Octopus Energy and Sterlite Power join forces to decarbonise India
27 Dec 2021
2 Min Read
CW Team
Sterlite Power and Octopus Energy have signed a deal to help India's industry decarbonise and bring green power to consumers around the world at a lower cost.
According to the statement, the two companies will explore several joint retail ventures as part of the Memorandum of Understanding (MoU) signed at COP26.
It is the first UK-India energy partnership since UK Prime Minister Boris Johnson and Indian Prime Minister Narendra Modi announced Green Grids at COP26 in November 2021.
Sterlite Power's transmission expertise will be put to use in the UK, to increase competition in the existing grid monopoly.
In India, Sterlite Power has been a proponent of allowing market forces to operate in the transmission sector, allowing the Indian power grid to become more competitive and cost-effective to operate. Since then, the industry has been able to operate power grids much more efficiently, resulting in cost savings of up to 40% when compared to traditional methods.
Sterlite Power and Octopus want to build renewable energy generation and storage assets in India and make renewable energy more affordable for large industrial and commercial users. Once the necessary regulations are in place, the companies hope to provide this low-cost green power to domestic consumers.
India is now the world's third-largest carbon emitter, producing over 2.6 billion tonnes of Carbon dioxide per year as its industrialisation continues. The projects that Octopus and Sterlite Power hope to develop will help reduce the country's reliance on coal and natural gas by drastically reducing carbon emissions and lowering consumer costs.
Octopus Energy Group's global expansion, which has seen it expand into 13 countries in just five years and may soon include the launch of a retail energy business in India, is highlighted by this agreement.
Since its launch in 2016, Octopus Energy Group has gained 3.1 million customers, making it the fastest-growing energy provider in the UK. Its success is based on Kraken, its proprietary energy technology platform, which provides operational efficiency and excellent customer service while driving a greener grid through the use of smart tariffs.
To help with its rapid expansion, the company recently received a $600 million injection from Generation Investment Management and another $300 million from Canadian Pension Plan Investments. Octopus is now worth more than $5 billion, surpassing the market capitalisation of many well-known energy companies.
Also read:
Sterlite Power and Octopus Energy have signed a deal to help India's industry decarbonise and bring green power to consumers around the world at a lower cost.
According to the statement, the two companies will explore several joint retail ventures as part of the Memorandum of Understanding (MoU) signed at COP26.
It is the first UK-India energy partnership since UK Prime Minister Boris Johnson and Indian Prime Minister Narendra Modi announced Green Grids at COP26 in November 2021.
Sterlite Power's transmission expertise will be put to use in the UK, to increase competition in the existing grid monopoly.
In India, Sterlite Power has been a proponent of allowing market forces to operate in the transmission sector, allowing the Indian power grid to become more competitive and cost-effective to operate. Since then, the industry has been able to operate power grids much more efficiently, resulting in cost savings of up to 40% when compared to traditional methods.
Sterlite Power and Octopus want to build renewable energy generation and storage assets in India and make renewable energy more affordable for large industrial and commercial users. Once the necessary regulations are in place, the companies hope to provide this low-cost green power to domestic consumers.
India is now the world's third-largest carbon emitter, producing over 2.6 billion tonnes of Carbon dioxide per year as its industrialisation continues. The projects that Octopus and Sterlite Power hope to develop will help reduce the country's reliance on coal and natural gas by drastically reducing carbon emissions and lowering consumer costs.
Octopus Energy Group's global expansion, which has seen it expand into 13 countries in just five years and may soon include the launch of a retail energy business in India, is highlighted by this agreement.
Since its launch in 2016, Octopus Energy Group has gained 3.1 million customers, making it the fastest-growing energy provider in the UK. Its success is based on Kraken, its proprietary energy technology platform, which provides operational efficiency and excellent customer service while driving a greener grid through the use of smart tariffs.
To help with its rapid expansion, the company recently received a $600 million injection from Generation Investment Management and another $300 million from Canadian Pension Plan Investments. Octopus is now worth more than $5 billion, surpassing the market capitalisation of many well-known energy companies.
Image Source
Also read: Vedanta to decarbonise its aluminium business operations
Next Story
Evolve Energy Wins Puducherry 5 MW Rooftop Solar Project
Chennai-based Evolve Energy has secured a contract to implement a 5 MW rooftop solar project across various government buildings in Puducherry, following a tender by the Pondicherry Electricity Board (PEB) and facilitated by the Solar Energy Corporation of India (SECI).The project involves deploying rooftop solar systems across key public infrastructure, including secretariats, hospitals, courts, educational institutions, and administrative offices. With site-specific customisation, Evolve Energy aims to ensure smooth integration with minimal operational disruption.As the end-to-end engineerin..
Next Story
BPCL Awards Volks Energie Solar-Battery Project for IDPL
Bharat Petroleum Corporation Limited (BPCL) has awarded Volks Energie a contract to commission a solar photovoltaic and lithium-ion battery system for the Irugur鈥揇evangonthi Pipeline (IDPL) Project, a vital petroleum product infrastructure initiative spanning Tamil Nadu and Karnataka.This marks the second collaboration between BPCL and Volks Energie, following a previous project in Telangana and Andhra Pradesh. The current scope involves setting up off-grid renewable power systems at key control stations and remote locations along the IDPL corridor, which stretches from Irugur near Coimbator..
Next Story
NHAI Issues Notice to Megha for NH-66 Collapse in Kerala
The National Highways Authority of India (NHAI) has served a show cause notice to Megha Engineering and Infrastructure Ltd, questioning why the firm should not be debarred from bidding for a year due to construction flaws that led to the collapse of a section of National Highway 66 in Kerala.The incident, which occurred on 16 June at Cherkkala in Kasaragod district, involved the collapse of slope protection works along the Chengala鈥揘eeleshwaram section. According to NHAI, preliminary assessment points to inadequate slope protection, poor drainage design, and flawed construction practices as ..
