UP confirms 22 GW solar power additions target by 2026-27; BCD & ALMM boost Indian solar exports in Q3/2022, says Mercom; Sembcorp will take over Vector Green; Sunsure Energy completes 74 MW solar project for Cleantech Solar; Redington and Enertech announce solar hybrid inverter partnership for India; TPSSL and UBI to provide solar loans to MSMEs.
Uttar Pradesh Solar Policy 2022: The state of Uttar Pradesh has launched its Solar Policy 2022 under which it targets to install 22 GW solar power capacity by 2026-27. It will be divided into 14 GW utility scale, 4.5 GW residential and 1.5 GW non-residential rooftop solar, and 2 GW decentralized PV (through components A and C of PM-KUSUM Scheme). Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) will be the nodal agency for its implementation. Detailed policy is available on UPNEDA's website in Hindi language. Till the end of September 2022, the state had installed a total of 2.26 GW solar power capacity, as per the federal Ministry of New and Renewable Energy (MNRE). Earlier, the draft policy was aiming for 16 GW solar power capacity by 2026-27 (see UP 2022 Draft Solar Policy Eyes Nearly 8X Growth).
Indian solar imports drop since BCD: Citing Department of Commerce data, Mercom India Research says solar cell and module imports to India declined 59% YoY and 34% QoQ in Q3/2022, thanks to the imposition of Basic Customs Duty (BCD) on April 1, 2022. The strict adherence to using modules from companies listed on the Approved List of Models and Manufacturers (ALMM) has also played its part. Imports during the reporting period were worth INR 32.02 billion ($394 million). At the same time, its exports of solar cells and modules shot up 642% annually and 499% sequentially to INR 12.76 billion ($157 million). It notes that the significant rise in exports is due to the absence of competition from imports, increased domestic solar cell and module production and import restrictions in the US. The US was the largest export markets for Indian companies, accounting for 94% of the market share, up from 45% in Q2/2022.
Vector Green to change hands: Singapore based Sembcorp Industries will acquire 100% interest in Indian renewable energy company Vector Green Energy Private Limited from a Global Infrastructure Partners India fund, India Infrastructure Fund II. The INR 27.8 billion ($474 million) deal will bring independent power producer (IPP) Vector Green to Sembcorp's fold with its 495 MW solar and 24 MW operational wind capacity and 64 MW solar projects under development. Sembcorp says this will expand its Indian gross renewables portfolio installed and under development to 3 GW, comprising 1 GW solar and 2 GW wind assets. As a group, Sembcorp will increase its gross renewable energy capacity globally to 8.5 GW with this acquisition, nearing its overarching goal to have 10 GW by 2025.
74 MW open access solar park online: Solar EPC company Sunsure Energy has completed the construction of a 74 MW open access solar power plant in Tamil Nadu's Tirunelveli district. Finished on behalf of Cleantech Solar, the project will supply green energy to industrial clients under long term open access power purchase agreements (PPA). Sunsure said this facility takes its cumulative installed solar power capacity across 16 Indian states to over 250 MW.
Solar inverter collaboration for India: IT company Redington Limited and solar inverter maker Enertech will offer solar hybrid solutions in India with the former providing 20 warehouses for stock and dispatch of the latter's solar inverters. The partnership will leverage Enertech's expertise in solar solutions manufacturing and Redington's dense distribution network across the country, to maximize sales and after-sales service of the inverters, the duo announced.
Rooftop solar financing partnership: Tata Power Solar Systems Limited (TPSSL) and the Union Bank of India (UBI) have joined hands to provide INR 8 crore in loans to help micro, small and medium enterprises (MSME) switch to solar solutions. The duo says this aims to improve access to green energy and save on the cost of electricity, thereby helping MSMEs become more profitable. Financing will be available under UBI's Union Solar scheme. MSMEs taking loan under the scheme can avail the EPC services of TPSSL.