Adani Green Energy Limited (AGEL) announced to provide funding of $1.36 billion to boost its construction financing framework to $ 3 billion backed by a consortium of renowned international banks. The green loan facility will help enable the development of AGEL, the world’s largest renewable energy park, at Khavda in Gujarat. The company, in a […]
Category: Power
Power
Uttar Pradesh discoms estimate energy procurement of Rs 85,000 crore
The Uttar Pradesh power distribution companies (discoms) have pegged energy procurement costs at almost Rs 85,000 crore in next financial year 2024-25. In their filings with the UP Electricity Regulatory Commission (UPERC), the power utilities claimed that the state would require about 145 billion units of power in the next financial year with the cost […]
US sets limits on sourcing material from China to receive EV tax credits
By Joe Deaux, Gabrielle Coppola and Ari Natter The Biden administration released long-awaited rules designed to block electric-vehicle manufacturers from sourcing battery materials from China and other foreign adversaries, while giving automakers some flexibility to comply with the new mandates. The guidelines, which were required as part of a deal to extend the $7,500 tax […]
Indian Oil opens its first EV battery swapping station in Kolkata
Indian Oil Corporation (IOC) on Monday opened its first battery-swapping station in Kolkata for electric vehicles (EV). The oil marketing PSU opened the facility at its retail outlet in New Town on the eastern outskirts of the city in collaboration with Sun Mobility, the company said in a statement, adding that this marks a significant […]
Adani group adds Rs 73,000 crore in mcap as investors lap up shares
The market capitalisation of Adani Group companies rose by nearly Rs 73,000 crore on Monday as investors lapped up shares of the power-to-port conglomerate after BJP’s electoral wins in three states, spurring hopes of regime continuity at the Centre. The Gautam Adani group’s market map once again neared the Rs 12-trillion mark, following sharp gains […]
India joins Battery Energy Storage Systems Consortium for RE integration
India on Monday became a member of the Battery Energy Storage Systems (BESS) Consortium, an initiative led by The Global Leadership Council (GLC) of the Global Energy Alliance for People and Planet (GEAPP). As part of this collaborative effort, India stands among the pioneering nations committed to securing 5 Gw of BESS commitments by the […]
L&T surges 5% to hit fresh high; surpasses its buyback price of Rs 3,200
Shares of Larsen & Toubro (L&T) surged 5 per cent to hit a new high of Rs 3,347.25 on the BSE in Monday’s intra-day trade amid heavy volumes led by a strong business outlook. The stock of engineering, procurement and construction (EPC) major topped its share buyback price of Rs 3,200 per share today. L&T […]
Climate finance in the spotlight at COP28 climate talks to bridge gaps
Money pledges stacked up at COP28 in Dubai on Monday as delegates sought to address the huge gap between what is needed in climate finance and the amounts so far on offer. The United Arab Emirates, the host of this year’s conference, pledged to mobilise $270 billion in green finance by 2030 through its banks, […]
Brookfield’s $12.8 billion Origin Energy bid rejected by investors
By Harry Brumpton and David Stringer Origin Energy Ltd. rejected a A$19.1 billion ($12.8 billion) Brookfield Asset Management Ltd.-led takeover, after the fund’s yearlong pursuit of a utility that’s vital to Australia’s energy transition. About 69% of ballots cast by investors were in support of the deal, below the required threshold of three-quarters of the […]
As India’s garbage pile climbs, waste-to-energy may offer the solution
An hour drive away from Delhi, past the capital’s towering landfills, a small incinerator is working to help reverse India’s chronic waste crisis. The JBM Enviro waste-to-energy facility runs like a coal-fired power plant — it uses heat from burning feedstock to turn water into steam that powers a turbine. The electricity generated through the […]
ReNew inks initial pact with Asian Development Bank for $5.3 bn funding
Renewable energy firm ReNew Energy Global Plc has inked an initial pact with the Asian Development Bank (ADB) for a funding of USD 5.3 billion. “The MoU was signed at COP28, Dubai by ReNew’s Founder, Chairman and CEO, Sumant Sinha and Suzanne Gaboury, Director General, Private Sector Operations Department, ADB,” a company statement said. According […]
COP28: Adani Green Energy to invest $22 billion toward India’s 2030 goal
By Rajesh Kumar Singh Adani Green Energy Ltd., India’s largest renewable power producer, will invest an additional $22 billion to expand capacity by more than five times by 2030, counting on the country’s steadily growing electricity demand. Focusing on the Indian market before exploring foreign expansion is both in the “national interest and economic interest” […]