Page 26 - Renewable Energy

Serentica Renewables ties up with PFC for Rs 2,600 cr debt funding

Serentica Renewables on Thursday said it has tied up with PFC for a Rs 2,600 crore debt funding for its upcoming projects in Karnataka. In Karnataka, the company is setting up 400 MW of wind and solar capacities where it has already secured connectivity to the inter-state transmission system (ISTS). "The debt funding...will accelerate our journey towards supplying 40 billion units of clean energy annually to energy intensive industries and displacing 37 million tonne of carbon emissions," Pratik Agarwal, Director, Serentica Renewables said. Parminder Chopra, Chairman & Managing Director, PFC said, this transaction is in line with PFC's expanding role in funding green projects and positioning itself as the focal agency for energy transition. Established in 2022, Serentica Renewables (India) is a decarbonization platform that looks to provide clean energy solutions enabling the transition of large-scale, energy-intensive industries to clean energy. Serentica aims to provide assured

Juniper Green Energy gets $350 mn investment from AT Capital Group, Vitol

Juniper Green Energy on Wednesday said AT Capital Group and Vitol have invested USD 350 million in the independent renewable energy power producer. The Juniper Green Energy targets to triple its operational capacity to 2.5 GW by 2026 and forge ahead with its ambitious development plans. Sanjay Bakliwal, Director, at AT Capital Group said, "Their impressive project pipeline, combined with their proficiency in EPC and O&M services, aligns seamlessly with our vision for a sustainable and greener future." AT Group is a leading family office, specializing in actively managed businesses and passive financial investments. The increase in investment to USD 350 million comes nearly two years after the initial commitment of USD 200 million from AT Capital Group and Vitol, a company statement said. Mike Muller, Head of Vitol Asia, stated "We are pleased to support Juniper Green Energy's ambitions to deliver a growing renewable power portfolio at a time of increasing demand for power." Vitol

Global demand for fossil fuels to peak before 2030, says IEA director

Fatih Birol added that this is the first time that a peak in demand is visible for each fuel this decade, and it is earlier than most people anticipated

Open access solar capacity addition falls 3.6% to 712 MW in Apr-Jun: Report

The country recorded a 3.6 per cent decline in new installations of open access solar capacity to 712 megawatt (MW) in the June quarter, according to a report by Mercom India. India had added 739 MW of open access solar capacities in the year-ago period, the research firm said in its 'Q2 2023 Solar Open Access Market Report'. However, on a quarter-on-quarter (q-o-q) basis, the capacity addition was 24 per cent higher than the 577 MW in the January-March quarter, the report said. Open access enables consumers with more than 100 kW sanctioned load to buy cheaper power from the open market. In the January-June period, India added 1.3 GW of open access solar capacity, down almost 18 per cent compared to 1.6 GW installed in the year-ago period. "In the period under review, the green energy open access regulation has been a major enabler for increased solar capacity addition under open access, even though lack of uniform rules in states was a challenge. "Hybrid power projects with a ..

US DFC to invest $435 million in Tata Power's green energy subsidiary

The DFC invests in energy, healthcare, infrastructure, agriculture, and small businesses among other sectors

G20 aims to triple green energy capacity; no mention of fossil phase-out

G20 countries on Saturday said they will aim to triple global renewable energy capacity by 2030 and expedite efforts to phase down coal power in line with national circumstances but did not commit to a phase-out of all polluting fossil fuels, including oil and gas. The language on coal aligns with what was agreed upon in the previous G20 Summit in Bali, Indonesia. The bloc, which represents 85 per cent of the world's GDP and contributes 80 per cent of emissions, however, said it will uphold their 2009 promise made in Pittsburgh to eliminate and rationalise inefficient fossil fuel subsidies. According to a key technical report on the first-ever Global Stocktake published on Friday, scaling up renewable energy and phasing out unabated fossil fuels are indispensable elements of just energy transitions to net-zero emissions. The G20 is home to 93 per cent of the world's operating coal capacity (1,926 GW) and 88 per cent of (305 GW) the pre-construction coal capacity, according to a rep

EU to invest 4 bn euros in renewables sector in developing economies

Leyen said science tells us that we are about to miss our objective of limiting global warming to 1.5 degrees

Jakson Green order book reaches Rs 5,000 cr within a year of inception

Energy transition platform Jakson Green on Thursday said it has achieved an order book of Rs 5,000 crore renewable order book within a year of its inception. "Jakson Green, a new energy transition platform backed by India-based infrastructure and renewables conglomerate, Jakson Group, proudly announces its monumental achievement of amassing a renewable EPC order book of around Rs 5,000 crore within a year of inception," the company said in a statement. This extraordinary feat was recognised through a series of recent order victories in India, GCC, West Africa and CIS region, marking an unprecedented milestone in a remarkably short timeframe, it added. The company's ascent to this substantial order book has been driven by its success in securing pivotal utility-scale renewable EPC projects in West Africa, GCC and CIS countries, alongside a substantial array of renewable EPC contracts in India. Jakson Green recently inked significant deals with leading renewable energy developers to

Ireda partners with banks to boost renewable energy projects in India

Agreements with Union Bank of India and Bank of Baroda set to empower renewable energy projects

Centre sets Rs 4,350 cr as target for IREDA in operating revenues

In the previous financial year, Indian Renewable Energy Development Agency (IREDA) managed to achieve revenue from operations of Rs 3,482 crore, surpassing the target of Rs 3,361 crore

Power demand to grow 70% by 2032 with focus on non-hydropower renewable

India's power demand is expected to grow by more than 70 per cent over the next decade with a strong focus on non-hydropower renewable sources, a report said on Tuesday. The coal-powered generation will still account for a majority of production by 2032, illustrating the country's heavy reliance on the coal sector, BMI, a division of Fitch Group, said in a report. "We forecast India's electricity generation to grow by over 70 per cent over the next decade, marking the largest increase among the world's largest electricity producers. India will see a strong focus on non-hydropower renewable forms of electricity generation, which we expect to account for 16.9 per cent of total generation by 2032," it said. The strong long-term expansion of electricity demand will support power production growth, ensuring that power consumption demands are met. Underpinned by population growth, rising urbanisation as well as increased demand from the construction, manufacturing, and services sectors,

Bharti Airtel to purchase 23,000 Mwh of renewable energy in Q4FY24

Airtel will do this by acquiring stakes in two renewable energy project companies - Continuum Green India and Vibrant Energy Holdings

IREDA signs a pact with IIFCL to finance renewable energy projects

Indian Renewable Energy Development Agency Ltd. (IREDA) has signed a Memorandum of Understanding (MoU) with India Infrastructure Finance Company Ltd (IIFCL), to finance renewable energy projects.As per Ministry of New and Renewable Energy, the MoU will empower IREDA and IIFCL to engage in Co-Lending / Co-Origination and Loan Syndication for all categories of Renewable Energy projects, including Small Hydro projects. Both organisations will strive to also fix interest rates for IREDA borrowings for a period of three to four years. Further, IIFCL may invest in the bonds issued by IREDA, as per the terms and conditions of the issue."The MoU was signed today by Chairman & Managing Director, IREDA, S Pradip Kumar Das and Managing Director, IIFCL, P R Jaishankar," the Ministry addedSpeaking on the occasion, CMD, IREDA said: "We are pleased to partner with IIFCL and offer our techno-financial expertise to IIFCL for the development of Renewable Energy sector. With this collaboration, we

Solar installations see 3.2% growth at 872 MW in January-June: Mercom

Rooftop solar installations in the country grew by 3.2 per cent to 872 megawatt (MW) during January-June period of 2023, Mercom India said. In H1 or first half of 2022, 845 MW of rooftop solar capacities were installed in India, the research firm said. India's cumulative rooftop solar capacity reached 9.6 gigawatts (GW) at the end June 2023, the 'Mercom India Rooftop Solar Market Report' said. In the second quarter, 387 megawatts (MW) of rooftop solar capacity was added, which is 20 per cent higher compared to January-March 2023, and marginally down by 0.5 per cent over April-June 2022. "Rooftop solar did not meet expectations in H1, even with falling component prices and growing demand. We see a much stronger second half as installers holding out for better margins start ramping up installations and meeting demand at a much quicker pace" said Raj Prabhu, CEO of Mercom Capital Group. The capacity additions by residential consumers accounted for 54 per cent, industrial consumers 25

Tata Power arm in deal with steel maker Sanyo to set up captive solar plant

Tata Power: The solar plant is projected to produce an annual electricity of 61.875 million units and will be likely commissioned by March 2024

Tata Power Renewable Energy inks pact with SSMI to set up 28-MW solar plant

Tata Power Renewable Energy Limited (TPREL) has partnered with Sanyo Special Steel Manufacturing India Private Limited (SSMI) to set up a 28.12-megawatt green energy plant in Maharashtra. In a statement on Thursday, TPREL, an arm of Tata Power, said it has signed the Power Delivery Agreement (PDA) with SSMI through its Special Purpose Vehicle (SPV) TP Alpha Limited. "TPREL joins hands with SSMI for setting up of 28.125 MW AC (39.375 MWp) captive solar plant in Aachegaon under district Solapur, Maharashtra," the statement said. The plant is expected to produce 61.875 million inits (MUs) of electricity annually, which would meet the energy requirement of steel manufacturing unit of SSMI. It will also help to reduce SSMI's carbon footprint by 42,534 tonnes annually. The project will be commissioned by March 2024, as per the arrangement. This project aligns with SSMI's long term strategy towards climate change by reducing dependency on fossil fuel-based energy, lower the carbon footp

ONGC to invest Rs 2 trn in energy transition projects, says chairman

State-owned Oil and Natural Gas Corporation (ONGC) will invest about Rs 2 lakh crore to achieve zero carbon emissions by 2038, its chairman Arun Kumar Singh said on Tuesday. The firm will invest Rs 1 lakh crore by 2030 in setting up 10 gigawatts of renewable energy capacity, green ammonia plant, and offshore wind energy projects, he told reporters here. The remaining would flow thereafter to achieve Scope-1 and 2 net zero carbon emissions. All this while it continues to hunt and produce more oil and gas. "It is not an 'or' strategy. It is an 'and' story. ONGC will continue to invest in oil and gas exploration and production and also in energy transition projects," he said. The company will pursue both simultaneously. "ONGC has enough heft, financial muscle to do both," he said. The company currently has 189 MW of capacity to generate electricity from renewable sources. It is targeting 10 GW by 2030. The firm already has signed MoU for 5 GW in Rajasthan and is scouting for projec

Tata Power arm to set up 4.4 MW solar energy project for ANANG Group

Tata Power Renewable Energy Limited (TPREL) on Tuesday said it has signed an agreement with automotive components maker ANAND Group to set up a captive 4.4 MW solar project. In a statement, the Tata Power arm said it will facilitate the generation of 10 million units of clean energy and eliminate 5,500 tonnes of carbon emissions annually as part of the agreement. TPREL has signed a power delivery agreement (PDA) for 4.4 MW AC with the ANAND Group, it said. "This group captive project highlights our commitment to support the automotive industry in becoming more sustainable and environmentally focussed," Tata Power Renewable Energy Limited CEO Ashish Khanna said. Previously, Tata Power and the ANAND Group collaborated for a 10.1-MW Solar PV park power project, located in Maharashtra. TPREL's total renewables capacity is at 7,787 MW including 3,655 MW projects under various stages of implementation. It has an operational capacity of 4,132 MW, which includes 3,139 MW solar and 993 MW

Road, renewables capex likely to rise by 35% in FY24 & FY25: CRISIL

The total capital outlay for roads and renewables in 2023-24 and 2024-25 is likely to jump by 35 per cent to Rs 13 lakh crore compared to that in the last two fiscal years, according to a report. Conducive policies, rising investor interest and strong execution speed are expected to drive the capital outlay in the sectors, the report by Crisil Ratings said on Tuesday. The pace of road construction and capacity addition in renewables is seen growing by 25 per cent and 33 per cent, respectively, in the current and next fiscal, and the capex growth is expected to sustain over the medium term, the report said. Crisil Ratings Managing Director Gurpreet Chhatwal said the pace of execution of renewable energy projects is set to increase 33 per cent to 20 GW per annum over the current and next fiscal as compared to 15 GW per annum in the past two fiscal years, supported by a healthy executable pipeline of 50 GW of projects as of March 2023. Similarly, road construction is set to improve 25

Solar capacity addition in India declines 58% in Apr-Jun: Mercom India

Solar capacity addition in the country declined 58 per cent to 1.7 gigawatt in the April-June period, mainly due to land and transmission-related issues, Mercom India said on Monday. The country added 4 GW of solar capacity in the year-ago quarter, the research firm said in 'Q2 2023 India Solar Market Update'. "India added 1.7 GW solar capacity in Q2 of 2023. (New) installations dropped more than 10 per cent quarter-on-quarter (q-o-q) compared to 1.9 GW in the January-March period," it said. Capacity additions fell almost 58 per cent year-on-year (y-o-y) compared to 4 GW in the year-ago period. Large-scale solar projects accounted for 77 per cent of the capacity added during the quarter, and rooftop solar installations contributed 23 per cent. Over 1.3 GW of large-scale solar capacity was added in the quarter, down 64 per cent y-o-y, and 7 per cent q-o-q. During January-June, new installations were at 3.6 GW, down 53 per cent from 7.6 GW during the same period last year. India's