Page 30 - Renewable Energy

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

Goa to ensure 100% renewable electricity supply by 2050: CM Sawant

Goa will ensure 100 per cent renewable energy-based electricity supply to all the demand sectors by 2050 or even much earlier, Chief Minister Pramod Sawant said on Saturday. The chief minister was speaking at the launch of Goa's clean energy roadmap 2050 during the ongoing G20 Clean Energy Ministerial (CEM) and 8th Mission Innovation (MI) Meeting. Guided by Goa's Energy Vision, and following the Clean Energy Roadmap's analysis, Goa is certain that it will ensure 100 per cent renewable-based electricity supply to all demand sectors by 2050, or even much earlier, Sawant said. He said Goa is on the path of optimally harnessing solar power and the state Solar Policy is focused on household generation of clean energy. "We have already increased solar power generation sevenfold since 2019, the chief minister added. Sawant said his government was committed to transforming Goa's tourism sector, making it among the first global green tourist hotspots. A strategic roadmap for this is alrea

ACME Group gets Rs 4,000-cr loan from REC for Oman green hydrogen project

Renewable energy firm ACME Group on Friday said it has tied up a Rs 4,000-crore loan from state-owned REC Ltd for its green hydrogen and ammonia project in Oman. The amount will be used to commence the first phase of the project, to be established at the Special Economic Zone (SEZ) in Duqm, Oman, a company statement said. Once the first phase is ready, about 100,000 tonnes of green ammonia is expected to be produced per annum initially, which will subsequently go up to 1.2 million tonnes a year. The project will be powered by a 5.5-GWp solar PV plant and have the capacity to generate 3.5 GW electrolyser, the statement said. "Diversified renewable energy company ACME Group announced securing Rs 4,000 crore loan from REC Ltd for its green hydrogen and green ammonia project in Oman," it stated. The ACME Group also announced the signing of a Memorandum of Understanding (MoU) with REC Ltd for a Rs 21,000-crore loan to set up four major renewable projects in the country. The MoU was sig

Investment in renewable energy concentrated in developing countries: Expert

While huge amount of investment is occurring in the renewable energy sector, a large proportion of it goes to developing countries and the rest of the world get hardly any fund, Ajay Mathur, Director General of International Solar Alliance, said on Thursday. Talking to PTI at the sidelines of an event during G20 fourth Energy Transitions Working Group meeting, Mathur said that the net zero emission target is possible. "We see a huge amount of investment occurring in renewable energy in general and solar in particular. In 2022, the investment in renewable area was approximately 500 billion dollars of which half was in the solar," he said. Mathur said, "The problem is that the vast amount of this money went to the countries like China and large emerging developing countries while rest of the world, hardly got anything." He said that the investment in Africa (African continent) for example was less than 5 per cent. Mathur said that the investment is "extremely differentiated, it is n

Torrent Power commissions 115 MW wind energy project in Gujarat's Dwarka

Torrent Power on Wednesday said one of its subsidiaries has commissioned a 115 MW wind project in Devbhumi Dwarka district of Gujarat. Torrent Solargen was awarded the project through a competitive bidding under SECI (Solar Energy Corporation of India) Wind Tranche V, a company statement said. The company signed a power purchase agreement for a period of 25 years with SECI which has a back-to-back Power Sale Agreement (PSA) with Haryana. Wind turbines for the project have been sourced from GE. With the addition of 115 MW wind power, Torrent Power's installed renewable capacity has reached 1.18 GW, and total generation to 4.2 GW. Torrent Power, with a turnover of Rs 25,694 crore is the integrated power utility of Torrent Group. It has presence across the entire power value chain of generation, transmission, and distribution.

Amazon.com Inc says its carbon emissions fell for first time in 2022

Amazon in recent years has been the biggest corporate buyer of renewable electricity

India's renewable energy installations to reach 45 GW in next 2 yrs: Report

Annual renewable energy (RE) installations in FY24 are to be around 20 GW, led by the solar sub-segment, CareEdge Ratings said on Thursday. This is based on the healthy pipeline of over 55 GW assets under development. The subsequent year is expected to see installations of 25 plus GW, leading to a cumulative increase of 45 GW over the next two fiscal, the rating agency said in a sectoral note. The solar sub-segment is expected to lead the way in terms of installations, followed by wind and hybrid capacity. The commercial and industrial segment is also expected to contribute significantly to future capacity additions. These projections are based on the government's commitment to ensuring the bidding of approximately 50 GW of annual capacity for the next five years to facilitate the achievement of the target of 500 GW capacity through non-fossil fuel sources by 2030. This will require annual RE installations to exceed 40 plus GW. The trajectory for FY24 includes 10 GW of wind capaci

EIB keen to extend 1 bn euro for green hydrogen, RE projects in India

Luxembourg-based European Investment Bank (EIB) on Thursday said it is keen to extend finance of 1 billion euros for the development of green hydrogen and renewable energy projects in India. In this regard, EIB Vice-President Kris Peeters will make a four-day business visit to India this week to strengthen cooperation with the Indian public and private sectors and discuss EIB support for clean energy investment and its transport in the country, the bank said in a statement. The European Investment Bank (EIB) is the lending institution of the European Union member states. "The aim of the visit is to confirm the EIB's commitment to future investment under the EU-India Connectivity Partnership, in support of the European Green Deal and the EU Global Gateway strategy...," the statement said. Peeters will visit the G20 Infrastructure Investors Dialogue (IID), where he will meet banking leaders. The G20 IID is an official G20 event organised during the third meeting of finance ministers

India achieves 173GW RE capacity, 120GW under implementation: Bhalla

India has achieved 173GW of installed renewable energy capacity while another 120GW is under various stages of implementation, a top official said on Thursday. This assumes significance in view of India's target of having 175 GW of renewable energy capacity by 2022, which included 100 GW from solar, 60 GW from wind, 10 GW from bio-power and 5 GW from small hydro-power. India's installed renewable capacity is 173.61GW which includes 67.82GW of solar, 43.19GW of wind energy, 46.85GW of large hydro and 4.94GW of small hydro (of up to 25MW each), according to the latest official data. "India's efforts for accelerating energy transition have been robust and decisive. Out of the total installed renewable energy capacity of over 173GW currently, India has the fourth largest high capacity in the world with another 120GW (of renewables) at various stages of implementation," said New & Renewable Energy Secretary Bhupinder Singh Bhalla while addressing the US India Energy Summit on Thursday .

Renewable energy firm Goldi Solar forays into power backup solutions biz

Renewable energy player Goldi Solar on Thursday announced its foray into power backup solutions business with the launch of its VAMA On-grid range of inverters. The Gujarat-based company is in the process of expanding its module manufacturing capacity to 6 gigawatt from 2.5 gigawatt (GW) at an investment of Rs 5,000 crore. In a statement on Thursday, Goldi Solar said, "It has forayed into the smart inverter business and launched VAMA On-grid range of smart string inverters. The inverter range is available in single-phase and three-phase variants designed specifically for on-grid applications". On-grid inverters are systems that convert solar power DC into the main power supply. Goldi Solar founder and Managing Director Ishver Dholakiya said the company targets a sizable share of residential, commercial and industrial segments in India over the next two-three years with the latest product. "This technology used in VAMA increases surface area for heat transfer and enhances product .

'Integrating renewable energy in power system crucial to meet climate goal'

Integrating more renewable energy in the power system is crucial for India to meet climate goals, the Institute for Energy Economics and Financial Analysis (IEEFA) said. In its latest report, IEEFA has also suggested various measures to ramp up the share of clean energy in the country's power system. To cut emissions, India needs to increase renewable energy integration/absorption, the report said. "While India has been adding renewable energy capacity at a fast pace to meet its emissions intensity reduction target for 2030, the country needs to ramp up the share of clean energy in its power system. Integrating more renewable energy in the power system is crucial for India to meet climate goals," it noted. For India to meet growing electricity demand while addressing climate concerns, increased integration of clean energy, including variable renewable energy, is essential, IEEFA Energy Analyst and the report's author Charith Konda said. While raising non-fossil fuel power installe

Fossil-fuel demand for electricity may have peaked following RE's growth

From China to Europe, the capacities of solar, battery and wind power are surging, the Rocky Mountain Institute said in an analysis released Thursday

Tracking the sun with automation for efficiency in solar power production

Smart sensors, automated weather stations, machine learning algorithms comprise a market worth $10 bn

Centre may set mandates for industrial use of green hydrogen: Official

India has set a goal of producing 5 million metric tonnes of green hydrogen annually by 2030, with about 70% of that marked for export markets, he said

JSW Steel to double capacity in 3 yrs; renewables to power plants: Jindal

JSW Steel is aiming to nearly double its capacity to 50 million tonnes in the next three years, chairman Sajjan Jindal said on Thursday. The city-headquartered company is also aiming to shift to renewable sources of power to fire the entire 50 million tonnes of production, Jindal said speaking at an event organized by the Bombay Chartered Accountants Society late on Thursday evening. Today, at JSW Steel we are at 28 million tonnes capacity and next year we will be 37 million tonnes capacity and (in) three years' time we will be 50 million tonnes capacity, he said. He said the company is also paying a lot of emphasis on sustainability and has devised a plan to completely shift its power usage to renewable sources. "At JSW Steel, we would probably be the first steel company in the world which will be 50 million tonnes capacity and operate 100 per cent on renewable power, that is the plan we are doing, Jindal said. Jindal said as the company goes ahead with its planned capacity ...

Serentica Renewables inks pacts to supply green energy to industries

Serentica Renewables on Monday said it has signed agreements with multiple industrial customers for delivery of over 1.25 GW green energy. This is in addition to the 580 MW PDAs that were signed in March 2023, the company said in a statement. "Serentica has signed over 1.25 GW of new Power Delivery Agreements (PDAs) with multiple industrial customers. To ensure the round-the-clock green energy needs of its customers, Serentica will install 4 GW of renewable energy capacities across the country," it said. The projects will deploy both wind and solar capacities to be supplemented with balancing solutions like energy storage. Serentica is setting up these solar and wind capacities across the states of Karnataka, Maharashtra, Andhra Pradesh, and Rajasthan, where it has secured connectivity to the inter-state transmission system (ISTS). The overall portfolio will supply more than 9 billion units of clean energy annually, thereby offsetting 8.5 million tonnes of CO2, the company ...

Renewable energy firm Avaada Group completes Rs 10,700 cr-funding round

Renewable energy company Avaada Group on Wednesday said it has closed a funding round of Rs 10,700 crore. The funds will be used to bolster Avaada's green hydrogen, green methanol, green ammonia, solar manufacturing and renewable power generation ventures. "Avaada Group has announced the successful closure of Rs 10,700 crore (USD 1.3 billion) funding round, marking a historic moment for the green energy industry in Asia and India's renewable energy sector," the company said in a statement.

India ranked 67th globally on Energy Transition Index, Sweden on top: WEF

The World Economic Forum on Wednesday ranked India at the 67th place globally on its Energy Transition Index and said it is the only major economy with energy transition momentum accelerating across all dimensions. Sweden topped the list and was followed by Denmark, Norway, Finland and Switzerland in the top five on the list of 120 countries. Releasing the report published in collaboration with Accenture, the WEF said the global energy transition has plateaued amid the global energy crisis and geopolitical volatilities, but India is among the countries that have made significant improvements. "India is the only major economy with energy transition momentum accelerating across the Energy Transition Index's equitable, secure and sustainable dimensions," the WEF said. "For example, despite continued economic growth, India has successfully reduced the energy intensity of its economy and the carbon intensity of its energy mix, while achieving universal energy access and effectively ...

Centre to come up with list of critical minerals, draft policy this week

The critical minerals list is likely to have more than 40 minerals

Focus on stable power grid, renewables, not on green hydrogen, says GTRI

India should focus on ensuring a stable power transmission system and increasing renewables in the energy mix rather than on capital-intensive green hydrogen, think tank GTRI said in its report on Monday. Global Trade Research Initiative (GTRI) said that global private investments in green hydrogen are low, with rich countries providing substantial subsidies. India should carefully consider the viability and costs before subsidizing its use, GTRI co-founder Ajay Srivastava said. The report said that green hydrogen is 6-8 times more expensive than standard energy options, making it economically challenging and the cost of producing green steel using this hydrogen is 40-60 per cent higher compared to regular steel. "India should focus on stabilizing grid power and increasing its renewable energy share rather than investing in an expensive green hydrogen ecosystem," it said adding the transportation and storage of green hydrogen require specialized infrastructure due to its flammabili