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India-GCC trade hits $162 billion, growing ties in energy, defence, and tech

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India’s trade with the Gulf Cooperation Council (GCC) reached USD 162 billion last year, accounting for 15% of India’s total trade. This milestone, highlighted by Aseem R Mahajan, Joint Secretary – Gulf, Ministry of External Affairs, was announced during the ‘India MENA Business Dialogue: Bridging Economics, Fostering Growth’ event organised by FICCI. The event emphasised the expanding partnership between India and the Gulf, covering crucial sectors such as energy, defence, security, and health. Despite fluctuations…

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CERC moves forward with NERES XVI transmission licence approval

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The Central Electricity Regulatory Commission (CERC) has reviewed the petition by NERES XVI Power Transmission Ltd for granting an interstate transmission licence. In its order, CERC found that NERES XVI meets all necessary conditions for the licence. The commission has directed NERES XVI to issue a public notice seeking comments and suggestions regarding the licence grant. NERES XVI Power Transmission Ltd, a wholly-owned subsidiary of Techno Electric Engineering Company Ltd, was awarded the “Transmission Scheme…

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Adani Power establishes subsidiary in Abu Dhabi to expand in Middle East

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Adani Power has established a wholly-owned subsidiary, Adani Power Middle East, in Abu Dhabi. The new entity was incorporated on 26 August 2024 with an authorized capital of 27,000 shares, each valued at $1. This move is part of Adani Power’s strategy to invest in power, infrastructure, and related fields in the Middle East. Adani Power, a part of the Adani Group, is India’s largest private thermal power producer. The company reported a 55.33% decline…

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Uttar Pradesh advances with development of 3,710 MW solar parks 

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Uttar Pradesh is advancing the development of several large-scale solar projects, including nine solar parks with a combined capacity of 3,710 MW. Of these, three parks with a total capacity of 435 MW have already been commissioned, and land allocation for all nine parks has been finalized. The solar parks are located across various regions, including Bundelkhand (Jhansi, Lalitpur, Chitrakoot, and Jalaun) and in Kanpur Nagar, Kanpur Dehat, Mirzapur, and Prayagraj. The bidding process for…

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JSW Neo secures 200 MW wind-solar hybrid project in Maharashtra

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JSW Neo Energy, a wholly-owned subsidiary of JSW Energy, has received a Letter of Award (LoA) from Maharashtra State Electricity Distribution (MSEDCL) for a 200 MW wind-solar hybrid power project. This award follows a tariff-based competitive bid under MSEDCL-Phase III. With this new project, JSW Neo Energy’s total locked-in generation capacity reaches 17.2 GW, which includes 2.9 GW of hybrid capacity (including FDRE). Currently, the company has a generation capacity of 7.5 GW and aims…

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UltraTech raises $500 million through sustainability-linked financing

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UltraTech Cement has secured $500 million through sustainability-linked financing, involving participation from six major banks. This marks the company’s second sustainability-linked transaction, following its inaugural bond issuance in 2021, and underscores UltraTech’s commitment to aligning its funding strategy with its sustainability and ESG goals. The banks involved in the transaction are Sumitomo Mitsui Banking Corporation (SMBC), State Bank of India (SBI), BNP Paribas, DBS, MUFG, and Mizuho. SMBC played a pivotal role, acting as the…

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Bondada Engineering secures 170.4 MW solar project contract in Maharashtra

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Bondada Engineering Ltd announced that it has received a Letter of Award to set up 170.40 MW (DC) of grid-connected distributed solar power plants in Maharashtra. These projects will be developed under the state government’s Mukhya Mantri Saur Krushi Vahini Yojana 2.0. The projects have been awarded by the power purchase agreement (PPA) owners, Paradigm IT Technologies and Metalcraft Forming Industries, both software companies based in India. Bondada’s responsibilities include the design, survey, supply, installation,…

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India achieves 15 GW solar installations in first half of 2024

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India registered a record 15 GW of solar installations in the first half of 2024, as developers rushed to complete previously delayed projects, according to a report by US-based research firm Mercom Capital. This is a 282% increase compared to the 3.89 GW added during the same period in 2023. The report, titled ‘India Solar Market Update,’ highlighted that this surge in installations has set a new record for solar capacity additions in the country….

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Report: July 2024 Power sector installed capacity overview

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As of July 31, 2024, India’s total installed capacity for power generation reached 448,381.44 MW, covering various energy sources across different sectors and regions. The breakdown includes thermal power, which accounts for 242,996.91 MW, primarily derived from coal, lignite, gas, and diesel sources. Hydropower contributes 8,180 MW, covering major hydroelectric plants across the nation. Renewable energy sources (RES), which include solar, wind, biomass, and small hydro projects, account for 47,928.17 MW. Nuclear power adds another…

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Report: Power supply and allocation updates for July 2024

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In July 2024, India’s energy requirement was 150,207 MU, and the energy supplied was 149,852 MU, resulting in a deficit of 355 MU. The Northern Region had the highest energy requirement at 54,849 MU, with a supply of 54,580 MU, leading to a shortfall of 269 MU. The Western Region required 41,066 MU and supplied 41,036 MU, facing a deficit of 30 MU. The Southern Region’s requirement was 33,352 MU, and it met almost all…