Power Sector News Roundup for December 26, 2024

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Global: TPG Rise Climate in talks to acquire Altus Power EWEC to develop 4.5GW renewable energy projects in Abu Dhabi Huawei signs deal to supply 4.5GWh battery storage in Philippines Nozomi Energy acquires 312 MW solar portfolio in Japan Japan’s new energy policy aims for 50% renewables, 20% nuclear by 2040 India: Center lays foundation for three hydroelectric projects in Himachal Pradesh India’s solar module manufacturing industry to see growth: CRISIL Six firms win bids…

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Japan’s new energy policy aims for 50% renewables, 20% nuclear by 2040

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A government panel of experts has largely supported Japan’s new energy policy, which aims to meet growing power demands by expanding renewables to 40-50% of electricity needs and increasing nuclear power’s share to 20% by 2040.  The proposal, which is set for Cabinet approval by March, calls for reversing the phaseout of nuclear energy adopted after the 2011 Fukushima disaster.  The plan also targets reducing coal-fired power to 30-40% from nearly 70% in 2023. The…

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Nozomi Energy acquires 312 MW solar portfolio in Japan

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Nozomi Energy, a Japanese renewable energy company and an Actis subsidiary, has acquired a portfolio of 12 operational solar projects, totalling 312 MW.  These projects, which range from 1 MW to over 60 MW, are backed by Feed-In-Tariff (FIT) contracts that extend at least until 2040, providing stable and predictable cash flows for the company. Nine of the projects are located in Japan’s Kanto region, while the remaining projects are situated in Tohoku, Chubu, and…

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Huawei signs deal to supply 4.5GWh battery storage in Philippines

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Huawei has signed an agreement with the Meralco Terra Solar project in the Philippines to supply a 4.5GWh battery energy storage system.  This marks Huawei’s largest energy storage project, integrating containerized batteries, fire suppression systems, and advanced energy management solutions. The project, developed by SPNEC’s Terra Solar Philippines, includes a 3.5 GWp solar power facility across Bulacan and Nueva Ecija provinces.  The first phase is scheduled for completion by February 2026, with full operations expected…

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EWEC to develop 4.5GW renewable energy projects in Abu Dhabi

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Emirates Water and Electricity Company (EWEC) has received approval to develop four new renewable energy sites in Abu Dhabi, UAE. The sites, covering around 75 km², will accommodate solar photovoltaic (PV) and wind energy projects. The developments include three solar PV plants in Al Faya, Al Khazna, and Al Zarraf, and a wind farm in Sila, contributing 4.5GW (AC) of solar PV capacity and up to 140MW of wind capacity. The solar projects align with…

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TPG Rise Climate in talks to acquire Altus Power

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TPG Rise Climate, the climate investment arm of TPG, is in discussions to acquire US-based solar developer Altus Power, according to Reuters sources.  The deal, which could be formalized in the coming weeks, is not yet finalized, and there is still a possibility of no transaction occurring. Altus Power, a leading clean energy provider for both commercial and residential properties, manages one of the largest portfolios of commercial-scale solar plants in the US.  The company…

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Oil India to set up subsidiary for green energy foray

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Oil India Limited (OIL) has announced the establishment of a wholly-owned subsidiary, OIL Green Energy, to manage its green and alternative energy ventures.  The company plans to invest Rs 250 billion by 2040 to diversify into renewable energy and decarbonisation technologies. The subsidiary will oversee initiatives in biofuels, green hydrogen, renewable energy, carbon capture utilization and storage (CCUS), methanol, and geothermal energy.  OIL aims for non-fossil fuel energy to constitute 5-7% of its total energy…

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ACME Solar secures Rs 19.88 billion financing from PFC

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ACME Solar has secured Rs 19.88 billion in term finance from Power Finance Corporation Ltd (PFC) for the development of a 300-MW wind-solar hybrid renewable energy project. ACME Renewtech Pvt Ltd, a subsidiary of ACME Solar Holdings Ltd, will utilize Rs 1.99 billion in financing for the project’s construction. The solar capacity will be developed in Bikaner, Rajasthan, while wind sites will be in Bhuj, Gujarat.  The project already has a signed power purchase agreement…

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Solidus Techno Power secures 29 MWp solar project in Rajasthan

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Solidus Techno Power Private Limited has secured a 29 MWp solar project in Bikaner, Rajasthan, marking its expansion beyond Punjab.  The project will supply 40% of the electricity needed for a large industrial manufacturing facility in the region.  Set to be completed by September 2025, the solar PV plant is expected to generate approximately 47 million kWh of clean energy annually. Solidus Techno Power will provide comprehensive EPC services to ensure seamless integration of solar…

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Waaree Energies to invest Rs 5.51 billion in 300 MW electrolyser and 3.5 GWh lithium-ion plant

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Waaree Energies Limited has approved plans to establish a 300 MW electrolyser manufacturing facility and a 3.5 GWh lithium-ion Advanced Chemistry Storage Cell production plant. The electrolyser manufacturing project will be implemented under Waaree Clean Energy Solutions, a subsidiary of Waaree Energies, with a capital expenditure (CAPEX) of Rs 5.51 billion and an investment of Rs 2 billion.  The project will be developed under the Production-Linked Incentive (PLI) scheme by the Ministry of New and…