Page 19 - Renewable Energy

Renewable energy sector to get Rs 30.5 trn investments by 2030: Eco Survey

Mobilization of finance as well as investment on competitive terms and resolution of land acquisition issues are necessary for realising Rs 30.5 lakh crore investment required for meeting the target of having 500GW renewable energy in India by 2030, according to the Economic Survey. The Economic Survey 2023-24 tabled in Parliament on Monday the Renewable Energy (RE) sector is expected to attract investments of about Rs 30.5 lakh crore in India between 2024 and 2030. According to the Survey, this would create significant economic opportunities across the value chain. The clean energy sector in India saw new investments of Rs 8.5 lakh crore (USD 102.4 billion) between 2014 and 2023, it said, adding that the RE sector received about USD 17.88 billion as FDI from April 2000 until March 2024. On mobilization of necessary finance and investments on competitive terms for the RE sector, the Survey pointed towards gearing up the banking sector for arranging finances for larger deployment ..

How 'islands of energy' could help Israel build wartime resilience

Israel's energy transition plan has been in the works for years but took on greater urgency when war broke out on several fronts

Centre plans to push for more renewable energy connectivity in states

As more transmission projects come at the intra-state level, the Centre is hoping it will bolster private investment in state power infrastructure

SECI plans 500 MW solar thermal capacity tender by FY25-end: CMD

SECI, a nodal agency for implementing government's renewable energy projects, is expected to float a tender for 500 megawatt (MW) of solar thermal capacity by the end of FY25, its Chairman and Managing Director R P Gupta said on Wednesday. This will be the first time in India that such a tender would be floated on this scale, Gupta told reporters on the sidelines of the India Energy Storage Week 2024, organised by India Energy Storage Alliance (IESA) here. "The tender is expected to be out by the end of this financial year 2024-25. There have been (solar thermal) tenders but not of this scale," Gupta said in reply to a question on new solar thermal tenders. The earlier tenders were small in size and their costs were also too high, he said. The projects under the 500-MW tender will have advanced technology where steam would be generated through heat and it would also help in running turbines, he added. Besides, the prices will be at par with other Round the Clock (RTC) solutions, G

Reliance Industries set to invest $60 bn in 10 years: Morgan Stanley report

India cos announce large investments in renewables, energy transition

The complexity of green transition

Inaction on generating new revenue as fossil fuel taxes dry up will harm India's economic prospects

Ireda loan grows to Rs 9,136 cr in April-June; disbursements rose by 67.6%

Public sector non-banking financial company IREDA on Monday said it posted manifold growth in its sanctioned loan to Rs 9,136 crore during April-June FY25. Loan disbursements also rose 67.61 per cent to Rs 5,320 crore in the period under review from Rs 3,174 crore in the year-ago period. The total loan book outstanding as of June 30, 2024 was at Rs 63,150 crore, up 33.77 per cent over Rs 47,207 crore in April-June FY24, IREDA said in a statement. Pradip Kumar Das, CMD, IREDA, said: "The first quarter underscores our commitment to accelerating the deployment of renewable energy solutions in India. The substantial increase in loan sanctions and disbursements reflects our proactive approach in supporting projects that contribute to India's renewable energy goals." Indian Renewable Energy Development Agency (IREDA), under the Ministry of New and Renewable Energy, has been engaged in promoting, developing and extending financial assistance for setting up projects related to new and ...

China stops providing data that showed dip in renewable power plant usage

The report did not give a reason for the change and China's energy administration did not immediately respond to a request for comment

Odisha okays investment proposal worth Rs 903 cr in renewable energy sector

The Odisha government on Thursday approved investment proposals worth Rs 903.41 crore in the renewable energy (RE) sector, according to an official statement. The single window committee (SWC) of the Energy Department led by Principal Secretary Vishal Kumar Dev cleared the investment proposals with an aim to meet the state's RE target of 10 GW by 2030. The panel approved the proposal of HPCL Renewable & Green Energy Ltd to set up a 48-MW wind energy project at Umerkote in Nabarangpur district, while ONGC Tripura Power Company Ltd got the go-ahead to develop a 49.5-MW wind energy project in Astaranga in Puri district, the statement said. The total investment for these two wind energy projects stands at Rs 881.28 crore, it said. Till date, the SWC of Energy Department has approved investment proposals totaling Rs 3,723.57 crore with 499.48-MW capacity in the sector.

Nxtra commits to get 100% energy for data centre from renewable sources

Airtel's data centre arm Nxtra has joined the RE100 initiative, a flagship global initiative led by Climate Group in partnership with Carbon Disclosure Project, and has committed to sourcing 100 per cent renewable electricity, the company said on Thursday. Nxtra has the largest network of data centres in India with 12 large and 120 edge data centres across the country. "We are an environmentally responsible brand and have been increasingly adopting clean energy alternatives. We are on a healthy trajectory towards achieving our net-zero goals of 2031 and are happy to become a part of the RE100 initiative with a commitment to 100 per cent renewable electricity," Nxtra by Airtel, CEO, Ashish Arora said in a statement. According to the statement, Nxtra has become the only data centre organisation in India to have pledged to RE100 and the 14th Indian company to achieve this milestone. The company claims to have increased its renewable energy use and has contracted 422,000 MWh renewable

'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