Page 5 - Renewable Enrgy

Sterling and Wilson Renewable Energy loss narrows to Rs 95 cr in June qtr

Total expenses of the company came down to Rs 617.68 crore during the quarter from Rs 1,568.92 crore a year ago

Group backed by Vikram Solar to invest $1.5 bn in new US factories

The announcement is the latest by an overseas manufacturer seeking to capitalize on incentives in President Joe Biden's landmark climate change law, the Inflation Reduction Act (IRA)

Rs 64,000-crore renewable energy transmission projects on the anvil

The last largest tranche of power transmission projects offered to the private sector was in 2015 when eight projects totalling Rs 50,000 were tendered

NTPC in a sweet spot; likely to be poised for leadership in renewables

Improving power demand, new capacity additions, high visibility over coal supply and electricity pricing, and attractive dividend yield augur well

Suzlon Energy soars 18% to hit over 5-year high amid heavy volumes

A combined 1,121 million shares, which represented 11.1 per cent total equity of Suzlon Energy changed hands on the NSE and BSE

Suzlon posts Rs 320 cr net Q4 profit, total income falls to Rs 1,699 cr

Renewable energy solution provider Suzlon on Tuesday posted a consolidated net profit of Rs 319.99 crore for the March 2023 quarter, mainly due to lower expenses. The company reported a consolidated net loss of Rs 205.52 crore in the quarter ended on March 31, 2022, a BSE filing showed. Its total income from operation dipped to Rs 1,699.96 crore in the quarter from Rs 2,478.73 crore a year ago. The total expenses of the company also declined to Rs 1,628.39 crore in the quarter from Rs 2,511.70 crore. It has also posted a consolidated net profit of Rs 2,887.29 crore for the full fiscal 2022-23. It had reported a net loss of Rs 176.55 crore in 2021-22. The company's total income in the fiscal also dipped to Rs 5,990.16 crore from Rs 6,603.97 crore in 2021-22. Girish Tanti, Vice Chairman, Suzlon Group, said, "As evident from these results, we have closed FY23 with a strong financial performance and the successful launch of our powerful 3 MW technology platform". JP Chalasani, Chief

Solar capacity installations down by 48% during Jan-Mar: Marcom report

Declining installation and project delays impact India's solar industry growth, according to the 'Q1 2023 India Solar Market Update' report by Mercom India

Govt crackdown soon on developers of delayed power projects: RK Singh

The government will crackdown on developers of power projects, who miss the scheduled commercial date of operation or deadline to complete the project, Power and New & Renewable Energy Minister RK Singh said on Thursday. Addressing a CII conference, Singh said the electricity generation capacity addition is a big challenge, as people are sitting on several projects won under the bidding process. Singh said that all these projects (power) are won under the bidding process and if they miss the SCOD (scheduled commercial date of operation or deadline to complete the project), then the developer will be banned from participating in project bidding for one year. On the second such incident, the developer will be banned for five years, Singh said, adding that he is going to put this (rule) in (policy). Power project developers are waiting for demand to grow but this will not happen, he said. Singh also said that until battery energy storage becomes viable, India would have to add ...

NTPC Green Energy ties up with HPCL Mittal Energy for green hydrogen

State-owned power giant NTPC's arm NTPC Green Energy Ltd and HPCL Mittal Energy Ltd have signed a pact to collaborate in renewable energy and generation of green hydrogen. The two companies envisage to collaborate in the field of Renewable Energy (RE) through sourcing of 250 MW RE-RTC (Round-The-Clock) power to meet the requirement of HPCL Mittal Energy Ltd, and also exploring opportunities in the green hydrogen business & its derivatives (Green Ammonia & Green Methanol). "In order to realise green energy and green hydrogen objectives and the Government of India's efforts towards energy transition, a Memorandum of Understanding (MoU) signed between NTPC Green Energy Ltd (NGEL) and HPCL Mittal Energy Ltd (HMEL) on 19th May 2023," NTPC said in a statement on Friday. The MoU was signed by V V Sivakumar, General Manager at NGEL, and Girish Ghildiyal, General Manager at HMEL. NTPC is India's largest power utility firm, having a core business of power generation with a total ...

Amp Energy wins CESC's 150 MW 'Wind-Solar Hybrid' auction at Rs 3.07/unit

The company said, the contracted capacity of the project will be 150MW and would require a 250 MW of wind and solar capacity installation

Green energy firm Serentica Renewables secures $250 million from KKR

Sterlite Power-backed firm to look at data centres, pharma cos, export industries for growth

RE players discuss ways to strengthen supply chain network: Mercom India

Over 300 experts from the power and renewable energy industry will gather in the national capital to explore business opportunities and measures to boost supply chain systems in the sector at a two-day summit beginning Wednesday. The participants will also discuss ways to reduce their energy costs amid the government's push towards use of renewable energy, Mercom India said in a statement. The discussions will be part of the annual 'Mercom India Renewables Summit 2023' which begins on April 26, 2020. "Over 300 players have confirmed their participation. The players will explore growth opportunities as India moves towards clean sources, strengthening local supply chains system, reducing input cost," Mercom India's Managing Director Priyadarshini Sanjay said in the statement. The event will also see participation from overseas players who are keen to explore the domestic solar and power industry to expand their presence, she said. The experts will discuss the changing landscape of .

Sterling and Wilson Renewable Energy loss widens to Rs 421 cr in March qtr

Sterling and Wilson Renewable Energy on Thursday reported a widening of its consolidated net loss to Rs 421 crore in the March quarter, mainly due to lower revenues. The consolidated net loss of the company was Rs 127 crore in the quarter ended on March 31, 2022, according to a regulatory filing. The revenue from operation slumped to Rs 88 crore during the quarter under review from Rs 1,071 crore a year ago. The consolidated net loss in 2022-23 also rose to Rs 1,175 crore from a loss of Rs 916 in the previous fiscal year. The company explained that the revenue was impacted during the (March) quarter due to a cost increase on account of certain cost provisions made, which impacted the percentage-of-completion and led to a revenue reversal in ongoing EPC (engineering procurement construction) projects. For FY23, it stated that the revenue has decreased by 59.5 per cent YoY (year on year) due to lower contribution from ongoing EPC projects, where O&M constituted an 8.9 per cent of ..

Serentica Renewables announces appointment of Akshay Hiranandani as CEO

Serentica Renewables on Wednesday announced the appointment of Akshay Hiranandani as the Chief Executive Officer (CEO) of the company. In this role, he will work closely with Pratik Agarwal, Director, Serentica Renewables, the company said in a statement. Hiranandani served as the Corporate Finance lead for Serentica from 2021 to 2023. Agarwal said, "We are confident that he (Hiranandani) will steer Serentica towards its mission of reversing climate change by enabling large scale industrial decarbonisation." Hiranandani said the renewable energy industry is at an inflection point where customers' expectation is to receive stable green power which can be met only with technological and design innovations. Serentica is committed to delivering round-the-clock renewable power to aid decarbonisation of high carbon emitting industries. Serentica Renewables (India) is jointly held by Greenlake Asia Holdings II PTE Limited (KKR) and Twinstar Overseas Limited (TSOL) which owns controlling

G7 nations to reduce global GHG emissions by 43% by 2030, 60% by 2035

G7 countries commit to "fully" or "predominantly" decarbonise their power grids no later than 2035 and accelerate the phase-out of domestic unabated coal power

To reduce carbon footprint, Apple commits to 100% recycled cobalt by 2030

Tech companies around the world are facing criticism for their alleged complicity in the tragic deaths of children who are forced to work in cobalt mines located in Democratic Republic of Congo

To boost production, govt may provide Rs 50/kg support for green hydrogen

The government plans to provide Rs 50 per kg of hydrogen in the first year and the support will be brought down to Rs 30 per kg of production in the third year

Inox Air ropes in TP Saurya Bandita to set up 40 MW captive solar plant

INOX Air Products on Tuesday said it has signed an agreement with TP Saurya Bandita Ltd to set up a 40 MW captive solar plant at Dhule in Maharashtra. TP Saurya Bandita is a special-purpose vehicle of Tata Power Renewable Energy Ltd (TPREL). In a statement, INOX Air Products (INOXAP) said, "The power project with a capacity of 40MWp, would cater to the energy needs of the air separation units operated by INOXAP in Maharashtra." Once commissioned, the plant will help INOXAP reduce 48,000 tonnes carbon emissions on an annual basis. This project is in line with INOXP's long-term strategy to reduce dependency on fossil fuels, lower the carbon footprint to manufacture green medical and industrial gases, it said. INOXP did not disclose the order value. According to industry estimates, an investment of about Rs 5 crore is required to set up 1 MW of solar capacity.

Waaree Renewable Technologies bags 1 MW green hydrogen project in Maha

Waaree Renewable Technologies has bagged a one MW green hydrogen project in Maharashtra on a build-own-operate basis from Mahatma Phule Renewable Energy & Infrastructure Technology Ltd. "The company has received Letter of Intent (LOI) dated March 31, 2023, for executing a 1 MW Green Hydrogen project in Maharashtra on a Built-Own-Operate basis," a BSE filing stated. The project will be executed within 12 months. It is awarded by Mahatma Phule Renewable Energy & Infrastructure Technology Ltd, it showed.

JSW Energy acquires 1,753 MW green assets of MEIPL for over Rs 10,000 crore

JSW Energy on Wednesday said it has completed the acquisition of 1,753 MW of renewable energy assets from Mytrah Energy (India) Private Limited (MEIPL) for over Rs 10,000 crore. "The transaction values the Mytrah Energy portfolio at an enterprise valuation of approximately Rs 10,150 crore after adjusting for net current assets and other adjustments under the share purchase agreements," JSW Energy said in a statement. JSW Neo Energy Limited (JSW Neo), a wholly-owned subsidiary of JSW Energy Limited, in a two-step process has completed the acquisition of 1,753 MW of renewable energy assets from Mytrah Energy, it added. The portfolio comprises 1,331 MW of wind capacity and 422 MW (487 MWp DC) of solar capacity operating primarily in the southern, western and central parts of India. The assets have a proven operational track record and long-term PPA with an average remaining life of 17 years. This is the largest acquisition made by JSW Energy since inception and will leapfrog the curr