Page 20 - Renewable Energy

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 .

Despite India's renewables push, it's fossil, fossil burning bright

With a record hot summer and with unprecedented weather events feared this year, India's grid operators are falling back on coal

India overtook Japan to become 3rd largest solar power generator in 2023

Rapid solar energy deployment in India pushed the country past Japan to become the world's third-largest solar power generator in 2023, according to a new report. The report by global energy think tank Ember said India ranked ninth in solar energy deployment in 2015. Solar produced a record 5.5 per cent of global electricity in 2023. In line with the global trend, India generated 5.8 per cent of its electricity from solar last year, as reported in Ember's "Global Electricity Review". Ember's Asia Programme director Aditya Lolla said, "Increasing clean electricity is not just for reducing carbon emissions in the power sector. It is also needed to meet the rising electricity demand in an increasingly-electrified economy and to decouple economic growth from emissions, which is crucial for tackling climate change." Solar maintained its status as the world's fastest-growing electricity source for the 19th consecutive year, adding more than twice as much new electricity worldwide as coal

India overtook Japan to become 3rd largest solar power generator in 2023

Rapid solar energy deployment in India pushed the country past Japan to become the world's third-largest solar power generator in 2023, according to a new report. The report by global energy think tank Ember said India ranked ninth in solar energy deployment in 2015. Solar produced a record 5.5 per cent of global electricity in 2023. In line with the global trend, India generated 5.8 per cent of its electricity from solar last year, as reported in Ember's "Global Electricity Review". Ember's Asia Programme director Aditya Lolla said, "Increasing clean electricity is not just for reducing carbon emissions in the power sector. It is also needed to meet the rising electricity demand in an increasingly-electrified economy and to decouple economic growth from emissions, which is crucial for tackling climate change." Solar maintained its status as the world's fastest-growing electricity source for the 19th consecutive year, adding more than twice as much new electricity worldwide as coal

Energy storage systems crucial to up RE share in power generation: ICRA

Energy storage systems are critical to increase the share of power generated through renewable energy sources, according to Icra. The share of renewable energy power generation, including large hydro, to India's total power production will increase to close to 40 per cent by FY2030 from less than 25 per cent currently, the rating agency said in a report. The increase will be driven by the large RE capacity addition process, it said. "Achieving such a high level of RE share would require development of energy storage systems (ESS) to manage the intermittency associated with wind and solar power. The ESS is currently mainly driven by the battery energy storage systems (BESS) and pumped hydro storage projects (PSP)," Icra said. The BESS also plays a role in improving grid stability, providing ancillary support services and peak load shifting, it said. Girishkumar Kadam, Senior Vice President & Group Head - Corporate Ratings, ICRA, said: "The discovered tariff under the BESS tenders .

'At least $12 trn needed for tripling renewable energy capacity by 2030'

At least USD 12 trillion is required to create new infrastructure over the next six years for tripling global renewable energy capacity by 2030, COP28 President Sultan Al Jaber said on Friday. Addressing the annual Petersberg Climate Dialogue, Al Jaber said the energy transition will not happen without significant investment and a level-up in climate finance. He said the four key priorities to level up climate finance are infrastructure, technology, people and the Global South. "On infrastructure, we need to invest at least USD 6 trillion over the next six years to meet our 2030 target of 11TW of renewable energy capacity. And we need to spend a similar amount to upgrade outdated or non-existent grids," the COP28 president said. World leaders reached a historic agreement at COP28 in Dubai last year to triple global renewable energy capacity by 2030. According to the International Energy Agency, tripling global renewable energy capacity and doubling energy efficiency is crucial to

Macquarie calls off plans to sell renewable energy company Vibrant Energy

The plan was called off due to a discrepancy in the valuation of Vibrant Energy, which has an enterprise value of $500 million

Sterling & Wilson Renewable Energy reports Rs 1.40 crore net profit in Q4

Sterling & Wilson Renewable Energy Limited (SWREL) has posted a net profit of Rs 1.40 crore during the quarter ended March 2024 on account of increased income. It had reported a net loss of Rs 421.11 crore in the January-March period of preceding 2022-23 financial year, the company said in an exchange filing on Saturday. For the whole FY24, the company reported narrowing of its net loss to Rs 210.79 crore from Rs 1,174.96 crore net loss recorded in FY23. During the fourth quarter of FY24, the company's total income increased to Rs 1,211.40 crore from Rs 86.36 crore in the year ago. While the income rose to Rs 3,120.79 crore during the full fiscal from Rs 2,125.87 crore in the preceding fiscal. The expenses in the reporting quarter was at Rs 1,177.66 crore, up from Rs 503.88 crore registered in the same period last fiscal. The expenses were at Rs 3,293.11 crore in FY24 as against Rs 2,304.61 crore in the previous fiscal. In an investor presentation, the company said it had ...

JSW Energy arm bags 700 MW solar project from NTPC; capacity up at 13.3 GW

JSW Energy on Saturday said that its arm JSW Neo Energy has received a letter of award from NTPC for setting up a 700 MW solar project. With the latest project win, JSW Energy's total locked-in generation capacity has increased to 13.3 GW of which 3.1 GW is solar power, a BSE filing said. According to the filing, JSW Neo Energy Limited, a wholly owned subsidiary, has received Letter of Award for setting up a 700 MW ISTS connected Solar Power Project from NTPC Limited. The company's current installed generation capacity is 7.2 GW and expects to have 9.8 GW of installed capacity by CY24. The company aims to reach 20 GW generation capacity and 40 GWh of energy storage capacity before 2030. JSW Energy has set an ambitious target of achieving Carbon Neutrality by 2050.

Avaada Energy inks refinancing deal worth Rs 4,471 crore with NaBFID

Avaada Energy on Thursday said it closed a refinancing deal of Rs 4,471 crore with National Bank for Financing Infrastructure and Development (NaBFID) for its four solar projects in Rajasthan. The financing from NaBFID will enable Avaada Energy to prepay existing loans to multiple lenders. The facility, sanctioned and disbursed as a 20-year rupee term loan, achieves significant commercial improvements over the earlier facilities prepaid, the company said in a statement. "Avaada Energy is pleased to announce the successful closure of one of the largest refinancing transactions in India's renewable energy sector, securing about Rs 4,471 crore (USD 535 million) from the state-owned lender NaBFID," the statement said. This refinancing transaction, conducted under Restricted Group (RG) structure, encompasses four inter-state transmission system-connected solar projects with a combined capacity of 1,700 MWp. The structure has been rated as 'AA (Stable)' by CareEdge Ratings, it said. Vine

Apple, Cleanmax form renewable energy JV to deploy solar solutions in India

iPhone maker Apple has formed a joint venture with renewable energy firm Cleanmax to deploy solar solutions in India. The JV has installed 14.4 megawatts of rooftop solar installations across six industrial sites in India which will help Apple in addressing the emissions associated with its corporate operations in India. "The partnership aims to bolster renewable energy projects across India, marking a significant step forward in the nation's green energy landscape," the renewable energy firm said in a statement. The collaboration is grounded in an innovative business model, where the environmental benefits accruing from the financed projects will assist Apple in addressing the emissions associated with its corporate operations in India, the statement said. The installations done by the JV are expected to mitigate around 207,000 tons of carbon emissions throughout their operational life. Apple said that it has embarked on a joint venture with leading renewable developer CleanMax t