Finance for RE at REInvest: At the 4th Global RE-INVEST Renewable Energy Investors Meet & Expo, organized by the Ministry of New and Renewable Energy in Gujarat, banks and financial institutions have committed INR 32.45 lakh crore ($386 billion) finance for green projects. According to the MNRE head Pralhad Joshi, renewable energy developers have committed to setting up 570 GW of additional renewable energy capacity in the country, while equipment manufacturers have committed to setting up 340 GW of additional manufacturing capacity. The 3-day summit was inaugurated by the Indian Prime Minister Narendra Modi.
ReNew to invest in Gujarat: Indian renewable energy company ReNew has signed a memorandum of understanding (MoU) with the State Government of Gujarat to invest INR 315 billion ($3.76 billion) at RE-INVEST. It will invest INR 175 billion ($2.1 billion) to set up 3 GW solar and 630 MW wind energy projects in Gujarat to supply power to the state. Another INR 120 billion ($1.43 billion) will be deployed to establish 6 GW of ingot-wafer, 8.5 GW of solar cell and 2.4 GW of solar module manufacturing facilities, according to local media reports.
Solar LOI for AGEL: Adani Power Limited has secured a letter of intent (LOI) from the Maharashtra State Electricity Distribution Company Limited (MSEDCL) for 5 GW of solar power supply. It will deliver this clean energy to the state of Maharashtra from the world’s ‘largest’ renewable energy park, which is being developed in Khavda in Gujarat’s Kutch district. Another Adani Group company, Adani Green Energy Limited (AGEL), will enter a 25-year purchase agreement (PPA) with the MSEDCL for this capacity at a flat tariff of INR 2.70/kWh. The group called it the world’s largest solar capacity award since 2020.
3 GW module factory in Jaipur: Insolation Green Energy Private Limited, a 100% wholly-owned subsidiary of Insolation Energy, has broken ground on a 3 GW solar PV module production facility in Rajasthan’s capital city of Jaipur. The same site in Village Sawarda will also host an aluminum frame production plant with 12,000 metric tons/annum (MTA) capacity. The management called it the 1st of its kind state-of-the-art facility in Jaipur with aluminum manufacturing. It said this is in line with the company’s planned CapEx in Insolation Green Energy. In 2023, Insolation Energy secured $2.5 million from a World Bank fund to expand its capacity to 1.2 GW modules and 500 MW cell capacity. According to its website, the company currently operates an advanced 950 MW solar module manufacturing fab in Rajasthan (see Insolation Energy Raises $2.5 Million From EARF).
300 MW project for Apraava Energy: Apraava Energy has signed a power purchase agreement (PPA) with NTPC Limited for a 300 MW inter-state transmission system (ISTS) connected solar energy project. The project, located in Rajasthan, will supply electricity to NTPC at a tariff of INR 2.65/kWh. It is part of a 1.5 GW ISTS-connected solar PV project tender of NTPC. Apraava called it the company’s largest solar power project to date.
Lupin’s stake in solar company: Indian multinational pharmaceutical company Lupin Limited has made an equity investment for up to 42.61% stake in Sunsure Solarpark Seventeen Private Limited for INR 105.53 million ($1.26 million). The latter is setting up a solar power plant from which Lupin will purchase renewable energy through open access for its Tarapur manufacturing site. This acquisition, under a Share Subscription and Shareholders Agreement with Sunsure Solarpark and Sunsure Energy Private Limited, will enable the company to save on power costs and fulfill its commitments on decarbonization.
25-year solar PPA for Orkla India: The parent of Indian food brands like MTR, Eastern and Rasoi Magic, Orkla India has entered a 25-year solar power purchase agreement (PPA) with CleanMax in Karnataka. The 6.6 MW solar plant that CleanMax will build in Jagaluru will be a captive solar energy project that Orkla says will enable its Karnataka factories to operate on 100% renewable energy. It is expected to produce 12 million kWh annually.