India PV News Snippets

Octopus Energy & Sterlite Power Announce Decarbonization Plans For India… & More

India PV News Snippets

Octopus Energy and Sterlite Power will build renewable energy generation and storage assets in India targeting large industrial, commercial users. (Photo Credit: Sterlite Power)

  • SJVN and DVC have joined hands to establish 2 GW of solar power capacity in the form of floating PV and land-based facilities
  • Rajasthan High Court stay on HSL’s 4 GW solar project plans at Sambhar Lake in Rajasthan
  • ReNew Power’s operational renewable energy capacity has gone up to 7.4 GW, with a major chunk located in Rajasthan and Gujarat
  • IFU invests $34 million in CleanMax which will enable the latter to expand further in India, Middle East and South East Asia
  • KfW to provide 3rd credit line to REC Limited to finance renewable energy projects in India
  • Octopus Energy and Sterlite Power signed MoU to decarbonize industrial sector in India using renewable energy

SJVN & DVC to build 2 GW solar capacity: Indian hydropower generator SJVN Ltd. and Damodar Valley Corporation (DVC) has signed an agreement to establish 2 GW of solar power projects through a joint venture (JV). They will identify suitable water-bodies and land under their respective jurisdiction to set up these projects. DVC is the 1st multipurpose river valley project of independent India.

Hindustan Salts’ 4 GW solar plans in jeopardy: In November 2021, Hindustan Salts Limited (HSL) subsidiary Sambhar Salts Limited (SSL) had launched a tender offering land at Sambhar Lake region in Rajasthan for the development of up to 4 GW solar power capacity. Its parent HSL had also separately offered land in Kharaghoda in Gujarat for 1 GW solar power capacity (see EOI Launched For Up To 5 GW Solar In India). Now responding to a public interest litigation, the Rajasthan High Court has issued an interim order putting a stay on HSL from moving ahead with the 4 GW project. According to Mercom India Research, the court wants to examine issues related to developing the project on site of salt production, and its possible impact on the environment and ecosystem since Sambhar Lake attracts several migratory birds. Mercom added that the bids cannot be opened without the court’s permission.

ReNew Power’s operational capacity now 7.4 GW: ReNew Power counts its total operational capacity has reached 7.4 GW with the commissioning of a 300 MW solar project for SECI. During FY 2022 YTD, it installed 1.5 GW of renewable energy projects, comprising more than 1.3 GW of utility scale solar. Bulk of the 7.4 GW capacity is located in Rajasthan and Gujarat. Management said the company is on track to meet its goal of 8.2 GW of operating capacity by the end of FY 2022.  

Danish Investment Fund invests in CleanMax: The Danish Investment Fund for Developing Countries (IFU) has announced an investment of $34 million in commercial and industrial (C&I) renewables company CleanMax. According to IFU, the investment is in line with its strategy to support green transition in developing countries and emerging markets. CleanMax will use the proceeds to expand further in India, the Middle East and South East Asia. It has already built an aggregated portfolio of over 750 MW of installed solar and wind-solar hybrid power, and aims to install an additional capacity of around 2 GW in the next 3 years.

REC Limited gets 3rd credit line for RE from KfW: Germany’s KfW Development Bank has signed an agreement to provide India’s public infrastructure financier REC Limited $169.5 million as the 3rd credit line to finance renewable energy projects. REC will deploy the proceeds of this ODA term loan for part financing of innovative PV technology based projects in India at competitive interest rates.

Octopus Energy & Sterlite Power join hands: UK’s energy supplier Octopus Energy and India’s transmission infrastructure developer Sterlite Power have announced a memorandum of understanding (MoU) to build renewable energy generation and storage assets in India and deploy affordable renewable power to large industrial, commercial users. They plan to explore several joint retail ventures with an aim to decarbonize industrial sector in India. At the same time, the tie-up will apply Sterlite Power’s transmission expertise in the UK and ‘bring more competition to the established monopoly’.

“The transition to a smart, green energy system has been hampered by unwieldy grid systems that were built to control a few hundred power stations. These systems are not fit to manage millions of electric cars, heat pumps, solar panels and batteries that are all connected to the grid at the same time,” said CEO and Founder of Octopus Energy Group, Greg Jackson. “What we need is a smart grid that can balance renewable generation with energy demand and drive down the cost.”

About The Author

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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