APT Translations

​The agreements will support projects spanning across solar, wind, hydroelectric power, and battery energy storage systems, with implementation set over the next five years.

​The company’s foray into BESS aligns with the rapid growth in the sector, driven by government policies pushing for renewable energy adoption and grid stability. The Indian BESS market is projected to grow at a CAGR of 11.41% until 2032, highlighting the significant potential for growth in this space.

"India should not be viewed as the world's third or fourth-largest emitter of greenhouse gases. While we might rank 'fourth or fifth' in terms of (cumulative) carbon emissions, our per capita emissions are significantly lower than those of developed countries," he said.

The company aims to enhance its competitiveness by offering high-quality, DCR-compliant solar cells, positioning itself as a strong alternative to Chinese manufacturers, who currently dominate the Indian solar cell supply chain.

Hero Future Energies, backed by global investors such as KKR and International Finance Corporation (IFC), aims to increase its capacity to 30 gigawatts (GW) by 2030 from an installed 1.9 GW currently.

Under the Pumped Hydro Energy Storage Facility Agreement (PHESFA), the company shall make available to MSEDCL a contracted capacity of 1,500 MW capable of scheduled discharge of eight hours (with maximum continuous five hours) per day.

Minister of New and Renewable Energy Pralhad Joshi is a satisfied man, with the successful conclusion of RE-Invest, his ministry's flagship event that has managed to attract huge investment commitments from investors. The next step is to ensure the commitments are honoured, he says in an exclusive interview. Edited excerpts.

​The government has received record investment commitments worth Rs 32.45 lakh crore up to 2030 through "shapath patras". State governments have given commitments for setting up 520 GW RE capacity and manufacturers have committed additional manufacturing capacity of 340 GW for solar modules, 240 GW for solar cells, 22 GW for wind turbines and 10 GW for electrolysers.

​Under the MoU, REC will fund up to $280 million for the project, even as Hygenco is planning to invest about $2.5 billion years towards its green hydrogen and green ammonia projects across India in the next few years.

The two countries highlighted the importance of modernising the power distribution sector to supply 24x7 reliable power to consumers, welcomed support for India's smart metering deployment, as well as expanded efforts on inverter-based resources, power market reforms, system inertia estimation, and cybersecurity.