The Bangladesh Power Development Board (BPDB) has issued a $173 million letter of credit (LC) to Adani Power Limited to maintain the electricity supply. This LC follows Adani Power’s reduction of electricity deliveries by half due to unpaid dues totalling $843 million. Issued by Bangladesh’s Krishi Bank, with ICICI Bank in India as the counterpart, this is BPDB’s third LC to address payment issues with Adani Power.
ARYA, a subsidiary of GPS Renewables, has raised Rs 1 billion in mezzanine financing as part of a Rs 2 billion funding round aimed at establishing compressed biogas (CBG) projects in collaboration with Indian Oil Corporation Limited (IOCL) and Bharat Petroleum Corporation Limited (BPCL). The financing was provided by InCred Opportunities Fund and Spark Capital, supporting ARYA’s mission to advance biofuel production and contribute to India’s net zero objectives. In the coming year, ARYA plans…
BP has finalized its acquisition of the remaining 50.03% interest in Lightsource bp, fully integrating its 62 GW renewable energy pipeline across 19 markets worldwide into BP’s portfolio. Although BP now has full ownership, Lightsource bp will retain its brand and operate independently. This acquisition enhances BP’s renewable energy reach, supporting its broader low-carbon initiatives, including power trading, EV charging, biofuels, and green hydrogen production. BP’s executive vice president for gas and low carbon energy,…
BP is exploring the sale of a minority stake in its offshore wind division to offset the substantial development costs associated with its projects, as reported by Reuters. This move follows shareholder pressure over BP’s 2020 energy transition strategy, as profits from renewables have fallen while oil and gas margins have risen. The company has engaged Bank of America to identify potential partners as it seeks to reduce its financial burden in the growing offshore…
British energy giant BP has announced plans to sell its US onshore wind energy business, BP Wind Energy, citing misalignment with its strategic growth goals. The sale, which includes ten onshore wind assets across seven US states with a combined net generating capacity of 1.3 GW, is expected to begin in autumn 2024. This move comes amid a broader shift in BP’s strategy, driven by new CEO Murray Auchincloss, who has placed renewed emphasis on…
BP and Iberdrola have established a 50:50 joint venture to develop a 25 MW green hydrogen project in Castellón, Spain. The project has reached its final investment decision and is set to support the decarbonization of BP’s refinery operations by 2026, reducing CO2 emissions by 23,000 tons annually. The initiative has secured €15 million in funding from the Spanish Recovery, Transformation, and Resilience Plan, supported by NextGenerationEU. The plant is expected to create up to…
Bharat Petroleum Corporation Ltd (BPCL) approved two joint ventures during its Board meeting on 12 September 2024. The first JV with Sembcorp Green Hydrogen India (SGHIPL) will focus on developing and operating renewable energy projects across India, including green hydrogen production. Both BPCL and SGHIPL will hold equal 50% stakes in the venture. The second JV with GPS Renewables will involve setting up compressed biogas (CBG) plants nationwide. These ventures are pending regulatory approvals from…
Oriana Power has won a Rs 2.48 billion contract from Bharat Petroleum Corporation (BPCL) to execute a 52 MW ground-mounted solar power project on an EPC basis. The project scope includes securing CTU approval, establishing transmission lines, and providing complete operations and maintenance (O&M) support for five years. Currently, Oriana Power has more than 390 MW of cumulative capacity under execution and has delivered over 240 MW of projects to date. The company also has…
Jharkhand Chief Minister Hemant Soren announced the waiver of old electricity bills for families living below the poverty line. Speaking at a gathering in Dumka, Soren stated that the government would provide 200 units of free electricity and, in the first phase, waive off all past electricity dues for poor households not filing Income Tax Returns. He mentioned that the government would also consider assessing the electricity dues of middle-class families, aiming to send a…
Solar technology developer Lightsource bp has announced a partnership with Germany-based renewables developer Kajoni Energie to develop more than 500MW of utility-scale solar projects in Germany. The collaboration will focus on projects of at least 20MW, with development expected to occur over the next two to three years. Kajoni will identify suitable project sites of at least 20 hectares and secure the necessary licenses to achieve ready-to-build status. Once construction begins, Lightsource bp will take…
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