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Enfinity Global secures €190m financing for 157 MW solar projects in Italy

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Spanish renewable energy company Enfinity Global has secured €190 million in funding for the construction of 157 MW of utility-scale solar projects in Italy, located in the Lazio and Emilia Romagna regions, set to come online in 2025. The financing was arranged through a club deal structure with BayernLB, ING, and Rabobank serving as mandated lead arrangers. The package includes €127.4 million in non-recourse senior debt, €17.1 million for VAT financing, and €45.1 million in…

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Australia, South Korea sign MOU for critical mineral collaboration

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Western Australia (WA) and South Korea have signed a memorandum of understanding (MOU) to enhance cooperation in renewable energy and critical mineral supply chains. The MOU is building on a 2023 letter of intent aimed at fostering clean energy development and processing between the WA Government and Korea’s Ministry of Trade, Industry and Energy (MOTIE). WA’s rich reserves of critical minerals and potential for clean hydrogen and ammonia production were highlighted as key areas for…

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EDF receives ASN approval for first nuclear reaction at Flamanville 3 reactor

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France’s nuclear safety authority, Autorité de Sûreté Nucléaire (ASN), has granted EDF a critical divergence agreement for the Flamanville 3 reactor, allowing the initiation of its first nuclear reaction. Following the fuel loading in May 2024, this marks a significant milestone for the European Pressurised Reactor (EPR) teams. The divergence process will trigger a stable nuclear reaction at a very low power level, just 0.2% of the reactor’s capacity. Afterwards, a detailed testing phase will…

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BMW announces plans to produce its first hydrogen car by 2028

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German luxury automaker BMW has revealed plans to produce its first hydrogen-powered car by 2028. BMW is partnering with Toyota to create a new generation of fuel-cell powertrains, continuing a collaboration that previously resulted in the current-generation Toyota Supra. The partnership aims to overcome the challenges that have hindered the adoption of hydrogen technology, including high costs and limited infrastructure. BMW’s announcement comes with few specifics about the vehicle, but it is expected to be…

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Maharashtra secures Rs 1,200 billion investments

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The Maharashtra government has secured investments worth Rs 1,200 billion, reinforcing the state’s status as a leading industrial hub. A cabinet sub-committee, led by Chief Minister Eknath Shinde, has approved several key projects expected to generate thousands of jobs and foster technological advancements. Key Projects: Tower Semiconductor with Adani Group: A semiconductor fabrication unit in Panvel, Mumbai, with an investment of Rs 839.47 billion. This project, a joint venture between Adani Group and Israel’s Tower…

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EaseMyTrip ventures into electric bus manufacturing with new subsidiary

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Leading online travel platform EaseMyTrip.com is entering the electric vehicle (EV) market through its new subsidiary, Easy Green Mobility, focusing on electric bus manufacturing. This move comes as the Indian electric bus market is projected to grow at a 24% CAGR from 2024 to 2030. Easy Green Mobility will develop advanced electric buses equipped with cutting-edge technology and long-range battery systems. Another EaseMyTrip subsidiary, YoloBus, will handle the operational side of these buses. The company…

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Odisha government disburses Rs 1.54 billion in EV subsidies since FY 2022-23

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The Odisha government has provided a total of Rs 1.54 billion in subsidies to electric vehicle (EV) owners since the 2022-23 financial year, according to Transport Minister Bibhuti Bhusan Jena. The sale of EVs in the state has shown a significant increase since the subsidy initiative began on September 1, 2021. In 2022-23, the state disbursed Rs 0.088 billion in subsidies for 14,182 EVs, and this rose to Rs 0.572 billion for 36,518 registered EVs…

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India adds 3.6 GW solar open access capacity in first half of 2024, a 153% surge

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India added 3.6 GW of solar open access capacity in the first half of 2024, marking a 153% increase from the 1.4 GW installed during the same period in 2023, according to a report by Mercom India. This addition surpasses the total annual installations of all previous years. In Q2 2024 alone, the country added 1.8 GW of solar open access capacity, representing a 152% year-over-year increase compared to 712.8 MW in Q2 2023. Adani…

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India’s renewable energy sector poised to drive economic growth: Pralhad Joshi

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Union Minister Pralhad Joshi emphasized the rapid growth of India’s renewable energy sector and its potential to significantly boost the economy. Speaking at the BNEF Summit, Joshi highlighted the Modi government’s initiatives to promote renewable energy, including competitive industry structures and low solar power costs due to India’s abundant sunny days. The minister stressed that India’s path to decarbonization lies in meeting incremental electricity demand with non-fossil fuel sources, for which large-scale grid storage solutions…

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GERC sets Rs 2.84 per kWh tariff for sub-10 MW wind power projects

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The Gujarat Electricity Regulatory Commission (GERC) has established a levelised tariff of Rs 2.84 per kWh for wind power projects with a capacity of less than 10 MW, commissioned between June 6, 2022, and March 31, 2027. These projects will have a lifespan of 25 years, with a depreciation rate of 60% in the first year, followed by 4.67% per annum for the first 15 years, and 2% annually from the sixteenth to the twenty-fifth…