4th Global RE-INVEST Renewable Energy Investors Meet & Expo held in Gujarat

Global Renewable Energy Investor’s Meet and Expo (RE-INVEST) 2024, the 4th edition of the flagship event by the Ministry of New and Renewable Energy(MNRE), was held at the Mahatma Mandir Convention and Exhibition Centre, Gandhinagar, Gujarat from 16th to 18th September 2024.

• The 3-day summit was inaugurated by Prime Minister(PM) Narendra Modi on 16th September 2024.
• Global RE-INVEST 2024 was organised in partnership with the Confederation of Indian Industry (CII).

Significance: 

i.The summit honoured the contributors to India’s remarkable achievement of over 200 Gigawatt (GW) of installed non-fossil fuel capacity.

ii.RE-Invest is a global platform bringing together key players in the renewable energy sector which include government officials, industry leaders, investors, researchers, and policymakers.

iii.It will showcase the latest renewable energy technologies and solutions and will involve discussions about the future of energy, ongoing trends, technologies, and policies shaping the global renewable energy outlook.

REC Signs MoUs to Fund Rs 1.12 Lakh Crore RE Projects

REC Limited, formerly Rural Electrification Corporation Limited, has signed a Memorandum of Understandings (MoUs) with renewable energy (RE) developers to fund projects worth around Rs.1.12 lakh crore.

Points to note: 

i.These MoUs involve solar-wind hybrid, round-the-clock (RTC) renewable power projects, firm and dispatchable renewable energy (FDRE) projects, floating solar plants, ultra-mega renewable energy parks, hydroelectric power projects, battery energy storage systems, pumped storage, hydropower, green ammonia and hydrogen, and solar cells and modules manufacturing, among others.

ii.There are ongoing discussions for financing green energy corridors, wind turbine manufacturing and the electric vehicle ecosystem.

iii.Hygenco Green Energies, a company focusing on green hydrogen, also signed an MoU with REC for funding of up to USD 280 million for Hygenco’s green ammonia project in Gopalpur, Odisha.

• The green hydrogen-focused company itself is going to invest about USD 2.5 billion towards its green hydrogen and green ammonia projects in India in the next few years.
• Hygenco had commissioned India’s first commercial green hydrogen plant at Hisar, Haryana in March 2024.

iii. Gurugram(Haryana)-based Sunsure Energy signed an MoU with REC Ltd to finance debt of Rs 10,000 crore to support the development of 3 GW of solar, wind, hybrid, and battery energy storage.

Torrent Power commits investment of Rs 64,000 crore in renewable energy projects

Torrent Power Limited has promised an investment of Rs 64,000 crore for green or RE projects having employment potential for 26,000 people.

i.Torrent Power has also submitted two ‘Shapath Patra’ to the MNRE and reaffirmed its commitment towards green and sustainable future.

ii.The 1st ‘Shapath Patra’ involves achieving 10 GW of installed RE capacity by 2030, with an investment of Rs 57,000 crore.

iii.As part of these commitments, Torrent Power signed an MoU with Government of Gujarat for execution of 5 GW solar, wind or solar-wind hybrid project at Dwarka District.

iii.The 2nd ‘Shapath Patra’ involves the setting up of 1 lakh Kilo Tonnes Per Annum (KTPA) Green Ammonia production facility worth Rs 7,200 crore.

Vertical Solar Farms to be Introduced to Power Agriculture, Clean Energy Production

AgriVijay, an agtech climate action social organization, Next2Sun Germany, and Wattkraft India signed an MoU to introduce an innovative vertical solar technology to generate clean energy and revolutionize the agricultural landscape by enabling continued farming on the same land.

Points to note: 

i.The partnership aims to address the growing concerns over land usage in conventional solar installations, which often displace valuable agricultural land.

ii.by leveraging Next2Sun’s innovative vertical bifacial Agri-PV systems, AgriVijay will enable dual land use.

iii.The pilot projects, with a range of 100-kilowatt peak (kWp) to 500 kWp, are designed to showcase the effectiveness of vertical bifacial solar technology across different regions in India.

India, Germany launches joint platform to boost global renewable energy investments

India and Germany have introduced a joint platform known as ‘India-Germany Platform for Investments in Renewable Energies Worldwide’ under the joint Green and Sustainable Development Partnership (GSDP) for increasing investments in renewable energy in India and globally.

• This initiative will help in enhancing business opportunities, attract investments, support technology transfer, and drive innovation.
• The platform will spread the renewable energy capabilities worldwide to provide integrated, diversified, and resilient supply chains to reduce dependence on unilateral energy sources.

India, Germany Concluded Development Policy Negotiations Successfully

India and Germany have successfully concluded their development policy negotiations, committing their cooperation in key sectors such as renewable energy, urban development, mobility, and agroecology.

• The discussion was held by the Department for Economic Affairs (Indian Ministry of Finance) and the German Federal Ministry for Economic Cooperation and Development (BMZ).

Key Points: 

i.The Indo-German cooperation is built upon the Partnership for Green and Sustainable Development established in 2022.

ii.As part of the ongoing cooperation, Germany has planned to provide over 1 billion Euro as concessional loans and technical assistance in 2024 for projects in sectors such as renewable energy, mobility, sustainable agriculture, forest ecosystems, and vocational education.

• Key developments involve the construction of 7,700 kilometers(km) of modern transmission lines, German-financed metro projects in Mumbai, Surat, Ahmedabad, and Kochi, and supporting climate-resilient agricultural practices in India.

iii.Apart from the above developments, India and Germany also launched a joint platform as a part of the cooperation for increasing investments in renewable energy both in India and globally.

Gujarat Wins Several Awards at RE-INVEST 2024

During Global RE-INVEST 2024, Gujarat has won numerous awards for its renewable energy achievements. Gujarat was ranked among the top 3 in overall renewable energy capacity, solar power capacity and wind power capacity.

Points to note: 

i.Gujarat topped the overall renewable energy capacity achieved and overall wind power capacity achieved categories.

ii.Gujarat was ranked 2nd under overall solar power capacity achieved as Rajasthan claimed the top spot.

iii.Other top ranked states under these categories were Rajasthan (bagged two awards), Tamil Nadu (two) and Karnataka (two), Himachal Pradesh and Uttarakhand one each under overall hydro power capacity achiever’s category.

iv.Gujarat has received the highest achiever award with a capacity of 28,220 Megawatt (MW) in the field of renewable energy. Rajasthan secured the second position with overall solar power capacity with 22,031 MW.

• At present, Gujarat has a capacity of 11,822 MW in wind power and solar power with a capacity of 14,201 MW.

v.Himachal Pradesh has been awarded the Highest Achiever State in Overall Hydropower Capacity at the Global Renewable Energy Investors Meet and Expo. Himachal aims to become a Green Energy State by March 31, 2026.

• A 32 MW Pekhubela solar power plant has been made operational in six months’ time and two more solar power projects, 10 MW in Kutlehar and 5 MW at Bhanjal are under completion.

Gujarat Launched the ‘Mission 100 GW’

Gujarat Chief Minister (CM) Bhupendra Patel launched the ‘Mission 100 GW of renewable energy in Gujarat’ and released ‘Gujarat Energy Vision 2047’ during Global RE-INVEST 2024.

• The mission aims to install 100 GW of renewable energy by 2030 in Gujarat and will help in achieving the renewable energy targets of India.

Additional info: 

Gujarat is the only state in India where four semiconductor plants are currently planned to be established

• Power Grid Corporation of India (PGCIL) and Gujarat government worth Rs 5000 crore
• Gujarat State Electricity Corporation Limited (GSEC) and Gujarat Urja Vikas Nigam Limited (GUVNL) worth Rs 59,000 crore
• Avada Energy and Gujarat Power Corporation Limited (GPCL) worth Rs 85,000 crore
• Juniper Green Energy and Gujarat Energy Development Agency (GEDA) worth Rs 30,000 crore.

4th Global RE-INVEST Drew Investment Commitments Worth Rs 32.45 lakh crore

Union Minister Pralhad Joshi, MNRE, stated that the 4th Global RE-INVEST  drew investment commitments worth Rs 32.45 lakh crore in the form of Shapath Patra by 2030.

i.The developers have committed an additional 570 GW, manufacturers have committed additional manufacturing capacities of 340 GW in solar modules, 240 GW in solar cells, 22 GW in wind turbines and 10 GW in electrolysers.

iii.Beyond this, banks and financial institutions have also cooperated for a greener and sustainable India.

Union Minister Bhupender Yadav Addresses Plenary Session: 

On 18th September 2024, Union Minister Bhupender Yadav, Ministry of for Environment, Forest and Climate Change (MoEF&CC) addressed the Plenary Session on India’s Pathway to Net-Zero Emissions in RE-INVEST 2024.

i.He highlighted that India’s per capita consumption remains low and has made remarkable progress in reducing carbon emissions.

• He also emphasized on the fact that India is the only G20 country to have achieved two out of three quantitative Nationally Determined Contributions (NDCs) targets of the Paris Agreement nine years ahead of schedule.

ii.Moreover, the private sector will help in achieving the Net Zero ambition by 2070 by strengthening renewable grids, developing low carbon technology, and managing demand side issues.

iii.A greater focus has been laid upon fuel switching, recycling, circular economy, promotion of green hydrogen technology and empowerment of the MSME sector.