Here is an ongoing summary of short news stories of June and July 2022. These stories have not been covered elsewhere on this portal.
Jaikumar Srinivasan assumed charge as Director (Finance) at NTPC Ltd, on July 21, 2022. Prior to this, Srinivasan served as Director (Finance), in NLC India. Before his service in NCL India, he served as Director (Finance) at Maharashtra State Electricity Distribution Company Limited (MSEDCL) and Director (Finance) in the MSEB Holding Company Ltd in August 2017. He has more than 30 years’ of experience in the power and mining sector in State and Central PSUs in the areas of finance, accounts, taxation, commercial, electricity regulation, renewables, IT and project development, including eight years of experience as a board member. (July 22, 2022)
NHPC has signed an MoU with Damodar Valley Corporation (DVC) to consider the formation of a joint venture company for exploring and setting up hydropower and pump storage projects. The MoU heralds a new dawn in co-operation between the two power sector organizations in jointly harnessing the hydropower projects and pump storage projects as energy storage solutions in line with the national objective of energy transition, which is 500 GW of renewable energy by 2030 and “net zero” by 2070. The MoU envisages joint development of mutually identified projects. (July 21, 2022)
The Rajasthan government has approved the setting up of two units of 660-mw each at the Chhabra thermal power station of Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RVUNL), the state government-owned power generation utility. Besides, one new unit of 800-mw has also been approved at RVUNL’s Kalisandh thermal power plant. The total investment for the three ultra supercritical coal-fired units, is around Rs.15,660 crore. (July 21, 2022)
The board of PTC India Financial Services Ltd (PFS) in its meeting on July 16, 2022, has sanctioned proposals of aggregate value of Rs.595 crore that will be used for solar and other infrastructure projects, PFS said in a stock exchange filing. PFS added that there would be disbursement of around Rs.800 crore in July 2022, arising from the Rs.595-crore sanctioned and all the existing loans sanctioned. (July 18, 2022)
The pilot project was inaugurated on July 9, 2022 at Karnataka Public School, Kudur, Ramanagara District, Karnataka. Enphase India, as a part of its CSR responsibilities under Indian law, is supporting ISEIDP which is the first-of-its-kind initiative to use renewable energy sourced from rooftop solar PV systems to power a school while uplifting the curriculum with computer and robotic training by providing access to computers, course materials, and trainers for students.
Supported by the school management and the Education Department, Enphase Energy will be equipping the higher primary classrooms with desktops and projectors that will be powered by a 4kV rooftop solar PV micro-inverter-based hybrid system (See photograph). All the lights, fans, and computer systems will be supported in case of power breakdown or failure.
Enphase Energy will also be supporting the schools’ curriculum by providing the students access to computers, STEAM, and Robotics classes that will be taught throughout the academic year by a teacher who is also supported by this program. (July 14, 2022)
TP Saurya Ltd (TPSL), a wholly owned subsidiary of Tata Power, received the ‘Letter of Award’ (LoA) from Solar Energy Corporation of India (SECI) for setting up a 600-mw hybrid (wind and solar) power project in Karnataka. The letter was awarded through tariff-based competitive bidding followed by an e-reverse auction. The project will be commissioned within 24 months from the PPA execution date. With this win, the total renewables capacity of Tata Power reaches 5,524 mw, with 3,634 mw installed and 1,890 mw under various stages of implementation. (July 13, 2022)
Power Finance Corporation (PFC) signed a loan agreement for JPY 30 billion with Japan Bank for International Cooperation (JBIC) on July 7, 2022. JBIC provided this long term facility to PFC under JBIC’s initiative titled ‘Global action for Reconciling Economic growth and Environmental preservation’ (“GREEN”), wherein JBIC provides financing for projects which ensure the effective reduction of greenhouse gas emissions and conservation of the global environment. Thus, the funds under the facility would be used by PFC to finance its renewable energy portfolio. The loan agreement was signed by R.S. Dhillon, CMD, PFC and Kazushige Gobe, Director General, Social Infrastructure Finance Department, JBIC. (July 7, 2022)
Kalpataru Power Transmission Ltd (KPTL) announced that it has completed the acquisition of the remaining 15 per cent equity stake in Linjemontage i Grastrop AB, a Swedish EPC company (“LMG”) headquartered in Grastrop, Sweden. The acquisition was made by Kalpataru Power Transmission Sweden AB, a wholly-owned subsidiary of KPTL. Following this transaction, completed on July 7, 2022, LMG is now a wholly-owned step-down subsidiary of KPTL. LMG is engaged in power T&D, substations and O&M of electricity network services. (July 7, 2022)
Power management company Eaton has announced it has completed the acquisition of a 50 per cent stake in the circuit breaker business of Jiangsu Huineng Electric Co., Ltd. (Huineng), which manufactures and markets low-voltage circuit breakers in China. Jiangsu Huineng Electric Co., Ltd. is a Chinese high-tech electrical equipment manufacturer. Founded in 2007 and headquartered in Zhenjiang, China, its products are widely used and recognized across key markets including wind and solar and power plants, a release from Eaton said. (July 5, 2022)
Cairn Oil & Gas, India’s largest private oil and gas exploration & production company, and part of the Vedanta Group, has signed a contract with Baker Hughes, an energy technology company, to harness geothermal energy from its repurposed oil and gas wells. On successful execution, the contract will help Cairn Oil & Gas co-produce up to 2.4 mw of electricity along with oil and gas and offset 17,000 tons of greenhouse gas per annum. This contract follows Cairn Oil & Gas’s recently announced ESG roadmap where it committed to becoming a net-zero company by 2050. (June 24, 2022)
NTPC Ltd has awarded the project of setting up India’s first green hydrogen fueling station in Leh, Ladakh to Amara Raja Power Systems Ltd. To begin with, NTPC plans to ply five hydrogen fuel cell buses in the region. Green hydrogen will be produced by splitting water into hydrogen and oxygen, using electrolysis process powered by electricity generated by renewable energy sources. The hydrogen produced in this manner will leave no carbon footprint. This pilot project will produce a minimum of 80kg per day of 99.97-per cent pure hydrogen which will be compressed, stored and dispensed. NTPC had announced its intention of setting up this pilot project in July 2021. (June 13, 2022)
The Assam government is interested in formation of a joint venture with SJVN for development of hydro and renewable energy projects in the northeastern state, SJVN said in a release. Assam has vast potential to develop ground mounted solar and floating solar power projects on existing barren land and water bodies. Assam has offered SJVN an opportunity to explore 5,000 mw power project development within the state in a phased manner. During a recent meeting between SJVN and Assam government officials, the proposal for sale of power to Assam from SJVN’s Arun-3 power project in Nepal and Solar Power generated through CPSU scheme were also discussed. (June 9, 2022)
Power Grid Corporation of India Ltd (PGCIL), in a stock exchange communication, said that K. Sreekant, Chairman & Managing Director, has assumed the additional charge of the post of Director (Operations) of PGCIL with immediate effect, in terms of Ministry of Power (MoP) Office Order No. 25-11/2/2021-PG-Part (1) dated May 25, 2022. In a separate filing, PGCIL said that Ms Seema Gupta has completed her tenure as Director (Operations) of PGCIL effective May 31, 2022, on attaining age of superannuation. (June 1, 2022)
