Parliament Passes Energy Conservation (Amendment) Bill to Promote Non-fossil Energy Sources
On Monday, Parliament passed a bill to require the use of nonfossil fuel energy sources like biomass, ethanol, and green hydrogen. Rajya Sabha voted by voice on Monday to approve the Energy Conservation (Amendment) Bill 2022. Lok Sabha approved the legislation at its August session. The bill includes penalties for violations by industrial units or vessels as well as penalties on manufacturers for vehicles that fail to comply with fuel consumption norms. These amendments are also intended to encourage renewable energy and develop a domestic carbon market in order to combat climate change.
This bill also helps the country meet its international climate change commitments. It will introduce new concepts like carbon trading and require the use of nonfossil resources to accelerate decarbonisation in India and ensure sustainable development.
R K Singh, Minister of New and Renewable Energy (MNRE), responded to a debate about the bill. He stated that the bill was environment-friendly and would allow for carbon trading in the country. He said that the environment is a precious resource for government and would take all necessary steps to ensure it. He also stated that India is now a leader in energy transition. He said that currently, 24 % of energy consumption comes from the housing sector. The government has therefore targeted only large commercial establishments with a load capacity greater than 100KW. He said that the state government was allowed to reduce the building load by up to 50KW.
CleanMax and Meta Partner to Bring 33.8 MW of New Renewable Energy to India’s Electric Grid
CleanMax Enviro Energy Solutions, Asia’s leading C&I renewable energy company, has partnered with Meta to invest in 33.8 MW of new renewable energy projects in India. CleanMax will own and operate the projects, while Meta will purchase 100% of the environmental attributes from the projects for years to come. The 33.8 MW of renewable energy project capacity is made up of 21.6 MW of wind and 12.2 MW of solar, which is in addition to 32 MW of wind energy jointly announced last year. This brings CleanMax and Meta’s total investment to 65 MW of new renewable energy that will be added to India’s electrical grid.
These projects are part of a larger wind-solar hybrid farm being developed by CleanMax. The overall capacity of the CleanMax wind solar hybrid farm will stand at 364 MW; comprising 154 MW wind and 210 MWp solar once commissioned.
NIIFL to Collaborate with Tamil Nadu Government to Develop Renewable Energy, Infra Projects
National Investment and Infrastructure Fund Limited (NIIFL) announced the signing of a Memorandum of Understanding (MoU) with Tamil Nadu Infrastructure Development Board (TNIDB). This MoU outlines the various initiatives that NIIFL will support TNIDB in order to attract capital into infrastructure opportunities within Tamil Nadu.
TNIDB will receive support from NIIFL in identifying private sector investment opportunities. This includes asset recycling and the development of greenfield and brownfield infrastructure projects. These projects include sectors such as renewable energy, roads, waste management and tourism. The goal is to catalyze capital into the state. Seven projects were identified in departments that could attract private investment of around Rs. 5,000 crore to 6,000 crore. These projects are in the process of being implemented.
Commenting on the partnership, Prasad Gadkari, Executive Director and Chief Strategy Officer said, “NIIFL works closely with the Central and State Governments to bring investable opportunities to market. Tamil Nadu has witnessed a manufacturing-led growth over the last few years. NIIFL has been collaborating with the State Government over the course of the last year on a set of interesting project ideas. This MoU formalises our relationship with the Tamil Nadu Government and is in consonance with the broader mandate of NIIFL.”
KPI Green Energy Bags Orders for 24.9 MW Solar Power Projects
KPI Green Energy, the Gujarat-based KP Group’s solar vertical, has announced that it has received new orders from seven entities for the development and operation of solar power plants under the captive power producer segment (CPP). According to the renewable energy company, the total capacity of all seven projects is 24.90 Megawatts (MW). KPI Green Energy also stated that the development of solar power projects would be done through its wholly owned subsidiaries, KPIG Energia and Sundrops Energia.
The company stated that “the execution of the development works at the site has commenced and the entire capacity is expected to be complete by March 31, 2023 in different tranches.” After the new orders of 24.90 MWp, the total aggregate capacity of KPI Green Energy solar power projects will rise to 63.66 MWp. Earlier in the month of September this year KPI Green Energy announced setting up green hybrid capacities totalling 16.10 MW at Bhavnagar, under the Gujarat hybrid power policy 2018. The hybrid power project comprises wind and solar capacity to be developed at its Bhungar site in Mahuva at Bhavnagar, Gujarat.
Mahindra CIE Acquires 27% Stake in Strongsun Solar by Investing Rs 24.26 Million
Mahindra CIE Automotive Limited previously announced that it would invest up to Rs. 33.50 million, which equates to at least 26% of the capital post-issuance of Strongsun Solar Private Limited. This is to optimize power costs and increase green energy consumption at various power-intensive plants of the Company. On 12 December 2022, the Company invested INR 24.26 million towards subscription to 3,03,250 equity share of Strongsun Solar Private Limited (Strongsun), which will make up 27.35% of Strongsun’s post-issue capital.
Strongsun is setting up two captive generating plants of the capacity of 7 MWp and 3 MWp to supply solar power to Company’s Foundry Division at Urse (7.MWp) and Magnetics Products Division of Bhosari (3 MWp). To qualify as a captive customer, the Company must own at least 26% of the Power Generating Plants’ total equity capital. The investment is therefore primarily to be able to claim the captive consumer status and optimize the power costs at the plants.
