Solar Energy: A Key to Sustainability for Businesses and Society
Published Date: 12th Nov 2024.
India, with a population of over 1.4 billion, has seen a surge in energy demand in recent years. To meet this rising demand, solar energy is ramping up to be one of the mainstays of the economy. Usage of solar energy by industries provides several benefits to businesses:
Potential Cost Benefits to Customers: Utilizing solar power at industrial and commercial sites reduces electricity costs and protects customers against volatile prices of conventional energy sources.
Promotes Sustainability: Using solar energy helps reduce carbon emissions, supporting sustainability goals. This can improve businesses’ environmental footprint and help meet climate targets faster.
Aids businesses to gain Competitive Edge: Using solar power in the commercial and industrial sector will result in lower operating costs and allow businesses to offer eco-friendly products and services.
Builds Credibility for being Environmentally friendly: Adopting solar energy in industrial and commercial businesses helps promote commitment to sustainability thereby building credibility amongst the company’s employees and consumers.
Optimal use of Energy: Solar systems generate electricity during peak business hours (8 a.m. to 6 p.m.). This ensures high self-consumption in industrial and commercial organizations without the need for additional energy storage solutions.
TotalEnergies India contribution towards Harnessing Solar Energy
Joint Venture Partnership between TotalEnergies and Adani
In 2020, TotalEnergies announced the creation of AGEL23, a 50-50 joint venture with world-leading solar developer Adani Green Energy Limited (AGEL) for the operation of 2.3 GWac of solar projects. In January 2021, TotalEnergies acquired a 20% stake (currently 19.75% with the acquisition of SoftBank’s renewable assets in India) in Adani Green Energy Ltd (AGEL). The deal worth $3.25 billion represented the single largest investment by TotalEnergies in the renewables sector.
At present, AGEL has a total operational renewable portfolio of 11,184 MW, of which the solar farms provide 7,393 MW of operational power effectively. Aligning with India’s decarbonization goals, 52.3 million tons of CO2 emissions has been avoided cumulatively as of FY24. Going forward, AGEL has set a target of installing 50GW renewable energy capacity by 2030.
Joint Venture between TotalEnergies and EDF
The Joint Venture was founded in 2016 to develop, build, finance and operate solar photovoltaic as well as hybrid (solar photovoltaic and wind) projects across India. Today, EDEN owns and operates more than 663 MWp of solar capacity through solar farms located in the state of Madhya Pradesh, Rajasthan, and Uttarakhand. The company aims to increase its total installed capacity to 2.26 GWp primarily in the state of Rajasthan by 2026.
In conclusion, solar energy is a powerful tool for businesses to reduce costs and enhance sustainability. With proper planning, the transition to solar can be seamless and highly beneficial. An enabling investment environment by the Indian government, makes India an ideal destination for the growth of solar energy. By embracing and harnessing solar power, businesses in India can secure a cleaner, more sustainable future and in return play their part in reaping long term rewards for a greener planet.