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MNRE proposes ALMM expansion to include solar PV cells, raising concerns over cost and supply
The Ministry of New and Renewable Energy (MNRE) has proposed adding solar photovoltaic (PV) cells to its Approved List of Models and Manufacturers (ALMM), with implementation expected by April 2026. This new category, termed “ALMM List-II,” would mandate that all ALMM-compliant solar projects source cells from certified domestic manufacturers. Experts caution that this move could increase tariffs by 40-50 paise per unit, affecting project costs, timelines, and India’s renewable energy targets. Industry leaders, including AMPIN…
PFC posts Rs 72.15 billion profit in Q2 2024-25
Power Finance Corporation Limited (PFC) reported a net profit of Rs 72.15 billion for the quarter ending September 2024, an 8.86 per cent increase from Rs 66.28 billion in the same quarter last year. The company’s total income also rose by 15.04 per cent, reaching Rs 257.55 billion compared to Rs 223.87 billion in the previous year’s corresponding period.
CSEP study warns green tariffs could strain India’s power distribution companies
A report by the Centre for Social and Economic Progress (CSEP) highlights potential financial challenges for India’s power discoms from the Ministry of Power’s plan to introduce green tariffs. The green tariffs aim to encourage renewable energy adoption, but CSEP warns that this shift could financially hurt discoms, especially if high-paying commercial and industrial consumers opt for cheaper green energy alternatives. According to the study, green tariffs could lead to a 15% financial loss of…
Iberdrola to acquire remaining 18% stake in Avangrid for $2.55bn
Spanish utility Iberdrola has announced that Avangrid shareholders have approved its $2.55 billion proposal to acquire the remaining 18% stake in the company. Shareholders will receive $35.75 per share, representing a 15.2% premium over the 30-day weighted average price before the acquisition’s March announcement. The acquisition will enhance Avangrid’s ability to secure financial resources needed for investments in transmission and distribution networks in states like New York, Connecticut, Maine, and Massachusetts. Following regulatory clearances, Avangrid…
India’s renewable energy capacity to grow at double the rate of overall energy capacity by 2030: CRISIL
According to a report by CRISIL, India’s renewable energy (RE) capacity, excluding large hydro projects, is expected to grow at a compound annual growth rate (CAGR) of 16.5%-17%, reaching 360-370 GW by fiscal 2030. This growth rate is double that of the country’s overall power capacity, which is projected to grow by 7.5%-8%, increasing from 442 GW in March 2024. India’s renewable energy capacity, including large hydro projects, stood at nearly 191 GW as of…
DESRI, El Paso Electric begin construction on 130MW Carne solar, storage project in New Mexico
DE Shaw Renewable Investments (DESRI), in partnership with El Paso Electric (EPE), has commenced construction on the 130MWac Carne solar and storage project in Deming, New Mexico. This marks DESRI’s second project in Luna County, following the 2017 launch of the Alta Luna solar facility. The Carne project will contribute to EPE’s goal of achieving an 80% clean energy portfolio by 2035 and reaching 100% by 2045. Under a 20-year power purchase agreement (PPA) with…