Page 7 - Solar Energy

Andhra Pradesh discoms to procure about 2000 MW power from SECI next FY

Andhra Pradesh power distribution companies have decided to procure about 2,000 mw of power from SECI out of the total 7000 mw in demand for the agricultural sector for the next fiscal, as per the latest filing by these companies with the AP Electricity Regulatory Commission. The move comes weeks after the Solar Energy Corporation of India (SECI) agreement with Andhra discoms became controversial after the US charged Adani Group chairman Gautam Adani in a years-long scheme to allegedly pay USD 250 million bribe to Indian officials including those from Andhra, in exchange for favourable solar power contracts in 2021 when the YSRCP was in power. The allegation has been refuted by the Indian conglomerate. The opposition YSRCP has also dismissed the charges. According to the filings, Aggregate Revenue Requirement and Tariff Proposal for the Retail Supply Business for FY 2025-26 by Southern Power Distribution Company of AP Ltd (SPDCL), Eastern Power Distribution Company Of Andhra Pradesh

Tirunelveli powers India's solar ambitions with a new facility by Tata

With a capacity of 4.3 gigawatt (Gw) each for cells and modules, the plant is designed with many open spaces available for future expansion

Tata Power prefers domestic market over lucrative solar exports: CEO

The export of Indian modules has surged more than 23 times during the last two years, with the United States accounting for more than 97% of India's exports

Govt signs pact for solar projects in Fiji, Comros, Madagascar, Seychelles

This development comes after India committed to invest $2 million in new solar projects in these Indo-Pacific countries under Quad Climate Working Group initiative

Adanis knew of US probe when they sold assets to TotalEnergies: Prosecutors

TotalEnergies bought a 20% stake in Adani Green Energy in January 2021 - after the Indian company won what was then the world's largest solar order

SECI signs MoU with H2Global Stiftung to promote green hydrogen initiatives

State-owned Solar Energy Corporation of India (SECI) has inked an initial pact with H2Global Stiftung to establish a collaborative framework to promote Green Hydrogen initiatives. This aims to enhance knowledge exchange on market-based mechanisms and foster cooperation between India and importing countries, thereby contributing to the global advancement of the green hydrogen economy, according to an official statement. According to the statement SECI, under the Ministry of New and Renewable Energy, signed a Memorandum of Understanding (MoU) with H2Global Stiftung to establish a collaborative framework to promote Green Hydrogen initiatives. The collaboration offers India the opportunity to work on joint tender design concepts, particularly in structuring joint tenders that aligns with India's ambition to become export hub of green hydrogen and its derivatives. The cooperation may provide valuable insights into global hydrogen market dynamics, including trade logistics and stakeholde

SECI weighs criminal action against Reliance Power over fake bid documents

SECI said on Wednesday that the bank guarantee submitted by the unit, Reliance NU BESS, was also fake

Reliance Power shares drop 5% after it gets debarred from SECI for 3 yrs

Shares of Reliance Power Ltd fell by 5 per cent on Friday as the company and Reliance NU BESS Ltd have been debarred from participating in Solar Energy Corporation of India Ltd (SECI) tenders for three years for allegedly submitting "fake documents". The stock tanked 4.99 per cent to Rs 41.47 -- its lower circuit limit -- on the BSE. On the NSE, shares of the firm dropped 5 per cent to hit the lowest trading permissible limit for the day at Rs 41.58. In a note, SECI said, "Based on the examination of documents submitted by Maharashtra Energy Generation, now known as Reliance NU BESS (for a project), it was discovered that as per the tender requirements, the endorsement of the Bank Guarantee against EMD (issued by a foreign Bank), as submitted by the Bidder, was fake." The issue is related to the RfS issued by SECI for setting up 1000 MW/2000 MWh Standalone BESS Projects under tariff-based competitive bidding. Since the above discrepancy was discovered subsequent to the e-reverse .

Uttar Pradesh government partners NTPC to float solar power plants

The state has already received new and renewable energy investment proposals of ~7 trillion, of which ~57,000 crore worth of projects came under the UP State Bio-Energy Policy 2022

Global solar investments set to reach $500 bn this year: Pralhad Joshi

Union Minister Pralhad Joshi on Monday asserted that global solar investments will touch USD 500 billion this year from the USD 393 billion level in 2023 and said it is the most affordable energy source in many regions, surpassing coal and gas. These investments are not only adding new capacity but also driving down the cost of energy from solar worldwide, Joshi, the minister of new and renewable energy, said addressing the inaugural session of 7th General Assembly of the International Solar Alliance (ISA). Joshi, who is also President of ISA, said, "This rapid growth is fuelled by record-breaking investments. Global solar investments have grown from USD 144 billion in 2018 to USD 393 billion in 2023 and are expected to reach USD 500 billion by the end of 2024." Today, he stated, solar power has become the most affordable source of electricity in many regions, surpassing coal and gas. He also informed that ISA is guided by the 'Towards 1000' strategy which aims to mobilise USD 1,00

Servotech Power Systems Q2 results: Net profit grows to Rs 11.2 cr

Servotech Power Systems on Monday reported over three-fold rise in consolidated net profit at Rs 11.24 crore in September quarter, aided by higher income. Its "net profit for the period" was at Rs 3.12 crore in the July-September period of preceding 2023-24 fiscal, the company said in an exchange filing. The company's total income rose over two-fold to Rs 200.06 crore from Rs 86.59 crore in the year-ago period. In the April-September, the company has reported a two-fold rise in net profit to 15.73 crore from Rs 7.23 crore recorded in the six-month period last fiscal. In a separate statement, the company said it has introduced a new range of energy solutions. "High-tech range of solar on-grid inverters, solar hybrid inverters, solar micro inverters, battery energy storage systems, and solar pump controllers have been brought in alignment with schemes like PM Surya Ghar Muft Bijli Yojana and PM-KUSUM Scheme," the company said. The solutions targeting residential and commercial roof

Solex Energy partners with SBI to provide finance for solar projects

Solex Energy on Saturday said it has partnered with State Bank of India (SBI) to offer solar financing options for commercial, industrial, and institutional customers. As part of the partnership, SBI will offer solar financing through loans up to Rs 10 crore for solar projects under its Surya Shakti Solar Finance Scheme across India, Solex Energy said in a statement. "The collaboration aims to make solar energy accessible, affordable, and a driving force for India's renewable energy future. The partnership will accelerate the growth of solar energy and empower our clients and channel partners to adopt solar solutions and drive business expansion swiftly," Solex Energy Chairman & Managing Director (CMD) Chetan Shah said. While Solex Energy will offer end-to-end support to customers -- from site evaluation and design to obtaining regulatory approvals -- SBI will provide a digital platform that ensures a hassle-free loan application process for financing solar projects. Various ...

SECI plans to bid for state projects to meet 10 GW renewable energy target

The company, which issues and award tenders for the federal government's renewable energy projects, expects investments worth $7.7 billion for a mix of solar, wind and battery storage projects by 2030

Need Rs 32 trn investment in renewable sector by 2030, says IREDA CMD

India will require about Rs 32 lakh crore of investment in the renewable energy sector by 2030 to meet its targets, Indian Renewable Energy Development Agency's (IREDA) Chairman & Managing Director Pradip Kumar Das said on Monday. Speaking at the 23rd India Power Forum 2024, Das called on lenders to adopt a more customer-centric and sector-focused approach, emphasizing the need for timely financial solutions and innovative offerings tailored to the renewable energy sector. He stressed the pivotal role of renewable energy in India's journey towards creating a net-zero-compliant power sector. Das pointed out that India will require an estimated investment of approximately Rs 32 lakh crore in the renewable energy sector by 2030 to meet its targets. This phase will focus on ramping up renewable energy generation to meet immediate needs. From 2031 to 2047, the focus will shift towards developing the necessary infrastructure to support a fully decarbonized economy, creating a strong and

Brookfield Properties to supply green power to office campuses in Delhi-NCR

Brookfield Properties will source renewable power from solar project at Bikaner in Rajasthan for supplying green energy at four office campuses across Delhi-NCR. In a statement on Monday, Brookfield Properties said it has "secured renewable power from Brookfield's Bikaner Solar Power Project in the first partnership in India under the Inter State Transmission System (ISTS) bilateral arrangement." As a result, Brookfield Properties' occupiers in Delhi- NCR now receive 40 per cent of their energy from renewable power. This transition at its four campuses -- Candor TechSpace Sector 48 and 21 in Gurugram, and Candor TechSpace Sector 62 and 135 in Noida -- is part of the Brookfield India Real Estate Trust portfolio and is expected to reduce more than 20,000 tonne of CO2 annually. Brookfield Properties is one of the leading global operators and developers of real estate assets. It is active in nearly all real estate segments including office, retail, multifamily, hospitality, and ...

Solex Energy plans to scale up manufacturing capacity to 15 GW by 2030

Solex Energy has plans to scale up its module manufacturing capacity to 15 gigawatts which would entail an investment of Rs 8,000 crore, CMD Chetan Shah said on Monday. The investment will be made under 'Solex Energy Vision 2030' plan, the top company official told PTI. "We will increase module manufacturing capacity from 1.5 GW to 15 GW. The execution of the plan will require an investment of around Rs 8,000 crore," Shah said. Equity market will be the major source of investments and the remaining will come from financial institutions, he said. The plan also includes setting up a greenfield cell manufacturing facility with an initial capacity of 2 GW with an option to increase it up to 5 GW. Cell is a key component of solar module. The Indian solar market is a progressing market where the government is taking efforts to ensure availability of efficient modules for usage. The Approved List of Models and Manufacturers (ALMM) is an example of it, the CMD said adding "we have introd

PMEA Solar submits papers to Sebi for Rs 600 cr IPO; 11.2 mn shares on sale

PMEA Solar IPO: The funds raised through the fresh issue will be allocated towards capital expenditure and debt repayment

Local procurement mandate for solar power projects may get stringent

Proposal comes amid rising solar imports despite regulatory, tax curbs

Tata Power arm starts commercial production at 2GW Tirunelveli unit

The facility is equipped with advanced TOPCon and Mono PERC technology, enabling high-efficiency production of solar cells and modules

ISA partners with MIGA to fund Solar Energy projects in Sub-Saharan Africa

MIGA and ISA will work together to launch solar power and distributed energy projects in eligible developing countries