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BluPine Energy commissions 120 MW solar project in Gujarat

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BluPine Energy has commissioned a 120 MW solar project in northern Gujarat, consisting of a 70 MW plant at Radhanpur and a 50 MW plant at Nenava. The project, completed in 18 months, was funded through green financing from Standard Chartered Bank under a Gujarat Urja Vikas Nigam (GUVNL) tender. The plants will generate approximately 3.23 lakh MWh of solar energy annually, offsetting 2.96 lakh tonnes of CO2 emissions and providing power to around 2.7…

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Zelestra signs 450 MW solar power supply agreement with NTPC in Rajasthan

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Spanish renewable energy company Zelestra has signed a 25-year power purchase agreement (PPA) with NTPC to supply electricity from its 450 MW solar project in Rajasthan. This project will reduce CO2 emissions by 13,555.774 tonnes over the PPA’s duration. The solar project is part of Zelestra India’s plan to develop over six GW of renewable energy projects in the next three years. Zelestra, backed by EQT with USD 232 billion in assets, operates a 20…

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MERC approves MSEDCL’s procurement of 5,991 MW solar power

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The Maharashtra Electricity Regulatory Commission (MERC) has approved the procurement of 5,991 MW of solar power by the Maharashtra State Electricity Distribution Company Limited (MSEDCL) through competitive bidding. This initiative is part of the Mukhyamantri Saur Krushi Vahini Yojana 2.0 (MSKVY 2.0), which aims to solarize at least 30% of agricultural feeders by December 2025.   The procurement will be managed by MSEB Solar Agro Power (MSAPL), a subsidiary of MSEB Holding Company, with 5,745 MW…

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NHPC floats tender for 7.68 MW grid-connected rooftop solar systems

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NHPC Limited has issued a tender for the development of 7.68 MW grid-connected rooftop solar power systems as part of the PM Surya Ghar: Muft Bijli Yojana. The last date for bid submission is October 29, 2024. The project will be executed in four zones with different capacities: Zone 1: Jammu and Kashmir (4,102 kW) Zone 2: Himachal Pradesh (1,710 kW) Zone 3: Uttar Pradesh and Uttarakhand (774 kW) Zone 4: Sikkim, West Bengal, and…

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CERC grants transmission licence to Kallam Transco

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The Central Electricity Regulatory Commission (CERC) has awarded a final transmission licence to Kallam Transco Ltd (KTL), a subsidiary of India Grid Trust (IndiGrid), for developing an Inter-State Transmission System (ISTS) project in Maharashtra. The project, part of the “Western Region Network Expansion Scheme,” was secured under the Tariff-Based Competitive Bidding (TBCB) route. KTL won the contract with an annual transmission tariff of Rs 152.50 million, surpassing bids from Sterlite Power, Torrent Power, and Power…

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Green and Transition Finance in India

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India stands at a unique crossroads, balancing the goals of decarbonisation and industrial growth. While the power and transport sectors have made notable strides toward decarbonisation, industrial emissions remain a significant challenge. To meet its climate commitments, India will require an estimated capital influx of USD 10.1 trillion by 2070. This is where both green and transition finance come into play, with green finance backing low-emission technologies aligned with the Paris Agreement, and transition finance…

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Unlocking Climate Finance: How Capital Markets Can Drive India’s Green Transition

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Despite the global acknowledgement of climate change, there has been a significant lag in the financial and technical support promised by developed countries to developing nations. These delays worsen as extreme weather conditions intensify, disproportionately affecting vulnerable developing countries. India, with a population of 1.4 billion and a per capita income of around USD 2,500, is particularly vulnerable. Although India’s per capita emissions remain relatively low at 1.6 metric tons of carbon dioxide equivalent (CO2e),…

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India’s Path to Net Zero: Strategy for Decarbonizing the Energy Sector

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India’s energy sector contributes significantly to its greenhouse gas emissions. In 2023, energy-related emissions accounted for about 75% of the country’s total carbon footprint. The electricity sector alone was responsible for over 40% of the total emissions, primarily due to coal-based power generation. This highlights the urgent need for a green transition in electricity production. India is already making strides, with solar and wind capacities growing, but a lot more is required to address these…