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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…

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L&T emerges as lowest bidder for NTPC’s super thermal power plants

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Larsen & Toubro (L&T) has been declared the lowest bidder by NTPC for the main plant package of super thermal power plants (STPPs) at Gadarwara in Madhya Pradesh, Telangana, and Nabinagar in Bihar.  L&T will undertake work for Gadarwara STPP Stage-II (2×800 MW), Telangana STPP Stage-II (3×800 MW), and Nabinagar STPP Stage-II (3×800 MW). The scope of work includes design, engineering, manufacture, supply, construction, erection, testing, and commissioning of the main plant package. The projects…

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DVC highest bidder for Hiranmaye Energy assets

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Damodar Valley Corporation (DVC) has emerged as the highest bidder in the auction for Hiranmaye Energy’s assets, offering Rs 15 billion, surpassing the reserve price of Rs 13 billion.  This marks DVC’s first acquisition, adding to its total installed capacity of around 6,700 MW, including greenfield and brownfield expansions.  Hiranmaye Energy operates a 300 MW thermal power plant in Haldia, West Bengal, with two units of 150 MW each. The company holds a 25-year power…

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EEX, IGX, and GIZ partner to develop hydrogen trading market in India

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The European Energy Exchange (EEX), Indian Gas Exchange (IGX), and GIZ (Gesellschaft für Internationale Zusammenarbeit) have signed an agreement to establish a hydrogen trading market in India.  This initiative is part of the International Hydrogen Ramp-Up (H2Uppp) program, funded by the German Federal Ministry for Economic Affairs and Climate Action (BMWK). The program aims to support green hydrogen projects in emerging markets like India. The partnership will initially focus on gathering market insights and building…

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KPI Green signs PPAs with GUVNL for renewable energy projects

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KPI Green Energy has signed power purchase agreements (PPAs) with Gujarat Urja Vikas Nigam (GUVNL) for 620 MWAC (917 MWDC) renewable energy projects.  The agreement includes a 250 MWAC (275 MWDC) grid-connected solar photovoltaic project, won through a competitive bidding process under Phase-XXIV, aimed at procuring power from 500 MW grid-connected solar projects across India, with an additional greenshoe option for up to 500 MW. Additionally, KPI Green secured a 370 MWAC (642 MWDC) grid-connected…

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PGPPL signs SPA to acquire 100 per cent stake in Deshraj Solar Energy

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Purvah Green Power Private Limited (PGPPL), a wholly owned subsidiary of CESC Limited, has signed a share purchase agreement (SPA) to acquire a 100 per cent stake in Deshraj Solar Energy Private Limited.  Upon completion, Deshraj Solar Energy will become a step-down subsidiary of CESC. This acquisition aligns with CESC’s strategy to expand its presence in the renewable energy sector.