The Department of Expenditure, Ministry of Finance, has earmarked ₹1.43 trillion (~$17.4 billion) as financial incentives in the form of additional borrowing permissions for states undertaking various reforms in the power sector during the financial year (FY) 2023-24. Based on the recommendations of the Ministry of Power, the Ministry of Finance has granted permission for reforms undertaken in FY 2021-22 and FY 2022-23 by 12 state governments. Over the past two financial years, these states have been allowed to raise financial resources amounting to ₹664.13 billion (~$8.1 billion) through additional borrowing permissions.

The Ministry of Power has revised the Biomass Co-Firing Policy to benchmark the prices for biomass pellets utilized in co-firing at thermal power plants. The decision was prompted by the changing market conditions for biomass pellets and numerous requests from stakeholders such as thermal power plants, pellet manufacturers, farmers, bankers, and others. The benchmark price will consider factors like economic viability, impact on electricity rates, and the efficient procurement of pellets by power utilities.

The Ministry of New and Renewable Energy, in a recent office memorandum, has allotted physical targets to the biogas program implementing agencies for establishing small biogas projects under the Biogas Program Phase II for the fiscal year 2023-24. The year’s target is 15,205 biogas plants, with an additional 1,165 sanitary toilets linked to biogas plants. The Ministry has also set targets for 14 new implementing agencies to conduct four training courses during the fiscal year.

The Ministry of Power has established a new platform called Advanced Industrial Technology Demonstration Center for industry stakeholders to demonstrate and exchange knowledge on new energy-efficient technologies in the country. The new center, also called Unnat Takniki Pradarshan Kendra, is expected to promote clean technologies and enhance energy efficiency in the country through knowledge sharing and demonstrations of new technologies.

Epsilon Advanced Materials, an India-based battery materials company, has announced plans to invest $650 million to establish a synthetic graphite anode manufacturing facility in the U.S. with a 50,000 tons per-annum production capacity. Epsilon plans to utilize green technologies to produce high-capacity anode materials at this facility, which would be crucial in powering over 1 million electric vehicles. The company said the proposed synthetic graphite anode processing facility represents the largest Indian investment in the U.S. EV battery industry to date.

Intersect Power, a U.S.-based renewable energy company, has closed an $800 million revolving corporate credit facility to support the development, construction, and operation of its upcoming portfolio of renewable energy, energy storage, and green hydrogen projects. The company’s business plan includes growth in grid-tied renewables and large-scale clean energy assets, including green hydrogen. The company has a base portfolio of 2.2 GW of solar and 1.4 GWh of co-located energy storage under construction or operation.

China’s Ministry of Finance, the State Administration of Taxation, and the Ministry of Industry and Information Technology have jointly announced the continuation of the vehicle purchase tax reduction and exemption policy for new energy vehicles, which include electric vehicles, plug-in hybrids, and fuel cell vehicles, until the end of 2027. The extension is expected to result in a ¥520 billion (~$72 billion) total purchase tax reduction and exemption.

Renantis, an Italy-based energy company, and Ventient Energy, a renewable power company based in the UK, have agreed to merge into a new independent power producer (IPP) with a combined total installed renewables capacity of over 4.2 GW and an extensive 18 GW pipeline. The integration process has commenced, and the companies anticipate operating as a unified entity by 2024. The two renewable energy companies, owned by institutional investors advised by JP Morgan Asset Management, are poised to become one of Europe’s top five onshore wind IPPs with the new company.

After the phenomenal responses in Bengaluru and Mumbai, Mercom India is bringing its C&I Clean Energy Meet 2023 series for its third event to Pune. The event in Pune will be held on June 30, 2023, at Four Points by Sheraton, in collaboration with the Deccan Chamber of Commerce Industries & Agriculture. Chief Guest Sadashiv Survase, Joint Director Industries – Pune, and HP Srivastava, Vice Chairman of DCCIA, will address the inaugural session. Interested entities can register for the event or write to events@mercomindia.com. After Pune, Mercom will host the next C&I Clean Energy Meet in Chennai.