Page 4 - Renewable Energy Sector

Eastman Auto & Power plans to achieve turnover of Rs 10,000 cr by FY26

Solar rooftop solutions provider Eastman Auto & Power Ltd on Thursday said it plans to achieve a turnover of Rs 10,000 crore by 2025-26 aided by capacity expansion on renewal energy side. The company had posted a turnover of about Rs 3,600 crore in 2023-24, according to a statement. Committed to sustainable and profitable growth, the company plans to achieve Rs 10,000 crore turnover by 2025-26 by investment in building the solar rooftop solutions business alongside mainstay Last Mile E-Mobility Solutions business, Eastman Auto & Power MD Shekhar Singal said in the statement. This goal shall be driven by strategic investments in new power electronics manufacturing facilities for solar inverters (for grid-connected and off-grid solutions), technology partnerships and participation in multiple advanced chemistries for energy storage, he said. To achieve this objective, the company has made some top level changes. The company has appointed Ashok Jain as Chief Finance Officer (CFO)

Ireda plans to raise around Rs 29,500 crore in debt, equity in FY25

The Indian Renewable Energy Development Agency (IREDA) plans to raise around Rs 25,000 crore from the debt market and around Rs 4,500 crore through equity in the current fiscal, a top company official said on Monday. The company's chairman and managing director Pradeep Kumar Das also said that IREDA had submitted a draft Green Taxonomy to the Ministry of New & Renewable Energy (MNRE) one and a half years back and that it is at quite an advanced stage. "First, we are seeking the government's approval for allowing natural dilution of their stake down by up to 10 per cent. The government will take a final call on that," Das said during the CII Financing Summit 3.0 here. Stating that the company is confident because the kind of equity requirement it needs and what the sector expects from it, he said, "We have initially estimated Rs 4,500 crore by January-February in order to ensure that we have a fair amount of loan book as well as capital adequacy ratio which is very important." He .

JSW Energy secures contract from SECI for 230 MW renewable energy supply

JSW Energy on Thursday said its arm received a letter of award from Solar Energy Corporation of India (SECI) for supply of 230 MW of power from its renewable energy project. The energy supply order has been secured by wholly-owned subsidiary JSW Neo Energy Limited, JSW Energy said, adding that the company received the letter of award following a tariff-based competitive bidding process. Bids were invited for supply of 630 MW of firm and dispatchable power from an inter state transmission system or ISTS-connected renewable energy project SECI-FDRE-IV, JSW Energy said in an exchange filing. With the latest contract, the company's total locked-in generation capacity has increased to 16.4 GW, which includes a hybrid capacity of 2.3 GW, including FDRE (firm and dispatchable renewable energy). The company expects to have an installed generation capacity of 10 GW by FY25, up from 7.5 GW currently.

Indian energy cos lag in R&D, innovation metrics compared to global peers

India's leading energy companies do not fare better than global firms on R&D intensity, proportion of employees with a PhD degree, and patents per billion dollar revenue, according to FAST India

Shakti Pumps Q1 result: Net profit jumps to Rs 93 cr, revenue up four-fold

Shakti Pumps on Monday said it has posted a manifold jump in its consolidated profit after tax to Rs 92.6 crore during the June 2024 quarter, on the back of higher revenues and healthy order book. It had clocked a Profit After Tax (PAT) of Rs 1 crore in the April-June quarter of the preceding fiscal, the company said in a statement. During the first quarter, the company's revenue from operations rose four-fold to Rs 567.6 crore from Rs 113.1 crore in the year-ago quarter. As of June 2024, the company had an order book of around Rs 2,000 crore, the statement said. "We reported an outstanding start to FY25, with the first quarter demonstrating robust revenue growth and enhanced profitability. Our performance is attributable to the accelerated execution of the existing orders in both domestic and export markets," Shakti Pumps (India) Ltd Chairman Dinesh Patidar said. The improvement in margins was achieved due to a decline in raw material prices, coupled with economies of scale resul

AI, agro-processing, gig economy with most job potential: Economic Survey

Economic Survey 2023-24: The gig workforce is expected to expand to 23.5 million by 2029-30, forming 6.7% of the non-agricultural workforce, and 4.1% of India's total workforce

Ireda Q1FY25 results: Net profit surges over 30% to Rs 383.69 crore

Indian Renewable Energy Development Agency (Ireda) on Friday reported over 30 per cent growth in its net profit to Rs 383.69 crore for the June quarter, mainly on the back of higher revenues. "IREDA has achieved Profit After Tax of Rs 383.69 crore (in Q1), marking an impressive year-on-year growth of 30.25 per cent," a company statement said. According to the statement, its net profit was Rs 294.58 crore in the quarter ended on June 30, 2023. As the largest pure-play green financing NBFC in the country, it stated that Ireda achieved a new industry standard by publishing its audited financial results within only 12 days. This milestone also marks Ireda as the first central public sector enterprise (CPSE) to promptly declare results and achieve the fastest publication of audited results in the banking and NBFC space, it added. The company has successfully reduced its net non-performing assets to 0.95 per cent in the first quarter of FY 2024-25 from 1.61 per cent in the same quarter

India's clean air target at risk as gas plan caught in regulatory minefield

New Delhi's ambitious targets to clean its air by decarbonising energy sector will be underpinned by its success in building nascent natural gas segment

Union Budget 2024-25: Here're key challenges in renewable energy sector

Local manufacturing (wind, solar) to be scaled up to compete with global majors on quality, price

Suzlon denies any financial irregularity as independent director quits

Renewable energy solutions provider Suzlon Energy on Monday clarified that there are no financial irregularities or compliance violations within the organization, following the resignation of its independent director Marc Desaedeleer. Desaedeleer resigned on Saturday and raised corporate governance issues within the company in his resignation on June 8, 2024, as per a BSE filing. In the resignation Desaedeleer said, "I am very pleased with the operational and financial performance recorded by the company over the last eighteen months. But, over the same period and including recently, several situations occurred where the corporate governance standards applied by the company did not meet my expectations including situations where communications lacked the level of openness and transparency, I would have liked to see." He further said "we discussed several of these situations, some were shared with board members, and I sent you recently a note covering these situations with the hope .

Renewable energy firm SAEL plans dollar bond sale targeting up to $500 mn

The offering also comes amid India's push to ramp up the renewable energy sector

NTPC Green inks pact with Indus Towers to develop renewable energy projects

State-owned power giant NTPC arm NTPC Green Energy Ltd (NGEL) on Friday said it has signed an initial pact with Indus Towers Ltd to address the need for pacing green energy objectives and the GoI's efforts towards carbon neutral economy. The MoU (Memorandum of Understanding) shall explore joint development of grid-connected renewable energy-based power projects including solar, wind, energy storage etc. and/or solutions thereof, a company statement said. Indus Towers Ltd (ITL) aims to expand its renewable energy portfolio in a phased manner to Giga Watt (GW) scale capacity, for its business operations spread across the country, as a part of its net zero commitments. The MoU was signed by Soumya Kanti Chowdhuri, Chief General Manager, NGEL and Vikas Poddar, Chief Financial Officer (CFO), ITL in the presence of other senior officials from NTPC and ITL on Thursday. NTPC is India's largest power utility with the core business of power generation having a total installed capacity of 76

Avaada Energy secures Rs 4,471 crore refinancing from lender Nabfid

The structure has been rated as 'AA (Stable)' by CareEdge Ratings, it said

India adds record 18 GW renewable energy capacity in FY24, shows data

India has added a record renewable energy capacity of 18.48 GW in 2023-24, which is over 21 per cent higher than 15.27 GW a year ago, according to the latest data of the Ministry of New & Renewable Energy. However, industry experts said there is a need to add at least 50 GW of renewable energy capacity annually for the next six years to meet the ambitious target of 500 GW of renewables by 2030. According to the data, India's installed renewable energy capacity is 143.64 GW as of March 31, 2024, excluding 47 GW of large hydropower capacity (each plant is more than 25 GW or above). They pointed out that renewable energy capacity stood at around 190 GW, including large hydro projects, and therefore, India needs to add 310 GW in the next six years or at an average of 50 GW per annum. Union Power and Renewable Energy Minister RK Singh, in a recent interview with PTI, said, "You see, my installed capacity of RE is about 190 GW, I have 103 GW under construction, that makes it 290 GW. I ..

India added 21 GW solar modules, 3 GW cell manufacturing capacity in 2023

India installed 20.8 GW of solar modules and 3.2 GW of cell manufacturing capacity in 2023, according to Mercom Capital. The country's cumulative solar module manufacturing capacity reached 64.5 GW, and solar cell manufacturing capacity 5.8 GW as of December 2023, the US-based research firm said in its latest report, State of Solar PV Manufacturing. "About 60 per cent of the installed module manufacturing capacity was equipped to manufacture solar modules in M10 and G12 wafer sizes," the report said. Monocrystalline modules accounted for 67.5 per cent of the country's module production capacity, followed by polycrystalline, tunnel oxide passivated contact (TOPCon), and thin film modules, Mercom said. Module manufacturing capacity is projected to surpass 150 GW, and cell capacity is expected to reach over 75 GW by 2026, it said. "As Indian manufacturers continue to invest in expanding their solar panel production capacities, they need to carefully navigate through the complexities

GAIL plans to commission its first green hydrogen project in April

"Once the initial hiccups are sorted at the commissioning stage, we expect to start producing in a month's time," one of the sources said

Govt devising policies to boost green hydrogen for round-the-clock RE

India is the third largest consumer of energy, oil and LPG. India's demand for energy is expected to double by 2045

WEF: Green hydrogen to lead towards zero carbon future, says Gautam Adani

Writing in a blog post on the World Economic Forum site, Adani said for India, the equitable solution is not to replace one fossil fuel with another but to leapfrog to renewables and green hydrogen

Torrent Power to invest Rs 47,000 cr in renewable energy in Gujarat

Torrent Power has inked four initial pacts with the Gujarat government to invest Rs 47,350 crore in renewable energy, green hydrogen and electricity distribution. Torrent Power Ltd, the integrated power utility of the diversified Torrent Group, has signed four non-binding Memorandum of Understanding (MoUs) with the government of Gujarat under the 10th edition of Vibrant Gujarat Global Summit, according to a company statement issued late in the evening on Wednesday. The MoUs were signed between Torrent Power and Gujarat Energy Development Agency (GEDA) in Gandhinagar. Through the four MoUs, Torrent Power has proposed total investments of Rs 47,350 crores (approx USD 5.70 billion), it stated. The proposed investments are planned to be made in the areas of renewable energy, green hydrogen and power distribution and are expected to contribute significantly towards the development of the state and creation of large-scale employment opportunities. "Torrent Power intends to make a ...

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