Page 7 - Solar Power

REC Q3 profit up 13.5% at Rs 3,308 cr, income rises to Rs Rs 12,071 cr

State-owned REC Ltd on Tuesday posted about a 13.5 per cent rise in its consolidated net profit to Rs 3,308.42 crore for the December 2023 quarter, mainly on the back of higher revenues. Its consolidated net profit was Rs 2,915.33 crore in the quarter ended December 2022, a BSE filing showed. The total income rose to Rs 12,071.54 crore in the quarter from Rs 9,795.47 crore in the same period a year ago. The board, in its meeting on Tuesday, also approved the incorporation of a project-specific special purpose vehicle as a wholly-owned subsidiary of REC Power Development & Consultancy Limited (a wholly-owned subsidiary of REC Ltd) for the selection of a successful bidder as Transmission Service Provider (TSP) for Eastern Region Expansion Scheme- XXXIX project allocated by the Ministry of Power through tariff based competitive bidding process. Besides, it also approved the sale and transfer of the entire shareholding of six subsidiaries (power transmission projects), presently held

Waaree Renewable Technologies Q3 results: PAT more than doubles to Rs 64 cr

Waaree Renewable Technologies Ltd (WRTL) on Monday said its consolidated Profit After Tax (PAT) more than doubled to Rs 64.46 crore in the December quarter, aided by higher revenues. It had clocked a PAT of Rs 24.98 crore in the year-ago period, the company said in a statement. The company's total revenue in the third quarter of the ongoing fiscal rose to Rs 324.19 crore from Rs 73.88 crore. During the quarter, the company received 70 MW capacity ground mounted solar power project and its unexecuted order book stood at 749 MW as of December 31, Waaree Renewable Technologies Ltd, a subsidiary of the Waaree Group, said.

Reliance Industries sells REC Solar Norway to Elkem ASA for $22 million

Reliance Industries Ltd on Monday said it will sell REC Solar Norway AS to Oslo-listed Elkem ASA for around USD 22 million. REC Norway is a wholly-owned unit of REC Solar Holdings and is involved in the manufacturing of kerf-based polysilicon in the Scandinavian country. In October 2021, a unit of Reliance acquired Norway's solar panel manufacturer at an enterprise value of USD 771 million as the Indian oil-to-retail conglomerate sought to extend its dominance into alternative energy. "REC Solar Holdings AS, a step-down wholly-owned subsidiary of Reliance Industries Ltd (RIL), has informed that it has, on January 14, 2024, entered into a share purchase agreement with Elkem ASA for the sale of its 100 per cent equity stake in REC Solar Norway AS for an aggregate cash consideration of USD 22 million," RIL said in a stock exchange filing. Founded in 1904, Elkem ASA is a silicon-based material provider, and listed on the Oslo Stock Exchange. "REC Norway, a wholly-owned subsidiary of R

Pinewood Systems, Braithwaite partner to develop 500 MW solar project

Pinewood Systems on Wednesday announced that it has plans to develop a 500 MW solar power project in Maharashtra in partnership with state-owned Braithwaite & Co. While Pinewood Systems is an active investor in the renewable energy sector in India, Braithwaite & Co comes under Ministry of Railways. In a statement, Pinewood Systems said it has formed an executive team to develop the project. "We are dedicated to delivering a sustainable and impactful solution to meet the renewal energy demands of Maharashtra, in line with our commitment to clean and renewable energy sources," Pinewood Systems Chairman Satish Jha said. According to the statement, the primary objective is to adhere to the timeline set by Maharashtra State Electricity Distribution Company Ltd (MSEDCL).

ReNew inks pact to sell 300 MW solar project to IndiGrid for $199 mn

Decarbonisation solutions firm ReNew on Monday said it has inked an agreement to sell a 300 MW solar project to India Grid Trust for USD 199 million. The transaction is likely to close in accordance with PPA (power purchase agreement) conditions, a company statement said. Approximately USD 8 million is expected to be additionally received as an earn-out on account of change-in-law proceeds after the first payment is realised by RSUPL (ReNew Solar Urja Private Limited). According to the statement, ReNew has signed a share purchase agreement with India Grid Trust to sell a 300 MW solar project in Rajasthan ReNew Solar Urja Private Limited - for a total enterprise value of USD 199 million. The sale reaffirms strong investor interest in assets developed by ReNew and is aligned with the company's strategy to enhance shareholder value through capital recycling and investment into higher-return opportunities, it added. After the transfer of the outstanding debt to the buyer, the transac

1,900 govt buildings solarised in J&K; 20,000 more to be covered by Dec'25

Nearly 1,900 government buildings have been provided with rooftop solar power plants in Jammu and Kashmir, where 20,000 remaining buildings will be solarized by the end of 2025, an official said on Saturday. Commissioner Secretary, Science and Technology, Saurabh Bhagat said the government offices have 22,494 registrations to their names across the Union Territory with a sanctioned load of about 486 megawatt. Bhagat was briefing a meeting chaired by Chief Secretary Atal Dulloo here to assess the preparedness for saturation of rooftop solar power plants on all the government buildings by December, 2025 in accordance with the target fixed by Prime Minister Narendra Modi at the recently concluded Chief Secretaries Conference in New Delhi, an official spokesman said. The commissioner secretary said nearly 1,900 buildings have already been solarized either by Jammu and Kashmir Energy Development Agency (JAKEDA) or other departments with a cumulative capacity of 27.61 MW till now. He sai

SJVN Green Energy to supply 200 MW solar power to Uttarakhand Power Corp

SJVN Green Energy Ltd has signed a pact with Uttarakhand Power Corporation Ltd (UPCL) to supply 200 MW solar power from a 1,000 MW Bikaner project in Rajasthan. State-owned SJVN, through its wholly-owned subsidiary SJVN Green Energy Ltd (SGEL) has signed a Power Usage Agreement (PUA) with UPCL. The solar project is being developed by SJVN through SGEL in Rajasthan under CPSU (Central Public Sector Undertaking) scheme of IREDA (Indian Renewable Energy Development Agency), a statement said on Friday. The development cost of the project, which is under construction, is Rs 5,491 crore. It is being developed under the domestic content requirement mode and is scheduled to be commissioned by April 2024. The power generated from the project will be used by government entities, either directly or through discoms. President Droupadi Murmu laid the foundation stone for the Bikaner solar power project in January 2023. The project is expected to generate 2,455 million units in the first year

Torrent Power surges 13% on signing Rs 47,350 cr-projects with Gujarat govt

The MoUs entail setting 3,450 MW of solar power projects, 1,045 MW of hybrid power projects, associated infrastructure for 7,000 MW solar project, green hydrogen/green ammonia output facility

BSES plans to energise over 1,000 rooftop solar installations in FY25

Electricity provider BSES has energised 6,000 rooftop solar installations so far and the discom plans to energise over 1,000 more connections in the 2024-25 financial year, officials said on Friday. The highest number of rooftop solar connections are in the domestic segment (3,650), followed by commercial (1,087), educational (939), industrial (85) and others (129), they said. "The response to roof top solar net metering has been very incredibly encouraging in the BSES area. Consumers across categories, including residential, educational (and schools) and commercial establishments have warmed up to roof top solar net metering in big-way," a BSES statement said. The highest energised load is in the commercial segment with 57 Megawatt peak (MWp), followed by the educational segment with 45 MWp, industrial with 6 MWp and others with 11 MWp. BSES officials further said that more than 100 residential societies have opted for rooftop solar connections, helping consumers save over Rs 110

SBI to sign $165 million LoC with World Bank for rooftop solar projects

In September, SBI said that it plans to make home loans with rooftop solar installations mandatory for residential projects funded from the bank's long-term climate action funds

Rooftop solar installations rise 34.7% to 431 MW in Jul-Sep: Mercom

The rooftop solar installations in India registered a 34.7 per cent year-on-year jump to 431 MW during July-September 2023, aided by a fall in module prices, Mercom India said. The rooftop solar installations were at 320 megawatt (MW) during the three-month period of 2022, the research firm said in a report. The rooftop solar capacity addition was also higher at 1.3 gigawatt (GW) in the first nine months of 2023, compared to 1.2 GW in January-September 2022. India's cumulative rooftop solar capacity reached 10.1 gigawatts (GW) at the end of September 30, 2023, the 'Q3 2023 Mercom India Rooftop Solar Report' said. "We are starting to see a surge in momentum in rooftop installations. The significant drop in module prices has reached a turning point, sparking increased procurement activities that offer attractive returns for rooftop solar investments. We foresee two very robust quarters coming up," said Raj Prabhu, CEO of Mercom Capital Group. The majority of installations were in th

Goldi Solar offers rooftop installation to workers rescued in Uttarkashi

Gujarat-based Goldi Solar on Wednesday said it will install rooftop solar power system at the houses of the 41 workers rescued from the Silkyara tunnel collapse site in Uttarakhand. On Tuesday evening, rescue team pulled out all the 41 workers trapped in Uttarakhand's Silkyara tunnel in a multi-agency rescue operation that hovered between hope and despair for almost 17 days. "With the nation celebrating safe returns of our brave workers who were trapped in Uttarkashi, we will support the affected families and individuals. Goldi Solar will power the residence of all the 41 workers with rooftop solar installations," the company said in a statement. Goldi Solar Founder and MD Ishver Dholakiya said, this initiative is a step to empowering these families with access to sustainable energy and hope for a brighter future. Goldi Solar is committed to helping underprivileged communities and contributing to their well-being. The company will bear the cost of the initiative, he ...

Current solar cycle intensity's peak in 2024, may impact Earth's satellites

The current ongoing solar cycle is likely to peak its intensity in 2024 and can potentially impact Earth's space weather, according to researchers at the Indian Institute of Science Education and Research (IISER), Kolkata. It is known that roughly every 11 years, the intensity of solar activity reaches its peak, which manifests as violent disturbances in space weather such as solar magnetic storms or coronal mass ejections, impacting Earth's satellites and telecommunications. "During intense solar storms, the Earth's upper atmosphere expands outwards, thereby introducing friction on the low-Earth satellites. The friction can lead to a decay in the satellites' orbits and reduce their lifetime. Thus, they are able to live in space for a much shorter time than they were originally supposed to," Dibyendu Nandy, the study's corresponding author and Professor of Physics and Head, Center of Excellence in Space Sciences India, IISER, Kolkata, told PTI. The researchers also said that the mos

Asian economies must ramp up solar power to keep global warming under 1.5C

To meet the goal of limiting global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit), nine major Asian economies must increase the share of electricity they get from renewable energy from the current 6% to at least 50% by 2030, according to a report by a German thinktank released Wednesday. Nearly a third of that renewable energy should come from wind and solar power, said the report by researchers of Berlin-based Agora Energiewende. A fifth would be hydropower and other clean sources and the remainder, fossil fuels. The study analyzed energy plans of both developing nations like Indonesia and Vietnam where demand for energy is growing rapidly, and wealthier places like Japan and South Korea, which have among the highest burdens of per capita greenhouse gas emissions. It did not include China, the world's biggest emitter of carbon, or India, another major contributor. A global temperature increase of 1.5C (2.7F) since pre-industrial times is considered a critical climate ...

Hinduja bags 250MW solar project in tariff-based competitive bidding

Hinduja Renewables on Monday said it has bagged a 250 MW solar project under a tariff-based competitive bidding by state-owned hydro power giant NHPC. "Hinduja Renewables was awarded by NHPC the tender for putting up a solar capacity of 250 MW at the tariff rate of Rs. 2.53/kWh," the Hinduja Group firm said in a statement. The consolidated project bid was for setting up a 3,000 MW Interstate Transmission System Connected Solar Power Projects anywhere in India. Hinduja Renewables was one of the eight bidders for the capacity. Sumit Pandey, the CEO of Hinduja Renewables, said, "With this winning bid, Hinduja Renewables would be able to reduce the carbon emissions equivalent of over 5,51,000 tons annually. Hinduja Renewables is well on its way to creating a multi-GW suite of renewables." Hinduja Renewables, part of the Hinduja Group, is an independent renewable power producer.

REC Q2 results: Profit soars by 39% to Rs 3,790 crore in Jul-Sep quarter

State-owned REC Ltd on Wednesday posted a nearly 39 per cent rise in its consolidated net profit to Rs 3,789.90 crore in the September quarter compared to the year-ago period mainly on the back of higher revenues. Consolidated net profit stood at Rs 2,732.12 crore in the quarter ended on September 30, 2022, a BSE filing showed. Total income rose to Rs 11,701.26 crore in the quarter from Rs 9,964.00 crore in the same period a year ago. The board also approved the second interim dividend of Rs 3.50 per equity share of Rs 10 each for 2023-24. The record date for the interim dividend is Monday, November 13, 2023. The interim dividend shall be paid on or before November 30, 2023. The total interim dividend for the 2023-24 is Rs 6.50 per equity share (on face value of Rs 10 each). In a separate statement, the company stated, "Owing to the improving asset quality, increase in lending rates and effective management of finance cost, the REC is able to record its highest ever (standalone) .

Amazon surpasses 1.1 gigawatts of renewable energy capacity in India

E-commerce and cloud company Amazon has surpassed 1.1 gigawatts of renewable energy capacity in India with an addition of its new 198-megawatt wind farm project in Osmanabad, Maharashtra, the company said on Tuesday. With this, the company now has 50 wind and solar projects across India. The announced addition of "a new 198 megawatt (MW) wind farm in Osmanabad, Maharashtra, bringing the company to 50 wind and solar projects across India and surpassing 1.1 gigawatts (GW) of renewable energy capacity." The company said that in addition to being the largest corporate buyer of renewable energy globally -- a position that Amazon has held since 2020 -- Amazon has also become the largest corporate buyer of renewable energy in India. "Amazon's wind and solar projects will help power all our operations with 100 per cent renewable energy by 2025, while also bringing jobs and economic benefits to India's communities. "We're eager to continue contributing to India's economic and environmental

Will raise viability gap funding to 35% for RE: Int'l Solar Alliance

The International Solar Alliance (ISA) is considering increasing the viability gap funding for renewable projects to 35 per cent, its President R K Singh said on Tuesday. Under the Viability Gap Funding (VGF), ISA provides 10 per of the project cost to the member nation for an identified Renewable Energy (RE) project. ISA has a programme for VGF, so funding is available for projects in developing countries, Singh, the Minister for New and Renewable Energy, said at the Sixth Session of International Solar Alliance Assembly. "Today we (member countries)... all the ministers together.. decided that we will increase the viability gap funding from 10 per cent to 35 per cent," he said. The move will enable more investments in the solar industry, Singh said. The ISA president said there are about 733 million people across the world who don't have access to electricity and it is the ISA's mission to ensure that they get access to renewable energy. "We have a mission to ensure access to t

18% electricity generated in India will be solar by 2030, says IEA

IEA's new World Energy Outlook 2023 published on Tuesday indicated that renewables would provide half of the world's electricity by 2030

Corporate funding in solar industry surges 55% to $28.9 bn: Mercom Capital

The corporate funding in the global solar sector rose 55 per cent to 28.9 billion during January-September 2023, mainly due to the push to meet energy transition objectives, Mercom Capital has said. The global corporate funding in the sector was USD 18.7 billion in the first nine months of 2022, the US-based research firm said in its latest report. Despite inflationary challenges and elevated interest rates, financing in the solar industry has remained robust through the first three quarters of 2023, Mercom Capital Group CEO Raj Prabhu said. "The resilience can be attributed to a strong global push to achieve energy transition objectives and substantial demand created by the Inflation Reduction Act - which has helped the sector weather persistent economic challenges and retain the interest of investors," he added. In the venture capital segment in India, Juniper Green Energy secured a USD 350 million investment from AT Capital Group and Vitol to achieve its target to triple its ...