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Tata Power signs Rs 1.2 trillion pact with Rajasthan

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Tata Power has signed an MoU with the Rajasthan government, committing Rs 1.2 trillion to the state’s power sector, including Rs 750 billion in green energy.  The agreement, formalized at the ‘Rising Rajasthan’ Investor Meet on 30 September 2024, outlines a 10-year plan to transform Rajasthan into a power surplus state with 24/7 clean and reliable energy. The investment will focus on renewable energy, transmission, distribution, nuclear power, EV charging, and rooftop installations.  Key allocations…

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West Bengal Cabinet approves 660-MW supercritical plant

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On 30 September 2024, the West Bengal Cabinet approved establishing a 660-MW supercritical power plant at Sagardighi in Murshidabad district. Power Minister Arup Biswas announced that 95% of the work on the plant has been completed, with plans to finish by March 2025.  The Cabinet also approved the construction of five additional power plants and a new 1,600 MW plant, which will follow a PPP model with a global tender. Additionally, the Cabinet allowed 32.43…

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Solex Energy to invest Rs 80 billion in new solar cell facility by 2030

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Solex Energy plans to invest Rs 80 billion by 2030 to establish a new solar cell manufacturing facility with an initial capacity of 2 GW, scalable up to 5 GW. The company will also increase its module manufacturing capacity from 1.5 GW to 15 GW.  The facility will incorporate N-Type TOPcon technology with a rectangular cell design. Solex’s new Tapi-R series, optimized for large-scale solar projects in harsh environments, offers a bifacial rate of 80%…

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Kalpataru Projects secures Rs 12.41 billion in new contracts

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Kalpataru Projects International (KPIL) has won contracts worth Rs 12.41 billion, including projects in the transmission and distribution (T&D) sector both in India and overseas.  Additionally, the company secured residential and commercial building projects in India. These new contracts have boosted KPIL’s order book, with year-to-date inflows exceeding Rs 110 billion, primarily driven by its T&D and Buildings and Factories (B&F) segments. The company is executing projects across 30 countries, with a presence in over…

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Fossil fuel dominance in electricity to end by 2030, renewables to take lead: RBI

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The Reserve Bank of India (RBI) projects that fossil fuels’ dominance in electricity generation will end by the end of this decade, with renewable energy expected to account for over 50% of global electricity generation. In its latest report, the central bank highlights an accelerated shift toward clean energy, driven by unprecedented capital investment and the rapid deployment of clean technologies. The RBI report emphasizes that cleaner power generation could enable substantial emissions cuts, buying…

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NLCIL produces 12.34 billion units of green power, targets 10,000 MW renewable capacity by 2030

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State-owned NLC India Ltd (NLCIL) has generated 12.34 billion units of green power, preventing the emission of 10 million tonnes of carbon dioxide, according to a statement by the coal ministry. Traditionally a lignite-based power producer, NLCIL is now aiming to achieve 10,000 MW of renewable energy capacity by 2030. NLCIL has already established 1,380 MW of solar power plants and 51 MW of wind power plants. To reach its ambitious renewable energy target, NLCIL…

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Saatvik Solar plans Rs 10 billion IPO for expansion

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Saatvik Solar is reportedly planning to raise Rs 10 billion through an initial public offering (IPO) to fund its expansion plans.  The company, which currently has a module production capacity of 1.8 GW, expects to increase this capacity to 3.8 GW by November 2024. Over the next two years, Saatvik plans to invest Rs 22 billion to further boost its module-making capacity to 7.8 GW and establish a 2 GW cell manufacturing capacity.

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REC raises $500 million through green bonds for renewable energy projects

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REC Limited has raised $500 million through green dollar bonds as part of its $10 billion global medium-term programme. This 5-year bond has a coupon rate of 4.75% per annum, with semi-annual payments, and is set to mature on September 27, 2029. It marks the first US dollar bond issuance by an Indian public sector enterprise in 2024. The funds raised under REC’s Green Finance Framework will be allocated to eligible green projects in line…

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Ashoka Buildcon declared L1 bidder for transmission project in Madhya Pradesh

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Ashoka Buildcon has been declared the lowest bidder (L1) for a transmission project by M P Poorv Kshetra Vidyut Vitran. The project involves the installation, testing, and commissioning of new 11 kV lines, LT lines on AB cable, DTR substation, and related works to separate 11 kV mix feeders and mix DTRs under the RDSS scheme in the Chhindwara circle. The financial bid, valued at Rs 1.93 billion, was opened on 24 September 2024. This…