India's solar capacity exceeded 81 GW at March 2024-end; PepsiCo franchisee to invest in solar energy; BJP promises to continue solar expansion in election manifesto; SJVN's SGEL enters JV with APDCL; Ahasolar bags BPCL PV project.
India expands solar energy capacity: According to the Ministry of New and Renewable Energy (MNRE), India installed over 18.48 GW new renewable energy capacity during FY 2023-24, accounting for over 21% annual growth. During this period from April 1, 2023 to March 31, 2024, India's solar power capacity expanded by 15.03 GW, representing more than a 17% annual increase over the 12.78 GW the ministry reported for FY 2022-23. Earlier, CRISIL forecast the country to add 16 GW of new utility-scale solar capacity in FY 2023 driven by a drop in module prices (see Falling Solar Module Prices To Boost Indian Installations). According to Mercom India, India added 7.5 GW solar capacity during CY 2023 (see India Solar Installations Declined By Over 44 Percent In 2023).
At the end of March 2024, India's cumulative installed solar PV capacity reached 81.81 GW, comprising 64.41 GW ground-mounted, 11.87 GW grid-connected solar rooftop, 2.57 GW as solar component of hybrid projects and 2.96 GW of off-grid solar. The state of Rajasthan leads with over 21.3 GW PV capacity out of the aggregate, followed by 13.5 GW in Gujarat, and 8.54 GW in Karnataka. India's cumulative installed renewable energy capacity, excluding large hydro, stood at 143.64 GW.
Beverages company invests in solar: One of the world's largest franchisees of PepsiCo outside the US, Varun Beverages Limited (VBL) has secured board approval to invest in solar energy. It will invest up to 14% each of equity share capital of Huoban Energy 11 Private Limited and Aspirative Creative Ventures Private Limited. These special purpose vehicles (SPV) will supply solar power to consumers in Maharashtra and Uttar Pradesh, respectively. Huoban was incorporated to supply solar power to VBL's Dhule district located facility in Maharashtra under captive consumption. The Aspirative facility will power the company's Gorakhpur facility in Uttar Pradesh. VBL said it aims to bring down its power cost with solar power procurement.
BJP promises energy security: Bhartiya Janata Party (BJP), the ruling political party of the current Indian government, has promised to ensure energy independence for India by 2047. The year will mark 100 years for the country to have achieved independence from the British rule. Led by Prime Minister Narendra Modi, the BJP makes this promise in its election manifesto for 2024 general elections. The party says it will implement the rooftop solar scheme PM Surya Ghar Muft Bijli Yojana across the country to run devices like electric stoves, fan, AC, TV, and the like while also enabling electric vehicle (EV) charging through solar energy. If elected back to power, the BJP says it will continue to accelerate the country's renewable energy transition, targeting 500 GW of renewable energy through mega solar parks, wind parks and Green Energy Corridor projects. It also promises to set up a Centre of Excellence for clean energy technologies and position India as a Global Manufacturing Hub for wind, solar and green hydrogen and scale up bio-energy manufacturing facilities.
According to the manifesto, the party will aim to reduce petroleum imports through a mix of renewable energy production, electric mobility, network of charging stations and improving energy efficiency. Green hydrogen and battery energy storage system infrastructure (BESS) growth also find mention in the manifesto. Nevertheless, nuclear energy expansion is also on the agenda. If BJP wins this election, it will be the 3rd consecutive term for Modi-led party. General elections in India are scheduled to be held in phases, starting from April 19, 2024.
SJVN in Assam: SJVN Limited's green energy arm, SJVN Green Energy Limited (SGEL) has entered a joint venture (JV) cum shareholders agreement with the Assam Power Distribution Company Limited (APDCL). Under this, they plan to develop renewable energy projects and parks within APDCL/SGEL/SJVN command area, across the country. The SGEL and APDCL JV has 51:49 shareholding, respectively.
52 MW AC solar contract: Indian solar energy company Ahasolar Technologies Limited has won a contract to build a 71 MW DC/52 MW AC solar plant for Bharat Petroleum Corporation Limited (BPCL). It won the work order to provide consultancy services for the project at Prayagraj in Uttar Pradesh. It will need to execute the project within 10 months.