Categories
Uncategorized

Reliance builds technology & innovation portfolio for Green Energy foray through partnerships, acquisitions, R&D

Article Republished By Javier Troconis

In his letter to shareholders, Mukesh Ambani, Chairman and Managing Director, Reliance Industries, said “we entered into a series of partnerships, including equity investments, with local and international corporates with unique technological and execution capabilities, with a strong track record of innovation and a growing number of patents and IPRs across the Green Energy value chain”.

During FY22, Reliance completed acquisitions and investments of over Rs 5,500 crore to build capabilities in New Energy.

Reliance’s partnerships includes companies like Ambri in the US, Faradion in the UK and The Netherlands-based Lithium Werks in the energy storage space.

Similarly, Reliance invested in Germany’s NexWafe, which is a pioneer in next-gen technology to produce monocrystalline silicon wafers needed in making solar panels. RIL also acquired promoters’ stake in REC Solar — a global technology leader in solar panel manufacturing. Reliance picked up a 40% stake in Sterling & Wilson Renewable Energy — one of the world’s leading EPC turnkey contractors in large scale solar projects.

In the Hydrogen ecosystem, Reliance joined hands with the US-based Chart Industries to set up India H2 Alliance to commercialise hydrogen technology and develop a supply chain in collaboration with other Indian stakeholders.

The company also entered into an agreement with Denmark’s Stiesdal A/S for its innovative next-gen electrolyser technology, which has the potential to reduce dramatically the cost of producing hydrogen from pure water.

RIL commenced development of the Dhirubhai Ambani Green Energy Giga Complex (“DAGEGC”) on 5,000 acres in Jamnagar, which will be among the largest integrated renewable energy manufacturing facilities in the world

It signed an MoU with the Government of Gujarat for a total investment of Rs 5.95 lakh crore in Green Energy. These projects have potential to create 10 lakh direct/indirect employment opportunities in the state

The company’s subsidiary REC Solar Pte Ltd. tied up Reliance Group’s first green financing aggregating $586 million including a $250 million green term loan and $336 million five-year green bank guarantee facility.

Reliance Industries Limited issued its Annual Report for FY22 on August 6. The company will be holding its Annual General Meeting on Monday, August 29.

Among other things, the RIL Annual Report mentioned about the progress made by all its business verticals viz. Retail, Digital Services, O2C and E&P, and spoke about RIL’s intentions in the Green Energy field.

20220808-113604

Categories
Uncategorized

Reliance builds technology & innovation portfolio for Green Energy foray through partnerships, acquisitions, R&D

Article Republished By Javier Troconis

In his letter to shareholders, Mukesh Ambani, Chairman and Managing Director, Reliance Industries, said “we entered into a series of partnerships, including equity investments, with local and international corporates with unique technological and execution capabilities, with a strong track record of innovation and a growing number of patents and IPRs across the Green Energy value chain”.

During FY22, Reliance completed acquisitions and investments of over Rs 5,500 crore to build capabilities in New Energy.

Reliance’s partnerships includes companies like Ambri in the US, Faradion in the UK and The Netherlands-based Lithium Werks in the energy storage space.

Similarly, Reliance invested in Germany’s NexWafe, which is a pioneer in next-gen technology to produce monocrystalline silicon wafers needed in making solar panels. RIL also acquired promoters’ stake in REC Solar — a global technology leader in solar panel manufacturing. Reliance picked up a 40% stake in Sterling & Wilson Renewable Energy — one of the world’s leading EPC turnkey contractors in large scale solar projects.

In the Hydrogen ecosystem, Reliance joined hands with the US-based Chart Industries to set up India H2 Alliance to commercialise hydrogen technology and develop a supply chain in collaboration with other Indian stakeholders.

The company also entered into an agreement with Denmark’s Stiesdal A/S for its innovative next-gen electrolyser technology, which has the potential to reduce dramatically the cost of producing hydrogen from pure water.

RIL commenced development of the Dhirubhai Ambani Green Energy Giga Complex (“DAGEGC”) on 5,000 acres in Jamnagar, which will be among the largest integrated renewable energy manufacturing facilities in the world

It signed an MoU with the Government of Gujarat for a total investment of Rs 5.95 lakh crore in Green Energy. These projects have potential to create 10 lakh direct/indirect employment opportunities in the state

The company’s subsidiary REC Solar Pte Ltd. tied up Reliance Group’s first green financing aggregating $586 million including a $250 million green term loan and $336 million five-year green bank guarantee facility.

Reliance Industries Limited issued its Annual Report for FY22 on August 6. The company will be holding its Annual General Meeting on Monday, August 29.

Among other things, the RIL Annual Report mentioned about the progress made by all its business verticals viz. Retail, Digital Services, O2C and E&P, and spoke about RIL’s intentions in the Green Energy field.

20220808-113604

Categories
Uncategorized

Reliance builds technology & innovation portfolio for Green Energy foray through partnerships, acquisitions, R&D

Article Republished By Javier Troconis

In his letter to shareholders, Mukesh Ambani, Chairman and Managing Director, Reliance Industries, said “we entered into a series of partnerships, including equity investments, with local and international corporates with unique technological and execution capabilities, with a strong track record of innovation and a growing number of patents and IPRs across the Green Energy value chain”.

During FY22, Reliance completed acquisitions and investments of over Rs 5,500 crore to build capabilities in New Energy.

Reliance’s partnerships includes companies like Ambri in the US, Faradion in the UK and The Netherlands-based Lithium Werks in the energy storage space.

Similarly, Reliance invested in Germany’s NexWafe, which is a pioneer in next-gen technology to produce monocrystalline silicon wafers needed in making solar panels. RIL also acquired promoters’ stake in REC Solar — a global technology leader in solar panel manufacturing. Reliance picked up a 40% stake in Sterling & Wilson Renewable Energy — one of the world’s leading EPC turnkey contractors in large scale solar projects.

In the Hydrogen ecosystem, Reliance joined hands with the US-based Chart Industries to set up India H2 Alliance to commercialise hydrogen technology and develop a supply chain in collaboration with other Indian stakeholders.

The company also entered into an agreement with Denmark’s Stiesdal A/S for its innovative next-gen electrolyser technology, which has the potential to reduce dramatically the cost of producing hydrogen from pure water.

RIL commenced development of the Dhirubhai Ambani Green Energy Giga Complex (“DAGEGC”) on 5,000 acres in Jamnagar, which will be among the largest integrated renewable energy manufacturing facilities in the world

It signed an MoU with the Government of Gujarat for a total investment of Rs 5.95 lakh crore in Green Energy. These projects have potential to create 10 lakh direct/indirect employment opportunities in the state

The company’s subsidiary REC Solar Pte Ltd. tied up Reliance Group’s first green financing aggregating $586 million including a $250 million green term loan and $336 million five-year green bank guarantee facility.

Reliance Industries Limited issued its Annual Report for FY22 on August 6. The company will be holding its Annual General Meeting on Monday, August 29.

Among other things, the RIL Annual Report mentioned about the progress made by all its business verticals viz. Retail, Digital Services, O2C and E&P, and spoke about RIL’s intentions in the Green Energy field.

20220808-113604

Categories
Uncategorized

Reliance builds technology & innovation portfolio for Green Energy foray through partnerships, acquisitions, R&D

Article Republished By Javier Troconis

In his letter to shareholders, Mukesh Ambani, Chairman and Managing Director, Reliance Industries, said “we entered into a series of partnerships, including equity investments, with local and international corporates with unique technological and execution capabilities, with a strong track record of innovation and a growing number of patents and IPRs across the Green Energy value chain”.

During FY22, Reliance completed acquisitions and investments of over Rs 5,500 crore to build capabilities in New Energy.

Reliance’s partnerships includes companies like Ambri in the US, Faradion in the UK and The Netherlands-based Lithium Werks in the energy storage space.

Similarly, Reliance invested in Germany’s NexWafe, which is a pioneer in next-gen technology to produce monocrystalline silicon wafers needed in making solar panels. RIL also acquired promoters’ stake in REC Solar — a global technology leader in solar panel manufacturing. Reliance picked up a 40% stake in Sterling & Wilson Renewable Energy — one of the world’s leading EPC turnkey contractors in large scale solar projects.

In the Hydrogen ecosystem, Reliance joined hands with the US-based Chart Industries to set up India H2 Alliance to commercialise hydrogen technology and develop a supply chain in collaboration with other Indian stakeholders.

The company also entered into an agreement with Denmark’s Stiesdal A/S for its innovative next-gen electrolyser technology, which has the potential to reduce dramatically the cost of producing hydrogen from pure water.

RIL commenced development of the Dhirubhai Ambani Green Energy Giga Complex (“DAGEGC”) on 5,000 acres in Jamnagar, which will be among the largest integrated renewable energy manufacturing facilities in the world

It signed an MoU with the Government of Gujarat for a total investment of Rs 5.95 lakh crore in Green Energy. These projects have potential to create 10 lakh direct/indirect employment opportunities in the state

The company’s subsidiary REC Solar Pte Ltd. tied up Reliance Group’s first green financing aggregating $586 million including a $250 million green term loan and $336 million five-year green bank guarantee facility.

Reliance Industries Limited issued its Annual Report for FY22 on August 6. The company will be holding its Annual General Meeting on Monday, August 29.

Among other things, the RIL Annual Report mentioned about the progress made by all its business verticals viz. Retail, Digital Services, O2C and E&P, and spoke about RIL’s intentions in the Green Energy field.

20220808-113604

Categories
Uncategorized

Reliance builds technology & innovation portfolio for Green Energy foray through partnerships, acquisitions, R&D

Article Republished By Javier Troconis

In his letter to shareholders, Mukesh Ambani, Chairman and Managing Director, Reliance Industries, said “we entered into a series of partnerships, including equity investments, with local and international corporates with unique technological and execution capabilities, with a strong track record of innovation and a growing number of patents and IPRs across the Green Energy value chain”.

During FY22, Reliance completed acquisitions and investments of over Rs 5,500 crore to build capabilities in New Energy.

Reliance’s partnerships includes companies like Ambri in the US, Faradion in the UK and The Netherlands-based Lithium Werks in the energy storage space.

Similarly, Reliance invested in Germany’s NexWafe, which is a pioneer in next-gen technology to produce monocrystalline silicon wafers needed in making solar panels. RIL also acquired promoters’ stake in REC Solar — a global technology leader in solar panel manufacturing. Reliance picked up a 40% stake in Sterling & Wilson Renewable Energy — one of the world’s leading EPC turnkey contractors in large scale solar projects.

In the Hydrogen ecosystem, Reliance joined hands with the US-based Chart Industries to set up India H2 Alliance to commercialise hydrogen technology and develop a supply chain in collaboration with other Indian stakeholders.

The company also entered into an agreement with Denmark’s Stiesdal A/S for its innovative next-gen electrolyser technology, which has the potential to reduce dramatically the cost of producing hydrogen from pure water.

RIL commenced development of the Dhirubhai Ambani Green Energy Giga Complex (“DAGEGC”) on 5,000 acres in Jamnagar, which will be among the largest integrated renewable energy manufacturing facilities in the world

It signed an MoU with the Government of Gujarat for a total investment of Rs 5.95 lakh crore in Green Energy. These projects have potential to create 10 lakh direct/indirect employment opportunities in the state

The company’s subsidiary REC Solar Pte Ltd. tied up Reliance Group’s first green financing aggregating $586 million including a $250 million green term loan and $336 million five-year green bank guarantee facility.

Reliance Industries Limited issued its Annual Report for FY22 on August 6. The company will be holding its Annual General Meeting on Monday, August 29.

Among other things, the RIL Annual Report mentioned about the progress made by all its business verticals viz. Retail, Digital Services, O2C and E&P, and spoke about RIL’s intentions in the Green Energy field.

20220808-113604

Categories
Uncategorized

“Unprecedented:” US Senate passes landmark bill to tax billionaires to fund clean energy

Article Republished By Javier Troconis

Total

10

Shares

The United States Senate has passed a landmark $US370 billion ($A540 billion) climate spending bill, which is being hailed as a landmark for the US efforts against runaway climate impacts, and will supports its goal of cutting emissions by 40 per cent by 2030.

The bill which was renamed the Inflation Reduction Act of 2022 (IRA) – to make it both palatable to Democrat holdouts such as Joe Manchin, and also to highlight the cost benefits of the switch to green energy – tightens tax loopholes and will use the revenue for climate action, drought relief and the Affordable Care Act.

A huge share of the climate spending will be used to fund tax credits and rebates for a range of renewable technologies including solar panels, wind turbines, heat pumps, energy efficiency, and electric vehicles.

As Democrat Senator and former presidential candidate Elisabeth Warren described it: “The Senate Democratic majority advanced the Inflation Reduction Act: making billionaire corporations pay a minimum tax to fund historic investments in clean energy and lower costs.”

President Joe Biden said of the legislation: “It addresses the climate crisis and strengthens our energy security, creating jobs manufacturing solar panels, wind turbines, and electric vehicles in America with American workers. It lowers families’ energy costs by hundreds of dollars each year.”

The bill also includes incentives for companies to manufacture more of their technology in the US to meet  Biden’s promises of more jobs at home, and creates a $US1.5 billion program to address methane emissions.

Unsurprisingly, the bill was also warmly welcomed by the United States renewable energy sector.

“This is the vote heard around the world,” said Heather Zichal, CEO of the American Clean Power Association.

“It puts America on a path to creating 550,000 new clean energy jobs while reducing economy-wide emissions 40% by 2030.  This is a generational opportunity for clean energy after years of uncertainty and delay.

“This unprecedented investment in clean energy will supercharge America’s clean energy economy and keep the United States within striking distance of our climate goals.”

But the road to the passing of the IRA was long and convoluted, and required a number of concessions to bring hold out Democratic senators Joe Manchin, from coal country West Virginia, and Kyrsten Sinema of Arizona.

The impasse wasn’t resolved until after a surprise agreement between Manchin and Senate Majority Leader Charles Schumer and a deal that late last week received the support of Sinema.

The compromises – apart from shrinking the Biden’s original goal of a $US2 trillion package – include making it easier to approve new energy projects – including coal projects and expediting a gas pipeline proposed for Manchin’s West Virginia.

However, despite the implications of such compromises, many experts are highlighting the long-term gain over the short-term pain of these backwards deals.

Some of the specific initiatives include $US7,500 for new electric vehicles and about $US4,000 for a used vehicle until 2032, although there are limits relating to the where the batteries were made and incomes.

There is also a $US9 billion home energy rebate program to focus on retrofits and electrifying home appliances, another $US1 billion to make public housing more energy-efficient, and $US 27 billion to create a National Green Bank, similar to Australia’s Clean Energy Finance Corp, which can leverage private funding for clean projects.

Total

10

Shares

Categories
Uncategorized

“Unprecedented:” US Senate passes landmark bill to tax billionaires to fund clean energy

Article Republished By Javier Troconis

Total

19

Shares

The United States Senate has passed a landmark $US370 billion ($A540 billion) climate spending bill, which is being hailed as a landmark for the US efforts against runaway climate impacts, and will supports its goal of cutting emissions by 40 per cent by 2030.

The bill which was renamed the Inflation Reduction Act of 2022 (IRA) – to make it both palatable to Democrat holdouts such as Joe Manchin, and also to highlight the cost benefits of the switch to green energy – tightens tax loopholes and will use the revenue for climate action, drought relief and the Affordable Care Act.

A huge share of the climate spending will be used to fund tax credits and rebates for a range of renewable technologies including solar panels, wind turbines, heat pumps, energy efficiency, and electric vehicles.

As Democrat Senator and former presidential candidate Elisabeth Warren described it: “The Senate Democratic majority advanced the Inflation Reduction Act: making billionaire corporations pay a minimum tax to fund historic investments in clean energy and lower costs.”

President Joe Biden said of the legislation: “It addresses the climate crisis and strengthens our energy security, creating jobs manufacturing solar panels, wind turbines, and electric vehicles in America with American workers. It lowers families’ energy costs by hundreds of dollars each year.”

The bill also includes incentives for companies to manufacture more of their technology in the US to meet  Biden’s promises of more jobs at home, and creates a $US1.5 billion program to address methane emissions.

Unsurprisingly, the bill was also warmly welcomed by the United States renewable energy sector.

“This is the vote heard around the world,” said Heather Zichal, CEO of the American Clean Power Association.

“It puts America on a path to creating 550,000 new clean energy jobs while reducing economy-wide emissions 40% by 2030.  This is a generational opportunity for clean energy after years of uncertainty and delay.

“This unprecedented investment in clean energy will supercharge America’s clean energy economy and keep the United States within striking distance of our climate goals.”

But the road to the passing of the IRA was long and convoluted, and required a number of concessions to bring hold out Democratic senators Joe Manchin, from coal country West Virginia, and Kyrsten Sinema of Arizona.

The impasse wasn’t resolved until after a surprise agreement between Manchin and Senate Majority Leader Charles Schumer and a deal that late last week received the support of Sinema.

The compromises – apart from shrinking the Biden’s original goal of a $US2 trillion package – include making it easier to approve new energy projects – including coal projects and expediting a gas pipeline proposed for Manchin’s West Virginia.

However, despite the implications of such compromises, many experts are highlighting the long-term gain over the short-term pain of these backwards deals.

Some of the specific initiatives include $US7,500 for new electric vehicles and about $US4,000 for a used vehicle until 2032, although there are limits relating to the where the batteries were made and incomes.

There is also a $US9 billion home energy rebate program to focus on retrofits and electrifying home appliances, another $US1 billion to make public housing more energy-efficient, and $US 27 billion to create a National Green Bank, similar to Australia’s Clean Energy Finance Corp, which can leverage private funding for clean projects.

Total

19

Shares

Categories
Uncategorized

“Unprecedented:” US Senate passes landmark bill to tax billionaires to fund clean energy

Article Republished By Javier Troconis

Total

19

Shares

The United States Senate has passed a landmark $US370 billion ($A540 billion) climate spending bill, which is being hailed as a landmark for the US efforts against runaway climate impacts, and will supports its goal of cutting emissions by 40 per cent by 2030.

The bill which was renamed the Inflation Reduction Act of 2022 (IRA) – to make it both palatable to Democrat holdouts such as Joe Manchin, and also to highlight the cost benefits of the switch to green energy – tightens tax loopholes and will use the revenue for climate action, drought relief and the Affordable Care Act.

A huge share of the climate spending will be used to fund tax credits and rebates for a range of renewable technologies including solar panels, wind turbines, heat pumps, energy efficiency, and electric vehicles.

As Democrat Senator and former presidential candidate Elisabeth Warren described it: “The Senate Democratic majority advanced the Inflation Reduction Act: making billionaire corporations pay a minimum tax to fund historic investments in clean energy and lower costs.”

President Joe Biden said of the legislation: “It addresses the climate crisis and strengthens our energy security, creating jobs manufacturing solar panels, wind turbines, and electric vehicles in America with American workers. It lowers families’ energy costs by hundreds of dollars each year.”

The bill also includes incentives for companies to manufacture more of their technology in the US to meet  Biden’s promises of more jobs at home, and creates a $US1.5 billion program to address methane emissions.

Unsurprisingly, the bill was also warmly welcomed by the United States renewable energy sector.

“This is the vote heard around the world,” said Heather Zichal, CEO of the American Clean Power Association.

“It puts America on a path to creating 550,000 new clean energy jobs while reducing economy-wide emissions 40% by 2030.  This is a generational opportunity for clean energy after years of uncertainty and delay.

“This unprecedented investment in clean energy will supercharge America’s clean energy economy and keep the United States within striking distance of our climate goals.”

But the road to the passing of the IRA was long and convoluted, and required a number of concessions to bring hold out Democratic senators Joe Manchin, from coal country West Virginia, and Kyrsten Sinema of Arizona.

The impasse wasn’t resolved until after a surprise agreement between Manchin and Senate Majority Leader Charles Schumer and a deal that late last week received the support of Sinema.

The compromises – apart from shrinking the Biden’s original goal of a $US2 trillion package – include making it easier to approve new energy projects – including coal projects and expediting a gas pipeline proposed for Manchin’s West Virginia.

However, despite the implications of such compromises, many experts are highlighting the long-term gain over the short-term pain of these backwards deals.

Some of the specific initiatives include $US7,500 for new electric vehicles and about $US4,000 for a used vehicle until 2032, although there are limits relating to the where the batteries were made and incomes.

There is also a $US9 billion home energy rebate program to focus on retrofits and electrifying home appliances, another $US1 billion to make public housing more energy-efficient, and $US 27 billion to create a National Green Bank, similar to Australia’s Clean Energy Finance Corp, which can leverage private funding for clean projects.

Total

19

Shares

Categories
Uncategorized

“Unprecedented:” US Senate passes landmark bill to tax billionaires to fund clean energy

Article Republished By Javier Troconis

Total

10

Shares

The United States Senate has passed a landmark $US370 billion ($A540 billion) climate spending bill, which is being hailed as a landmark for the US efforts against runaway climate impacts, and will supports its goal of cutting emissions by 40 per cent by 2030.

The bill which was renamed the Inflation Reduction Act of 2022 (IRA) – to make it both palatable to Democrat holdouts such as Joe Manchin, and also to highlight the cost benefits of the switch to green energy – tightens tax loopholes and will use the revenue for climate action, drought relief and the Affordable Care Act.

A huge share of the climate spending will be used to fund tax credits and rebates for a range of renewable technologies including solar panels, wind turbines, heat pumps, energy efficiency, and electric vehicles.

As Democrat Senator and former presidential candidate Elisabeth Warren described it: “The Senate Democratic majority advanced the Inflation Reduction Act: making billionaire corporations pay a minimum tax to fund historic investments in clean energy and lower costs.”

President Joe Biden said of the legislation: “It addresses the climate crisis and strengthens our energy security, creating jobs manufacturing solar panels, wind turbines, and electric vehicles in America with American workers. It lowers families’ energy costs by hundreds of dollars each year.”

The bill also includes incentives for companies to manufacture more of their technology in the US to meet  Biden’s promises of more jobs at home, and creates a $US1.5 billion program to address methane emissions.

Unsurprisingly, the bill was also warmly welcomed by the United States renewable energy sector.

“This is the vote heard around the world,” said Heather Zichal, CEO of the American Clean Power Association.

“It puts America on a path to creating 550,000 new clean energy jobs while reducing economy-wide emissions 40% by 2030.  This is a generational opportunity for clean energy after years of uncertainty and delay.

“This unprecedented investment in clean energy will supercharge America’s clean energy economy and keep the United States within striking distance of our climate goals.”

But the road to the passing of the IRA was long and convoluted, and required a number of concessions to bring hold out Democratic senators Joe Manchin, from coal country West Virginia, and Kyrsten Sinema of Arizona.

The impasse wasn’t resolved until after a surprise agreement between Manchin and Senate Majority Leader Charles Schumer and a deal that late last week received the support of Sinema.

The compromises – apart from shrinking the Biden’s original goal of a $US2 trillion package – include making it easier to approve new energy projects – including coal projects and expediting a gas pipeline proposed for Manchin’s West Virginia.

However, despite the implications of such compromises, many experts are highlighting the long-term gain over the short-term pain of these backwards deals.

Some of the specific initiatives include $US7,500 for new electric vehicles and about $US4,000 for a used vehicle until 2032, although there are limits relating to the where the batteries were made and incomes.

There is also a $US9 billion home energy rebate program to focus on retrofits and electrifying home appliances, another $US1 billion to make public housing more energy-efficient, and $US 27 billion to create a National Green Bank, similar to Australia’s Clean Energy Finance Corp, which can leverage private funding for clean projects.

Total

10

Shares

Categories
Uncategorized

Solar panels on every roof

Article Republished By Javier Troconis

The international energy demand/supply imbalance has resulted in a steep rise in the cost of energy inputs. Pakistan cannot control the international geopolitics behind the crisis, but taking emergency countermeasures to fix our energy situation is certainly possible.

In this article, I will argue why we need to launch a major programme of solar roof-tops to handle the current crisis and for the long-term sustainability of the power sector. I propose that Pakistan adds six gigawatts (GW) of new roof-top solar plant capacity within the next three years by putting the right measures in place.

Making 1GW capacity addition in 2022-23, 2GW in 2023-24 and 3GW in 2024-2025 may seem like an ambitious target given our slow track record of solar installations, but if the distribution companies (Discos) and the banking sector join hands it is fully achievable.

A substantial portion of our installed power generating capacity is based on imported fuels, mainly Liquefied natural gas (LNG) and coal. Several recent attempts to buy LNG from the international market have failed as international suppliers prefer to supply to other customers, especially in Europe.

Pakistan can either embark on the green energy revolution while it is still at an early stage or be a late-comer as usual

The lesson for our policymakers is that Pakistan’s long-term energy security depends on reducing our reliance on imported fuels. Solar-based power systems, whose prices are now at a historical low in dollar terms and which have no operating cost unlike imported fuel plants, can be our saviour.

The National Transmission & Despatch Company’s new power expansion plan envisages utility-scale solar power plant additions in multiples of 50MW in the coming years through independent power producers. The roof-top-based solar systems have greater potential than utility-scale plants and can be installed far more quickly under a PPP (public-private partnership) scheme.

No capacity payments are involved nor is there a need to arrange sovereign loans. Unlike utility-scale plants, roof-top solar produces energy where it is needed, ie in urban areas, thus offsetting the need for building long-distance transmission lines.

A comprehensive investment programme may be launched under an empowered team drawn from the Alternate Energy Development Board (AEDB), Discos and the banking sector. The banks, in particular, must take on an active role unlike in the past whereby the concessional funds made available to them by the State Bank of Pakistan (SBP) have mostly remained unutilised. Each bank must be given a target of financing a certain number of megawatts of roof-top-based systems both of the net-metering and stand-alone types.

Roof-top solar offers an avenue for directing individuals’ savings towards a productive investment that brings financial returns in the form of a reduction in the energy bill of the participating consumers. Those, like myself, who have already installed net-metering systems have a reason to feel delighted every month when they see the financial savings accrued to them in the electricity bills.

The main items that are used in a solar power system are the panels and inverters both of which are presently imported and are a drain on the country’s meagre forex reserves. International financial institutions can provide long-term funding in foreign currency at fairly concessional interest rates. However, a robust and viable implementation plan will need to be presented to them to obtain their funding.

Any financing programme must have the full and active involvement of the SBP unlike in the past when it merely approved a re-financing facility at a 6 per cent interest rate without stipulating the actual lending targets for the banks. The result was that banks did not actively promote loans for solar projects. This time around, the banks would be given targets and compliance will be monitored by the SBP.

Thus far, the Discos have been acting as an approving body rather than seeking out active partnerships with consumers to promote solar projects due to some well-known concerns that need to be addressed. A new nexus between commercial banks and Discos must evolve so that together they can offer financial products to the “prosumers” — a term for consumers that are also producers of electricity.

A three-way contractual arrangement between the Disco, the bank and the prosumer will give comfort to the lending bank concerning the repayment of its loans through the monthly bills sent by the Disco.

The AEDB is expected to put together a fool-proof arrangement which has the buy-in and active involvement of all stakeholders. The quality of products and services given by the approved vendors will need major improvements as there is a common complaint that the registered vendors outsource the supply and installation of the project to those contractors who have substandard qualifications.

According to the International Energy Association May 2022 report, the world added a record 295GW solar capacity in 2021 while 2022 will see another new record of 300GW of solar capacity addition. Pakistan is lagging behind in the race as its present solar power capacity is dismally low.

If the last three decades were the decades of information technology (IT) it can be safely forecasted that the next three decades belong to clean energy developments and innovations. Pakistan has to decide whether it wants to embark on the green energy revolution while it is still at an early stage or be a late-comer to the game just as it was in developing its IT software capabilities.

The author is the former Director of Energy of the Islamic Development Bank and can be reached at farrukhmian@gmail.com

Published in Dawn, The Business and Finance Weekly, August 8th, 2022