Tata Power Renewable Energy Limited and NHPC Renewable Energy Limited Ink MoU for Ambitious Solar Initiative for Government Buildings

by EnergyLatest Updates

Tata Power Renewable Energy Limited (TPREL), a key player in India’s renewable energy landscape and a subsidiary of The Tata Power Company Limited, is pleased to announce the signing of a Memorandum of Understanding (MoU) with NHPC Renewable Energy Limited (NHPC-REL) to spearhead the installation of Rooftop Solar Projects (RTS Projects) across government buildings of Central Ministries, States, and Union Territories. This initiative, under the ambitious PM Surya Ghar Yojna Scheme, aims for 100% solarization of government-owned buildings by December 2025.

This powerful alliance is set to support the transformation of India’s energy landscape by harnessing the untapped potential of rooftop spaces on government buildings, fostering a cleaner and greener future. The Memorandum of Understanding (MOU) was signed on July 17, 2024, at the NHPC Office Complex in Faridabad. Key signatories included Sh. Deepesh Nanda, CEO & MD of TPREL, and Sh. S.P. Rathour, CEO of NHPC-REL. The signing was witnessed by notable officials including Sh. R.P. Goyal, CMD, Sh. R.K. Chaudhary, Director (Technical) and i/c of Director (Projects), Sh. Uttam Lal, Director (Personnel), Sh. V.R. Shrivastava, ED (REGH) from NHPC, alongside Shri Bhavesh Bhayani and Shri Vikrant Dhankar from TPREL.

The Ministry of New and Renewable Energy (MNRE) has appointed NHPC Limited as a Scheme Implementing Partner (SIP) to drive the RTS Projects, which will be carried out by its wholly-owned subsidiary, NHPC-REL. TPREL, a distinguished leader in the solar energy sector, brings extensive expertise to ensure the seamless and timely execution of these projects.

Mr. Deepesh Nanda, CEO & MD of Tata Power Renewable Energy Limited commented, “We are excited to join hands with NHPC-REL in this significant venture to solarize government buildings across India. This collaboration represents a major step forward in our shared vision of a sustainable and green energy future. By leveraging our combined strengths, we are confident in achieving our goal of 100% solarisation by 2025, setting a benchmark for renewable energy projects in the country.”

Mr. R. P. Goyal, CMD NHPC added, “Partnering with Tata Power Renewables aligns perfectly with our mission to expand the use of renewable energy in India. This initiative will not only help us meet our solarisation targets but also contribute significantly to reducing the carbon footprint of government buildings. We look forward to a successful collaboration that paves the way for more sustainable energy solutions.”

This partnership embodies a mutual commitment to sustainability and innovation in the renewable energy domain. By combining forces, TPREL and NHPC-REL are poised to make significant strides toward India’s renewable energy objectives, setting new standards for future endeavours in the industry.

About Tata Power:
Tata Power is a leading integrated power company and a part of Tata Group, India’s largest multi-national business conglomerate. The company has a diversified portfolio of 14,453 MW, spanning across the entire power value chain – from renewable and conventional energy generation to transmission & distribution, trading, storage solutions and solar cells and module manufacturing. As a pioneer of clean energy transition in India, Tata Power has 5,593 MW of clean energy generation, which constitutes 39% of its total capacity. The company has also committed to achieve carbon neutrality before 2045.Tata Power has established India’s most comprehensive clean energy platform, with offerings such as rooftop solar, microgrids, storage solutions, EV charging infrastructure, home automation et al. The company has also attracted global investors to support its growth and vision. Tata Power has successfully partnered with public and private entities in generation, transmission & distribution sectors in India, serving approx.13 million customers across the country.

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REC Limited avails green loan facility of JPY 31.96 Billion (USD 200 Million) from Deutsche Bank AG, Gift City Branch

by Latest Updates

In a significant step towards sustainable development in India, REC Limited, a leader in the Indian power sector, has successfully availed a green loan of JPY 31.96 Billion (equivalent to USD 200 million) to finance eligible green projects in India. This strategic investment reinforces REC’s commitment to foster sustainable growth, in alignment with the Company’s Green Finance Framework.  

This green facility is a first of its kind successful collaboration between an Indian government entity and Deutsche Bank AG, GIFT City branch. This facility sets a benchmark in the Indian public sector landscape for similar green financing transactions, highlighting a growing commitment to sustainable financing. The facility also marks one of the first JPY-denominated green loan transaction for Deutsche Bank AG, GIFT City.

This facility demonstrates dedication of REC Limited and its partners for supporting projects that meet rigorous environmental standards, promote renewable energy and contribute to reducing carbon emissions throughout India. Additionally, it also reflects the growing momentum towards green financing and the collective efforts of stakeholders to address environmental challenges.

Commenting on this occasion, Mr. Vivek Kumar Dewangan, IAS, CMD, REC said, “This successful transaction is in line with REC’s commitment to enhance its green energy financing and sustainable projects capabilities as well as the global community’s support for sustainable development projects in India. This benchmark transaction is anticipated to pave way for more such collaborations in future which can help in achieving nation’s goals in green space financing.”

 

Mr Kaushik Shaparia, CEO, Deutsche Bank Group, India said, “Our collaboration with REC underscores our steadfast commitment to advancing environmentally responsible initiatives and promoting sustainable financing within India. This transaction reinforces Deutsche Bank’s expertise in green financing, demonstrating our ability to support clients in their transformation towards a carbon-free future.”

About REC Limited:

REC is a ‘Maharatna’ company under the administrative control of the Ministry of Power, Government of India, and is registered with RBI as Non-Banking Finance Company (NBFC), Public Financial Institution (PFI) and Infrastructure Financing Company (IFC). REC is financing the entire Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Pump Storage projects, Green Hydrogen, Green Ammonia projects etc. More recently REC Limited has also diversified into the Non-Power Infrastructure sector comprising Roads & Expressways, Metro Rail, Airports, IT Communication, Social and Commercial Infrastructure (Educational Institution, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel, Refinery, etc. REC Limited provides loans of various maturities to State, Central and Private Companies for creation of infrastructure assets in the country.

REC Limited continues to play a key strategic role in the flagship schemes of the Government for the power sector and has been nodal agency for Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), National Electricity Fund (NEF) Scheme which resulted in strengthening of last mile distribution system, 100% village electrification and household electrification in the country. REC has also been made the nodal agency for certain States and Union Territories for the Revamped Distribution Sector Scheme (RDSS). It is also designated as the National Programme Implementation Agency (NPIA) for “PM Surya Ghar: Muft Bijli Yojana” with aim to increase the share of solar rooftop capacity and empower residential households to generate their own electricity. The loan book of REC stands at ₹ 5.09 lakh crore and Net Worth at Rs. ₹ 68,783 crore as on 31 March, 2024.

About Deutsche Bank

Deutsche Bank is Germany’s leading bank, with a strong position in Europe and a significant presence in the Americas and Asia Pacific. The bank provides commercial and investment banking, retail banking, transaction banking and asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals.

The Deutsche Bank group has been operating in India since 1980 with a strong presence in the businesses of corporate and investment banking, retail banking, private wealth management and global business services. With more than 21000 staff and operations across 18 locations in India, the group is recognised as one of the leading foreign financial service providers in India.

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Bilateral meeting between India and Bhutan on Air quality, Climate change, Forests, Natural resources, renewable energy sources and wildlife

by Latest Updates

A delegation from the Royal Government of Bhutan, headed by Mr Gem Tshering, Minister of Energy and Natural Resources, Government of Bhutan met Shri Kirti Vardhan Singh, Union Minister of State for Environment, Forest and Climate Change and discussed issues related to air quality, climate change, forests, natural resources, wildlife and renewable energy.

Shri Kirti Vardhan Singh thanked the Bhutanese Minister on joining the International Big Cat Alliance, a global initiative of India. He stated that both countries share same geography, ecosystem, as well as common values of democracy. He further stated that climate change is a common concern for both the countries.

Mr. Tshering informed about successfully hosting the Sustainable Finance for Tiger Landscape Conference in April 2024 in Paro. He stated that Bhutan is already a carbon negative country and obtains its major share of energy from hydropower.

Both sides agreed to work together in the areas of climate change, air quality, forest, wildlife management, and capacity building in the field of environment and climate change. India suggested to hold the Joint Working Group Meeting.

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IREDA’s Impressive Q1 Performance: 383% Increase in Loan Sanctions, 68% Rise in Disbursements and Loan Book Hits Rs.63,150 Crore

by EnergyToday's Fables

Indian Renewable Energy Development Agency Ltd. (IREDA) has reported a remarkable performance for the first quarter ended 30th June 2024. According to provisional figures, subject to audit, the company recorded substantial increases in loan sanctions, disbursements, and its loan book.

During the first quarter of FY 2024-25, IREDA sanctioned loans amounting to Rs. 9,136 crore, reflecting a significant growth of 382.62% compared to Rs.1,893 crore in the corresponding quarter of the previous fiscal year. Disbursements during the same period stood at Rs.5,320 crore, marking an increase of 67.61% year-on-year compared to Rs.3,174 crore in the first quarter of FY 2023-24. The total loan book outstanding as of 30th June 2024, reached Rs.63,150 crore, representing a notable growth of 33.77% from Rs.47,207 crore in the previous year.

Shri Pradip Kumar Das, CMD, IREDA, commented on the achievement, “IREDA’s robust performance in the first quarter underscores our commitment to accelerating the deployment of renewable energy solutions in India. The substantial increase in loan sanctions and disbursements reflects our proactive approach in supporting projects that contribute to India’s renewable energy goals.”

IREDA continues to play a pivotal role in financing renewable energy projects across various sectors,including solar, wind, hydro, biomass, waste to energy, ethanol, electric mobility and emerging 

technologies like Green Hydrogen and Offshore Wind, etc. The company’s efforts are aimed at fostering sustainable development and reducing carbon emissions in alignment with national and global environmental objectives.