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Tamil Nadu introduces Rs 5 million per MW charge for wind projects

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Tamil Nadu has implemented a Rs 5 million per MW resource charge for wind projects connected to central transmission infrastructure, such as those by the Power Grid Corporation of India (PGCIL). This measure aims to meet the state’s renewable purchase obligation (RPO) and improve local wind resource management. The charge targets wind projects linked to the central grid, which do not directly contribute to Tamil Nadu’s RPO. This could impact project feasibility due to high…

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Moody’s: Indian companies to spend USD 45-50 billion annually on capex 

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Moody’s Ratings expects Indian companies to invest USD 45-50 billion annually in capex over the next 1-2 years, with Reliance Industries accounting for 30% of this. The oil and gas sector, including Reliance, will make up over 60% of the total spending, focusing on capacity expansion and green energy. Strong earnings will keep leverage low for Indian firms, despite high offshore borrowing rates. Moody’s forecasts a 6% GDP growth for India over the next two…

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Sri Lanka, India’s Petronet LNG sign MoU for power generation

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The Sri Lankan government and India’s Petronet LNG Limited have signed a memorandum of understanding (MoU) to develop infrastructure for LNG storage, regasification, and supply for a combined cycle power plant. The agreement with Sri Lanka’s LTL Holdings Limited focuses on the Sobadhanavi Combined Cycle Power Plant in Kerawalapitiya, north of Colombo.  The initiative would reduce energy costs by up to 50% compared to fuel-based power generation. The project, expected to be implemented within 18…

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ABB surpasses 10 GW milestone in automation solutions for India’s renewable energy plants

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ABB has reached a significant milestone, delivering automation solutions for over 10 GW of renewable energy projects across India. Starting with a 100 MW project seven years ago, ABB’s IoT-based PLC (Programmable Logic Controller) solution has now been implemented in over 300 renewable energy projects nationwide. ABB’s PLC-based SCADA (Supervisory Control and Data Acquisition) system enables real-time data analysis and optimal plant operation, allowing operators to monitor and manage plant parameters effectively. Part of ABB’s…

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Genus Power subsidiary secures Rs 3,608.52 million smart metering orders

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A wholly-owned subsidiary of Genus Power Infrastructures Ltd has received three orders totaling Rs 3,608.52 million for advanced metering infrastructure services (AMISPs). The contracts involve the design, supply, installation, and commissioning of approximately 4.26 million smart prepaid meters and system meters, including DT Meters, with energy accounting on a DBFOOT basis. Genus Power operates manufacturing plants in Jaipur, Haridwar, and Guwahati, with a combined annual capacity of over 10 million meters. With these new orders,…

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SJVN posts 31.4% rise in Q1 net profit to Rs 3,570.9 million

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SJVN Limited reported a net profit of Rs 3,570.9 million for the quarter ending June 2024, marking a 31.4% increase from Rs 2,717.5 million in the same quarter last year. The company’s total income for the quarter rose by 28.8% to Rs 9,584.7 million, up from Rs 7,443.9 million in the corresponding period of the previous year.

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India to broaden sustainable finance framework, boosting ESG-labeled bonds

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India’s market regulator, the Securities and Exchange Board of India (SEBI), plans to expand its sustainable finance framework to include a wider range of ESG-labeled instruments, potentially enhancing the market for such products in Asia. SEBI is consulting on the introduction of social bonds, as well as sustainable and sustainability-linked bonds, to complement the existing suite of environmental, social, and governance (ESG) debt. The proposed changes also include incorporating eligible asset-backed securities and requiring independent…

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Torrent Power challenges approval of Sarda Energy’s bid for SKS Power Generation at NCLAT

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Torrent Power has filed an appeal with the National Company Law Appellate Tribunal (NCLAT) against the approval of Sarda Energy and Mining’s (SEML) resolution plan for the debt-ridden SKS Power Generation. The appeal follows the Mumbai-based National Company Law Tribunal’s (NCLT) decision on August 13, which approved SEML’s bid and dismissed Torrent Power’s application to acquire SKS Power Generation in Chhattisgarh. Torrent Power objected to the selection process, arguing it was discriminatory and claiming that…

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South Africa seeks to strengthen energy trade ties with India, launches India-SA Chamber of Commerce

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South Africa’s Trade, Industry, and Competition Minister, Parks Tau, highlighted the country’s commitment to enhancing bilateral trade with India, particularly in the energy sector. Speaking at the launch of the India-SA Chamber of Commerce (ISACC), Tau emphasized the growth in trade between the two nations, which has increased from USD 8 billion to USD 13 billion over the past five years, with coal being a significant export to India. Tau stressed the need to diversify…

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AIIB to invest Rs 7.3 billion in ENGIE Solar Power Project

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The Asian Infrastructure Investment Bank (AIIB) will invest Rs 7.3 billion to support India’s renewable energy initiatives through the ENGIE Solar Power Project.  This project, co-financed with the Asian Development Bank (ADB), involves developing, building, and operating a 400 MW solar photovoltaic plant in Gujarat. Together, AIIB and ADB will provide up to Rs 14.6 billion in local currency as a project finance senior debt facility.