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L&T wins order from ITER for advanced nuclear fusion project in France

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Larsen & Toubro (L&T) has secured a ‘significant’ contract, estimated between Rs 10 billion and Rs 25 billion, to implement advanced welding technologies for the ITER Organisation’s nuclear fusion project, the world’s largest, located in Cadarache, Southern France. L&T will focus on critical technologies for assembling ports and complex components within the ITER Tokamak’s vacuum vessel. ITER, the International Thermonuclear Experimental Reactor, is a large-scale scientific collaboration aiming to make nuclear fusion a viable energy…

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CM solar self-employment scheme takes off in Uttarakhand

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The Chief Minister Solar Self-Employment Scheme in Uttarakhand has enabled hundreds of locals to set up small solar plants, generating self-employment while bolstering the rural economy. Chief Minister Pushkar Singh Dhami highlighted Uttarakhand’s favourable solar conditions, with ample sunshine even during winter, making it ideal for solar power generation. Eligible residents can install solar plants ranging from 20 to 200 kW capacity, with the Uttarakhand Power Corporation Limited (UPCL) purchasing all generated electricity. Loans are…

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Kenya suspends deal between KETRACO and Adani Group

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Kenya’s high court has suspended a $736 million agreement between state-owned Kenya Electrical Transmission Company (KETRACO) and Adani Group’s Adani Energy Solutions to develop and operate power infrastructure, including transmission lines.  The suspension follows a legal challenge by the Law Society of Kenya, which has criticized the agreement as “a constitutional sham” and “shrouded in secrecy.” The Law Society claims that KETRACO and Adani Energy Solutions did not fulfill public participation requirements, a mandate under…

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CESL issues tender for EV charging stations in Faridabad, Haryana

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Convergence Energy Services Limited (CESL) has launched a tender to establish and maintain EV charging stations at seven locations within the Municipal Corporation of Faridabad, Haryana. Bids are due by October 30, 2024, with an opening on the same day. The tender requires a Rs 15,000 document fee and an earnest money deposit of Rs 212,000. The project is expected to complete within four months of award issuance or no-objection certification. Successful bidders will implement…

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Refex and Winvision to form JV to manufacture wind turbines in India

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Chennai-based Refex Industries has formed a joint venture with Winvision Enterprises to establish Refex Green Energy Limited (RGEL), focused on wind energy solutions. Refex will hold a 75.5% stake in RGEL, while Winvision will own the remaining 24.5%.  The JV aims to position RGEL as a comprehensive provider in the wind energy sector, covering manufacturing and assembly of wind turbine generators and components, including nacelle assemblies, hub assemblies, rotor blades, and control equipment. Additionally, RGEL…

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REC Limited posts 17% revenue growth, Rs 74.88 billion net profit in Q2 FY25

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REC Limited has reported strong financial results for Q2 FY25, with a 17% rise in revenue from operations, reaching Rs 135.71 billion, compared to Rs 115.90 billion in the same quarter last year. Total income increased by 18% to Rs 266.33 billion, while net interest income saw a notable 25% jump, reaching Rs 97.23 billion. Net profit rose by 11% to Rs 74.88 billion from Rs 67.34 billion in Q2 FY24. Total sanctions increased by…

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India seeks $70 million from CIF to bolster energy storage and grid projects

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India has drafted a proposal seeking $70 million in financing from the Climate Investment Funds (CIF) to enhance energy storage systems (ESS) and grid projects under the Renewable Energy Integration Investment Plan (REI IP), a joint effort by the Ministry of Finance and the Ministry of New and Renewable Energy (MNRE). Of the requested amount, $5 million will support technical assistance, project preparation, and capacity building. The initiative aims to mobilise $1.1 billion with funding…

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RECPDCL establishes subsidiaries for ISTS projects in Gujarat, Rajasthan, and J&K

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REC Power Development & Consultancy Ltd (RECPDCL) has created three wholly-owned subsidiaries to develop interstate transmission system (ISTS) schemes across Gujarat, Rajasthan, and Jammu & Kashmir. On October 25, 2024, RECPDCL incorporated Banaskantha Transco Ltd as a special purpose vehicle (SPV) to implement the “Augmentation of transformation capacity at Banaskantha (Raghanesda) PS (GIS)” project in Gujarat. The bidder selection for this ISTS scheme will be carried out through the tariff-based competitive bidding (TBCB) mechanism. RECPDCL…

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IndiGrid reports Rs 651 billion bid pipeline, expands BESS portfolio with new projects

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India Grid Trust (IndiGrid) has estimated a bid pipeline worth over Rs 651 billion in the power transmission sector, as disclosed in its Q2 FY25 investor presentation. The pipeline includes interstate transmission system (ISTS) projects with issued requests for proposal (RfP). Additionally, IndiGrid sees an estimated Rs 35 billion opportunity in the battery energy storage system (BESS) market, primarily from projects in Gujarat and Uttar Pradesh. In Q2FY25, IndiGrid announced a partnership with British International…

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JSW Energy wins bid for KSK Mahanadi Power with Rs 159.85 billion offer

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JSW Energy has emerged as the top bidder for KSK Mahanadi Power at an auction concluding on October 27, 2024. The Sajjan Jindal-led company offered Rs 159.85 billion to financial creditors, outbidding Adani Power, which had made a final offer of Rs 158.85 billion in the 10th round before opting out. JSW’s proposal includes a 26% equity stake for lenders and an additional Rs 1 billion for operational creditors. This acquisition marks another significant move…