Page 4 - Solar Power

Stock of this smallcap power generation company has zoomed 123% in 3 months

Shares of KPI Green Energy were locked in the 10-per cent upper circuit at Rs 1,823.80, hitting a new high on the BSE in Wednesday's intraday trade

Goldman, JPMorgan Weigh in as ESG funds suffer loss of over $5 bn

Against a backdrop of attacks by the Republican Party and lackluster returns, ESG funds in the US bled more than a net $5 billion in the final three months of 2023

REC to collaborate with NIIFL for financing renewable, infra projects

State-owned REC has inked an initial pact with the National Investment and Infrastructure Fund Ltd for collaborating to finance renewable and large scale infrastructure projects in the country. Both entities have signed a Memorandum of Understanding (MoU) in this regard, according to a statement on Thursday. "The collaboration with REC aligns perfectly with NIIFL's broader strategy to enhance financing and attract private capital into the infrastructure sector. Through this partnership, we aim to develop innovative financial solutions supporting major infrastructure," Prasad Gadkari, Executive Director & Chief Strategy Officer at NIIFL, said.

SJVN bags solar project worth Rs 550 cr from Gujarat Urja Vikas Nigam

State-owned SJVN Ltd on Thursday said it has bagged a 100 MW solar project under an e-reverse auction conducted by Gujarat Urja Vikas Nigam Ltd (GUVNL). SJVN bagged the 100 MW solar project at the rate of Rs 2.54/unit on a build-own and operate basis through a tariff-based competitive bidding process of GUVNL Phase XXI, a company statement said. According to the statement, SJVN has secured the full quoted capacity of a 100 MW solar power project through e-Reverse Auction conducted by GUVNL. This ground-mounted solar project will be developed by SJVN through its wholly-owned subsidiary SJVN Green Energy Limited (SGEL) at a tentative cost of Rs 550 crore. The project will be executed by SGEL in Solar Park being developed by Gujarat Industrial Power Corporation Limited in Khavda, Gujarat, through an EPC contract. The power purchase agreement will be executed after the issuance of the Letter of Award from GUVNL. The project is expected to generate about 252 million units in its first

Hero Future Energies inks tolling agreement with Pixon Green Energy

Hero Group's renewable energy arm Hero Future Energies on Thursday said it has inked a tolling agreement with PIXON Green Energy for supply of solar modules. Under the agreement, PIXON Green Energy will provide Hero Future Energies with high-efficiency modules for up to 500 MW annually on a prioritised basis for a period of two years from their fully automated Ecoprogetti line based in Rajkot, Gujarat, a company statement said. Both parties will also be involved in the procurement of strategic components for module manufacturing. According to the statement, Hero Future Energies has announced the signing of a strategic tolling agreement with PIXON Green Energy, a leading domestic module manufacturer, for supply of solar PV modules. "Global supply chains have been subject to disruption recently. Entering into a strategic partnership will allow us to control our costs better and have more visibility in our supply chain," Hero Future Energies Global CEO Srivatsan Iyer said in the ...

SAEL secures $1 billion capital to fund its renewable energy portfolio

Renewable energy firm SAEL on Tuesday said it has secured USD 1 billion funds from various financial institutions, including Norfund, DFC, ADB, and Tata Cleantech, to finance its renewable energy portfolio. The investment will be used to expand the company's solar and biomass projects, capitalising on the conducive market potential and government schemes in the renewable energy sector, a company statement said. According to the statement, SAEL -- an Indian renewable energy company specialising in solar and waste-to-energy projects -- announced forging of partnerships and securing financial closure for capital totalling up to USD 1 billion at an event in New Delhi. The event was attended by the Ambassador of Norway, Deputy Chief of Mission, United States, and other dignitaries. Norfund, DFC, ADB, Tata Cleantech were the major participants in the capital raise, besides other financial institutions. In addition to the USD 1 billion partnership announcement, the SAEL has plans to comp

REC Q3 profit up 13.5% at Rs 3,308 cr, income rises to Rs Rs 12,071 cr

State-owned REC Ltd on Tuesday posted about a 13.5 per cent rise in its consolidated net profit to Rs 3,308.42 crore for the December 2023 quarter, mainly on the back of higher revenues. Its consolidated net profit was Rs 2,915.33 crore in the quarter ended December 2022, a BSE filing showed. The total income rose to Rs 12,071.54 crore in the quarter from Rs 9,795.47 crore in the same period a year ago. The board, in its meeting on Tuesday, also approved the incorporation of a project-specific special purpose vehicle as a wholly-owned subsidiary of REC Power Development & Consultancy Limited (a wholly-owned subsidiary of REC Ltd) for the selection of a successful bidder as Transmission Service Provider (TSP) for Eastern Region Expansion Scheme- XXXIX project allocated by the Ministry of Power through tariff based competitive bidding process. Besides, it also approved the sale and transfer of the entire shareholding of six subsidiaries (power transmission projects), presently held

Waaree Renewable Technologies Q3 results: PAT more than doubles to Rs 64 cr

Waaree Renewable Technologies Ltd (WRTL) on Monday said its consolidated Profit After Tax (PAT) more than doubled to Rs 64.46 crore in the December quarter, aided by higher revenues. It had clocked a PAT of Rs 24.98 crore in the year-ago period, the company said in a statement. The company's total revenue in the third quarter of the ongoing fiscal rose to Rs 324.19 crore from Rs 73.88 crore. During the quarter, the company received 70 MW capacity ground mounted solar power project and its unexecuted order book stood at 749 MW as of December 31, Waaree Renewable Technologies Ltd, a subsidiary of the Waaree Group, said.

Reliance Industries sells REC Solar Norway to Elkem ASA for $22 million

Reliance Industries Ltd on Monday said it will sell REC Solar Norway AS to Oslo-listed Elkem ASA for around USD 22 million. REC Norway is a wholly-owned unit of REC Solar Holdings and is involved in the manufacturing of kerf-based polysilicon in the Scandinavian country. In October 2021, a unit of Reliance acquired Norway's solar panel manufacturer at an enterprise value of USD 771 million as the Indian oil-to-retail conglomerate sought to extend its dominance into alternative energy. "REC Solar Holdings AS, a step-down wholly-owned subsidiary of Reliance Industries Ltd (RIL), has informed that it has, on January 14, 2024, entered into a share purchase agreement with Elkem ASA for the sale of its 100 per cent equity stake in REC Solar Norway AS for an aggregate cash consideration of USD 22 million," RIL said in a stock exchange filing. Founded in 1904, Elkem ASA is a silicon-based material provider, and listed on the Oslo Stock Exchange. "REC Norway, a wholly-owned subsidiary of R

Pinewood Systems, Braithwaite partner to develop 500 MW solar project

Pinewood Systems on Wednesday announced that it has plans to develop a 500 MW solar power project in Maharashtra in partnership with state-owned Braithwaite & Co. While Pinewood Systems is an active investor in the renewable energy sector in India, Braithwaite & Co comes under Ministry of Railways. In a statement, Pinewood Systems said it has formed an executive team to develop the project. "We are dedicated to delivering a sustainable and impactful solution to meet the renewal energy demands of Maharashtra, in line with our commitment to clean and renewable energy sources," Pinewood Systems Chairman Satish Jha said. According to the statement, the primary objective is to adhere to the timeline set by Maharashtra State Electricity Distribution Company Ltd (MSEDCL).

ReNew inks pact to sell 300 MW solar project to IndiGrid for $199 mn

Decarbonisation solutions firm ReNew on Monday said it has inked an agreement to sell a 300 MW solar project to India Grid Trust for USD 199 million. The transaction is likely to close in accordance with PPA (power purchase agreement) conditions, a company statement said. Approximately USD 8 million is expected to be additionally received as an earn-out on account of change-in-law proceeds after the first payment is realised by RSUPL (ReNew Solar Urja Private Limited). According to the statement, ReNew has signed a share purchase agreement with India Grid Trust to sell a 300 MW solar project in Rajasthan ReNew Solar Urja Private Limited - for a total enterprise value of USD 199 million. The sale reaffirms strong investor interest in assets developed by ReNew and is aligned with the company's strategy to enhance shareholder value through capital recycling and investment into higher-return opportunities, it added. After the transfer of the outstanding debt to the buyer, the transac

1,900 govt buildings solarised in J&K; 20,000 more to be covered by Dec'25

Nearly 1,900 government buildings have been provided with rooftop solar power plants in Jammu and Kashmir, where 20,000 remaining buildings will be solarized by the end of 2025, an official said on Saturday. Commissioner Secretary, Science and Technology, Saurabh Bhagat said the government offices have 22,494 registrations to their names across the Union Territory with a sanctioned load of about 486 megawatt. Bhagat was briefing a meeting chaired by Chief Secretary Atal Dulloo here to assess the preparedness for saturation of rooftop solar power plants on all the government buildings by December, 2025 in accordance with the target fixed by Prime Minister Narendra Modi at the recently concluded Chief Secretaries Conference in New Delhi, an official spokesman said. The commissioner secretary said nearly 1,900 buildings have already been solarized either by Jammu and Kashmir Energy Development Agency (JAKEDA) or other departments with a cumulative capacity of 27.61 MW till now. He sai

SJVN Green Energy to supply 200 MW solar power to Uttarakhand Power Corp

SJVN Green Energy Ltd has signed a pact with Uttarakhand Power Corporation Ltd (UPCL) to supply 200 MW solar power from a 1,000 MW Bikaner project in Rajasthan. State-owned SJVN, through its wholly-owned subsidiary SJVN Green Energy Ltd (SGEL) has signed a Power Usage Agreement (PUA) with UPCL. The solar project is being developed by SJVN through SGEL in Rajasthan under CPSU (Central Public Sector Undertaking) scheme of IREDA (Indian Renewable Energy Development Agency), a statement said on Friday. The development cost of the project, which is under construction, is Rs 5,491 crore. It is being developed under the domestic content requirement mode and is scheduled to be commissioned by April 2024. The power generated from the project will be used by government entities, either directly or through discoms. President Droupadi Murmu laid the foundation stone for the Bikaner solar power project in January 2023. The project is expected to generate 2,455 million units in the first year

Torrent Power surges 13% on signing Rs 47,350 cr-projects with Gujarat govt

The MoUs entail setting 3,450 MW of solar power projects, 1,045 MW of hybrid power projects, associated infrastructure for 7,000 MW solar project, green hydrogen/green ammonia output facility

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

SBI to sign $165 million LoC with World Bank for rooftop solar projects

In September, SBI said that it plans to make home loans with rooftop solar installations mandatory for residential projects funded from the bank's long-term climate action funds

Rooftop solar installations rise 34.7% to 431 MW in Jul-Sep: Mercom

The rooftop solar installations in India registered a 34.7 per cent year-on-year jump to 431 MW during July-September 2023, aided by a fall in module prices, Mercom India said. The rooftop solar installations were at 320 megawatt (MW) during the three-month period of 2022, the research firm said in a report. The rooftop solar capacity addition was also higher at 1.3 gigawatt (GW) in the first nine months of 2023, compared to 1.2 GW in January-September 2022. India's cumulative rooftop solar capacity reached 10.1 gigawatts (GW) at the end of September 30, 2023, the 'Q3 2023 Mercom India Rooftop Solar Report' said. "We are starting to see a surge in momentum in rooftop installations. The significant drop in module prices has reached a turning point, sparking increased procurement activities that offer attractive returns for rooftop solar investments. We foresee two very robust quarters coming up," said Raj Prabhu, CEO of Mercom Capital Group. The majority of installations were in th

Goldi Solar offers rooftop installation to workers rescued in Uttarkashi

Gujarat-based Goldi Solar on Wednesday said it will install rooftop solar power system at the houses of the 41 workers rescued from the Silkyara tunnel collapse site in Uttarakhand. On Tuesday evening, rescue team pulled out all the 41 workers trapped in Uttarakhand's Silkyara tunnel in a multi-agency rescue operation that hovered between hope and despair for almost 17 days. "With the nation celebrating safe returns of our brave workers who were trapped in Uttarkashi, we will support the affected families and individuals. Goldi Solar will power the residence of all the 41 workers with rooftop solar installations," the company said in a statement. Goldi Solar Founder and MD Ishver Dholakiya said, this initiative is a step to empowering these families with access to sustainable energy and hope for a brighter future. Goldi Solar is committed to helping underprivileged communities and contributing to their well-being. The company will bear the cost of the initiative, he ...

Current solar cycle intensity's peak in 2024, may impact Earth's satellites

The current ongoing solar cycle is likely to peak its intensity in 2024 and can potentially impact Earth's space weather, according to researchers at the Indian Institute of Science Education and Research (IISER), Kolkata. It is known that roughly every 11 years, the intensity of solar activity reaches its peak, which manifests as violent disturbances in space weather such as solar magnetic storms or coronal mass ejections, impacting Earth's satellites and telecommunications. "During intense solar storms, the Earth's upper atmosphere expands outwards, thereby introducing friction on the low-Earth satellites. The friction can lead to a decay in the satellites' orbits and reduce their lifetime. Thus, they are able to live in space for a much shorter time than they were originally supposed to," Dibyendu Nandy, the study's corresponding author and Professor of Physics and Head, Center of Excellence in Space Sciences India, IISER, Kolkata, told PTI. The researchers also said that the mos

Asian economies must ramp up solar power to keep global warming under 1.5C

To meet the goal of limiting global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit), nine major Asian economies must increase the share of electricity they get from renewable energy from the current 6% to at least 50% by 2030, according to a report by a German thinktank released Wednesday. Nearly a third of that renewable energy should come from wind and solar power, said the report by researchers of Berlin-based Agora Energiewende. A fifth would be hydropower and other clean sources and the remainder, fossil fuels. The study analyzed energy plans of both developing nations like Indonesia and Vietnam where demand for energy is growing rapidly, and wealthier places like Japan and South Korea, which have among the highest burdens of per capita greenhouse gas emissions. It did not include China, the world's biggest emitter of carbon, or India, another major contributor. A global temperature increase of 1.5C (2.7F) since pre-industrial times is considered a critical climate ...