AMPIN Energy Transition Secures $35 Million Investment From responsAbility For Renewable Projects In India
AMPIN Energy Transition has secured a significant investment from responsAbility, a Swiss-based impact asset manager. The investment is part of responsAbility’s comprehensive USD 500 million climate investment strategy aimed at reducing CO2 emissions in Asia. responsAbility plans to invest up to USD 35 million in AMPIN to enhance its renewable energy initiatives across India. The funds from this investment will support a range of projects under AMPIN’s Special Purpose Vehicles (SPVs), particularly in the commercial and industrial solar sectors.
Avaada Energy Secures ₹1,190 Crore Financing For 400 MW Solar Project In Gujarat
Avaada Energy, the renewable energy arm of the Avaada Group, has announced the securing of a green financing deal worth approximately ₹1,190 crore (around USD 143 million) from the State Bank of India (SBI), India’s largest public sector lender. This financing will facilitate the development of a 400 MWp solar photovoltaic power project in Gujarat’s Surendra Nagar district.
Juniper Green Energy Inks PPA To Set Up 1 GW RE Capacity
Juniper Green Energy is excited to announce a landmark Power Purchase Agreement (PPA) with SJVN, securing a 320 MW firm and dispatchable renewable energy contract. This agreement sets the stage for the development of approximately 1 GW of capacity across two states Gujarat and Rajasthan. This 25year PPA, secured at a tariff of ₹4.38 with state utility SJVN reinforces our commitment to sustainable energy and our strategic goals for growth.
Jharkhand State Electricity Regulatory Commission Introduces Draft Framework For Resource Adequacy Regulations, 2024
The Jharkhand State Electricity Regulatory Commission has introduced new draft regulations to ensure sufficient resources for electricity generation and transmission, enhancing planning for reliable and compliant electricity supply. These regulations establish a framework for resource adequacy, covering demand forecasting, generation planning, procurement, and compliance. Distribution licensees must develop Medium-Term and Short-Term Distribution Resource Adequacy Plans (MT-DRAP and ST-DRAP) based on comprehensive data and models. The regulations emphasize accurate demand forecasting using advanced tools and collaborative efforts among stakeholders to improve the reliability and efficiency of electricity supply.
Tata Power Achieves Record ₹4,280 Crore PAT In FY24, Boosts Revenue To ₹61,542 Crore With Over 10 GW In Renewables
Tata Power, a leading integrated power company in India, announced a record profit after tax (PAT) of ₹4,280 crore for the fiscal year ending March 31, 2024. This marks the company’s highest PAT to date and the 18th consecutive quarter of growth, with a Q4FY24 PAT of ₹1,109 crore. The company’s market capitalization has also reached a new high of over ₹1.4 lakh crore. For FY24, Tata Power reported its highest-ever revenue of ₹61,542 crore and EBITDA of ₹12,701 crore.
Waaree Energies Limited And Ecofy Empower Indian Homeowners with Affordable Rooftop Solar Solutions and Hassle-Free Financing
Waaree Energies Limited, India’s largest manufacturer of solar PV modules with the largest aggregate installed capacity of 12 GW, as of June 30, 2023, has established a collaboration with Ecofy, an NBFC backed by Eversource Capital, committed to providing green finance for climate-positive initiatives. Ecofy is committing ₹100 crores to the partnership, showcasing confidence in Waaree’s capabilities and the renewable energy sector’s growth potential.
Himachal Pradesh Approves 5.0 MW Solar Power Project, Sets Tariff For Rural Energy Development
The Himachal Pradesh Electricity Regulatory Commission approved a joint petition by HPSEBL and M/s Sunrise Solar Power Project for a new 5.0 MW solar project in Badehar, Hamirpur. The project, scheduled for completion by March 2025, will connect to the Naltu 33 kV substation. A fixed tariff of ₹3.62 per kWh is set for rural solar projects of this size, subject to adjustment based on government subsidies. HPSEBL will purchase the energy until March 2030, supporting sustainable energy development in less urban areas.
Sri Lanka Partners With Adani Green Energy For $442 Million Renewable Power Project
Sri Lanka has entered into a 20-year agreement with Adani Green Energy Ltd, a subsidiary of the Adani Group led by billionaire Gautam Adani, to build two wind power facilities in the country’s Northern province. The deal, aimed at bolstering the nation’s renewable energy capabilities, involves the construction of wind power stations in Mannar town and Pooneryn village, with a total expected capacity of 484 megawatts. The project, approved last February, represents a significant investment of $442 million by Adani Green.
Rajasthan Urja Vikas And IT Service Ltd Initiates Competitive Bidding For 3,200 MW Thermal And 8,000 MW Solar Power Procurement
Rajasthan Urja Vikas and IT Service Limited (RUVITL) aims to procure 3200 MW of thermal power and 8000 MW of solar power through Tariff-based Competitive Bidding. Bids must be submitted by June 24, 2024, with the bid opening on the same day. RUVITL will engage in Power Purchase Agreements (PPAs) for 25 years with selected solar developers in Rajasthan. Bidders must offer both capacities entirely to qualify, and only approved bidders for both thermal and solar bids can participate in the financial bid for solar procurement.
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