Page 23 - Renewable Energy

Group to invest $75 bn to scale up AGEL's RE portfolio to 45 GW: Adani

Adani Group has plans to invest USD 75 billion on energy transition initiatives by 2030, its chairman Gautam Adani said on Wednesday. The investments will boost the group's vision to have 45 gigawatt of renewable energy capacity by 2030, Adani said in a statement. "We are committed to largescale renewables, developing an indigenous fully integrated manufacturing ecosystem and green hydrogen solutions. At the Adani portfolio level, a total investment of USD 75 billion by 2030 on our energy transition initiatives will further our vision to have 45 GW renewable energy capacity by 2030 and strengthen the pivotal role played by AGEL in India's glide path to decarbonization," the group chairman said. The investments will be executed through Adani Green Energy Limited (AGEL). AGEL has emerged as the second-largest global solar PV developer in the US-based Mercom Capital Group's latest annual global report. "The company's outstanding performance and contribution to the renewable energy ..

Gautam Adani pitches for balanced approach towards energy at COP28

As world leaders dwell on the language of the final outcome of climate talks, billionaire Gautam Adani on Tuesday made a pitch for adopting a balanced approach that takes into account energy costs and availability while continuing to accelerate on green ambitions. At the 28th UN Climate Change Conference in Dubai, called COP28, 118 governments pledged to triple the world's renewable energy capacity by 2030 but have not been able to arrive at the language to be used in the outcome document for cutting the share of fossil fuels in the world's energy production. "In the midst of initial encouraging signs from COP 28, it is relevant to remember that while in sum total (given our 1.4 billion population) we are the world's third largest primary energy consumer, our per capita electricity consumption @ 1250 kWh is still less than one-third of the global average and less than one-seventh of the developed world," Adani said in a post on X. India, he said, is also the only large nation ahead

'On track to have 50% installed power capacity via non-fossil fuel sources'

India is on its track to have 50 per cent of its installed power generation capacity from non-fossil sources by 2030, Union Minister R K Singh informed the Rajya Sabha on Tuesday. The country's installed power generation capacity from non-fossil source is 186.46 gigawatt (GW), which is 43.82 per cent of its total installed capacity, the minister for new and renewable energy said. "India is on track for achieving its target of having 50 per cent of its installed source generation capacity from non-fossil fuel sources by 2030," Singh, who also holds the portfolio of Power Minister said. Of the total 186.46 GW capacity, 178.98 GW is renewable energy and 7.48 GW is nuclear power. In addition, 114.08 GW of capacity is under implementation and 55.13 GW of capacity is under tendering. The non-fossil electricity capacity increased from 32.54 per cent in March 2014, to 43.82 per cent in October 2023. Singh further said that the government has taken several measures to promote renewable ene

ReNew inks initial pact with Asian Development Bank for $5.3 bn funding

Renewable energy firm ReNew Energy Global Plc has inked an initial pact with the Asian Development Bank (ADB) for a funding of USD 5.3 billion. "The MoU was signed at COP28, Dubai by ReNew's Founder, Chairman and CEO, Sumant Sinha and Suzanne Gaboury, Director General, Private Sector Operations Department, ADB," a company statement said. According to the statement, the MoU identified potential investments in renewable energy projects, manufacturing, carbon offset projects, green hydrogen, to jointly support sustainable energy transition. ReNew Energy Global Plc and ADB will also collaborate on climate change mitigation and adaptation projects, it said. The initial pact covers lending of more than USD 5.3 billion between 2023 and 2028, it informed. The MoU, a first of its kind in the Indian Renewable Energy sector, is expected to draw interest from additional international investors to participate in financing long-term debt for significant Renewable Energy infrastructure projects,

Tata Power to invest Rs 60k cr till FY27, bulk of it in renewable capacity

Tata Power will be investing Rs 60,000 crore over the next three years with almost half of it in the renewables sector, a top official said on Tuesday. The company, which is into power generation, transmission and distribution, will not be adding any new coal-based "thermal power capacity", its chief executive and managing director Praveer Sinha told reporters here. It is investing up to Rs 15,000 crore in FY24, and will take it to up to Rs 20,000 crore in FY25, Rs 22,000 crore in FY26 and Rs 23,000 crore in FY27, to take the overall capex to Rs 60,000 crore by FY27. In addition to two hydel pumped storage projects (PSP) of 2,800 mw entailing an investment of Rs 13,000 crore announced earlier, the company has identified another three similar projects having the potential to generate up to 9,000 mw of power in the close vicinity, Sinha said. Underlining that brownfield expansions like PSPs is better from the financial perspective, Sinha said it takes about Rs 5 crore of investment p

AmpIn Energy Transition plans Rs 3,100 cr investment in Eastern region

AmpIn Energy Transition on Friday announced plans to invest Rs 3,100 crore in states including Bihar, Odisha and Jharkhand. The investments will be made towards setting up renewable energy projects of about 600 MW and a 1.3 GW integrated manufacturing facility of solar cells and modules, the company said in a statement. "Significant investments are planned in West Bengal, Bihar, Odisha, Jharkhand, Chhattisgarh and the Northeastern states. The investment reflects our commitment of accelerating the renewable energy transition and adoption of clean energy solutions in the Eastern region," the company said. In the Eastern region, the company said it already has the largest solar open access portfolio of 200 MWp, the largest utility power purchase agreement (PPA) with CESC for a 250 MWp of wind solar hybrid project. The company is serving marquee customers in the region across diverse sectors such as steel and cement, IT and data centre, heavy engineering, FMCG, utility etc through its

Vietnam to spend $15.5 bn for clean energy transition, to announce at COP28

A plan for how Vietnam will spend USD 15.5 billion to transition to cleaner energy has been finalised and will be announced at the COP28 climate conference, which begins in Dubai next week. Mark George, the climate counsellor for the British Embassy in Hanoi, said that after months of coordination with key Vietnamese ministries to iron out details of how the money will be used, the final plan was finalised on Thursday. George gave no details of the plan. The United Kingdom is co-chair of a group of nine, rich industrialised nations that have agreed to provide the USD 15.5 billion to help Vietnam end its reliance on dirty coal power and more quickly switch to renewable energy as a part of a Just Energy Transition Partnership, or JETP. That is a really important milestone, said George. George was speaking at a panel discussion hosted by the UK-Vietnam Joint Economic and Trade Committee centred around opportunities for the two nations after Britain officially joined an Asia-Pacific t

Clean energy firm ReNew posts Rs 377 cr net profit in Sep quarter

Clean energy player ReNew on Monday reported a net profit of Rs 377.1 crore during the September 2023 quarter, supported by higher income. It had clocked a Rs 98.6 crore net loss during the July-September period of the last fiscal, the company said in a statement. Its total income rose to Rs 2,863.2 crore from Rs 2,240.9 crore in the year-ago quarter. The adjusted EBITDA was Rs 2,129.8 crore against Rs 1,820.9 crore in Q2 FY23. As of September 30, 2023, the company said, its portfolio stood at 13.8 GW, including solar and wind capacities, compared to 13.4 GW a year ago.

Rich nations 'likely' met $100 billion climate finance goal in 2022

While that figure pales in comparison to the trillions of dollars that are needed to help developing nations decarbonize their economies and adapt to a warming world, it is still a symbolic milestone

India's FY24 power demand to rise 7% amid strong industrial activity: Fitch

Fitch stated that the receivable position of generation companies (gencos) will continue improving in the near term

SJVN inks pact with Solar Energy Corporation to supply 200 mw wind power

State-owned power producer SJVN Ltd on Thursday said it has signed a pact with Solar Energy Corporation of India to supply 200 MW of wind power. The power producer has signed a power purchase agreement (PPA) for a 200 MW grid-connected wind power project with Solar Energy Corporation of India Ltd (SECI), SJVN Chairman & Managing Director Nand Lal Sharma said in a statement. Sharma informed that SJVN Green Energy Ltd (SGEL) -- its wholly-owned subsidiary -- had participated in the tariff-based competitive bidding process conducted by SECI for the selection of wind power developers for setting up 1,200 MW grid-connected wind power projects anywhere in India. SGEL bagged 200 mw at a tariff of Rs 3.24 per unit on a build-own and operate (BOO) basis in an open competitive tariff bidding process. He further said the 200 MW wind project will be developed by SGEL anywhere in India through an EPC contract. With the allotment of this project, the wind portfolio of SJVN now stands at 497.6 .

Coal plants capacity utilisation will improve to 65% this fiscal: CRISIL

Coal-based thermal power units' plant load factor (PLF) or capacity utilisation will improve to 65 per cent in the current fiscal year despite record renewable energy capacity addition, according to Crisil Ratings. "Healthy PLFs along with lower receivables and encouraging fuel supply will support the credit profiles of private coal-based generating companies (gencos)," Crisil Ratings said in a statement. The PLFs of coal-based power plants in India will improve to 65 per cent this fiscal despite record renewable energy (RE) capacity addition, it added. Over the past two fiscals, electricity demand witnessed a robust 8-9 per cent annual growth, driven by the post-pandemic economic rebound, the agency noted. During this period, 34 gigawatts (GW) of capacity has been added, with 90 per cent of it in RE, the statement said. In GW terms, this is a 9 per cent growth in power capacities, but on normative terms this was only 4-5 per cent growth as capacities operate at varying PLFs, and

Rooftop solar potential could be critical to energy transition in India

Over 25 crore households across India have the potential to deploy 637 GW of solar energy capacity on rooftops, according to a new independent report by the Council on Energy, Environment and Water (CEEW) released on Thursday. The CEEW report said that deploying just one-third of this total solar technical potential could support the entire electricity demand of India's residential sector (about 310 TWh). However, the technical potential reduces to one-fifth (118 GW) after factoring in the current electricity consumption of households. "Most residential consumers fall into low-consumption slabs and solar may not be economically feasible for them without financial support even though it is technically possible. "The potential reduces further to 11 GW when no capital subsidy is considered, the payback period for rooftop solar is restricted to five years and we factor in consumers' willingness to buy rooftop solar," the report said. Currently, India has installed 11 GW of rooftop sol

Suzlon's S1443 MW series of wind turbines get RLMM listing by MNRE

Renewable energy solution provider Suzlon Group on Wednesday announced the listing of its S144 3 MW series of wind turbines in the Ministry of New & Renewable Energy's 'Revised List of Models & Manufacturers' (RLMM). "This is an important milestone required for successful commercialisation of the product," the company said in a statement. The company announced the RLMM listing of its S144 3 MW series of wind turbines, which are extendable to 3.15 MW, it added. Suzlon has already installed the first prototype of this series at a hub height of 160m with a Hybrid Lattice Tubular (HLT) tower at the Gondal site in Gujarat. Currently, the product is in the process of serial manufacturing and commercialisation, it added. Suzlon Group Chief Executive Officer JP Chalasani said, "This listing comes at the right time after our S144 product received an enthusiastic response from the market, evident from the strong order inflow". Considering India's varied wind regimes and terrains, the .

Asian economies must ramp up wind and solar power: Report on global warming

To meet the goal of limiting global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit), nine major Asian economies must increase the share of electricity they get from renewable energy from the current 6% to at least 50% by 2030, according to a report by a German thinktank released Wednesday. Nearly a third of that renewable energy should come from wind and solar power, said the report by researchers of Berlin-based Agora Energiewende. A fifth would be hydropower and other clean sources and the remainder, fossil fuels. The study analysed energy plans of both developing nations like Indonesia and Vietnam, where demand for energy is growing rapidly, and wealthier places like Japan and South Korea, which have among the highest burdens of per capita greenhouse gas emissions. It did not include China, the world's biggest emitter of carbon, or India, another major contributor. A global temperature increase of 1.5C (2.7F) since pre-industrial times is considered a critical climate ...

Asian economies must ramp up solar power to keep global warming under 1.5C

To meet the goal of limiting global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit), nine major Asian economies must increase the share of electricity they get from renewable energy from the current 6% to at least 50% by 2030, according to a report by a German thinktank released Wednesday. Nearly a third of that renewable energy should come from wind and solar power, said the report by researchers of Berlin-based Agora Energiewende. A fifth would be hydropower and other clean sources and the remainder, fossil fuels. The study analyzed energy plans of both developing nations like Indonesia and Vietnam where demand for energy is growing rapidly, and wealthier places like Japan and South Korea, which have among the highest burdens of per capita greenhouse gas emissions. It did not include China, the world's biggest emitter of carbon, or India, another major contributor. A global temperature increase of 1.5C (2.7F) since pre-industrial times is considered a critical climate ...

THDCIL inks pacts to develop 3,270 MW renewable energy projects in K'taka

THDC India Ltd (THDCIL) is planning to set up 3,270 megawatts (MWs) of clean energy projects, including pumped storage and floating solar, in Karnataka, its chairman and managing director R K Vishnoi has said. In this regards, the Uttarakhand-based company on Thursday signed two memoranda of understandings with Karnataka Power Corporation Limited (KPCL) and Karnataka Renewable Energy Development Limited (KREDL) in Bengaluru. "These collaborative efforts encompass the development of a diverse range of projects, spanning ground-mounted, floating solar projects, and hybrid projects including pumped storage projects (PSPs) with a cumulative capacity of around 3,270 MW," Vishnoi said in a company statement. Gaurav Gupta, managing director of KPCL, and K P Rudrappaiah, MD of KREDL, signed the agreement with Bhupender Gupta, Director (Technical), THDCIL, in presence of K J George, Minister of Energy, Government of Karnataka. "This strategic alliance not only underscores THDCIL's commitmen

CESC net profit rises to Rs 363 crore in Sep qtr on higher revenues

CESC Ltd on Wednesday posted a nearly 14 per cent rise in its consolidated net profit to Rs 363 crore in the September quarter, mainly on the back of higher revenues. The consolidated net profit of the company was Rs 319 crore in the quarter ended September last year, according to a regulatory filing. Total income of the company rose to Rs 4,414 crore in the quarter from Rs 3,977 crore in the same period a year ago. The company's board of directors has also considered exploring the possibilities of substantial investments in renewable energy generation space (up to 3 gigawatt) through its subsidiaries in more than one state in India to increase the company's renewable footprint and partially meet the renewables purchase obligations of its distribution business, the filing said.

India, Bhutan agree to extend energy partnership to non-hydro renewables

The statement said that India and Bhutan enjoy long-standing and exceptional bilateral ties characterized by utmost trust, goodwill, and mutual understanding at all levels

12 Gw thermal power by next year to meet high demand, says R K Singh

Singh said most states agreed to enhance generation capacity - both conventional (coal) and renewable