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Time of India
15-05-2025
- Business
- Time of India
Agrochemical sector may add 11 GW RE capacity by 2030, require $7 bn investment: Report
New Delhi: India's agrochemical manufacturing sector is expected to integrate up to 11 GW of renewable energy capacity by 2030, requiring an investment of $7 billion, according to a report by JMK Research. The agrochemical sector , comprising crop growth chemicals such as fertilisers and biostimulants, and crop protection chemicals such as pesticides, is among the hard-to-abate industries due to its high reliance on fossil fuels for raw materials and energy. The report states that over 90 per cent of emissions in the agrochemical sector are generated from fertiliser production, with urea accounting for the largest share. Pesticides are more energy and emission intensive per unit weight, but contribute less to overall emissions due to their lower production volume. 'Incorporating RE into operational electricity usage currently represents the low-hanging fruit decarbonization opportunity. The current penetration of RE in electricity consumption in the agrochemical industry is approximately 3 per cent . By 2030, this share can rise to 20 per cent , translating to RE additions of approximately 1.7 GW,' the report said. The report identifies green hydrogen adoption as a critical inflexion point in the sector's decarbonisation. Ammonia, an intermediary used in several agrochemical processes, is currently produced using natural gas. Transitioning to green hydrogen is expected to reduce emissions significantly. Market stakeholders estimate that approximately 10 per cent of hydrogen used in the fertiliser industry will be green hydrogen by 2030. In addition to renewable energy and green hydrogen, JMK Research highlights carbon capture utilisation (CCU) and the increased production of bio-products such as bio-fertilisers and bio-pesticides as additional pathways to decarbonise the sector. The report notes that carbon dioxide is a key input in urea manufacturing and could be partially sourced from CCU to promote a low-carbon circular economy. The report also states that many agrochemical companies in India have not set net-zero targets yet. Those that have declared targets have aligned with the 2050 timeline set under the Paris Agreement. As technologies such as green ammonia and green hydrogen mature, more companies are expected to adopt net-zero goals. JMK Research has recommended the development of a dedicated emission reduction framework by the central government to define green adoption targets for the sector.
Time of India
14-05-2025
- Business
- Time of India
Tariff in solar+ESS auction 5.8% lower than previous SECI tender
New Delhi: In a significant development for India's renewable energy sector, a solar project integrated with energy storage has recorded a tariff of ₹3.32 per unit—5.8 per cent lower than the rate discovered in a similar tender by SECI in December 2024, according to a report by JMK Research. The tariff was discovered in a reverse auction conducted by SJVN Ltd for setting up 1200 MW of solar capacity co-located with 600 MW/2400 MWh of energy storage, offering four hours of backup. The latest price matches the tariffs seen in recent wind-solar hybrid (WSH) auctions and falls well below those in standalone wind bids, JMK Research said. The report highlighted the growing shift toward integrating energy storage with solar generation. A February 2025 notification by the Ministry of Power mandates that all upcoming solar tenders include co-located ESS of at least two hours' duration, equivalent to 10 per cent of the project's installed capacity. These Solar + ESS projects are intended primarily for energy shifting, aimed at balancing the gap between peak solar generation and peak power demand. Though most utility-scale tenders remain technology-agnostic, the requirement for solar co-location and a 24-month commissioning deadline is likely to favour battery energy storage systems (BESS), the report said. The ongoing decline in battery prices has played a central role in bringing down project tariffs. Since June 2024, global prices for Lithium Iron Phosphate (LFP) cells have dropped by around 6 per cent as of April 2025. According to Bloomberg estimates cited in the report, battery prices could decline further to about USD 112 per kWh by the end of 2025, potentially driving future Solar + ESS tariffs even lower. However, the upcoming implementation of the Approved List of Cell Manufacturers (ALCM) policy from June 2026 may temporarily raise tariffs until Indian cell manufacturing capacities scale up. As the share of variable renewable energy (VRE) grows, Solar + ESS configurations are expected to become standard in future solar projects. This shift is seen as critical for India to meet its target of 47.2 GW of battery energy storage by 2031-32 and to integrate 500 GW of renewable energy into the national grid by 2030, the report added.
