Page 27 - Renewable Energy

India's renewable energy ambitions could exceed 500 GW: ISA DG Ajay Mathur

India is poised not only to achieve its ambitious target of 500-gigawatts renewable energy capacity by 2030 but also surpass it, driven by an anticipated decline in battery prices by 2025, according to Ajay Mathur, Director General of the International Solar Alliance (ISA). In an interview with PTI, Mathur, who has also been a member of the Indian Prime Minister's Council on Climate Change, said global climate finance distribution remains skewed and that reforming multilateral development banks and facilitating renewable energy investments have been priority areas of India's G20 presidency. India, as the G20 presidency, has invited ISA as one of the guest international organisations. Mathur said a fall in battery prices by 2025 could drive the widespread adoption of solar plus battery solutions, leading to the realisation of India's ambitious target of installing 500 GW of renewable energy capacity by 2030 -- one of the five commitments Prime Minister Narendra Modi made during the ..

Fix fair, remunerative price of Rs 5.5/kg for fermented organic manure: IBA

The Indian Biogas Association (IBA) has made a case for fixing fair and remunerative price of 'fermented organic manure' (FOM) at about Rs 5.5 per kg, excluding the government incentive of Rs 1.5 per kg, to support biogas plants in the country. The government has recently announced the Market Development Assistance (MDA) Scheme, under which the government approved Rs 1,451 crore for promoting organic fertilizers. Under MDA, the bio fertilizer coming out of a biogas plant -- technically known as FOM, the producers get Rs 1.5 for each kg, over and above the sale price of FOM. The IBA in a memorandum to the Ministry of Chemical and Fertilizer said that in the initial phase of improving the end-market linkage of FOM, it is imperative for the ministry to administer the fair remunerative market price for FOM. The IBA suggested a 'floor market price' at par with the Urea Retail Prices (presently at Rs 242 per 45 Kg bag), i.e. approx. Rs 5.5 per kg (exclusive of taxes). The market develop

ACME Group to invest nearly $3.3 bn in green hydrogen project in Odisha

ACME Group will acquire 343 acres of land in Gopalpur Industrial Park, developed by the Tata Steel Special Economic Zone in the state

IndiGrid completes acquisition of Virescent Renewable Energy Trust

Infrastructure investment trust India Grid Trust on Friday said it has completed the acquisition of Virescent Renewable Energy Trust (VRET). India Grid Trust said the enterprise value is not exceeding Rs 4,000 crore, subject to all other closing adjustments as specified in the definitive documents. "India Grid Trust (IndiGrid) has completed the acquisition of 100 per cent units of Virescent Renewable Energy Trust on August 25," it said in a BSE filing. VRET is a Sebi-registered infrastructure investment trust set up on February 25, 2021 as per provisions of the InvIT Regulations. A total of 16 solar projects with a capacity of 538 MWp will be added to the IndiGrid portfolio following the acquisition. This will push up IndiGrid's Assets Under Management (AUM) to about Rs 27,000 crore and the overall solar capacity to 676 MWp comprising approximately 17 per cent of its assets under management. The units of VRET are issued on a private placement basis and are listed on the NSE since

Commercial production under PLI-ACC scheme to commence this fiscal: Govt

Commercial production under the production-linked incentive scheme for advanced chemistry cell manufacturing -- India's Rs 18,100-crore programme to boost local battery cell production -- is likely to commence progressively in phases, in the current financial year, the Centre said on Thursday. The Heavy Industries Ministry has awarded 30GWh of capacity to three beneficiaries, namely, Ola Cell Technologies Pvt. Ltd, ACC Energy Storage Pvt Ltd and Reliance New Energy Battery Storage Ltd and is in the process of awarding another 20GWh, with a target to achieve 50GWh production by 2030. "To monitor the progress of work of the selected beneficiaries, the Ministry has appointed Engineers India Limited (EIL) as Independent Engineers. The prototype testing is almost complete by these beneficiaries and commercial production is likely to start progressively in phases, in FY 2024," an official statement said. The scheme aims to strengthen the ecosystem for Electric Mobility and Battery Storage

J'khand to ink MoU with TGESPL for country's first hydrogen fuel industry

A memorandum of understanding (MoU) will be signed between Jharkhand government and TCPL Green Energy Solution Private Limited (TGESPL) on Friday to pave way for the establishment of the country's first hydrogen fuel industry in Jharkhand's Jamshedpur, an official said on Thursday. The pact will be signed in the presence of Chief Minister Hemant Soren, according to a statement issued by the CM secretariat. The proposed capacity of this unit is 4000+ Hydrogen IC Engine/Fuel Agnostic Engine and 10,000+ Battery system, a release said. "Hydrogen is one such fuel, whose capacity is more than other fuels. It is cheap and light. In such a situation, it can be considered a better option between petrol and diesel. Hydrogen fuel can help in controlling pollution to a great extent," the release added.

Will soon seek Cabinet nod for green hydrogen consumption order: R K Singh

The Ministry of New and Renewable Energy will soon seek Union Cabinet's approval for a mandate on the use of green hydrogen in different industries. As per the consumption mandate, various industries especially petroleum, steel and fertilizers, would be mandated to consume certain proportion of green hydrogen. At present various industries use hydrogen produced using energy from non-fossil fuel-based sources. "Basically that (green hydrogen consumption) mandate fixation is in process. By and large, we have had the discussions and we have come up with some figures, and we will go to the cabinet soon," Union Power and New & Renewable Energy Minister R K Singh said at the BNEF Summit here. "We have had discussions with the concerned ministries on this," he said, adding that most ministries want the mandates to be small to start with, "but I want a larger mandate for obvious reasons". The minister explained that the government amended the Energy Conservation Act, which gives power to

Shell Energy India to set up renewable energy facility in Gujarat

Shell Energy India on Wednesday said it will invest Rs 3,500 crore in Gujarat to set up a renewable energy facility, charging stations for electric vehicles, and an LNG regasification terminal, which would create nearly 4,300 jobs. A memorandum of understanding (MoU) in this regard was signed between the Gujarat government and Shell Energy India in Gandhinagar on Wednesday in the presence of Chief Minister Bhupendra Patel, a government release said. The agreement has been signed as part of the upcoming 10th edition of the Vibrant Gujarat Global Summit to be held in January next year, said the release. Under this MoU, Shell Energy India will invest Rs 2,200 crore to set up a renewable energy production facility on 1,200 acres in Banaskantha district of north Gujarat. The facility will provide direct and indirect employment to more than 1,000 people, and it is expected to commence commercial production by 2026. In addition, the energy major will invest Rs 800 crore to set up fuel ..

Sales of solar energy kits rise to 5.2 mn globally in second half of 2022

Rooftop solar installation witnessed a tremendous growth in 2022 with sales of solar kits increasing globally to 5.2 million in the second half of the calender year, 20 per cent more than the units sold in the first six months, an official said on Wednesday. "In the past year, we have seen tremendous uptake of solar rooftops," said Ajay Mathur, Director General, International Solar Alliance. Data reveals that 5.2 million solar energy kits were sold globally in the second half of 2022, which is a 20 per cent increase from the first half of the year and 18 per cent higher than the previous peak in the second half of 2019," he said at the South Asia Forum for Distributed Energy (SAFDE) here. "This clearly shows that we have learned to value them as we go. We have also learned to value the off-grid utilisation architecture in parallel," he added. Earlier in the day, the forum was opened by Union Minister of State for New and Renewable Energy, Chemicals and Fertilizers Bhagwant Khuba.

Renewables to account for 65% of India's energy mix by 2030: R K Singh

Union Power Minister R K Singh said on Tuesday said renewables will account for 65 per cent of the country's energy mix by 2030. India has 186 GW non-fossil fuel-based installed power generation capacity at present, the Union Minister of Power, New and Renewable Energy said. "In 2015, we planned to have 40 per cent renewables in our energy mix by 2030. We achieved the target in 2021, nine years earlier," he said, adding that the share of renewable energy in the total installed power generation capacity will be 65 per cent by 2030. Speaking at an event for the release of a book authored by ReNew Power Chairman Sumant Sinha, the minister said the speed of capacity addition of renewable energy is mind boggling. "We have planned 50 GW renewable energy capacity addition every year," he said said. Currently, India has 423 GW of installed power generation capacity. The country will need 40 GW more electricity this year as the country's power demand grew at 14 per cent, Singh said. Abou

IREDA aims Rs 4,350 cr operational revenues in FY24, Rs 5,220 cr in FY25

State-owned IREDA has set a target of achieving Rs 4,350 crore revenue from operations during the current financial year. In the next fiscal, it aims to touch a revenue of Rs 5,220 crore from operations, Indian Renewable Energy Development Agency Ltd (IREDA) said in a statement on Monday. In this regard, the company has also signed a performance-based memorandum of understanding (MoU) with the Ministry of New and Renewable Energy (MNRE). The MoU, in alignment with the Department of Public Enterprises (DPE) guidelines, outlines strategic targets that IREDA aims to achieve during the fiscal years 2023-24 and 2024-25. "The government of India has set a revenue from operation target of Rs 4,350 crore for 2023-24 and Rs 5,220 crore for 2024-25. IREDA had achieved a revenue from operation of Rs 3,482 crore in the preceding fiscal year," the statement said. The government, in the agreement, has also defined key performance parameters including return on net worth, return on capital emplo

Morgan Stanley backed RE firm Continuum to refinance $400 mn bonds

Company's interest savings will likely be minimal despite a lower funding cost, says S&P

Gautam Adani prepared to go solo on hydrogen mega-project in India

Adani's first green hydrogen venture is a $5 billion integrated facility that will also include manufacturing plants for wind turbines and solar modules and renewable generation capacity

Hinduja Renewables bags 80 MW project along banks of Narmada in MP

Hinduja Renewables on Wednesday said it has bagged an 80 MW tender in the world's largest floating solar park along the banks of Narmada at Omkareshwar in Madhya Pradesh. "Hinduja Renewables was declared the successful bidder for Unit C in the Phase II of the project at a tariff of Rs 3.89/kWh yesterday (8th August 2023) by Rewa Ultra Mega Solar Limited (RUMSL), the solar park developer and the tendering authority for this project. RUMSL is a joint venture between the Solar Energy Corporation of India and Madhya Pradesh Urja Vikas Nigam," a company statement said. Asian Development Bank (ADB) is funding the common infrastructure of this project. The world's largest single-location floating solar park will be developed in two phases with a total installed capacity of 600 MW, along the banks of the holy Narmada River at Omkareshwar Reservoir in Khandwa district of Madhya Pradesh. Hinduja Renewables has won the tender for 80 MW, it stated. It has already achieved GW scale capacity wi

'India to be a developed nation by 2047, modernising infra at rapid pace'

Union Minister R K Singh on Friday said India is poised to become a developed nation by 2047, as the country is modernising its infrastructure at a rapid pace. Addressing a press conference Singh said, "Now we are transforming ourselves into a developed country. We will be a developed country." Stressing that India is modernising its infrastructure at a rapid pace, he said the total length of expressway at present is 3,106 km, which was 353 km in 2014. He said that under the leadership of Prime Minister Narendra Modi, India will be a developed country by 2047. The minister stated that the pace of infrastructure development is unprecedented and capital expenditure for the purpose has increased nearly five times since 2014, when the NDA government came into power and trebled since 2019. He stressed that there has been rapid pace of modernisation of infrastructure development in the country and cited the example of roll out of Vande Bharat Express service which is an engine-less ...

Coal CPSEs to scale up renewable energy capacity to 7231 MW by 2027

Coal PSUs have planned to scale up their total installed renewable energy capacity to 7,231 megawatt (MW) by 2027, an official statement said on Thursday. About 1,600 MW of renewable capacity has already been created till March 2023, by the PSUs Coal India Ltd (CIL), NLC India Ltd (NLCIL), and Singareni Collieries Company Limited (SCCL). On Tuesday, Union Coal and Mines Minister Pralhad Joshi said coal PSUs have made an investment plan of Rs 2.5 lakh crore for developing renewable energy (projects), installing clean coal technologies and new mine development projects. In a statement, the Coal Ministry said, "CPSEs will achieve 7,231 MW RE capacity by 2027. CIL and its subsidiaries and NLCIL have planned to install 3000 MW and 3,731 MW of renewable energy capacity, respectively. In line with the Panchamrit commitment of the Prime Minister, CPSEs are advised to diligently draft net zero plan for the coal mining sector." As per the national commitment, Coal PSUs have meticulously ...

Brookfield, RIL sign MoU to explore renewable opportunities in Australia

Under the MoU, Brookfield will collaborate with RIL to assess potential capital investment and skill development opportunities in Australia's renewable energy sector

Adani Green Energy Q1FY24 results: Net profit jumps 50% to Rs 322 crore

The cash profit was up 55 per cent to Rs 1,051 crore from Rs 680 crore in the June quarter last year

NTPC arm 'NTPC REL' gets letter of award for 550 MW solar project

NTPC on Monday said wholly-owned NTPC REL has received a letter of award (LoA) for a 550 megawatt (MW) solar project. The project is to be executed within a period of 18 months and will require a capital investment of Rs 2,800 crore, NTPC said in a statement. "NTPC Renewable Energy Limited (NTPC REL) received the Letter of Award for 550 MW Solar Project at a tariff of Rs 2.56/kWh. The power will be utilised under a Government of India's scheme for flexibility in generation and scheduling of thermal power stations through bundling with RE capacity," it added. The statement did not provide further details of the project. With the allotment of this 550 MW capacity, NTPC REL will have to execute more than 2 GW RE capacity to fulfil the capacity won in TBCB (tariff-based competitive bidding) mode in Q1 2023 alone. As of date, NTPC Group has a 3.3 GW renewable energy (RE) operational capacity.

Solar Energy Corp proposes JV with Reliance to supply green energy

Solar Energy Corp, has offered oil-to-telecoms conglomerate Reliance Industries a 51% stake in a joint venture to supply renewable power to the latter's refineries and other manufacturing plants