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Top Five Stories In India: Chiripal Group Launches Solar Manufacturing Company Grew Energy; West Bengal Planning Green Hydrogen Plant in Durgapur; And More

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Chiripal Group Launches Solar Manufacturing Company Grew Energy

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Adding one more feather to its cap, Chiripal Group has recently launched Grew Energy Pvt Ltd, a solar component manufacturing company, under Chiripal Renewables. With this, the conglomerate has stepped into the renewable energy space thereby committing itself to the cause of a sustainable future. This new venture is steadfast in providing world-class solar energy solutions for domestic as well as international markets.

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Speaking on the vision of the company, Mr. Vinay Thadani, Director, Grew Energy Pvt Ltd said, “At GREW we believe that sustainable solutions are necessary for future development. What catapults GREW to soar high is the expert team with 15 to 26 years of experience in sustainable solutions, the spirit of technovation, and a world-class infrastructural facility that brings together intricate engineering and functional design.

Over the period of the next four years, the facility will catalyse a manufacturing capacity of 4 GW PV Modules, 3 GW PV cells, and an impressive 300 tonnes/day of Tempered Glass. Initially, the manufacturing will be equipped with its first 2 GW of fully automated unit in the state of Rajasthan, while the other manufacturing facilities will branch across India in a phased manner.” The company will commence production work in June 2023 and will cover manufacturing of components required for the entire solar energy ecosystem in next 3-4 years. The company has also ventured into solar infrastructure installation and has 50 MW of projects under its belt.

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West Bengal Planning Green Hydrogen Plant in Durgapur

According to Power Minister, Aroop Biswas, the West Bengal government plans to establish a green hydrogen plant at Durgapur. The central government has identified the state as a potential location for its production. Biswas, speaking at the ABP Group-organized INFOCOM 2022 Saturday evening, stated that nearly Rs 11,900 crore has been invested in the power sector as part of the Centre’s Revamped Distribution Sector Scheme (RDSS).

He said that the Union government had recently identified West Bengal as an area for ammonia and green hydrogen manufacturing zones. The West Bengal Power Development Corporation Limited, (WBPDCL), is currently planning to build a pilot plant at Durgapur.

Coal vs Renewables Financial Analysis 2022 Identifies L&T Finance as the Largest Financier in Project Financing for RE in 2021

Climate Trends and Centre for Financial Accountability (CFA) released the fifth edition of Coal vs Renewable Financial Analysis at Tuesday’s CFA annual energy finance conference, hosted in collaboration by IIT Madras. The total funding for new projects in 2021 was 60 percent lower than 2017 levels.

However, it was revealed that no new project financing was available for coal-power projects for the first time in 2021. Coal vs Renewables Financial Analysis 2022 identifies L&T Finance as the largest financier in project financing for renewable energy in 2021.

The year-on-year growth in financing for renewable energy projects has been 39% since 2020. RE must be used at 2.5 times the current rate to reach its 2030 targets of 450 GW installed.

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“The writing is on the wall. Lending institutions are increasingly moving away from coal lending given the risks. After Federal Bank, the first commercial bank to have announced a coal exit policy, Sarvodaya Small Finance Bank has also announced an end to financing coal projects. This should signal to institutions who have either provided loans or underwriting services, or have shareholdings in coal companies to rethink their lending,” said Joe Athially, Executive Director, Centre for Financial Accountability.

Suzlon Energy Sells Its Solar Power Subsidiary Vayudoot Solarfarms

A regulatory filing shows that Suzlon Energy Ltd sold its entire 51.05% stake at Vayudoot Solarfarms Ltd, its green power subsidiary, to Aries Renewables Pvt Ltd. The transaction was worth Rs 142.3 million. Suzlon created Vayudoot Solarfarms in 2015 as a special purpose vehicle (SPV) to harness solar power. Vayudoot Solarfarms has been removed from the company’s portfolio. Vayudoot Solarfarms had a turnover of Rs 145 millions in 2021-22, and its net worth was more than Rs 242 million.

Suzlon Energy had a debt of Rs 3200 crore for its wind turbines, which it hopes to pay off in the next eight year. It also launched a rights issue in October to repay Rs 585 crore of its current dues. Suzlon is currently present in 17 countries and has received orders from Adani Green Energy to supply wind power.

SECI Pays Solar & Wind Developers Rs. 8.04 B In October 10% Less Than September

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The Solar Energy Corporation of India (SECI) paid the solar and wind power providers a total of Rs 8.04 billion for the electricity it bought in October 2022. In comparison to Rs. 8.93 billion distributed in September for power purchases, the amount is about 10% less.

Disbursements were made in October, accounting for around 88% of the nodal agency’s total payments for the month.

The agency paid out duties, payments, and developer reimbursements for the procurement of solar and wind energy totaling Rs. 9.15 billion in October. Azure Power Forty-Three, Sprng Renewable Energy, Eden Renewables, Ayana Renewable Power One, and Adani Hybrid Energy Jaisalmer One received the majority of the payments.

In addition, the agency funded the viability gap financial assistance program with Rs. 752.22 million in subsidies.

SECI also compensated the Ministry of New and Renewable Energy for the central financial assistance (CFA) with Rs. 10.08 million.

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