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Renewable energy developers commit massive capacity investments at RE-Invest 2024

India, News

At the RE-Invest event in Gandhinagar, Gujarat, several renewable energy developers have made significant capacity creation commitments as part of their “Shapath Patra” agreements with the government. Reliance Industries (RIL) has pledged to set up 100,000 MW of additional renewable capacity by 2030, alongside manufacturing 20,000 MW per year of integrated solar PV and equivalent glass capacity. Other major commitments include: NTPC Ltd: 41,300 MW ReNew: 40,000 MW Adani Green Energy: 38,300 MW Hero Future…

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India secures $386 bn investment commitments for renewable energy at RE-Invest 2024

India, News

Ministry of Renewable Energy has received investment commitments totalling $386 billion from banks and financial institutions at the RE-Invest conference in Gandhinagar, Gujarat. These investments aim to help India double its clean electricity capacity by 2030, targeting 500 GW of non-fossil capacity. ReNew, a major renewable energy company pledged to expand its renewable capacity from 10 GW to 50 GW by 2030, with 10 GW dedicated to storage. The company also plans to produce 1…

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REC signs MoUs worth Rs 1.12 trillion at RE-Invest

India, News

REC participated in the Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024) in Gandhinagar, Gujarat, from September 16-18, 2024. The company signed non-binding memorandums of understanding (MoUs) with renewable energy developers, totalling approximately Rs 1,120 billion, to be implemented over the next five years. These MoUs encompass a wide range of projects, including solar and wind hybrid projects, round-the-clock (RTC) renewable power, firm and dispatchable renewable energy (FDRE), floating solar plants, hydroelectric power projects,…

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MNRE to seek firm investment commitments at RE-Invest 2024 for clean energy target

India, News

The Ministry of New and Renewable Energy (MNRE) will seek firm investment commitments, or “shapath patras,” from banks, financial institutions, private companies, and state governments at the upcoming RE-Invest event in Gandhinagar, Gujarat, next week. Union Minister Pralhad Joshi announced today that the ministry has requested banks and financial institutions to provide specific commitment letters for investments in renewable energy over the next five years. This initiative is part of India’s goal of achieving 500…

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Datta Power subsidiary signs Rs 15 billion MoU with REC for 500 MW renewable projects

India, News

Adyant Enersol Pvt Ltd, a subsidiary of Datta Power Infra, has signed a strategic memorandum of understanding (MoU) with REC Ltd for financing Rs 15 billion to develop 500 MW of renewable energy projects. The MoU was formalized at the 4th Global RE-INVEST Summit in Gujarat. This partnership sets the stage for Datta Infra’s larger vision of developing 2 GW of wind, solar, and wind-solar hybrid projects across Rajasthan, Madhya Pradesh, Andhra Pradesh, and other…

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GUVNL announces green financing fund for renewable energy projects

India, News

Gujarat Urja Vikas Nigam Ltd (GUVNL) has launched a green financing fund in partnership with sovereign wealth funds, green funds, and multilateral agencies, as announced at the 4th Global Renewable Energy Investors Meet and Expo (RE-INVEST). The fund will provide direct financial resources to developers winning GUVNL’s renewable energy bids. This initiative follows a roundtable on ‘Climate Finance Opportunities for Gujarat,’ chaired by Kanubhai Desai, Gujarat’s Minister of Finance, Energy, and Petrochemicals, who emphasized the…

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Sunsure Energy secures Rs 100 billion debt financing from REC

India, News

Sunsure Energy has signed an agreement with REC for debt financing worth Rs 100 billion to support the development of 3 GW of solar, wind, hybrid, and battery energy storage system (BESS) projects. The deal was inked during the fourth Global RE-Invest Meet and Expo organized by the Ministry of New and Renewable Energy (MNRE) in Gujarat. This financing will enable Sunsure Energy to expand its portfolio of open-access hybrid projects across India, helping the…

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Hero Future to invest USD 20 billion, targeting 30 GW capacity by 2030

India, News

Hero Group’s power unit, Hero Future Energies, plans to invest USD 20 billion over the next six years to expand its capacity nearly 16-fold. The investment will focus on wind, solar, and battery storage technologies, funded through a mix of internal resources, debt, and equity. With 3.4 GW of capacity under construction, set to be completed within two years, Hero Future Energies aims to increase its current 1.9 GW capacity to 30 GW by 2030….

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Torrent Power commits Rs 640 billion for green energy expansion

India, News

Torrent Power has announced plans to invest more than Rs 640 billion in green energy capacities, with two major commitments made at the RE-Invest event in Gandhinagar, Gujarat, on September 16, 2024. The company pledged to achieve 10 GW of installed renewable energy capacity by 2030, requiring an investment of Rs 570 billion. This project is expected to generate employment for approximately 25,000 people. As part of this commitment, Torrent Power signed an MoU with…