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Inox Wind secures 87 MW order from Continuum Green Energy
Inox Wind Limited (IWL) has secured an 87 MW order from Continuum Green Energy for its 3 MW Wind Turbine Generators (WTGs). This repeat order will be executed on turnkey basis, with IWL providing multi-year operations and maintenance services post-commissioning. The projects are slated for Gujarat and Rajasthan. This addition brings Continuum’s total orders with IWL to approximately 700 MW and elevates IWL’s order book to over 3.4 GW, marking its highest level to date. …
Serentica Global plans 10 GW RW projects in Andhra Pradesh
Vedanta Group’s Serentica Global has announced plans to develop renewable energy projects totalling 10 GW in Andhra Pradesh. Company officials shared their plans with Nara Lokesh, the State Minister for Education, IT, and Electronics. The Minister highlighted Andhra Pradesh’s goal of achieving 72 GW of renewable energy capacity by 2030 and invited corporations and investors to contribute to this initiative. These large-scale projects are expected to create significant employment opportunities within the state.
Hero Electric resumes production, seeks Rs 1-2 billion investment to scale up
Hero Electric has restarted production at its factory in July, initially operating on a smaller scale with limited scooter manufacturing. To return to full production capacity, the company is seeking an investment of Rs 1-2 billion from both existing and new investors, including private equity funds. The company has also responded to recent claims from some of its 800 dealers, who allege that Hero Electric owes Rs 5 billion in advances for electric two-wheelers. Hero…
Adani Group plans 10 GW of overseas hydroelectric projects
Adani Group is planning to develop 10 gigawatts (GW) of hydroelectric projects overseas in the coming years as part of its strategy to reach net zero carbon emissions by 2050. The conglomerate, led by billionaire Gautam Adani, is exploring projects in countries like Nepal, Bhutan, Kenya, Tanzania, the Philippines, and Vietnam, according to sources familiar with the plans. The group is particularly interested in regions with favourable topography and growing demand for hydropower. The move…
Chinese power grids face extreme demand amid record heatwave
Power grids in Chinese provinces, including Shanghai and Zhejiang, are experiencing unprecedented demand as record temperatures exceed 40°C (104°F). State broadcaster CCTV reported temperatures as high as 43.9°C in eastern regions such as Zhejiang, Jiangsu, Shanghai, Anhui, and Xinjiang in the northwest. On August 2, Shanghai’s power grid hit a record maximum load of over 40 million kilowatts (kW) due to the heat, driving electricity consumption in the city of nearly 25 million people. This…
PFC reports 20% rise in Q1 FY25 net profit to Rs 71.82 billion
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…