Page 29 - Renewable Energy

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

We must join hands to tackle climate change: CII Eenrgy Conference

The Confederation of Indian Industry (CII) Karnataka on Friday organised its annual flagship energy conference on the theme 'Integrated Renewable Energy System for Sustainable Future' to promote adoption and integration of renewable energy sources into the existing energy infrastructure. The conference focused on key facets of the sector including renewable energy integration, alternative energy technology aiming at net-zero, energy storage solution technologies and best practices on energy conservation measures from industries. Addressing the conference, Vijaykrishnan Venkatesan, Chairman, CII Karnataka State Council and Managing Director, Kennametal India Ltd, emphasised the significance of the sector, considering the intensifying focus on Environmental, Social and Governance (ESG), energy efficiency and ethical and responsible sourcing of energy. Highlighting the Karnataka State Vision document charted by CII and IIM Bangalore, he said that building a green ecosystem has emerged

FM Nirmala Sitharaman meets US envoy John Kerry, discusses climate goals

Finance Minister Nirmala Sitharaman on Wednesday met US Special Climate Envoy John Kerry and discussed joint efforts and commitments by both the countries to achieve climate, economic and strategic technology cooperation goals. Kerry, who arrived here on a five-day visit, met Sitharaman at her office in Parliament House. "Both sides also discussed creation of an innovative investment platform for deployment of greenfield Renewable Energy projects in India," the finance ministry said in a tweet. Earlier, Kerry held discussions with Union Minister for Heavy Industries Mahendra Nath Pandey and discussed diversifying supply chains and empowering India as a manufacturing hub for electric trucks, buses, and heavy duty vehi?cles. Speaking to reporters outside Parliament, Kerry said he had very good and constructive meetings. "There are many things where India and the United States can work together in order to advance the climate agenda," he said, adding that the two countries were worki

Istanbul to Goa: G20 nations avoid uniform approach in energy transition

Countries rarely agree on global policy, causing differences that have lingered on

NDMC plans new solar policy to shift completely to renewable energy

The New Delhi Municipal Council (NDMC) is planning to bring in a new solar policy with an aim to shift completely to renewable energy, officials said on Tuesday. At a press conference, NDMC member Kuljeeg Chahal said the civic body will encourage the implementation of grid-connected solar plants. "New Delhi Municipal Council has embarked upon an ambitious journey of shifting to 100 per cent renewable energy. "In addition to the broader arrangement of tying up with the renewable energy sources it is also incumbent upon the council to all possible potential of solar energy generation within its jurisdiction," Chahal said in a statement. NDMC will promote the deployment of solar plants with net metering on all existing, upcoming or proposed buildings, including that of government organisations, government hospitals, schools and other educational and research institutes and fire stations, hospitals, he said. The policy will be applicable for any solar energy-generated system with a ..

Hero Future Energies signs Rs 6,200-cr MoUs for renewable energy projects

Hero Future Energies on Tuesday said it has signed two agreements with REC and PFC to develop green energy projects. The agreements were signed on the sidelines of the 4th G20 Energy Transition Working Group meeting, which concluded last week in Goa, Hero Future Energies said in a statement. "Hero Future Energies (HFE) has signed two memorandums of understanding (MoUs) with REC Ltd and PFC Ltd for infusion of Rs 3,100 crore each into HFE over the next five years," it said. The funds will be used to develop renewable projects across the country, including solar and wind for commercial and industrial customers, utility projects and green hydrogen derivatives, and will strengthen the company by ensuring the financial closure for future projects.

Juniper Green Energy signs MoU with Power Finance Corporation for Rs 5K cr

Juniper Green Energy has signed an MoU with state-owned Power Finance Corporation for Rs 5,000 crore to fund its renewable energy projects. The memorandum of understanding (MoU) is for funding projects of 1200 MW capacities. "The collaboration will support us in pursuing exciting opportunities as we play a critical role in meeting the exponential growth of sustainable energy for India," company's CFO Parag Agrawal said in a statement.

India's ACME Group gets $490 million in funding for Oman project

The facility is expected to produce 100,000 tons of green ammonia annually in its starting phase