Daily News Wrap-Up_ Ola Electric Invests in EV Company, JA Solar supplies 133 MW of modules

Here are some noteworthy cleantech news and announcements of the day from around the world:

EVage, an Indian mobility tech company, announced that it raised strategic investment through the funding round led by Ola-Electric Co-Founder and Senior Advisor Anand Shah. BryAir Director Varun Pahwa and DMI Group Partner Anmol Nair also participated in the funding round. EVage builds commercial EVs and is likely to launch a delivery vehicle for commercial applications in 2020. EVage said that the newly raised fund would be utilized to develop vehicles and deliver initial orders to its consumers.

Risen Energy, a China-based solar manufacturer, signed a contract for the supply of 165 MW of solar PV modules with an Indian renewable energy developer Sprng Energy. Sprng Energy, an Actis group company, has purchased 165 MW of solar PV modules from Risen for the Anantpur solar project that would be supplying power to Andhra Pradesh through NTPC Limited at a competitive price of ₹2.72 (~$0.037)/kWh. The project is a part of Sprng Energy’s expansion plan to install around 2 GW of renewable energy within India.

JA Solar, a China-based solar module manufacturer, said that it had supplied modules for a 133 MW  wind-solar hybrid project in South Korea. In this, a 93 MW solar project has been built on the ground of an existing 40 MW wind project. The entire wind-solar hybrid project is expected to produce 120 GW of electricity annually, which will satisfy the electricity needs of about 30,000 homes and bring revenue of around 30 billion won (~$25.27 million) every year. The 93 MW solar project is expected to reduce 56,000 tons of greenhouse gas emissions annually.

The Energy and Resource Institute (TERI) released a discussion paper called ‘A Fiscally Responsible Green Stimulus’ to revive the Indian economy. TERI said that the green stimulus could be utilized to revive the Indian economy by investing around ₹40 trillion (~$537.86 billion) in various renewable energy projects over the next ten years. TERI has recommended incentivizing cleaner transport as it has the potential of investment of around ₹1.6 trillion ($21.51 billion) annually. It has also suggested enhancing the production of renewable energy from agriculture residue, which has an investment potential of ₹224.7 billion (~$3.02 billion). The organization has recommended various other suggestions like promoting solar generation in rural India and creating domestic manufacturing capacity for solar power and energy storage to revive the economy using minimal government spending.

Saipem, an Italy-based oilfield service company, has signed a Memorandum of Understanding (MoU) with AGNES and QINT’X to develop a wind project in the Adriatic Sea off the coast of Ravenna, Italy. The total capacity power of the project will be around 450 MW, and the project will require the installation of approximately 56 turbines on a fixed foundation on the seabed at two different locations. The company said that the project would be equipped with innovative technologies like floating solar technology based on the proprietary technology of Moss Maritime.

Here is our previous daily news wrap-up.

The headline of the article has been corrected to reflect that Ola Electric’s Co-Founder invested in an EV company