APT Translations

​Bio-RIDE will run through the 15th Finance Commission period (2021-22 to 2025-26) and focus on three core components: Biotechnology Research and Development (R&D), Industrial & Entrepreneurship Development (I&ED), and Biomanufacturing and Biofoundry.

​The MoU was signed on the sidelines of the 4th Global RE-Invest Meet and Expo organized by the Ministry of New and Renewable Energy in Gandhinagar, Gujarat.

The company has a target to reach an installed renewables capacity of 2 GW by FY27 comprising of both wind and solar capacities

The government’s ‘Uttar Pradesh Green Hydrogen Policy 2024’ offers administrative and financial incentives to promote green hydrogen and ammonia production. The Indian BESS market, forecasted to grow at a compound annual growth rate (CAGR) of 11.41% until 2032, will play a key role in the state’s decarbonization strategy, which is part of the broader goal to reduce industrial emissions in the chemicals and fertiliser sectors.

​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.