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Torrent Power announces financial results for Q1 2024
Torrent Power Limited has announced its financial results for the quarter ending June 30, 2024. Let’s have a look at the key highlights. Financial Performance Revenue Growth: The company’s revenue from operations surged to Rs 71.93 billion, an increase of 50.3 per cent from Rs 47.87 billion in the prior quarter and 33.6 per cent from Rs 53.83 billion in the same quarter last year. Profit Metrics: Profit before tax reached Rs 12.73 billion, nearly…
Scatec achieves financial close for South Africa’s 103 MW Mogobe BESS
Scatec has reached financial close for its 103 MW/412 MWh Mogobe battery energy storage system (BESS) in South Africa. The project, Africa’s first and largest standalone dispatchable BESS, is set to begin construction near Kathu in the Northern Cape. Scatec holds a 51% equity share, with Perpetua Mogobe (RF) owning 46.5%, and the Mogobe Local Community Trust holding 2.5%. The Mogobe BESS was awarded a 15-year power purchase agreement (PPA) under South Africa’s battery energy…
Global perspectives on rooftop solar energy: Leading economies and strategies
The global energy transition is gaining momentum, and rooftop solar (RTS) systems are playing a significant role in addressing the world’s growing energy demand. With projections suggesting a 75% increase in global electricity demand by 2050 (IEA 2022), geopolitical disruptions, such as the Russia-Ukraine conflict and the COVID-19 pandemic recovery, have further underscored the need for a shift toward renewable energy (RE) sources. Solar photovoltaics (PV) in particular, including distributed solar technologies, are well-positioned to…
Nexif Ratch’s 74.2 MWp Calabanga Solar Project in Philippines begins commercial operations
Nexif Ratch Energy (NRE) has announced that its 74.2 MWp Calabanga Solar Project (CARE) in Camarines Sur, South Luzon, Philippines, has commenced commercial operations as of August 5, 2024. This achievement follows a testing and commissioning process by the National Grid Corporation of the Philippines. CARE, the first utility-scale solar power project in the Bicol Region, will supply clean energy to the national grid, with most of its output sold through a 10-year Power Supply…
Nomura projects 7% CAGR in India’s power demand through FY27
Nomura has projected robust growth for India’s power sector, forecasting a compound annual growth rate (CAGR) of over 7% in electricity demand from FY24 to FY27. This surge is fueled by rising economic activity, increased electrification, and demand growth in emerging sectors such as data centres, electric vehicle (EV) charging, and green hydrogen production. Changing weather patterns, which have contributed to recent supply shortages, are also anticipated to drive demand. Electricity consumption is expected to…
Suzlon’s Q2 net profit surges 96% to Rs 2 bn
Suzlon Group reported a net profit of Rs 2 billion for the quarter ending September 2024, marking a 96% increase from Rs 1.02 billion in the same period last year. Total income rose by approximately 48% to Rs 21.21 billion, up from Rs 14.29 billion in the corresponding quarter of the previous year.