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					</table><p>India-based renewable energy project developer <a href="https://renewpower.in/" target="_blank" rel="noopener">ReNew</a> has commissioned its first interstate transmission system (ISTS) project, the Koppal Transmission Program, which aims to facilitate the transmission of 1.5 GW of renewable energy in Karnataka.</p>
<p>Awarded in the financial year 2022, the program encompasses the construction of a new 400/220 kV substation at Koppal, a 276 Ckt Km 400 kV D/C quad moose transmission line, and an extension of the 400 kV GIS Bays at the Powergrid Narendra (New) Substation.</p>
<p>Following the commissioning of the 1,500 MW Koppal Transmission program, the remaining transmission for 3,500 MW is anticipated to be completed by June 2024.</p>
<p>In response to this development, an agreement was recently signed on the second joint investment in the transmission sector with private equity company <a href="https://www.norfund.no/" target="_blank" rel="noopener">Norfund</a> and Norway’s largest pension fund, <a href="https://www.klp.no/en" target="_blank" rel="noopener">KLP</a>.</p>
<p>The investment made by Norfund and KLP in ReNew’s transmission projects aligns with ReNew’s farm-down strategy, allowing for the addition of further capacity. This collaboration is expected to yield synergies in project execution and operations, leveraging ReNew’s in-house capabilities and playing a crucial role in enabling the earlier commissioning of renewable energy projects.</p>
<p>These factors are anticipated to enhance returns and reduce completion timelines, mitigating risks for the company’s core renewable energy development business.</p>
<p>To date, ReNew has secured three transmission projects in Karnataka under ISTS, contributing to the transmission of 5 GW of wind and solar power potential identified in Phase-I for 35 years.</p>
<p>The Central Transmission Utility, a government-owned entity and a wholly-owned subsidiary of PGCIL, will oversee the billing, collection, and disbursement of revenue for these transmission projects.</p>
<p>The recent agreement between these companies to invest in the Gadag Project for a 49% stake represents the second investment in the partnership, with aspirations for additional joint ventures. The expected levelized EBITDA for the Gadag Project is approximately $6.2 million, encompassing the development of substations, transmission lines, and augmentation facilities.</p>
<p>Commercial operations for the Gadag Project are anticipated to commence in two phases – in the last quarter of FY24 and the first quarter of FY25, contributing significantly to India&#8217;s sustainable energy objectives.</p>
<p>Kailash Vaswani, Group CFO of ReNew, highlighted the strategic significance of investments in the transmission sector. He emphasized how such investments synergize with ReNew&#8217;s core renewable energy portfolio by bolstering the certainty of connecting large renewable energy development projects.</p>
<p>Vaswani also underscored the success of capital recycling, wherein ReNew has raised over $500 million in equity over the past two years by divesting stakes in assets.</p>
<p>Through the partnership with ReNew, Norfund aims to contribute to India&#8217;s climate goals by connecting an additional 2.5 GW of planned renewable power to the national grid.</p>
<p>The Ministry of Power <a href="https://www.mercomindia.com/renew-powers-overhead-transmission-lines-rajasthan-approved" target="_blank" rel="noopener">approved</a> a plea from ReNew Dinkar Urja, a special-purpose vehicle of ReNew Power, to set up overhead transmission lines for its 200 MW solar power project in Bikaner, Rajasthan.</p>
<p>In June this year, ReNew Power said it would <a href="https://mercomindia.com/renew-power-acquire-wind-solar-projects/" target="_blank" rel="noopener">acquire</a> 471.65 MW of wind and 56.25 MW of solar assets spread across eight states. The projects were estimated to have a total enterprise value of ₹30 billion ($369 million).</p>
<p>The company <a href="https://mercomindia.com/renew-power-1-1-billion-loan-1-3-gw-round-the-clock-renewable/" target="_blank" rel="noopener">announced</a> $1.1 billion in external commercial borrowing for the company’s hybrid round-the-clock battery-enabled renewable project.</p>


ReNew Commissions ISTS Project to Evacuate 1.5 GW of Renewables in Karnataka


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					</table><p>The <a href="https://www.india.gov.in/" target="_blank" rel="noopener">Indian government</a> has announced an extension of the timeline for the disbursement of loans for ethanol projects in the country up to September 30, 2023, to accommodate the complex application processing and coordination required with multiple agencies.</p>
<p>The government will provide financial assistance to such projects in the form of interest subvention at a rate of 6% per annum or 50% of the interest charged by banks, whichever is lower, for five years, including a one-year moratorium.</p>
<p>Under the Program for Extending Financial Assistance to Sugar Mills for Augmentation of Ethanol Production Capacity, the central government extends soft loans through banks to the mills for setting up new distilleries/ expansion of existing distilleries, and installation of incineration boilers or installation of any method as approved by Central Pollution Control Board for Zero Liquid Discharge.</p>
<p>Recognizing the challenges project proponents face in adhering to the original timeline for loan disbursement, the government said it has decided to extend the deadline for all programs notified during 2018-2021.</p>
<p>The move aims to further support sugar mills in their efforts to enhance ethanol production. The extension is expected to facilitate the setting up of new distilleries, the expansion of existing distilleries, and the installation of eco-friendly technologies for zero liquid discharge.</p>
<p>By boosting ethanol production, the government aims to strengthen the agricultural economy, reduce reliance on imported fossil fuels, save foreign exchange on crude oil imports, and mitigate air pollution.</p>
<p><strong>Expansion of Ethanol Production Capacity</strong></p>
<p>India has witnessed a remarkable increase in ethanol production capacity in recent years. The capacity of molasses-based distilleries has surged from 2.15 billion liters in 2014 to 8.11 billion liters in 2023.</p>
<p>Additionally, grain-based distilleries experienced significant growth, reaching 4.33 billion liters from 2.06 billion liters in 2013. Consequently, the national ethanol production capacity has reached an impressive 12.44 billion liters in 2023.</p>
<p>The government&#8217;s push for ethanol production is driven by the aim to increase the ethanol supply for the Ethanol Blended with Petrol Program, particularly during surplus seasons.</p>
<p>In 2013-14, ethanol supply to Oil Marketing Companies (OMCs) was 380 million liters, with a blending rate of 1.53%. However, by 2020-21, the production and supply of fuel-grade ethanol to OMCs had increased by eight-fold.</p>
<p>India achieved a historic milestone in the Ethanol Supply Year (ESY) 2020-21, with a production of 4.08 billion liters of ethanol and a blending rate of 10.02%.</p>
<p>In the subsequent ESY 2022-23, recorded blending reached 11.70%, with 3.1 billion liters blended as of 11th June 2023. The target for the current ESY 2021-22 is set at 12% blending.</p>
<p>To achieve the ambitious goal of 20% blending by 2025, expanding the ethanol production capacity to 17 billion liters is crucial.</p>
<p>In June 2022, the Ministry Of Petroleum And Natural Gas (MoP&amp;NG) <a href="https://www.mercomindia.com/oil-companies-to-sell-petrol-with-20-ethanol-from-april-2023" target="_blank" rel="noopener">notified</a> that oil companies would sell ethanol-blended petrol with a percentage of ethanol up to 20% from April 1, 2023.</p>
<p>Earlier, Bharat Petroleum Corporation, Indian Oil Corporation, and Hindustan Petroleum Corporation <a href="https://www.mercomindia.com/daily-news-wrap-up-oil-companies-sign-agreement-petrol-program" target="_blank" rel="noopener">entered</a> into a long-term purchase agreement for upcoming dedicated ethanol plants across India.</p>


Government Extends Loan Disbursement Timeline for Ethanol Projects

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