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					</table><p>The <a href="https://www.worldbank.org/en/home" target="_blank" rel="noopener">World Bank Group</a>’s Board of Executive Directors has approved $1.5 billion in financing to accelerate the development of low-carbon energy in India by scaling-up green hydrogen projects and promoting climate finance for clean energy investments.</p>
<p>The funding operation titled First Low-Carbon Energy Programmatic Development Policy Operation is the first in the series of investments by the World Bank to support India’s energy transition through 2070.</p>
<p>The operation is expected to help stimulate private financing and other support by addressing viability funding gaps, reducing off-taker risks, boosting grid integration of renewables, and stimulating demand for renewable energy.</p>
<p>While India’s per capita energy consumption is one-third of the global average, the rapid economic scaling across sectors is expected to fuel the demand for energy in the coming years.</p>
<p>According to the World Bank, the development and deployment of green hydrogen would act as a catalyst for India’s industrial sector, which is the primary driver of such increasing demand, given the future levels of greenhouse gas emissions, which would peak with the expansion of the industries.</p>
<p>Auguste Tano Kouame, World Bank Country Director for India, said, “The program will support the successful implementation of the National Green Hydrogen Mission that aims to stimulate $100 billion in private sector investment by 2030.”</p>
<p>The operation also aligns with the Bank’s Hydrogen for Development (H4D) Partnership launched at CoP27.</p>
<p>The Ministry of New and Renewable Energy has also <a href="https://www.mercomindia.com/ministry-175-billion-program-green-hydrogen" target="_blank" rel="noopener">released</a> a framework document outlining incentive programs for the manufacturing of electrolyzers and the production of green hydrogen within the country, with a combined financial outlay of ₹174.9 billion (~$2.1 billion).</p>
<p>The program aims to scale up renewable energy supply, thereby reducing costs and improving grid integration in India.</p>
<p>The World Bank acknowledged the importance of a national carbon market to provide a level playing field for low-carbon energy when competing again fossil fuel investments.</p>
<p>The program would support policies to launch a national carbon market in India.</p>
<p>It would also support policy actions for the issuance of $6 billion in sovereign green bonds by 2026.</p>
<p>The funding of $1.5 billion includes $1.44 billion provided by the International Bank for Reconstruction and Development. It is facilitated by a backstop of $1 billion provided by the United Kingdom to boost the climate change financing extended to India.</p>
<p>A credit of $56.57 million is also being provided from the International Development Association (IDA), which is from a recommitment of canceled IDA credit balances.</p>
<p>The World Bank recently <a href="https://www.mercomindia.com/world-bank-loans-himachal-pradesh-renewables" target="_blank" rel="noopener">approved</a> a loan of $200 million to the Government of Himachal Pradesh to help the Indian state achieve its target of adding 10 GW of additional renewable energy capacity and introducing new reforms in its power sector.</p>


World Bank’s $1.5 Billion Loan to Support India’s Low-Carbon Energy Transition


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					</table><p><strong>A group of cleantech companies have formed the Carbon Association of India, a strategic alliance to transform India’s carbon market. </strong>The alliance aims to take climate-centric initiatives to empower India’s journey to a net-zero economy and achieve the climate goals per the Paris Climate Accord and India’s commitment at COP26. The cleantech firms which are part of the alliance are <u><a href="https://enkingint.org/" target="_blank" rel="noopener">Enking International</a>, </u> Ayana Renewable Power, ACME Solar, Azure Power, Macquarie Group, MPCON (a government company), IB Vogt Solar India, Hero Future Energies, Gangadhar Narsinghdas Agrawal, Virescent Renewable Energy Trust, GNA Axles, Sekura Energy, Virescent Infra (KKR), Torrent Power and designated operational entities such as KBS and VKU Certifications.</p>
<p><strong>NTPC and Siemens </strong><a href="https://pib.gov.in/PressReleasePage.aspx?PRID=1867173" target="_blank" rel="noopener"><strong>signed</strong></a><strong> a memorandum of understanding to demonstrate the feasibility of hydrogen co-firing blended with natural gas in Siemens V94.2 gas turbines</strong> installed at the NTPC Faridabad gas power plant. The total installed capacity of the Faridabad gas power plant is 432 MW, with two V94.2 gas turbines operating in combined cycle mode. The two companies will collaborate to study the feasibility of introducing hydrogen co-firing in the Faridabad gas power plant. Based on the feasibility studies, a pilot project for 5% hydrogen co-firing may be implemented to demonstrate the capability, and NTPC will arrange the hydrogen required for the project. As a part of this initiative, NTPC will explore new hydrogen generation technologies and usage to ensure future readiness, develop the required capabilities and technical expertise, and align with the national decarbonizing and hydrogen mission targets.</p>
<p><strong>Tata Motors and Tata Power </strong><a href="https://www.tatamotors.com/press/tata-motors-partners-with-tata-power-to-develop-a-7-mw-solar-project-at-its-pantnagar-manufacturing-facility/" target="_blank" rel="noopener"><strong>entered</strong></a><strong> into a power purchase agreement for a 7 MW captive solar power project at its Pantnagar plant in Uttarakhand</strong>. This installation is expected to generate 215 million units of electricity, potentially mitigating over 170,000 tons of carbon emissions. This is equivalent to planting over 272,000 teak trees over a lifetime. Tata Power is working closely with Tata Motors on installing solar rooftop projects at some of their plants in India.  Tata Power has installed 45 MW of solar rooftops across Tata Motors’ plants in Pune, Pantnagar, Jamshedpur, and Dharwad. Tata Motors generated 92.39 million kWh of renewable electricity for its manufacturing operations, which is 19.4% of its total power consumption.</p>
<p><strong>Adani Green Energy </strong><a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/0dd787c6-b701-46c1-b1ed-37834a527bd3.pdf" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that its wholly-owned subsidiary, Adani Renewable Energy Holding Four, has incorporated two new subsidiaries</strong>— Adani Renewable Energy Forty-Four and Adani Renewable Energy Forty-Eight. The subsidiaries will generate, develop, transform, distribute, transmit, sell, and supply energy using wind, solar, or other renewable energy sources. Adani Renewable Energy Holding Four incorporated two new subsidiaries with an authorized and paid-up capital of ₹100,000 (~$1,215) each. The aggregate acquisition cost is ₹100,000 (~$1,215) for each new subsidiary.</p>
<p><strong>Tata Power Trading Company (</strong><a href="https://tatapowertrading.com/" target="_blank" rel="noopener"><strong>TPTCL</strong></a><strong>) and 75F Smart Innovations signed an agreement to jointly promote building automation and energy-efficiency solutions in the commercial building space.</strong> TPTCL and 75F will jointly offer heating, ventilation, and air conditioning optimization solutions and smart building automation. TPTCL holds a Category-I Trading License and is engaged in the business of energy sourcing, trading, and energy efficiency services. 75F Smart Innovations provides a full-stack, Inter of Things (IoT)-based building management system that includes sensors, zone controllers, master controllers, an integrated building intelligence solution, and sophisticated portfolio analytics.</p>
<p><strong>REC Power Development and Consultancy (</strong><a href="https://www.recpdcl.in/" target="_blank" rel="noopener"><strong>RECPDCL</strong></a><strong>) handed over the project-specific special-purpose vehicle formed to construct the transmission project to Power Grid Corporation. </strong>Power Grid was the successful bidder of the inter-state transmission project, and RECPDCL was the bid process coordinator. The work involves the establishment of a 2 X 500 MVA interconnecting transformer at the Banka substation, along with associated works. Power Grid will also undertake the upgradation of the Namsai substation and associated works, including around 77 KM of 220 kV double circuit transmission lines. The project will be implemented over 36 months.</p>
<p><strong>ACWA Power and Korea Electric Power Corporation (KEPCO) </strong><a href="https://www.acwapower.com/news/acwa-power-and-south-koreas-kepco-set-to-explore-industrial-scale-green-hydrogenammonia-production-intended-for-utilisation-in-kepcos-power-plants-in-south-korea/" target="_blank" rel="noopener"><strong>signed</strong></a><strong> a memorandum of understanding to develop green hydrogen</strong> and green ammonia projects in the Middle East and other agreed geographies to decarbonize KEPCO’s operations in South Korea.  The company intends to utilize the end product to operate its power plants in South Korea on the proviso that KEPCO’s generation companies offtake the green ammonia from the potential project. This is the first agreement of its kind between ACWA Power and KEPCO, though both companies have been joint investors in projects like Rabigh 1 independent power plant in Saudi Arabia for nearly a decade. The NEOM Green Hydrogen Company, a joint venture with ACWA Power, NEOM, and Air Products, is developing the world’s largest green hydrogen project in Saudi Arabia. When commissioned in 2026, it will produce up to 650 tons per day of green hydrogen.</p>
<p><strong>Solar energy company </strong><a href="https://www.recgroup.com/en" target="_blank" rel="noopener"><strong>REC Group</strong></a><strong> signed a major manufacturing equipment supply agreement with Maxwell Technologies wherein Maxwell will supply of equipment for REC’s latest heterojunction</strong> technology (HJT) innovation. This supply agreement follows the acquisition of REC last December by Reliance Industries. Over the past two and a half years, the two companies have expanded their collaboration on HJT cell and module equipment.</p>


Daily News Wrap-Up: Cleantech Firms Form Alliance to Transform India’s Carbon Market

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