Renewable Energy

Renewable energy financing soars 63% in 2023, solar leads the charge

Solar power projects dominated the renewable energy deals in 2023, accounting for 49 per cent of the total, followed by hybrid projects at 46 per cent and wind energy at 6 per cent

India's RE capacity addition doubled to 15 GW in Apr-Nov: Pralhad Joshi

India's renewable energy capacity addition almost doubled to 15GW during the April-November period of this fiscal compared a year ago, indicating India's commitment towards the target of 500GW non-fossil capacity by 2030, Union New & Renewable Energy Minister Pralhad Joshi said on Tuesday. Addressing at CII International Energy Conference & Exhibition 2024 here, Joshi said, "In fact, over the past decade, under the visionary leadership of Prime Minister Narendra Modi, India has charted an extraordinary path in the renewable energy sector. Today, India is one of the world's most promising nations in the clean energy space." Between April-November of the current financial year, India added almost 15 GW of renewable energy capacity, nearly double the 7.54 GW added during the same period last year, he said. At present, India's total installed capacity of the non-fossil fuel sector has touched 214 GW, over 14 per cent increase compared to the same month last year. The government is

Hybrid tenders: A catalyst for achieving India's clean energy goals

Hybrid tenders, combining traditional and renewable energy sources, are crucial for shaping a country's energy future

JSW Energy gets RE projects, achieves total locked-in capacity of 20 GW

JSW Energy on Monday said it has secured multiple renewable energy projects in the commercial and industrial power market, achieving a total locked-in generation capacity of 20 GW. The company's locked-in renewable energy commercial and industrial (C&I) capacity stood at 3.1 GW, which includes 2,654 MW of JSW group captive capacity and 445 MW of third-party C&I capacity, a JSW Energy statement said. Currently, the operational C&I capacity of the company stood at 488 MW, it informed. The company's step-down subsidiaries have executed power purchase agreements (PPAs) with DCM Shriram Ltd and Indus Towers Ltd for the supply of renewable energy. These strategic partnerships underscore the company's commitment towards sustainable energy solutions. Subsequent to this, the company's total locked-in generation capacity has increased to 20 GW. "I am pleased to share that JSW Energy has reached the milestone of being a 20 GW generation platform," Sharad Mahendra, Joint Managing ...

Inox Green, Inox Wind shares gain up to 4% on Group's foray into solar mfg

Inox Green rose up to 4.40 per cent to hit an intraday high of Rs 182.50 per share, while Inox Wind increased as much as 1.60 per cent to an intraday high of Rs 211.50 per share

Reliance Power forms new arm for renewable energy biz; appoints CEO, COO

Reliance Power on Tuesday announced setting up its renewable energy business arm Reliance NU Energies and appointed Mayank Bansal as Chief Executive Officer and Rakesh Swaroop as Chief Operating Officer of the subsidiary. Both of them have joined the company from ReNew. Bansal was Group President of ReNew Power's India RE Business and Swaroop served as Vice President and Head of Utility Business at ReNew Power. It has set up a new subsidiary namely Reliance NU Energies for renewable energy business, Reliance Power said in a statement. "The new subsidiary Reliance Nu will innovate and seize the opportunities in developing clean, affordable and reliable energy solutions that India and the world's growing demand for sustainability needs," it said. Reliance Nu focuses on solar, wind, hybrid systems, and advanced energy storage to address these needs. On the appointment of CEO and COO, Reliance Power said the two energy sector veterans will helm Reliance Power's new initiative, Relianc

Juniper Green signs pact to procure 1GW solar modules from First Solar

Juniper Green Energy on Tuesday said it has signed a pact with First Solar for the procurement of 1 GW of solar modules. The Gurgaon-based renewable energy company plans to deploy these modules in the coming financial year for its projects across Rajasthan, Gujarat and Maharashtra, a company statement said. According to the statement, Juniper Green Energy has inked a landmark agreement with First Solar, Inc. for the procurement and supply of 1 gigawatt (GW) of its advanced Series 7 FT1 cadmium telluride (CdTe) thin film photovoltaic (PV) modules. Under this agreement, First Solar will supply the high-efficiency solar modules over a two-year period, the statement said, adding that it is one of the largest such agreements for domestically-produced modules. "We're excited to partner with First Solar, as this collaboration is expected to ensure a reliable supply of modules for a vital segment of our development pipeline. Sourcing our modules from First Solar enhances our domestic conte

BP forms offshore wind JV with Japan's JERA in renewables retreat

BP's retreat from offshore wind reflects a similar trend at rivals Shell and Equinor, which are trying to boost near-term profits by spending more on higher-return oil and gas operations

Group to invest over Rs 7.5 trillion in Rajasthan, says Karan Adani

As part of its investments, it plans to set up four new cement plants to build additional capacity of 6 million tonnes per annum

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

India beats China in green investments; deals worth $2.4 bn completed in Q3

The momentum is being driven by India's push to build out local clean energy capacity to limit reliance on China, and the prospects of becoming an exporter of the technologies

Andhra Pradesh govt may rethink Adani's solar deal amid bribery allegations

According to reports, Andhra Pradesh CM N Chandrababu Naidu is personally reviewing the situation and is expected to discuss the matter with his cabinet on Tuesday

World's biggest steelmakers failing to switch to renewables: Survey

Steel is responsible for 7% of global carbon dioxide emissions, around the same as India, with coal-fired blast furnaces producing 2 metric tons of CO2 for each ton of output

NGEL to invest Rs 2 trillion in Andhra for renewable energy projects

NPTC Green energy Ltd (NGEL) inked a joint venture with New and Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP) on Thursday to invest Rs 1.87 lakh crore for setting up renewable energy projects in the state. The agreement inked in the presence of Chief Minister N Chandrababu Naidu, Energy Minister Gottipati Ravi Kumar and others at the secretariat will generate employment for 1.06 lakh people and garner a financial benefit of Rs 20,620 crore over 25 years for the state. "This joint venture will take a step towards making Andhra Pradesh numero uno (Number one) in energy (renewable). The state government will always be at the forefront to encourage solar, wind, pumped storage, green hydrogen and green ammonia energy projects," said Naidu in an official press release. Under the joint venture, 25 GW of solar, wind and hybrid energy projects would be set up in the state, including producing 0.5 MMTPA of green hydrogen, green ammonia and green methanol. Further, 10 G

No mention of wrongdoing by SECI in Adani bribery case: CMD R P Gupta

SECI, the nodal agency for implementation of renewable projects in India, has not been mentioned for any wrongdoing in the Adani case, its CMD R P Gupta said on Thursday. Billionaire Gautam Adani has been charged by US prosecutors for allegedly being part of a scheme to pay USD 265 million (about Rs 2,200 crore) bribe to Indian officials in exchange of favourable terms for solar power contracts. "There is nothing against SECI that SECI has done anything wrong. That is no where. There is no mention of any wrongdoing or irregularity on part of SECI," he said while responding to PTI queries on developments related to the Adani case. According to US prosecutors' document, Solar Energy Corporation of India Ltd (SECI), which originally awarded the solar manufacturing-linked power tender, entered into the sale agreements with Andhra Pradesh, Odisha, Chhattisgarh, and Tamil Nadu between July 2021 and December 2021. The indictment also names New Delhi-based Azure Power, which had won a simi

Hyundai Motor India to set up 2 renewable energy plants at Chennai facility

Hyundai Motor India Ltd (HMIL) on Thursday said it will set up two renewable energy plants at its vehicle manufacturing unit in Tamil Nadu as part of the company's move to transition to 100 per cent renewable electricity across manufacturing operations by 2025. The company has signed a power purchase and shareholder agreement with Fourth Partner Energy Ltd (FPEL) for the purpose of setting up of a 75 MW solar plant and a 43 MW wind power plant to cater to its renewable energy requirements, Hyundai Motor India Ltd (HMIL) said in a statement. These facilities will operate under a group captive mode with a special purpose vehicle (SPV) formed for engineering, procurement, construction, operations and maintenance. HMIL will hold 26 per cent and FPEL will hold 74 per cent equity stake in the project, it added. This long-term agreement will ensure a 25-year supply of renewable energy to HMIL, the company said. "As part of this partnership, HMIL will invest Rs 38 crore towards setting up

Datta Power Infra signs MoU to invest Rs 5,000 cr in RE sector in Rajasthan

Datta Power Infra on Wednesday said it has signed an initial agreement with the Rajasthan government to invest around Rs 5,000 crore in the renewable energy sector. The memorandum of understanding (MoU) was signed between company representatives and officials of the state government in Jaipur, Datta Power Infra said in a statement. Datta Power Infra looks to set up 1,000 MW renewable energy capacity, including solar, wind and hybrid projects. The projects across across Bikaner, Jaisalmer, Barmer, Nagaur, Pratapgarh and Jodhpur districts would generate jobs for 500-750 people, the company said. Datta Power Infra CFO Rajeev Kumar Bansal said, "As we embark on a transformative journey with our investment of Rs 5,000 crore in Rajasthan's wind, solar, and wind-solar hybrid projects, we are positioning ourselves to drive sustainable growth while contributing significantly to India's renewable energy capacity.

Wind energy at its peak, with 8 more years of growth: Suzlon Group CEO

Chalasani speaks about the prospects of the Indian wind energy sector, opportunities in defence and railways, and Suzlon's strategies to maintain its leadership

India's renewable energy capacity to touch 250 GW mark by March 2026: Icra

Domestic renewable energy capacity is expected to reach the 250 GW level by March 2026, Icra said on Tuesday. The capacity addition will be driven by the large project pipeline of over 80 GW, following the significant improvement in tendering activity in FY2024, the rating agency said. In a note, Icra said it expects the installed renewable energy capacity, including large hydro projects, in India to increase to about 250 GW by March 2026 from the level of 201 GW as of September 2024. "We expect the rooftop solar segment and the commercial & industrial (C&I) segments to contribute significantly to the capacity addition. Nevertheless, challenges remain on the execution front with respect to delays in land acquisition and transmission connectivity, which, if sustained, could hamper the sector's prospects," Girishkumar Kadam, Senior Vice President & Co-Group Head - Corporate Ratings at Icra, said. ICRA expects the energy storage capacity requirement at 50 GW by 2030, which ...

Developing nations need $1 trn a year by 2030: Climate finance group

Negotiators at the UN climate conference in Azerbaijan should focus on mobilising USD 1 trillion per year by 2030 to help developing countries cope with the warming world, a new report the Independent High-Level Expert Group on Climate Finance said on Thursday. This money, according to the group of international climate finance experts, is needed from public and private sources. As countries negotiate at COP29 a new climate finance package to support developing countries beyond 2025, the report cautions against the risks of delayed action. Any shortfall in investment before 2030 will place added pressure on the years that follow, creating a steeper and potentially more costly path to climate stability," Failing to invest sufficiently now, it warns, "Means we will need to mobilise even larger sums in shorter time frames to catch up on critical targets." The report said global climate action requires USD 6.36.7 trillion annually by 2030, with USD 2.4 trillion per year needed ...