Azure Power Commissions Largest Solar Power Project (150MW) in North India
Azure Power, a leading solar power producer in India, announced that it has commissioned the largest (150 MW) solar power project in north India, in the state of Punjab in December 2016. For this project, Azure Power had signed a solar power implementation agreement with Punjab Energy Development Agency (PEDA) under its Solar Policy Phase III. The 150MW solar power plant represents a portfolio of three projects of 50MW each. The weighted average tariff on these projects is INR 5.63 (US$ 8.5 cents) per kWh and the company will supply power to Punjab State Power Corporation Limited for 25 years. Spread across 713 acres of land in Punjab, the project was commissioned ahead of the contracted scheduled date. By leasing project land, Azure Power has created discretionary long term cash flow for the local community. The solar power plant will help in electrifying the nearby areas and will create an estimated 1,000 jobs in the locality. Commenting on the occasion, Inderpreet Wadhwa, Founder and Chief Executive Officer, Azure Power said, “We are pleased to have started 2017 with the early commissioning of our largest project. Our ability to complete projects ahead of schedule and at scale is a testament to our efficiency and reliability as a trusted solar power producer. We continue to demonstrate our strong project development, engineering, and execution capabilities and are delighted to make this contribution towards realization of our Hon’ble Prime Minister’s commitment towards clean and green energy, through solar power generation. Our sincere gratitude to the Hon’ble Deputy Chief Minister and the State of Punjab, for all the cooperation and support, extended., Azure Power has a long history of operating solar power plants in India and currently maintains a leading position in the state of Punjab. Starting with the Awan 2MW project in 2009, Azure Power now has a total solar portfolio of 225 MW in the state, currently making it the largest owner and operator of solar power plants in Punjab. Francisco Cervelli Jersey
Experts forecast India’s solar sector to rank in the top 3 global markets after China and the USA
India’s renewable energy sector especially solar and wind projects have clearly emerged as the two fronts drawing maximum investments with an intact and impressive growth story being predicted by experts. Most experts and consulting firms are betting big on India’s growth story in RE and are predicting that at least 8000- 9000 mw of new solar projects will come during 2017. Mercom Capital Group, a global clean energy communications and research firm, which released its quarterly update on the Indian solar market on Tuesday said solar installations in India are expected to reach over 4 GW in 2016, compared to 2.3 GW installed in 2015. Mercom said its 2017 solar installation forecast of over 9 GW. Cumulative installations including large-scale and rooftop projects in the country have already reached 9.6 GW. On its part, another consulting firm, Bridge to India predicted that along with 1.1 GW (or 1100 mw) of expected rooftop solar capacity, India should add a total of 8.8 GW (8800 mw) in 2017, ranking it amongst the top three global markets after China and the USA. Bridge to India said that with a pipeline of around 14 GW of utility scale projects, about 7.7 GW is expected to be commissioned in the year— a growth of around 90% over 2016. As per Mercom, of the 4 GW to be installed in 2016, 3.7 GW are expected to be utility-scale projects and about 275 MW are expected to be rooftop projects. The country’s solar development pipeline is now more than 14.2 GW with about 6.3 GW of projects tendered and pending auction. “We are forecasting installations to reach over 9 GW in 2017 which would put the Indian solar sector in the big leagues along with China, the United States, and Japan. However, there are significant headwinds in terms of transmission and evacuation issues that could threaten the pace of growth,” said Raj Prabhu, CEO and co-founder of Mercom Capital Group. Bridge to India said that as the Indian market ramps up, it will become a key pillar for demand growth when demand in other leading countries including China, Japan and even possibly the USA is expected to slow down. On the Solar tariffs, it added that these are expected to fall below the critical INR 4.00 (USD 0.06)/ kWh mark making solar power the cheapest new source of power. At the same time, improving financial health of power distribution companies due to UDAY implementation will also help in sustaining renewable energy demand in particular. We expect sustainable demand of 6-8 GW for utility scale solar in the coming years. Mercom has also predicted a overall positive outcome for the power sector following demonetisation move of the Government. India’s share of solar generation continues to grow with 16.7 percent of new power generating capacity added in 2016 (as of November 2016). Solar accounted for almost one percent of electricity generated from April-October (FY2016-2017), 50 percent more than all of FY2015-2016. The Top 10 states account for approximately 90 percent of all solar installations and pipeline; they are: Tamil Nadu, Rajasthan, Gujarat, Andhra Pradesh, Telangana, Madhya Pradesh, Punjab, Karnataka, Maharashtra, and Uttar Pradesh. Authentic Jersey
Lebanese government approves key gas, oil drilling decrees
Lebanon’s new government has issued key decrees to prepare the way for oil and gas extraction off its coast, after more than two years of political deadlock had stymied previous efforts. The decrees, which came today, authorize regulators to divide the offshore areas into blocks for drilling and exploration and to issue tenders. Earlier this decade, geologists discovered a bonanza of gas reserves off the coasts of Lebanon and Israel, sparking a frenzy of development on the Israeli side to tap into the fields. Lebanon’s government, beset by infighting and corruption, made only marginal progress toward that goal. A portion of the reserves lies in territory disputed by the two countries. The Lebanese militant group Hezbollah has issued numerous threats warning Israel not to tap into Lebanon’s gas reserves. Josh Jones Womens Jersey
Sri Lanka to renegotiate oil tanks deal with India
The Government will re-negotiate with India the agreement signed in 2002 with the hope of reacquiring at least 50 tanks for use by Sri Lanka, Petroleum Resources Development Minister Chandima Weerakkody said. Outlining his Ministry’s 2017 programme he said the refurbishment and upgrading of the Sapugaskanda Oil Refinery (SOR) will be launched this year at a cost between US$1.8 billion and US$2 billion. The minister said on the completion the SOR will increase its output to 100,000 barrels a day from less than 50,000 BPD at present and help reduce the annual oil import bill by cutting down on the import of refined petroleum products. He told a media conference that the ministry has retained Ernest and Young Ltd., to prepare a Business Plan’ for the tank farm and will also speak to all stakeholders on the matter. The tank farm in Trincomalee, built by the British during World War II, was leased to Lanka IOC in 2002 as part of a privatization deal, by the then UNP government, giving the Indians a presence in the port. The Ceylon Petroleum Corporation (CPC) had attempted to refurbish 30 tanks with the help of Lanka IOC but the project did not come off. The minister said three oil tanks each will be set up in Trincomalee and Hambantota to store petroleum products to prevent any shortage in the two future mega industrial zones. Commenting on the ongoing drought the minister said his Ministry would provide all assistance to the Power and Renewable Energy Ministry for an uniterrupted power supply. Year 2016 was extremely successful with the CPC recording a profit of Rs.85 billion, Petroleum Research Development Secretariat (PRDS) US$369 million and the Ceylon Petroleum Storage Terminals Ltd. (CPSTL) Rs.2.7 billion. Meanwhile, the minister said the unity government would continue in office until 2020, whatever the joint opposition, SLPP and Mahinda Rajapaksa loyalists said because it was strong enough to withstand any kind of political challenges coming its way. Nolan Ryan Womens Jersey
South Sudan plans to increase oil production as prices rise
South Sudan is planning to increase its oil production in the coming days as oil prices increase following last month’s Opec agreement to cap output, a top diplomat in South Sudan embassy told Gulf News. “We are planning to increase oil production as oil prices go up to increase our revenue and expand the ways of oil industry,” said Mayom Alier, Deputy Head of mission in South Sudan embassy in Abu Dhabi. He did not give a specific figure to what extent output is expected to rise but said they are trying to reach the levels of 500,000 barrels per day which the country was producing when the conflict began in 2013. The current oil production of South Sudan, which is heavily dependent on oil revenue, is about 130,000 barrels per day. The country’s oil output plummeted due to conflict following the rebellion of former vice president Riek Machar in 2013 and the escalation of fighting in the subsequent months. According to the diplomat, 98 per cent of the country’s budget is dependent on oil revenue and the drop in oil prices has heavily impacted its economy. “We suffered the most due to low oil prices. Rise in oil prices is a good news for us.” South Sudan has the third largest oil reserves in sub-Saharan Africa after Nigeria and Angola. The main oil companies operating in the country include China National Petroleum Corporation, India’s Oil and Natural Gas Corporation and Malaysia’s Petronas. The landlocked country does not have oil infrastructure and uses the pipeline in its northern neighbour Sudan to transport its crude oil to the international market. South Sudan is also trying to strengthen its trade ties with the UAE, but it is yet to sign protection of investment agreement and double taxation avoidance agreement with the emirates. “South Sudan offers investment opportunities in tourism, oil industry and in agriculture sectors for the UAE government to invest,” said Alier. “We have enormous resources that are yet to be tapped. As the UAE mulls investment in various countries, South Sudan could be a good option in future specially in areas of food security.” South Sudan, which gained independence from Sudan in 2011, opened its embassy in Abu Dhabi 2014. Opec (Organisation of the Petroleum Exporting Countries) and non-Opec members reached an agreement on November 30 to slash production by about 1.8 million barrels per day starting this week to stabilise oil prices. International benchmark, Brent surged by more than 20. Evgenii Dadonov Authentic Jersey