Page 41 - Renewable Energy

Adani to build 3 giga factories in India as part of $70 bn green investment

Asia's richest man Gautam Adani on Wednesday said his ports-to-power conglomerate will build three giga factories for manufacturing solar modules, wind turbines, and hydrogen electrolyzers as part of a USD 70 billion investment in clean energy by 2030. Adani group is stepping up investments across the green energy value chain as it aims to become the world's top renewable energy producer by 2030. "The Adani Group has already committed USD 70 billion (for climate change and green energy). This will see us building three giga factories in India leading to one of the world's most integrated green-energy value chains," he said after receiving the USIBC Global Leadership Award here. These giga factories will "extend from polysilicon to solar modules, complete manufacturing of wind turbines, and the manufacturing of hydrogen electrolyzers," he said. This, he said, will generate an additional 45 GW of renewable energy to add to Adani group's existing 20 GW capacity, as well as 3 million t

Receivables of leading RE companies to shrink 20% this fiscal: Crisil

Receivables of leading renewable companies will shrink 20 per cent during this financial year, Crisil Ratings said. Leading renewable energy (RE) companies are set to see their receivables reduce a fifth from 180 days a year ago to 140 days as of March 2023, a level last visible pre-COVID, the agency said in a statement. According to the statement, two-thirds of the improvement will be because of increasing central counter-party offtake, and the rest due to state discoms implementing the late payment surcharge (LPS) scheme. The incremental cash flow will allow RE companies to build capacity for growth and reduce leverage, it opined. Payment cycles had stretched in the past two fiscals because state discoms such as Madhya Pradesh, Maharashtra, Telangana and Andhra Pradesh (accounting for 23 per cent of the overall capacity exposure) held back payments to RE developers following liquidity crunch or contractual disagreements, it added. This increased the overall cycle for the 10 asse

Inox Wind to become debt-free after Rs 740-crore IPO offering: Report

Wind energy solutions provider Inox Wind will become a debt-free company after its Rs 740-crore initial share, which is awaiting Sebi nod, is over and fund infusion by promoters, according to its regulatory filing. According to the Draft Red Herring Prospectus (DRHP) filed with the market regulator, as of June 2022, the company had a gross debt of Rs 1,717.8 crore and cash balance of Rs 222 crore, and a net debt of Rs 1,494.8 crore on its books. Last week, the company said its promoters had agreed to infuse up to Rs 800 crore by subscribing to non-convertible, non-cumulative participating redeemable preference shares on a private placement basis. The fund will be infused by two promoter group entities -- Inox Leasing & Finance which will pump in up to Rs 600 crore, and Inox Wind Energy that will infuse up to Rs 200 crore. The entire money thus raised will be used to retire debt, a statement from the company said on August 30. According to the DRHP, the entire proceeds from the IPO

KKR-backed Virescent in final talks to acquire solar assets from Jakson

Global investment firm KKR-backed Virescent Renewable Energy Trust is in advanced stages of discussion to acquire 100MW solar assets from Jakson Group. The 100MW portfolio comprises three operational solar power projects in Uttar Pradesh and Rajasthan and has a power purchase agreement (PPA) with NTPC Vidyut Vyapar Nigam Ltd and Uttar Pradesh Power Corporation for 25 years. Headquartered in Mumbai, Virescent was established to acquire operating assets and leverage investment opportunities in the fast-growing renewable energy sector. Virescent is the only infrastructure trust (InvIT) in India in the renewable energy space, it said in a statement. Virescent completed the acquisition of one of the three projects -- 12.4 MW project at Lalitpur -- earlier this month. Jakson Group owns and operates around 200MW of solar portfolio across four projects. It had recently announced the commissioning of a 70MW project in Assam. It recently announced its new venture Jakson Green Pvt Ltd (JGPL

SJVN eyeing to develop 5,000 MW renewable energy projects in Punjab

After signing a pact for developing 10,000 MW solar projects and parks in Rajasthan, public sector SJVN is now eyeing to tap renewable energy in Punjab

Centre lifts Chinese import restrictions on CPSEs to boost RE projects

The move will enable the CPSEs to import freely the four categories of goods from any country, including China, which heavily dominates the renewable energy supply chain

India can generate $212 bn by investing in renewable energy: Report

About 3.4 million jobs can be created if ventures worth $350 billion is invested in initiatives dedicated to renewable energy and cleantech, said study

Fracking giant Liberty Energy says fossil fuels to rule for decades

"We're investing a lot of money in some new energy technologies; some of this is great, but it's not an energy transition," Wright, chief executive officer at Denver-based Liberty Energy said

After energy and transmission, investment major KKR launches highway InvIT

Its InvITs have a combined value of $3.8 billion and cover 33 assets in 22 states

Sectors, states' efforts needed to get 500 GW renewable capacity: Khuba

Concerted efforts from all sectors and states are vital for India to achieve the target of 500 gigawatt renewable energy capacity by 2030, Union Minister of State for New and Renewable Energy and Chemicals and Fertilizers Bhagwanth Khuba has said. He lauded the role played by the states in the renewable energy sector by saying that their joint efforts with the Centre resulted in the country achieving the goal of 175 GW of clean energy capacity this year itself, set by Prime Minister Narendra Modi as per the 2015 Paris agreement, a press release issued by PIB said. The Paris agreement is an international treaty on climate change which aims at limiting global warming to well below 2 degrees Celsius, preferably to 1.5 degrees Celsius, compared to pre-industrial levels, according to the United Nations Climate Change website. The minister was speaking at the 8th foundation day celebration of the Association of Renewable Energy Agencies of States (AREAS) hosted by it and Government of ..

Centre submits NDC climate target to UNFCC, eyes net-zero by 2070

No Sectoral Targets, 500 GW renewable energy target also dropped

How China plans to spend $1 trn on infrastructure to boost economy

To help boost the economy, Beijing is targeting investments in new energy projects, high-speed rail and water tunnels

Centre's plan on sale of RE power to states offers only a flickering hope

The power ministry's plan to become an intermediary in the sale of green power generation to states is only a limited solution to the larger problem facing state discoms

Powering renewable energy

Uniform tariffs will address a key problem

Centre proposes uniform tariff for renewable energy procurement by states

Monthly revision of rates for states to purchase RE

Torrent Power and Sembcorp Industries in race to buy Vector Green Energy

The transaction is expected to have an equity value of 30 billion rupees ($377 million) and an enterprise value of 50 billion rupees

Adani group to invest Rs 57,575 cr to set up alumina mill in Odisha

In a press statement, the group said it will set up a 4-million tonnes a year alumina refinery near bauxite mines as well as an iron ore project

RIL annual report: Growth engines shifting to top gear, says Mukesh Ambani

5G coverage planning done in 1,000 cities, retail investments at Rs 30,000 cr

India among leaders in annual renewable energy investment: UN report

The report mentions WFP estimates of an increase of 47 million acutely hungry people in 2022 across 82 countries due to the lingering effects of Covid-19 and the continuing Russian-Ukraine war

Raj, Goa and Gujarat lead in placing govt trained solar panel technicians

Spending on research and training of solar panel technicians (suryamitras) was halved in 2022-23 compared to 2019-20