AUGUST 20238TOP STORYNDMC AIMS TO SWITCH COMPLETELY TO RENEWABLE ENERGY WITH ITS NEW SOLAR POLICYHERO FUTURE ENERGIES SIGNS MOUS WORTH RS 6,200 CR TO SET UP RENEWABLE ENERGY PROJECTSHero Future Energies (HFE) announced the signing of two Memorandums of Understanding (MoUs) for the infusion of Rs 3,100 crore each into HFE over the following five years with REC and PFC. The MoUs were signed in Goa on the sidelines of the fourth G20 Energy Transition Working Group (ETWG) meetings, according to the official press release.A total of Rs 6,200 crore obtained through the MoUs will be used to develop renewable projects across India, including solar and wind for C&I customers, utility projects, and green hydrogen derivatives. This will also strengthen the company by ensuring the financial closure of ongoing projects in the future, which will strengthen the statement."We are excited about our partnership with REC and PFC. According to Srivatsan Iyer, Global CEO of Hero Future Energies, the company plans to grow five times in the following five years. "This significant financial backing will accelerate our business expansion across geographies."Currently, the company's portfolio includes 1.8 GW of running wind, grid-connected solar, and rooftop solar power generation assets in India and Europe, as well as 2 GW of shovel-ready projects spread out over India, Vietnam, Bangladesh, and the United Kingdom. The New Delhi Municipal Council (NDMC) intends to introduce a new solar policy with the goal of switching entirely to renewable energy. Kuljeeg Chahal, a member of the NDMC, stated during a news conference that the municipal organisation will support the installation of grid-connected solar projects. The New Delhi Municipal Council is on an ambitious mission to switch to renewable energy only."In addition to the broader arrangement of tying up with the renewable energy sources it is also incumbent upon the council to all possible potential of solar energy generation within its jurisdiction," Chahal stated in a statement. According to him, the NDMC would advocate for the installation of solar power systems with net metering on all current, future, or proposed structures, including those owned or operated by the government, including fire stations, hospitals, schools, and government hospitals.Any solar energy system with a capacity of 1 KWp or more will be covered by the policy. It is applicable to all NDMC region electricity users. In the press conference, Chahal stated that the NDMC's major source of renewable energy should be rooftop solar farms. "The NDMC area enjoys about 300 sunny days annually. There are typically eight to ten hours of sunshine per day. Individual homes, offices, businesses, organisations, and apartment complexes will all be eligible for projects with a minimum power output of 1 KW or higher, the official added.
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