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Top Five Stories In India: Centre Launches Plan for Transmission of 500 GW Green Energy by 2030; Partners Group to Buy Majority Stake in Sunsure Energy for USD 400 Million; And More

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Top Five Stories In India: Centre Launches Plan for Transmission of 500 GW Green Energy by 2030; Partners Group to Buy Majority Stake in Sunsure Energy for USD 400 Million; And More

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Centre Launches Plan for Transmission of 500 GW Green Energy by 2030

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Centre has launched a plan to develop the power transmission system for integration of 500 GW of green energy by 2030. The plan was launched by Minister for Power and New and Renewable Energy R K Singh. Singh stated that the government aims to have the transmission system in place by 2030, before the green energy capacity is built. This will ensure that green energy is always available. According to an official statement, India has 409 GW of installed electricity generation capacity. Of this, 173 GW (or 42%) is from non-fossil fuel sources.

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Additional transmission systems are required to have 500 GW non-fossil fuel. These include 8,120 circuit kilometers (ckm) High Voltage direct current transmission corridors. Also, 25,960 ckm KV AC lines, 15,758 ckm of KV lines, and 1052 ckm kv cable.

The planned transmission system will allow for an increase in inter-regional power to 1.50 lakh megawatts (MW) by 2030, compared with 1.12 lakh MW currently. The statement stated that “Further, it will also give transmission service providers vision of growth opportunity in the transmission sector together with investment opportunities of approximately Rs 2.44 lakh crore.” It also includes the installation of a battery storage capacity of 51.5 GW for consumers who require a round-the-clock power supply. The plan identified several places such as Bikaner in Rajasthan, Khavda in Gujarat, Anantpur and Kurnool in Andhra Pradesh as non-fossil fuel capacity generation centres.

Partners Group to Buy Majority Stake in Sunsure Energy for USD 400 Million

Partners Group, a leading global private markets firm, has, on behalf of its clients, agreed to acquire a majority stake in Sunsure Energy (Sunsure), a leading renewable energy and decarbonization solutions platform in India. Partners Group will invest up to USD 400 million in the Platform. Founded in 2015, Sunsure has historically built solar plants for Commercial & Industrial (C&I) customers and third-party renewable power producers in India. Under Partners Group’s ownership, Sunsure will be transformed into a next-generation independent power producer that will build and own utility-scale solar, wind, solar-wind hybrid, and battery storage renewable energy projects.

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Luv Parikh, Managing Director, Private Infrastructure Asia, Partners Group, says “Sunsure is a transformational, next-generation infrastructure investment opportunity in India’s growing renewable energy sector, which has been a thematic focus area at Partners Group for many years. We intend to help companies operating in India meet decarbonization goals and assist in the country’s overall energy transition. Through this investment, we will support Sunsure in executing on its pipeline of renewable projects and assist them in offering new services to C&I customers. We look forward to working with the team.”

Shashank Sharma, Founder and Chief Executive Officer, Sunsure Energy, comments “At Sunsure, we are looking to bridge the gap between the availability of significant solar and wind energy resources in India and the production of solar and wind power. Since inception, we have delivered solar power to C&I clients across multiple industries in 16 states. We believe Sunsure’s transition into an independent power producer is the best way to ensure more businesses benefit from low-cost solar and wind power in the future.”

ONGC Signs MoU with Shell for Carbon Capture, Utilization & Storage

Oil and Natural Gas Corporation Limited (ONGC) has signed an MOU with Shell to collaborate in Carbon Capture, Utilization and Storage studies. This MoU was signed in Delhi by ONGC, a Maharatna Central Public Sector Company of India and Shell, one of India’s most diversified international oil companies, on 7/12/2022.

The collaboration will focus on a CO2 storage study, enhanced oil recovery (EOR) screening assessment, for key basins in India that include depleted oil and gas fields and saline aquifers. In the presence of senior executives from both companies, R K Srivastava, CMD of ONGC, and Nitin Prasad, CEO of Shell India signed the MoU. This MoU is aimed to develop CCUS/CCS for emissions mitigation and injecting carbon dioxide (CO2) into geological storage. It also enhances oil production from mature ONGC fields.

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PSERC Outlines Intra-State Open Access Regulations, Backing Green Energy

The proposed Punjab State Electricity Regulatory Commission (PSERC) (Terms and Conditions for Intra-State Open Access) (10th Amendment) Regulations, 2022, have been made public by the PSERC. A number of elements to support renewable open access in the state and increase renewable adoption in the commercial and industrial (C&I) sector are included in the regulations. According to the Electricity (Promoting Renewable Energy Through Green Energy Open Access) Rules, 2022, only customers with a sanctioned contract demand of 100 kVA or above would be permitted to purchase electricity through open access. For a captive consumer using green energy open access, there must be no demand cap.

The consumer must pay Rs. 35/kVA per month in commitment costs on the capacity (in kVA) whenever an open-access customer and the distribution firm (DISCOM) have a standby power agreement. Open access to green energy consumers have the option of purchasing standby power for up to 80 days for Rs. 60/kVA per month or up to 60 days for Rs. 50/kVA per month. For users with open access to green energy, the fixed charges and energy costs will be 1.25 times the applicable consumer tariff category corresponding to the demand slab of the total standby and sanctioned contract demand.

CERC Directs MPPMCL & DMRC To Pay Compensation To Solar Developer

The Madhya Pradesh Power Management Company (MPPMCL) and Delhi Metro Rail Corporation (DMRC) has been ordered by the Central Electricity Regulatory Commission (CERC) to resolve the safeguard duty claims and pay the delayed payments surcharge within 30 days after the CERC ruled in favor of a solar developer. In a petition, ACME Jaipur Solar Power requested the Commission to instruct MPPMCL and DMRC to pay the late payment and tariff in a timely and complete manner, complying with the Commission’s earlier ruling.

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Rewa Ultra Mega Solar (RUMSL) issued a request for proposals in March 2013 for the construction of three 250 MW solar projects totaling 750 MW, in which ACME Solar Holding was the winning bidder to build one of the units. To carry out the project, ACME Solar created a special-purpose vehicle in 2017 called ACME Jaipur Solar Power and signed two different power purchase agreements (PPAs) with MPPMCL and DMRC. On the import of solar cells, the government implemented the safeguard tariff in July 2018. At that time, the effective rate of duty was 25%.

In 2019, ACME filed a petition requesting compensation for the inflated costs spent as a result of the application of the safeguard duty on the grounds of a “Change in Law” event. ACME explained that it has incurred additional costs under “Change in Law” of Rs. 297.6 million for the purpose of paying for the Customs bonds to import goods. DMRC made it clear during the hearing that it was already paying the petitioner on a regular basis and that MPPMCL was the only party not complying with the order. Because there was no link between the claim and the supporting papers, MPPMCL confirmed that the sum of Rs. 297.6 million could not be resolved.

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