Page 24 - Renewable Energy

Adani Energy Solutions bags Halvad Transmission project in Gujarat

Adani Energy Solutions also said that its arm, Adani Transmission Step-Four, will form a joint venture with UAE-based Esyasoft Holdings to implement smart metering projects

Adani Green completes joint venture agreement with TotalEnergies Renewables

TotalEnergies has also infused Rs 4,013 crore in Adani Green Energy Twenty-Three Limited

CRISIL analysis: India powering ahead on renewable energy targets

In generation terms, this would mean a 46 per cent penetration for renewable fuels

After recording all-time high, global coal demand to decline by 2026: IEA

After reaching an all-time high this year, global coal demand is expected to decline by 2026 due to a major expansion of renewables, according to the latest edition of the International Energy Agency's (IEA) annual coal market report. This is the first time that the report has predicted a drop in global coal consumption. Around 40 per cent of global carbon dioxide emissions stem from coal, while oil and gas contribute to the remaining percentage. The report says global demand for coal rose by 1.4 per cent in 2023, mainly due to rising energy demand in emerging and developing economies, including India (8 per cent) and China (5 per cent). Consumption is on course to decline in most advanced economies in 2023, including in the European Union and the United States (around 20 per cent each), it said. Both the US and the EU rely more on oil and natural gas. For instance, oil and natural gas accounted for 36 per cent and 33 per cent of the total energy production in the US in 2022. The

Sterling and Wilson Renewable Energy raises Rs 1,500 crore through QIIs

Sterling and Wilson Renewable Energy has raised Rs 1,500 crore through an issue of shares to qualified institutional investors, the company said in a statement. The Securities Issuance Committee of Board of Directors at its meeting held on December 14 approved the issue and allotment of 4,32,27,665 equity shares to eligible qualified institutional buyers at the issue price of Rs 347 per equity share. Sterling and Wilson Renewable Energy Ltd said that the Rs 1,500 crore Qualified Institutions placement (QIP) issue witnessed a strong response from both domestic mutual funds and marquee global FIIs. Amit Jain, Global CEO, Sterling and Wilson Renewable Energy said, Last couple of months have been challenging for us as an organization and the successful completion of the QIP is a significant moment in our journey." Bulk of the proceeds from the QIP will be used to pare down debt furthermore providing us capital to pursue the fast-growing solar EPC markets in India and abroad, Jain ...

Sterling and Wilson Renewable Energy raises Rs 1,500 crore through QIP

Proceeds will be used to reduce debt and capitalise on the solar engineering, procurement, and construction (EPC) markets in India and overseas

Union Minister RK Singh targets 43% reduction of emissions by 2030

While highlighting the crucial discussions held during the recently concluded COP28, Singh underscored that per capita emissions in India are among the lowest globally

Ontario Teachers' to acquire 30% stake in Mahindra Susten for Rs 2,371 cr

The companies will also establish an Infrastructure Investment Trust (InvIT) comprising renewable power assets of Mahindra Susten with an operation capacity of 1.54 GWp

Singapore's Sembcorp renewables' unit gets 300 MW solar project from NHPC

The project will be funded by internal funds and debt, and is expected to be ready for commercial operation in 2026, the energy and urban solutions provider said

UN COP28: Delegates sign deal to 'transition away' from fossil fuels

Negotiators at United Nations COP28 climate talks agreed on Wednesday that the world must transition away from planet-warming fossil fuels, a significant step toward shifting how the world is powered but one filled with questions about how soon and who will pay for the transition. COP28 President Sultan al-Jaber gaveled through the text at a plenary session in Dubai after more than two weeks of discussions that saw nations try and figure out a way for the world to stay in line with limiting warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) since pre-industrial times. Countries were split between those wanting strong language on a phase-out of fossil fuels and others who wanted some way to continue burning oil, gas and coal. The new compromise had been floated early Wednesday after a global rallying cry stronger than proposed days earlier, but with loopholes that upset critics. The new proposal doesn't go so far as to seek a phase-out of fossil fuels, which more than 100 natio

Adani Electricity to provide 60% of renewable electricity to Mumbai by 2027

Adani Electricity supplied 100% renewable energy to its 3 million subscribers in Mumbai for 4 hours on Diwali

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