Page 13 - AsiaElec Week 32

AsiaElec NEWS IN BRIEF AsiaElec

and efficient includes leading by example and
reducing the footprint of our own operations.
Through our agreement with ENGIE, we are
able to increase our use of renewable energy:
a key factor in building a more sustainable
business.”

SOL AR
Actis acquires 400MW at

two solar projects in India

Actis has announced that its Actis Long Life
Infrastructure Fund (ALLIF) has completed
avoid Australian coal cargoes hit demand for EMISSIONS its acquisition of two solar projects in India
the commodity the Sydney Morning Herald totalling 400MW from Acme Solar Holdings
reported. Weir Minerals teams Ltd.
Glencore on August 7 that said the site These projects are located in the Indian
and equipment shutdowns, which would up with ENGIE to reduce states of Andhra Pradesh and Madhya
coincide with September school holidays, Pradesh respectively.
were necessary in order to wind back output emissions by 100,000 Actis is a leading investor in Indian
volumes and manage the severe impact on renewables where it invests through ALLIF
demand. Workers would be required to take tonnes and Actis Energy Funds. ALLIFs investment
annual leave over this time, it said. strategy targets large operating renewable
“Our focus is on taking the necessary steps Weir Minerals Australia has signed an assets for the long-term, maximising yield
to continue operations, manage the current agreement with ENGIE Australia & New through value creation.
market volatility and limit the impact on our Zealand to source renewable energy for Actis’ recent investments through its
workforce,” the company said on Friday. its operations in New South Wales and Energy Funds include Ostro Energy which
“These measures will enable us to align our Queensland. was sold in 2018 in one of the largest
production levels with market demand, while The deal will deliver significant carbon renewable energy deals in India and Sprng
providing the flexibility to ramp back up as reductions in line with Weir Group Plc’s Energy which currently has 648MW of
economies recover.” Sustainability roadmap goals, while locking in operating assets and a further pipeline of
Export prices for thermal coal, one of the energy supply and price stability. 1100MW which are in various stages of
country’s top export commodities, have been The renewable energy from Weir Minerals’ execution.
sliding as the coronavirus-driven industrial Power Purchase Agreement (PPA) represents Renewable power is a critical part of India’s
downturn weighs on global energy demand. a reduction of more than 100,000 tonnes of energy generation capacity. Over the last five
But the situation for exporters to China carbon emissions (CO2e) over the lifetime years, overall renewable capacity in India has
including Glencore has been made tougher of the five-year agreement. The PPA is one doubled from 32GW to 84GW driven by solar
this year following an escalation of Chinese of the first of its kind between a renewable and wind. Energy demand is set to increase by
import restrictions. energy provider and a major supplier to the 6-7% per annum,
While unofficial limits are often imposed Australian resources sector. Sanjiv Aggarwal, Partner of Actis
in China as a way to support its domestic Weir is targeting a 50% reduction in CO2e responsible for its energy and infrastructure
miners, a souring of diplomatic relations emissions by 2030 and achieving zero by business in the region said “India is one of the
between Canberra and Beijing this year over 2050 across the globe. Beyond the carbon fastest growing solar markets in the world and
calls for a coronavirus inquiry prompted the reduction, the PPA will also provide Weir the Government’s commitment to increasing
Chinese government to instruct state-owned Minerals with security of supply, price stability renewable energy production continues to
utilities to avoid Australian coal in particular and significant cost savings within an often- create attractive investment opportunities
– favouring Indonesian or Russian cargoes volatile energy market. for our ALLIF and Energy funds. We will
instead. The agreement introduces several continue to focus on M&A and PPA auctions
Revenue from Glencore’s sales of innovations to the electricity supply sector in India.
Australian thermal coal - coal used to generate in Australia, including integration of energy Acme is one of the largest solar IPP in
electricity - was 23 per cent lower in the past generation and supply components in the India with a well-diversified portfolio of
six months compared to the prior year due same agreement. This simplified model means 5GW spread across multiple states and with a
to lower demand and prices. Glencore told that Weir can spend less time managing healthy mix of central and state utilities.
investors earlier this week it would reduce complex agreements and cashflows and more Acme group was established in 2003 by
Australian coal production by 7mn tonnes, or time focussing on core business. Manoj Kumar Upadhyay, an innovator and
8 per cent, in response. Jazib Farid, Weir Minerals Australia technologist having 24 years of experience of
Environmental Engineer, said: “Weir’s clear successfully scaling up businesses in energy,
focus on making mining more sustainable telecommunications and technology space.

Week 32 12•August•2020 www. NEWSBASE .com P13