Que: 2023: Unveiling Business Odyssey

Ans: In our short life of just 2 years, BluPine already has an operational portfolio of 400 MW, and we have secured additional capacities of over 1 GW that further solidifies our position in the market. BluPine is committed to diversifying its technology base. This includes both wind and solar and hybrid solutions, battery storage, and potentially floating solar projects. We are also actively exploring opportunities for acquisitions, which could nearly double our operating capacity.

On the commercial and industrial (C&I) side of the business, we have an additional ~300-400 MW of projects in advanced stages of development, underscoring our commitment to expanding our footprint in this sector.

Que: 2024: Unlocking New Horizons

Ans: In 2024, BluPine Energy (an Actis company), is set to embark on a dynamic approach towards renewable energy projects in India. We are moving beyond traditional wind and solar projects and are focusing on hybrid solutions that encompass a mix of wind, solar and battery storage solutions. Additionally, we continue to build a pipeline of ‘ready to bid’ projects by securing land and transmission connectivity at various sites.

Our ambitious goal is to achieve an impressive 4+ GW of renewable energy installed capacity over the next 4-5 years. This demonstrates our unwavering dedication to scaling up renewable energy projects and contributing towards a more sustainable future. At BluPine Energy, we are continuously seeking new avenues, technologies and collaboration opportunities to drive this vision forward.

We recognise the significant growth in the Indian C&I market, which is poised to reach a capacity target of 75-80 GW by the end of 2023. Over the past 3-5 years, we have witnessed a remarkable expansion in India’s C&I open access capacity, with key contributions from states like Tamil Nadu, Karnataka, Maharashtra, and Gujarat, accounting for a growth of approximately 70-80 percent.

Under the banner of ‘Your Preferred Green Energy Partner,’ our mission is to serve as a reliable and trustworthy ally for C&I consumers seeking to implement net-zero and carbon-neutral strategies. Of our total 4 GW capacity, we aim to dedicate 1 GW towards the C&I sector.

We are in advanced stages of developing projects in Karnataka, Tamil Nadu, Maharashtra, Chhattisgarh, and Uttar Pradesh, which will allow us to offer a diverse range of renewable energy solutions tailored to the specific needs of open-access C&I consumers. This customisation allows us to address a wide spectrum of preferences, resource availability, and environmental concerns, enabling a comprehensive approach to sustainability.

Moreover, as these C&I customers’ electricity demand is driven by the underlying nature of their industrial processes, it is imperative to structure solutions that allow for a ‘load following’ pattern in order to meet the customer’s peak and non-peak electricity demands. In this context, battery storage is set to play a critical role in ensuring the reliability of renewable energy supply as and when the customer needs it. BluPine Energy is fully committed to spearheading this transition not only in utility scale projects, but in C&I projects as well. While the adoption of storage in C&I projects hinges on the reliability specified in Power Purchase Agreements (PPAs), we anticipate that 10-20 percent of projects, particularly in large-scale interstate transmission system (ISTS) ventures, will incorporate energy storage solutions.

Que: Navigating Growth: Ushering in New Trends

Ans: India has been making substantial strides in solar energy installations. However, few factors are slowing down the process of solar installations despite government emphasis on renewable energy capacity expansion. Last year, the increase in prices of solar PV cells and modules resulted in cost pressure and delays in the commissioning of solar projects. Though there are factors like changing policies, regulations, or bureaucratic hurdles that delay project approvals or cause uncertainty for investors hindering the rapid expansion of solar installations, we are optimistic to see a good number of projects to be commissioned till April 2024 in India.

The Indian solar industry is experiencing robust growth, driven by key trends:
The Ministry of New and Renewable Energy’s adoption of a sizeable and consistent bidding trajectory led by entities like SECI, NHPC, SJVN, and NTPC has significantly expanded participation opportunities, marking a positive shift in the 2023 landscape. Aided by tenders from state utilities (e.g. Gujarat, Rajasthan, Maharashtra etc.), the outlook and opportunities for solar installations looks bright.

The ‘Make in India’ movement is gaining steam and there are an increasing number of domestic module suppliers in the ecosystem, who are able to convert cells into high quality modules. This has resulted in a more predictable supply chain from a volume and price standpoint.

The Power Grid Corporation of India’s sustained efforts in strengthening the Interstate transmission network is crucial for effectively integrating the expected surge of renewable energy into the grid.

There’s a noticeable trend in the commercial and industrial sectors, where private entities are increasingly interested in developing green supply portfolios. This growing demand for green power by the private sector is helping accelerate the energy transition, which was so far largely driven by the public sector.

India boasts substantial project finance availability, supported by both government financiers (REC, PFC, IREDA, etc.) and private banking institutions (HSBC, Standard Chartered, SBI, Aditya Birla), which play a pivotal role in backing upcoming infrastructural developments.

Tenders in the renewable energy sector have evolved from conventional forms to include dispatchable (and load following) renewable energy, like hybrids. This shift reflects changing demands and diversifies the sector’s offerings.