India Solar PV News Snippets

REC issues Yen-denominated green bonds; GCL SI to deliver 1.1 GW modules to NTPC REL; Grew Energy to invest in PV cell & module manufacturing in Gujarat; Engie to build 2.5 GW RE capacity in Gujarat; ReNew refinances non-convertible debentures; SECI announces green H2 auction winners. 

REC issues green bonds: Power infrastructure sector financier, state-owned REC Limited has issued its inaugural Japanese Yen denominated green bonds worth JPY 61.1 billion ($422 million) to finance eligible green projects under its Green Finance Framework. The 5-year, 5.25-year and 10-year green bonds were issued by this agency under its $10 billion Global Medium Term Notes Programme. REC said this is its 11th venture into the international bond market and the 1st Yen Green Bonds issued by any Indian public sector undertaking (PSU). It is also the largest ever Euro-Yen issuance in South and Southeast Asia and largest non-sovereign Yen-denominated issuance ever from South and Southeast Asia. These will be exclusively listed on Global Securities Market of India International Exchange (India INX) and NSE IFSC in GIFT City, Gandhinagar, Gujarat. 

GCL SI modules for India: Chinese solar PV manufacturer GCL System Integration Technology (GCL SI) has secured a 1.1 GW high efficiency solar module supply contract from Indian state utility NTPC Limited's subsidiary NTPC Renewable Energy Limited (NTPC REL). GCL SI plans to deliver the entire order within 5 weeks to be used by NTPC REL for its various projects that are under commissioning at present. Previously, the Chinese company announced a 1.1 GW n-type module order from India's SAEL Industries Limited in August 2023 (see India Solar PV News Snippets). 

Grew Energy's manufacturing plans: Indian solar manufacturing startup Grew Energy has signed a memorandum of understanding (MoU) with the state of Gujarat at the recently held Vibrant Gujarat Global Summit (VGGS) 2024 to invest INR 38 billion ($458 million). According to local media reports, with this investment, it plans to set up a 2.8 GW solar cell and manufacturing unit at Dholera. The state government will facilitate permitting to speed up the process for manufacturing. The company has secured INR 10 billion funding under the Production Linked Incentive (PLI) scheme for its 2 GW wafer+cell+module manufacturing plans (see India Allocates 39.6 GW PV Under PLI Tranche-II). Part of the Chiripal Group, in December 2022 Grew had announced its plans to establish 3 GW solar cells, 4 GW modules and 300 tons/day tempered glass production capacity, with a 2 GW fully automated unit in Rajasthan (see Indian Startup To Produce GW Scale PV Cells, Modules & Glass). By March 2025, it aims to expand its total manufacturing capacity to 6 GW. 

Engie India's Gujarat investment: Engie India, the Indian presence of French energy giant Engie, plans to invest INR 172 billion ($2.1 billion) to build 2.5 GW of renewable energy projects in Gujarat. It committed to the plan under a MoU signed at VGGS 2024. According to a company statement referred to by local media, it will create 14,000 new jobs. 

ReNew's refinancing: ReNew Energy Global plc has refinanced non-convertible debentures worth INR 23.91 billion ($288 million) issued by its subsidiaries in October 2020. These will mature in April 2024. These were issued to the Mauritius-based special purpose vehicle, India Green Energy Holdings, that had raised $325 million through senior secured bonds to subscribe to these NCDs. ReNew said the refinancing was done using the proceeds of a long-term amortizing project loan, obtained from a leading non-banking financial company (NBFC). India Green Energy has consequently redeemed the USD bonds 3 months ahead of maturity. 

SECI's SIGHT winners: The Solar Energy Corporation of India (SECI) has announced the winners of tranche-I of India's Strategic Interventions for Green Hydrogen Transition (SIGHT) Scheme. Winners will set up manufacturing capacities for electrolyzers in the country. Under bucket-I that allows for electrolyzer manufacturing capacity based on any stack technology, Reliance Electrolyzer Manufacturing Limited (REML), John Cockerill Greenko Hydrogen Solutions Private Limited and Jindal India Limited have each been allocated a maximum incentive of INR 4.44 billion ($54 million) to establish 300 MW capacity each. Ohmium Operations Private Limited has secured up to INR 2.03 billion ($24.5 million) for 137 MW capacity, while the consortium of Advait Infratech Limited and Rajesh Power Service won an incentive of INR 1.48 billion ($18 million) for 100 MW capacity. L&T Electrolyzers Limited has secured INR 932 million ($11.25 million) for 63 MW capacity as against the 300 MW it quoted. 

Under bucket 2 for electrolyzer manufacturing based on indigenously developed stack technology, Homihydrogen Private Limited won a maximum incentive of INR 1.5 billion ($18 million) for 101.5 MW capacity and Adani New Industries Limited secured INR 2.94 billion ($35 million) for 198.5 MW capacity.