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Patel Engineering reports 151% profit surge in Q2 FY25
Patel Engineering Limited announced a net profit increase of 151% year-over-year for Q2 FY25. For the quarter ending September 30, 2024, the company reported a revenue increase of 14.98%, reaching Rs 11,743 million, driven by progress in hydropower, irrigation, and tunnelling projects. The operating EBITDA rose by 15.8% to Rs 1,622 million, while the net profit margin improved to 6.88%. The company’s order book stood at Rs 172,607 million, with Patel Engineering recently being declared…
IndiGrid, Kintech and H.G. Infra win NVVN’s BESS auction
IndiGrid, Kintech Synergy, and H.G. Infra Engineering have emerged as winners in NTPC Vidyut Vyapar Nigam’s (NVVN) auction to develop 500 MW/1,000 MWh standalone battery energy storage systems (BESS) with Viability Gap Funding (VGF) support. NVVN, a subsidiary of NTPC, allocated 250 MW to IndiGrid 2 at a tariff of Rs 236,999 per MW per month. Kintech Synergy received 65 MW at Rs 237,490/MW/month, and H.G. Infra was awarded 185 MW at Rs 238,000/MW/month. According…
Italy implements FER 2 Decree to boost innovative renewable energy projects
On August 13, 2024, Italy’s Ministry of the Environment and Energy Security (MASE) implemented the FER 2 Decree, aimed at supporting innovative renewable energy plants with high generation costs and low environmental impact. The decree targets specific types of plants, including biogas and biomass plants with capacities up to 300 KW and 1,000 KW, respectively, as well as thermodynamic solar, offshore floating wind, and floating photovoltaic installations. These plants must meet stringent eligibility criteria, such…
PGCIL invites bids for Andaman & Nicobar Islands HVDC link project
Power Grid Corporation of India Ltd (PGCIL) has issued a consultancy tender for the interconnection of Andaman & Nicobar Islands (ANI) with India’s mainland grid. The scope of work covers: Route Alignment, Detailed Survey and Soil Investigation works for the Interconnection of North, Middle & South Andaman Islands. In May 2023, a clean energy approach via an HVDC link was proposed to the Ministry of Power (MoP), which could supply sustainable power to North, Middle,…
Avaada Group invests Rs 1 trillion in green energy projects in Rajasthan
Avaada Group has announced a Rs 1 trillion investment in Rajasthan to develop large-scale solar, wind, and green ammonia projects. This move follows the signing of a Memorandum of Understanding (MoU) with the state government, a joint commitment to boosting Rajasthan’s renewable energy infrastructure. The investment will fund major projects, including a 1.2 GW pumped hydro storage project, a 1 million tonne per annum (MTPA) green ammonia facility, a 1 GW wind power project, and…
Tata Group invests Rs 9.5 billion in battery manufacturing subsidiary
Tata Group has invested Rs 9.5 billion into its battery manufacturing subsidiary, Agratas, to expand in the new energy sector. Agratas focuses on advanced manufacturing capabilities for cleaner energy solutions, particularly for the automotive industry. The company plans to build a 40 GWh gigafactory in the UK and a 20 GWh plant in Sanand, Gujarat, using cutting-edge technology. Agratas produces batteries for the automotive and energy sectors, including two-wheelers, commercial vehicles, and energy storage systems….