Page 3 - Renewable Energy Sector

India adds record 18 GW renewable energy capacity in FY24, shows data

India has added a record renewable energy capacity of 18.48 GW in 2023-24, which is over 21 per cent higher than 15.27 GW a year ago, according to the latest data of the Ministry of New & Renewable Energy. However, industry experts said there is a need to add at least 50 GW of renewable energy capacity annually for the next six years to meet the ambitious target of 500 GW of renewables by 2030. According to the data, India's installed renewable energy capacity is 143.64 GW as of March 31, 2024, excluding 47 GW of large hydropower capacity (each plant is more than 25 GW or above). They pointed out that renewable energy capacity stood at around 190 GW, including large hydro projects, and therefore, India needs to add 310 GW in the next six years or at an average of 50 GW per annum. Union Power and Renewable Energy Minister RK Singh, in a recent interview with PTI, said, "You see, my installed capacity of RE is about 190 GW, I have 103 GW under construction, that makes it 290 GW. I ..

India added 21 GW solar modules, 3 GW cell manufacturing capacity in 2023

India installed 20.8 GW of solar modules and 3.2 GW of cell manufacturing capacity in 2023, according to Mercom Capital. The country's cumulative solar module manufacturing capacity reached 64.5 GW, and solar cell manufacturing capacity 5.8 GW as of December 2023, the US-based research firm said in its latest report, State of Solar PV Manufacturing. "About 60 per cent of the installed module manufacturing capacity was equipped to manufacture solar modules in M10 and G12 wafer sizes," the report said. Monocrystalline modules accounted for 67.5 per cent of the country's module production capacity, followed by polycrystalline, tunnel oxide passivated contact (TOPCon), and thin film modules, Mercom said. Module manufacturing capacity is projected to surpass 150 GW, and cell capacity is expected to reach over 75 GW by 2026, it said. "As Indian manufacturers continue to invest in expanding their solar panel production capacities, they need to carefully navigate through the complexities

GAIL plans to commission its first green hydrogen project in April

"Once the initial hiccups are sorted at the commissioning stage, we expect to start producing in a month's time," one of the sources said

Govt devising policies to boost green hydrogen for round-the-clock RE

India is the third largest consumer of energy, oil and LPG. India's demand for energy is expected to double by 2045

WEF: Green hydrogen to lead towards zero carbon future, says Gautam Adani

Writing in a blog post on the World Economic Forum site, Adani said for India, the equitable solution is not to replace one fossil fuel with another but to leapfrog to renewables and green hydrogen

Torrent Power to invest Rs 47,000 cr in renewable energy in Gujarat

Torrent Power has inked four initial pacts with the Gujarat government to invest Rs 47,350 crore in renewable energy, green hydrogen and electricity distribution. Torrent Power Ltd, the integrated power utility of the diversified Torrent Group, has signed four non-binding Memorandum of Understanding (MoUs) with the government of Gujarat under the 10th edition of Vibrant Gujarat Global Summit, according to a company statement issued late in the evening on Wednesday. The MoUs were signed between Torrent Power and Gujarat Energy Development Agency (GEDA) in Gandhinagar. Through the four MoUs, Torrent Power has proposed total investments of Rs 47,350 crores (approx USD 5.70 billion), it stated. The proposed investments are planned to be made in the areas of renewable energy, green hydrogen and power distribution and are expected to contribute significantly towards the development of the state and creation of large-scale employment opportunities. "Torrent Power intends to make a ...

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

Hinduja Renewables bags 140-MW solar project from Gujarat Urja Vikas Nigam

Hinduja Renewables on Wednesday announced that it bagged a 140-MW solar power project from Gujarat Urja Vikas Nigam (GUVNL). The contract is part of the Solar Tender Phase -XXII issued by GUVNL for selection of solar power developers for setting up 500 MW Solar Power Projects anywhere in India, a company statement said. According to the statement, the Hinduja Renewables was one of the four winning developers under this tender which saw participation from leading independent power producers. Hinduja Renewables has won a bid to set up 140-MW solar power capacity in a tender issued by GUVNL at a tariff rate of Rs 2.64/kWh, it stated. This has a potential to increase to 280 MW as GUVNL may allow an additional capacity of 140 MW by exercising the green shoe option. Sumit Pandey, CEO of Hinduja Renewables, said in the statement, "This is a welcome addition to the recent tenders we have won this year across different central and state tenders such as NHPC and GUVNL. With this achievement

Suzlon bags two wind energy orders from Mahindra Susten, nordic energy firm

Renewables solutions provider Suzlon has bagged two separate wind energy orders of 100.8 MW each from Mahindra Susten and an Indian arm of a leading nordic energy company. Suzlon will install 48 units of their S120 140m wind turbine generators (WTGs) with a Hybrid Lattice tubular (HLT) tower and a rated capacity of 2.1 MW each in Maharashtra for Mahindra Susten Pvt Ltd, the clean-teach arm of the Mahindra Group, a company statement said. "We are delighted to partner with Mahindra Susten, for their first wind energy project. Indian conglomerates like the Mahindra Group are setting examples for corporate India towards embracing renewable energy and meeting India's national sustainability goals," said Girish Tanti, Vice Chairman, Suzlon Group said. According to a statement, Suzlon will execute the project with a full scope of supply, installation, and commissioning. Additionally, Suzlon will also undertake post-commissioning operation and maintenance services. Electricity generated f

Apraava Energy secures 300 MW wind energy project in Karnataka's Aski

Integrated energy solutions provider Apraava Energy on Wednesday announced that it has secured a 300 MW wind energy project in Aski, Karnataka. The project is part of the 1,200 MW auction capacity of Inter-State Transmission System (ISTS)-connected wind power projects (Tranche-XIV) from the Solar Energy Corporation of India (SECI), the company said. The construction of the project will be completed within the stipulated timelines as per Power Purchase Agreement (PPA), which is for a period of 25 years at a competitive tariff of Rs 3.24/kWh, it said in a release. As part of the agreement, Apraava Energy will be responsible for acquiring the land, developing the wind farm, and establishing the grid infrastructure up to the metering point at the ISTS grid substation. The company's current RE portfolio (Solar and Wind) stands at 1,176 MW, with projects spread across the states of Rajasthan, Gujarat, Maharashtra, Madhya Pradesh, Tamil Nadu, Telangana and Karnataka, it said. "This is ou

Inox Wind, JSW Energy: Power stks soar over 100% in 2 months; time to sell?

Chart suggests that shares related to green and renewable energy may display mixed trend in early 2024, given the sharp rally seen in the last two months.

State-owned SJVN to develop 100 MW solar project worth Rs 550 crore

State-owned SJVN has bagged a 100 MW solar project worth Rs 550 crore under e-Reverse auction conducted by Gujarat Urja Vikas Nigam. This ground mounted solar project shall be developed by the SJVN through its wholly-owned subsidiary, SJVN Green Energy Ltd (SGEL), at a tentative cost of Rs 550 crore, a company statement said. According to the statement, SJVN successfully bagged the quoted capacity of 100 MW Solar Project at the rate of Rs 2.63/Unit on Build Own and Operate basis through a tariff-based competitive bidding process of GUVNL. The project is expected to be commissioned within 18 Months from the date of signing of the Power Purchase Agreement (PPA). The PPA shall be signed between SGEL & GUVNL for 25 years. The project is expected to generate about 252 million units in its first year of commissioning and the cumulative energy generation over a period of 25 years would be about 5,866 million units, it stated. Further, the commissioning of this solar project is ...

Renewable energy investments in India to jump 83% to $16.5 bn in 2024

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 ..

Adani family plans $1 bn investment in conglomerate's green energy unit

Billionaire Gautam Adani and his family plan to inject $1 billion into the conglomerate's renewable energy unit, people familiar with the matter said, as the group races to reach ambitious green goals

Transition away from coal not happening in foreseeable future: Govt

The transition away from coal is not happening in India in the foreseeable future, Parliament was informed on Monday. Although India is pushing for renewable, non-fossil-based energy, but the share of coal in the energy basket is going to remain significant in the years ahead to ensure affordable energy availability, coal and mines minister Pralhad Joshi said. "In India, the transition away from coal or Just Transition is not happening in the foreseeable future," the minister said. Replying to a query in the Rajya Sabha, the minister said although, in due course, some mines may close down due to exhaustion of reserves, at the same time, many new coal blocks are being operationalised to meet the growing energy demand. "These mines are not only ensuring affordability and energy security of the nation but also providing new additional opportunities for new employment and redeployment of workers in new mines from the to-be-closed mines to ensure better livelihood and also generate ...

IREDA floats retail division for business to customers loans at COP28 event

State-owned Indian Renewable Energy Development Agency has floated a retail division for providing loans under PM-KUSUM scheme, Rooftop Solar, and other Business-to-Consumer (B2C) sectors. IREDA Chairman & Managing Director Pradip Kumar Das announced the launch of the retail division while he was speaking during the Leaders' Dialogue on 'Actioning Solutions for Global Sustainable Development and Governance of Resources' on December 7, 2023, organized by CEEW & CII as part of COP28 in Dubai, IREDA said in a statement. Shortly after opening, IREDA's retail division quickly sanctioned its first loan amounting to Rs 58 crores under KUSUM-B, it said. Das also proposed a significant stride towards sustainable investing by suggesting a 1 to 2 per cent Assets Under Management (AUM) allocation for domestic pension and insurance funds into Renewable Energy (RE) bonds. This strategic move aims to deepen bond markets, fostering increased global and local investments.

IREDA soars 14% on heavy volumes; stock zooms 129% against issue price

The stock made its debut on November 29. During the past three decades, IREDA has been supporting all forms of RE -- solar, wind, hydro -- and even newer technologies.

Renewable energy capacity to reach 170 GW by March 2025: ICRA analyst

India will add another 38 gigawatt (GW) of renewable energy capacity by March 2025 to touch 170 GW-mark, aided by moderation in solar module prices, an Icra analyst said on Thursday. The country's installed renewable energy capacity was at 130 GW as of October 2023, Vikram V, Vice President & Sector Head - Corporate Ratings, Icra, said in a webinar. Indian Renewable Energy (RE) capacity is expected to reach 170 GW by March 2025, led by strong policy support and moderation in solar module prices, he said. The capacity addition thereafter is likely to be supported by the significant improvement in tendering activity in the current fiscal with over 16 GW projects bid out so far and another 17 GW bids underway by the central nodal agencies, Vikram said. The share of RE-based round-the-clock (RTC) projects is expected to rise in upcoming tenders to mitigate the intermittency risk associated with renewables. This is in line with the 50 GW annual bidding trajectory announced by the ...

COP28: India skips pledge to triple global renewable energy target by 2030

India and China both on Saturday refrained from signing the pledge at the COP28 climate summit to triple the world's renewable energy capacity by 2030 even though New Delhi already committed to it as part of its G20 presidency. During the UN's climate talks here, 118 countries committed to tripling the global renewable energy capacity by 2030 in a highly endorsed initiative. This ambitious goal aims to reduce the reliance on fossil fuels in the world's overall energy production. The countries which backed the pledge included Japan, Australia, Canada, Chile, Brazil, Nigeria, and Barbados. Although China and India have expressed endorsement for the threefold increase in renewable energy by 2030, neither of them formally supported the comprehensive pledge on Saturday. This commitment involves scaling up clean power alongside a decrease in the utilisation of fossil fuels. The pledge called for phase down of unabated coal power and putting an end to the financing of new coal-fired pow

Sterlite Power wins 8 GW green energy transmission project in Rajasthan

Sterlite Power on Thursday said it has bagged a transmission project, which will aid evacuation of 8 GW renewable energy to Rajasthan, Haryana and Uttar Pradesh. The company has secured the order for Rajasthan REZ Ph-IV (Part-1-Bikaner Complex): Part-B Transmission project, a company statement said. "Transmission today underpins India's energy transition success. We are happy to win this critical project that will allow around 8000 MW of renewable energy to flow from RE (renewable energy) rich Bikaner to load centres in Rajasthan, Haryana and Uttar Pradesh," said Pratik Agarwal, Managing Director, Sterlite Power. With this order win, Sterlite Power has secured its third Green Energy Corridor (GEC) project in Rajasthan. Sterlite Power will be building this project on a BOOT (Build, Own, Operate, Transfer) basis, for a period of 35 years. The project was bid out through tariff-based competitive bidding (TBCB) process. Sterlite Power is a private sector power transmission infrastruct