IndusInd Bank launches Green Fixed Deposits

IndusInd Bank launches Green Fixed Deposits

Last Updated: 28 December 2021

IndusInd Bank launches ‘Green’ Fixed Deposits

    • Deposit proceeds to be utilized towards financing of projects/firms focused on UN Sustainable Development Goals
    • Available for both retail and corporate customers
    • Interest rates amongst the best in the industry

 

Mumbai, 28 December, 2021: IndusInd Bank has announced the launch of ‘Green Fixed Deposits’ where the deposit proceeds will be used to finance projects and firms supporting the United Nations Sustainable Development Goals (SDGs). IndusInd Bank is amongst few banks globally, to bring forth this proposition, thereby integrating SDG into a regular fixed deposit product.

These deposits, shall be offered to both retail and corporate customers. The Bank, will use the proceeds from these deposits to finance a wide array of sectors falling under the SDG category including, energy efficiency, renewable energy, green transport, sustainable food, agriculture, forestry, waste management, and greenhouse gas reduction.

Speaking about the launch, Ms. Roopa Satish, Head – CSR and Sustainable Banking, IndusInd Bank said, “At IndusInd Bank, sustainable banking has always been a critical area of focus. We are the only bank in India to secure ‘band A’ in the Carbon Disclosure Project and we have maintained our leadership capability over the last 5 years. We are now delighted to bring forth Green deposits that provide our customers with an opportunity to contribute towards building a cleaner and better society. We encourage both corporate and retail depositors to avail this opportunity. The interest on Green deposit remains attractive with an additional benefit of 50 basis point for senior citizens. In all ways, it is similar to a regular bank deposit but in addition, depositors will be issued a ‘Green’ certificate as well as an ‘Assurance’ certificate confirming the end use of deposit proceeds at the end of the financial year.”

The launch of ‘Green’ deposits’ is part of IndusInd Bank’s larger commitment of creating value for all its stakeholders, and remaining focused at driving sustainable economic growth of the country.

To know more about Green Fixed Deposits, please click on the following linkhttps://www.indusind.com/in/en/personal/deposits/green-fixed-deposits.html

About IndusInd Bank

IndusInd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers. Its technology platform supports multi-channel delivery capabilities. As on September 30, 2021, IndusInd Bank has 2,015 Branches/Banking Outlets and 2,886 ATMs spread across 760 geographical locations of the country. The Bank also has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology. It enjoys clearing bank status for both major stock exchanges – BSE and NSE – and major commodity exchanges in the country, including MCX, NCDEX and NMCE. IndusInd Bank was included in the NIFTY 50 benchmark index on April 1, 2013.

Domestic Rating(s):

  • CRISIL AA + for Infra Bonds program/Tier II Bonds
  • CRISIL AA for Additional Tier I Bonds program
  • CRISIL A1+ for certificate of deposit program/short term FD programme
  • IND AA+ for Senior bonds program/Tier II Bonds by India Ratings and Research
  • IND AA for Additional Tier I Bonds program by India Ratings and Research
  • IND A1+ for Short Term Debt Instruments by India Ratings and Research

Visit us at www.indusind.com

Twitter- @MyIndusIndBank

Facebook – https://www.facebook.com/OfficialIndusIndBankPage/

For more details on this release, please contact:

Anu Raj

IndusInd Bank Ltd.

Unnati Joshi

Adfactors PR Pvt. Ltd.

Source Link: https://www.indusind.com/in/en/about-us/mediabrand/FY/2021-2022/December/indusInd-bank-launches-green-fixed-deposits.html

Solar Investments Up by 49% QoQ in Q3 2021 as Development Activity Picked Up Speed

Solar Investments Up by 49% QoQ in Q3 2021 as Development Activity Picked Up Speed

Last Updated: DECEMBER 16, 2021

Investments in the Indian solar sector increased by 49%, in the third quarter (Q3) of the calendar year (CY) 2021, compared to Q2 2021. However, in a year-over-year (YoY) comparison, the investments increased by a massive 1,152%, according to Mercom India Research’s latest Q3 2021 India Solar Market Update.

Investments in the large-scale solar segment in Q3 2021 increased by 34% compared to Q2 2021.

The increase in investments in the solar sector is reflective of the increased project development activity that has recovered strongly from the previous quarter.

Investment Trends in Indian Solar Sector by Quarter ($ Billion)

The report states that in 9M 2021, investments in the solar sector experienced a 400% increase compared to the same period in 2020 which was severely affected by COVID-19 restrictions.

Some of the deals that grabbed the headlines in Q3 2021:

  • Adani Green Energy raised $750 million (~₹56.66 billion) by issuing its maiden ListCo senior green bonds.
  • Through its 100% subsidiary Azure Power Energy, Azure Power Global raised $414 million (~₹31.28 billion) through dollar green bonds. The bond issuance drew interest from global investors, with more than 60% of the issuance placed with US and European investors.
  • Azure Power secured $163 million (~₹12.32 billion) syndicated financing from Mitsubishi UFJ Financial Group for a 300 MW solar project in Rajasthan, India.
  • ACME Solar raised around $334 million (~₹25.23 billion) for 12 solar projects through the issuance of offshore green bonds. US dollar-denominated green bonds will fund the debt investment.
  • Virescent Renewable Energy Trust (VRET), a renewable energy infrastructure investment trust (InvIt) from KKR’s Virescent Infrastructure, raised ₹4.6 billion (~$62 million) from foreign and domestic investors. Alberta Investment Management Corporation (AIMCo), a Canada-based institutional investment manager, led the funding round. VRET’s initial portfolio comprises nine operational solar projects with an aggregate capacity of 395 MW. The assets are located in Maharashtra, Tamil Nadu, Uttar Pradesh, Gujarat, and Rajasthan.
  • The Asian Infrastructure Investment Bank (AIIB), a multilateral development bank, approved a $50 million (~₹3.78 billion) loan facility to Italy-based Enel Green Power to develop a 300 MW solar project in Rajasthan. The project is being developed in Bikaner, Rajasthan, and is expected to be commissioned in December 2022.

Download executive summary for the Q3 2021 India Solar Market Update.

Source Link: https://mercomindia.com/solar-investments-development-activity-picked-speed/

Brighter days await renewable energy space; investments likely to cross USD 15 billion in 2022

Brighter days await renewable energy space; investments likely to cross USD 15 billion in 2022

Last Updated: DECEMBER 24, 2021

According to Bloomberg New Energy Finance (BNEF) reports, new investments made in the clean energy sector in the country stood at USD 6.2 billion in 2020, USD 9.3 billion in 2019 and USD 10.8 billion in 2018. These figures were cited by the minister in a written reply in the Rajya Sabha last month.

Getty ImagesIndia, which has an installed renewable energy generation capacity of a little over 150 GW, aims to reach 175 GW in 2022. After witnessing cloudy skies this year, the country’s renewable energy sector is expected to boom with a likely investment of over USD 15 billion in 2022 as the government focuses on electric vehicles, green hydrogen, manufacturing of solar equipment as well as achieving the ambitious 175 GW renewable capacity target.

India, which has an installed renewable energy generation capacity of a little over 150 GW, aims to reach 175 GW in 2022. Out of the total mix, 100 GW would be from solar, 60 GW from wind, 10 GW from bio-power and 5 GW from small hydro power projects.

“In 2022, we expect the investment in renewable energy to cross at least USD 15 billion,” Union Minister for Power and New and Renewable Energy R K Singh told PTI.

According to Bloomberg New Energy Finance (BNEF) reports, new investment made in the clean energy sector in the country stood at USD 6.2 billion in 2020, USD 9.3 billion in 2019 and USD 10.8 billion in 2018. These figures were cited by the minister in a written reply in the Rajya Sabha last month.

The second wave of COVID-19, which started in April, had impacted implementation of various renewable energy projects as states imposed restrictions to curb the spread of infections.

During the 2014-2019 period, renewable energy programmes and projects in India attracted investments of USD 64.4 billion, as per REN21 Renewables 2020 Global Status Report.

Nevertheless, in 2021, new opportunities emerged. Indian companies have started exploring overseas markets to raise funds and in August, ReNew Power became the first Indian renewable energy company to list on Nasdaq.

Data from the Department for Promotion of Industry and Industrial Trade (DPIIT) showed that Indian ‘Non-Conventional Energy’ sector received about USD 7.27 billion as FDI from 2014-15 up to June 2021. Out of the total amount, FDI to the tune of USD 797.21 million came in 2020-21.

On the country’s march towards achieving the renewable energy capacity of 175 GW in 2022, the minister said, “We will achieve the 175 GW of renewable energy capacity target which was set by us (excluding large hydro).”

In November, Singh said, the country achieved an installed capacity of 150 GW of renewable energy, including large hydro projects. There is 63 GW of renewable energy capacity which is under installation, which is expected to be completed next year, he noted.

At COP 21, as part of its Nationally Determined Contributions (NDCs), India committed to achieving 40 per cent of its installed electricity capacity from non-fossil energy sources by 2030. India has achieved this target in November 2021 itself.

As on November 30, the country’s installed renewable energy capacity stood at 150.54 GW, comprising solar (48.55 GW), wind (40.03 GW), small hydro power (4.83 GW), bio-power (10.62 GW) and large hydro (46.51 GW). The nuclear energy-based installed electricity capacity is at 6.78 GW.

Together, the non-fossil-based installed energy capacity is 157.32 GW, which is 40.1 per cent of the total installed electricity capacity of 392.01 GW.

India aims to have 500 GW of installed renewable energy (RE) capacity by 2030.

Talking about boosting investments in the RE space, Singh said, “We have also opened the gates for installation of RE and selling it through open access. Now, anybody can set up RE capacity and sell it wherever it wants.”

In 2021, the government introduced the production linked incentive (PLI) scheme ‘National Programme on High Efficiency Solar PV Modules’ with an outlay of Rs 4,500 crore to support and promote manufacturing of high efficiency solar photo voltaic (PV) modules.

These include the upstage vertical components like cells, wafers, ingots and polysilicon. The initiative is expected to reduce import dependence in the solar PV sector.

Pursuant to the decision, a tender inviting bids for manufacturing of high efficiency solar PV modules was issued. As many as 18 bids were received and that could help add another around 55 GW of solar PV module manufacturing capacity to the present capacity of around 11 GW.

Letter of Awards have been issued by IREDA to three successful bidders for setting up 8,737 MW capacity of fully-integrated solar PV manufacturing units. The government has plans to increase the allocation of the PLI scheme to Rs 24,000 crore.

As on November 30, 52 solar parks have been sanctioned with a cumulative capacity of 37.92 GW in 14 states. Solar power projects of an aggregate capacity of around 9.2 GW have already been commissioned in these parks.

Under the rooftop solar programme Phase-II, a total of 5.7 GW solar capacity has been set up as on November 30. Against the target of 4 GW for residential sector under Phase-II, allocation of 3.4 GW has already been made to various states/ UTs and 1.07 GW has been installed.

About 8,434 ckm (circuit kilometres) of intra-state transmission lines have been constructed and 15,268 MVA intra-state substations have been charged under the green energy corridor for evacuation of RE.

In his Independence Day speech this year, Prime Minister Narendra Modi announced the launch of the National Hydrogen Mission.

The goal is to make India a global hub for green hydrogen production and exports. The draft National Green Hydrogen Mission document is under inter-ministerial consultations.

Under the 12 GW grid-connected solar PV power projects by Central Public Sector Undertakings (CPSUs) with domestic cells and modules, the government has sanctioned around 8.2 GW projects as of November 30.

 

Source Link: https://economictimes.indiatimes.com/industry/renewables/brighter-days-await-renewable-energy-space-investments-likely-to-cross-usd-15-billion-in-2022/articleshow/88468211.cms

CDC Invests $70 Million in India’s Green Growth Equity Fund

CDC Invests $70 Million in India’s Green Growth Equity Fund

Last Updated: OCTOBER 27, 2021

CDC Group, a U.K. government-owned development finance institution, has invested $70 million in the Green Growth Equity Fund (GGEF), India’s climate change fund. The fund is managed by Eversource Capital, a joint venture between private equity fund Everstone Group and Lightsource bp, British Petroleum’s renewable energy platform.

GGEF maintains that it already has strong climate credentials and has several investments in its portfolio. The portfolio includes Radiance, a renewable energy solution for commercial and industrial customers; e-mobility platform Greencell Mobility; utility-scale renewable energy platform Ayana; Integrated waste management platform Everenviro; and wastewater management platform Kathari.

“India is a fascinating market for renewable energy. Our investment in GGEF will consolidate CDC’s role in India as a staunch supporter of the country’s low carbon future,” said Srini Nagarajan, Managing Director and Head of Asia, CDC Group.

GGEF will use the investment to finance the development of ‘green infrastructure’ companies in India. GGEF claims it is different from many funds in that it adopts a ‘platform model.’ This means that the fund sets up a company from scratch in a sector of interest and then grows the platform by acquiring other companies in the sector.

According to GGEF, the platform can achieve operational efficiencies and scale by consolidating many smaller companies with similar business models under one roof. This business model is key to improving profitability and building a company of sufficient size to attract a buyer. The environmental, social, and (corporate) governance (ESG) standards of investees will also be brought to a common standard across the platform.

Dhanpal Jhaveri, Chief Executive, Eversource Capital and Vice President, Everstone Group, said, “We are committed to bringing positive climate impact by catalyzing capital for and investing in high growth platforms and businesses. These businesses will contribute to the Indian government’s ambitious climate goals and renewable energy targets. We want to thank CDC for reposing their trust in us. Their fund commitment to our Green Growth Equity Fund is a testament of the hard work put in and the results achieved by the EverSource team in a short time.”

Last month, the CDC announced its ambition to invest up to $1 billion in climate funding to India over the next five years. This commitment will fund climate mitigation projects and businesses and enhance national efforts to align with the Paris Agreement. Over the past four years, CDC has invested more than $1 billion in climate finance across Africa and South Asia. CDC already has a $2 billion portfolio in the country.

Earlier, CDC Group had announced a $30 million facility to Tata Cleantech Capital Limited (TCCL) through its directed green lending facility. This first-of-its-kind facility will enable Tata Cleantech Capital to offer loans to businesses that focus on e-mobility solutions and water and energy efficiency to help mitigate climate change.

CDC has invested in Bengaluru-based Ayana Renewable Power, which was launched in January 2018. It had initially committed to invest $100 million into the company. In December 2020, the CDC announced equity funding of $70 million (~₹5.1 billion) in Ayana.

Source Link: https://mercomindia.com/cdc-invests-indias-green-equity-fund/

Adani to invest $50-70 bn in green energy over next decade Gautam Adani

Adani to invest $50-70 bn in green energy over next decade Gautam Adani

Last Updated: October 19, 2021

New Delhi: Billionaire Gautam Adani today said his company would invest between $50 billion and $70 bn in green energy business over the next decade. “over the next decade, the Adani portfolio companies in the energy and utility business will invest over $20 billion in renewable energy generation and the overall organic and inorganic investments across the entire green energy value chain will range between $50 billion and $70 billion,” Adani said. He was speaking to business leaders on the side-lines of the UK’s Global Investment Summit at the London Science Museum. The summit, organized by the UK Govt, featured Prime Minister Boris Johnson, members of the royal family, British MPs, technologists and global investors.

Adani said 70 per cent of the group’s planned capex until 2030 will be in sustainable technologies, including investments with potential partners for electrolyzer manufacturing, backward integrations for component manufacturing to secure the supply chain for the solar and wind generation businesses, and AI-based utility and industrial cloud platforms.”When combined with India’s cost and locational advantages, this will enable Adani to produce the world’s least expensive green electron and be on track to become the world’s largest renewable power portfolio by 2030,” the Chairman of the Ahmedabad-based conglomerate said.He said this will lay the foundation for Adani to become one of the largest green hydrogen producers in the world and, in turn, will make India the producer of the world’s cheapest hydrogen.”Adani Green Energy will triple its renewable power generation capacity over the next four years – a scale and speed unmatched by any company in the world. AGEL is also consolidating its position as the world’s largest solar power developer, having achieved its initial target of 25 GW four years ahead of schedule,” Adani said.Referring to the growing clamor for India to announce net zero targets for its economy, Adani said a net zero number unaligned with a nation’s development agenda may end up creating greater disequilibrium across the global sustainability initiatives.

Source Link: https://energy.economictimes.indiatimes.com/news/renewable/adani-green-acquires-sb-energy-india-for-3-5-billion/86747412

L&T to invest up to Rs 5,000 crore to implement and adopt green energy, achieve carbon neutrality by 2035-2040

L&T to invest up to Rs 5,000 crore to implement and adopt green energy, achieve carbon neutrality by 2035-2040

Last Updated: October 21, 2021

Larsen & Toubro Ltd (L&T) will be investing up to Rs 5,000 crore to implement and adopt green energy into its manufacturing and construction sites to achieve carbon and water neutrality targets by 2035-2040.

“We have now set out a path of implementing these ESG initiatives in some of our project sites and manufacturing locations….This could be anywhere between Rs 1,000 and Rs -5,000 crore of transitionary investments we might have to do as a group to achieve 2035-2040 goals that we have set for ourselves,” said the company’s chief financial officer, Shankar Raman.

Raman added the company is trying to scope the programme for respective locations and that these investments will have a natural payback.

“Less resources will be consumed for generating the same output. So we do believe it could be on a self-financing model,” Raman said.

The company is in the process of developing a sustainability roadmap for FY22 to FY26 aligned with its ‘Lakshya 2026’ targets. In terms of reduction of Co2 the company has set a target to increase the usage of renewable power by 50% by FY26 and 100% by 2035 in its operations.

“Renewable power across campuses and sites will be increased by 50% by 2026 and essentially solar will be the main source of achieving this,” said Subramanian Sarma, Whole-time Director, L&T.

The company is also planning to use some bio-fuels and is evaluating setting up a green hydrogen plant in Hazira by the end of this financial year. It aims to improve its energy efficiency by 2.5% per annum for scope 1 ( phase 1)and 2% per annum for scope 2 (phase 2)

L&T said that during the financial year 20-21, it handled 834 projects across the world, achieved 373,964 tonnes of factory output from its manufacturing businesses. The company’s green businesses portfolio stood at Rs. 27,700 crore.

The company is also adopting Electric Vehicles on their campuses and is looking to replace all its IC (Internal Combustion Engine) vehicles with EV vehicles.

“The predominantly focus on Scope 1, which is our vehicles where we see the opportunity…The first phase will be to minimize the use of IC vehicles and then slowly move into EV vehicles relatively,” said Sarma.

L&T’s climate change, energy efficiency and renewable energy programs are aligned with the National Action Plan on Climate Change (NAPCC), released by the Government of India. The Company’s programs are also being aligned to the Nationally Determined Contributions (NDCs) ratified by the Government of India during the COP 21 – Paris Agreement.

Source Link: https://economictimes.indiatimes.com/news/company/corporate-trends/lt-to-invest-up-to-rs-5000-crore-to-implement-and-adopt-green-energy-achieve-carbon-neutrality-by-2035-2040/articleshow/87191925.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst