India's rooftop solar capacity rose by 26 per cent year-on-year in the first half of 2024, reaching 1.1 GW. The second quarter saw 731 MW of installations, primarily driven by the Prime Minister's rooftop solar initiative. The industrial segment led the quarterly installations, with top states like Gujarat and Maharashtra contributing significantly.
Veera Vahana has teamed up with Exponent Energy to launch the Veera Mahasamrat EV, a long-haul electric bus capable of rapid charging in 15 minutes. This innovative bus aims to reduce operating expenses for fleet owners by 30% and will initially focus on the Bengaluru-Hyderabad route with dedicated charging stations along the highway.
Hyundai Motor Co. plans to double its hybrid car lineup amid slowing demand for pure electric vehicles and has announced a 4 trillion won share buyback to boost investor returns. The company will increase its hybrid models to 14 and maintain its target of selling 2 million EVs annually by 2030.
India's rooftop solar capacity rose by 26 per cent year-on-year in the first half of 2024, reaching 1.1 GW. The second quarter saw 731 MW of installations, primarily driven by the Prime Minister's rooftop solar initiative. The industrial segment led the quarterly installations, with top states like Gujarat and Maharashtra contributing significantly.
In the first half of 2024, India saw record solar installations, adding about 15 GW, as developers rushed to complete delayed projects, Mercom Capital reported. This surpassed previous records by a significant margin and evidenced a 282% increase over 2023's figures. Solar energy made up 19.5% of India's installed power capacity by June 2024.
AM Green Ammonia has confirmed a significant investment for its green ammonia project at Kakinada, Andhra Pradesh, with total funding estimated between ₹13,000-15,000 crore ($1.5 billion). The investment, equally divided between equity and debt, involves contributions from Gentari, a subsidiary of Malaysia's Petronas, Singapore’s GIC, and ADIA.
The Solar Energy Corporation of India planned to auction up to 20 GW of renewable energy capacity in the current fiscal year. This move was part of the country's strategy to achieve 500 GW of renewable energy by 2030. Last year witnessed the auctioning of over 50 GW, slightly above the set goal.
ZF Wind Power, a division of ZF Group, has reached a milestone by producing 50 GW of wind gearboxes at its Coimbatore factory in Tamil Nadu, making it the largest such facility outside China. The company has invested €230 million in this plant, underscoring its commitment to the Indian market.
India's wind installations have grown over the past three years but fall short of the 2030 target of 110 GW, requiring 9.3 GW annual additions from 2024. A report shows national targets globally would only double wind capacity by 2030, falling short of the required tripling to meet climate goals.
During the 78th Independence Day address, Prime Minister Narendra Modi discussed India's advancements in renewable energy, emphasizing the nation's progress compared to other G20 countries. He also reiterated India's goal of reaching 500 GW of non-fossil fuel-based electricity capacity by 2030, aligning with its commitments to combat global climate change.
The Union New and Renewable Energy Minister Pralhad Joshi announced that over 200 GW of renewable energy is currently being produced, with plans for an additional 430 GW in various stages of development. The government aims to achieve 500 GW from non-fossil sources by 2030, backed by significant investment and policy support.
As India embraces electric vehicles to combat pollution and reduce oil dependency, the importance of lithium battery recycling becomes evident. Major industry players are ramping up EV production, but current recycling infrastructure can't handle future demands. Strengthening policies and investing in technological advancements are essential for a sustainable battery recycling ecosystem.
The financial infrastructure for commercial vehicles is built around ICE vehicles, hindering EV adoption. EV financing faces challenges due to uncertain residual value, battery concerns, and higher interest rates. Small operators struggle with higher EMIs, but a new battery-as-a-service model could make EV financing cheaper and more flexible.
India currently levies GST of 5%, plus cess, on hybrids. The tax incidence on hybrid vehicles in the country totals 43%, while battery electric vehicles attract a tax of about 5%.
