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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…
EDP Renewables and Microsoft extend partnership for Singapore’s largest solar project
EDP Renewables (EDPR) announced its renewed partnership with Microsoft on Singapore’s largest solar energy project, SolarNova. Under the agreement, Microsoft will purchase 100% of the renewable energy generated by EDPR’s SolarNova 8 project, which has a capacity of up to 200MW-peak (MWp). Awarded in February, the SolarNova 8 project will see EDPR install solar panels on more than 1,000 public housing buildings and over 100 government-owned properties. The energy produced will power common services during…
NREL to award pooling station tender for 630 MW Barethi solar project by September
NTPC Renewable Energy Limited (NREL), a subsidiary of NTPC Limited, is developing a 630 MW solar project in Barethi, Chhatarpur district, in Khajuraho. The project, executed under the Engineering, Procurement & Construction (EPC) mode, has been sanctioned by the Ministry of New & Renewable Energy (MNRE) under the Solar Parks scheme. The land for the project has been transferred to NREL. Notice Inviting Tender (NIT) for the EPC Package and Pooling Substation Package have been…
Adani secures 6,600 MW energy supply deal with MSEDCL
Maharashtra State Electricity Distribution Company Ltd (MSEDCL) has issued a letter of intent to Adani Group for the long-term supply of 6,600 MW of thermal and green energy. The agreement includes 5,000 MW of solar power from Adani Green Energy Ltd (AGEL) and 1,600 MW of thermal power from Adani Power Ltd (APL). Adani Power and AGEL will sign formal 25-year power supply agreements with MSEDCL, following a competitive bidding process. The 5,000 MW solar…
Georgia Power secures $160 million DOE grant for grid enhancement
Georgia Power has received $160 million from the US Department of Energy (DOE) under the Grid Resilience and Innovation Partnerships (GRIP) programme to enhance the resilience and efficiency of Georgia’s power grid. This funding, part of the Bipartisan Infrastructure Law, aims to lower investment costs for customers and boost grid flexibility, ensuring communities have reliable and affordable electricity. The grant will support various projects across Georgia, aiding the state’s transition to cleaner energy and the…
NTPC begins commercial operations of 32.9 MW solar plant in Bikaner
NTPC has announced the commercial operations of a 32.9 MW solar plant in Bikaner, Rajasthan. This is the third phase of the 300 MW Shambu ki Burj-2 (Kolayat) Solar PV Project, with operations commencing on October 31, 2024. With this addition, NTPC Group’s total installed and commercial capacity has reached 76,475.68 MW. The first phase of 150 MW and the second phase of 98.78 MW were already operational as of September. The Shambu ki Burj-2…