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India’s renewable energy capacity to grow at double the rate of overall energy capacity by 2030: CRISIL

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According to a report by CRISIL, India’s renewable energy (RE) capacity, excluding large hydro projects, is expected to grow at a compound annual growth rate (CAGR) of 16.5%-17%, reaching 360-370 GW by fiscal 2030.  This growth rate is double that of the country’s overall power capacity, which is projected to grow by 7.5%-8%, increasing from 442 GW in March 2024. India’s renewable energy capacity, including large hydro projects, stood at nearly 191 GW as of…

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Servotech partners with Ensmart Power to expand EV charger business in UK

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Servotech Power Systems has announced a collaboration with UK-based Ensmart Power to expand its electric vehicle (EV) charger business in the UK and North America.  The partnership aims to leverage Servotech’s innovative EV charging solutions and Ensmart Power’s expertise in energy storage and distribution to develop a reliable and accessible EV charging infrastructure in these regions. The companies have signed a sole distribution agreement to enhance the distribution of EV chargers, focusing on supporting green…

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India to drive global energy demand by 2035, says IEA

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India is set to become the global engine for energy demand growth through 2035, according to the International Energy Agency’s (IEA) World Energy Outlook 2024.  The report highlights India’s rapid expansion, with the country adding more than 12,000 cars daily, increasing built space equivalent to South Africa, and seeing its air-conditioners consume more electricity than Mexico’s total power consumption by 2035. As the world’s third-largest oil consumer, India will increase oil demand by nearly 2…

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PFC Infra Finance IFSC receives approval to operate in GIFT City

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PFC Infra Finance IFSC Limited (PIFIL), a wholly owned subsidiary of Power Finance Corporation Limited (PFC), has been approved by the International Financial Services Centres Authority (IFSCA) to commence business as a finance company in IFSC GIFT City, Gujarat.  PIFIL will be the first finance company in the IFSC dedicated to power and infrastructure lending, providing financing in foreign currency for both government and private entities in India and abroad. The company will focus on…

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IBM acquires Prescinto to enhance renewable energy asset management

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IBM has acquired Prescinto, a Bangalore-based provider of asset performance management (APM) software-as-a-service (SaaS) for renewable energy.  Prescinto leverages AI to streamline operations, manage clean energy and storage assets, and provide advanced monitoring and analytics. The acquisition is set to boost IBM’s Maximo Application Suite (MAS) by offering near real-time performance tracking for solar, wind, and energy storage assets, optimizing generation, and supporting clients’ sustainability and net-zero initiatives. Founded in 2016, Prescinto manages 16 GW…

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KEI Industries approves Rs 20 billion QIP proposal

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KEI Industries Ltd’s board of directors has approved a proposal to raise Rs 20 billion through a qualified institutional placement (QIP). The funds will be raised via the issuance of equity shares or other eligible securities, subject to shareholder and regulatory approvals. A “Fund Raising Committee” has been formed to finalize the QIP’s terms and conditions. In its financial results for H1FY25 (April to September), KEI Industries reported: Domestic institutional sales of wire and cable…

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JSW, Tata Power, Avaada, Juniper win MSEDCL’s 1,650 MW wind-solar auction

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Maharashtra State Electricity Distribution Company (MSEDCL) has selected JSW Neo Energy, Tata Power Renewable Energy Limited (TPREL), Avaada Energy, and Juniper Green Energy as the winners of its 1,650 MW wind-solar hybrid auction. These companies will supply power on a long-term basis from grid-connected intrastate projects. JSW Neo secured 600 MW, including 400 MW under the greenshoe option, while Tata Power won 400 MW, with 200 MW under the greenshoe option. Avaada Energy was awarded…

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Indian Oil and EverEnviro form JV for CBG production

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Indian Oil Corporation (IOCL) has partnered with EverEnviro Resource Management to establish a joint venture (JV) focused on converting organic waste into compressed biogas (CBG).  The two companies will share equal ownership in the JV, which will integrate advanced biogas technologies to promote biofuels and support the national deployment of CBG plants. This initiative aligns with IOCL’s long-term low-carbon strategy and its goal of achieving operational net-zero emissions by 2046. In addition to the CBG…

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Waaree Energies to launch Rs 36 billion IPO

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Waaree Energies has announced its initial public offering (IPO), set to launch on October 21, 2024. The anchor investor bidding will open on October 18, and the offer will close on October 23. The IPO includes 4.8 million equity shares with a total value of Rs 36 billion. The price band is set between Rs 1,427 and Rs 1,503 per share, with a minimum bid of 9 shares.  Waaree Sustainable Finance Private Limited will offer…

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L&T emerges as lowest bidder for NTPC’s super thermal power plants

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Larsen & Toubro (L&T) has been declared the lowest bidder by NTPC for the main plant package of super thermal power plants (STPPs) at Gadarwara in Madhya Pradesh, Telangana, and Nabinagar in Bihar.  L&T will undertake work for Gadarwara STPP Stage-II (2×800 MW), Telangana STPP Stage-II (3×800 MW), and Nabinagar STPP Stage-II (3×800 MW). The scope of work includes design, engineering, manufacture, supply, construction, erection, testing, and commissioning of the main plant package. The projects…