Page 8 - Renewable Energy Policy

Renewable energy investments in India to jump 83% to $16.5 bn in 2024

India will witness more than 83 per cent increase in investments in renewable energy projects to around USD 16.5 billion in 2024 as the country focuses on energy transition to reduce carbon emissions, according to power ministry estimates. This is in line with India's ambitious target of having 500 GW of renewable energy by 2030 and its resolve to reduce overall power generation capacity from fossil fuels to less than 50 per cent. India has committed a net zero emission target by 2070. However, Union Power and New & Renewable Energy Minister R K Singh has said on many occasions that as much as 65 per cent power generation capacity would be from non-fossil fuels by 2030 and that would be higher than the set target of 50 per cent. In an interview to PTI, Singh said, "India is likely to witness 25 GW of renewable energy capacity addition entailing an investment of Rs 1,37,500 crore (about USD 16.5 billion) in 2024 calendar year, which would be higher than 13.5 GW with an investment ..

Come rain or shine: Avaada, others up the ante against conglomerates

'You can easily multiply capacity, but the biggest challenge to do any larger project in India is availability of land, availability of evacuation, funding, and the offtake agreement'

Our successful listing gives justice to RE growth in India: IREDA CMD

'The company is now trying to widen its scope to new and emerging green sectors, widen its borrowers base, use innovative financing tools to cater to large projects and become a Navratna soon'

India joins Battery Energy Storage Systems Consortium for RE integration

As part of this collaborative effort, India stands among the pioneering nations committed to securing 5 gigawatts (GW) of BESS commitments by the conclusion of 2024

India's green dilemma: Struggle for renewables as China powers up with coal

Poor planning by Indian policymakers, coupled with unbridled optimism for renewables, caught India unawares, industry officials noted

UP govt initiates process to invite bids for 7,000 MW of solar energy

Recently, Sharma interacted with a delegation of Japanese entrepreneurs led by Japan Ambassador to India Hiroshi Suzuki in Lucknow

The evolving process of RE

The transition presents threats and opportunities for investors. Obviously vast sums will be spent

SJVN ropes in carbon credits developer EKI Energy for issuance of I-REC

State-owned power producer SJVN Ltd has roped in carbon credits developer EKI Energy Services for registration, issuance and trading of international renewable energy certificates for its 1,500 MW Nathpa Jhakri hydro power project in Himachal Pradesh. An international renewable energy certificate (I-REC) means one MWh (1,000 units) of electricity was produced from renewable energy sources, SJVN said in a regulatory filing. "SJVN has issued a letter of award to EKI Energy Services for registration, issuance and purchase/trading of I-RECs for 1,500 MW NJHPS (Nathpa Jhakri Hydroelectric Power Station)," the filing said. I-RECs can originate from wind, solar, ocean energy, biomass, hydropower, landfill gas, aerothermal, geothermal, and landfill gas projects. This will have significant impact on the environment as it will lead to reduction in carbon emissions. SJVN's NJHPS has been registered in IREC registry mechanism for January 1, 2023 to December 31, 2027, the filing said. SJVN exp

Renewables funds see record outflows as rising rates, costs hit shares

Renewable energy firms with high growth potential are vulnerable to rising interest rates as they eat into the value of future cash flows

Gujarat's new policy to generate 50% power via renewable sources by 2030

Gujarat Energy Development Agency (GEDA) will act as nodal agency for project registration, validation, commissioning certificate and monthly progress report

Indus Towers signs pact with IOC Phinergy for clean energy systems

Indus Towers and IOC Phinergy (IOP) have inked a pact for the deployment of 300 zero-emission energy systems to optimise diesel consumption at Indus' telecom tower sites. This move accelerates Indus Towers' progress towards its sustainability priorities, according to a release. "Indus Towers Limited and IOC Phinergy Private Limited (IOP) have signed an agreement for deployment of 300 zero-emission energy systems based on aluminium-air technology, to optimise diesel consumption at Indus' telecom tower sites," the release said. Indus Towers' CEO Prachur Sah said as part of the company's ESG vision, Indus Towers believes in nurturing environmental stewardship, being socially responsible and having robust governance. "Indus Tower's agreement with IOP is a testimony of the company's commitment to build eco-friendly telecom tower sites by investing in solutions for resource optimisation," Sah added. IOP is a joint venture company formed by IOCL and Phinergy Ltd, Israel to manufacture, s

SJVNL aims to become 50,000 MW capacity company by 2040, says CMD

SJVNL, a joint venture of the Centre and Himachal Pradesh government, aims to become a 50,000 MW capacity company by 2040 and add installed capacity of 10,000 MW during next three years, a senior company official said here on Saturday. Addressing a press conference, SJVNL Chairman and Managing Director Nand Lal Sharma said the company has made rapid strides in the past 35 years and not only made foray into wind and solar energy, but also got projects in other states and foreign countries, including Nepal and Bhutan. The company earned highest-ever revenue of Rs 3,299 crore in 2022-23, which is 25.6 per cent more than the revenue of Rs 2,626 crore in 2021-22, Sharma said. Further, he said the company declared a dividend of Rs 1.77 per share for 2022-23 and paid a dividend of Rs 6,600 crore to the central government and Rs 1,050 crore to the Himachal Pradesh government and per share value of the company has increased from Rs 32.65 in September 2021 to Rs 73.15 in September 2023. The

MNRE issues tender for construction of India's first offshore wind projects

Offers seven locations off TN coast; cumulative capacity at 7 GW

ONGC inks pact with NTPC Green for renewable energy projects

State-owned Oil and Natural Gas Corporation (ONGC) has signed an initial agreement with NTPC Green Energy Ltd to explore setting up green hydrogen and offshore wind projects. The Memorandum of Understanding (MoU) "will primarily explore the feasibility and setting up of renewable energy projects in various domains," ONGC said in a statement. The MoU was signed by ONGC executive director Debdulal Adhikari and NTPC Green Energy Ltd (NGEL) CEO Mohit Bhargava in the presence of ONGC chairman and CEO Arun Kumar Singh and NTPC chairman and managing director Gurdeep Singh. "The MoU envisages collaboration of the two mega entities in renewable power projects in India and overseas through offshore wind projects and exploring opportunities in the storage, e-mobility, carbon credits and green credits, nuclear, green hydrogen business and its derivatives (green ammonia and green methanol)," it said. ONGC is India's largest crude oil and natural gas producer while NGEL is a subsidiary of the ..

Serentica Renewables secures Rs 5,600 crore funding from REC, PFC

Serentica Renewables on Monday said it has raised Rs 5,600 crore funding from state-owned firms REC and PFC. It has raised Rs 3,000 crore debt funding from REC and Rs 2,600 crore debt funding from PFC, the company said in a statement. This transaction is in line with REC's expanding role in funding green projects and position itself as the focal agency for energy transition," Vivek Kumar Dewangan, Chairman & Managing Director, REC said. Pratik Agarwal, Director, Serentica said, "With the funding secured, we will be accelerating the development of our first phase of projects, which will bring clean energy to hard-to-abate energy intensive industrial consumers and help them move towards a net-zero future." Serentica is committed to developing 4GW of renewable energy capacities across the country to deliver round-the-clock green energy needs of its customers. The overall portfolio will supply more than 9 billion units (BUs) of clean energy annually, offsetting 8.5 million tonne of ...

TotalEnergies close to investing $300 million in JV with Adani Green Energy

TotalEnergies holds a 19.75 per cent stake in Adani Green Energy and is the second largest shareholder after the promoters, who control about 56.27 per cent

G20 Summit: 'Green' shoots seen in climate declaration, not much on fossils

Critical minerals, green fuels found honorary mention in the declaration. India has been pitching for building its own critical mineral procurement and green fuels export supply chain

The buzz in clean energy

Renewable energy is experiencing a global surge, and India is among the five nations at the forefront of this change

Biofuel alliance can generate opportunities worth $500 bn in next 3 yrs

Biofuel alliance can generate opportunities worth USD 500 billion in the next three years for G20 countries, according to Indian Biogas Association (IBA). Biofuel alliance can be a win-win situation for G20 countries and the environment, IBA said. According to a study by the IBA, the biofuel alliance can generate opportunities worth USD 500 billion in the next three years for G20 countries. The findings of the study assume significance as India is currently hosting the G20 leaders' Summit in New Delhi. Biogas can generate an opportunity of USD 200 billion, considering the least investment required, compared to other energy generation options and easy availability of raw materials, it stated. Bioenergy/Biogas, in principle, has the potential to replace fossil fuels completely, especially to decarbonize the transport sector, it pointed out. In 2016, the G20 adopted a voluntary action plan on renewable energy, which committed members to increase the share of renewable energy in thei

G20 aims to triple green energy capacity; no mention of fossil phase-out

G20 countries on Saturday said they will aim to triple global renewable energy capacity by 2030 and expedite efforts to phase down coal power in line with national circumstances but did not commit to a phase-out of all polluting fossil fuels, including oil and gas. The language on coal aligns with what was agreed upon in the previous G20 Summit in Bali, Indonesia. The bloc, which represents 85 per cent of the world's GDP and contributes 80 per cent of emissions, however, said it will uphold their 2009 promise made in Pittsburgh to eliminate and rationalise inefficient fossil fuel subsidies. According to a key technical report on the first-ever Global Stocktake published on Friday, scaling up renewable energy and phasing out unabated fossil fuels are indispensable elements of just energy transitions to net-zero emissions. The G20 is home to 93 per cent of the world's operating coal capacity (1,926 GW) and 88 per cent of (305 GW) the pre-construction coal capacity, according to a rep