Page 4 - Renewable Energy Policy

Targets unchanged a year after deal on tripling renewables by 2030: Report

A year after countries agreed to triple global renewable energy capacity to 11,000 gigawatts by 2030, a new report on Tuesday revealed that national targets still only aim for a collective doubling of capacity in the next six years. The report by global energy think tank Ember showed only eight countries have updated their renewable targets in the last 12 months, resulting in just a four-GW increase in overall renewable energy targets globally. The report analysed national 2030 renewable capacity targets for 96 countries and the EU as a bloc. These countries collectively account for 96 per cent of the world's renewable capacity, 95 per cent of global electricity sector demand and 94 per cent of global power sector emissions. Of the 96 countries, 83 have renewable capacity targets for 2030. At the UN's climate conference in December 2023 in Dubai, world leaders reached a historic agreement to triple global renewables capacity by 2030. The International Energy Agency (IEA) and ...

America First: Here's who Donald Trump may tap for national security

Besides national security, Trump will be looking to build out the heads of financial regulatory agencies, which are expected to take a more light-handed approach than Biden's administratration

Apollo Green Energy plans solar module plant, targets IPO in 2025: CEO

Apollo Green Energy is also executing 400 MW of solar installations and other engineering, procurement and construction projects

ACME Solar targets Rs 2,900 crore via IPO; sets price band at Rs 275-289

The Gurugram-based company's IPO is a combination of a fresh issue of shares worth Rs 2,395 crore and an offer for sale (OFS) of shares valued at Rs 505 crore by ACME Cleantech Solutions

UK firm Low Carbon sells 6 GW battery storage portfolio to S4 Energy

Dutch grid operator TenneT, the largest in Europe, is looking at options for a private or partial sale, after a sale to the German government floundered

Waaree Energies' IPO capitalises on a 357% rise in renewable stock in India

The public offering aligns with Prime Minister Narendra Modi's goal to boost renewable energy production to 500 gigawatts by the end of the decade

Meeting 2030 target may push India's solar imports to $30 bn per yr: GTRI

The country's target of installing 500 GW of renewable energy by 2030 may push solar equipment import bill to about USD 30 billion per year and increase dependence on Chinese goods, think tank GTRI said in a report on Sunday. It said developing a self-reliant solar manufacturing industry in India will require significant investment to create an integrated supply chain, especially in areas like polysilicon and wafer production. Without this, India may continue to face high import costs and struggle to meet its renewable energy goals. India installed 15 GW of solar capacity in 2023-24, raising the total to 90.8 GW by September, compared to just 2.8 GW in 2014, it said. To meet the government's target of installing 500 GW of renewable energy by 2030, India needs to significantly ramp up installations to 65-70 GW each year, with over 80 per cent of this target expected to come from solar power, according to the Global Trade Research Initiative (GTRI). "This target seems ambitious, ...

Renewable energy to fall short of UN goal to triple by 2030, says IEA

It said the increase is equivalent to the current power capacity of China, European Union, India and the United States combined, but not enough to meet a target set at the COP28 UN climate conference

Tata Power seeks Rs 21,000 crore wind turbine bids for 3 GW green push

Tata Power is seeking bids for over 3 Gigawatts (GW) of wind turbines, with the possibility of increasing the capacity to 5 GW over the next five years

Peak power demand declines in Sept; renewable energy generation increases

While coal and gas-based power generation experienced reductions of 5% and 15%, respectively, hydro, nuclear, and renewable energy sources saw a rise

Sweco to design one of Europe's largest battery energy storage system

Amid this backdrop, EU regulators last month approved a 682 million euro Belgian state aid scheme to support renewable offshore wind energy

India can emerge as a hub for green shipbuilding: Maritime expert

India has "great potential" to emerge as a hub for green shipbuilding, backed by the government's strong focus on alternative fuels and renewable energy, a maritime industry expert said on Wednesday. Modernisation and upgradation of Indian shipyards is in progress, while older dockyards are being assessed for reopening and adding more capacities for green shipbuilding given a strong pickup in global demand, said Cristina Saenz de Santa Maria, Regional Manager South East Asia, Pacific & India, Maritime at DNV, a Norway-based testing, certification and technical advisory services provider. "We see great potential in India emerging as a hub for green shipbuilding, driven by its government's strong focus on alternative fuels and renewable energy like biofuels and wind power," said the industry veteran. The Indian government is encouraging investments and technology transfer from Japanese and Korean shipyards to establish shipbuilding and ship repair clusters in the country. This comes

Hydrogen project investments are accelerating but uncertainty remains: IEA

Demand targets, however, are only just over a quarter of the production projects, and progress made so far in the hydrogen sector is not sufficient to meet climate goals, the IEA added

IBA expects to attract Rs 1,600 cr investment for biogas sector at REI 2024

Indian Biogas Association (IBA) is expecting around Rs 1,600 crore investment in the sector during Renewable Energy India Expo (REI) 2024, beginning on Thursday. IBA, the country's leading body representing biogas operators, manufacturers, and plant planners, is optimistic about the opportunities the high-profile event will bring. Talking to PTI, IBA Chairman Gaurav Kedia said, "REI 2024 is expected to see investment announcements of around Rs 1,600 crore in the biogas sector". He stated that the REI Expo 2024 is expected to attract 20 per cent more participation compared to last year. Kedia emphasised the vast untapped potential of the biogas sector. He pointed out that, despite its current contribution to the energy mix being less than one per cent, the sector is poised for substantial growth and could play a pivotal role in India's energy future by 2030. The association is confident that the expo will generate significant momentum for the biogas industry. The Bio-Energy Pavil

Developing nations seek help as leaders call for investment in clean energy

Giving his final major speech on climate change at a forum attended by clean energy business leaders, US President Joe Biden celebrated his $369 billion signature climate law

Thermal capacities needed till RE supply equals demand: Power minister

There is a need to continue with installation of new thermal capacities as the supply of green power is not in line with demand, Union Minister Manohar Lal said on Monday. He also said that any call on reducing installation of thermal capacities can only be taken after 2030. The union power minister made the remarks at an event to brief 100-day achievements of the Modi-3.0 government in the national capital. "Till the supply of renewable energy does not matches the demand, it seems necessary to increase the capacity of thermal plant in the country, and reduce its installation gradually. But till 2030-35, We have to take these (thermal projects) ahead," Lal said. The government is looking to set up an additional 80 GW coal-based capacity by 2031-32. According to Power Secretary Pankaj Agarwal, in 100 days of the present government, 12800 MW or 12.8 GW capacity has been awarded for construction, while 28 GW is under progress. The minister further said that the National Electricity

Adani Energy Solutions valued at $18.5 bn; revenue to grow 20% over 3 years

Adani Energy Solutions Ltd, power transmission utility of the Adani group, is valued at USD 18.5 billion at enterprise level and a strong business growth is likely to propel a 29 per cent compounded growth in its pre-tax profits over the next three years, a report said. AESL has a diversified portfolio that includes transmission assets, distribution assets, and a smart metering business. "With an enterprise value of USD 18.5 billion, we believe AESL to be a very attractive way to play the rapidly expanding energy markets in India," global brokerage Cantor Fitzgerald said, initiating coverage of the company. It believes AESL offers growth unlike any other publicly traded utility/energy company across US, Europe, or Asia. "We forecast total revenue to grow at a CAGR of 20 per cent from FY24 to FY27 and adjusted EBITDA to grow at a CAGR of 28.8 per cent." This compares to peers growing revenue at low single digits and EBITDA at mid-single digits. Stating that it is growing meaningful

Incentives, local support at state can boost biogas sect, says industry

Additional financial assistance, easy access to finance and local support mechanisms are some of the measures that the state governments can take to promote the biogas sector which can help them save Rs 50,000 crore in various means, Indian Biogas Association (IBA) has suggested. Talking to PTI in an interview, IBA Chairman Gaurav Kedia said, "States can bolster central initiatives for the sector by offering additional financial incentives, facilitating easy access to credit, and providing local support mechanisms." He stressed that involvement of state governments is critical to achieve the larger goal of self-reliance in energy. State governments can save up to Rs 50,000 crore through the biogas sector, he said, adding that savings could be in the form of waste management and pollution reduction, biogas production and health improvements of population. He cited the example of the Uttar Pradesh government, which offers an additional Rs 75 lakh per ton of production capacity (up t

Reliance Power bags 500 MW battery energy storage contract through auction

Reliance Power on Monday announced that it has secured a battery storage contract of 500 MW through the e-reverse auction (eRA) conducted by the Solar Energy Corporation of India (SECI). The auction, held on September 11, 2024, is part of SECI's initiative to enhance energy storage capabilities across the country. The contract involves the installation of a total of 1,000 MW of standalone BESS units, awarded on a build-own-operate (BOO) model for "On Demand" usage under a tariff-based competitive bidding process. Reliance Power has secured 500 MW MWh of this capacity, marking a significant entry into the renewable energy and storage sector, a company spokesperson said. The competitive bidding saw Reliance Power submitting a tariff bid of Rs 3.81999 lakh/MW/month. This new tariff benchmark represents one of the lowest rates for BESS tenders at the 400 KV level in India to date. The delivery point for the project shall be 400 kV Fatehgarh(ATL) PS, Rajasthan. The scheduled commissio

India's renewable energy sector fuels hiring boom in race to net-zero goal

The renewable energy sector has experienced a remarkable surge in jobs, with a staggering 23.7 per cent increase in FY24, compared to 8.5 per cent in FY23