The global energy market has been embroiled in an energy transition away from fossil fuel-based energy towards the renewable energy sector. Climate change affects us all, and a major contributor to the emissions of greenhouse gases is the international energy market. Therefore, decarbonizing the global energy market has become a top priority for a litany of nations. ACME Platinum Urja, a leading Indian renewable energy company, has signed a new power-purchasing deal for a 200 MW solar-plus-storage project in India.
Solar plus battery storage has become the latest trend in the renewable energy market
While the solar power sector has seen tremendous growth over the past few decades, a major problem for the sector has been how to efficiently store the energy created from the solar panels. A solution to this problem is to install battery storage systems that can safely store the energy without any losses in capacity.
Several energy-rich nations that have developed their solar energy infrastructure have opted to pair the projects with an efficient battery storage system, thereby boosting the maximum output from the panels. India is among the nations that have developed their solar energy sector to ensure a reliable delivery of clean energy and also reduce emissions from the energy sector overall.
ACME Platinum Urja has signed a new PPA with the Solar Energy Corporation of India
ACME’s solar subsidiary, ACME Platinum Urja, recently revealed that it has negotiated and signed a new power purchasing deal with the Solar Energy Corporation of India, or SECI for short. The deal will enable the company to develop a 200MW solar project integrated with a 100MW energy storage system, building on the already impressive growth of the renewable energy sector in India.
India has identified measures to reduce emissions from its energy market
India is one of the most polluted nations anywhere on the planet, with blankets of smog covering the country’s major populated cities and towns. To address this serious problem, the Indian government has incentivized the promotion and adoption of the renewable energy sector. ACME notes that the PPA was finalised at a tariff of $0.03 per unit, after the deal passed muster with Central and State Regulators.
The agreement comes as ACME received a letter of award (LoA) issued by the Solar Energy Corporation of India last year for a total capacity of 350MW. A PPA for the first 150MW was signed in October of last year, and the new PPA covers the remaining MW. Under the agreed-upon terms of the new PPA deal, ACME has been mandated to supply power with an annual capacity utilisation factor of 25% to 27% during solar hours.
The new deal comes after a wave of calls and demands from locals and the international community to address the country’s emission problems, of which the government has committed to finding a solution. Despite the renewed optimism for the renewable energy market, India is still moving forward with its plans for a new petrochemical complex in Rajasthan.
The Asian continent has been increasing its investments in the solar energy market
The news of India boosting its solar energy ambitions through the new PPS with ACME comes as other Asian nations express similar plans for their own solar plus storage sector. Uzbekistan is set to receive funding from the Asian Development Bank for a new solar plus storage project, which will become the largest of its kind in Central Asia once complete. The renewable energy revolution has started to produce results and is driving the international energy market into a new future dominated by clean energy production, and the world will be better off for it.
