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Renewable energy adoption lags in India’s major industries: CRH report
Among 33 of India’s top companies in sectors like cement, steel, aluminium, textiles, and fertilizers, only 5 per cent of the companies’ electricity consumption comes from renewable sources. This assessment was highlighted by the think tank Climate Risk Horizons (CRH) in their report, titled “Slow to Switch.” The report found that companies like JSW, Jindal, Tata Steel, and ArcelorMittal/Nippon Steel meet less than 0.05 per cent of their energy needs from renewables. Textile firms such…
esVolta secures $110m tax equity investment for 300MWh energy storage facility
esVolta has obtained a $110 million tax equity investment from Greenprint Capital Management to fund its 300 MWh Hummingbird battery energy storage project in San Jose, California. Set for completion in 2025, the project will provide Pacific Gas & Electric with resource adequacy capacity under a long-term contract and deliver fast-response energy and ancillary services to the California Independent System Operator (CAISO) market. These services are essential for alleviating grid congestion and strengthening the power…
COP29: IEEFA pushes banks to reorient lending for renewables, $400 billion annual funding shortfall
The Institute for Energy Economics and Financial Analysis (IEEFA) has urged global action at the 29th Conference of Parties (COP29), emphasizing a $400 billion annual investment gap to meet renewable energy targets by 2030. Labelling COP29 as the “climate finance COP,” IEEFA’s new briefing highlights the need for policies incentivizing banks to redirect lending toward renewables. IEEFA’s report notes a significant rise in global renewable energy investments, increasing by 73%-78% from $329-424 billion in 2019…
60 MW solar plant in Khargone to be completed by year-end
The construction of a 60 MW solar power plant in Khargone, Madhya Pradesh, is expected to be completed by the end of this year, according to an official from the Indore Municipal Corporation (IMC). The project, estimated to cost Rs 3.08 billion, is being built on 220 acres in Jalud village. Of the total project cost, Rs 2.44 billion was raised by IMC through green bonds issued to the public in February last year. The…
Ørsted partners with Mission Clean Energy for 1 GW battery storage projects in US Midwest
Danish energy company Ørsted has teamed up with Mission Clean Energy to develop four standalone battery energy storage systems with a total capacity of 1 GW across the US Midwest. This collaboration represents Ørsted’s first venture into standalone battery storage in the US and globally, further diversifying its renewable energy portfolio. Ørsted will invest in securing priority positions in the interconnection queue for these storage projects, while Mission Clean Energy will lead the development efforts….
Diamond Power wins Rs 1.09 billion contract for power cable supply
Diamond Power Infrastructure has received a letter of intent (LoI) from Swastika Infra for the supply of power cables, securing a contract worth Rs 1.09 billion. The contract involves supplying 11 kV 240 sq. mm XLPE Al 3 core cable for a robust project under the Madhya Gujarat Vij Company (MGVCL) schemes. The order will be fulfilled on a kilometre rate basis for Swastika Infra, a contractor of MGVCL. This contract further strengthens Diamond Power’s…