Page 28 - Renewable Energy

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

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