Top Five Stories In India: Govt Likely to Issue Green Bonds in Jan-March Quarter; CERC Elevates Issuance & Other Charges For Renewable Energy Certificates; And More


Govt Likely to Issue Green Bonds in Jan-March Quarter


Minister of State for Finance Pankaj Chaudhary stated Tuesday that Sovereign Green Bonds will likely be issued in the January-March period during the current fiscal. He stated that the objective of Sovereign Green Bonds was to mobilize resources for green infrastructure in order to finance the government’s market borrowings in 2022-2223. “The framework has been created for these bonds. These bonds will likely be issued between January and March 2023. He stated that the proceeds would be used in public sector projects that reduce carbon intensity. Responding to another question, the Indian rupee’s value is determined by the market. He said that the US dollar grew by 7.8 percent in the last financial year, due to global spillovers of geo-political tensions as well as aggressive monetary policy tightening around the globe. This was in addition to a rise in crude oil prices.


The rupee saw a 6.9% decline in value from the current financial year to November 30, 2022. However, it performed better than many Asian peer currencies such as the Chinese Renminbi (10.6 per cent), Indonesian Rupiah (8.7 per cent), Philippine Peso (8.5 per cent ), South Korean Won (8.1 per cent), Taiwanese Dollar (7.3 per cent) etc. The Reserve Bank of India (RBI) monitors foreign exchange markets closely and intervenes only when there is excessive volatility in the exchange rate. This intervention does not refer to any pre-determined target or band.


CERC Elevates Issuance & Other Charges For Renewable Energy Certificates


The National Load Despatch Centre (NLDC), the designated organization for the registration and issue of Renewable Energy Certificates (REC), demanded an increase in the fees associated with the certificates, and the Central Electricity Regulatory Commission agreed in a decision dated December 9. NLDC said that the entire process was costing it money, and as a result, it had asked for a change that included the costs for State Level Load Despatch (SLDC) Centers as well. The upgraded costs will be utilized for the complete upgrade of the REC Web application, necessitated as per the REC Regulations 2022, which also entails the exclusive expenditure on cybersecurity facilities and audit compliance in order to comply with the Government of India’s focus on cybersecurity.

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As a result, the CERC updated the One-time Registration Processing Fees, Registration Charges, Annual Charges for Registration, and REC Issuance Fees, from Rs. 1000, Rs. 5000, Rs. 1000, and Rs. 2/certificate to Rs. 10,000, Rs. 25,000, Rs. 10,000 and Rs. 5/certificate, respectively.

NTPC Crosses 1 GW Annual Capacity Mark in RE Segment in FY23

Country largest power generator, NTPC ltd crosses 1GW annual capacity in renewable energy (RE) segment by adding 1074.59 MW RE capacity in FY23. State-run NTPC on Tuesday said its 240 MW Devikot solar project at Jaisalmer in Rajasthan has begun commercial operations.

“Consequent upon successful commissioning, entire capacities of 150 MW & 90 MW Devikot Solar PV Projects at Jaisalmer, Rajasthan, are declared on commercial operation with effect from 00:00 Hours of December 13, 2022,” a BSE filing stated. With this, standalone installed and commercial capacity of the NTPC has become 58,041.27 MW, while group installed and commercial capacity of NTPC has become 70,656.27 MW, the filing stated.

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JREDA Floats Tender For Developing 1.6 MW Solar Carport At Ranchi HC

The tender for a 1.6 MW grid-connected solar carport in the parking lot of the New Jharkhand High Court, Ranchi, has been put out to bid by the Jharkhand Renewable Energy Development Agency (JREDA). The potential cost of the project is Rs. 114.1 million. The deadline for submitting proposals is December 20, 2022, and the day of the bid opening is December 22. All bidders, with the exception of Jharkhand-based micro and small enterprises (MSE), are required to submit an Rs. 2.28 million earnest money deposit.

Prior to receiving payment for installation, successful bidders are required to provide a performance guarantee equal to 5% of the project value and a security deposit equal to 10% of the project’s value within 15 days of the work order. While the winning MSE bidder is required to deposit 1% of the assigned work order value as security and to offer a 2.5% performance guarantee. Laying and testing 440V cross-linked polyethylene (XLPE) cables as well as commissioning them up to the high court substation are all included in the work scope. At the 440V substation, a metering setup will be offered to track net power evacuation. The project must be finished in 6 months, and the developers have to provide extensive operation and maintenance services for 5 years.

Green Energy Investment in India To Be $10 Billion in 2023: Bank of America

According to Bank of America Corp.’s top executives, India could attract investments of close to $10 billion in renewable energy by 2023. This will further fuel the country’s expansion in the renewable energy space. Kaku Nakhate (the lender’s president and India country head) stated in an interview that deals and investments would continue to flow into areas such as electric vehicles and green hydrogen as investors seek to reflect the energy transition within their portfolios. Nakhate stated that if you have a strong ESG story and are interested in energy, you could do large parts of work in India.

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Nakhate stated that the Indian government’s targets to achieve net zero carbon were inspiring investors and companies who participated in the bank’s recent North America roadshow. “People take us seriously. She said that India is seeing more sustainability funds wanting to invest in India because of this. Nakhate predicts that there will be an increase in the number of deals made by consumer brands. This is supported by rising per-capita income and spending.

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