Wind-Solar Hybrid

India needs to ramp up its annual solar capacity additions by 36% year-on-year to reach an installed PV base of 185.6 GW by FY 2027, targeted under 14th National Electricity Plan. The nation installed 66.7 GW of PV capacity as of March 31, 2023, with 12.9 GW added in FY 2023.

Brookfield and Axis Energy Ventures had earlier formed a joint venture platform ABC Renewables to develop renewable energy projects. The latest JV will have up to $845 million of equity investment by Brookfield. 

NTPC Green Energy Ltd and Oil and Natural Gas Corp. Ltd (ONGC) have signed an agreement to collaborate in various areas of renewable energy (including energy storage, green hydrogen and its derivatives) in India and overseas.

To decarbonize the grid, India needs to add 40-50 GW of grid-scale renewable energy (solar and wind) capacity every year for the next few decades and phase out coal.  

The debt funding from REC will support Serentica in developing its 560 MW of wind and solar capacities in the state of Karnataka.

Adani Green Energy Ltd and French company TotalEnergies have agreed to create a new 50:50 joint venture (JV) with a 1,050 MW portfolio of solar and wind assets. TotalEnergies will make an equity investment of $300 million in the JV.

In Rajasthan, power generation from renewable energy sources (solar, wind, nuclear, hydro, and bioenergy) is now on par with fossil fuel-based generation.

The state-owned power finance company has approved a debt funding of INR 6,075 crore (around $731 million) to Greenko’s 1.44 GW pumped storage project and over INR 3,081 crore ($371 million) to Serentica Renewables’ 560 MW solar-wind hybrid project.

The Indian renewable energy developer recorded a net profit of INR 2,983 million ($ 36 million) for the three-month period ended June 30, 2023, compared to a net loss of INR 104 million in the corresponding period last year.

Adani Green Energy Ltd has operationalized 2.14 GW of solar-wind hybrid projects in the Jaisalmer district of Rajasthan, which collectively use 5.8 million solar modules of 535 Wp each and 353 wind-turbine generators.