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Hero Electric resumes production, seeks Rs 1-2 billion investment to scale up
Hero Electric has restarted production at its factory in July, initially operating on a smaller scale with limited scooter manufacturing. To return to full production capacity, the company is seeking an investment of Rs 1-2 billion from both existing and new investors, including private equity funds. The company has also responded to recent claims from some of its 800 dealers, who allege that Hero Electric owes Rs 5 billion in advances for electric two-wheelers. Hero…
Waaree Renewable secures 41.6 MW solar project in Tamil Nadu
Waaree Renewable Technologies Ltd (WRTL) has secured an order to establish a 41.6 MW solar project in Cuddalore, Tamil Nadu. The project, valued at approximately Rs 1.47 billion, is scheduled for completion in the fiscal year 2025-26. This initiative involves setting up an independent regional power production (IPP) unit.
Stiesdal Offshore partners with Copenhagen Infrastructure for floating wind sector
Stiesdal Offshore and Copenhagen Infrastructure Partners (CIP), through its Copenhagen Infrastructure V (CI V) fund, have formed a strategic collaboration to establish Stiesdal Offshore as a leading player in the floating wind sector. As part of this partnership, CI V has acquired a minority stake in Stiesdal Offshore. Stiesdal will provide engineering services and project execution support, focusing on reducing costs, simplifying project execution, and accelerating the growth of floating offshore wind. The floating wind…
Drax Power to pay £25 million for misreporting biomass data, Ofgem announces
UK energy regulator Ofgem has announced that renewable energy generator Drax Power will pay £25 million for misreporting data regarding imported biomass from Canada. In May 2023, Ofgem launched an investigation into whether Drax had breached annual profiling reporting requirements under the Renewables Obligations (RO) scheme. Ofgem concluded that Drax lacked adequate data governance controls for the biomass imported from Canada between April 1, 2021, and March 31, 2022. However, there was no evidence that…
Sunsure Energy secures Rs 100 billion debt financing from REC
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…
India’s first CO2-to-Methanol pilot plant launched in Pune
India’s first CO2-to-Methanol pilot plant has been unveiled at Thermax Limited’s premises in Pune, Maharashtra. This 1.4 tonnes-per-day capacity plant is a Public-Private Partnership (PPP) between IIT Delhi and Thermax Limited, with a project cost of Rs 310 million. It is supported by the Department of Science and Technology (DST), Ministry of Science and Technology. The plant aims to advance indigenous carbon capture and utilisation (CCU) technologies by developing new catalysts and processes to convert…