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Himachal Regulator Allows DISCOM to Procure 550 MW Solar Power from SECI

Agri-Solar Solutions Provider GK Energy Files Papers for ₹5.01 Billion IPO

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					</table><a href="https://www.mercomindia.com/reliance-to-start-solar-module-production" target="_blank" rel="noopener">Reliance Industries will commence the production of solar photovoltaic modules at its </a><a href="https://www.mercomindia.com/reliance-to-start-solar-module-production" target="_blank" rel="noopener">giga-factory in Gujarat by the end of 2024.</a> The first phase of its integrated solar production facilities includes modules, cells, glass, wafer, ingot, and polysilicon with an annual capacity of 10 GW. The giga-factory is designed for modular expansion, and the capacity can be increased to 20 GW at minimum cost and time. “We have fully integrated and indigenized the HJT technology from REC Singapore, our wholly owned subsidiary, to develop 1 Gen bifacial solar panels with cell efficiency exceeding 26%,” Reliance Industries Chairman Mukesh Ambani told the company’s shareholders.
<a href="https://www.mercomindia.com/solar-module-manufacturer-premier-energies-ipo-oversubscribed" target="_blank" rel="noopener">Telangana-based solar cell and module manufacturer and EPC solutions provider Premier Energies‘ ₹28.30 billion (~$337.4 million) initial public offering</a> of shares received an overwhelming response from various investor categories, with the issue subscribed over 74 times. The Qualified Institutional Buyers quota was subscribed over 216 times, while the quota for non-institutional investors was subscribed nearly 50 times. The retail individual investors category was subscribed 7.25 times. The price band of the IPO was fixed between ₹427 (~$5.09) and ₹450 (~$5.37) per share.
<a href="https://www.mercomindia.com/tn-textile-units-with-captive-solar-projects-decry-almm-module-order" target="_blank" rel="noopener">Textile units in Tamil Nadu with solar projects for captive consumption have opposed a directive by Tamil Nadu Green Energy Corporation</a> to use only solar modules included in the Approved List of Models and Manufacturers (ALMM). The Tamil Nadu Spinning Mills Association has written to the Ministry of New and Renewable Energy urging the withdrawal of the directive. It has threatened legal action if the demand is not met. The Non-Conventional Energy Sources wing under Tamil Nadu Generation and Distribution Corporation recently mandated the use of only ALMM-approved solar modules in the solar projects to be commissioned and grid tie-up approval to be granted after due verification.
<a href="https://www.mercomindia.com/maharashtra-cabinet-sanctions-%E2%82%B9100-billion-for-solar-projects" target="_blank" rel="noopener">The Maharashtra cabinet has approved a budget of over ₹100 billion (~$1.2 billion) for the CM’s Solar Agriculture Feeder Program 2.0.</a> The program aims to provide a 24-hour reliable electricity supply to agricultural pumps across the state. It will increase solar energy capacity to 16,000 MW, with 9,000 MW allocated to solar projects and 7,000 MW decentralized solar capacity by 2025. The state government, following the center’s model of financial assistance, will also provide 30% financial assistance for solar power generation capacity from 2024-25 to 2026-27, amounting to ₹100.41 billion (~$11.97 million). This includes ₹62.79 billion (~$748.57 million) for 2025-26 and ₹37.62 billion (~$448.47 million) for 2026-27.
<a href="https://www.mercomindia.com/pgcil-bags-bhadla-transmission-project" target="_blank" rel="noopener">REC Power Development and Consultancy Limited has handed over Bhadla-III Power Transmission</a> to Power Grid Corporation of India at a cost of ₹64.2 million (~$765,151). The project involves developing an additional 20 GW transmission system to evacuate power from Bhadla-III PS as part of the Rajasthan Renewable Energy Zone Phase-III on a build, own, operate, and transfer basis. The project covers the augmentation of Bhadla-III PS with 765/400 kV, 2×1500 MVA, and 400/220 kV, 2×500 MVA Interconnecting Transformers and associated works.
<a href="https://www.mercomindia.com/nfr-invites-bids-for-2-93-mw-rooftop-solar-project" target="_blank" rel="noopener">The Northeast Frontier Railway has floated a tender to set up grid-connected rooftop solar projects with a cumulative capacity of 2.93 MW</a> at 42 stations, service buildings, and 204 level crossings in the Rangiya railway division in Assam. The last date to submit the bids is September 27, 2024. Bids will be opened on the same day. The tender has an advertised value of ₹132.90 million (~$1.58 million). Bidders must submit an earnest money deposit of ₹814,500 (~$9,712). The project must be completed within six months.
<a href="https://www.mercomindia.com/meyer-burger-drops-colorado-cell-manufacturing-plans" target="_blank" rel="noopener">Meyer Burger Technology, a Europe-based solar cell and module manufacturer, has announced a strategic shift in its operations</a>, focusing on its solar module production facility in Goodyear, Arizona, while halting plans for a new solar cell manufacturing plant in Colorado Springs, Colorado. The decision is part of a broader restructuring effort to achieve sustainable profitability. The company has deemed the construction of a solar cell production facility in Colorado Springs financially unviable, leading to the project’s discontinuation. This move also halts the planned collaboration with a U.S. technology group. Meyer Burger is concentrating on ramping up its 1.4 GW nominal module production capacity at the Goodyear, Arizona plant.
<a href="https://www.mercomindia.com/germany-invites-bids-for-258-mw-rooftop-solar-systems" target="_blank" rel="noopener">Germany’s Federal Network Agency (Bundesnetzagentur) has invited bids for 258 MW of rooftop solar photovoltaic systems.</a> The last date to submit the bids is October 1, 2024. The tender follows a ‘pay as bid’ bidding procedure. The maximum value is €0.105 (~$0.12)/kWh. If the bid value surpasses the maximum value, the bid will be excluded from the award procedure. Bidders must comply with the format specifications issued by the agency under the Renewable Energy Act. Any unused cash deposits of project security, overpaid fees, and other payments received for this procedure will be released immediately after the results of this bidding date have been published.

Daily News Wrap-Up: Reliance to Start Solar Giga-factory by 2024-End

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					</table>The Solar Energy Corporation of India’s (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>) tenders to set up 450,000 metric tons (MT)/annum production facilities for green hydrogen and 1.5 GW of electrolyzer manufacturing capacities across India has received an overwhelming response from industry majors in the country, according to Mercom sources.
The tenders for <a href="https://www.mercomindia.com/seci-bids-450000-mta-green-hydrogen-facilities" target="_blank" rel="noopener">green hydrogen</a> and <a href="https://www.mercomindia.com/seci-rfs-1-5-gw-electrolyzer-manufacturing" target="_blank" rel="noopener">electrolyzer</a> manufacturing were issued in July this year under the Ministry of New and Renewable Energy’s (<a href="https://mnre.gov.in/" target="_blank" rel="noopener">MNRE</a>) Tranche-I of the Strategic Interventions for Green Hydrogen Transition (SIGHT) program.
Major bidders for the green hydrogen projects include BHEL, Torrent Power, Hygenco, JSW Neo Energy, CESC Projects, ACME Cleantech Solutions, Sembcorp, Greenko Group, and GH4 India (a joint venture of Indian Oil Corporation, L&amp;T and ReNew).
For the electrolyzer manufacturing capacity, the top bidders include NuTech, Green H2 Network India, Hygenco, Matrix Gas and Renewable (Gensol), C Doctor and Co., Larsen and Toubro Electrolyzers and Adani New Industries.
Under the Green Hydrogen tender, the selected bidder is expected to set up production facilities in thousand metric tons (TMT) scale for green hydrogen production and its derivates. Bidders can opt for either Bucket I &#8211; Technology Agnostic Pathways bucket or Bucket II &#8211; Biomass-based Pathways bucket. The total capacity under Bucket-I is 410,000 MT/annum of green hydrogen, and the total capacity under Bucket-II is 40,000 MT/annum.
The projects must be commissioned within 30 months of receiving the letter of award.
For the electrolyzer manufacturing tender, companies have submitted bids under two buckets &#8211; i) Electrolyzer manufacturing capacity based on any stack technology (1200 MW) and (ii) Electrolyzer manufacturing capacity based on indigenously developed stack technology (300 MW).
The selected bidder must set up the manufacturing facilities within 24 months of receiving the letter of award.
The guaranteed life of electrolyzers must be at least 60,000 hours.
Another large conglomerate is said to be seeking an extension to participate in the tender.
At a recent meeting with industry stakeholders, the Central Electricity Authority <a href="https://www.mercomindia.com/cea-begins-planning-for-green-hydrogen-plants" target="_blank" rel="noopener">said</a> it has begun planning to install transmission infrastructure to cater to the power demands of upcoming green hydrogen and green ammonia plants across seven coastal states and three inland states in consultation with the Central Transmission Utility.
In October this year, the MNRE <a href="https://www.mercomindia.com/mnre-%e2%82%b94-billion-roadmap-national-green-hydrogen-mission" target="_blank" rel="noopener">unveiled</a> a ₹4 billion (~$48.12 million) Research and Development Roadmap for the National Green Hydrogen Mission, seeking to develop an ecosystem that can help commercialize green hydrogen.

Adani, BHEL, JSW, L&T Among Bidders for Green Hydrogen, Electrolyzer Manufacturing

The Central Electricity Regulatory Commission (<a href="https://cercind.gov.in/" target="_blank" rel="noopener">CERC</a>) has directed the Central Transmission Utility of India Limited (CTU) to grant a transmission line to supply 500 MW of renewable energy-based power to Reliance Industries (<a href="http://www.ril.com/" target="_blank" rel="noopener">RIL</a>) Jamnagar refinery.
The power line to the refinery will be drawn from the 400/220 kV Jam Khambhaliya (GIS) power station, connected with solar and wind power projects in Gujarat.
Background
RIL applied CTU for connectivity to the inter-state transmission system (ISTS) to supply 500 MW of renewable energy-based power to its oil refinery located at Jamnagar, Gujarat. It claimed the refinery has been operating in island mode from the local grid for 20 years.
RIL had applied for connectivity to ISTS as a bulk consumer. Regulation 2(c) of the Connectivity Regulations recognizes a bulk consumer as a consumer with a load of 100 MW or above. Since renewable power requirement through open access is 500 MW, RIL qualifies as a bulk consumer.
The proposed connectivity with ISTS will have 400 kV d/c overhead lines for supplying 500 MW of renewable power. To facilitate this supply, RIL will establish a 2X250 MVA, 400/220 kV sub-station at their end, inter-connected with RIL’s 220 kV network at its four locations through underground cables.
The company argued that since connectivity with the grid is the pre-requisite for availing of open access, connectivity cannot be denied because of the absence of any provision in the Connectivity Regulations. It claimed the right to seek connectivity with the transmission system is implicit within the purview of Section 38 of the Electricity Act.
However, the CTU said there was no provision in the 2009 Connectivity Regulations regarding constructing the interconnecting line by a bulk consumer. It contended that RIL had already agreed to bear the cost of the interconnecting line.
In October 2021, CERC had <a href="https://mercomindia.com/transmission-line-reliance-refinery/" target="_blank" rel="noopener">asked</a> for stakeholder comments regarding the transmission line to RIL’s Jamnagar refinery. The Commission maintained that a transmission licensee should construct the line. The Commission had said that the transmission charges could be recovered bilaterally and not be included in the point of the connection pool.
CTU had convened a meeting on October 15, 2021, with representatives of the Central Electricity Authority, Western Regional Load Despatch Centre, Gujarat Energy Transmission Corporation, and RIL. The meeting concluded with two options to implement the dedicated transmission line.
As one of the options, RIL could establish a special purpose vehicle (SPV) to implement the interconnecting line and obtain a transmission license. The transmission line would, in this case, be owned by the SPV, and billing would be done bilaterally by the SPV to RIL based on a trilateral agreement between the SPV, RIL, and CTU.
The second option suggested was implementing the interconnecting line by POWERGRID on a nomination basis. In this case, the connectivity line would be owned by POWERGRID, and billing would be done bilaterally by POWERGRID based on a trilateral agreement between the SPV, RIL, and CTU.
CTUIL found the estimated cost of the transmission line to connect the refinery to ISTS to be ₹1.14 billion (~$15.33 million).
Commission’s analysis
The Commission noted that RIL favored the second option, where POWERGRID would implement the interconnecting line on a nomination basis.
The central regulator ruled that RIL could approach any other licensee to implement the transmission line as POWERGRID did not attend the meeting convened by CTU.
It also noted that the payment security and other modalities would be dealt with bilaterally between RIL and POWERGRID or other licensees, as the case may be.
The Commission directed that metering and accounting must be done at the ISTS interface point at Jam Khambaliya ISTS sub-station since transmission losses for the transmission system to be constructed would be borne by RIL.
In May last year, CERC <a href="https://mercomindia.com/cerc-guidelines-transmission-solar-wind/" target="_blank" rel="noopener">issued</a> new guidelines for ISTS charges and losses. The guidelines shed light on the nodal agencies’ responsibilities and calculation of ISTS charges and losses for solar and wind projects.
Subscribe to Mercom’s real-time <a href="https://mercomindia.com/product/mercoms-renewable-energy-regulatory-updates/" target="_blank" rel="noopener">Regulatory Updates</a> to ensure you don’t miss any critical updates from the renewable industry.

Transmission Line to Supply 500 MW of Renewable Energy to Reliance Refinery Approved

Reliance Industries (<a href="https://www.ril.com/" target="_blank" rel="noopener">RIL</a>) has availed $736 million equivalent green loans from five banks to fund its acquisition of Norway-headquartered solar cells, modules, and polysilicon manufacturer REC Solar Holdings.
The five lending banks were ANZ, Credit Agricole, DBS Bank, HSBC, and MUFG. The financing comprises a $250 million six-year term loan, a $150 million working capital facility, and a $336 million five-year bank guarantee facility.
International law firm Milbank advised the lenders concerning the green loan to finance Reliance’s acquisition of REC Solar.
Reliance New Energy Solar, a wholly-owned RIL subsidiary, <a href="https://mercomindia.com/reliance-acquires-rec-solar-holding/" target="_blank" rel="noopener">acquired</a> REC Solar Holdings from China National Bluestar Group for $771 million in October 2021.
Commenting on the transaction, Milbank’s Global Project, Energy &amp; Infrastructure Finance partner John Dewar said, “The green loan financing represents the first green financing entered into by Reliance Industries and a significant green financing for Milbank as we head towards the end of the year.”
REC has regional hubs in North America, Europe, Australia, and Asia-Pacific. The company has three manufacturing facilities, two in Norway for solar-grade polysilicon production and one in Singapore manufacturing solar cells and modules.
The acquisition of REC Solar adds significant solar capacity for Reliance. Solar developers and module manufacturers <a href="https://mercomindia.com/reliances-rec-acquisition-reduce-dependence-imports/" target="_blank" rel="noopener">believe</a> Reliance Group’s recent solar acquisitions will help India provide an alternative to Chinese products. The transaction also accelerates Reliance’s expansion in Australia, Europe, the United States, and more widely in Asia.
In India, RIL plans to use REC’s technology at Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres in Jamnagar. Initially, the complex will begin with a 4GW per year capacity and eventually grow to 10GW annually. Reliance will <a href="https://mercomindia.com/reliance-foray-into-solar-battery/" target="_blank" rel="noopener">invest</a> ₹750 billion (~$10 billion) in the Jamnagar facility to build an integrated solar PV, advanced energy storage battery, green hydrogen, and fuel cell manufacturing units.
RIL is expected to support REC’s expansion plans, including 2-3 GW cells and modules capacity in Singapore. In addition, a new 2 GW cells and module facility in France and a 1 GW module manufacturing facility in the US.

Five Banks Facilitate Green Loan to Fund Reliance’ REC Solar Acquisition

The Central Electricity Regulatory Commission (<a href="https://cercind.gov.in/" target="_blank" rel="noopener">CERC</a>) has asked for stakeholder consultation regarding a transmission line to supply an additional 500 MW of renewable energy-based power to Reliance Industries (<a href="http://www.ril.com/" target="_blank" rel="noopener">RIL</a>) Jamnagar refinery. The power line to the refinery is proposed to be drawn from the Jam Khambaliya pooling station, connected with solar and wind power projects in Gujarat.
Background
Reliance Industries claimed that as per the directions of the CERC, Central Transmission Utility (CTU) had conducted a study on the 2009 Connectivity Regulations. The CTU had submitted an affidavit stating that Reliance could procure power for its oil refinery at Jamnagar from the 400/220 kV Jam Khambhaliya (GIS) power station.
However, the CTU said that there is no provision in the 2009 Connectivity Regulations regarding constructing the interconnecting line by a bulk consumer. It was further stated that Reliance has already agreed to bear the cost of the said interconnecting line. According to the CTU, CERC may decide on the modalities of construction of the said line. The respondent said this would also set a precedent for all such future cases.
According to Reliance, it shall be the long-term user of the transmission line and not the owner of the line.
Commission analysis
The Commission observed that there is no need to augment the inter-state transmission system (ISTS) per the report submitted by the CTU. The Commission maintains that the existing system is sufficient to carry the additional 500 MW of power. The Commission suggested that either the transmission or distribution licensee construct the interconnecting line from Reliance’s refinery to the Jam khambaliya power station.
The Commission stated that the application for connectivity may be accepted and that Reliance and the CTU may decide the modalities of implementation of the interconnecting line. The Commission directed the respondent to consult with stakeholders on the construction and ownership of the transmission line and how the transmission charges will be billed.
The Commission maintains that a transmission licensee should construct the line. According to the Commission, the transmission charges can be recovered bilaterally and not be included in the point of connection pool.
The Commission directed the respondent to consult the stakeholders and submit a report by November 12, 2021.
The Commission reserved the order in the matter.
In May last year, CERC <a href="https://mercomindia.com/cerc-guidelines-transmission-solar-wind/" target="_blank" rel="noopener">issued</a> new guidelines for ISTS charges and losses. The guidelines shed light on the nodal agencies’ responsibilities and calculation of ISTS charges and losses for solar and wind projects.
Subscribe to Mercom’s real-time <a href="https://mercomindia.com/product/mercoms-renewable-energy-regulatory-updates/" target="_blank" rel="noopener">Regulatory Updates</a> to ensure you don’t miss any critical updates from the renewable industry.

Transmission Line Proposed to Supply 500 MW of Renewable Energy to Reliance Refinery

The Adani Group will invest $20 billion in renewable energy generation and component manufacturing over the next ten years and produce the world&#8217;s cheapest green electron, its Chairman Gautam Adani has said.
Adani Group&#8217;s plans include tripling its renewable power generation capacity over the next four years, green hydrogen production, powering all data centers with renewable energy, and turning its ports into net carbon zero by 2025. It plans to spend over 75% of capital expenditure until 2025 on green technologies.
Speaking at the JP Morgan India Investor Summit, the Adani Group said, &#8220;Our integrated value chain, our scale, and experience puts us on the path to be the producer of the least expensive green electron anywhere in the world.&#8221;
&#8220;Our actions clearly indicate that we are putting our money where our mouth is. Over 75% of our planned capex until 2025 will be in green technologies. Today, the green business has 43% of its earnings before interest, tax, depreciation, and amortization (EBITDA) from utilities. We will triple our renewable power generation capacity over the next four years – from 21% now to a high of 63%; no company is building at this scale,&#8221; he said.
The Adani Group chief said that over $20 billion would be invested across renewable energy generation, component manufacturing, and transmission and distribution over the next ten years. &#8220;We will be the first port business ahead of its target to get to net-zero by 2025. This business has committed to a 1.5-degree pathway through a science-based targets initiative. We will be the first Indian data center company to power all its data centers with renewable energy by 2030.&#8221;
Adani&#8217;s announcement came weeks after Reliance Industries (<a href="http://www.ril.com/" target="_blank" rel="noopener">RIL</a>) Chairman Mukesh Ambani declared that RIL would <a href="https://mercomindia.com/reliance-foray-into-solar-battery/" target="_blank" rel="noopener">invest</a> ₹750 billion (~$10 billion) in the green energy space. RIL proposes to build an integrated solar photovoltaic factory, advanced energy storage battery manufacturing unit, and fuel cell facility in Gujarat.
The Adani group currently has 4,920 MW of operational renewable energy generation capacity and another 5,124 MW under execution. It has a confirmed pipeline of 9,750 MW and another 4,500 MW, likely to win contracts.
According to Mercom Capital Group, Adani Green Energy <a href="https://mercomcapital.com/product/top-10-leading-global-large-scale-solar-pv-developers-report/" target="_blank" rel="noopener">tops</a> the ten leading global large-scale solar photovoltaic (PV) developers.
<a href="https://www.adanisolar.com/" target="_blank" rel="noopener">Adani Solar</a> led the way in terms of large-scale solar in 2020, with projects commissioned in Gujarat, Rajasthan, and Uttar Pradesh, <a href="https://mercomindia.com/adani-hero-future-energies-sb-energy/" target="_blank" rel="noopener">accounting</a> for 13% of the total installations in 2020, according to Mercom&#8217;s recently released report <a href="https://mercomindia.com/product/mercom-india-solar-market-leaderboard-2021-market-shares-profiles/" target="_blank" rel="noopener">India Solar Market Leaderboard 2021</a>.
Adani was also third among the top module suppliers to the Indian solar market in 2020, with 9% of the market share.
Gautam Adani said, &#8220;We are already the world&#8217;s largest solar power player when we account for our generating, under construction, and contracted projects. We have done this in just two years. Our renewables portfolio has reached our initial target of 25 GW &#8211; a full four years ahead of schedule, putting us well on track to be the world&#8217;s largest renewable power generating company by 2030. This also opens up several new pathways for us, including setting us up to be one of the largest green hydrogen producers in the world.&#8221;

Adani Group to Invest $20 Billion in Renewable Energy, Foray into Green Hydrogen

Reliance Industries (<a href="http://www.ril.com/" target="_blank" rel="noopener">RIL</a>) will invest ₹750 billion (~$10 billion) to build an integrated solar photovoltaic (PV) factory, advanced energy storage battery manufacturing unit, green hydrogen, and fuel cell facility in Gujarat&#8217;s Jamnagar. The plans were announced by the Chairman, Managing Director, and largest shareholder of RIL, Mukesh Ambani, during the 44th Annual General Meeting of the shareholders.
Ambani informed his shareholders that RIL has started developing the Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres of land in Jamnagar. The project is slated to be amongst the largest such integrated renewable energy manufacturing facilities globally.
RIL has plans to build four factories of gigawatt-scale that will manufacture and fully integrate critical components of the &#8216;new energy&#8217; ecosystem.
One of them would be an integrated solar PV module factory. The first integrated solar PV gigawatt factory will start with converting raw silica to polysilicon, which we will then convert to ingot and wafers. These wafers would be used to make high-efficiency solar cells and finally assembled into high-efficiency solar modules.
The second set-up is meant for housing an advanced energy storage battery factory. RIL is exploring new and advanced electrochemical technologies that can be used for such large-scale grid batteries to store energy. The company plans to collaborate with global leaders in battery technology to achieve the highest reliability for round-the-clock power availability through a combination of generation, storage, and grid connectivity.
The third unit – an electrolyzer factory – would be used to produce green hydrogen. According to the company, green hydrogen is a unique energy vector that can enable deep decarbonization of many sectors such as transportation, industry, and power. One of the most common methods of generating green hydrogen is by electrolysis of pure water through electrolyzers. RIL will set up an electrolyzer gigawatt factory to manufacture modular electrolyzers of the highest efficiency and lowest capital cost. These can be used for captive production of green hydrogen for domestic use and global sale.
The fourth facility – a fuel cell factory – would convert hydrogen into motive and stationary power. &#8220;In the new era, fuel cells will progressively replace internal combustion engines. Fuel cell engines can power automobiles, trucks, and buses. They can also be used in stationary applications for powering data centers, telecom towers, emergency generators, and microgrids and industrial equipment,&#8221; Ambani said.
RIL would invest the amounts in these initiatives over the next three years to realize an end-to-end renewable energy ecosystem.
The Jamnagar complex will provide infrastructure and utilities to manufacture ancillary material and equipment needed to support these gigawatt factories to ensure all critical materials are available in time. RIL will also lend support to independent manufacturers with the right capabilities to be part of the ecosystem.
&#8220;RIL would invest an additional ₹150 billion (~$2.02 billion) in the renewables value chain, partnerships, and future technologies, including upstream and downstream industries. &#8220;Our overall initial investment from our internal resources in the new energy business will be ₹750 billion (~$10.11 billion) in three years,&#8221; Ambani added.
RIL also has plans to build two additional divisions.
The &#8216;Renewable Energy Project Management and Construction Division&#8217; will provide gigawatt-scale end-to-end solutions for large renewable plants across the world. It will enable and partner with thousands of green micro, small and medium enterprise entrepreneurs, who can deploy kilowatt to megawatt-scale solutions in agriculture, industry, residences, and transportation.
The Renewable Energy Project Finance Division will provide financial solutions to the stakeholders providing a platform to source long-term global capital for green investments at attractive terms.
Ambani said, &#8220;We will seek support from our relationship banks and global green funds for this purpose. Simultaneously, we will also facilitate a platform to provide financing for the entire ecosystem of small businesses and entrepreneurs who invest alongside us.&#8221;
In 2017, the Indian Renewable Energy Development Agency (IREDA) <a href="https://mercomindia.com/reliance-money-secures-loan-from-ireda/" target="_blank" rel="noopener">provided</a> a loan to the tune of ₹3 billion (~$45.7 million) to Reliance Money, a brand by Reliance Commercial Finance Limited, a subsidiary of Reliance Capital Limited- part of the Anil Dhirubhai Ambani Group (<a href="http://www.relianceada.com/" target="_blank" rel="noopener">ADAG</a>) &#8211; for renewable energy and energy efficiency projects. To date, Reliance Commercial Finance Limited has financed or co-financed renewable energy projects of more than 1,800 MW, including both wind and solar energy projects, according to the company.
The previous renewable energy investment of RIL was the <a href="https://mercomindia.com/reliance-buys-88-percent-stake-kanoda/" target="_blank" rel="noopener">acquisition</a> of Kanoda Energy Systems a company with a presence in the fields of solar advisory, product design, and technology validation, engineering, procurement &amp; construction, and operation &amp; maintenance (O&amp;M) of solar projects.
With the <a href="https://mercomindia.com/production-linked-incentive-solar-modules-approved/" target="_blank" rel="noopener">announcement</a> of the production-linked incentive program of the government, large conglomerates are joining the renewable energy manufacturing drive.

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