modernization projects that will lower emissions by investing in clean energy technologies like wind, solar, storage, hydro, geothermal, and tidal. Investing in these technologies is expected to reduce greenhouse gas emissions by creating a cleaner, more connected electrical system and help Canada reach net-zero emissions by 2050.</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/srinwanti/" class="vcard author" rel="author"><span class="fn">Srinwanti Das</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2021/04/Srinwanti-300pxl.jpg" alt="" width="106" height="115" />Srinwanti is a copy editor at Mercom India, where she writes and edits news stories across the clean energy spectrum. Prior to Mercom, she has worked in book publishing at Macmillan Publishing House and Integra and honed her editorial and writing skills in both online and print media such as Reuters, Times Group Books, The Times of India, and Pune Mirror, covering local to international stories. <a href="https://mercomindia.com/author/srinwanti/">More articles from Srinwanti Das.</a></p>
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Daily News Wrap-Up: SGH2 Signs Green Hydrogen Deals to Decarbonize California

<p>A special purpose company (SPC) formed by Japan’s <a href="https://www.marubeni.com/en/" target="_blank" rel="noopener noreferrer">Marubeni Corporation</a>, France-based Total Solar International and <a href="http://www.sirajpower.com/" target="_blank" rel="noopener noreferrer">Siraj Energy</a> of Qatar has signed a power purchase agreement (PPA) with Qatar General Electricity and Water Corporation (KAHRAMAA) to develop 800 MW of solar projects.</p>
<p>The collaboration has an equity holding of 20.4% by Marubeni Corporation, 19.6% by Total, and 60% by Siraj Energy. Siraj Energy is a joint venture between Qatar Petroleum (40%) and QEWC (Qatar Electricity &amp; Water Company, 60%).</p>
<p>With an estimated cost of QR 1.7 billion (~$462.5 million), the large-scale solar power project will be constructed at Al-Kharsaah area west of Doha on a 10 square kilometer land and is expected to be equipped with 2 million bifacial solar modules with trackers. The special purpose company will develop, construct, and operate and maintain the solar PV project.</p>
<p>According to the statement, the commercial operation date has been tentatively scheduled for April 2022, at which time the facility will start producing power, which will be purchased by KAHRAMAA for 25 years. The project follows a Build, Own, Operate, and Transfer (BOOT) model.</p>
<p>This project is said to be the first large-scale solar project in Qatar. It is said to represent around 10% of the peak electricity demand of the country and reduce the carbon emissions of Qatar by 26 million tons during the life of the project.</p>
<p>His Excellency Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum, said, “This project also comes as part of the energy sector’s contributions towards Qatar’s commitment to host the FIFA 2022 World Cup. It will generate about eight times the size of the solar energy Qatar had pledged to build, helping the organization of a carbon-neutral event.”</p>
<p>In July 2019, Noor Abu Dhabi, the world’s largest single-site solar power project with an installed capacity of 1,177 MW at Sweihan, was successfully <a href="https://mercomindia.com/single-site-solar-sweihan-abu-dhabi/" target="_blank" rel="noopener noreferrer">commissioned</a>. The project is a joint venture between the government of Abu Dhabi and Marubeni Corporation and China’s Jinko Solar Holding. In this joint venture, Marubeni had an equity holding of 20%.</p>
<p>In November 2018, <a href="https://mercomindia.com/oman-100-mw-solar-marubeni-consortium/" target="_blank" rel="noopener noreferrer">Mercom</a> reported Petroleum Development Oman, a state-owned oil producer in Oman, announced that it allocated a 100 MW solar project to the Marubeni Consortium comprising the Marubeni Corporation as the lead founder.</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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Marubeni, Total and Siraj Energy to Develop 800 MW of Solar Projects in Qatar

<p>The Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/" target="_blank" rel="noopener noreferrer">MNRE</a>) has announced that it has awarded grants to the awardees of the second round of PACEsetter fund program. The PACEsetter Fund is a ₹50 million ($7.9 million) fund jointly capitalized by India and the U.S.</p>
<p>The MNRE received 168 Expressions of Interest (EoIs) in the second round of the program. Out of these, four projects were selected for award of grants. The projects were awarded to the Society for Economic and Social Studies, an independent non-profit organization working in the field of sustainable rural development; Customized Energy Solutions India Pvt. Ltd, an energy advisory and service company; The Energy &amp; Resources Institute (TERI), a not-for-profit, policy research organization &#8211; working in the field of energy, environment, and sustainable development; and Raghavendra Suntech Systems Pvt Ltd (RSSPL).</p>
<p>The PACEsetter Fund program is an Indo-U.S. initiative set up in 2015, which aims to accelerate the commercialization of innovative off-grid clean energy access solutions by providing early-stage grant funding that would allow businesses and non-profits to develop and test innovative products, business models, and systems.</p>
<p>One of the main objectives of the fund is to improve the viability of off-grid renewable energy businesses that sell small scale (under 1 MW) clean energy systems to individuals and communities without access to grid-connected power or with limited and intermittent access. It is unclear how non-profit and policy organizations are able to achieve this.</p>
<p>In <a href="https://mercomindia.com/india-offgrid-solar-easy-finance-paygo/" target="_blank" rel="noopener noreferrer">July 2019</a>, Mercom reported that the off-grid solar markets are instrumental in creating energy access to more than half a billion people around the world. According to a Pay-As-You-Go (PAYGo) Market Attractiveness Index (MAI), India achieved a high score in the overall numbers, demonstrating a relatively robust performance in the sector and Asia as well.<strong> </strong></p>
<p>Earlier this year, the <a href="https://mercomindia.com/mnre-invites-proposals-rd-renewable-energy/" target="_blank" rel="noopener noreferrer">MNRE also invited project </a>proposals for research, development, and demonstration (RD&amp;D) in areas of new and renewable energy from R&amp;D organizations/institutions, universities, and industries. The ministry has identified certain priority areas for R&amp;D in solar photovoltaic, solar thermal, waste to energy, wind energy, hydrogen, and fuel cell, and energy storage.</p>
<p>Image credit: Offgrid Electric</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/shaurya-bajaj/" class="vcard author" rel="author"><span class="fn">shaurya</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><span style="font-family: Calibri"><span style="color: #000000"><span>Shaurya is a staff reporter at MercomIndia.com with experience working in the Indian solar energy industry for the past four years in various roles. Prior to joining Mercom, Shaurya worked with a renewable energy developer and a consulting company. Shaurya holds a Bachelors Degree in Business Management from Lancaster University in the United Kingdom. </span></span></span></p>
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MNRE Awards Grants to Four Clean Energy Companies Under Second Round of PACEsetter Fund

<p>The <a href="https://emiratisation.org/ministry-of-education-in-uae" target="_blank" rel="noopener noreferrer">UAE Ministry of Education</a> plans to introduce training initiatives around low-carbon forms of energy into its national education system.</p>
<p>A Memorandum of Understanding (MoU) has been signed between Hussain Ibrahim Al Hammadi, the minister of education of the UAE and Francesco La Camera, the director-general of <a href="https://www.irena.org/" target="_blank" rel="noopener noreferrer">IRENA</a> (International Renewable Energy Agency) at the 17th IRENA Council held in Abu Dhabi recently.</p>
<p>The agreement identifies areas of cooperation on the integration of renewable energy and sustainable development. The cooperation aims to promote and support the achievement of the relevant Sustainable Development Goals (SDGs) in the UAE and across the world, namely SDG 7 (affordable and clean energy for all) and SDG 13 (climate action).</p>
<p>In a press release, IRENA underlined how renewable energy is a critical contributor to a number of U.N’s 2030 sustainable development goals.</p>
<p>According to Dr. Thani bin Ahmed Al Zeyoudi, UAE’s minister of climate change and environment, incorporating renewable energy and sustainable development into the educational curricula “will not only enable us to harness young minds and prepare them to become environmental stewards but also pique their interest in pursuing careers in the emerging domains.”</p>
<p>Meanwhile, Francesco La Camera, director -general of IRENA, said, “It is critically important that we engage young people in the pursuit of sustainable development and climate action.”</p>
<p>It is worth mentioning here that the Middle East is emerging as one of the largest renewable energy markets worldwide. Last year, <a href="https://mercomindia.com/uae-phase-four-concentrated-solar/" target="_blank" rel="noopener noreferrer">Mercom</a> reported that UAE launched the fourth phase of the world’s largest concentrated solar power project. The Mohammed bin Rashid Al Maktoum Solar Park in the UAE is set to become the largest single-site solar park in the world based on the Independent Power Producer model.</p>
<p>After the UAE, Saudi Arabia is another key player in the region. The largest sovereign state in the Middle East, the country has set a target to produce approximately 10% of its power from renewable sources in the next six years.</p>
<p>Further, in a recent report released by IRENA, the widespread adoption of renewable energy technologies has helped generate <a href="https://mercomindia.com/irena-11-million-jobs-renewables-2018/" target="_blank" rel="noopener noreferrer">11 million employment</a> opportunities in the global renewable energy industry in 2018.</p>
<p>Image credit: IRENA</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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UAE Signs MoU with IRENA to Introduce Renewable Energy Studies in its Education System

<p>Zurich-based responsAbility AG, a leading asset manager for impact investments in emerging economies, has inked an agreement with Pune-based non-banking financial company (NBFC) Electronica Finance Limited (EFL) for the issuance of green masala bonds for its climate fund.</p>
<p>EFL has issued rupee-denominated senior secured bonds equivalent to $10 million, dedicated to expanding their energy-efficient machinery lending portfolio for small and medium enterprises (SMEs) operating in the carbon-intensive manufacturing sector, a press release from the company informed.</p>
<p>EFL has $180 million of assets under management, while responsibility AG, an asset manager for impact investments in emerging economies, manages $3 billion of assets through a variety of investment vehicles that provide private debt and equity to 540 companies with inclusive business models across 90 countries.</p>
<p>The release further informed that the Indian SME sector currently contributes 45% to the country’s total greenhouse gas emissions from the manufacturing industries and is widely suffering from obsolete technology and lack of funding.</p>
<p>EFL has experience in the green lending sector, having associated with Small Industries Development Bank of India (SIDBI) to initiate loans to finance energy-efficient machines for over a decade. Through this green bond issuance, advised by Deloitte, the company seeks to further expand its technologically advanced, energy-saving machine finance portfolio, the release informed.</p>
<p>“By enabling Indian SMEs to improve their energy efficiency and processes we will further support them in making them competitive and our economy more sustainable and resilient,” Shilpa Pophale, Managing Director of EFL, said.</p>
<p>The partners have agreed on a multi-phase plan for both short-term and medium-term green lending development. Leveraging on responsAbility’s ample international experience and the fund’s technical advisory support, EFL plans to diversify its product offering and to expand into financing solar PV for the commercial and industrial markets, while responsAbility expects to gain from the experience EFL has in financing machines for SME borrowers for more than two decades, the release added.</p>
<p>“Partnering with EFL, which is well established as a lender to the MSME segment to expand their energy efficiency lending portfolio, will allow us to integrate green lending into this sector and, as a result, sustainably reduce CO2 emissions,”Jaskirat Chadha Principal, Financial Institutions Debt &#8211; Asia-Pacific for responsAbility was quoted saying.</p>
<p><a href="https://mercomindia.com/ireda-raises-green-masala-bonds/" target="_blank" rel="noopener noreferrer">Back in 2017</a>, the Indian Renewable Energy Development Agency (<a href="http://www.ireda.gov.in/" target="_blank" rel="noopener noreferrer">IREDA</a>)  had raised $300 million (~₹19.5 billion) through the issuance of Green Masala Bonds on the Singapore Exchange (SGX). The agency issued a five-year green rupee-denominated bond, offering an annualized coupon rate of 7.125 percent.</p>
<p><a href="https://mercomindia.com/irfc-green-bond-london-stock-exchange/" target="_blank" rel="noopener noreferrer">Later in the same year</a>, the Indian Railways Finance Corporation (IRFC) also raised $500 million (~₹32.07 billion) through the issuance of its first green bond on the London Stock Exchange’s new international securities market. The bond was oversubscribed by more than three times, indicating strong support from global investors.</p>
<p><a href="https://mercomindia.com/pfc-issues-green-bonds-lses/" target="_blank" rel="noopener noreferrer">In December 2017</a>, the Power Finance Corporation, an undertaking of the government of India, also issued green bonds worth $400 million (~₹25.72 billion).</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/soumik/" class="vcard author" rel="author"><span class="fn">Soumik Dutta</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="wp-image-13449 alignleft" src="https://mercomindia.com/wp-content/uploads/2019/05/Soumikimage-e1556814790294-275x300.jpg" alt="" width="93" height="102" />Soumik is a staff reporter at Mercom India. Prior to joining Mercom, Soumik was a correspondent for UNI, New Delhi covering the Northeast region for seven years. He has also worked as an Asia Correspondent for Washington DC-based Hundred Reporters. He has contributed as a freelancer to several national and international digital publications with a focus on data-based investigative stories on environmental corruption, hydro power projects, energy transition and the circular economy. Soumik is an Economics graduate from Scottish Church College, Calcutta University.</p>
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NBFC Electronica Finance Issues Green Masala Bonds Worth $10 Million

<p>Global financial institution <a href="http://www.worldbank.org/" target="_blank" rel="noopener">World Bank</a> is soon going to issue the first ever sustainable development notes linked to the new Global Sustainability Signatories Index.</p>
<p>Per a World Bank release, “The International Bank for Reconstruction and Development (IBRD), will for the first time, issue US dollar-denominated sustainable development notes that provide investors return exposure to the environmental, social and governance (ESG) performance of United Nations (UN) Global Compact signatories through the Global Sustainability Signatories Index 7.5 percent VC ER.</p>
<p>Swiss bank UBS will be the exclusive underwriter of this equity index-linked 7-year note and will distribute these to its investment banking and wealth management clients.  The index was created by Sustainalytics and is composed of up to 100 companies who demonstrate strong ESG performance, according to Sustainalytics ratings. The index will be administered by Solactive.</p>
<p>UBS partnered with the World Bank in the development of this transaction. It is part of UBS&#8217;s ESG investment strategy aligned with the sustainable development goals (SDGs), which includes initiatives to help UBS clients and other stakeholders support the World Bank&#8217;s development mandate.</p>
<p>The World Bank will use proceeds raised through sustainable development bonds to support the financing of projects that advance its goals of eliminating extreme poverty and boosting shared prosperity in alignment with the SDGs.</p>
<p>Arunma Oteh, World Bank Vice President and Treasurer, said, &#8220;We are delighted to broaden our partnership with UBS and bring to market another innovation that offers investors sustainable investment opportunities. Together, we will continue to focus on new ways to put capital to work to address the immense development challenges we must tackle to achieve the Sustainable Development Goals.”</p>
<p>Mark Haefele, Chief Investment Officer at UBS Global Wealth Management, said, &#8220;We are delighted to expand our investing partnership with the World Bank. Our private clients already enjoy unique exposure to the World Bank and to leading sustainable companies through our new 100 percent sustainable cross-asset portfolio, and we look forward to developing their engagement with IBRD as one of the few fully sustainable triple-A-rated issuers.&#8221;</p>
<p>The World Bank has been committed to the goal of sustainable development of all countries, especially the ones deprived of adequate financial resources to grow in the right direction. India, for instance, has received numerous assistances from the bank for sustainable development projects.</p>
<p><a href="https://mercomindia.com/rajasthan-250-million-loan-world-bank-electricity-distribution/" target="_blank" rel="noopener">Recently</a>, the World Bank approved a $250 million development policy loan (DPL) to Rajasthan for the improvement of the state’s electricity distribution sector under the ‘24×7 Power for All’ program. This is the second loan given to the state under the planned reform. The first loan was approved in March 2017.</p>
<p>Before this, the bank also <a href="https://mercomindia.com/world-bank-eesl-energy-efficiency-program/" target="_blank" rel="noopener">announced</a> that it will provide $220 million in loans and a $80 million guarantee to India’s Energy Efficiency Services Limited (EESL).</p>
<p>The funds will be utilized for EESL’s India Energy Efficiency Scale-Up Program which is aimed at increasing energy savings in residential and public sectors, strengthening EESL’s institutional capacity and enhancing its access to commercial financing.</p>
<p>Earlier, <a href="https://mercomindia.com/world-bank-loan-bangladesh-renewables/" target="_blank" rel="noopener">Mercom reported that</a> that World Bank also approved $55 million in financing to expand the use of renewable energy in rural areas of Bangladesh that grid electricity cannot easily reach.</p>
<p>Image credit: Minsvyaz</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/saumy/" class="vcard author" rel="author"><span class="fn">Saumy Prateek</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/2023/12/saumy-edited-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Saumy Prateek</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/saumy/" target="_blank" rel="noopener">More articles from Saumy Prateek</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="79" height="102" /><a href="https://mercomindia.com/author/saumy/" rel="noopener"><strong>Saumy Prateek, </strong> </a>is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism &amp; Mass Communication from the Manipal Institute of Communication at Manipal University.<a href="https://mercomindia.com/author/saumy/">More articles from Saumy Prateek.</a></div>
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World Bank to Issue US Denominated Sustainable Development Notes

<p><a href="http://www.niti.gov.in/" target="_blank" rel="noopener">NITI Aayog</a> and the Confederation of Indian Industries (<a href="https://www.cii.in/" target="_blank" rel="noopener">CII</a>) have entered a partnership for the sustainable development of India.</p>
<p>The launch of the NITI Aayog and CII partnership on sustainable development goals (SDGs) took place at the Government and Business Partnership Conclave in New Delhi on August 8, 2018. The conclave was organized by NITI Aayog, CII and the United Nations (UN).</p>
<p>CII and NITI Aayog have entered into a three-year partnership, and a memorandum of understanding (MoU) has been signed. This partnership focuses on specific activities that aim to develop a vision and action agenda for businesses and industries to contribute to SDGs, annual status reports, and sector-specific best practice documents.</p>
<p>Speaking at the launch of the partnership, R.K. Singh, Minister of Power, said that business and government must partner for the sustainable development of India.</p>
<p>Singh added that in sustainable development, three things matter the most: energy, water and a circular economy or green industry. Moreover, the Minister expressed confidence that India will achieve its clean energy goals even earlier than 2022 and urged everyone to be conscious and responsible towards the environment.</p>
<p>Amitabh Kant, CEO of NITI Aayog, highlighted that the fast pace of urbanization in India comes at a time in which countries such as the United States and E.U are almost finished with this process. Given India’s population, Kant emphasized, the only way to grow and develop sustainably is to use technology for growth, use new and renewable energy to push for research and development (R&amp;D) and innovation, to generate demand for electric vehicles (EVs) and hydrogen cars, and to find local solutions for the seven-million-strong population around the world.</p>
<p>Yuri Afanasiev, UN Resident Coordinator, said that conditions in India are favorable due to its nature, history and demography, to come up with solutions toward a sustainable and circular economy for the world to emulate.</p>
<p>Rakesh Bharti Mittal, president of CII and vice chairman of Bharti Enterprises Ltd., stressed that the current theme of CII 2018-19 is “India RISE: Responsible. Inclusive. Sustainable,” and is aligned with the sustainability agenda.</p>
<p>At the launch, CII also launched the report &#8211; Indian Solutions for the World to Achieve SDGs. The report deep-dives into each of the SDGs, targets and business implications thereof. The report cites examples that illustrate how companies have incorporated the SDGs framework into their business strategy.</p>
<p><a href="https://mercomindia.com/niti-aayog-draft-cabinet-note-ev/" target="_blank" rel="noopener">Recently</a>, NITI Aayog submitted a draft cabinet note that calls for developing a strategy to scale-up transformative mobility and encourage the use of zero emissions vehicles and ancillary technology.</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/saumy/" class="vcard author" rel="author"><span class="fn">Saumy Prateek</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/2023/12/saumy-edited-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Saumy Prateek</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/saumy/" target="_blank" rel="noopener">More articles from Saumy Prateek</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="79" height="102" /><a href="https://mercomindia.com/author/saumy/" rel="noopener"><strong>Saumy Prateek, </strong> </a>is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism &amp; Mass Communication from the Manipal Institute of Communication at Manipal University.<a href="https://mercomindia.com/author/saumy/">More articles from Saumy Prateek.</a></div>
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