Schneider Electric and Platinum Electrical Engineering partnered to deploy the EcoStruxure Automation Expert solution for Brilliant Planet's low-cost algal carbon capture program. Brilliant Planet uses algae as an affordable and scalable method to sequester carbon on a gigaton scale. By growing microalgae in open pond systems, they can capture 30 times more carbon than forests. The EcoStruxure Automation Expert system is based on the IEC 61499 standard for easy integration with third-party equipment and seamless scalability across Brilliant Planet's global sites. This standardized application simplifies troubleshooting and adapts the process to the customer's specific needs, providing a complete, customized, scalable system.
India's Ministry of New and Renewable Energy (MNRE) is developing a multi-pronged strategy to support its renewable energy industry. The government is also looking at energy storage, offshore wind and green hydrogen. The government has introduced a production-linked incentive (PLI) scheme and battery storage VGF regulations, while also focusing on offshore wind, which has the potential to meet energy commitments. Green hydrogen will play a vital role in India's energy transition, which plays an important role in the global landscape due to supporting infrastructure development and synergies.
U.S. Treasury Secretary Yellen announced that the U.S. is working with India to develop an investment platform to reduce capital costs and increase private investment in India's energy transition. The two countries have been cooperating on economic issues, including commercial and technological cooperation and supply chain strengthening. Yellen's visit to India, her third to the country this year, underscores the growing relationship between the two countries. The two countries are also close to reaching an agreement on a global minimum tax regime.
Japanese Prime Minister Fumio Kishida is on a Gulf tour in the United Arab Emirates, focusing on energy supply and green technology. He will meet with UAE President Sheikh Mohamed bin Zayed Al Nahyan and attend the UAE-Japan Business Forum in Abu Dhabi. Kishida will also visit Qatar, a major gas producer, to boost Japan's energy production and push Japan towards its goal of carbon neutrality by 2050. Japan imports 25% of its crude oil from the UAE, making it the world's largest importer of oil and gas products.
Wind and solar projects are expected to account for more than one-third of global electricity by 2030, the Rocky Mountain Institute (RMI) reports, demonstrating the energy sector's ability to meet global climate goals. The report predicts that wind and solar projects will generate at least 33 percent of the world's electricity, reducing fossil fuel generation and promoting cheaper electricity. Benefiting from the rapid deployment of renewable energy and long-term energy price deflation, the cost of solar power is expected to drop to $20 per megawatt-hour.
India is expected to borrow Rs 2,000-2,200 crore via sovereign green bonds this fiscal, up from Rs 16,000 crore in 2022-23. Half of the proceeds will go to rail, renewable energy, housing, urban affairs, and environmental and climate change projects. The Ministry of Finance's 2023-24 spending plan allocates Rs 23,764 crore for green projects and increases spending to ensure green bond proceeds are fully utilized. Green bonds will form part of the central government's market lending program in the second half of this financial year.
Oriana Power plans to launch an IPO by the end of this month or early August to raise up to Rs 60 crore. Proceeds will be used for working capital, asset building and technology upgrades. Leading solar provider Oriana Power is expected to raise around Rs 55-60 crore in its IPO.
Suzlon Group has received an order from Everrenew Energy for a 100.8MW wind power project in Tamil Nadu. The project will install 48 wind turbines and be operational by March 2024. The project can provide electricity to 65,000 households and reduce carbon dioxide emissions by 2.58 tons per year. The project aims to promote the adoption of renewable energy in India by targeting commercial and industrial consumer groups.
Morocco's renewable energy agency Masen has announced that six consortiums have been prequalified to build a 400 MW solar plant called Noor Midelt II in the Atlas Mountains. The project aims to build a photovoltaic power station with two-hour energy storage capacity. Phase 1 has not been completed due to disagreements over CSP technology. Morocco plans to increase the share of renewable energy to 52% by 2030.
India is considering a bilateral agreement with the European Union to supply 10 million tonnes of green hydrogen, which will be invested in a clean energy project in India. The scheme allows EU companies to use carbon credits linked to green hydrogen production in exchange for investment and purchase deals. India's Ministry of Renewable Energy and renewable energy companies participated in the negotiations. The program aims to drive the energy transition from fossil fuels and tackle global warming.