Page 10 - Solar Energy

Adani Green operationlises additional 448 MW solar projects at Khavda

Adani Green Energy subsidiary Adani Green Energy Twenty Four B has operationalised an additional 448.95 MW solar power projects at Khavda in Gujarat. Together with earlier intimation dated February 14, 2024, an aggregate of 1,000 MW of solar power projects are operationalised at Khavda, Gujarat, a regulatory filing stated. According to the filing, Adani Green Energy Twenty Four A Ltd and Adani Green Energy Twenty Four B Ltd, wholly-owned step-down subsidiaries of Adani Green Energy Ltd (AGEL) have operationalised an incremental 448.95 MW of solar power projects at Khavda. With the operationalisation of these plants, AGEL's total operational renewable generation capacity has increased to 9,478 MW in its journey of 45 GW capacity by 2030. Based on the relevant clearances, it was decided at 11.49 pm on March 4, 2024, to operationalise the plants and commence the sale of power generated from March 5, 2024, the filing said. On February 14, 2024, the company informed that its arms A

Rays Power Infra bags 3 solar projects totalling 520 MW from PSUs

Renewable energy solutions provider Rays Power Infra on Monday said it has secured three solar projects totalling 520MWp capacity from two big central public sector firms and one from a global developer. The combined order value for these projects underlines the company's commitment to advancing sustainable energy solutions, a company statement said. According to the statement, Rays Power Infra Ltd announces the acquisition of three orders in its solar EPC (Engineering Procurement Construction) business totalling 520 MWp, two from a renowned CPSU (Central Public Sector Undertaking) and another from a global renewable energy developer. These orders marked the company's entry into the Gujarat and Assam markets. This also positions the company as one of the key EPC players in 14 States in India, it stated. The company has submitted multiple bids for solar EPC projects in India, Mauritius, Liberia, Bangladesh, and Sierra Leone, with a cumulative value exceeding Rs 3,400 crore, and ...

Cabinet approves Rs 75,000 crore rooftop solar scheme for 10 mn households

It will provide free electricity of up to 300 units every month to 10 mnhouseholds

SJVN commissions 100 MW Raghanesda solar power project in Gujarat

State-owned SJVN on Tuesday announced the commissioning of 100 MW Raghanesda solar power project located at Banaskantha district in Gujarat. The project, bagged at a tariff of Rs 2.64 per unit, has been commissioned through its subsidiary SJVN Green Energy Ltd (SGEL), SJVN said in a regulatory filing. The "Power Purchase Agreement (PPA) has been signed with Gujarat Urja Vikas Nigam Limited (GUVNL) for 25 years. The cost of construction/development of this project is Rs 642 crore. The project will generate 252.3 million units (MUs) in the first year," it said. The project is expected to generate 5,805 MU of solar power over a period of 25 years.

Govt finalises funding mechanism for battery energy storage system project

Union Power and New & Renewable Energy Minister R K Singh has finalised the mechanism for deployment of funds for various projects to develop battery energy storage systems in the country. Battery energy storage systems (BESS) will ensure round-the-clock supply of renewable energy. The minister chaired a meeting on February 22 to finalise the structure for operationalising the scheme of viability gap funding for development of BESS with the capacity of 4,000 megawatthours (MWh), an official statement said on Sunday. Officials from the power ministry and those from Central Electricity Authority, Solar Energy Corporation of India, Grid India, and NTPC Vidyut Vyapar Nigam Ltd. (NVVN) were present in the meeting. Addressing the officials, Singh said that the government will encourage setting up of BESS capacity through a viability gap funding scheme to meet the fast-growing needs of power demand as well as energy transition. The minister said when we have extra solar energy during the

PM Surya Ghar: Muft Bijli Yojana launched to boost solar power adoption

The prime minister has allocated more than Rs 75,000 crore in investment, which aims to bring up to 300 units of free electricity per month to 10 million households

SWRE places orders with Nextracker for solar trackers for Gujarat projects

SWRE is implementing solar projects at NTPC Renewable Energy Ltd's (NTPCREL) solar park in Khavda, Rann of Kutch, a company statement said

NHPC Q3 results: Profit declines 19% to Rs 628 crore on higher expenses

State-owned NHPC on Monday posted a 19 per cent fall in its consolidated net profit to Rs 628.44 crore for the October-December quarter of 2023-24 due to higher expenses. The hydro-power producer had reported a net profit of Rs 775.99 crore in the October-December period of 2022-23, the company said in an exchange filing. The company's total income also fell to Rs 2,549.69 crore in the quarter from Rs 2,691.34 crore a year ago. Expenses rose to Rs 1,727.85 crore in the quarter under review from Rs 1,303.06 crore in the third quarter of the last fiscal. The board of the company approved an interim dividend of Rs 1.40 per equity share for the financial year 2023-24. It fixed February 22 as record date for the purpose of ascertaining eligibility of shareholders for payment of interim dividend. NHPC, under the Ministry of Power, is the largest hydropower development organization in India, with capabilities to undertake all the activities from conceptualization to commissioning of hydr

China shadow on flagship PLI for domestic manufacturing of solar equipment

Majority PLI winners list Chinese vendors for setting up solar equipment manufacturing

SJVN gets LoI for 200 MW solar project form Gujarat Urja Vias Nigam

State-owned SJVN Ltd on Wednesday said it has received a letter of intent from Gujarat Urja Vias Nigam Ltd to set up a 200 megawatt (MW) solar power project. The tentative cost of construction and development of this project is Rs 1,100 crore, SJVN CMD Geeta Kapur said in a company statement. "SJVN has received the Letter of Intent (LOI) from Gujarat Urja Vikas Nigam Limited (GUVNL) for 200 MW Solar Power Project in GUVNL Phase XXII," it said. The ground-mounted solar project shall be developed by SJVN subsidiary SJVN Green Energy Limited (SGEL) anywhere in India through an EPC contract. The Power Purchase Agreement (PPA) shall be executed with GUVNL after the adoption of the tariff by GERC (Gujarat Electricity Regulatory Commission), it said. The project shall be commissioned in a period of 18 months from the date of signing of PPA. This PPA shall be signed between GUVNL and SGEL for 25 years, SJVN added. The project is expected to generate 508.4 million units in the first year

Metafin secures $5 million equity to catalyse solar adoption in rural India

Metafin, a cleantech-focused NBFC, on Wednesday said it has raised USD 5 million in equity funding, led by Prime Venture Partners and Varanium Capital. Metafin, which specialises in rooftop solar loans for semi-urban and rural MSMEs, provides financing and installation solutions through its network of lending and installer partners. In a release, Metafin said it plans to utilise funds to expand across states, grow its loan book, enhance its technology and IoT stack, and hire key talent. "In addition to our climate impact, every plant we enable helps India increase energy inclusion, broaden financial inclusion, and improve livelihoods. Our goal is to finance over one million such projects in the next 5 years," Metafin Founder and CEO Sandeep Chopra said. India has set a 280 GW target for solar adoption by 2030. Metafin has enabled almost 1,000 installations in UP and Bihar (14+ MWs), of which 90 per cent are off-grid, replacing diesel directly. These installations, the company sai

Alpex Solar IPO to open on Feb 8, sets price band at Rs 109-115/share

Solar energy solutions provider Alpex Solar Ltd on Monday said it has fixed a price band of Rs 109-115 apiece for its Rs 75-crore initial public offering (IPO). The issue will open for public subscription on February 8 and conclude on February 12. The bidding for anchor investors will open for a day on February 7, the Greater Noida-based company said in a statement. The maiden public issue comprises a fresh issue of 64.8 lakh equity shares. At the upper end of the price band, the company aims to mobilise Rs 74.52 crore. Of the IPO proceeds, Alpex plans to utilise Rs 19.55 crore to upgrade and expand its solar module manufacturing facility and increase its capacity from 450 MW to 1.2 GW. Further, Rs 12.94 crore will be used to set up a new manufacturing unit for its solar modules' aluminium frame; Rs 20.49 crore to meet its working capital requirements and the remaining for general corporate expenses. Post the completion of the issue, shares of the company will be listed on the NSE

Consumers installing solar panels at home to get zero power bills: Delhi CM

Delhi Chief Minister Arvind Kejriwal on Monday said that under the Delhi Solar Policy 2024, people installing rooftop solar panels at home will get generation-based incentives. He said such consumers will be paid for solar power generation. Under the policy, all government buildings having an area of 500 square metres will have to mandatorily install rooftop solar panels in the next three years, Kejriwal further said. Delhi Power Minister Atishi said the solar policy was approved by the Cabinet two days back and it would be notified within 10 days. The 2016 policy of the Delhi government enabled the deployment of over 250 MW of rooftop solar plants within the city and around 1,250 MW of utility-scale solar plants, totalling 1,500 MW. This meets 7.2 per cent of Delhi's annual electricity demand.

Alpex Solar files preliminary papers with sebi to raise Rs 75 cr via IPO

Solar energy solutions provider Alpex Solar on Wednesday said it has filed preliminary papers with SEBI to raise Rs 75 crore through an initial public offering. The offer comprises fresh issuance of 64,80,000 equity shares with a face value of Rs 10 each, a company statement said. Alpex Solar has filed its Draft Red Herring Prospectus (DRHP) for the IPO and shares will be listed with NSE Emerge. The company intends to raise around Rs 75 crore through the IPO, it stated. It will utilise net proceeds from the IPO to upgrade and expand its existing solar module manufacturing facility from 450 MW to 1.2 GW under the Aatmanirbhar Bharat initiative, besides setting up a new manufacturing unit for its solar module's aluminium frame. The funds will also be used to meet its working capital requirements and for general corporate expenses. Corporate Capital Ventures has been appointed as the book running lead manager to the issue and Skyline Financial Services is the registrar. Alpex Solar

Israel to install solar energy facilities on highways for first time

The project includes the construction of solar facilities for the production of green electricity in a total area of approximately 250 acres

First Solar invests $700 mn for solar manufacturing plant in Tamil Nadu

US-based First Solar said it has invested USD 700 million in setting up India's first integrated solar manufacturing plant in Tamil Nadu that was inaugurated on Thursday. The facility, which has an annual capacity of 3.3 gigawatts (GW), is located in Tamil Nadu. It will produce the 'company's series 7' Photovoltaic (PV) solar modules for the Indian market. The facility has provided a direct employment opportunity to around 1,000 people, according to a statement. Tamil Nadu's Minister for Industries, Promotions and Commerce TRB Rajaa was the chief guest at the plant's inaugural ceremony that was also attended by the United States Ambassador to India Eric Garcetti and Chief Executive Officer of the US International Development Finance Corporation (DFC) Scott Nathan. The factory sets a high bar for sustainability and advanced manufacturing and has created high-value jobs in the state. It will support India's ambition to become self-sufficient in solar technology, Rajaa said. Garcetti

Apraava Energy bags 250-MW solar project from NHPC via auction route

Apraava Energy on Thursday said it bagged a 250-MW solar energy project from state-owned NHPC Ltd. The project, won through the e-reverse auction mechanism at a walk-out tariff of Rs 2.53 per kWh, is scheduled to be completed within 24 months, a company statement said. This is Apraava's first greenfield solar power project through the auction route. The interstate transmission system (ISTS) connected solar energy project has been awarded by the NHPC Ltd in Rajasthan, the statement said. Rajiv Ranjan Mishra, Managing Director, Apraava Energy, said in the statement, "We are excited to strengthen our solar energy portfolio with this win in Rajasthan, a pivotal state driving the growth of renewable energy in India." The Power Purchase Agreement (PPA) between the NHPC and Apraava Energy is for a period of 25 years from the scheduled commissioning date. As part of the agreement, Apraava Energy will be responsible for design, construction and operation of the project for the PPA tenure.

Power sector financer REC likely to lead National Rooftop Solar scheme

Sources said REC will be made the nodal agency for the scheme to spread its reach across the country and plug the inefficiencies

Waaree Energies files IPO papers; plans to raise Rs 3K cr via fresh issue

Solar panel maker Waaree Energies on Friday filed fresh preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The IPO comprises a fresh issue of equity shares aggregating to Rs 3,000 crore and Offer For Sale (OFS) of 32 lakh equity shares by a promoter and existing shareholders, according to the draft red herring prospectus (DRHP). Those selling shares in the OFS include promoter Waaree Sustainable Finance Private Ltd and shareholders -- Chandurkar Investments Private Ltd and Samir Surendra Shah. Proceeds from the fresh issue will be used for setting up the 6GW (gigawatt) of Ingot Wafer, Solar Cell and Solar PV module manufacturing facility in Odisha. Besides, a portion will be used for general corporate purposes. Waaree Energies, one of the major players in the solar energy industry in India, is focused on PV module manufacturing with an aggregate installed capacity of 12 GW as of June 30, 2023. The Mumbai-based firm has a

Storage: New challenge for renewables

Implementation of storage for India's green transition clearly emerges as the new challenge for the renewables vision