Page 14 - Renewable Energy

Tata Power prefers domestic market over lucrative solar exports: CEO

The export of Indian modules has surged more than 23 times during the last two years, with the United States accounting for more than 97% of India's exports

India beats China in green investments; deals worth $2.4 bn completed in Q3

The momentum is being driven by India's push to build out local clean energy capacity to limit reliance on China, and the prospects of becoming an exporter of the technologies

Andhra Pradesh govt may rethink Adani's solar deal amid bribery allegations

According to reports, Andhra Pradesh CM N Chandrababu Naidu is personally reviewing the situation and is expected to discuss the matter with his cabinet on Tuesday

World's biggest steelmakers failing to switch to renewables: Survey

Steel is responsible for 7% of global carbon dioxide emissions, around the same as India, with coal-fired blast furnaces producing 2 metric tons of CO2 for each ton of output

NGEL to invest Rs 2 trillion in Andhra for renewable energy projects

NPTC Green energy Ltd (NGEL) inked a joint venture with New and Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP) on Thursday to invest Rs 1.87 lakh crore for setting up renewable energy projects in the state. The agreement inked in the presence of Chief Minister N Chandrababu Naidu, Energy Minister Gottipati Ravi Kumar and others at the secretariat will generate employment for 1.06 lakh people and garner a financial benefit of Rs 20,620 crore over 25 years for the state. "This joint venture will take a step towards making Andhra Pradesh numero uno (Number one) in energy (renewable). The state government will always be at the forefront to encourage solar, wind, pumped storage, green hydrogen and green ammonia energy projects," said Naidu in an official press release. Under the joint venture, 25 GW of solar, wind and hybrid energy projects would be set up in the state, including producing 0.5 MMTPA of green hydrogen, green ammonia and green methanol. Further, 10 G

No mention of wrongdoing by SECI in Adani bribery case: CMD R P Gupta

SECI, the nodal agency for implementation of renewable projects in India, has not been mentioned for any wrongdoing in the Adani case, its CMD R P Gupta said on Thursday. Billionaire Gautam Adani has been charged by US prosecutors for allegedly being part of a scheme to pay USD 265 million (about Rs 2,200 crore) bribe to Indian officials in exchange of favourable terms for solar power contracts. "There is nothing against SECI that SECI has done anything wrong. That is no where. There is no mention of any wrongdoing or irregularity on part of SECI," he said while responding to PTI queries on developments related to the Adani case. According to US prosecutors' document, Solar Energy Corporation of India Ltd (SECI), which originally awarded the solar manufacturing-linked power tender, entered into the sale agreements with Andhra Pradesh, Odisha, Chhattisgarh, and Tamil Nadu between July 2021 and December 2021. The indictment also names New Delhi-based Azure Power, which had won a simi

Hyundai Motor India to set up 2 renewable energy plants at Chennai facility

Hyundai Motor India Ltd (HMIL) on Thursday said it will set up two renewable energy plants at its vehicle manufacturing unit in Tamil Nadu as part of the company's move to transition to 100 per cent renewable electricity across manufacturing operations by 2025. The company has signed a power purchase and shareholder agreement with Fourth Partner Energy Ltd (FPEL) for the purpose of setting up of a 75 MW solar plant and a 43 MW wind power plant to cater to its renewable energy requirements, Hyundai Motor India Ltd (HMIL) said in a statement. These facilities will operate under a group captive mode with a special purpose vehicle (SPV) formed for engineering, procurement, construction, operations and maintenance. HMIL will hold 26 per cent and FPEL will hold 74 per cent equity stake in the project, it added. This long-term agreement will ensure a 25-year supply of renewable energy to HMIL, the company said. "As part of this partnership, HMIL will invest Rs 38 crore towards setting up

Datta Power Infra signs MoU to invest Rs 5,000 cr in RE sector in Rajasthan

Datta Power Infra on Wednesday said it has signed an initial agreement with the Rajasthan government to invest around Rs 5,000 crore in the renewable energy sector. The memorandum of understanding (MoU) was signed between company representatives and officials of the state government in Jaipur, Datta Power Infra said in a statement. Datta Power Infra looks to set up 1,000 MW renewable energy capacity, including solar, wind and hybrid projects. The projects across across Bikaner, Jaisalmer, Barmer, Nagaur, Pratapgarh and Jodhpur districts would generate jobs for 500-750 people, the company said. Datta Power Infra CFO Rajeev Kumar Bansal said, "As we embark on a transformative journey with our investment of Rs 5,000 crore in Rajasthan's wind, solar, and wind-solar hybrid projects, we are positioning ourselves to drive sustainable growth while contributing significantly to India's renewable energy capacity.

Wind energy at its peak, with 8 more years of growth: Suzlon Group CEO

Chalasani speaks about the prospects of the Indian wind energy sector, opportunities in defence and railways, and Suzlon's strategies to maintain its leadership

India's renewable energy capacity to touch 250 GW mark by March 2026: Icra

Domestic renewable energy capacity is expected to reach the 250 GW level by March 2026, Icra said on Tuesday. The capacity addition will be driven by the large project pipeline of over 80 GW, following the significant improvement in tendering activity in FY2024, the rating agency said. In a note, Icra said it expects the installed renewable energy capacity, including large hydro projects, in India to increase to about 250 GW by March 2026 from the level of 201 GW as of September 2024. "We expect the rooftop solar segment and the commercial & industrial (C&I) segments to contribute significantly to the capacity addition. Nevertheless, challenges remain on the execution front with respect to delays in land acquisition and transmission connectivity, which, if sustained, could hamper the sector's prospects," Girishkumar Kadam, Senior Vice President & Co-Group Head - Corporate Ratings at Icra, said. ICRA expects the energy storage capacity requirement at 50 GW by 2030, which ...

Developing nations need $1 trn a year by 2030: Climate finance group

Negotiators at the UN climate conference in Azerbaijan should focus on mobilising USD 1 trillion per year by 2030 to help developing countries cope with the warming world, a new report the Independent High-Level Expert Group on Climate Finance said on Thursday. This money, according to the group of international climate finance experts, is needed from public and private sources. As countries negotiate at COP29 a new climate finance package to support developing countries beyond 2025, the report cautions against the risks of delayed action. Any shortfall in investment before 2030 will place added pressure on the years that follow, creating a steeper and potentially more costly path to climate stability," Failing to invest sufficiently now, it warns, "Means we will need to mobilise even larger sums in shorter time frames to catch up on critical targets." The report said global climate action requires USD 6.36.7 trillion annually by 2030, with USD 2.4 trillion per year needed ...

Rising Rajasthan summit to lay foundation of developed state: CM Bhajanlal

Chief Minister Bhajanlal Sharma said the 'Rising Rajasthan Global Investment Summit' to be held in Jaipur will lay the foundation for the developed Rajasthan of the future. He instructed officials to ensure that the preparations are finalised to make this conference, to be held from December 9 to 11, a success. According to an official statement, Sharma was reviewing the preparations for organising the conference at the chief minister's residence. He said with the investment agreements to be signed in this summit, Rajasthan will establish new dimensions of development in various sectors, including renewable energy, mining, tourism and automobile, and will be established as a major centre of investment across the world. During the meeting, the chief minister specially reviewed the various events to be held on December 9 and 10. Sharma discussed the preparations for the sessions based on various sectors including renewable energy, health, mining, water and manufacturing to be held o

India's renewable energy capacity rises 13.5% to 203 GW in October

India's total renewable energy capacity increased by 13.5 per cent or 24.2 GW in a year to reach at 203.18 GW in October 2024 from 178.98 GW in October 2023, an official statement said This rise aligns with India's ambitious targets in the field of RE sector, a statement by New and Renewable Energy Ministry said. Including nuclear energy, the total non-fossil fuel capacity rose to 211.36 GW in 2024, compared to 186.46 GW in 2023, it stated. According to the statement, the solar sector saw a remarkable increase of 20.1 GW (27.9 per cent), growing from 72.02 GW in October 2023 to 92.12 GW in October 2024. The combined total solar capacity, including projects under implementation and tendered, now stands at 250.57 GW, a significant rise from 166.49 GW last year. Wind energy also demonstrated steady growth, with installed capacity increasing by 7.8 per cent, from 44.29 GW in October 2023 to 47.72 GW in 2024. Total capacity in the pipeline for wind projects has now reached 72.35 GW.

Honeywell India supports deep science startups in collaboration with IISc

These startups are focused on building innovations to solve pressing challenges in areas such as agriculture, healthcare, and renewable energy

Solex Energy net profit rises to Rs 13 cr in Apr-Sep on higher income

Solex Energy on Tuesday reported a multi-fold jump in consolidated net profit to Rs 13 crore in the April-September period of FY25, on account of higher income. It posted a net profit of Rs 0.73 crore during the six-month period ended September 2023, the company said in a regulatory filing. The company's total income jumped to Rs 274.16 crore against Rs 93.75 crore in the year-ago period. "As we look ahead, Solex remains focused on scaling up our operations and innovation to meet the growing demand for clean energy solutions across India," Chetan Shah, Chairman and Managing Director of Solex Energy, said. The company is bullish on the growing renewable energy market in India and has already announced investment plans worth USD 1 billion under its Vision 2030 strategy, he said. Solex Energy has plans to increase its module manufacturing capacity from 1.5 GW to 15 GW, which will cost around Rs 8,000 crore.

Shaping up as refining hub, will rely on fossil fuels until 2040, says Puri

The minister said there are "robust discussions" among state-owned and private refiners to scale beyond 310 mtpa, which might be achieved even before the targeted 2028

Borosil Renewables Q2 results: Net loss of Rs 13 cr, income at Rs 378.25 cr

It had posted Rs 30.47 crore profit for the quarter ended September 2023

REC eyes another Rs 5,000 crore fundraise through zero-coupon bonds

IRFC looking to raise Rs 3,000 crore through bonds today

Refex Renewables Q2 result: Loss widens to Rs 13 cr, income at Rs 14 cr

Refex Renewables & Infrastructure Ltd (RRIL) on Friday reported a consolidated loss of Rs 12.69 crore in September quarter, mainly on account of a fall in income. It had posted a Rs 10.48 crore loss in the quarter ended September 2023, the company said in an exchange filing. The company's total income declined to Rs 14.38 crore in the quarter under review, from Rs 21.36 crore in the second quarter last fiscal. The board of the company also approved incorporation of two companies as wholly-owned subsidiaries which would operate in the wind energy sector. The new subsidiaries will be able to explore untapped growth in the wind energy segment and further, it would ensure better feasibility in raising financing from the lenders for the specific project / assets. The board also approved disinvestment of 24.50 per cent equity stake held in its subsidiary Refex Green Energy Limited. "RRIL and Winvision (JV Partners) shall hold equity stake in RGEL (JV entity) in the ratio of 75.5 : 24.5

SECI bars Reliance Power for three years over fake tender document

Submission of fake bank documents reason for debarment, says SECI