Daily News Wrap-Up: Azure Power Signs PPAs for 600 MW of Solar Projects With SECI

Independent solar power producer Azure Power has signed power purchase agreement (PPA) for 600 MW of ISTS-connected solar power projects with Solar Energy Corporation of India (SECI). The projects come under SECI’s 4 GW manufacturing-linked projects, which will supply power for 25 years at a fixed tariff of ₹2.54 (~$0.034) per kWh. The projects will be constructed in Rajasthan, for which connectivity approval is in place and land under acquisition. The commissioning as per the agreement is in Q3 FY 2024.

State-owned NTPC and Indian Oil have signed a memorandum of understanding (MoU) to explore opportunities to supply renewable round-the-clock (RTC) captive power. NTPC and Indian Oil have come together to generate and store renewable energy or other forms of energy, including gas-based power, primarily to cater to Indian Oil refineries or other installations. This initiative by two national energy majors will support the country’s commitment to achieve renewable energy targets and reduce greenhouse gas emissions. NTPC has an installed capacity of ~67 GW.

The Canadian Renewable Energy Association (CanREA) issued an urgent call to Canada’s governments, utilities, regulators, and electricity system operators recommending five priority actions to dramatically accelerate the deployment of wind energy, solar energy, and energy storage technologies to help meet 2050 net-zero targets. CanREA’s 2050 Vision outlines five key tasks and 15 immediate actions required from governments, utilities, regulators, and system operators to enable this pathway to net-zero. The key tasks include decarbonization of the electricity system by 2035, modernization of electricity markets and regulatory structures, diversification and expansion of procurement opportunities, prioritization of efficient use and regional approaches to transmission infrastructure, and implementation of comprehensive strategies to support increased use of decarbonized electricity and green hydrogen. To meet the 2050 targets, Canada needs to increase its wind and solar energy capacity ten-fold in the next 29 years.

Commercial real estate firm CBRE Group and clean electrification company Altus Power will develop an advanced proprietary tool to identify locally sited clean energy opportunities. The tool will help commercial real estate owners and occupiers meet their energy needs while reducing their carbon footprints. The two companies have developed a proprietary application that leverages artificial intelligence to rapidly identify promising rooftops from CBRE’s dataset. Using CBRE’s proprietary algorithms with access to advanced satellite imagery, the application can accurately model building energy demand and potential power generation and identify opportunities where solar energy and battery storage can be deployed to accelerate carbon reduction efforts for owners and occupiers.