Rajasthan Unveils Investment Scheme to Boost Renewable Energy and Green Technologies
The Rajasthan government has recently introduced the Rajasthan Investment Promotion Scheme 2024, which aims to attract investments in renewable energy, battery energy storage systems, and green hydrogen technologies. This scheme includes various incentives to simplify regulatory processes and reduce compliance costs for renewable energy projects.
Easing Regulatory Processes and Reducing Compliance Costs
Under the newly unveiled scheme, the government intends to waive Pollution Control Board fees for obtaining certifications related to renewable energy projects. This move is expected to streamline regulatory processes and reduce the initial compliance costs for investors and developers, thus encouraging more investments in the sector.
Promoting Carbon Credit Trading and Green Hydrogen Production
In line with efforts to promote sustainable practices, the Bureau of Energy Efficiency in Rajasthan has sanctioned ten sectors, covering both renewable and non-renewable energy, for participation in the Carbon Credit Trading System. This system will create opportunities for energy projects to engage in carbon offset mechanisms, including the production of green hydrogen through electrolysis and the utilization of storage solutions for renewable energy.
Power Grid Corporation of India Plans Bond Issuance
The Power Grid Corporation of India has approved the issuance of bonds worth up to ?50 billion ($594.7 million) through private placement. With a base issue size of ?10 billion ($118.9 million) and an option to raise an additional ?40 billion ($475.7 million) through a greenshoe option, this move aims to raise funds for power infrastructure development. The bonds will have a tenure of ten years and will be listed on both the BSE and NSE.
Gensol Engineering Expands Renewable Energy Operations
Gensol Engineering, a leading solar energy consultancy and EPC solutions provider, has taken a significant step in expanding its renewable energy operations. The company has acquired 100% equity in three newly incorporated firms: Shakti Sangini Energy, Innogrid Energy, and Hari Shakti Energy. With an investment of ?100,000 ($1,189.45) for each company, Gensol Engineering has established them as wholly owned subsidiaries, strengthening their position in the renewable energy sector.
Pharmaceutical Company JB Pharma Increases Renewable Energy Usage
Maharashtra-based pharmaceutical company, JB Pharma, has reported sourcing 12.1% of its energy needs from renewable sources during the 2023-24 fiscal year. The company has been actively increasing its usage of solar and wind power and has partnered with PTC India for a medium-term renewable hybrid power supply agreement. This collaboration aims to fulfill around 50% of JB Pharma’s contract demand at its Panoli facility, with 4 MW of power coming from each solar and wind source.
Solar Power Initiatives in Goa
The Mahatma Phule Renewable Energy and Infrastructure Technology organization has issued bids for 30 MW of distributed grid-connected rooftop solar systems on government buildings in Goa. This project encompasses various aspects, including design, supply, installation, commissioning, and comprehensive maintenance for a period of five years. Interested parties have until November 4, 2024, to submit their bids.
Projected Growth of Clean Power Generation
According to the 2024 World Energy Outlook report by the International Energy Agency, clean power generation is anticipated to outpace global electricity demand growth by 20% between 2023 and 2030. This notable increase is largely driven by substantial investments in renewable energy. The report forecasts that annual global investment in renewable energy will surge from $680 billion in 2023 to $850 billion by 2030.
Promising Future for Renewable Energy
With the Rajasthan Investment Promotion Scheme 2024 and other similar initiatives, India is actively fostering the growth of renewable energy, battery storage, and green hydrogen technologies. By simplifying regulatory processes, reducing compliance costs, and providing incentives, the government is encouraging both domestic and international investments in the sector. These efforts align with the projected global trend of clean power generation outpacing electricity demand growth, which highlights the increasing importance of renewable energy for a sustainable future.
