Page 18 - Renewable Energy

'Tata Power Renewable Energy accepts bids for multiple-tenor bonds'

The issuer will pay a coupon of 7.93 per cent on both the bond issues and had invited bids for the same earlier in the day

JSW Steel USA to invest $110 mn to modernise plate mill in Baytown, Texas

JSW Steel on Tuesday said its subsidiary JSW Steel USA plans to invest USD 110 million to modernise its steel plate mill in Baytown, Texas with new equipment and sustainable technology. These investments will enable the production of high-quality monopile steel plates to support the US administration's new actions to expand offshore wind energy by deploying 30 gigawatts (GW) of offshore wind by 2030, enough to power 10 million homes with clean energy, the company said. "JSW Steel USA, Inc plans to invest USD 110 million in steel plate mill modernization projects with sustainable technology and state of the art equipment within its manufacturing facilities in Baytown, Texas," JSW Steel said in a statement. Steel products made through this investment are aligned with "Buy America" requirements for niche grades and sophisticated applications such as hydrocarbon pipelines, offshore wind towers and platforms, high-density pressure vessels and monopile steel slabs, JSW Steel said. Parth

Key infrastructure sectors, realty may attract Rs 15 trillion by FY26

The Centre has changed a number of clauses in its model concession agreement to ease the market's woes, but it remains to be seen whether these will be appreciated by the sector

Tata Power Renewable Energy deploys more than 850 e-bus charging points

Tata Power Renewable Energy Ltd (TPREL) on Wednesday said it has deployed more than 850 e-bus charging points at various locations in the country. The robust bus charging network has led to more than 1 lakh tonnes of tailpipe CO2 emissions savings, the company said in a statement The locations include Delhi, Mumbai, Ahmedabad, Bengaluru, Jammu, Srinagar, Dharwad, Lucknow, and Goa, the statement said. **** Mamaearth partners with Reliance Retail * Mamaearth, a personal care brand owned by Honasa Consumer, has partnered with the country's leading retailer Reliance Retail. This would make its range of products available at over 1,000 Smart Bazaar/ Smart Point stores across the country, the company said in a statement. Honasa Consumer Co-founder and CEO Varun Alagh said, "The partnership with Reliance Retail is also an extension of our endeavour to make products accessible to a wider set of consumers. We are 1,000 stores strong now and with the increasing demand for Mamaearth produ

Investment of $190-215 bn needed for India's 500 GW RE capacity: Moody's

Investments of USD 190-215 billion will be needed to achieve the target of 500 gigawatt (GW) of renewable energy capacity by 2030 in India, Moody's Ratings said on Wednesday. India's infrastructure companies will be spending on energy transition to meet demand resulting from the country's relatively strong economic growth. However, government policies and stable regulatory frameworks will support credit quality, Moody's said in a statement. Moody's also estimates that another USD 150-170 billion of investment will be required for electricity transmission and distribution as well as energy storage. "We expect the strong growth in India's renewable energy capacity to continue, although coal will remain a major source of electricity generation over the next 8-10 years," Abhishek Tyagi, Moody's Vice President and Senior Credit Officer said.

Trade and industry bodies in Rajasthan call for creating solar energy hub

Rajasthan ranks as one of the leading states in the country for solar energy production

Reliance Power becomes debt free on standalone basis; clears pending dues

Reliance Power has become a debt-free company on a standalone basis clearing all outstanding dues to lenders, sources said. The company had a debt of around Rs 800 crore, which has been repaid to banks, they said. Between December 2023 and March 2024, Reliance Power signed multiple debt settlement agreements with various banks, including IDBI Bank, ICICI Bank, Axis Bank and DBS. The company has now repaid the entire debt to these banks, sources said. As a result of that, Reliance Power, on a standalone basis, has become a debt free company. In December 2023, Reliance power sold the development rights of its proposed 1,200 megawatt hydro-electric project in Arunachal Pradesh to THDC for Rs 128 crore. In March 2024, the company sold its 45 MW wind energy project in Vashpet, Maharashtra to JSW Renewable Energy for a consideration of Rs 132 crore. Proceeds from the sale of these projects were used to retire debt. With participation of over 38 lakh retail investors, Reliance Power has

Modi 3.0 Cabinet: Pralhad Joshi becomes Union Renewable Energy Minister

A die-hard RSS loyalist and long-time BJP worker Pralhad Joshi has been appointed New & Renewable Energy Minister, who replaces RK Singh as he lost the election from the Arrah constituency. Joshi is a five-time member of Parliament from the saffron party's bastion of Dharwad in Karnataka. His main challenge will be to push the National Green Hydrogen Mission in the country. The government had also provided Rs 19,744 crore for setting a manufacturing capacity of electrolysers used for producing green hydrogen. The mission also provides incentives to produce green hydrogen and ammonia. Besides, Joshi will have to ensure 50 GW capacity addition of renewable energy every year to achieve the ultimate target of 500 GW of non-fossil fuel-based power generation by 2030. India has set a huge trajectory of renewables to achieve the ambitious target of net zero emissions by 2070. Joshi is said to be close to Prime Minister Narendra Modi and BJP leader Amit Shah. He held portfolios of Coal, .

India unveils $500 bn investment opportunities in clean energy by 2030

India offers huge investment opportunities worth over USD 500 billion, particularly in clean energy value chain including renewables, green hydrogen and EV, by 2030, the commerce ministry said on Thursday. This was stated by Commerce Secretary Sunil Barthwal, who is in Singapore for the two-day meet of the Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum. The meeting, which started on Wednesday, brought together the region's top investors, clean economy companies, and start-ups to mobilise investments into sustainable infrastructure, climate technology, and renewable energy projects. The 14-member IPEF bloc was launched jointly by the US and other partner countries of the Indo-Pacific region on May 23, 2022, in Tokyo. Together, they account for 40 per cent of the world's economic output and 28 per cent of trade. The framework is structured around four pillars relating to trade, supply chains, clean economy and fair economy. India has joined all the

ReNew Energy Global net profit jumps 7-fold to $7 mn in March quarter

ReNew Energy Global Plc on Thursday said its net profit jumped seven-fold to USD 7 million in the January-March quarter of FY24 due to higher income and reduced expenses. The total revenue for the latest fourth quarter decreased by 4.4 per cent to USD 297 million, down from USD 311 million in the same period in the preceding fiscal, according to a company statement. The company attributed the fall in revenue to lower earnings from its transmission projects. The company's net profit for the entire financial year stood at USD 50 million, compared to a net loss of USD 60 million in FY23. The clean energy major registered an 8.1 per cent jump in its total revenue to USD 1,158 million in FY24 from USD 1,072 million in FY23. The company said that the record profits were registered despite a marginal fall in the weighted average Plant Load Factor (PLF) for the reporting quarter as well as the financial year due to lower radiation and wind speeds. While the PLF for FY24 was 26.4 per cent

KPI Energy soars 5% on procuring 20 orders for solar power projects

KPI Green Energy, a member of the KP Group, specialises in the development, construction, ownership, management, and maintenance of renewable power facilities

Job demand in renewable energy sector surges 23.7% in FY24: Report

On the occasion of the World Environment Day, a report on Wednesday revealed that in India the job demand in the renewable energy sector witnessed a growth of 23.7 per cent during 2023-24, accompanied by a consistent decline in attrition rates. 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, according to a report by staffing company TeamLease Services. The demand for roles is exceptionally high in tier II and III cities, where most renewable energy projects are located, it stated. While positions in operations, maintenance, and technical roles are highly sought, there is a rising demand for solar PV and wind turbine technicians and installers, roofers, production operators, storage operators, and waste management specialists, the report added. "We are witnessing a positive trend in the renewable sector's workforce. The renewable energy sector is more than just about green ...

Maruti Suzuki to invest Rs 450 crore in renewable energy initiative

Maruti Suzuki India on Wednesday said it will invest Rs 450 crore over a span of three years towards commissioning renewable energy projects linked to solar power and biogas. In FY24, the company invested Rs 120.8 crore in the vertical. The company will increase this investment around four-fold to Rs 450 crore spread over three years starting FY25, it said in a statement. "As we ramp up our production capacity from around 2 million to 4 million by 2030-31, we are also accelerating our efforts to increase the share of sustainable and renewable energy sources across our operations," Maruti Suzuki Managing Director & CEO Hisashi Takeuchi said. Just as the company is bringing multiple technologies in products, it would also focus on multiple renewable energy sources to make the operations greener, he added. The company said it has commenced a pilot biogas plant at its Manesar facility in FY25, harnessing the untapped potential of in-house food waste. The plant is designed to produce .

Maruti Suzuki set to invest Rs 450 crore for renewable energy projects

As part of its renewable energy strategy, Maruti Suzuki India has initiated operations at a biogas facility within its Manesar plant in Haryana, using its food waste and Napier grass

Securing India's energy transition

Policy changes may be needed to attract big players in mining and exploration

Cochin Shipyard gets 60 mn euros order for hybrid SOVs from UK operator

India's leading shipyard, Cochin Shipyard Limited (CSL), on Monday said it has secured another prestigious international order from North Star Shipping, a top UK-based offshore renewable operator, for the construction of a hybrid Service Operation Vessels (SOVs). They will be building hybrid SOVs for a contract with Siemens Gamesa. These vessels will be deployed at the Scottish Power Renewables East Anglia THREE offshore wind farm, situated off the Suffolk coast, an official release said here. A CSL source said the order is valued at EUR 60 million. It said the ship building contract also has an option to contract two more such vessels. North Star, earlier in the year, contracted another hybrid SOV with Cochin Shipyard. With attention turning towards sustainable and green energy solutions, there is a large global focus on the development of offshore renewable energy segments. CSL said the hybrid SOVs are the workhorse of the growing, highly specialised renewables segment, in whi

With expansion on mind, JSW Energy builds money purse, human capital

In April, JSW Energy completed a fund raise of Rs 5,000 crore through the qualified institutional placement (QIP) route

US investing $3.8 bn to meet India's renewable energy, infra goals: Envoy

Moreover, he added that the two nations are not just moving forward on development, but are moving forward on technology. You know, technology will define our lives, he said

Google to invest 1 bn euros into Finnish data centre to drive AI growth

In recent years, many data centres have been located in the Nordic countries because of the region's cooler climate, tax breaks and abundant availability of renewable power

ReNew inks initial pact with Societe Generale for $1 billion debt financing

Energy firm ReNew on Wednesday announced that it has signed an initial pact with European bank Societe Generale for up to USD 1 billion financing as debt and advisory solutions over the next three years. ReNew has signed a Memorandum of Understanding (MoU) with Societe Generale, to support the financing and development of the company's various strategic energy transition projects both in India and globally, a company statement said. Both parties will leverage their respective expertise to strengthen the collaboration on utility-scale energy projects including solar, wind, complex renewables, green hydrogen, energy storage and solar modules manufacturing. ReNew Chairperson and Chief Executive Officer Sumant Sinh said, "This MoU represents a key milestone towards our ambitions in India and worldwide. Societe Generale is a trusted partner for accelerated deployment of renewable energy projects, and this collaboration will contribute towards India's net zero goals." ReNew has a clean .