The Rajasthan government has unveiled the Rajasthan Investment Promotion Scheme 2024, designed to enhance investments in renewable energy, battery energy storage systems, and green hydrogen technologies. Key incentives include a waiver on Pollution Control Board fees for obtaining the necessary certifications, which aims to simplify regulatory processes and reduce initial compliance costs for renewable energy projects.
Additionally, the Bureau of Energy Efficiency has sanctioned ten sectors under the Carbon Credit Trading System, encompassing both renewable and non-renewable energy sectors. This system will facilitate carbon offset mechanisms for energy projects, including green hydrogen production through electrolysis and renewable energy paired with storage solutions.
In a related development, the Power Grid Corporation of India has approved the issuance of bonds worth up to ?50 billion ($594.7 million) through private placement. The base issue size for the fiscal year 2024-25 is set at ?10 billion ($118.9 million), with an option to raise an additional ?40 billion (~$475.7 million) via a greenshoe option. The bonds, which will have a tenure of ten years, are unsecured, non-convertible, non-cumulative, redeemable, and taxable, and will be listed on both the BSE and NSE.
Gensol Engineering, a solar energy consultancy and EPC solutions provider, has taken steps to expand its renewable energy operations by acquiring 100% equity in three newly incorporated firms: Shakti Sangini Energy, Innogrid Energy, and Hari Shakti Energy. Each company received an investment of ?100,000 (~$1,189.45) for a total of 10,000 equity shares, thereby establishing them as wholly owned subsidiaries of Gensol Engineering.
In another noteworthy initiative, JB Pharma, a Maharashtra-based pharmaceutical company, reported sourcing 12.1% of its energy needs from renewable sources in 2023-24. The company has been increasing its renewable energy usage through solar and wind power, and has partnered with PTC India for a medium-term renewable hybrid power supply agreement. This partnership aims to provide around 50% of the contract demand at its Panoli facility, utilizing 4 MW each from solar and wind sources.
Moreover, Mahatma Phule Renewable Energy and Infrastructure Technology has announced bids for 30 MW of distributed grid-connected rooftop solar systems on government buildings in Goa, with bids due by November 4, 2024. The project includes design, supply, installation, commissioning, and comprehensive maintenance for five years.
According to the 2024 World Energy Outlook report by the International Energy Agency, clean power generation is projected to outpace global electricity demand growth by 20% from 2023 to 2030. This growth is fueled by significant investments in renewable energy, with annual global investment expected to rise from $680 billion in 2023 to $850 billion by 2030.
