Page 23 - Renewable Energy

Waaree Energies Q3 results: Net profit grows multifold to Rs 506.8 cr

Waaree Energies on Thursday reported a multifold rise in consolidated net profit to Rs 5,068.76 crore for the December 2024 quarter, helped by higher income. It had posted a Rs 1,408.05 crore net profit in the year-ago quarter, the company said in an exchange filing. The company's total income rose to Rs 35,452.65 crore from Rs 16,517.74 crore in the October-December period of 2023-24. Its expenses stood at Rs 28,554.53 crore against Rs 15,173.08 crore a year ago. In a media statement, the company's Whole Time Director and CEO Amit Paithankar said, "Our solar business continues to be strong, and we are rapidly advancing in the adjacencies of energy storage systems, green hydrogen, inverters and renewable infrastructure". The momentum in this space is stronger than ever, and the company is well-positioned to capitalise on it, the statement said. The US contributed 15-20 per cent of the company's revenue mix, Paithankar said. In January, the company, through its US-based subsidia

Union Budget 2025-26: Here're key challenges in renewable energy sector

Tariffs for battery energy storage systems tenders reduced this year; however, the dependency remains on imports for cells

Trump halts authorisations for renewable projects on federal lands, waters

President Donald Trump and his nominees have championed oil, gas and coal production while disparaging renewable power as unreliable

India, US, West Asia to add 100 GW solar capacity in 2025: Wood Mac report

India, the US and Middle East are together expected to add 100 GW of solar capacity in 2025, while China will remain a dominant player in the sector, Wood Mackenzie has said. According to its latest research, the module prices will also increase this year, after two years of low solar panel prices due to global overcapacity. This will compensate for the significant losses in profits that manufacturers experienced, it said. "Emerging hubs in India, the US and the Middle East are expected to add at least 100 GW to the global solar manufacturing capacity," Wood Mackenzie said. China will remain the dominant manufacturing hub. China will continue to be the world's solar manufacturing centre with 75 per cent (1.2 TW (terawatts) of the global operational capacity for major module components, the report said. Wood Mackenzie said that coordination by Chinese manufacturers, supported by the Chinese government, will be the key to bringing about rationalisation of the industry. In 2025, adv

Servotech Renewable Power Q3 results: Net profit grows to Rs 8 cr

Servotech Renewable Power System on Tuesday reported a manifold rise in its consolidated net profit to nearly Rs 8 crore in the December quarter, pushed by higher revenues. It had posted a net profit of Rs 1.11 crore during the October-December period of 2023-24 financial year, the company said in a regulatory filing. The company's total revenue rose over four-fold to Rs 216.83 crore from Rs 52.20 crore a year ago. Expenses too jumped to Rs 204 crore against Rs 50.34 crore in the same period of the preceding fiscal. Servotech Renewable Power System is a leader in tech-enabled EV charging and solar solutions. In a separate statement, the company's Managing Director Raman Bhatia said the quarter experienced stellar growth. "As a market leader in India's EV charging sector, currently holding a 35-40 per cent market share, we are strategically positioned to capture 50-55 per cent by manufacturing 12,000 direct current (DC) fast chargers in FY25, meeting the rapidly surging demand for

Sterling and Wilson Renewable reports Q3 net profit at Rs 17.14 crore

Sterling and Wilson Renewable Energy Ltd (SWREL) on Thursday posted a consolidated net profit of Rs 17.14 crore for December quarter FY25 mainly on the back of higher revenues. The company had incurred a net loss of Rs 62.39 crore in the year-ago, period, according to a BSE filing. Total income rose to Rs 1,842.67 crore from Rs 610.31 crore in the same period a year ago. The company's board also approved the appointment of Sandeep Thomas Mathew, currently holding the position of Head Investor Relations, as the interim Chief Financial Officer with effect from January 16, 2025, till the time new CFO is appointed. Further, the company informed the bourse that Amit Jain has resigned as Global CEO SWREL Group. He will be relieved from his services on February 28, 2025. Jain will be replaced by Chandra Kishore Thakur, CEO Asia, Africa, LATAM & Europe with, with effect from March 1, 2025. "Our performance this quarter brings forth the resilience of our business model. We are ...

Waaree Renewables Technology Q3 results: Net profit falls 17% to Rs 53 cr

Waaree Renewables Technology Limited (WRTL) on Thursday reported about 17 per cent fall in its consolidated net profit to Rs 53.48 crore for the December 2024 quarter, hit by higher expenses. It had posted a net profit of Rs 64.23 crore in the October-December quarter of the preceding 2023-24 fiscal, the company said in an exchange filing. The company's total income increased to Rs 364.12 crore from Rs 324.67 crore a year ago. Its expenses also rose to Rs 293.39 crore from Rs 238.28 crore in the third quarter of the last financial year. WRTL is a subsidiary of Waaree Energies Ltd, which is among India's largest solar PV module manufacturers.

India adds about 30 GW renewable capacity in 2024, 113% higher than 2023

India logged a record high renewable energy capacity addition of about 30 GW in 2024, more than 113 per cent higher than 13.75 GW recorded in 2023, according to the Ministry of New & Renewable Energy data. This assumes significance in view of India's ambitious plan to have 500 GW of renewable energy capacity in the country by 2030. Besides, India needs to add an average of 50 GW of renewable energy capacity per annum over the next six years to achieve its target. "Exponential growth from 13.75 GW in 2023 to around 30 GW in 2024, resulting in achieving nearly 218 GW now underscores India's growing commitment to clean energy and its progress in building a greener future," New & Renewable Energy Minister Pralhad Joshi said in a post on X. According to the ministry data, India had 35.84 GW of renewable energy capacity as of March 31, 2014. Since the fiscal year 2014-15, when the NDA government took the reins at the Centre, India recorded the highest renewable capacity addition of .

CERC rejects SECI's first battery storage project over two-year delay

SECI which is the renewable energy project tendering agency under the aegis of the Ministry of New and Renewable Energy awarded this project in 2022

Thanks to India's IPO surge, seven entrepreneurs become billionaires

Saluja is one of the four entrepreneurs in the renewable energy space whose personal fortunes have soared after their companies listed on the stock exchanges last year

India has clean energy capacity over 200 GW; investments to double in 2025

As barren arid land gets covered with solar panels and giant windmills dot the coastline, India made it to the high table of clean energy superpowers with installed capacity crossing 200 gigawatts and projections of investment doubling to over USD 32 billion in 2025. According to the International Energy Agency, India's annual renewable capacity additions through 2030 are expected to increase more quickly than any other major economy, including China. It seeks India's capacity addition more than quadrupling from 15 GW in 2023 to 62 GW in 2030. By the end of 2024, its installed capacity touched 205 GW. Alongside, domestic solar PV and wind turbine manufacturing is being scaled up as part of the broader commitment to decarbonise and shift away from fossil fuels. India, which has set 2070 as the target for Net Zero, is aiming 500 GW of renewable energy capacity by 2030. To achieve this it is looking to add 50 GW of renewable energy (RE) capacity annually. Talking to PTI, Union New & .

BPCL begins Rs 6,100 cr pre-project activities on Andhra refinery

Bharat Petroleum Corporation Limited announced two major energy projects in both traditional and renewable energy sectors

ReNew inks pact with Anzen to sell 300 MW operational solar asset in Raj

ReNew Energy Global Plc (ReNew) on Monday said it has signed an agreement with Anzen to sell entire stake in its wholly owned subsidiary RSWPL at an enterprise value of USD 176 million. Under the agreement, ReNew Private will sell 100 per cent shareholding and economic interest in ReNew Sun Waves Pvt Ltd (RSWPL), which houses a 300 MW operating solar asset to Anzen India Energy Yield Plus Trust (Anzen). In a regulatory filing, ReNew said it "announces the signing of definitive agreement to sell RSWPL to Anzen. The transaction is expected to close post completion of contractual obligations and conditions precedent including receipt of lender approval". The enterprise value determined under the agreement is USD 176 million, subject to net current assets and other such adjustments as provided in the definitive documents. Additionally, USD 17 million is expected to be received as an earn-out on account of change in law proceeds pertaining to increase in basic customs duty (BCD), safegu

Sterling and Wilson bags Rs 1,200 crore solar EPC order in Gujarat

The engineering, procurement, and construction (EPC) contract includes the design, engineering, and installation of the balance-of-system (BoS) components

Tata Power, Canara Bank partner to offer loans for rooftop solar systems

The partnership underscores the push for clean energy solutions in India, which aims to achieve 500 GW of installed electric capacity from non-fossil sources by 2030

Renewable energy financing soars 63% in 2023, solar leads the charge

Solar power projects dominated the renewable energy deals in 2023, accounting for 49 per cent of the total, followed by hybrid projects at 46 per cent and wind energy at 6 per cent

India's RE capacity addition doubled to 15 GW in Apr-Nov: Pralhad Joshi

India's renewable energy capacity addition almost doubled to 15GW during the April-November period of this fiscal compared a year ago, indicating India's commitment towards the target of 500GW non-fossil capacity by 2030, Union New & Renewable Energy Minister Pralhad Joshi said on Tuesday. Addressing at CII International Energy Conference & Exhibition 2024 here, Joshi said, "In fact, over the past decade, under the visionary leadership of Prime Minister Narendra Modi, India has charted an extraordinary path in the renewable energy sector. Today, India is one of the world's most promising nations in the clean energy space." Between April-November of the current financial year, India added almost 15 GW of renewable energy capacity, nearly double the 7.54 GW added during the same period last year, he said. At present, India's total installed capacity of the non-fossil fuel sector has touched 214 GW, over 14 per cent increase compared to the same month last year. The government is

Hybrid tenders: A catalyst for achieving India's clean energy goals

Hybrid tenders, combining traditional and renewable energy sources, are crucial for shaping a country's energy future

JSW Energy gets RE projects, achieves total locked-in capacity of 20 GW

JSW Energy on Monday said it has secured multiple renewable energy projects in the commercial and industrial power market, achieving a total locked-in generation capacity of 20 GW. The company's locked-in renewable energy commercial and industrial (C&I) capacity stood at 3.1 GW, which includes 2,654 MW of JSW group captive capacity and 445 MW of third-party C&I capacity, a JSW Energy statement said. Currently, the operational C&I capacity of the company stood at 488 MW, it informed. The company's step-down subsidiaries have executed power purchase agreements (PPAs) with DCM Shriram Ltd and Indus Towers Ltd for the supply of renewable energy. These strategic partnerships underscore the company's commitment towards sustainable energy solutions. Subsequent to this, the company's total locked-in generation capacity has increased to 20 GW. "I am pleased to share that JSW Energy has reached the milestone of being a 20 GW generation platform," Sharad Mahendra, Joint Managing ...

Inox Green, Inox Wind shares gain up to 4% on Group's foray into solar mfg

Inox Green rose up to 4.40 per cent to hit an intraday high of Rs 182.50 per share, while Inox Wind increased as much as 1.60 per cent to an intraday high of Rs 211.50 per share