Sustainability Outlook Headlines

Business rejig: PTC Financial Services to focus on new energy, sustainable segments

PTC Financial Services Ltd has restructured its business portfolio to lay focus on new energy and sustainable segments. It is evaluating some of the opportunities that will unfold once the Covid-19 pandemic situation settles down. Pawan Singh, Managing Director and CEO, PFS, said, “When I took over the reins in October 2018, it was a very challenging environment for the NBFC sector. In September 2018, the IL&FS crisis precipitated the NBFC crisis across the country. But we managed to come through this phase successfully.” “We were one of the few NBFCs who got extra lending from various... Read more..

Defining green activities – What the new EU rules mean for India

Climate change is one the defining issues of our generation. New studies show that global warming needs to be limited to 1.5°C (rather than 2°C) compared to pre-industrial levels, to avoid the worst effects of climate change. Achieving that objective requires trillions of dollars of investments, funded mostly from private enterprise. While governments could catalyse green investments in a variety of ways, coming up with a comprehensive list of “green activities” is a great place to start. As sustainable investments have grown over the last decade, the number of definitions put forth by non... Read more..

M&M subsidiary completes sale of DSPL to CLP India

Mahindra & Mahindra (M&M) on 16 April 2020 said its renewable energy subsidiary completed sale of its arm Divine Solren to CLP India for Rs 124.47 crore. Mahindra & Mahindra's (M&M) wholly owned step-down subsidiary, Mahindra Renewables (MRPL), has completed the sale of the entire paid-up equity share capital of 1.20 crore equity shares held by the company in Divine Solren (DSPL) to CLP India, for a total consideration of Rs 124.47 crore. The transaction was initiated on 21 February 2020 and was expected to be completed by 31 May 2020. On the exchanges, the disclosure was... Read more..

No penalty for not installing rooftop solar plants in Chandigarh, for now

Even though March 31 had been set as the last date to install solar plants in residential houses, in the wake of lockdown, the UT administration has decided not to impose any penalty on residents for now. Debendra Dalai, CEO, Chandigarh Renewal Energy, Science and Technology Promotion Society (Crest), said the administration would hold a meeting once the lockdown is over to decide the future course of action. "No punitive action will be taken against people for not installing solar plants on their houses during the lockdown," he said. Recently, the Union government had released Rs 5 crore... Read more..

What the Pandemic Means for Large-Scale Indian Solar Power Projects Still in the Pipeline

With the International Monetary Fund (IMF) declaring a global recession, many sectors of the Indian economy are also facing the heat of COVID-19.

A critical sector caught in the grip of this socio-economic and... Read more..

Vikram Solar bags 300-MW solar project in Rajasthan from NTPC

Green energy provider, Vikram Solar, on Wednesday said it has bagged a 300-megawatt (MW) solar plant project for Rs 1,750 crore from National Thermal Power Corporation Limited (NTPC) under the CPSU-II scheme. The solar plant would be spread across 1,500 acres in Rajasthan and is slated to be completed in 18 months, the firm said in a press release. “NTPC has always focused towards supporting the green energy transition in India and we are proud to be a part of NTPC’s recent effort towards solar growth. I am certain that this 300-MW plant will see successful execution within an agreed time... Read more..

Bajaj-KTM planning to storm electric moped segment in India

Bajaj and KTM came together at start of the last decade and the partnership has proven be very fruitful so far for both the firms. Now, after a decade of launching some very intimidating products, both the companies are planning to dive into a new segment of electric mopeds. As the Pierer Mobility’s annual report suggests, both the firms (together) will enter into the electric moped segment within next few years. Both the companies have a fair share of experience when it comes to electric vehicles. While KTM already retails a few electric bikes in the international markets, Bajaj-Auto in... Read more..

States may soon get hydro power purchase targets

The Centre will soon make it mandatory for states to meet part of their electricity requirement from hydro power plants, a reward to these projects that saved the country’s grid collapse during the nine-minute lights switch off call by Prime Minister Narendra Modi on April 5. The power ministry is soon likely to notify guidelines giving states hydro power procurement targets on the lines of renewable energy purchase obligations, a senior official said. The move comes soon after Sunday’s nine-minute lights-off feat when the grid survived 32 GW demand drop for a few minutes backed by... Read more..

Electric vehicles seek GST refund

The fledgling electric vehicles sector urgently needs financial support from the government in terms of fast GST refunds, which is most important for this industry because of its inverted tax structure. Import duty on finished goods is low compared with the duty on raw materials as the GST input on raw materials and other overheads are an average of 18 per cent, wherein the duty on output is pegged at 5 per cent. Speaking to The Telegraph, Jeetender Sharma, managing director and founder of Okinawa Scooter, said: “The coronavirus spread has impacted all the industry sectors. EVs are a thin... Read more..

COVID-19: Under-implementation solar projects most affected, says report

Under-implementation solar projects in India have faced a greater impact of the COVID-19 pandemic as solar cells and modules are largely imported from China, according to credit ratings agency Care Ratings. It said in a report that the outbreak of COVID-19 has also coincided with the actual solar project execution schedule as maximum execution happens in the last quarter of the financial year in India. When the situation started improving in China, India entered the nation-wide lockdown phase, which also impacted the sector. The report titled ‘COVID-19 Impact: Indian Renewable Sector’ said... Read more..

MNRE tightens tariff ceiling to Rs 2.8/unit from Rs 3.5/unit under CPSE Ph-II solar scheme

The Ministry of New and Renewable Energy (MNRE) on Monday announced a reduction in tariff by 70 paise to Rs 2.8 per unit under the second phase of the Central Public Sector Undertaking (CPSU) programme for development 12 GW of solar projects. Besides, the ministry has also increased the timeframe for implementation of these projects from existing 18 months to 24 months and also changed the nodal agency for conducting auctions of these projects. Now, the Indian Renewable Energy Development Agency (IREDA) would complete the task instead of Solar Energy Corporation of India (SECI). The office... Read more..

COVID-19: No impact on operating projects; expect up to Rs 13,000-mn revenue in FY20, says Azure Power

Azure Power Global, a New Delhi-based independent solar power producer, has recently said that their operating projects have not been impacted due to the COVID-19 pandemic. The New York Stock Exchange-listed firm added that they are comfortable with their revenue and operating megawatt guidance for financial year 2019-20 (FY20) and FY21. For FY20, the revenues are expected to be between Rs 12,900 million to Rs 13,000 million, in line with guidance of Rs 12,770 million to Rs 13,350 million. It added that 1,808 MW was operational. “Our plants remain fully operational during the recent... Read more..