The Rajasthan Investment Promotion Scheme 2024, announced by the state government recently, offers a slew of incentives to boost investments in renewable energy, battery energy storage systems, and green hydrogen. Renewable energy units are eligible for a waiver on Pollution Control Board fees for obtaining Consent to Establish and Consent to Operate certifications. This helps streamline regulatory processes and reduces initial compliance costs for setting up renewable energy projects.

The Bureau of Energy Efficiency has approved ten sectors for the Carbon Credit Trading System, including renewable and non-renewable energy, industries, transport, and carbon capture sectors. According to the recommendations of the National Steering Committee for the Indian Carbon Market, under the energy sector, the carbon offset mechanism will cover projects about energy industries (renewable and non-renewable), distribution, and demand, such as green hydrogen production through electrolysis, renewable energy with storage, offshore wind, green hydrogen production through biomass, and compressed biogas.

Government-owned transmission utility Power Grid Corporation of India has approved the issuance of bonds worth up to ₹50 billion (~$594.7 million) on a private placement basis. The base issue size of the bond issue for the fiscal year 2024-25 is ₹10 billion (~$118.9 million), with an option to raise an additional ₹40 billion (~$475.7 million) through a greenshoe option, bringing the total potential issue size to ₹50 billion (~$594.7 million). These bonds are unsecured, non-convertible, non-cumulative, redeemable, and taxable, with a tenure of ten years. The bonds will be listed on the BSE and NSE.

Gensol Engineering, a solar energy consultancy and EPC solutions provider, has acquired 100% of the equity in three newly incorporated companies to expand its renewable energy business. The company acquired 10,000 equity shares each of Shakti Sangini Energy, Innogrid Energy, and Hari Shakti Energy by investing ₹100,000 (~$1,189.45) each. After the transaction, the companies will become wholly owned subsidiary companies of Gensol Engineering, the company said in a BSE filing. Gensol plans to expand its renewable energy business by acquiring the three companies.

Maharashtra-based pharmaceutical company JB Pharma has said it sourced 12.1% of its energy needs from renewable sources in 2023-24. In its third Sustainability Report, the company said it had expanded its renewable energy use by sourcing power from solar and wind and installing rooftop solar systems. JB Pharma also partnered with power trading solutions provider PTC India to secure a medium-term agreement for renewable hybrid power supply.  The partnership will provide approximately 50% of the contract demand at the company’s Panoli operation, with 4 MW each of solar and wind power.

Mahatma Phule Renewable Energy and Infrastructure Technology has invited bids for 30 MW of distributed grid-connected rooftop solar systems on government buildings in Goa. The last date for submitting bids is November 4, 2024. Bids will be opened the next day. The scope of the work includes design, supply, installation, commissioning, and comprehensive maintenance for five years, including grid connectivity and meter charges. Bidders must pay a non-refundable fee of ₹10,000 (~$118.9) + 18% GST and ₹200,000 (~$2,378).

Clean power generation is expected to surpass global electricity demand growth by 20% between 2023 and 2030, according to the 2024 edition of the World Energy Outlook by the International Energy Agency. This shift is driven largely by investments in renewable energy, with renewable capacity expected to dominate the clean energy landscape during this period. Under current policies and market conditions, the annual global investment in renewables is projected to increase from $680 billion in 2023 to $850 billion by 2030.