DECEMBER 20239TOP STORIESGENSOL ENGINEERING WINS A RS 302 CRORE CONTRACT FROM MAHAGENCOGensol Engineering, a construction engineering firm, announced its successful acquisition of a contract valued at Rs 301.5 crore from Maharashtra State Power Generation Co Ltd (Mahagenco). This contract focuses on the establishment and activation of a solar power plant in Maharashtra. Gensol Engineering Ltd emerged as the winning bidder for the comprehensive project, encompassing the conceptualization, engineering, procurement, installation, testing, and commissioning of a cutting-edge 62 MWAC crystalline solar PV technology grid-connected solar PV power plant.The company, a part of the Gensol group of companies, is renowned for offering engineering, procurement, and construction (EPC) services for solar power plant development. Moreover, Gensol has expanded its horizons by establishing an electric vehicle manufacturing facility in Pune. This facility is dedicated to the development and production of electric three-wheelers and four-wheelers. In this way, Gensol Engineering demonstrates its commitment to sustainable energy and transportation solutions while significantly contributing to the renewable energy landscape in Maharashtra. INDIA IS EXPECTED TO GENERATE 18 PERCENT OF ITS ELECTRICITY FROM SOLAR ENERGYAccording to the International Energy Agency (IEA), their 2023 World Energy Outlook predicts a significant increase in solar energy's contribution to India's electricity generation. The report anticipates that by 2030, solar sources will account for 18 percent of India's electricity, a substantial jump from the current 6 percent. The IEA's outlook for the global energy landscape is also optimistic, with renewables, including solar and wind power, expected to supply half of the world's electricity by 2030. This shift is attributed to the remarkable growth of clean energy technologies like solar, wind, electric vehicles, and heat pumps. The report further projects a considerable surge in the number of electric cars on the roads, potentially reaching almost ten times the current count.The International Energy Agency (IEA) cautioned that despite progress, greenhouse gas emissions remain at levels insufficient to prevent global temperatures from exceeding the critical 1.5 degree Celsius threshold. In the case of India, the report specifically mentioned that solar energy is projected to increase its share in the country's electricity generation from the current 6 percent to 18 percent by 2030. India has set ambitious targets, aiming to achieve 500 gigawatts (GW) of non-fossil fuel-based installed capacity by 2030, which includes approximately 270 GW of solar capacity. As of August, India had already surpassed 70,000 megawatts in solar power generation capacity.The report also highlighted the implementation of policies in various countries aimed at promoting the diversification of supply chains for clean energy technologies. Notable examples include the Inflation Reduction Act in the United States, the Net Zero Industry Act in the European Union, and India's Production-Linked Incentives scheme. Furthermore, the report emphasized that India leads as the largest source of energy demand growth globally under the Stated Policies Scenario (STEPS), surpassing Southeast Asia and Africa. TOP STORIESCBIC TO SETUP COMMITTEE TO ADDRESS GRIEVANCES OF JEWELERY INDUSTRYThe Central Board of Indirect Taxes and Customs (CBIC) is considering setting up a panel to investigate complaints from the stone and jewelry industry on customs clearance. The industry rose with the board several issues related to lack of appraisers, manual transportation of stones and jewelry, evasion of taxes or duties on exported products (RoDTEP)."Especially for repaired jewelry, the valuation will be affected, and there will be delays and disputes," said a customs official who spoke on condition of anonymity. The industry is also trying to ease the regulatory process for the courier export of jewelry and introduce new risk management systems.The CBIC on June 15 issued regulations on the export of jewelry by mail. However, it is difficult to transport goods to send documents."We have concerns about certain procedures. We have flagged them to customs authorities," Anil Sankhwal, a senior Gems and Jewellery Export Promotion Council member, told ET.The industry has also sought customs duty exemption for sawn diamond imports with the ban on the import of rough diamonds from Russia by G7 countries coming into effect from January 1, 2024.The gem and jewelry export during April­October stood at $18.60 billion, or 46 percent of the annual target, as per the Niryat portal. The Industry had set a target of $40 billion for the current fiscal year. Sankhwal said the proposed ban could present fresh challenges for the industry, which was already affected by the fall in demand from key markets such as the US and China. TPREL TO CONSTRUCT 13.2MW CAPTIVE SOLAR POWER FACILITYTata Power Renewable Energy announced on Dec 13 that it has signed an agreement with the group of Dr. Abhay Firodia (Force Motors Ltd and Jaya Hind Industries Pvt Ltd) to develop a 13.2 MW captive power plant. Tata Power Renewable Energy Ltd (TPREL)and Dr. Abhay Firodia signed a Power Distribution Agreement (PDA) to supply green power for 25 years under the Captive group. planning, According to a statement from the company.Power plants are developed for joint use by several customers under a specific group approach. This partnership represents a major step forward in advancing sustainable energy solutions for the industry.Under the agreement, Force Motors Ltd, a fully vertically integrated automobile company, will use 6.2 MW AC power and consume 13.64 million units (MUs) annually. The other group company, Jaya Hind Industries Private Ltd, will use 7.0 MW AC power, consuming 15.40 MUs annually.Located at Achegaon in Maharashtra, this solar plant has a capacity of 13.2 MW AC, generating 29.04 MUs of power annually, and it is expected to reduce carbon emissions by approximately 21,200 metric tonnes per year. The project is scheduled to be completed within 12 months of signing the power delivery agreement.TPREL will oversee the development, management, and maintenance of the group's captive solar plant. Force Motors Ltd and Jaya Hind Industries Private Ltd would benefit from the plant's clean and reliable power supply and have the chance to actively contribute to environmental sustainability.Deepesh Nanda, CEO & MD of Tata Power Renewable Energy, said in the statement, "It will set new benchmarks in the automotive sector towards adoption of clean energy for an environmentally conscious future."
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