Page 5 - Renewable Energy Policy

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

NLCIL to invest Rs 50,000 cr to ramp up renewable capacity to 10.11 GW

Lignite-to-power producer NLC India Ltd (NLCIL) will invest around Rs 50,000 crore to ramp up its renewable energy capacity from 1.43 GW to 10.11 GW. NLC India Green Energy Limited (NIGEL), a wholly-owned subsidiary of NLCIL, is established with special focus on renewable energy generation, an official statement said on Friday. "NLCIL aims to achieve a renewable energy (RE) portfolio mix of 50 per cent of its total planned capacity, increasing its RE capacity from 1.43 GW to 10.11 GW. "The above plan entails an investment of Rs 50,000 crore (approx) in renewable portfolio, which will support India's RE target and contribute to the broader aim of achieving 'net zero' emissions by 2070," the statement said. India is committed to a low-carbon emission path while pursuing its development goals, as pledged at COP 26. NIGEL aims to expand its portfolio by participating in competitive bidding and exploring emerging opportunities in the green energy sector. Currently, 2 GW of renewable en

Gujarat to set up 48 MW capacity solar rooftops on govt buildings in FY25

Solar rooftop systems of 48 MW will be installed on various government buildings in Gujarat in the current financial year for which Rs 177 crore have been allocated, the state government said on Sunday. To tap into Gujarat's solar energy potential, the state Climate Change Department is actively installing such systems on government buildings, it said. "By March 2024, a total of 3,023 solar rooftop systems, generating a combined capacity of 56.8 MW, have been set up across various government departments in the state," the government said in a release. "To advance this initiative, a 48 MW solar rooftop system will be installed on government buildings throughout the state this year. The state government has allocated Rs 177.4 crore to support the project," it said. In 2023-24, Gujarat generated a total of 24,765.3 million units (MU) of renewable energy, including 9,637 MU from solar, 14,201 MU from wind, 885.325 MU from hydro, 69 MU from small hydro, and 42 MU from biomass and bagass

Britain may lose $16 bn with North Sea tax changes, says industry body

The changes will also include scrapping the levy's 29% investment allowance, which lets companies offset tax from capital that is re-invested

India adds 15 GW solar capacity in H1FY24, 282% rise from H1FY23: Report

India has registered record solar installations of about 15 GW during the first half of 2024 as "developers raced" to complete delayed projects, a report by Mercom Capital said. The country added 3.89 GW of solar capacity during January-June 2023, the US-based research firm said in its latest report. "In the first half, solar installations in India reached 15 GW, surpassing all previous years records, posting an increase of 282 per cent compared to 1H 2023," the report titled 'India Solar Market Update' said. The record installations were registered as developers raced to commission the previously delayed projects, it said. As of June 2024, India's cumulative installed solar capacity stood at 87.2 GW, of which the utility-scale projects accounted for nearly 87 per cent, and rooftop solar over 13 per cent. Solar energy accounted for 19.5 per cent of India's installed power capacity and over 44 per cent of the total installed renewable energy capacity. The average cost of large-sca

UP plans to have 30K 'surya mitras' to install solar panels in all houses

The Uttar Pradesh government plans to train 30,000 youngsters as "surya mitras" to achieve its goal of having solar panels on the rooftop every house in the state. Following the launch of the PM Surya Ghar Yojana in February last year, which aims to have one crore solar rooftops across the country, the Yogi adityanath-led Uttar Pradesh government has installed more than 25 lakh in the state. To achieve the target of having solar panels in every house in Uttar Pradesh, there will be a significant need for skilled workers in the solar energy sector, a senior official of the Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) told PTI. For this, the official, said the state agency has set a target of training 30,000 "surya mitras" at district centers and Industrial Training Institutes (ITIs). To develop this skilled manpower, the National Solar Energy Mission has outlined a plan, he said. More than 3,000 youngsters in Uttar Pradesh have completed training courses for s

India's renewable energy capacity grew by 165% in 10 years: Pralhad Joshi

Joshi noted that solar energy capacity has expanded dramatically from 2.82 GW in March 2014 to 85.47 GW by June 2024, marking an increase of approximately 30 times

'Scaling up not a challenge for us anymore' : Waaree Renewable Tech CFO

Order book at 2.1 GW for next 9-12 months, bidding pipeline at 15 GW for solar EPC major

Adani Green Energy raises $400 mn for its solar power projects in Raj, Guj

Adani Green Energy shares closed at Rs 1,755 a share on Wednesday with a total market valuation of Rs 2.78 trillion

L&T bags Rs 10-15K cr order to build two solar plants in West Asia

Proposed plants will have a cumulative capacity of 3.5 GW, the Indian engineering giant said. The work on the projects will commence soon

NexGen Energia to invest Rs 15K cr to open 5,000 green diesel, CBG pumps

Green energy solutions company NexGen Energia plans a Rs 15,000 crore investment to open 5,000 green diesel and compressed biogas (CBG) pumps in the country over the next 10 years. The Noida-based company recently inaugurated its first CBG pump in Mau district in Uttar Pradesh, marking its entry to execute engineering, procurement, and construction (EPC) services in the clean energy sector. "The company's commitment to clean energy goes far beyond this single pump. Plans are afoot to open a total of 5,000 green diesel and CBG pumps across the country in multiple phases over the next 10 years, with each pump costing around Rs 3 crore. In this manner, we are set to invest Rs 15,000 crore in the green energy sector," NexGen Energia Chairman Piyush Dwivedi told PTI. "Furthermore, this initiative will create approximately 5,000 new entrepreneurs and provide direct and indirect employment to over 10 lakh people. Our goal is to make India self-reliant in the green energy sector, thereby ..

India's solar output grows at slowest pace in 6 yrs in first half of 2024

The share of the fossil fuel in power output rose to 77.1% in the first half of 2024

Climate change cannot be ignored, says CJI, bats for green lifestyle

Flagging recent heatwaves followed by heavy rainfall in Delhi, Chief Justice of India (CJI) D Y Chandrachud on Tuesday said climate change cannot be ignored and stressed the need to adopt a "green lifestyle" to reduce carbon emissions. The CJI was speaking at a foundation stone-laying ceremony at Karkardooma, Shastri Park and Rohini here for trial court buildings in the capital. "This year, Delhi experienced the hottest-recorded weather. We have experienced two heatwaves followed by record-breaking rain in a single day. Our infrastructure must reflect the reality we live in -- climate change can no longer be ignored. "One crucial step is to incorporate a green lifestyle into our daily lives, which includes reducing carbon emissions. I was delighted to know that the new buildings will focus on heat-island mitigation and reduce environmental footprint," he said. The CJI referred to an 18th-century case, in which one Rama Kamati's servant was subjected to custodial torture to confess

Shell to pause construction work at Dutch biofuels project as market sags

It is rare for companies to suspend development of projects underway. Rival BP last week said it is pausing two biofuel projects in Germany and the United States

World Bank approves $1.5 bn loan to support India's green hydrogen push

This is the second round of funding from the World Bank towards India's green energy push