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This order applies to solar, wind, and hybrid projects, and includes storage projects as well. Obligated entities can also avail of the waiver to fulfill their renewable energy obligations (RPO).
Giving the sector a negative outlook, ICRA's power and renewables head Girishkumar Kadam said that the rating was based on execution delays for projects that have been bid over the past two years, along with concerns about the delays in payment by the state distribution companies.
A duty of 14.9% will be levied on such imports for six months from July 30, 2020 to January 28, 2021 while the duty will be slightly lesser at 14.5% in the following six months, an official notification issued on Wednesday said.
The company becomes the first independent power producer to fully commission the first three wind auctions held by the Solar Energy Corporation of India (SECI) after it completed its projects that have a combined capacity of 800 MW.
Sales of renewable energy certificates dipped 50 per cent to 3.49 lakh units in June compared to 6.98 lakh in the same month a year ago, according to official data. Renewable energy certificate (REC) is a type of market-based instrument.
Power generators have to ensure at least 85% availability both annually and during peak hours, said the guidelines issued by the ministry of power for procurement of round-the-clock power from grid-connected projects.
By 2032, the company plans to have a minimum of 32 GW capacity through RE sources constituting nearly 25 per cent of its overall power generation capacity. The RE portfolio of NTPC has ongoing capacity addition projects with around 2,298 MW projects under construction.
Rates have fallen by 22% for projects between 1 kW and 10 kW, currently averaging at around Rs 42 per watt. For projects having a capacity over 10 kW, the rates have fallen by 20%.
In September last year at the United Nations Climate Action Summit, Prime Minister Narendra Modi had announced increasing the renewable energy target to 450 GW by 2030 from 175 GW by 2022.
The Directorate General of Trade Remedies recommended the imposition of safeguard duty on Chinese solar imports for one more year at 14.9% for the first six months from July 30 and 14.5% for the following six months. While the local industry wanted the duty to be extended for four years, the directorate said a one-year extension would be adequate.
In April, ICRA estimated 1% de-growth in power demand in the current financial year. The revised energy demand de-growth estimate assumes demand decline of 3.5 – 4.0% in Q2 and Q3 FY2021 and a marginal recovery of about 1% in Q4 FY2021, given the slower pace of recovery expected in industrial and commercial activity in the country, an official statement said.
India may continue with the safeguard duty on solar cells imported from China, Thailand and Vietnam for one year period effective July 31.
The partnership aims to bring together NTPC’s technical expertise and NIIF’s ability to raise capital and bring in global best practices by leveraging its existing relationships with leading players. NTPC targets to have nearly 30 GW of its overall power generation capacity from renewable energy sources by 2032.
While the government has taken a number of steps to increase capacities in the renewable energy sector in the last few years, it is now time to cut down reliance on imports, especially from China, Thakur said.
The energy will be supplied to Tata Power Mumbai Distribution under a power purchase agreement (PPA), valid for a period of 25 years from the scheduled commercial operation date.
Renewable energy is increasingly attracting interest of prominent business leaders. Gautam Adani recently announced plans to invest heavily in the sector to become the world’s biggest renewable energy company, while Mukesh Ambani told his shareholders on Wednesday that Reliance Industries will invest in solar, wind, hydrogen and other clean technologies, and make the company carbon-neutral in 15 years.
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