India

Tata Power has announced that it will acquire a 40% stake in Khorlochhu Hydro Power Limited (KHPL) for Rs 8.3 billion to develop a 600 MW hydro project in Bhutan. The company is partnering with Druk Green Power Corporation for this project, which has an estimated total cost of Rs 69 billion. In an exchange filing, Tata Power stated that the acquisition would occur in multiple tranches, with the first tranche payment expected within six…

Power Finance Corporation (PFC) reported a consolidated net profit of Rs 71.82 billion for Q1 FY25, marking a 20.06% increase from Q1 FY24. The company’s total revenue from operations grew by 17.65% to Rs 247.17 billion during the same period. Total income rose by 17.69% year-on-year to Rs 247.37 billion. For the quarter ended June 30, 2024, PFC’s consolidated profit before tax increased by 20.17% to Rs 88.94 billion, compared to Rs 74.01 billion in…

Maharashtra plans to increase its solar energy capacity by 9,200 MW, raising its total from 3,600 MW to 12,800 MW within the next 14 months. State Power Minister Devendra Fadnavis announced the work orders under the Mukhyamantri Saur Krushi Vahini Yojana-2.0, India’s first solarization project for agricultural pumps. The initiative aims to halve power costs for agricultural pumps, reduce cross-subsidy burdens, lower tariffs for industrial and commercial users, and cut government subsidy expenses by about…

Wind energy solutions provider Inox Wind has secured an order for a 201 MW project from Integrum Energy Infrastructure Ltd. The order includes the supply of Inox Wind’s latest 3 MW Wind Turbine Generators (WTGs) and multi-year operations and maintenance (O&M) services post-commissioning. The project will span four states: Madhya Pradesh, Rajasthan, Karnataka, and Maharashtra. Integrum Energy Infrastructure, established by pioneers in the commercial and industrial (C&I) energy supply market in India, is dedicated to…

Tata Passenger Electric Mobility Ltd. (TPEML) and Tata Power Renewable Energy Ltd. (TPREL) have partnered to drive zero-emissions mobility in India by integrating electric vehicles (EVs) with solar rooftop systems. This collaboration enables TPEML customers to install solar rooftops through TPREL, promoting both EVs and solar solutions to their respective customer bases. Combining EVs with solar rooftops reduces the total cost of ownership, lowers electricity bills, accelerates payback periods for solar owners, and provides 100%…

Renewable energy company ReNew Energy Global reported a net profit of Rs 610 million in Q4 FY24, a sevenfold increase from the corresponding quarter of the previous fiscal. This surge was driven by higher finance income and lower expenses. Despite the profit jump, Q4 revenue fell by 4.4% to Rs 24.78 billion from Rs 25.92 billion in the same quarter last fiscal, due to lower earnings from transmission projects. For FY24, ReNew reported a net…

Jonathan Heimer, Minister Counselor for Commercial Affairs at the United States Foreign Commercial Service (FCS), highlighted the US’s support for India’s energy transition at the 2nd Energy Summit by the Indo-American Chamber of Commerce (IACC). Heimer emphasized opportunities for collaboration in clean energy sectors, noting India’s target of 500 GW of renewable energy by 2030. Carrie Antal, Deputy Director at the United States Agency for International Development (USAID), praised India’s economic growth and its role…

Indian Oil Corporation (IOC) has cancelled the tender for its first green hydrogen project at the Panipat refinery, as announced on its website on August 6. This decision aims to revise norms and attract more bidders. Last month, Moneycontrol reported that IOC was considering this cancellation to address the tender’s technical specifications. The project, crucial for IOC’s shift to sustainable energy, has faced delays. The second tender, issued in March, closed on July 9 with…

State-owned power giant NTPC will seek shareholder approval to raise up to Rs 120 billion by issuing Non-Convertible Debentures (NCDs) on a private placement basis at its annual general meeting on August 29. The board of directors approved the proposal on June 29, 2024, recommending the passing of a special resolution to raise the funds over the next 12 months. NTPC is in a capacity expansion mode, and a significant portion of its capital expenditure…

Suzlon Energy Ltd board has approved the acquisition of 22,80,000 equity shares, representing 76% of Renom Energy Services Private Ltd’s equity share capital, in multiple tranches. The acquisition, valued at Rs 6.6 billion, will make Renom Energy Services a subsidiary of Suzlon Energy. The initial acquisition of a 51% stake (15,30,000 equity shares) will be completed within three months for Rs 4 billion, subject to closing conditions outlined in the sale and purchase agreement (SPA)….