Latest news with #ETEnergyWorld
Time of India
2 days ago
- Business
- Time of India
Alfanar aims to set up 3-GW renewable energy portfolio in India by 2030; plans up to $700 mn equity investment
Mumbai: Alfanar , Saudi Arabia-based energy company , plans to set up 3 gigawatt (GW) of renewable energy capacity in India by 2030, Mohammed Irfan, chief executive officer, Alfanar Global Development - India, told ETEnergyWorld . 'We aim to develop a 3 GW renewable energy portfolio in India by 2030. With an equity of $400 million to $700 million depending on the mix of solar, wind, and hybrid projects,' he said in an exclusive interaction. Irfan added that for this capacity, the firm is already in discussions with major OEMs and is trying to lock in suppliers for strengthening their development pipeline before participating in the bids. 'Our first priority is hybrid and battery storage . The second priority is standalone solar more. Since our wind portfolio already exceeds 600 MW, we aim to diversify our portfolio with solar and BESS projects,' said Irfan. Regarding partnerships in India, he said that for solar modules, the company will sign long term supply agreements with domestic manufacturers for upcoming projects. In smart meters, the company already has a strategic partner for expanding two million smart meters to up to 10 million meters in the next three to four years, added Irfan. 'We are also in talks with inverter and robotic cleaning tech OEMs. In smart metering , we have a long-term strategic partnership with a climate fund for deploying two million smart meters in Bhopal and Jabalpur in Madhya Pradesh,' he said. On maintaining supply chain resilience, Irfan said that the company has localised about 85 per cent of their project components in India which includes sourcing from domestic turbine OEMs such as Suzlon and Senvion , and using local module suppliers. The company is actively positioning itself as a key player in the global renewable energy transition and has developed a portfolio of about 1.7 GW of renewable energy projects across Spain, India, and Egypt. In Spain, it has developed both wind and solar projects. It has a solar project in Egypt and about 600 MW of operational wind projects in India.
Time of India
3 days ago
- Business
- Time of India
Saudi energy firm Alfanar lines up India green hydrogen play, awaits clear policy signals
Mumbai: Saudi Arabia-based energy giant, Alfanar Group , is preparing to enter India's green hydrogen segment once the country's policy and regulatory framework becomes clearer, Mohammed Irfan, chief executive officer, Alfanar Global Development - India, told ETEnergyWorld . The company has an annual revenue of Rs 620 crore. At present, it has wind power capacity of 506.5 MW operational in Gujarat and while 50 MW is under construction, he said. 'Our focus is on a mix of wind and solar hybrid projects, along with energy storage… We are preparing to enter the hydrogen segment once India's policy framework becomes clearer. Leveraging our international expertise, especially from Egypt and Chile, we aim to replicate successful models in India,' he said in an exclusive interview. He, however, added that while there was growing interest, India still lacked assured green hydrogen offtake agreements. 'Once India's hydrogen market matures in terms of regulatory and policy adaptation or guaranteed offtake emerges, we will definitely be a part of it. In contrast, India's renewable sector benefits from long-term PPAs with entities like NTPC, SECI, and others,' said Irfan. Apart from this, he added that their Saudi team is also working on developing green hydrogen projects in Egypt and green ammonia in Chile. The company is actively positioning itself as a key player in the global renewable energy transition and has developed a portfolio of about 1.7 GW of renewable energy projects across Spain, India, and Egypt. 'In Spain, we operate both wind and solar projects. In Egypt, we have a solar project, and in India, we have about 600 MW of wind projects operational,' said Irfan. The company is also developing a sustainable aviation fuel project in the United Kingdom. On the challenge of grid evacuation, Irfan said that power evacuation and grid connectivity at CTU/PGCIL substations are already constrained, as multiple independent power producers and land brokers have secured access through land acquisitions and bank guarantees for substations scheduled for commissioning up to 2030. As a result, the earliest available connectivity that can currently be applied for at the CTU level is for the year 2031.
Time of India
26-05-2025
- Automotive
- Time of India
Not planning to enter energy storage business in India: Göran Richardsson, Energy Business Director - South Asia, Wärtsilä
Mumbai: Finland-based marine power and energy giant, Wärtsilä, is betting on flexible balancing power plants to support India 's renewable integration, as battery storage remains commercially unviable amid an underdeveloped market. In an exclusive interview with ETEnergyWorld , Göran Richardsson, Energy Business Director – South Asia , talks about the company's India strategy, ongoing partner discussions, and plans to scale sales of smaller plants to meet rising grid stability demands. He also highlights why the company is still holding back its entry in the battery storage market in India. Edited excerpts: Could you quickly take us through the key areas of operations for Wärtsilä globally and specifically in India? Wärtsilä offers balancing power plants, utilising natural gas as a transition fuel, to help integrate renewable energy sources into the grid more effectively. These power plants are designed to be flexible, providing quick response to grid fluctuations, and balancing renewable energy generation. They are future-proof and can run on sustainable fuels, once they become available – enabling 100 per cent renewable energy systems. We also have another important area, which is battery energy storage system solutions. These are not the small units you might find in houses or cars, but large, utility-scale battery plants. Additionally, we are very active in the marine business, providing engines and propulsion systems for large shipping industries and companies. We've been active in the marine business since the 1940s or 1950s. Our company, Wärtsilä, is about 190 years old. We originally began as a sawmill company in the wood industry in 1834. Over time, we grew through shipyards and other businesses. Today, our core business is energy and marine and the lifecycle solutions that we provide for both these businesses. Looking at India specifically, we focus on most of these businesses here as well. We've been active in the energy sector since the early 1980s. Over the years, we've delivered about 4 GW of power plants in India. In the beginning, most of these plants were for industries because, in the 80s and 90s, the power grid in India was not well developed, so industries had their own captive power plants. We have a large services organisation catering to both the energy and marine sectors. Additionally, India has a large IT organization, providing global support for Wärtsilä. We also have a manufacturing facility in Khopoli, near Mumbai. This facility produces auxiliary units for power generation, restores propulsion systems, repairs propellers for the marine side, handles water jet equipment, and provides electrical panels for power plant projects. You have mentioned that Wärtsilä is focusing on the marine and energy sectors. Are you planning to diversify into any new areas in India in the coming years? If we look at the power generation side, in India, Wärtsilä has traditionally focused on land-based power generation for utilities and industries. However, our Marine business has grown quite a lot in India recently. Looking ahead at the energy sector in India, the power grids and transmission lines today are much more developed. Many industries are now connected to the grid and no longer require their own captive plants. So, our focus in India is more towards working with utilities, which operate across India. We are particularly focusing on balancing plants, which help integrate renewables into the grid. These balancing plants are designed to quickly start up and stabilize the grid when there are fluctuations in renewable power generation - when the sun doesn't shine or the wind doesn't blow. In the coming years, this is where we are focusing our efforts in India, helping utilities integrate and balance renewables to ensure grid stability. What will be your focus area in India in the coming years? India is planning to integrate a significant amount of renewables, and this means there will be a need for flexible solutions that can balance the intermittency of wind and solar power. These balancing plants, which have fast start-up times, can cater to the temporary drops in renewable energy generation. We provide solutions to help stabilize the grid and integrate renewables efficiently. What is your outlook on the overall business perspective in India? We see a huge market potential in India, as the country will need gigawatts of fast- response balancing plants. We are not talking about 10 megawatts or 100 megawatts but gigawatts of capacity. We're working with state utilities and other stakeholders to advocate for this solution. We are also doing power system modeling in India to demonstrate how fast-response units can help build optimized power systems and respond to the needs of different states. Some states are already facing challenges due to high renewable penetration, while others are yet to experience such issues. Eventually, all states in India will feel the impact of renewable fluctuations, and this is where our solutions will play a significant role. We're actively working with stakeholders, conducting seminars, and running modeling exercises to support the integration of these solutions. Why hasn't Wärtsilä entered the battery segment in India yet? Is it due to cost or supply chain issues? The main issue isn't cost or supply chain. It's more about the lack of a liberalized energy market in India, where investors can make money from such investments. This market mechanism isn't really available in India right now. In places like Australia, where we are very active in the battery energy storage segment, a private investor can invest in battery storage projects because the market is deregulated. Investors can make a profit from these assets by providing grid services, such as storing energy during low-cost periods and selling it during high-cost periods. In India, we don't have that kind of revenue model at the moment. Without a revenue model, it's hard to make battery assets commercially viable in India. You don't get paid for capacity, and there are no high rates for supplying power from batteries to the grid. That's the biggest obstacle today. We are focused on markets that have a proper market mechanism that allows for private investment. Eventually, I hope India will develop such mechanisms, and if they do, we will consider entering the battery energy storage market. Can you clarify whether Wärtsilä plans to enter the battery business in India? We are actively monitoring the situation in India regarding battery energy storage. While we are not currently focused on entering the market, we are having ongoing discussions with potential partners. We need to see changes in the market mechanisms that would make investments in batteries commercially viable. India is on our radar, and we are revising our list of focus countries regularly. For now, we are actively monitoring opportunities, but we are not planning to enter the energy storage business in India yet. What is your investment outlook for India in the coming years? Are there any upcoming projects or new market opportunities? We are working with state utilities, especially in renewable-rich states, to advocate for flexible balancing power plants. However, I can't go into deeper details about specific projects at this time as they are confidential. Our work is focused on advocacy and groundwork with stakeholders, as these projects take time to develop. These projects may eventually go to tender, but before that happens, we need years of groundwork and discussions. Building relationships and collaborating with stakeholders can take five to ten years before we start seeing tenders. On a more traditional power generation front, we are still working on smaller plants and continue to see business in India. We recently completed a project with Oil India , and we expect to sell more of these smaller plants in the near future. What are the key challenges you face while setting up projects in India or in forming partnerships and collaborations? One of the key obstacles we encounter is the focus on unit prices when discussing power solutions. As soon as we mention balancing plants or reciprocating engines, the first question we usually get is about the unit price of electricity generated. However, this is not the right question to ask, especially for balancing plants that may only operate for 1,000 or 2,000 hours a year. When plants are only running for a limited number of hours, the cost of producing electricity will naturally be higher, but that doesn't reflect the full value of the solution. We need to approach this from a portfolio perspective. For example, in a state with a mix of coal, hydro, and renewables, the integration of renewable energy can become more efficient with balancing plants. The cheapest way to produce electricity today is with renewables, and balancing plants help in integrating an increasing amount of renewables and providing the support needed to keep the grid stable and reliable. However, many in India are still focused on the unit cost of individual technologies, which makes it difficult to advocate for solutions that are high cost per unit but help integrate renewables in a more affordable and efficient way. Another issue is the slow pace of change. The market mechanism needs to evolve to encourage private investment in power generation. Without this, we may continue relying on state utilities, which limits investment opportunities. Why isn't the industry talking about integrating renewable energy to reduce costs, even though it's a major issue? Traditionally, India has had a regulated market where tariffs are fixed. The entire model is built around that structure. Historically, the focus has always been on the unit cost of production. That way of thinking takes years to break. Many people who don't believe in the renewable solution often use the argument that the unit cost is too high, which serves as an easy justification to dismiss the idea. It's a kind of defense mechanism — a way to avoid opening up the possibility of what renewables could actually bring to a state. When you're fixed into this traditional tariff system set by state utilities, your mindset is locked into it. But as soon as you allow a private market to enter — if a mechanism exists for that — then the competition becomes broader and tougher. That would also require those in the system to change themselves. As long as the system remains rigid, there's no push to rethink things — except in some states where renewable integration is already so high that it causes grid problems: Issues with stability, curtailment, blackouts, etc. When those pains are felt, then you start thinking about what can be done. Could there be deeper reasons why neither government nor private sector are addressing this issue? It would lead to a series of other issues and, eventually, the need to redo everything — all the existing plans and structures. That could be one reason no one is touching this, not even the government or the private sector. It's not only a commercial issue. For example, in India, if someone were to propose shutting down all coal plants in favor of renewables and balancing plants, that would be a huge political decision. It would impact millions of workers - those in mining, in coal supply chains, and in power generation units. So, is it partly a lack of political will? These are tough decisions. But what I think is often missed in the political conversation is the job creation potential that renewables bring — from installation to maintenance and other services. In my personal view, it's not that we're losing jobs; we're creating new types of jobs. There's also a global push to transition to renewables without any fossil fuels. I see that trend globally — not just in India — where people advocate for a complete shift to renewables, which I personally support. But it's unrealistic to think it can happen overnight. You need a transition period. For example, in our case, we advocate for balancing solutions that currently use natural gas but will be able to run on sustainable fuels when they become available. So for the transition, you still need natural gas. However, in India, there's resistance to increasing LNG imports, which creates another layer of challenge. How do you address the concern around using fossil fuels like LNG during the transition period? Our current technology is future-proof. It's designed to run not only on LNG now but also on future fuels that are carbon-neutral or carbon-free — like hydrogen , ammonia, ethanol, and methanol. So, while we may need to use LNG for a few more years, when hydrogen production increases in India, we can easily switch to it. Hydrogen has no carbon component — it's a totally clean, green fuel. It can be produced using renewable sources like solar or wind. This is something we are constantly advocating. We keep emphasizing that a transition period is necessary. During that time, burning LNG may be unavoidable — but once hydrogen becomes available at scale, we can switch, enabling a fully decarbonised energy system.
Time of India
21-05-2025
- Business
- Time of India
SAEL to commission 2.5 GW solar capacity by FY26; eyes IPO amid limited waste-to-energy pipeline
Mumbai: SAEL , Delhi-based waste-to-energy firm, is planning to commission 3 gigawatts (GW) of solar capacity by the end of FY26, as it doubles down on solar energy amid limited opportunities in waste-to-energy, CEO Laxit Awla told ETEnergyWorld in an interview. 'We will be adding a total capacity of 2.5 GW (DC) in this year's time, this includes a solar project at Khavda of the size 1 GW, another 500 MW in Gujarat, 800 MW in Andhra Pradesh and 290 MW in Rajasthan,' Awla said. He added that this, with the already installed 500 MW capacity, would enable them to cross the 3-GW installed capacity mark. 'Project finance is already closed for all of these projects, with a mix of national and international DFIs and traditional banks,' he said. The company, which operates in both biomass and solar energy, is also preparing for an initial public offering (IPO) within the next 12 months to fund future growth, Awla said, while declining to specify the size or timing of the offering. 'We're preparing to file our DRHP soon. The market sentiment is strong, and growth capital through equity is a logical step forward,' said Awla. SAEL currently has 6.7 GW of committed solar capacity, with 3 GW expected to be operational by FY26. The company follows a standard 75:25 debt-to-equity financial structure, Awla added. The IPO-bound company is expanding its footprint in the solar sector through large-scale utility projects, supplying power to government-backed entities such as SECI, NTPC, GUVNL, and SJVN. The company currently operates 3.3 GW of module manufacturing capacity using advanced Topcon technology and plans to develop an integrated 5 GW cell-to-module manufacturing facility in the next two years. 'The solar business is where the scale lies today. We want to be one of the few fully integrated players—from IPP to cell and module manufacturing,' Awla said. Waste-to-energy: High ESG value, but growth lags Despite being an early mover in paddy stubble-based biomass power , SAEL sees fewer immediate expansion opportunities in waste-to-energy. The company operates 165 MW of biomass plants using paddy stubble — one of the key contributors to northern India's winter air pollution. 'Waste-to-energy is highly impactful from an ESG standpoint and commercially viable, but government awareness and project pipelines remain limited. We're ready to scale up if more bids come in,' said Awla. Each waste-to-energy plant employs roughly 300 direct and 2,000 indirect workers and helps eliminate about two million tonnes of stubble annually, about 0.2 million tonnes per plant, he added. Awla said the waste-to-energy segment faces challenges including lack of policy clarity, high capex, and an overemphasis on per-unit electricity costs in government tenders. He emphasized the need to move away from a 'lowest tariff' mindset and toward integrated renewable solutions for round-the-clock power. 'India is rightly moving towards solar-plus-storage and hybrid RE models. Grid stability and power supply, not just cheap units, should be the priority,' Awla said. SAEL has solar projects under development across Andhra Pradesh, Gujarat, and Karnataka, and has executed complex installations even in remote regions like Mizoram, Awla said, countering the perception that the company is primarily north India-focused.
Time of India
12-05-2025
- Business
- Time of India
Rosatom in active discussions for new nuclear power plant sites in India; plans to focus on radiation tech, radiopharma: Kirill Komarov, First Dy DG, Rosatom
Mumbai: In an exclusive interview with ETEnergyWorld , Kirill Komarov , First Deputy Director General – Director for Development and International Business of Rosatom, revealed that the company is currently engaged in active discussions around Russian-designed nuclear power projects and is looking forward to an official announcement from Indian authorities. The Russian state-owned nuclear giant has been a key partner in India's nuclear energy sector, notably through its flagship project at the Kudankulam Nuclear Power Plant . Edited excerpts: How does Rosatom plan to support India in balancing nuclear and renewable energy in its energy mix to achieve carbon neutrality by 2070? Rosatom is committed to working with India in scaling up nuclear energy as a key pillar of its clean energy transition. In April 2024, an important milestone was reached at the Kudankulam Nuclear Power Plant – it delivered 100 billion kilowatt-hours of electricity to India's power grid. By March 2025, according to NPCIL , the cumulative generation had increased to 106 billion kilowatt-hours. Units 1 and 2 have been consistently operating at an output of over 1,000 MW, exceeding their design capacity of 995 MW. Currently, we are the only foreign company whose design is being used for the construction of a nuclear power plant in India. Our partnership with India spans decades. The construction of the Kudankulam Nuclear Power Plant, which began in 2002, is the flagship project of Russian-Indian technological and energy cooperation. The plant has become a symbol of fruitful collaboration between our countries, and its six units are laying a solid foundation for India's energy independence, economic growth, and sustainable development. Units 1 and 2 of the Kudankulam NPP were connected to India's national power grid in 2013 and 2016, respectively. Four more units are currently under construction. Our prospective cooperation includes the deployment of large-scale Generation III+ power units with VVER-1200 reactors and the advancement of small modular reactors (SMRs), both of which offer stable, low-emission power that complements the intermittency of renewable sources. We understand that India's roadmap to net-zero by 2070 will require a reliable and diversified energy base. Nuclear energy, with its high load factor and minimal carbon footprint, is uniquely positioned to provide this backbone. Our SMR technology has the potential to be integrated into regions with limited grid infrastructure or phased-out coal plants, offering flexible, modular capacity that aligns with India's evolving power needs. We are aligning our efforts towards localization and long-term fuel partnerships to deliver safe, sustainable, and commercially viable civil nuclear energy solutions for India's future. What are the latest inputs on Kudankulam Nuclear Power Plant and any new contracts that Rosatom has signed with Indian authorities? Units 1 and 2 are fully operational, delivering reliable power to the grid. Units 3 and 4 are progressing steadily towards completion, with significant milestones achieved. Construction of Units 5 and 6 is underway, marked by the recent shipment of a VVER-1000 reactor vessel for Unit 6 in January 2025. In December 2023, our fuel company, TVEL, initiated a long-term nuclear fuel supply contract for Units 3 and 4, covering initial and subsequent fuel loads from 2025. During the operation of the power units 1 and 2 of the first stage of Kudankulam NPP, Russian and Indian specialists have accomplished a large amount of work to improve their efficiency by introducing advanced nuclear fuel and extended fuel cycles. Since 2022, Kudankulam NPP has been supplied with nuclear fuel of improved design TVS-2M. The new fuel ensures more reliable and cost-efficient operation of reactors due to its rigid skeleton, new-generation anti-debris filter and higher uranium mass. Its introduction also enabled an increase in the fuel cycle of the reactors from 12 to 18 months – it is the time of continuous operation of the reactor before shutdown for unloading irradiated fuel and loading fresh fuel. Operating with longer fuel cycles also improves the economic efficiency of NPPs: The power unit is shut down less often for fuel reloading and generates more energy during the year. These achievements will also be implemented at the new Kudankulam power units. This is a result of our successful cooperation in recent years. Throughout the entire NPP life cycle, we not only supply nuclear fuel, but also provide engineering services, improving the efficiency of power units through new solutions for fuel and fuel cycles. Tell us about your upcoming plans. Any new projects in India that you are in talks about, new locations being considered for nuclear plants or future collaborations? We are currently engaged in active discussions around the project of the Russian-designed NPP, and we look forward to the official announcement from Indian authorities at the appropriate time. These conversations are part of a broader vision to scale up our presence in India in line with its growing energy demands and clean energy goals. In addition to expanding capacity at Kudankulam, we are also exploring the deployment of low-power nuclear technologies, including SMRs, which are particularly suited to remote locations and industrial applications. We see significant potential for cooperation not only within India but also in joint initiatives in third countries. Our cooperation extends beyond the borders of India. Indian companies are participating in our project for the construction of Bangladesh's first nuclear power plant, Rooppur. Another major area of cooperation is the Northern Sea Route (NSR) and logistics. We are discussing with our partners various options for collaboration in such fields as increasing Russian-Indian cargo traffic along the NSR, shipbuilding, construction, modernization and operation of commercial port infrastructure, creation of a fleet of maritime containers, development of supporting infrastructure, as well as LNG carriers, oil tankers, bulk carriers, and high ice-class container ships. To coordinate joint efforts on the NSR, a dedicated joint working group was established under the Russian-Indian Intergovernmental Commission. The group held its first meeting on October 10, 2024, in New Delhi. During the discussions the specific items of the agenda were highlighted, namely the goals of Indian-Russian cargo transit along the Northern Sea Route, joint projects in Arctic shipbuilding, and the possible training of Indian sailors for polar navigation. It is important to highlight the scientific activities of Indian institutions in the study of the Arctic. Since 2021, a comprehensive monitoring program has been underway in the waters of the NSR, involving international experts, including representatives from Indian scientific organizations. Tell us about your upcoming plans in India around SMRs. SMRs are a key part of our long-term cooperation with India, and we see strong alignment between our technological expertise and India's evolving energy priorities. We are in discussions with multiple stakeholders to introduce advanced SMR solutions that are safe, scalable, and capable of supporting both industrial applications and grid-based power. Our SMR offerings are designed for rapid deployment and are well-suited to regions where large reactors may not be feasible. With passive safety systems, modular construction, and the potential for localization, these reactors present a reliable and flexible energy solution. We believe SMRs can play an important role in ensuring energy security while enabling decarbonization. Are the recent geopolitical developments affecting Rosatom's business in India? Is there any impact on the ongoing projects or potential future collaborations? India and Russia share a longstanding and resilient partnership in the field of nuclear energy, and that cooperation continues with strength and stability. Despite the broader geopolitical environment, our projects in India, including the Kudankulam NPP, remain on track, with no disruptions to construction timelines or fuel supply. We are in constant coordination with our Indian counterparts to ensure that ongoing and planned activities proceed as scheduled. Both sides remain committed to preserving the integrity of the cooperation, and we continue to work closely to address any challenges that may arise. As a global company, we operate in diverse markets and have extensive experience navigating complex international frameworks. Our focus in India is to deliver on our commitments, support India's energy transition goals, and deepen bilateral cooperation across the full spectrum of nuclear technologies. What new technological innovations do you intend to introduce to India? Our engagement with India is driven by a commitment to deliver advanced, high-performing nuclear technologies that support long-term energy and development goals. One key innovation already deployed is the TVS-2M fuel assembly, now in use at Kudankulam Units 1 and 2. This fuel design enables longer operating cycles, increases uranium efficiency, and enhances the mechanical integrity of fuel elements, resulting in improved safety and cost optimization. In addition to reactor technologies, we are deepening our focus on non-energy applications of nuclear science. In nuclear medicine, we supply about 13 per cent of India's medical isotopes and are actively engaged in expanding capabilities in diagnostics and radiopharmaceuticals. In agriculture, we see significant opportunities for collaboration in the use of radiation technologies, including food irradiation, which can improve food safety, extend shelf life, and reduce post-harvest losses. These technologies have already proven effective globally and are well suited to the scale and diversity of India's agriculture sector. We remain focused on delivering innovation not just in power generation, but across the broader spectrum of peaceful nuclear applications, tailored to India's national priorities. Together with colleagues from the India's Department of Atomic Energy, we are working within the framework of the joint working groups to explore new areas of cooperation in nuclear reactors with molten salt and gas coolants, SMRs, decommissioning of nuclear facilities and radioactive waste management, spent nuclear fuel management, fusion energy, quantum technologies, and non-power applications of nuclear technologies. How does your company plan to manage the cost challenges in India? Are there any financial agreements or funding models that you could introduce to make nuclear energy more affordable for India? We recognise that affordability is a critical consideration in the Indian market, particularly as the country balances rapid industrial growth with decarbonization goals. Our approach is centred around long-term partnership, localization, and flexible delivery models that support cost efficiency across the project lifecycle. In our ongoing work with Indian stakeholders, we are focused on the local manufacturing, and the involvement of Indian engineering firms in civil works and equipment supply. This not only reduces costs but also contributes to building domestic capabilities and employment. Over time, these measures directly enhance the cost competitiveness of nuclear energy for India. Additionally, our projects have benefited from structured inter-governmental financing frameworks, including sovereign credit protocols that enable stable long-term investments in infrastructure. Such models ensure predictability and shared risk, which are essential for projects of this scale and complexity. We continue to engage in dialogue with Indian authorities on new financing approaches that can help accelerate deployment, particularly in the context of emerging technologies like SMRs and future sites beyond Kudankulam.
