Page 4 - Energy Sector

KPI Green Energy receives LoIs for 13.30 MW green energy projects

KPI Green Energy on Monday said it has received letters of intent for 13.30 MW of green energy projects. The company said its wholly-owned subsidiary Sun Drops Energia will develop the projects, according to a regulatory filing. "KPI Green Energy has received Letters of Intent for executing solar power projects with a cumulative capacity of 13.30 MW under the Captive Power Producer (CPP) business segment of the company," it said. The projects are scheduled to be completed in the financial year 2024-25, in various tranches, it said.

Peak power demand to grow by 15GW per year for next 6 years, says govt

Power demand in the country will grow at a higher rate of 15GW per annum for next six years compared to 11GW per annum in last one decade, a senior government official said on Friday. By 2030, about 85 GW of additional demand will be added during the solar hours and during the non solar hours more than 90 GW will be added to the peak demand, said Additional Secretary Power Srikant Nagulapalli at an Industry Conclave organised by IEEMA. "... The CAGR may not reflect these numbers truly, but if you see the absolute numbers it's a big jump and to meet this growth, substantial expansion of our coal capacity and along with solar, wind, storage and also transmission capacity is being undertaken," Nagulapalli added. Nagulapalli noted that "India's peak demand grew at an average of 11GW for the last 10 years and going forward for the next 6 years, we expect that the demand is going to grow at an average of 15 GW per year." He further stated that approx 40 GW will be through storage. "By 20

UAE joins final UN SG's Critical Energy Transition Minerals panel in Kenya

During last meeting, panel members stressed importance of forming stronger foundations, focusing on international cooperation to achieve mutual and collective benefits with respect to mining industry

India should have a strategy that's focused on strengths: Jeffrey Goldmeer

Goldmeer illustrates how gas-fired generators can be the third leg of an energy storage tripod, with the other two being battery and pumped storage

Foxconn working to set up battery energy storage system unit in India

Taiwanese electronics manufacturing giant Foxconn is working on plans to set up a Battery Energy Storage System unit in India, its chairman Young Liu said here. With an eye on the electric vehicle segment, Foxconn has been expanding its battery manufacturing business, with the first plant already set up in Taiwan. Liu told PTI that Foxconn's information and communication technology segment has just started in India. "We are also waiting to put our 3+3 future industry in India. I have been talking to the minister for industries here about how can we collaborate on BESS (Battery Energy Storage System) in Tamil Nadu...," Liu said. As part of the "3+3 strategy", Foxconn has prioritised the three key industries -- electric vehicles, digital health, and robotics industries, each has a significant growth potential with current scale at USD 1.4 trillion and over 20 per cent compound annual growth rate. Foxconn's battery storage business is more focused on electric vehicles. Battery energ

Energy storage investments double to $15.4 bn in 1st half of 2024: Mercom

The global corporate funding in the energy storage sector more than doubled to USD 15.4 billion during the January-July period, according to Mercom Capital. The investments include Venture Capital (VC) funding, debt financing, and public market financing, the US-based research firm said in its latest report. "Corporate funding for energy storage companies in the first half of 2024 reached USD 15.4 billion across 64 deals, up 117 per cent over USD 7.1 billion in 59 deals in H1 2023, driven by a strong first quarter," said the 'Funding and M&A Report for Storage & Grid'. VC funding for energy storage companies in H1 2024 came to USD 2.4 billion in 48 deals, a 37 per cent increase compared to USD 3.8 billion in 43 deals in H1 2023, Mercom said. Lithium-ion-based battery companies received the most VC funding in H1 2024. Other top funded categories included Battery Recycling, Metal-Hydrogen Batteries, Materials and Components providers, and Sodium-based battery companies, the ...

IOCL to raise refining capacity by 25% by 2050: Shrikant Madhav Vaidya

IOCL to have $1 trillion turnover by 2047, supply 1/8th of India's energy needs

This BSE200 stock hit Rs 1 trillion market cap; zoomed 90% in 3 months

Suzlon market cap hits Rs 1 trn on Friday: The sharp rise in market cap was due to allotment of equity shares in rights issue; conversion of optionally convertible debentures and bonds into stock.

Indian energy cos lag in R&D, innovation metrics compared to global peers

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

ADB, World Bank's IFC, DEG pump $275 million into Fourth Partner Energy

Largest equity deal by 3 investors in Indian RE sector

Data centres turn to renewable energy sources as power demand surges

Data centres procure electricity at commercial rates in a state, which usually falls within the highest power tariff slab

Ample Parks to invest Rs 800 crore in Chennai's Mahindra World City

Ample Parks will develop 15-17 projects across Tier-I and Tier-II cities such as Mumbai, Pune, Bengaluru, NCR, Lucknow, Guwahati, Nagpur, and Ahmedabad over the next five to seven years

Electricity: A strategic view

Heavy lifting is now required in electricity and financial reforms

Rajasthan Cabinet approves setting up four joint ventures in energy sector

The Rajasthan Cabinet on Saturday approved a proposal for the setting up of four joint venture companies in the energy sector, which will work on projects related to renewable and thermal power generation and transmission. The state Cabinet chaired by Chief Minister Bhajanlal Sharma also approved the development of metro rail projects in the state. Apart from setting up joint ventures for renewable and thermal power projects and power transmission projects, the Cabinet also cleared the formation of an infrastructure investment trust, according to an official statement. Deputy Chief Minister Premchand Bairwa, Industry and Commerce Minister Rajyavardhan Singh Rathore and Parliamentary Affairs Minister Jogaram Patel informed about the decisions, the statement said. Bairwa said that as per the Metro Rail Policy 2017, the proposal for the formation of a joint venture company between the central government and the state was approved. This joint venture will be for the development, operat

Coal doesn't make sense in today's environment: Avaada group chairman

Mittal has raised $2.6 billion since 2023 from Canadian fund Brookfield and Thailand's state-run oil company PTT group, enabling him to participate and win several bids this year

Thermax Q1 results: Net profit jumps 82% to Rs 109 cr, revenue up 13%

Energy and environment solutions provider Thermax on Thursday posted an 82 per cent jump in its consolidated net profit to Rs 109 crore as against Rs 60 crore in the same period last year mainly due to higher revenues. The company reported consolidated operating revenue of Rs 2,184 crore in the first quarter of FY25, registering a 13 per cent increase compared to Rs 1,933 crore in the same quarter of the previous fiscal, according to a company statement. The order booking for the quarter stood at Rs 2,569 crore as against Rs 2,567 crore in the corresponding period a year ago. The board has approved an additional equity investment of USD 2.8 million in Thermax (Thailand) Limited, a step-down subsidiary of the company through Thermax Engineering Singapore Pte Ltd. (TESPL), a subsidiary of the company. The board has approved the issuance of a guarantee for an amount not exceeding USD 4 million on behalf of Thermax (Thailand) Limited. During the quarter, Thermax unveiled a manufacturi

Budget 2024: No 'budget' for energy transition is a cause for concern

Withdrawing funds for the initiative to be taken up by oil refiners, who have lost their power to price fuels for the last few years, is a cause for concern

Torrent Power Q1 result: Net profit up 88% at Rs Rs 972 cr on robust demand

Heatwaves and increasing economic activity have resulted in India's electricity generation growing at an average of about 8 per cent annually following the pandemic

BluPine Energy secures Rs 239 cr financial assistance from Tata Capital

BluPine Energy on Monday said it has secured Rs 239 crore financial assistance from Tata Capital. The amount will be utilised towards a solar power project in Chhattisgarh, the company said in a statement. The 75 megawatt project is expected to generate nearly 117 million units (MUs) of energy annually and offset more than 107,000 tonne of Co2 emissions, it said. BluPine Energy is a leading renewable energy services company established in India by Actis, a global investor and world leader in funding and building sustainable infrastructure companies. Tata Capital Ltd (TCL) is the flagship financial services company of Tata Group, and is carrying on business as a non-banking financial company.

Adani Energy Solutions likely to divest Dahanu unit to Adani Power

Last week, Adani Energy took an impairment of Rs 1,506 crore on the asset