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US commits $900 million for Gen III+ SMR technologies

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The US Department of Energy (DOE) has committed $900 million to advance the development and deployment of Generation III+ small modular reactor (SMR) technologies. This funding, part of the Consolidated Appropriations Act of 2024 and President Biden’s Bipartisan Infrastructure Law, is aimed at accelerating the domestic nuclear industry and supporting national climate goals. The funding is divided into two categories. Tier 1, managed by the Office of Clean Energy Demonstrations (OCED), allocates up to $800…

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Hithium Energy and MANAT to establish BESS manufacturing facility in Saudi Arabia

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Hithium Energy Storage Technology has partnered with Nabilah AlTunisi’s company, MANAT, to launch a joint venture named Hithium MANAT. The venture will establish a battery energy storage systems (BESS) manufacturing facility with a 5 gigawatt-hour (GWh) annual production capacity in Saudi Arabia.  This marks one of the first advanced BESS manufacturing plants in the Kingdom and the wider MENA region, supporting Saudi Arabia’s Vision 2030. The partnership was announced at the Solar & Storage Live…

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VNG AG partners to explore green hydrogen production in Algeria

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VNG AG has signed a letter of intent with Algerian energy firms Sonatrach and Sonelgaz, along with SNAM, SeaCorridor, and VERBUND, to jointly assess the feasibility of large-scale green hydrogen production in Algeria. The project aims to export green hydrogen from North Africa via the proposed “South H2 Corridor” to Italy, Austria, and Germany. The agreement sets the framework for future cooperation, including the preparation of essential studies to evaluate the technical and economic viability…

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Sumitomo and CEP Solar to deliver 1.5GW of clean energy projects in Virginia

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Sumitomo Corporation, through its Sumitomo Corporation of Americas and Perennial Power Holdings, has partnered with CEP Solar to develop over 1.5GW of solar and battery storage assets in Virginia, US.  This joint venture will combine CEP Solar’s local expertise with Sumitomo’s project finance capabilities, accelerating the expansion of renewable energy in the region. Construction is expected to begin in late 2025. Takuya Yoshizawa, president of Perennial Power Holdings, highlighted that the partnership enhances geographic diversity…

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Masdar and Presight to launch AI tool for managing assets globally

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UAE-based Masdar has teamed up with Presight to create an AI-driven asset management tool aimed at optimising its global renewable energy projects.  The tool will leverage big data analytics and generative AI to process billions of data points generated by Masdar’s solar panels and wind turbines. This collaboration seeks to enhance operational efficiency, predict maintenance needs, and boost renewable energy production by shifting from reactive to predictive maintenance strategies. Presight CEO Thomas Pramotedham emphasized the…

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World Bank approves USD 250 million for renewable energy in Lebanon

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The World Bank’s Board of Executive Directors has approved a USD 250 million project to expand renewable energy sources (RES) in Lebanon and support ongoing electricity grid reforms. The initiative will strengthen Lebanon’s state-owned Electricité du Liban (EDL) operational and commercial systems, increase grid-connected RES supply, and reinforce the national power network.  Key components include developing a grid-connected solar photovoltaic (PV) plant, rehabilitating the Litani River Authority (LRA) hydropower plant, and upgrading the EDL transmission…

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KEI Industries approves Rs 20 billion QIP proposal

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KEI Industries Ltd’s board of directors has approved a proposal to raise Rs 20 billion through a qualified institutional placement (QIP). The funds will be raised via the issuance of equity shares or other eligible securities, subject to shareholder and regulatory approvals. A “Fund Raising Committee” has been formed to finalize the QIP’s terms and conditions. In its financial results for H1FY25 (April to September), KEI Industries reported: Domestic institutional sales of wire and cable…

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JSW, Tata Power, Avaada, Juniper win MSEDCL’s 1,650 MW wind-solar auction

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Maharashtra State Electricity Distribution Company (MSEDCL) has selected JSW Neo Energy, Tata Power Renewable Energy Limited (TPREL), Avaada Energy, and Juniper Green Energy as the winners of its 1,650 MW wind-solar hybrid auction. These companies will supply power on a long-term basis from grid-connected intrastate projects. JSW Neo secured 600 MW, including 400 MW under the greenshoe option, while Tata Power won 400 MW, with 200 MW under the greenshoe option. Avaada Energy was awarded…

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Indian Oil and EverEnviro form JV for CBG production

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Indian Oil Corporation (IOCL) has partnered with EverEnviro Resource Management to establish a joint venture (JV) focused on converting organic waste into compressed biogas (CBG).  The two companies will share equal ownership in the JV, which will integrate advanced biogas technologies to promote biofuels and support the national deployment of CBG plants. This initiative aligns with IOCL’s long-term low-carbon strategy and its goal of achieving operational net-zero emissions by 2046. In addition to the CBG…

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Waaree Energies to launch Rs 36 billion IPO

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Waaree Energies has announced its initial public offering (IPO), set to launch on October 21, 2024. The anchor investor bidding will open on October 18, and the offer will close on October 23. The IPO includes 4.8 million equity shares with a total value of Rs 36 billion. The price band is set between Rs 1,427 and Rs 1,503 per share, with a minimum bid of 9 shares.  Waaree Sustainable Finance Private Limited will offer…