Magenta Power, a Mumbai-based solar power and electric vehicle charging solutions provider, and Mahindra Susten, renewable arm of US$20.7-billion multinational Mahindra Group, will jointly work towards developing technological solutions and rooftop solar power installations.
Earlier, UK-based private equity investor had reportedly agreed to buy 685 MW of Essel’s solar power projects (including installed and under-construction) for around Rs 4,700 crore.
U.K. developer Lightsource BP – in which oil and gas giant BP has a significant minority stake – and its Singapore fund partner EverSource Capital are reportedly ready to take up all the $100 million slice of Ayana Renewable Power which is being put up for sale.
The power transmission infrastructure developer has submitted bids for two battery energy storage projects, with a cumulative capacity of 400 MW, in the recently concluded auction of Salt River Project utility in Arizona, USA.
India’s renewable power consumption will surge from around 20 million tons of oil equivalent (toe) today to 300 million toe by 2040, predicts oil and gas major BP, mainly in the power sector and driven largely by growth in solar capacity. Yet coal will continue to dominate the country’s power generation mix, accounting for 80% of output, according to BP’s Energy Outlook 2019 report.
Hindustan Powerprojects has executed more than 350 MWp in Germany, Italy, the Netherlands, Japan, Korea and the U.K. since its establishment in 2008. It claims to have been the largest solar project developer in the UK from 2011-13 and commissioned its first utility-scale project in India in Tamil Nadu in 2010. In an interview with pv magazine, Lalit Jain, CEO for the firm’s international solar business, shared his experience from developed markets, and what it takes to be successful doing business overseas.
Uttarakhand Renewable Energy Development Agency (UREDA) has invited bids for setting up cumulative 200 MW grid-connected solar PV power capacity in the state. The projects would be awarded based on tariff-based international competitive bidding.
Given its ambitious goal of 175 GW renewable power by 2022 and push for electric mobility, the country presents a potential investment opportunity of $50 billion in battery storage facilities.
The 10 MW grid-scale energy storage system at Tata Power Delhi Distribution’s Rohini Substation is also said to be South Asia’s largest.
The cost of wind would fall to Rs 2.3-2.6/kWh, while solar tariff would reduce to Rs 1.9-2.3/kWh. The cost of storage will fall by about 70%, according to a report.
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