Renewable Energy Sector

Tata Power has announced an investment of Rs 1.2 lakh crore in Rajasthan in various renewable energy related projects including rooftop solar installation and electric vehicle charging infrastructure. Speaking at the Rising Rajasthan Global Investment Summit which started on Monday, CEO and MD of the company Praveer Sinha said the company's investment roadmap was aimed at making Rajasthan a power surplus state through a range of initiatives. "Tata Power's clean energy roadmap for the state would significantly contribute to India's goal of becoming net-zero carbon by 2070 and the state's ambition to emerge as the next clean energy hub in the country," Sinha told reporters after the inauguration ceremony. The initiatives include renewable energy projects with Rs 75,000 crore investment (comprising solar, wind and hybrid projects across key regions like Bikaner, Jaisalmer, and Jodhpur); rooftop solar, transmission and distribution, and EV charging infrastructure. "The investment is ..

Suzlon's total order book now stands at a highest ever 5.4GW. Its stock soars almost 4% on Wednesday

Energy jobs in India accounted for 1.5% of total employment in India at 8.5 million in 2023

Union Minister Pralhad Joshi has proposed formation of a task force in consultation with the Ministry of Power to push efforts to meet India's ambitious target of having 500 GW renewable energy capacity by 2030. The minister for new and renewable energy has also urged industry players and stakeholders to devise strategies which would help the country meet the target in a time-bound manner. Speaking at an event in Bhubaneswar, the minister proposed the formation of a task force, in consultation with the Ministry of Power, to align the efforts of all stakeholders towards meeting the 500 GW target, the ministry for new and renewable energy (MNRE) said in a statement on Thursday. India has already achieved 212 GW of energy from non-fossil fuel sources and is on track to exceed the 2030 target, he said. The minister stressed the importance of concerted, collaborative efforts among all stakeholders to overcome challenges and expedite progress in the renewable energy sector. Joshi furthe

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EET Fuels, owner of UK's Stanlow oil refinery, on Thursday said it has secured USD 650 million in financing and trade credit financing facilities for its decarbonisation plans. "This demonstrates market confidence in the company's decarbonisation strategy," the firm said in a statement. Essar Energy Transition (EET) Fuels is setting a new global benchmark for industrial decarbonisation, becoming the first low carbon process refinery as it will reduce emissions by 95 per cent by the close of the decade. Industrial carbon capture and use of blue hydrogen are at the heart of the company's strategy. The facilities secured to support this strategy include USD 150 million from ABN AMRO Bank, extension and upsizing HCOB and UMTB facility to USD 200 million for receivable financing, and a trade credit financing for USD 300 million with an international oil company. The firm did not reveal details such as coupon rate and tenure. "EET Fuels' continuing operational improvement and delivery o

Indian Biogas Association (IBA) is expecting around Rs 1,600 crore investment in the sector during Renewable Energy India Expo (REI) 2024, beginning on Thursday. IBA, the country's leading body representing biogas operators, manufacturers, and plant planners, is optimistic about the opportunities the high-profile event will bring. Talking to PTI, IBA Chairman Gaurav Kedia said, "REI 2024 is expected to see investment announcements of around Rs 1,600 crore in the biogas sector". He stated that the REI Expo 2024 is expected to attract 20 per cent more participation compared to last year. Kedia emphasised the vast untapped potential of the biogas sector. He pointed out that, despite its current contribution to the energy mix being less than one per cent, the sector is poised for substantial growth and could play a pivotal role in India's energy future by 2030. The association is confident that the expo will generate significant momentum for the biogas industry. The Bio-Energy Pavil

An investment of over Rs 3 lakh crore is needed every year in the renewable energy sector to take India's installed green capacity to 440 gigawatt, Icra experts said on Friday. "We expect India to have 440 gigawatt installed capacity of renewable energy by 2030," Vikram V, Vice President & Co-Group Head - Corporate Ratings, ICRA Ltd said at a media roundtable. The estimated capacity would require incremental investment of at least Rs 3 lakh crore every year over the next five to six years, Girish Kumar Kadam, Group Head Corporate Sector Ratings at ICRA Ltd. He further said to meet the renewable purchase obligation (RPO) target of 43 per cent by 2030, the renewable energy capacity should more than double to 440 GW from the current level of 200 GW. The government's target is to have 500 gigawatt of installed renewable energy capacity by 2030. Sharing his outlook for the RE sector, Kadam said India has made significant progress in renewable energy capacity addition with a strong ...

Indian companies are expanding their renewable energy capacity, with the government aiming to add at least 500 GW of clean energy by 2030 to reduce emissions

Tata Power, which currently has 5 GW renewable energy capacity in large projects, will add another 5 GW capacity in the next one to two years and expand that to more than 20 GW by 2030

Avaada Group focuses on the development of large-scale projects for solar modules, renewable energy production, green hydrogen

RE project developers commit 570 GW of capacity addition

The three-day conference is anticipated to draw over 10,000 delegates, including influential figures from government, industry, and financial sectors

The renewable energy sector has experienced a remarkable surge in jobs, with a staggering 23.7 per cent increase in FY24, compared to 8.5 per cent in FY23

Solar rooftop solutions provider Eastman Auto & Power Ltd on Thursday said it plans to achieve a turnover of Rs 10,000 crore by 2025-26 aided by capacity expansion on renewal energy side. The company had posted a turnover of about Rs 3,600 crore in 2023-24, according to a statement. Committed to sustainable and profitable growth, the company plans to achieve Rs 10,000 crore turnover by 2025-26 by investment in building the solar rooftop solutions business alongside mainstay Last Mile E-Mobility Solutions business, Eastman Auto & Power MD Shekhar Singal said in the statement. This goal shall be driven by strategic investments in new power electronics manufacturing facilities for solar inverters (for grid-connected and off-grid solutions), technology partnerships and participation in multiple advanced chemistries for energy storage, he said. To achieve this objective, the company has made some top level changes. The company has appointed Ashok Jain as Chief Finance Officer (CFO)

The Indian Renewable Energy Development Agency (IREDA) plans to raise around Rs 25,000 crore from the debt market and around Rs 4,500 crore through equity in the current fiscal, a top company official said on Monday. The company's chairman and managing director Pradeep Kumar Das also said that IREDA had submitted a draft Green Taxonomy to the Ministry of New & Renewable Energy (MNRE) one and a half years back and that it is at quite an advanced stage. "First, we are seeking the government's approval for allowing natural dilution of their stake down by up to 10 per cent. The government will take a final call on that," Das said during the CII Financing Summit 3.0 here. Stating that the company is confident because the kind of equity requirement it needs and what the sector expects from it, he said, "We have initially estimated Rs 4,500 crore by January-February in order to ensure that we have a fair amount of loan book as well as capital adequacy ratio which is very important." He .

JSW Energy on Thursday said its arm received a letter of award from Solar Energy Corporation of India (SECI) for supply of 230 MW of power from its renewable energy project. The energy supply order has been secured by wholly-owned subsidiary JSW Neo Energy Limited, JSW Energy said, adding that the company received the letter of award following a tariff-based competitive bidding process. Bids were invited for supply of 630 MW of firm and dispatchable power from an inter state transmission system or ISTS-connected renewable energy project SECI-FDRE-IV, JSW Energy said in an exchange filing. With the latest contract, the company's total locked-in generation capacity has increased to 16.4 GW, which includes a hybrid capacity of 2.3 GW, including FDRE (firm and dispatchable renewable energy). The company expects to have an installed generation capacity of 10 GW by FY25, up from 7.5 GW currently.

India's leading energy companies do not fare better than global firms on R&D intensity, proportion of employees with a PhD degree, and patents per billion dollar revenue, according to FAST India

Shakti Pumps on Monday said it has posted a manifold jump in its consolidated profit after tax to Rs 92.6 crore during the June 2024 quarter, on the back of higher revenues and healthy order book. It had clocked a Profit After Tax (PAT) of Rs 1 crore in the April-June quarter of the preceding fiscal, the company said in a statement. During the first quarter, the company's revenue from operations rose four-fold to Rs 567.6 crore from Rs 113.1 crore in the year-ago quarter. As of June 2024, the company had an order book of around Rs 2,000 crore, the statement said. "We reported an outstanding start to FY25, with the first quarter demonstrating robust revenue growth and enhanced profitability. Our performance is attributable to the accelerated execution of the existing orders in both domestic and export markets," Shakti Pumps (India) Ltd Chairman Dinesh Patidar said. The improvement in margins was achieved due to a decline in raw material prices, coupled with economies of scale resul

Economic Survey 2023-24: The gig workforce is expected to expand to 23.5 million by 2029-30, forming 6.7% of the non-agricultural workforce, and 4.1% of India's total workforce