Finance

The government’s production-linked incentive (PLI) scheme for electrolyzer manufacturing has received an overwhelming response with bids received for 2.28 times the capacity to be awarded.

Sterling and Wilson Renewable Energy’s INR 1,500 crore ($180 million) qualified institutions placement issue received an overwhelming response from both domestic mutual funds and marquee global foreign institutional investors.

Essar Group will develop a 1 GW green hydrogen project in Gujarat with an estimated investment of INR 30,000 crore ($3.6 billion).

BluPine Energy has secured green loan financing from Standard Chartered for its 120 MW solar project in Gujarat.

Enerpoly, a Swedish startup that produces zinc-ion battery storage systems with durations of two to 10 hours, plans to scale production up to 100 MWh per year by 2026.

Currently, the cost of battery-based energy storage in India is INR 10.18/kWh, as discovered in a SECI auction for 500 MW/1000 MWh BESS. The government has launched viability gap funding and Production-Linked Incentive (PLI) schemes to make battery storage affordable.

Adani Group targets to become net zero by 2050 or earlier for five of its portfolio companies — Adani Green Energy, Adani Energy Solutions, Adani Ports & SEZ, ACC, and Ambuja Cements.

In year 2022, solar, wind and hybrid project finance lending amounted to INR 18,577 crore ($2.36 billion). On the other hand, like in 2021, not a single coal power plant received such funding.

The International Solar Alliance’s Global Solar Facility (GSF) includes payment guarantee, insurance and investment fund components to catalyze solar investments in underserved geographies.

Adani Green Energy Ltd (AGEL) has secured a $1.36 billion debt facility from eight international banks in one of the largest project finance deals in Asia. It will use the funding to develop the world’s largest renewable energy park at Khavda in Gujarat.