Renewable Projects

Torrent Power on Monday pledged Rs 64,000 crore investment for green or renewable energy projects having employment potential for 26,000 people. Torrent Power Ltd, the integrated power utility of diversified Torrent Group, has reaffirmed its commitment towards green and sustainable future as it submitted two 'Shapath Patras' to the Union Ministry of New and Renewable Energy at the 4th Edition of RE-Invest at Gandhinagar on Monday, a company statement said. RE-INVEST is being organised by the Ministry of New and Renewable Energy in partnership with CII. According to the statement, the company has submitted a Shapath Patra' to achieve 10 Gigawatt (GW) of installed Renewable Energy (RE) capacity by 2030, with an investment of Rs 57,000 crore. This investment is expected to generate direct and indirect employment for around 25,000 people. As part of these commitments, Torrent Power on Monday signed a Memorandum of Understanding (MoU) with the Gujarat government for execution of a 5 GW

Borosil Renewables' consolidated net loss widened to Rs 14.23 crore in the June quarter of the current fiscal. The company had reported a net loss of Rs 11.53 crore for the June quarter of FY24, as per a filing with the BSE." Total expenses rose to Rs 389.64 crore in the quarter under review from Rs 369.46 crore in the same period a year ago. Total income also increased to Rs 374.32 crore in the quarter from Rs 362.46 crore a year ago.

IFC, ADB and DEG on Tuesday announced an investment of USD 275 million (about Rs 2,280 crore) into renewable energy solutions platform Fourth Partner Energy Ltd (FPEL). The consortium's investment will infuse capital to fund FPEL's business expansion plans which include a target portfolio of 3.5 GW of renewable energy assets by 2026, a statement said. FPEL has an installed base of 1.5 GW of green assets and is set to commission the first phase of its maiden 575 MW wind solar hybrid project under the ISTS (Inter State Transmission System) route, in Karnataka, later this quarter, it said. World Bank's International Finance Corporation (IFC) is leading the consortium with an investment of USD 125 million, while Asian Development Bank (ADB) is infusing USD 100 million and Germany's Deutsche Investitions- und Entwicklungsgesellschaft (DEG) is at USD 50 million to complete this round of fundraising, it said. "We welcome IFC, ADB and DEG as new partners to join our existing high quality .

Cogentrix, which was bought by Carlyle from Goldman Sachs in 2012, operates more than 70 gas, coal, solar and other renewable assets

Waaree Renewable Technologies Ltd (WRTL) has reported three-fold rise in consolidated profit after tax at Rs 28.16 crore for June quarter FY25. It had logged Rs 9.13 crore profit after tax (PAT) during April-June FY24, the company said in a statement on Tuesday. Total revenue increased to Rs 236.35 crore from Rs 128.94 crore in the same quarter a year ago. Its unexecuted order book stands at 2,191 MW, the company said adding the orders are to be executed between 9-12 months time. Part of the Waaree Group, WRTL is a leading player in solar EPC (engineering, procurement and construction) business.

The SC, in April 2021, said the priority habitat area of GIB will remain out of bounds for any construction.

India will witness more than 83 per cent increase in investments in renewable energy projects to around USD 16.5 billion in 2024 as the country focuses on energy transition to reduce carbon emissions, according to power ministry estimates. This is in line with India's ambitious target of having 500 GW of renewable energy by 2030 and its resolve to reduce overall power generation capacity from fossil fuels to less than 50 per cent. India has committed a net zero emission target by 2070. However, Union Power and New & Renewable Energy Minister R K Singh has said on many occasions that as much as 65 per cent power generation capacity would be from non-fossil fuels by 2030 and that would be higher than the set target of 50 per cent. In an interview to PTI, Singh said, "India is likely to witness 25 GW of renewable energy capacity addition entailing an investment of Rs 1,37,500 crore (about USD 16.5 billion) in 2024 calendar year, which would be higher than 13.5 GW with an investment ..

Earlier this month, ACL announced to complete acquisition of Sanghi Industries Limited (SIL) at an enterprise value of Rs 5,185 crore

Renewable energy services firm BluPine Energy has tied up a Rs 511 crore green loan for its 120 MW solar project in Gujarat. The green loan financing for the project has been secured through leading global banking institution Standard Chartered, a company statement said. "With a green loan valued at Rs 511 crore (USD 62 million), this visionary project not only contributes to India's ambitious clean energy goals but also highlights our unwavering dedication to innovation and environmental responsibility," Sanjeev Bhatia, CFO of BluPine Energy, said in the statement. "We are happy to announce the successful financial closure of our first 120 MW solar project in Gujarat," he added. The company stated that the total investment for this project is valued at Rs 665 crore (USD 80 million). Upon completion, the solar plant is expected to generate about 3.23 lakh MWH of solar energy annually, offsetting an estimated 2.96 lakh tons of CO2 and providing power to approximately 2.7 lakh ...

REC Ltd on Wednesday signed an agreement with Bank of India to co-finance Rs 30,000 crore worth of projects in the power, infrastructure and logistics sectors over the next five years under a consortium arrangement. REC, a Maharatna company, provides long-term loans and other finance to the power sector. The firm, which has also diversified into areas like roads, metro rails, airports and IT, had a loan book of Rs 4.54 lakh crore as of the June 2023. Under the agreement, REC and BoI will partner to co-finance loans amounting to Rs 30,000 crore for infra projects implementable over the next five years, REC said in a statement.

Clean energy solution provider Amplus on Thursday said it has entered into an initial pact with Microsoft to enhance and market its renewable energy remote monitoring solution. The two companies signed a long-term Renewable Energy Agreement last year for a 100 MW solar power project in Rajasthan, the company said in a statement. Amplus is collaborating with Microsoft through a Memorandum of Understanding (MoU) to enhance and market Amplus's innovative Renewable Energy Remote Monitoring Solution, it stated. According to the statement, the strategic collaboration promises to usher in a transformative era in RE plant performance monitoring on the proposed future energy platform supported by Generative AI. "This collaboration marks a pivotal moment for both Amplus and the renewable energy industry. As part of this new collaboration, we are eager to harness the power of Generative AI and Large Language Models to set new standards for the co-development of the proposed future energy ...

Gujarat Energy Development Agency (GEDA) will act as nodal agency for project registration, validation, commissioning certificate and monthly progress report

Tata Power: The solar plant is projected to produce an annual electricity of 61.875 million units and will be likely commissioned by March 2024

R K Singh told officials that by 2030, the country's installed power capacity is likely to grow to over 777 GW

State-owned NHPC Ltd has inked an initial pact with an Odisha state utility to develop 2,000 MW of pumped storage projects and 1,000 MW renewable energy in the state. The MoU signed with GRIDCO Ltd envisages setting up self-identified pumped storage projects of at least 2,000 MW and renewable energy projects (Ground-Mounted Solar Projects / Floating Solar Projects) of at least 1,000 MW in the state, a power ministry release said. The MoU was signed on 23rd June 2023, by Executive Director (Strategy Business Development and Consultancy), NHPC, Rajat Gupta and Managing Director, GRIDCO Limited, Trilochan Panda, it stated.

The Rockefeller Foundation is studying India's energy transition, especially with the fast-changing innovations and technologies that will fit into the development of low-carbon electricity systems and phase down fossil fuels. We are trying to understand what are the important things that are going to be needed in India during G20 and post-G20, Deepali Khanna, the Foundation's Vice President for Asian Office in Bangkok, said at the Ecospirity Week held June 6-8 in Singapore. India is a fast-growing economy and Khanna is confident that it is going to get to its target of Net-Zero Goal by 2070. But there is a lot that needs to happen now, she pointed out. Where and how can we provide technical assistance how can we bring about global lessons that we are learning innovations among others, said Khanna. We are keeping our eyes open to see what is there in the form of innovation. A lot is happening and a lot more needs to happen, she said of development around the energy transition ...

The MoU sets the stage for the establishment of four pumped storage projects, which will have a combined capacity of 7,350 MW

Adani Green Energy Ltd., India's top renewables company, saw net income in the three months through March more than quadruple to 5.07 billion rupees ($62 million)

Energy transition investments in India already lag behind other major nations, and now the cost of capital is increasing as global interest rates rise

Renewable power producer BrightNight on Monday announced its partnership with ACEN Corporation and plan to deploy USD 250 million equity for the development and operation of BrightNight's 1.2 GW renewable energy portfolio. BrightNight and ACEN will partner to develop and build differentiated hybrid wind-solar projects, with a calibrated use of energy storage, that operate around the clock, with a focus to serve the specific demand from high credit rated central and state utilities as well as commercial and industrial offtakers, a statement said. "BrightNight, the next generation and global renewable power producer built to deliver clean and dispatchable solutions, today announced that it has formed a partnership with ACEN Corporation, through ACEN Renewables International Pte Ltd and ACEN International, Inc. (collectively, ACEN), to accelerate the development, construction, and operation of BrightNight's initial 1.2 GW, multi-technology renewable power portfolio in India," it ...