Page 8 - Renewable Energy Policy

Delhi govt to extend its electric vehicle policy for another three months

The Delhi government has decided to extend its Electric Vehicle (EV) policy, set to expire on Sunday, for another three months, officials said. The policy, notified in August 2020, aimed at raising the share of electric vehicles in Delhi to 25 per cent by 2024. It will now be extended till March 31, 2024, and the cabinet will accord its approval, an official said. The Delhi Electric Vehicles Policy, 2020, expired on August 8 this year and since then it has received repeated extensions. According to officials, work on the new Electric Vehicle Policy is underway but it has not been decided when it will come into effect. Delhi Transport Minister Kailash Gahlot had earlier told PTI that the Electric Vehicles Policy 2.0 would look at incentivising the retrofitting of vehicles considering its high cost. For converting a normal Gypsy, it takes almost Rs 5 lakh to Rs 6 lakh, which is on the higher side, he had said.

BSES plans to energise over 1,000 rooftop solar installations in FY25

Electricity provider BSES has energised 6,000 rooftop solar installations so far and the discom plans to energise over 1,000 more connections in the 2024-25 financial year, officials said on Friday. The highest number of rooftop solar connections are in the domestic segment (3,650), followed by commercial (1,087), educational (939), industrial (85) and others (129), they said. "The response to roof top solar net metering has been very incredibly encouraging in the BSES area. Consumers across categories, including residential, educational (and schools) and commercial establishments have warmed up to roof top solar net metering in big-way," a BSES statement said. The highest energised load is in the commercial segment with 57 Megawatt peak (MWp), followed by the educational segment with 45 MWp, industrial with 6 MWp and others with 11 MWp. BSES officials further said that more than 100 residential societies have opted for rooftop solar connections, helping consumers save over Rs 110

Waaree Energies files IPO papers; plans to raise Rs 3K cr via fresh issue

Solar panel maker Waaree Energies on Friday filed fresh preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The IPO comprises a fresh issue of equity shares aggregating to Rs 3,000 crore and Offer For Sale (OFS) of 32 lakh equity shares by a promoter and existing shareholders, according to the draft red herring prospectus (DRHP). Those selling shares in the OFS include promoter Waaree Sustainable Finance Private Ltd and shareholders -- Chandurkar Investments Private Ltd and Samir Surendra Shah. Proceeds from the fresh issue will be used for setting up the 6GW (gigawatt) of Ingot Wafer, Solar Cell and Solar PV module manufacturing facility in Odisha. Besides, a portion will be used for general corporate purposes. Waaree Energies, one of the major players in the solar energy industry in India, is focused on PV module manufacturing with an aggregate installed capacity of 12 GW as of June 30, 2023. The Mumbai-based firm has a

EKA Mobility to partner with Mitsui, VDL; plans joint investment Rs 850 cr

Electric vehicle maker EKA Mobility on Wednesday said it has entered into a partnership with Japan's Mitsui & Co., Ltd and VDL Groep of the Netherlands with a proposed joint investment of over USD 100 million (around Rs 850 crore) in phases. Under the cooperation, EKA Mobility will receive significant and strategic investments from Mitsui and technological support and an equity partnership from VDL Groep, a leading Dutch technology firm, the company said in a statement. It, however, did not elaborate on the financial details of the partnership. "With a joint investment of over USD 100 million in phases, the cooperation will position India as the global manufacturing and sourcing hub for electric vehicles," the statement said. EKA Mobility Founder & Chairman Sudhir Mehta said, this partnership represents a significant step toward making India a global hub for electric vehicle manufacturing. Mitsui & Co India GM Mobility Business Division, Nobuyoshi Umezawa said, "Through ..

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