Page 24 - Renewable Energy

Hinduja bags 250MW solar project in tariff-based competitive bidding

Hinduja Renewables on Monday said it has bagged a 250 MW solar project under a tariff-based competitive bidding by state-owned hydro power giant NHPC. "Hinduja Renewables was awarded by NHPC the tender for putting up a solar capacity of 250 MW at the tariff rate of Rs. 2.53/kWh," the Hinduja Group firm said in a statement. The consolidated project bid was for setting up a 3,000 MW Interstate Transmission System Connected Solar Power Projects anywhere in India. Hinduja Renewables was one of the eight bidders for the capacity. Sumit Pandey, the CEO of Hinduja Renewables, said, "With this winning bid, Hinduja Renewables would be able to reduce the carbon emissions equivalent of over 5,51,000 tons annually. Hinduja Renewables is well on its way to creating a multi-GW suite of renewables." Hinduja Renewables, part of the Hinduja Group, is an independent renewable power producer.

Indian Energy Exchange Q2 result: Net profit up over 21% to Rs 86 crore

Its consolidated net profit was Rs 71.20 crore in the quarter ended on September 30, 2022, a BSE filing showed

REC Q2 results: Profit soars by 39% to Rs 3,790 crore in Jul-Sep quarter

State-owned REC Ltd on Wednesday posted a nearly 39 per cent rise in its consolidated net profit to Rs 3,789.90 crore in the September quarter compared to the year-ago period mainly on the back of higher revenues. Consolidated net profit stood at Rs 2,732.12 crore in the quarter ended on September 30, 2022, a BSE filing showed. Total income rose to Rs 11,701.26 crore in the quarter from Rs 9,964.00 crore in the same period a year ago. The board also approved the second interim dividend of Rs 3.50 per equity share of Rs 10 each for 2023-24. The record date for the interim dividend is Monday, November 13, 2023. The interim dividend shall be paid on or before November 30, 2023. The total interim dividend for the 2023-24 is Rs 6.50 per equity share (on face value of Rs 10 each). In a separate statement, the company stated, "Owing to the improving asset quality, increase in lending rates and effective management of finance cost, the REC is able to record its highest ever (standalone) .

RE sources can meet 65% of world's power supply, 90% by 2050: R K Singh

Union Power and New & Renewable Energy Minister R K Singh on Tuesday said renewable energy sources can supply 65 per cent of the world's total electricity by 2030 and as much as 90 per cent by 2050. Addressing the inauguration of the Sixth Assembly of International Solar Alliance (ISA), Singh said "Renewable energy sources have the potential to supply 65 per cent of the world's total electricity by 2030 and decarbonise 90 per cent of the power sector by 2050." Currently, he informed that around 80 per cent of the global population resides in countries that depend on fossil fuel imports, totalling a staggering 6 billion people. Singh, who is also president of ISA, stated that the recent G20 Summit in New Delhi also underscored the urgent need for a transition to clean energy. Singh also invited all member countries, ISA Partner Organisations and other organisations present to partner with ISA in making it a catalyst for the transformative change. "Our vision in mind when the ISA ..

AESL commissions green evacuation transmission project in Tamil Nadu

Adani Energy Solutions Ltd has commissioned a 2500 MW green evacuation 400kV system in Tamil Nadu in line with India's decarbonisation efforts

Suzlon secures order for 3 MW series turbines from Juniper Green Energy

Under the terms of the agreement, Suzlon will supply the wind turbines (equipment supply) and execute the project including, the erection and commissioning

Gaza has oil markets on edge, could build more urgency to transition: IEA

Tensions from the war in Gaza could help accelerate the move away from planet-warming fossil fuels like oil and gas and toward renewable energy, electric cars and heat pumps similar to how sharp increases in the price of oil during the 1970s unleashed efforts to conserve fuel, the head of the International Energy Agency said. Today we are again facing a crisis in the Middle East that could once again shock oil markets," said IEA Executive Director Fatih Birol. That comes on top of the stress on energy markets from Russia's cutoff of natural gas to Europe over its invasion of Ukraine, he said. Put these two things together, and no one can convince me that oil and gas are safe and secure energy choices for countries or consumers, Birol told The Associated Press in an interview ahead of the publication Tuesday of the IEA's annual world energy outlook, which analyzes the global picture of energy supply and demand. This could further accelerate the energy transition around the world," .

Global solar projects set to win more than $380 bn investment this year

Investment is increasing in the global solar energy projects, and is expected to be more than USD 380 billion this year, the International Solar Alliance (ISA) Director General Dr Ajay Mathur has said. Mathur made these remarks on Monday on the sidelines of the Singapore International Energy Week. The good thing is that investment flow is increasing. It was about USD 310 billion for the whole of last year, and USD 235 billion investment has come in during the first half of this year, Dr Mathur told PTI. We expect it to be more than $380 billion this year. Elaborating on ISA work, he said, Our goal is that in every member country, we make solar the energy of choice. ISA will have 120 member countries by the end of this year, up from 116 currently. The challenge is to get investments for small solar plants to reach out to the remote regions as approximately 74 per cent of the investment so far has gone to large-scale projects in the OECD and China, Dr Mathur informed. All of Africa

IAEA calls on PM Modi, praises India's record as responsible nuclear power

Prime Minister Narendra Modi on Monday underscored India's enduring commitment to safe and secure use of atomic energy for peace and development in a meeting with International Atomic Energy Agency (IAEA) Director General Rafael Mariano Grossi. Grossi, who called on Modi, commended the country's impeccable record as a responsible nuclear power and praised its progress in nuclear science and technology, particularly highlighting the development and deployment of indigenous nuclear power plants, the PMO said. In the meeting, Modi shared India's ambitious goals to enhance the share of environmentally friendly nuclear power generation capacity as part of its energy mix. Grossi, the statement said, acknowledged India's global leadership role in civil nuclear applications for societal benefits. This includes the remarkable progress that India has made in utilising nuclear technology to address the challenges faced by humankind including those related to health, food, water treatment, ...

ONGC wins bid to acquire PTC India's wind power unit for Rs 925 crore

Oil and Natural Gas Corporation (ONGC) has won a bid to acquire PTC India Ltd's wind power unit for Rs 925 crore as the state-owned firm continues to build a renewable energy portfolio to balance its fossil fuel business. In a stock exchange filing, India's top oil and gas producer said it has over the years diversified into the petrochemicals and power business besides growing its core business of finding hydrocarbons. ONGC said it has taken various initiatives for renewable energy power generation and already has 189 megawatt (MW) capacity, including wind and solar PV plants spread across various locations. "With a vision to expand its business in renewable energy, the company had participated in the bidding process for acquisition of 100 per cent equity stake of PTC Energy Limited (PEL), a wholly-owned subsidiary of PTC India Limited (PTC)," it said. The PTC board last week approved ONGC's bid for the acquisition of a 100 per cent equity stake in PEL at an equity value of Rs 925

Investment in solar expected to be $380 billion this year, says ISA

The DH further said that the ISA is supporting the growth of 9.5 GW of solar energy in projects across the world

India sets up inter-ministerial group for climate negotiations strategy

India has set up an inter-ministerial group to develop a "well thought-out view" on important matters to be discussed during global climate negotiations, according to sources. Constituted in August, the inter-ministerial group on climate change comprises members from all the ministries and departments concerned, including the Ministry of Environment, Forests and Climate Change, Ministry of Power, Ministry of New and Renewable Energy, and the Department of Economic Affairs, a source told PTI. The group will hold discussions mainly on five issues -- mitigation, adaptation, loss and damage, climate finance and Article 6 of the Paris Agreement. Five sub-groups, one for each topic, have been formed to hold detailed discussions. Each sub-group has five to six officials at the joint secretary level, the sources said. Mitigation means reducing greenhouse gas (GHG) emissions and adaptation refers to the process of adjusting to the effects of climate change. Loss and damage refer to the imp

India's green hydrogen mission is high on ambition but low on resources

The subsidy per unit of green hydrogen output is minuscule compared to what Western powers are offering, and unconvincing for domestic offtake

NLCIL incorporates wholly-owned arm NIGEL for commissioning green projects

NLC India Ltd on Monday said it has incorporated a wholly owned arm NLC India Green Energy Ltd (NIGEL) for commissioning of green projects. NIGEL will take care of planning, participating in upcoming renewable energy tenders, execution and commissioning of green energy projects, NLC India Ltd (NLCIL) said in a statement. The arm is likely to achieve 5 GW capacity by 2030 and contribute for carbon emission reduction, NLCIL Chairman and Managing Director Prasanna Kumar Motupalli said. The navratna public sector undertaking has already incorporated a wholly owned arm NLC India Renewables Ltd for asset monetisation. At present, 2 GW of renewable energy projects are under implementation and will be taken up by NIGEL, including 600 MW solar power project in Gujarat and 810 MW solar photovoltaic power project in Rajasthan. The company's registered office is in Chennai and will start business operations in due course, as per the statement.

Indian Oil to invest Rs 1,660 cr in exchange for 50% stake in JV with NTPC

Indian Oil also announced the appointment of Anuj Jain as its chief financial officer

Call for fossil fuel phase-out on global stocktake agenda: UN report

Calls to phase out unabated fossil fuels, reform subsidies on it and triple global renewable energy capacity may find their way into the outcome of the first-ever global stocktake, a periodic assessment of collective efforts to achieve the Paris Agreement goals. Initiated in Glasgow in 2021, the first-ever global stocktake will conclude at the annual climate talks (COP28) in Dubai in December. The United Nations Framework Convention on Climate Change (UNFCCC) recently released a report summarising submissions made by countries and non-party stakeholders regarding the political response to the global stocktake. "They will inform negotiations but there's no guarantee any particular element will make it into the final text. With that said, fossil fuel phase-out is prominently featured in this long list of possible decision elements," Natalie Jones, a policy advisor at climate policy think tank International Institute for Sustainable Development (IISD), said. According to the UNFCCC ..

Foreign participation shrinks by 25% at India's renewable energy expo

Participation of foreign exhibitors, including China, has come down to around 25 per cent at the 16th edition of the Renewable Energy India Expo against an average of 45 per cent earlier. This year size of the Chinese contingent has shrunk due to visa issues amid the prevailing situation between India and China, Informa Markets India's senior group director Rajneesh Khattar said. China is the dominating player in solar energy worldwide, he noted. However, the void has been filled by home-grown domestic entrepreneurs with the expo being held in Greater Noida -- turning out to be the largest ever in terms of size and scale, he said. "Traditionally, over the years we have seen around 45 per cent international component (participation). This year, as everyone knows, Chinese companies and citizens have not been able to get visas due to the political situation between the two countries. So, because of this, we have seen the loss of China," Khattar told PTI. "However, home-grown Indian .

Energy efficiency, RE pillars to achieve goal of net-zero emissions: Prez

President Droupadi Murmu on Thursday said energy efficiency and renewable energy are the key pillars for achieving India's goal of net-zero emissions. Addressing officers of the Central Power Engineering Service (2018, 2020 and 2021 batches) and probationers of the Indian Trade Service (2022 batch), who had called on the president at the Rashtrapati Bhavan here, Murmu said the power sector is one of the prime movers for India's development. "One of the indicators of the socio-economic progress of a country is energy demand and consumption. Therefore, as India moves ahead to become the third largest economy of the world, demand and consumption of power will certainly increase, which will further drive the country's development," she said. The president asserted that energy efficiency and renewable energy are the key pillars for achieving India's goal of net-zero emissions. According to the International Energy Agency (IEA), energy efficiency is called the "first fuel" in clean energ

Renewable tech can improve energy security by diversifying supply: IWTMA

Renewable technologies can improve energy security by diversifying power supply options, a senior official of the Indian Wind Turbine Manufacturers Association said on Wednesday. The future lies in round the clock power through renewable energy. The solution lies in wind or solar energy equipment, the Association's secretary general D V Giri said in a release. "Renewable energy is providing affordable electricity and can also help stabilise energy prices in the future. Renewable technologies can also create a system less prone to market shocks and improve energy security by diversifying power supply options that are currently available," he said during the inaugural of the three-day "wind energy India 2023." Tamil Nadu Generation and Distribution Corporation Ltd Chairman and Managing Director Rajesh Lakhoni, Danish Ambassador to India Freddy Svane who were present on the occasion underscored the need for a collaboration, policy reforms and technology innovation to accelerate the ...

Tamil Nadu govt to explore large scale green energy storage options

Tamil Nadu is exploring a hybrid storage model, in which pumped storage power plants (PSP) will be used to store excess energy from solar, wind, and other sources