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Hygenco and REC sign $280 million MoU for green ammonia project in Odisha

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Hygenco Green Energies and REC Limited have signed a Memorandum of Understanding (MoU) at the 4th Global Renewable Energy Investors Meet in Gandhinagar, Gujarat, to finance Hygenco’s green ammonia project in Gopalpur, Odisha. Under the agreement, REC will invest $280 million in the project. Hygenco plans to expand its investments in India, with $2.5 billion earmarked for green hydrogen and green ammonia projects in the coming years.

In recent developments, Hygenco has signed MoUs with Mitsubishi Power for green hydrogen/ammonia-fired gas turbine combined cycle power plants and with Tata Steel Special Economic Zone Limited (TSSEZL) for a green hydrogen and ammonia project producing 1 million tonnes annually in Gopalpur. Additionally, Hygenco and Ameropa agreed to a potential supply deal for green ammonia from the Gopalpur port project.

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DIPAM approves IREDA to raise Rs 45 billion through equity issue

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Indian Renewable Energy Development Agency Limited (IREDA) has received approval from the Department of Investment and Public Asset Management (DIPAM) to raise approximately Rs 45 billion via a fresh equity issue through qualified institutions placement (QIP). Following the equity raise, the Government of India plans to reduce its shareholding in IREDA by up to 7%, potentially in one or more stages.

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Ofgem fast-tracks £3.4bn Anglo-Scottish electricity “superhighway”  

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The UK’s energy regulator, Ofgem, has approved the fast-tracking of the Anglo-Scottish electricity “superhighway” project, EGL2, under its Accelerated Strategic Transmission Investment (ASTI) framework. This initiative is designed to expedite 26 major grid connection projects, aiming to boost grid capacity and save an estimated £1.5 billion ($1.92 billion). EGL2 is the first of these projects to secure funding under the ASTI framework. The project will establish a 2GW high-voltage electricity cable link between Peterhead in…

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Mitsubishi Power to supply hydrogen-ready gas turbine for Saudi Arabia’s industrial co-generation plant

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Mitsubishi Power, a subsidiary of Mitsubishi Heavy Industries, has secured an order from Samsung C&T Corporation Saudi Arabia to supply its M501JAC combined-cycle gas turbine (CCGT), which is hydrogen-ready, for a new industrial steam and electricity co-generation plant in Saudi Arabia. The 475 MW co-generation power plant, being developed by a consortium led by the Abu Dhabi National Energy Company (TAQA) and Japanese power generation company JERA, will serve a petrochemical complex in Jubail, Eastern…

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Massive potential in electrification transition to reduce energy use and costs: IEEFA 

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The Institute for Energy Economics and Financial Analysis (IEEFA) has released a report highlighting the significant benefits of transitioning to efficient electrification. The report outlines how adopting efficient electric appliances could drastically reduce energy consumption, cut costs for households, and support broader energy security and emissions reduction goals. The report reveals that many households still use inefficient appliances, leading to higher energy consumption and expenses. By switching to efficient electric appliances, electricity demand in many…

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Russia seeks to counter West’s climate agenda with gas, nuclear power

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Russia plans to present its own climate-related proposals, differing from Western approaches, ahead of the COP29 U.N. climate summit in Azerbaijan this November, according to Deputy Energy Minister Pavel Sorokin. Amid strained relations with the West, Russia is crafting a new energy strategy through to 2050, focusing on measures that do not hinder its development potential. Sorokin highlighted energy efficiency as a key method for reducing emissions, noting that Russia’s energy-saving potential is 20-30%. He…

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