Siddhartha Pal

• To enhance renewable energy generation & consumption in the country, section 86(1)(e) of the Electricity Act, 2003 mandates State Electricity Regulatory Commissions (SERCs) to specify a minimum share of total consumption from renewable sources of energy for their state. • This Renewable Purchase Obligation (RPO) is crucial for obligated entities like DISCOMs and Open Access/Captive consumers. • While the RPO framework has been pivotal in boosting renewable energy capacity, the monitoring and compliance at the state level need improvement. • Despite state RPO regulations and central guidelines, irregular monitoring has led to compliance issues in most states. • The Government of India, along with the Forum of Regulators, is intensifying efforts to monitor RPO compliance annually. • The Bureau of Energy Efficiency (BEE) is mandated to oversee renewable energy utilization data for designated consumers. • Compliance tracking for Open Access and Captive consumers remains challenging, but recent Green Open Access Rules aim to streamline processes, fostering increased RE consumption. • Improving transparency and accountability of obligated entities, especially regarding compliance, will be vital for the overall success of RPO. • Monitoring and enforcing RPO targets across all sectors are essential steps towards a sustainable energy future. Here is report from Prayas, Pune on a comprehensive review of state RPO framework and regulations. Sneha Mannur Saumendra Aggrawal Ashwin Gambhir #Renewables #RPO #MNRE #MoP #Compliace #Energytransition

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**** Waaree Energies Set to Launch ₹4,300-Crore IPO on October 21**** In an exciting development for the renewable energy sector, Waaree Energies, a leading solar module manufacturer in India, is set to open its initial public offering (IPO) on October 21, aiming to raise ₹4,300 crore. This move not only underscores the company's growth trajectory but also highlights the increasing investor interest in sustainable energy solutions. ----> Background on Waaree Energies Founded in 1989, Waaree Energies has established itself as a significant player in the solar energy market, with a diverse portfolio that includes solar modules, inverters, and project development. The company has been at the forefront of India's push towards renewable energy, contributing to the country’s ambitious targets for solar energy generation. ----> Purpose of the IPO The funds raised through this IPO will primarily be used for expanding manufacturing capacity, enhancing research and development, and strengthening the company’s presence in domestic and international markets. This strategic move aims to position Waaree Energies as a key contributor to the global renewable energy landscape. ----> Market Potential The solar energy sector in India is witnessing exponential growth, driven by government initiatives and increasing demand for clean energy solutions. As the country aims to achieve 500 GW of renewable energy capacity by 2030, Waaree Energies is poised to play a crucial role in this transition. ----> Investor Sentiment Investor interest in the IPO reflects a growing confidence in the renewable energy sector. With environmental concerns at the forefront, companies like Waaree Energies offer not just investment opportunities but also a chance to contribute to a sustainable future. ----> Conclusion As Waaree Energies prepares to launch its ₹4,300-crore IPO, it marks a significant milestone for the company and the renewable energy sector in India. Investors keen on sustainable growth should keep an eye on this IPO as it promises to be a pivotal moment in the journey towards a greener future. 

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[Day 9] [Article 3]: Current LiB Recycling Landscape-Leading Players and commitments This article delves into the following topics 1. Overview of Battery Recycling Policy 2. LiB Demand and Recycling Opportunity 3. Key Players, Recycling Capacity and Outlook in India 4. LiB Recycling Capacity of Major Players in India Athul Nambolan Priyakshi Gupta EVreporter.com #EV #LiB #Recycling #India

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For India to achieve its #netzero target by 2070, a comprehensive transition to #renewableenergy is imperative. This necessitates a multifaceted approach, encompassing #policy frameworks, #investment strategies and #technological advancements, say Institute for Energy Economics and Financial Analysis (IEEFA)'s Shantanu Srivastava, CFA and Tanya Rana via Asian Power Magazine. India is a global leader in renewable energy, but achieving its ambitious net-zero target by #2070 requires more financial muscle. Banks and other lenders (#NBFCs) give loans to brand new renewable energy projects while they are being built. The lack of long-term loans from domestic banks for renewable projects means that projects are refinanced through capital markets after construction and it exposes them to market risks. Here's the good news: the Indian renewable energy sector is a strong candidate for long-term loans due to its low credit risk compared to other infrastructure assets such as road and #thermalpower. ◼The Challenge: - Lack of long-term financing options from domestic banks. ◼The Solution: - Encourage banks to adopt long-term funding models, like the SBI's issuance of 15-year #bonds. ◼Unlocking Capital: Develop solutions to attract foreign capital and institutional investors, such as: - Subsidising currency hedging costs to attract foreign investors. - Creating a state-owned renewable energy infrastructure investment trust (InvIT) to attract domestic investors. ◼The Call to Action: - The government needs to make it easier for banks and investors to give loans to renewable energy projects. This will speed up the development of renewable energy in India. Read the full article: https://lnkd.in/g3A8F9Hm

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Gujarat loves throwing spanners in the already regulated (..read complex) direct sale of renewable power to customers. The recently announced C&I RE policy was a welcome change and considered too good to be true in almost all regulatory provisions. The New Policy removed perils of the last solar-wind hybrid policy (expired in June -2023) such as - No restriction on Contract Demand, following 26%/51% captive norms as per Electricity Act/Rules, implementation of Green Open Access provisions etc. But .. the banking provisions were grey and left unclear. GERC recently published the Green Open Access Regulations, 2024 where banking regulations are up for multiple interpretations leaving customers confused. Some of the issues are: 1. The permitted quantum of banked energy by the green energy open access consumers shall be at least 30% of the total consumption of electricity from the distribution licensee by the consumers during the billing period. "What does total consumption mean? It is not defined (Only Discom, Discom+OA?) What if the OA consumption is less than 30% of the total purchase, would the entire OA consumption be considered disputed? or the banked energy after the real-time settlement is considered lapsed? or banking is not allowed at all? 2. The banking of energy shall be evaluated for energy accounting on 15 minutes time block basis. 3. The Banking charge is Rs. 1.50 per unit up to 30th September 2024. From 1st October 2024 and onwards as decided by the Commission. -- Already very high and whether the Banking charge be levied on the entire OA consumption (As mentioned in the last Solar Policy and several other orders considering entire RE generation as intermittent) 4. Banking is optional - with so much confusion, looks like GJ DISCOMs want this to be the HIT button A significant capacity was under construction after the expiry of the last policy (at least 2.0 GW) which will be governed under these new OA regulations Hoping that the clarity will emerge soon! (Views are personal)

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A climate problem is a real issue that we must address urgently. Supporting technologies in the renewable energy sector, such as Concentrated Solar Power, are crucial. The question arises: can we develop these technologies domestically? The answer is a resounding yes. Is the government ready to support and develop Indian CSP systems like GAP Solar ? The government must develop indigenous technologies or support Indian CSP systems or else will continue to buy expensive tech, less efficient and pay a premium to overseas players always. We must change this now Me and Subodh Verma keep exchanging thoughts on how GAP Solar can make india resilient and also world resilient when it comes to solar energy!! #ClimateChange #RenewableEnergy #ConcentratedSolarPower Ministry of New and Renewable Energy (MNRE) NTPC Green Energy Limited NTPC Limited NTPC GE Power Services Limited Tata Power Renewable Energy Limited

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Will Clash of Titans in the Cement Industry be able to resolve environmental concerns? and support COP. COP stands for Conference of the Parties, which is the main decision-making body of the United Nations Framework Convention on Climate Change (UNFCCC). The cement industry in India faces several challenges, including environmental concerns, land acquisition, and logistics issues. The industry is a significant contributor to carbon emissions, and the government has implemented several measures to reduce its environmental impact. https://lnkd.in/gUmRZV5S

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India’s clean energy transition has presented a set of valuable insights as well as state-level challenges that need attention. While some regions have experienced progress in their transitions, others face dilemmas. Find more in the report from Ember and the Institute for Energy Economics and Financial Analysis (IEEFA) here - https://bit.ly/4dV84fP #cleanenergy #greenenergy #ember #IEEFA #fuelflipenergy #carbonfree #pollution #decarbonisation

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🌱 NTPC Green Energy Ltd IPO: Powering the Future of Clean Energy! 🌱 NTPC Green Energy, a leading name in India’s renewable sector and a subsidiary of NTPC, is launching its much-anticipated ₹10,000 crore IPO! This all-fresh issue offers exclusive allotment quotas for NTPC shareholders and employees, so if you’re an NTPC shareholder, this could be your opportunity to enhance allotment chances in this green wave! 🌊 🔋 Why Invest? Strong Portfolio: With an impressive operational base of 3.2 GW and 12 GW of projects under construction, NTPC Green is well on its way to achieving 60 GW in renewable capacity by FY32. Strategic Funding: The IPO proceeds will primarily support NTPC Renewable Energy Ltd. (NREL) for debt repayment, fostering clean energy growth and fueling further expansion. Financial Strength: With revenue growing at a CAGR of 46.82% and profits at an impressive 90.75% (FY22-FY24), NTPC Green’s financial health stands out in the renewable space. Analysts have backed this IPO, pointing to the company’s high returns in captive renewable energy projects and NTPC’s strategic shift from thermal to green energy, presenting a sustainable and promising investment path for the future. 💼💚 This IPO is more than an investment; it’s a step towards a greener tomorrow. 🌍 #NTPCGreenEnergy #IPO #CleanEnergyRevolution #SustainableInvestment #RenewableEnergy #GreenInvesting #FutureOfEnergy #StockMarket #InvestmentOpportunity CA. (Dr.) Rajkumar S. Adukia Harpreet Singh NTPC Renewable Energy Limited

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Green Hydrogen Certification Scheme of India for Stakeholder Comments MNRE in India is driving the National Green Hydrogen Mission (NGHM) to establish India as a global leader in Green Hydrogen (GH) production, usage, and export. Launched on January 4, 2023, with a budget of Rs. 19,744 Crore, the mission aims to decarbonize the economy, reduce fossil fuel imports, and position India as a technology and market leader in Green Hydrogen. As part of this mission, MNRE is finalizing the Green Hydrogen Certification Scheme of India (GHCI) and is seeking stakeholder feedback on the draft scheme by Sept 27th 2024. The scheme contains following key elements: ● Governance and Roles & Responsibilities of Stakeholders ● Certification Scope ● Eligible Pathways ● System Boundary ● Materiality Threshold ● Renewable Energy Consideration ● Evaluation Cycle ● GHG emission Quantification ● Data monitoring ● Verification ● Certification Process ● Penalty Clause ● Certification Details Key Points: - The draft sets a GHG emissions threshold at 2 kgCO2eq/kg H2 for GH production and designates BEE as the nodal authority for accrediting agencies to monitor, verify, and certify GH projects. Evaluation cycle will be for one FY. - The scheme aims to create a comprehensive framework for measurement, monitoring, reporting, and certification of GH, ensuring transparency and compliance with national and international standards. - The certification scheme's objectives include outlining governance structure, defining roles and responsibilities, providing guidelines for calculating GHG emission intensity, and establishing a robust verification approach. - GH producers must follow scheme guidelines, conduct annual verification, and register on the Green Hydrogen Portal. - The certification scope covers all stages of GH production up to compression and purification for transport, excluding processes outside plant boundaries. - Eligible hydrogen production pathways include electrolysis and biomass conversion, with provisions for stakeholders to propose new pathways. - The system boundary includes all direct emission sources and indirect emissions from electricity and fuel used during production. https://lnkd.in/es99tyvy https://lnkd.in/eSQcWPUR #greenhydrogen #ghgemissions #sdg #cleanenergy #fuelforfuture #environment #copgoals #decarbonisation #netzero

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India Renewable Market Brief: Corporate renewable market – alternative procurement options Corporate consumers are looking for new procurement opportunities beyond traditional routes like open access and rooftop solar to accelerate their #decarbonisation plans. This edition of the India #Renewable Market Brief provides a comparative evaluation of short-term procurement routes like green power exchange, RECs, I-RECs and green tariffs on key aspects like regulatory status, trading volumes, price trends, execution process and compliance with procurement best practices. Some key highlights from the report: ✔REC and I-REC markets are significantly deeper than other opportunities.  ✔Green power exchange market remains stymied by poor liquidity but outlook is improving because of greater market appetite for merchant projects. ✔Green tariff route is unsuitable for most consumers because of lack of traceability and access to unique green attributes. ✔All alternative routes are considerably more expensive than long-term open access power. To buy full report, please click the link below: https://lnkd.in/gP2ywmeR To subscribe India Renewable Market Brief, please write to us at [email protected]. Vinay Rustagi | CRISIL Limited | S&P Global | Neha Makol | Srishti Khanna Indian Energy Exchange (IEX) | #solar #wind

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Storage is the main issue today when it comes to energy transition. As far as pumped storage is concerned, the government has drafted a number of policies but a sense of ownership is missing. Just formulating policies will get us nowhere. The government needs to become a part and parcel of this entire exercise. #storage#energytransition#pumpedstorage https://lnkd.in/gytherNu

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Council on Energy, Environment and Water (CEEW) and Climate Finance Leadership Initiative (CFLI) in #India released a new report, "Financing Green Hydrogen in India" - This report presents actionable private sector considerations for Indian policymakers at both the national and state levels to strengthen the enabling environment for green hydrogen uptake in India while also catalyzing investment into the industry. - These considerations align with the Ministry of New and Renewable Energy (MNRE)'s mission components - generating demand, incentivizing supply, and developing key enablers - and are supported by estimated demand projections as well as a breakeven cost analysis. Key Highlights -Green hydrogen demand in India is projected to exceed 27.2 million tons per annum by 2050, primarily led by industries such as #steel, #fertilizers, #refineries and by long-haul #heavyduty #road #transportation applications. -By leveraging its competitive advantage in #renewables #energy costs India can emerge as a leading exporter of green hydrogen, especially in the short-to-medium term. -The cost of switching from grey to green hydrogen remains the largest impediment to the industrial uptake of green hydrogen in India. As per current industry estimates, green hydrogen production costs range between USD 3.5-5 per kg while breakeven costs for green hydrogen to replace conventional fuels are less than USD 2 per kg. -A nascent enabling #infrastructure for green hydrogen deployment and high financing costs are other prominent challenges faced by the sector. -Policy considerations such as waiver of power banking and open access charges, reducing the GST on electrolyzers and renewable energy components, availing incentives under the SIGHT scheme, accessing cheaper green debt for financing green hydrogen projects coupled with market-driven innovations in #electrolyser and renewable energy technologies can cumulatively reduce the levelized cost #LCOH of #green #hydrogen by around USD 1.8 /kg in India. Osama Fawzy Georgy HENEIN, MBA

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How can we empower SMEs to compete on climate in India? On June 4, we'll be joined by experts in India to discuss sustainable supply chains, focusing on associated challenges and opportunities, policies and regulations, impact measurement and scaling up for the future. Corporates will lead the discussion on the importance of SMEs in the supply chain and ways to engage them in the process for a low-carbon economy. See who's speaking at the event:

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IFC boosts India investments to $4bn, focuses on climate. Targets align with India's renewable goals for 2070. Emphasis on EVs, batteries, financial inclusion, digitalization, and PPPs. Challenges: geopolitics, high interest rates. Read more at: https://ow.ly/RTR050RrvsV #IFC | #India | #Climate | #Renewables | #EVs | #Digitalization | #PPP | #TPCI

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Hydrogen India To enlighten this conversation it is essential to note that the buzzwords "Green Hydrogen" are used to position advocates as leaders in the sustainable electrolysis of water. This is misleading as water H2O electrolysis splits the molecule into hydrogen H2 and oxygen O2 and the term Oxyhydrogen HHO (Brown's Gas) accurately describes this stoichiometric 2:1 mixture. The so-called green hydrogen is a by-product having the oxygen artificially separated out (wasted), which makes the process less energy efficient by one-third. FYI there is a comparison of H2 and HHO in my LinkedIn feed. #Electrolysis #Water

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Responded to Issue Id: 4811 applying following Ind AS: 1.   Ind AS 16 – Property, Plant and Equipment No. of Issues in Issue Repository on Ind AS 16: 161 2.   Ind AS 40 – Investment Property No. of Issues in Issue Repository on Ind AS 40: 24 #GAAPAdvisors - Enabling Excellence in Financial Reporting

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The study by IEEFA and JMK Research provides recommendations for India to achieve its 500 GW renewable energy capacity target by 2030. Key suggestions include reducing GST on hydropower and wind projects to ease financial strain on developers. The report also proposes maintaining a tax rate below 5 percent for the energy storage sector for the next five years. In the fiscal year 2023-24, India added over 18 GW of renewable energy capacity, with investments slightly decreasing from $11.7 billion to $11.4 billion. The report emphasizes the need for accelerated efforts, requiring more than 2.5 times the installation compared to the previous fiscal year. Additional recommendations include extending ISTS charges exemption until 2030, eliminating reverse auctions for wind tenders, and exploring financing structures like InvIT. The report also suggests a pilot power exchange-based CfD project for renewable energy capacity and expediting visa approvals for setting up solar manufacturing plants to avoid delays due to geopolitical tensions.

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