Month in a Minute: High Headlines from Indian Renewable Sector in November 2020

Month in a Minute: Top Headlines from Indian Renewable Sector in November 2020

Here is a recap of some of the top news headlines from November 2020:

Blueleaf Energy, a Singapore-based renewable energy company, announced that it has acquired a controlling interest from ATN International in an Indian clean energy solution provider, Vibrate Energy Holdings.

South Delhi Municipal Corporation and NTPC Limited have signed a Memorandum of Understanding to install solar systems in over 200 SDMC buildings to save electricity costs and generate revenue.

Okaya Power received a World Bank-funded contract from the state-owned Energy Efficiency Services Limited (EESL) to deploy 1,020 electric vehicle charging stations across the country.

Adani Solar announced plans to expand its cell and module production facility by an additional 2 GW capacity. The new capacity will go into operation in 2021. The planned capacity expansion of the plant is based on domestic demand of 10-12 GW in 2021.

Exide Industries Limited, an Indian battery manufacturer, invested £ 331.7 million (~ $ 4.49 million) in its subsidiary Exide Leclanche Energy Private Limited as part of the subscription for the subsidiary’s shares.

Welectric, an electric two-wheeler lifecycle management company, has raised an undisclosed amount of angel funds from several investors.

Investments in India’s solar space increased 170% and were approximately $ 270 million (~ £ 19.9 billion) in the third quarter of 2020 (Q3 2020) compared to $ 100 million (~ 7.4 billion) Billion GBP) in the previous quarter Mercom’s Q3 2020 India Solar Market Update.

According to a report by Reuters, Coal India Limited announced it would invest £ 56.50 billion ($ 763 million) in developing 14 solar power projects through March 2024 to aid mining.

Mercom spoke to stakeholders and industry experts to hear their views on the government’s £ 1.45 trillion (~ $ 19.61 billion) production-linked incentive program, which is bringing India closer to its dream of Aatmanirbhar Bharat shall be.

Telecommunications giant Bharti Airtel announced that it has signed an agreement to acquire stakes in Avaada MHBuldhana Private Limited – a Special Purpose Vehicle (SPV) for solar projects. The SPV was formed to own and operate a proprietary solar energy project in Maharashtra.

Bengaluru-based biopharmaceutical company Biocon Limited will acquire a 26% stake in Hinduja Renewables Two Private Limited. Biocon would spend £ 59 million (~ $ 799,085) to purchase the stake and the process would be completed by December 15, 2020.

Prime Minister Narendra Modi inaugurated a 45 MW monocrystalline solar module production facility at Pandit Deendayal Petroleum University in Gujarat.

Mercom India Research’s India Solar Market Update for the third quarter of 2020 showed that India added 438 MW of solar in the third quarter of 2020 (3rd quarter of 2020), up 114% from 205 MW last quarter.

Mercom interviewed Rohit Bajaj, head and senior vice president of business development at Indian Energy Exchange Limited (IEX) to understand how the discontinuation of REC trading has impacted the market and how buyers have been in the past four months without the green certificates coped.

The NITI Aayog issued a draft call for proposals to potential bidders who can manufacture advanced chemical cells in the country. Stakeholders were asked to provide their feedback by December 14, 2020.

The latest report from the International Energy Agency said India will be the largest contributor to renewable energy recovery in 2021, and the country’s annual gains are expected to double in 2021 compared to 2020. Many auctioned projects are expected to go live in 2021, which will lead to growth over the next year.

Mercom’s India Solar Market Leaderboard for the first half of 2020 showed that Sungrow, FIMER India (formerly ABB) and Sineng Electric were the most important suppliers of solar inverters for the Indian solar market in the first half (1 hour) of the calendar year 2020 showed that LONGi Solar, Jinko Solar and Adani became the top three suppliers of solar modules in India in the first half of 2020.

Pune-based wind turbine maker Suzlon Energy Limited posted net income of £ 6.75 billion (~ $ 91.6 million), a reversal from last year’s net loss of £ 7.78 billion (~ $ 104.4 million) ). The company attributed this to a debt rescheduling process.

Tata Power announced its earnings for the quarter of Fiscal Year 2020-2021 ending September 30, 2020, posting net income of £ 3.71 billion (~ $ 49.8 million), a 10% increase over 3, £ 39 billion (~ $ 45.5 million). in the same period last year.

Azure Power announced that operating revenue for the quarter ended September 30, 2020 was £ 3.5 billion (~ $ 47.6 million). This is a 23% increase from £ 2.8 billion (~ $ 37.7 million) in Q2 2020.

Mercom also spoke to industry stakeholders to seek their views on the proposed reduction in late payment surcharges (LPS) for late payments by power producers. An executive at an independent power company (IPP) said the move to reduce late payment surcharges was more of a long-term solution for distribution companies.

Electric scooter maker Ather Energy raised $ 35 million in its latest Series D funding round, led by Sachin Bansal’s $ 23 million investment. Hero MotoCorp invested $ 12 million in the financing round.

The World Wide Fund (WWF) said in its report on WWF’s water risk filter that 30 Indian cities are facing immediate water risks unless action is taken immediately to contain and curb climate change.

Adani Green Energy Limited announced that electricity sales for the second quarter of 2021 were £ 5.3 billion (~ $ 71.07 million), an increase of 15% over the same period last year. Revenue for the first half of FY 2021 was £ 11.4 billion (~ $ 152.8 million), an increase of 12% over the first half of 2020.

The Central Electricity Authority (CEA) published updates to the Green Energy Corridor program for the transmission and integration of renewable energies in its annual report for 2019-20.

IEX announced that its Real-Time Electricity (RTM) market had traded 814 million units of electricity in October 2020, up 16% from the previous month.

India generated almost 13 billion units (BU) of electricity from solar-based sources between July and September 2020 (3rd quarter 2020), according to the CEA. This corresponds to a decrease of 17% compared to the previous quarter, in which 15.7 BU of electricity were generated. However, the generation increased by 22% compared to the same period last year.

BSES Rajdhani Power Limited and BSES Yamuna Power Limited expanded the Solar City program by starting the “Solarize Safdarjung” and “Solarize Kakardooma” projects in Delhi.

According to the Department of Energy, DISCOMs owed renewable energy producers (excluding disputed amounts) over £ 106.7 billion (~ $ 1.43 billion) in overdue payments on over 460 outstanding bills.

The CEA said that in the case of open access consumers connected to a distribution system, smart meters can be used as interface meters as long as they comply with the recommended regulations.

Steven Chen of JA Solar, General Manager for MEA and South Asia, spoke with Mercom to discuss the growing gap between supply and demand for solar modules and more.

Nithin is a reporter at Mercom India. Previously, he worked for Reuters News on the oil, metals and agricultural commodity markets in the world markets. He has also covered refinery and pipeline explosions, oil and gas leaks, hurricane developments in the Atlantic region, and other natural disasters. Nithin holds a master’s degree in applied economics from Christ University in Bangalore and a bachelor’s degree in commerce from Loyola College, Chennai. More articles from Nithin.


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