Category: renewable energy

India’s Top Renewable Energy Companies to Watch In 2024

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Renewable energy companies are emerging as key players, driving innovation, sustainability, and economic growth. As we navigate through 2024, India’s renewable energy sector is witnessing significant momentum.

As of 2022, India ranked fourth globally in installed renewable energy capacity, boasting over 100 GW of solar and wind power combined. India is projected to become the largest growth market for energy by 2040, with renewables accounting for 49% of the country’s total energy consumption (REN21 Renewables 2022 Global Status Report).

Renewable Energy Industry is propelled by the efforts of companies at the forefront of this transition. Let’s dive deeper into the profiles of these top renewable companies to watch in 2024

India’s Top Renewable Energy Companies

1. Hartek Group

Hartek Group has firmly established itself as a front-runner in India’s renewable energy sector. The company showcase its prowess in solar, wind, and now, green hydrogen solutions. It is renowned for its specialisation in solar and wind energy solutions. The company has left an indelible mark with its successful execution of numerous projects spanning the nation.

At the heart of Hartek Group’s success lies its robust portfolio of project engineering, procurement, and construction (EPC) services. Renowned for reliability and expertise, the company excels in delivering renewable energy solutions. They meet the highest standards of quality and efficiency.

Hartek has an unwavering commitment to innovation and sustainability. The EPC company continues to play a pivotal role in driving India’s renewable energy revolution. Through its pioneering efforts in solar, wind, and now green hydrogen, the company remains at the forefront of shaping a cleaner, greener, and more prosperous tomorrow.

2. NTPC Ltd

NTPC Ltd, India’s largest power utility, has been actively diversifying its energy mix towards renewables. With a strategic focus on wind and solar power projects, NTPC is making significant strides in clean energy generation.

Leveraging its extensive infrastructure and technological capabilities, the company aims to accelerate the acceptance of renewable energy. It also ensures energy security and affordability for the nation.

3. Tata Power

Tata Power is a subsidiary of the esteemed Tata Group. It has emerged as a key player in India’s renewable energy transition. With a multi-pronged approach encompassing solar, wind, and hydroelectric power projects, Tata Power is committed to sustainable development and environmental stewardship.

The company’s emphasis on innovation and community engagement underscores its dedication to creating a greener future for India.

4. JSW Energy

JSW Energy is actively pursuing opportunities in the renewable energy sector. This is a part of its strategic expansion plans. With a focus on solar and hydroelectric power projects, the company is leveraging its expertise in project development and execution.

It actively contributes to India’s renewable energy goals. JSW Energy’s emphasis on operational efficiency and sustainability aligns with its vision of becoming a leading player in the clean energy space.

5. Indian Renewable Energy Development Agency Ltd (IREDA)

IREDA plays a pivotal role in facilitating the growth of renewable energy projects in India through financial support and advisory services. As a specialised financial institution, IREDA provides a range of financial products tailored to meet the needs of renewable energy developers and investors.

By catalysing investments and promoting technological innovation, IREDA is instrumental in driving the expansion of India’s renewable energy sector.

Conclusion

India’s renewable energy sector is undergoing a paradigm shift. The Indian government has set a target of achieving 450 GW of renewable energy capacity by 2030, comprising 280 GW of solar power and 140 GW of wind power, signalling a significant opportunity for growth and investment in the sector.

To explore innovative renewable energy solutions, contact Hartek Group – your trusted partner in sustainable energy.

Companies are not only driving the transition towards sustainable energy but also fostering economic development, job creation, and environmental conservation. With ambitious targets set by the government and a conducive policy environment, India is poised to emerge as a global leader in renewable energy in the years to come.

FAQ’s:-

1. Which are the top renewable energy companies in India?
The top companies include Hartek Group, NTPC Ltd, Tata Power, JSW Energy, and IREDA.
2. Why is renewable energy important for India’s future?
Renewable energy ensures sustainability, reduces carbon emissions, and supports economic growth.
3. What role does Hartek Group play in renewable energy?
Hartek Group specializes in solar, wind, and green hydrogen solutions, leading India’s clean energy transition.
4. How is India promoting renewable energy adoption?
India aims to achieve 450 GW of renewable energy capacity by 2030 through policy support and investments.
5. What are the benefits of investing in renewable energy?
Investing in renewable energy leads to lower costs, energy security, job creation, and environmental sustainability.

Why Renewable Energy Evacuations Demands a Decisive Push

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Installing The New Renewable Energy Demand Capacity Has Its Due Share Of Problems But Integrating It With A Nascent Grid Poses A Much More Formidable Challenge.

Up against a staggering renewable energy demand target of 175 GW by 2022, India has its task cut out. Installing the new capacity has its due share of problems but integrating it with a nascent grid poses a much more formidable challenge. The country’s solar power generation capacity has gone up 32 times in a span of just six years, from 0.5 MW in 2011 to 16 GW now, but the transmission infrastructure is far from prepared to evacuate the kind of solar power being injected into the grid.

Renewable Energy

Power Generation: Renewable Energy Demand

With the transmission system failing to keep pace with the increase in solar power generation, the glaring mismatch is bound to put immense pressure on the present transmission infrastructure, a situation which we can ill-afford bearing in mind the high stakes in the solar sector. Hartek Group, a leading player in renewable energy solutions, emphasizes the need for robust grid infrastructure to support the growing solar capacity.

We still have lessons to learn from India’s worst blackout of 2012, which plunged the entire North India into darkness for two days. Given the sporadic nature of electricity from clean energy sources like solar and wind, there is a need to ensure the transmission infrastructure is capable of handling the sudden surges in electricity during peak hours. With the evacuation system not yet ready, we are witnessing a situation where solar plants are being constrained to restrict generation, which is resulting in huge financial losses to developers.

Green Energy Corridors:

Though the government has embarked on a $3.5-billion Green Energy Corridors (GEC) programme to overcome these challenges of power evacuation by strengthening the grid network, it is a daunting task which has to be taken up on a war footing to be able to deliver the desired results. The biggest challenge before us is to ensure that transmission systems are in place before the solar projects are ready. Considering that executing transmission projects takes up to five years as compared to 12-18 months for solar projects, we need to act urgently and decisively.

The GEC programme needs further push in order to ensure sufficient thrust from the industry in solar-rich states like Gujarat and Rajasthan. The mismatch between the number of demand centers and the available corridors is also a major concern. For instance, the 1,000-MW substation project at Kaythar in Tamil Nadu, which was scheduled to be commissioned earlier this year, has yet not seen the light of day for the simple reason that independent power producers are more inclined to evacuate the power to Gujarat and Maharashtra rather than the Northeast through the planned corridor. Distance can also be a major issue in India with six states in the western and southern parts accounting for 80% of the country’s installed solar capacity but only 38% of the power demand. The GEC programme is aimed at evacuating power from renewable energy-rich states to other states through 765 kV and 400 kV high-voltage transmission lines.

With storage facilities for solar energy lacking, how we manage the power generated at a specific point presents a stiff challenge. Maintaining grid stability can pose a major problem when a large amount of solar power is injected into the grid. Things can become even more difficult when the share of renewable energy in total power generation goes up in due course of time, but the constant flow of power is still lacking. The situation can, however, be overcome with modern technological breakthroughs and advancements like smart grids and solar energy storage solutions. Since many large solar facilities are in remote locations like deserts where grid infrastructure does not exist, we need to find a viable way to connect to and store solar energy, as and when needed. Bearing this in mind, the three-year action plan formulated by the Ministry of New and Renewable Energy has asked the Solar Energy Corporation of India to focus on storage solutions.

Though there has been considerable progress in coordinating generation and transmission at the state level to ensure sufficient in-state transmission, a lot more remains to be done. States should take it upon themselves to avoid delays in project execution by providing last-mile connectivity between inter-state and intra-state transmission lines, which is part of their responsibility. While the work at the national grid level is making some progress, the inadequate preparedness of states at the distribution grid level is a cause for concern.

Solar Power Developers:

Some of the states have even started asking wind and solar power developers to curtail generation in view of the insufficient transmission capacity. As a result, project developers are incurring revenue losses. To counter the situation, the Ministry of New and Renewable Energy has issued an advisory asking state power utilities not to direct renewable energy developers to reduce generation.

The inter-state transmission corridor being developed by Power Grid Corporation of India will help only if the transmission utilities in states supplement the effort by developing and strengthening their transmission infrastructure. Only then can we exploit the renewable energy potential of places like Ladakh and Jaisalmer and meet the growing power requirements of regions with high consumption. On the brighter side, states need not be worried about fulfilling their renewable purchase obligations, considering that the renewable energy costs are expected to decline once the inter-state sale of renewable energy picks up through the green energy corridor. Making the proposition even more viable, they have been exempted from paying the inter-state transmission system charges.

However, the efforts have to be doubled. There is a dire need to have a mechanism in place to ensure coordination between renewable energy generation and transmission at the state level so that there is sufficient in-state transmission. The scheduling and dispatch between states and regions must also be coordinated on priority. The government should come up with regulatory and policy guidelines which optimize cost-effective capacity expansion. In view of the intermittent nature of renewable energy, it is imperative to equip states with state-of-the-art renewable energy forecasting tools.

The Green Energy Corridor needs to be significantly widened so as to accommodate 50 more ultra-mega solar parks, in addition to the 34 under construction. While upgrading the transmission infrastructure to cater to the ever-growing needs of the future, Hartek Group emphasizes that the government should also not lose sight of the fact that the country’s per capita power consumption is projected to grow four times by 2030. These factors call for massive investments in the T&D segment for which private participation is a must. It is time for the policymakers to ensure the power sector is ready for the turnaround.

FAQ’s:-

1. What is driving the demand for renewable energy in India?
The growing need for sustainable power, government initiatives, and rising energy consumption are fueling renewable energy demand in India.
2. How does grid infrastructure impact renewable energy demand?
Inadequate grid infrastructure limits the ability to transmit and store solar and wind energy, creating challenges in meeting rising renewable demand.
3. What are Green Energy Corridors (GEC) in India?
Green Energy Corridors are transmission networks designed to evacuate renewable energy from solar-rich states to demand centers across India.
4. How does renewable energy storage affect demand?
Limited storage capacity hinders consistent power supply, impacting the reliability of renewable energy and slowing down its demand growth.
5. What role does policy play in meeting renewable energy demand?
Government policies promoting grid expansion, energy storage, and renewable purchase obligations are vital in meeting India’s energy demand.

Economy of Scale Holds Key to Renewable Energy Re-Manufacturing

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Leveraging the ‘Make in India’ Campaign for Renewable Energy Growth

The renewable energy industry can draw a lot from the government’s flagship ‘Make in India’ campaign to bolster its prospects.

The Rise of Renewable Energy and Its Impact

With sustainability being the order of the day, manufacturers across the globe are increasingly developing more and more efficient ways of tapping renewable energy. Aimed at reducing dependence on fossil fuels, this welcome trend is contributing to clean energy competitiveness. Making giant leaps in the renewable energy sector, India, too, is at the heart of this transition.

India’s Renewable Energy Growth Trajectory

In 2016-17, the output of renewable power projects went up by 26 percent, making the Indian renewable energy sector the fastest-growing in the world. According to the National Resource Defense Council, more than 1 million full-time equivalent jobs will be created by the solar industry alone by 2022. This includes more than 2 lakh engineering jobs and over half a million skilled sector jobs. The wind sector, on the other hand, will help generate 1.9 lakh jobs in the next five years.

‘Make in India’ and Its Role in Renewable Energy

The renewable energy industry can draw a lot from the government’s flagship ‘Make in India’ campaign to bolster its prospects. Hartek Group, equipped with high-quality manpower to support the domestic solar and wind manufacturing markets, is helping India emerge as a global manufacturing powerhouse catering to all the needs of the renewable energy sector.

Opportunities for Domestic Manufacturers

The ambitious target of scaling up clean power production to 175 GW by 2022 will create massive opportunities for domestic manufacturers. To capitalize on this growth, manufacturers must innovate and adapt to market demands.

Innovation and Competitiveness in Solar Manufacturing

The future of the solar manufacturing business will depend on how Indian companies beat the competition through constant innovation, quality improvement, and marketing. Despite competition from Chinese manufacturers, India holds a massive market potential for solar panels.

Government Support and Policy Initiatives

Government Support and Policy Initiatives

To realize this potential, domestic manufacturers should prioritize clean energy strategies. The government can support this by offering:

  • Incentives and subsidies

  • Effective energy and solar skill development policies

  • Establishment of more module assessment labs

  • Encouragement for R&D initiatives

  • Reduction of procedural delays in executing projects

Challenges in Domestic Solar Manufacturing

Despite the immense scope, challenges remain. Lack of scale and an underdeveloped supply chain hinder growth. Flexible incentives and financing options, effective net metering policies, and anti-dumping duties on foreign solar module manufacturers are critical needs.

Strengthening India’s Solar Industry Competitiveness

To make the Indian solar industry globally competitive, the government should focus on a larger policy framework that supports domestic manufacturing plans. This will help India:

  • Control the solar supply value chain

  • Increase revenue and profitability

  • Address issues related to transport, infrastructure, taxation, and power outages

Building a Skilled Workforce

The government should create a skilled workforce by introducing solar manufacturing courses under the National Skill Development Mission. Supporting large-scale projects and fully integrated manufacturing plants under the ‘Make in India’ policies will be essential.

Economies of Scale and Cost Reduction

To achieve economies of scale, India must reduce manufacturing costs. This will enable strategic innovation and promote exports, boosting the overall competitiveness of the industry.

Global Trends and Manufacturing Clusters

The government should take cues from global trends by establishing integrated solar industrial clusters. This will foster better industry linkages, enhance manufacturing efficiency, and support innovation.

Impact of Global Competition

Some of India’s largest solar equipment manufacturers are facing financial losses due to competition from Chinese firms, which prioritize low-cost power over local manufacturing. Interestingly, prior to the National Solar Mission, Indian solar firms were focusing on OEM manufacturing and exports, generating billions in export revenues. However, with the entry of Chinese competitors, module prices fell sharply, resulting in a substantial market share loss for Indian companies.

Government Measures to Boost Domestic Manufacturing

To correct this imbalance, the government offers 20-25 percent capital subsidies and other incentives under the ‘Make in India’ campaign. The Viability Gap Funding (VGF) mechanism and GST relaxation (waiving 12% countervailing duty and 5% VAT on domestic solar components) aim to boost domestic solar production.

Future Growth Potential

According to government capacity targets, India’s annual solar module market could exceed $10 billion in the coming years. However, to avoid straining the power infrastructure, the government and industry must implement corrective measures.

Fostering a Sustainable Future

A ‘reduce, encourage, deregulate’ policy for power generation can benefit Indian manufacturing by ensuring cheap and readily available power. The government plans to spend Rs 210 billion ($3.1 billion) on India’s solar panel manufacturing industry, aiming to increase photovoltaic capacity and create an export-oriented sector.

India’s Renewable Energy Investment

In 2016, India accounted for 5 percent of the world’s renewable energy capacity, investing $9.7 billion (Rs 64,990 crore), according to the Renewables Global Status Report 2017 by REN21. Direct and indirect renewable energy jobs (excluding large hydropower) reached 8.3 million globally in 2016.

Challenges with Cheap Imports

Despite the growth, domestic manufacturers face challenges from cheap imports, with Indian firms accounting for only 13 percent of supply. The Indian Solar Manufacturers’ Association has called for safeguard duties on solar cells and modules.

Funding Challenges

Another issue plaguing Indian manufacturers is the lack of access to funding for building manufacturing units. Private banks remain hesitant to offer loans at attractive rates.

Favorable Government Policies

The government’s efforts, including DCR quota for government-based energy projects and financing support, have benefited domestic solar manufacturers. However, further support is needed.

Positive Outlook for Domestic Manufacturing

The Indian government is committed to supporting domestic manufacturing. Plans to release a new solar manufacturing policy with VGF subsidies will help Indian companies compete globally.

Solving Macro Challenges

To promote domestic manufacturing, India must address macro challenges such as:

  • Ease of doing business

  • Infrastructure development

  • Affordable financing

  • Reliable local raw material supply chains

Solving Macro Challenges

Promoting Private Investment

The Ministry of New and Renewable Energy encourages private investment by offering fiscal and financial incentives and allowing 100% foreign direct investment (FDI) in renewable energy.

Boosting Solar Inverter Industry

The solar inverter industry in India, still in its early stages, will expand as domestic solar module manufacturing strengthens.

Increasing Domestic Capacity

To meet annual solar targets, India must increase domestic manufacturing capacity. For reliable solar solutions, contact Hartek Group – your trusted partner in renewable energy. The DCR policy under the ‘Make in India’ plan supports this initiative, but more state-level mandates are needed to ensure sustainable growth.

FAQ’s:-

1. How does the ‘Make in India’ initiative support renewable energy?
The initiative boosts domestic solar and wind manufacturing through incentives, subsidies, and policy support.
2. What are the key challenges in India’s renewable energy sector?
Challenges include competition from imports, funding constraints, and infrastructure gaps affecting domestic manufacturing.
3. What government policies promote renewable energy in India?
Policies include Viability Gap Funding, GST relaxation, skill development programs, and incentives for domestic manufacturers.
4. How does renewable energy contribute to job creation in India?
The sector is projected to generate over 1 million jobs in solar and 1.9 lakh jobs in wind energy by 2022.
5. What is India’s target for renewable energy capacity?
India aims to scale up renewable power production to 175 GW by 2022, creating growth opportunities for manufacturers.