Gujarat signs over INR 7 trillion agreements, including for renewable energy projects; Sunsure to build 500 MW wind and solar in Tamil Nadu; India's smallest union territory gets 1st on-grid solar & storage project; Serentica Renewables raises INR 35 billion for hybrid RTC project; KPI and Emmvee sign 300 MW module supply deal.
RE MoUs signed in Gujarat: Renewable energy figures prominently in the scores of memorandums of understanding (MoU) that the Indian State of Gujarat has signed with national and international investors ahead of the 10th Vibrant Gujarat Global Summit 2024 (VGGS) from January 10, 2024. On January 3, 2024, Gujarat announced that it had signed 58 MoUs on a single day with anticipated investments worth INR 7.17 trillion ($86 billion). These, it shared, will generate 3,70,165 potential jobs.
These MoUs include the INR 473.5 billion ($5.7 billion) agreement Torrent Power has signed with the Gujarat Department of Energy & Petrochemicals to establish 3.45 GW of solar, 1.045 GW of hybrid power projects and associated infrastructure for 7 GW solar project, green hydrogen/green ammonia production facility and CapEx for distribution network.
Juniper Green Energy has proposed to build 1 GW of wind and solar projects in Gujarat for an investment of INR 80 billion ($962 million). Local media reports claim NTPC Renewable Energy Limited (NTPC REL) has proposed an investment of INR 900 billion ($11 billion) for 15 GW of renewable energy capacity here.
Evergreen Renewables has proposed to build a 400 MW wind-solar hybrid project for INR 40 billion ($481 million).
Sunsure to invest in Tamil Nadu: Renewable energy producer Sunsure Energy will build 500 MW renewable energy capacity in Tamil Nadu under an MoU signed with the state government. It will invest INR 31.5 billion ($379 million) to build this capacity in the form of 3×100 MW solar power plants and a 200 MW wind energy project in Tuticorin & Tirunelveli, Theni, Tiruchirapalli and Tirunelveli & Karur locations. All these projects will commence commercial operations between 2024 and 2027. Sunsure signed the MoU during Tamil Nadu Global Investors Meet 2024.
Solar & storage project in Lakshadweep: Indian Prime Minister Narendra Modi recently inaugurated the 1st on-grid solar and battery energy storage system (BESS) project in Lakshadweep, the smallest Union Territory of India. The 1.7 MW solar and 1.4 MWh storage capacity has been developed as 2 installations on the islands of Kavaratti and Agatti. Built by EPC company SunSource Energy, a subsidiary of Dutch multinational SHV Energy, the project will help the region reduce its dependence on diesel-based power generation plant at Kavaratti and lead to commercial savings of close to INR 2.5 billion ($30 million). Power generated will be supplied to the Lakshadweep Energy Development Agency (LEDA).
Serentica raises INR 35 billion: Serentica Renewables has raised INR 35 billion ($425 million) to support its 530 MW round-the-clock (RTC) hybrid wind and solar project. Located in Rajasthan and Maharashtra, this project is contracted to supply power to leading zinc producer Hindustan Zinc. The latter will be able to replace 24% of its coal-based power supply with firm dispatchable green power to reduce its carbon footprint. The financing was raised from 3 international banks, namely Rabobank, MUFG Bank and Société Générale, along with 3 Indian banks—YES Bank, Export-Import Bank of India and India Infrastructure Finance Company (IIFC). Serentica said this is its 1st international and commercial bank foreign currency loan.
300 MW bifacial solar module deal: KPI Green Energy will source 300 MW of bifacial mono PERC solar panels from the Indian solar module manufacturer Emmvee Photovoltaic Power. According to local media reports, KPI plans to deploy these panels for its upcoming 240 MW solar power plant in Gujarat's Khavda village. It is contracted to supply power to local utility Gujarat Urja Vikas Nigam Limited (GUVNL). Emmvee will complete the delivery of this order between March 2024 and May 2025.