Page 26 - Renewable Energy

Suzlon Q3 results: Net profit jumps to Rs 203 cr, income at Rs 1,569 cr

Renewable energy solutions provider Suzlon Energy on Wednesday posted a nearly 160 per cent jump in its consolidated net profit to Rs 203.04 crore in the December quarter, on the back of higher revenues. Its consolidated net profit was Rs 78.28 crore in the quarter ended on December 31, 2022, according to a regulatory filing. Total income rose to Rs 1,569.71 crore in the third quarter from Rs 1,464.15 crore a year ago. "In Q3 of FY24, we concluded 2023 on a strong note. The quarter showcased impactful policies propelling India's renewable energy vision ahead," Girish Tanti, Vice Chairman at Suzlon Group, said in a statement. "Our service business continues to do well. We are concentrating our efforts towards creating a better customer experience, a stronger organisation and management structure in our service business in line with expected growth of the sector," JP Chalasani, Chief Executive Officer of Suzlon Group, said. "In Q3 FY24, we have seen consistent improvement in perform

NTPC Green Energy gets Dipam nod to get listed for raising Rs 10,000 crore

State-owned power giant NTPC has received approval from the Department of Investment and Public Asset Management to list its green energy arm NTPC Green Energy Ltd (NGEL) to raise up to Rs 10,000 crore, according to a source. NGEL is expected to go public to raise up to Rs 10,000 crore anytime after March, the source told PTI. The NTPC's proposal for NGEL listing was approved by the Department of Investment and Public Asset Management (DIPAM), as per the source. The company is planning to utilise the funds towards energy transition and setting up green energy projects, including solar and green hydrogen. In December 2023, NTPC CMD Gurdeep Singh told PTI that his company is looking towards listing its green energy vertical in the next 1-2 years, as it anticipates higher demand for power going forward. The company has a target to add 60GW of renewable energy capacity by 2030, which it expects to achieve even earlier. NGEL is a wholly-owned subsidiary of NTPC with an operational cap

Tata Power Renewable Energy installs 1,000 kW solar project in West Bengal

Tata Power Renewable Energy Ltd (TPREL) on Monday said it has commissioned a 1,000-kilowatt bifacial solar system project in West Bengal. Bifacial solar system comprises solar panel which captures sunlight from both surfaces and produces power from two sides. "TPREL has successfully commissioned a pioneering 1040 kW Bifacial Solar System project with Chengmari Tea Estate. This marks the first-ever installation of on-ground bifacial modules in eastern India," the Tata Power company said in a statement. The project is expected to generate around 1.5 million units (MUs) of energy annually and reduce carbon footprint of 29,420 lakh tonnes, which is equivalent to planting 47,000 teak trees. The project is located in West Bengal. Deepesh Nanda, MD & CEO, Tata Power Renewable Energy Limited, said, "The innovative bifacial technology, capturing sunlight from both sides of the solar panels, represents a significant leap forward in enhanced clean energy generation. We are proud to be at the

SAEL secures $1 billion capital to fund its renewable energy portfolio

Renewable energy firm SAEL on Tuesday said it has secured USD 1 billion funds from various financial institutions, including Norfund, DFC, ADB, and Tata Cleantech, to finance its renewable energy portfolio. The investment will be used to expand the company's solar and biomass projects, capitalising on the conducive market potential and government schemes in the renewable energy sector, a company statement said. According to the statement, SAEL -- an Indian renewable energy company specialising in solar and waste-to-energy projects -- announced forging of partnerships and securing financial closure for capital totalling up to USD 1 billion at an event in New Delhi. The event was attended by the Ambassador of Norway, Deputy Chief of Mission, United States, and other dignitaries. Norfund, DFC, ADB, Tata Cleantech were the major participants in the capital raise, besides other financial institutions. In addition to the USD 1 billion partnership announcement, the SAEL has plans to comp

JSW Energy Q3 net profit up 28% at Rs 231 crore, revenue rises 13%

The revenue and Ebitda growth, the company said, was driven by incremental contribution from the renewable portfolio and strong thermal performance, largely driven by a buoyant merchant market

REC Q3 profit up 13.5% at Rs 3,308 cr, income rises to Rs Rs 12,071 cr

State-owned REC Ltd on Tuesday posted about a 13.5 per cent rise in its consolidated net profit to Rs 3,308.42 crore for the December 2023 quarter, mainly on the back of higher revenues. Its consolidated net profit was Rs 2,915.33 crore in the quarter ended December 2022, a BSE filing showed. The total income rose to Rs 12,071.54 crore in the quarter from Rs 9,795.47 crore in the same period a year ago. The board, in its meeting on Tuesday, also approved the incorporation of a project-specific special purpose vehicle as a wholly-owned subsidiary of REC Power Development & Consultancy Limited (a wholly-owned subsidiary of REC Ltd) for the selection of a successful bidder as Transmission Service Provider (TSP) for Eastern Region Expansion Scheme- XXXIX project allocated by the Ministry of Power through tariff based competitive bidding process. Besides, it also approved the sale and transfer of the entire shareholding of six subsidiaries (power transmission projects), presently held

IREDA posts 67% rise in profit at Rs 355 crore in Oct-Dec quarter

State-owned IREDA on Saturday posted a 77 per cent rise in net profit at Rs 355.54 crore during the quarter ended December 2023, pushed by higher income. It had clocked Rs 200.75 crore net profit during the October-December period of the preceding 2022-23 fiscal, the company said in an exchange filing. During the quarter under review, the company's total income surged to Rs 1,253.19 crore, from Rs 868.97 crore a year ago. Its expenses were Rs 867.05 crore in the period under review, as against Rs 634.27 crore in the year-ago period. The equity shares of the company were listed on BSE and National Stock Exchange on November 29, 2023. IREDA, under the Ministry of New and Renewable Energy, is a non-banking financial institution engaged in promoting, developing and extending financial assistance for setting up projects related to new and renewable sources of energy and energy efficiency/conservation.

Sterling and Wilson Renewable Energy loss down at Rs 62 cr in Dec quarter

Sterling and Wilson Renewable Energy's consolidated net loss narrowed to Rs 62.39 crore in December quarter, from Rs 99.15 crore in the same period year ago, mainly due to higher revenues. The total income of the company in the quarter under review rose to Rs 610.31 crore, from Rs 417.65 crore in the same period a year ago, the company said in a regulatory filing. In a separate statement, the company said the quarter witnessed strong order inflow from prestigious domestic and global independent power producers in the last few weeks of December post the successful completion of its QIP (qualified institutional placement) issue. The total order inflows amounted to over Rs 2,400 crore resulting in further strengthening of the order book, it stated. It had raised Rs 1,500 crore through a QIP in December 2023. "During Q3FY24, we have witnessed notable strides in advancing our renewable energy portfolio with four unique projects from India as well as our first significant overseas order

India's path to renewable energy: Balancing growth and coal transition

As the share of renewable energy (RE) increases in the country's energy mix, it is expected that the dependency on coal will decline

IREDA, Indian Overseas Bank partner to co-finance renewable energy projects

State-owned IREDA on Tuesday announced a partnership with Indian Overseas Bank (IOB) to co-finance renewable energy projects in India. The agreement was signed in the presence of IREDA CMD Pradip Kumar Das and IOB MD and CEO Ajay Kumar Srivastava in the national capital, a statement said. Indian Renewable Energy Development Agency (IREDA) and Indian Overseas Bank have joined hands by signing a memorandum of understanding (MoU). The agreement sets the stage for co-lending and loan syndication for a diverse spectrum of renewable energy projects across the nation, it added. The IREDA CMD said, "By combining our strengths and resources, we aim to provide robust financial support to renewable energy projects. The partnership aims to streamline loan syndication and underwriting processes, management of Trust and Retention Account (TRA) for IREDA borrowers, and work towards fixed interest rates over a 3-4-year period for IREDA borrowings". This collaboration builds upon IREDA's successful

Mahindra, Ontario Teachers' co-sponsor InvIT in renewable energy sector

Mahindra Group and global institutional investor Ontario Teachers' Pension Plan Board have co-sponsored an infrastructure investment trust (InvIT) holding assets of 1.54 GW in the renewable energy space in India. The InvIT, Sustainable Energy Infra Trust (SEIT), is India's largest InvIT in the renewable energy space and has raised primary capital of Rs 1,365 crore as part of the initial offer of units (offer), Mahindra Group said in a statement. Several global and Indian investors, including Asian Infrastructure Investment Bank (AIIB), subscribed to the offer. SEIT made its debut on the National Stock Exchange on Monday. SEIT has been set up to focus on the growth of the renewable energy sector in India at scale. It holds operational renewable power assets seeded by Mahindra Susten with a generation capacity of approximately 1.54 GWp. The capital of Rs 897.8 crore made available to Mahindra Susten by way of an offer for sale of units of SEIT will help Mahindra Susten develop a fut

Reliance Industries sells REC Solar Norway to Elkem ASA for $22 million

Reliance Industries Ltd on Monday said it will sell REC Solar Norway AS to Oslo-listed Elkem ASA for around USD 22 million. REC Norway is a wholly-owned unit of REC Solar Holdings and is involved in the manufacturing of kerf-based polysilicon in the Scandinavian country. In October 2021, a unit of Reliance acquired Norway's solar panel manufacturer at an enterprise value of USD 771 million as the Indian oil-to-retail conglomerate sought to extend its dominance into alternative energy. "REC Solar Holdings AS, a step-down wholly-owned subsidiary of Reliance Industries Ltd (RIL), has informed that it has, on January 14, 2024, entered into a share purchase agreement with Elkem ASA for the sale of its 100 per cent equity stake in REC Solar Norway AS for an aggregate cash consideration of USD 22 million," RIL said in a stock exchange filing. Founded in 1904, Elkem ASA is a silicon-based material provider, and listed on the Oslo Stock Exchange. "REC Norway, a wholly-owned subsidiary of R

Rs 16.93 trn investment in power, RE since 2014, Rs 17.05 trn in pipeline

A whopping investment of Rs 17.05 lakh crore is in the pipeline in power and renewable energy sector, which has attracted around 16.93 lakh crore of investment since 2014, Union minister R K Singh said on Monday. As much as 80 GW of thermal power generation capacity is under construction which we will have by 2030, Singh told reporters, adding that about 99 GW of renewable energy is under construction, at present. Briefing reporters on new rules called Electricity (Amendment) Rules 2024, Singh said that as much as Rs 16.93 lakh crore has been invested in power and renewable energy sectors so far. The Rs 16.93 lakh crore investment includes Rs 11.2 lakh crore in sectors like generation, distribution and transmission while Rs 5.73 lakh crore in the renewable energy sector, the minister explained. He further stated that an investment of Rs 17.05 lakh crore is in the pipeline in the power and renewable energy sectors. The minister said that Rs 7.4 lakh crore would be invested in the

Vibrant Gujarat Summit: TPREL plans to invest Rs 70,000 cr in Gujarat

Tata Power's arm Tata Power Renewable Energy Limited (TPREL) plans to invest Rs 70,000 crore for the development of 10,000 MW of renewable energy power projects in Gujarat. The company has signed a Memorandum of Understanding (MoU) with the Gujarat government in this regard at the ongoing 10th edition of Vibrant Gujarat Global Summit 2024 in Gandhinagar. These projects would generate 3,000 job opportunities, the company said in a statement. "The 10,000 MW renewable energy power projects comprise solar, wind, hybrid, Round The Clock (RTC), peak, and Firm and Dispatchable Renewable Energy (FDRE), covering an extensive 50,000-acre of encumbrance-free government land," it said.

ENGIE plans to invest Rs 17,200 cr to set up renewable projects in Gujarat

Pune-based ENGIE plans to invest Rs 17,200 crore for the development of 2.5 GW of renewable energy projects in Gujarat. The company has signed a MoU with the Gujarat government in this regard at the ongoing 10th edition of Vibrant Gujarat Global Summit 2024 in Gandhinagar. These proposed projects are in addition to the ongoing development of a 400 MW solar project at Surendernagar in Gujarat, ENGIE said in a statement on Thursday. "This MoU signifies an investment of Rs 17,200 crore along with creating 14,000 new jobs, reflecting ENGIE India's commitment to contributing to the region's socio-economic development," the company said. Amit Jain, Country Manager, ENGIE India, said, "Through this cooperation with the government of Gujarat, our goal is to play a significant role in advancing the state's renewable energy sector and thereby making substantial contributions to India's overarching clean energy objectives." The company is mainly into renewable power generation.

Tata Power plans to boost renewable capacity fourfold by 2027: Report

Besides Gujarat, the company is tapping other Indian provinces with large potential for producing clean power

Suzlon Energy appoints Sairam Prasad as CEO of wholly-owned subsidiary SGSL

Suzlon Energy Ltd on Tuesday announced the appointment of Sairam Prasad as the CEO of its wholly-owned subsidiary Suzlon Global Services Limited (SGSL). His appointment is with effect from January 16, the company said in a regulatory filing. "Sairam Prasad has been appointed as the Chief Executive Officer of SGSL, a wholly-owned subsidiary of the company...and has been designated as one of the SMPs (senior managerial personnel) of the company," it said. The company further said Ishwar Chand Mangal, the existing Chief Executive Officer of SGSL and one of the SMPs of the company, will now act as CEO New Business reporting to the group chief executive officer. He has also been appointed as the non-executive director of SGSL with effect from February 1, 2024. Pune-based Suzlon Group is one of the leading renewable energy solutions providers in the world, with more than 20 GW of wind energy capacity installed across 17 countries.

Rajasthan CM Sharma flags power companies' debt burden of Rs 90,000 cr

Rajasthan Chief Minister Bhajan Lal Sharma on Monday said power companies in the state have a debt of about 90,000 crore and a large portion of the budget is going towards repaying this debt. He said the state has immense natural resources in the field of renewable energy. "With proper policy formulation and implementation in this area, the Energy Department can generate resources and employment on a large scale for the development and bright future of the state," Sharma said. He said self-reliance in energy production is very important to provide relief to the common people through various public welfare schemes. Sharma was addressing the review meeting of the Energy Department at the Chief Minister's Office on Monday. He directed the officials to prepare a road map for the future keeping in mind the energy needs of the state. The focus of the department should be on giving real and concrete results instead of manipulation of data, he said. The chief minister said it should be .

Sunsure Energy commits Rs 3,150 cr investment in Tamil Nadu over 3 years

Sunsure Energy has pledged an investment of Rs 3,150 crore in renewable energy projects in Tamil Nadu in the next three years. As part of the memorandum of understanding with the state government, it will set up four renewable energy projects with a combined capacity of 500 Megawatt (MW), the company said in a statement on Monday. "Sunsure Energy signs MoU with Tamil Nadu for Rs 3,150 crore investment in the state's renewable energy capacity over the next 3 years. The agreement is aimed at bolstering Tamil Nadu's renewable energy capacity through four greenfield projects with a combined capacity of 500 MW," it said. The projects will be set up at various locations, including Tuticorin & Tirunelveli, Theni, and Tiruchirappalli, the company said. The projects have the potential to create more than 1,200 jobs in the state. The company intends to develop three solar power plants with capacities of 100 MW each and a wind power plant with capacities of 200 MW strategically positioned ..

ReNew inks pact to sell 300 MW solar project to IndiGrid for $199 mn

Decarbonisation solutions firm ReNew on Monday said it has inked an agreement to sell a 300 MW solar project to India Grid Trust for USD 199 million. The transaction is likely to close in accordance with PPA (power purchase agreement) conditions, a company statement said. Approximately USD 8 million is expected to be additionally received as an earn-out on account of change-in-law proceeds after the first payment is realised by RSUPL (ReNew Solar Urja Private Limited). According to the statement, ReNew has signed a share purchase agreement with India Grid Trust to sell a 300 MW solar project in Rajasthan ReNew Solar Urja Private Limited - for a total enterprise value of USD 199 million. The sale reaffirms strong investor interest in assets developed by ReNew and is aligned with the company's strategy to enhance shareholder value through capital recycling and investment into higher-return opportunities, it added. After the transfer of the outstanding debt to the buyer, the transac