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Azerbaijan awards first 100 MW solar project to Universal International

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Azerbaijan has concluded its first renewable energy auction, awarding a 100 MW solar project in the Garadagh region to Chinese company Universal International Holdings.  The company secured the contract with a winning bid of $0.0354 per kilowatt hour (kWh). The auction, opened in April 2024 by Azerbaijan’s Ministry of Energy, was supported by the European Bank for Reconstruction and Development (EBRD). The announcement coincided with the COP29 climate summit in Baku. Azerbaijan’s Minister of Energy,…

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Equinor cuts 20% of renewables workforce amid offshore wind challenges

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According to a report by Reuters, Norway’s Equinor is reducing its renewables workforce by 20%, approximately 250 full-time roles, due to challenges in the offshore wind sector.  These challenges include cost inflation, high interest rates, and supply chain issues. Employees directly employed by the parent company will be offered roles in other business areas to minimize the number of layoffs. The company, which plays a significant role in the global offshore wind sector, has exited…

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RWE acquires majority stake in R3 Renewables

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German energy group RWE has acquired a majority stake in R3 Renewables, a joint venture (JV) formed by US coal miner Peabody Energy, Summit Partners Credit Advisors (SPCA), and Riverstone Credit Partners.  The deal, for an undisclosed sum, involves RWE taking over the shares of SPCA and Riverstone Credit Partners, with Peabody retaining a 25% stake in the JV. R3 Renewables focuses on repurposing former coal mining sites into clean, renewable energy projects. The JV…

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BayWa r.e. sells 517 MW US solar portfolio in largest transaction to date

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BayWa r.e. has sold three solar projects in the United States, totalling 517 MWDC, to an undisclosed renewable independent power producer (IPP). The deal, finalized in October 2024, represents the largest portfolio sale in BayWa r.e.’s history. The projects are expected to be operational by the end of 2025. Situated in the PJM (Pennsylvania, New Jersey, Maryland) Interconnection and Midcontinent Independent System Operator (MISO) territories, these projects are contributing to local economies through job creation…

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Masdar and Silk Road Fund to co-invest $2.8bn in renewable energy projects

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Masdar, the Abu Dhabi Future Energy Company, and China’s Silk Road Fund have signed a memorandum of understanding (MoU) to co-invest up to 20 billion yuan ($2.8 billion) in renewable energy projects.  The agreement, signed at the COP29 climate conference in Baku, Azerbaijan, focuses on Belt and Road Initiative (BRI) countries and the global south. The partnership aligns with Masdar’s ambition to achieve 100 GW of renewable energy capacity by 2030 and Silk Road Fund’s…

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India rejects $300 billion climate finance deal at COP29 as “unfair” and “stage-managed”

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India has strongly opposed the adoption of a $300 billion annual climate finance package for the Global South by 2035 at the UN climate conference COP29 in Baku, Azerbaijan.  India argued the package is inadequate compared to the $1.3 trillion annually that the Global South has demanded to combat climate change impacts and transition to low-carbon economies.  Developed countries, historically the largest emitters of greenhouse gases, are expected to finance, provide technology, and support capacity-building…

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NTPC launches green hydrogen mobility project in Leh

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The Union Minister for Power and Housing and Urban Affairs inaugurated NTPC’s Green Hydrogen Mobility Project in Leh.  It includes a 1.7 MW in-situ solar plant, a green hydrogen filling station with 80 kg/day capacity, and five intra-city hydrogen buses. Designed for high-altitude operations at 3,650 meters above sea level, the buses can travel 300 km on a single 25 kg hydrogen fill, with refuelling at 350 bar pressure.  Leveraging Ladakh’s high solar irradiance and…

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Coal Ministry signs agreements for three coal blocks

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The Ministry of Coal has executed agreements for three fully explored coal blocks, increasing the total number auctioned to 104 since the commencement of commercial coal mining. The Meenakshi and Rampia & Dip Side of Rampia coal blocks have been awarded to Hindalco Industries Limited and Jhar Mineral Resources Private Limited, respectively. These blocks are expected to generate annual revenue of approximately Rs 2.71 billion, with investments around Rs 4.05 billion, and a combined peak…

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NTPC Green Energy IPO subscribed 2.4 times on final bidding day

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NTPC Green Energy Limited (NGEL), a wholly owned subsidiary of NTPC, received an overall subscription of 2.4 times for its initial public offering (IPO) on the final day of bidding. The IPO offered 593 million equity shares at a price band of Rs 102-108 and received bids for 1.43 billion shares, based on stock exchange data.  The subscription breakdown revealed that the qualified institutional buyer category was subscribed 3.32 times, the retail investor portion 3.39…