Page 27 - Renewable Energy

India to achieve 500 GW renewables target before 2030 deadline: R K Singh

Union Power and New & Renewable Energy Minister R K Singh on Monday said India will achieve its 500 GW renewable energy target before the 2030 deadline. Addressing FICCI's India Energy Transition Summit 2023, Singh also said had India not lost two years due to COVID-19, the nation would have achieved 50 per cent of its power generation capacity from RE non-fossil fuels, by now. India has 424 GW of power generation capacity which includes around 180 GW from non-fossil fuels and another 88 GW is in the works, the minister said. The country has a target of 500 GW of renewable energy capacity by 2030. "We will achieve 500 GW of renewable energy (RE) well before 2030," he said. Singh also said India's energy transition programme is at the top in the world. The RE capacity addition is the fastest in the world. New and Renewable Energy Secretary Bhupinder Singh Bhalla said India added 15 GW of renewable energy in the last fiscal year (2022-23) which would be increased to 25 GW in 2023-2

Tata Power Renewable Energy enters Nepal market, ties up with Dugar Power

Renewables solution provider Tata Power Renewable Energy on Thursday said it has collaborated with Nepalese firm Dugar Power to accelerate Nepal's renewable energy initiatives. This tie-up heralds TPREL's strategic entry into Nepal's rapidly evolving renewable energy sector and sets the stage for a quantum leap in accelerating Nepal's shift toward sustainable energy, according to a statement. "Tata Power Renewable Energy Ltd (TPREL) has signed an agreement with Dugar Power Private Ltd (Dugar Power), a subsidiary of Dugar Group which is a prominent business house in Nepal," a company statement said. The partnership is set to deploy transformative solar technologies to produce a range of on- and off-grid energy solutions and mark the inception of a long-term commitment to energy sustainability in the region. The agreement is designed to cater to Nepal's diverse energy requirements, offering scalable solutions from 1 KW to MW levels. "This partnership with Dugar Power is a strategic

TotalEnergies close to investing $300 million in JV with Adani Green Energy

TotalEnergies holds a 19.75 per cent stake in Adani Green Energy and is the second largest shareholder after the promoters, who control about 56.27 per cent

India's renewable energy boom not fast enough for 1.5-degree C goal: Report

India's renewable sector is booming but just not fast enough to become 1.5-degree Celsius compatible, and the country is heading in the opposite direction entirely when it comes to phasing out coal power, a new report by Climate Action Tracker claimed on Tuesday. The Union environment ministry, however, said the report completely ignores the concept of "fair share and cumulative historical responsibility of developed nations". It said the Indian government has been implementing a number of schemes and programmes, both in terms of mitigation and adaptation and the report totally ignores this aspect. The report by the independent research group that tracks government climate action and measures it against Paris Agreement goals comes on the eve of the United Nations' Climate Ambition Summit. It analyses whether the plans of 16 countries to decarbonise their power sector align with the goal of keeping global warming below 1.5 degrees Celsius. These 16 countries include Australia, Braz

State-owned IREDA partners with BoM to finance renewable energy projects

State-owned Indian Renewable Energy Development Agency (IREDA) on Monday inked an initial pact with Bank of Maharashtra to finance renewable energy projects. The collaboration aims to promote and facilitate co-lending and loan syndication for a diverse spectrum of renewable energy projects across the nation, according to a statement. "IREDA has signed a significant Memorandum of Understanding (MoU) with Bank of Maharashtra (BoM) today, September 18," the statement said. The MoU comprises several services, including co-lending and co-origination support for all renewable energy projects, facilitating loan syndication and underwriting, management of trust & retention account for IREDA borrowers, and a commitment to establishing stable fixed interest rates spanning a period of 3-4 years for IREDA borrowings, the statement said. Under the agreement, BoM can invest in the bonds issued by IREDA in accordance with the specified terms and conditions of the offering. The MoU was signed by

Over 200 organisations call for tripling renewable energy capacity by 2030

A group of over 200 climate and energy organisations from around the globe issued an open letter on Monday, calling on world leaders and Parties to the Paris Agreement to set a global target of tripling renewable energy capacity to at least 11,000 gigawatts by 2030 at the upcoming COP28 in the UAE. This call to action coincides with the UN General Assembly and New York Climate Week. The coalition of organisations, including Adani, American Greenpower, Ember, and the Energy Transition Commission, emphasised that achieving this goal, combined with increased energy efficiency, is the most rapid and cost-effective way to decarbonise the global economy and mitigate climate change. "Last year, power sector emissions reached an all-time high and the UN assessed that no country is currently on a credible pathway to (limiting global warming to) 1.5 degrees Celsius. It is clear that we need a profound course-correction of the energy system in this decade and time is running out," the open ...

Cement cos' green power mix likely to rise to 42% by FY25: Report

Cement companies' green power mix is likely to jump to 40-42 per cent by FY25 from 35 per cent in FY23, which will lead to savings of 140-160 basis points by way of lower energy cost, a report said on Monday. Major cement players are looking at reducing their emissions by 15-17 per cent over the next 8-10 years by increasing the share of blended cement, which uses less clinker and, consequently, less fuel, Icra Ratings said in the report. This, in turn, will help increase the share of green power intake through a mix of solar, Wind and Waste Heat Recovery System (WHRS) capacities, as per the report. There is also a move to shift to alternate fuels, the report said. The rating agency estimates that the share of green power will account for 40-42 per cent of the total power mix for cement companies by March 2025 from around 35 per cent in March 2023. According to Anupama Reddy, vice-president at the agency, capital outlay towards green power investments by major cement makers for th

Growth needs more electricity

Many states need a new electricity policy that can support high economic growth

Will boost mission for clean growth: PM lauds Assam govt's plantation drive

Prime Minister Narendra Modi has hailed the Assam government's mega plantation drive, stating it will boost the country's mission for clean and green growth, besides providing long-term benefits of environmental protection and improving the health of people. He said the exercise will also further enhance the green cover of the scenic state. In a letter to Chief Minister Himanta Biswa Sarma on the state's 'Amrit Brikshya Andolan', the PM wrote: "The idea of planting one crore saplings across Assam is admirable and laudable." The letter was shared by Sarma on X, formerly Twitter, on Saturday. Modi said several references in the nation's culture and literature reflect the importance of trees and forests, and quoted a couple of Sanskrit lines on how trees purify the air and help in driving away diseases. He maintained that bringing together 'prakriti' (nature) and 'pragati' (development) has been the hallmark of the development model of "New India". "While we have been the fastest gr

REC clears Rs 6,075 cr loan to Greenko, Rs 3,081 cr to Serentica Renewables

State-run REC Ltd has sanctioned a Rs 6,075-crore loan to renewable energy company Greenko for setting up a 1,440-MW standalone pumped storage project. REC has also sanctioned debt funding of more than Rs 3,081 crore to renewable energy company Serentica Renewables for its 560 MW peak greenfield solar-wind hybrid project in the Gadag district of Karnataka. The REC is on a trajectory to achieve a green finance loan book of Rs 3 lakh Crore by the fiscal year 2030, a statement said. REC is an NBFC focusing on power sector financing and development across India. It provides financial assistance to the complete power-sector value chain, for various types of projects including generation, transmission & distribution and renewable energy. REC has also diversified into non-power infrastructure and logistics sector, to cover areas such as airports, metro, railways, ports, bridges, etc.

Round-the-clock renewable energy will cost Rs 6 per unit: RK Singh

The Union Minister for Power and New and Renewable Energy RK Singh on Friday said that round-the-clock renewable energy will cost just about Rs 6 per unit if green hydrogen is used for storage.Speaking at the Special Ministerial Session of the Fourth International Conference & Exhibition on Clean Energy in the national capital today, Union Minister RK Singh said that the cost of Green Hydrogen would be cheapest in India and that the Green Hydrogen would become a viable energy storage alternative."Green hydrogen is cheaper than gas and battery energy storage systems. We have come up with a pilot bid for about 100 MW which we hope will establish the benchmark. Once we are able to use green hydrogen for our energy requirements, all supply chain issues such as availability of lithium-ion batteries will be resolved. We will make green hydrogen and use it as storage. The average price of power in the energy exchange has recently been Rs. 8 per unit, so if our cost for round-the-clock .

TotalEnergies in talks to invest in Adani Green's projects: Report

The deal would increase Total's presence in the fast-growing Indian energy market, while giving Adani Green more means to develop new renewable energy projects

Oil India Ltd to invest Rs 25,000 crore in renewable energy by 2040

The company will invest in green hydrogen, solar, geothermal energy, 2G ethanol plant, compressed biogas plants, and carbon capture utilisation and storage (CCUS)

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