Author: PPD Team Date: 25/10/2024
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SWELECT Energy to raise Rs 1.38 billion through NCDs
Author: PPD Team Date: 20/12/2024 SWELECT Energy Systems has announced plans to raise Rs 1.38 billion through the issuance of 1,385 non-convertible debentures (NCDs) with a face value of Rs 1 million each via private placement. These secured, unlisted, rated, redeemable, non-cumulative, taxable NCDs will carry a 12.5-year tenure and an average interest rate of 9.5%. The funds raised will be used to strengthen the company’s financial position. The company’s board also approved the conversion…
Avaada Group to develop 1.2 GW pumped storage project in Rajasthan
Author: PPD Team Date: 25/11/2024 Avaada Aqua Batteries, a subsidiary of Avaada Group, has signed a Memorandum of Understanding (MoU) with the Rajasthan government to establish a 1.2 GW pumped storage project (PSP) in the Sirohi district. With a budget of Rs 58 billion, the project is expected to be completed within five to seven years. It aims to provide Round the Clock with renewable energy and enhance grid stability by integrating solar and wind…
Servotech and CIMSME to install 100,000 solar rooftops
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EU approves €2.6bn support for Estonia’s offshore wind sector
Author: PPD Team Date: 11/12/2024 The European Commission (EC) has approved a €2.6 billion ($2.7 billion) scheme to support Estonia’s offshore wind energy sector, advancing the country’s goal of achieving net-zero emissions. This initiative, aligned with the Estonian Maritime Spatial Plan, will fund the construction and operation of offshore wind farms through a competitive bidding process. The scheme, part of the State Aid Temporary Crisis and Transition Framework (TCTF), is open until December 2025 and…
Five firms shortlisted for Kurnool-IV REZ transmission project
Author: PPD Team Date: 24/02/2025 A total of five firms have been shortlisted as technically qualified for the selection of transmission service providers (TSP) through the tariff-based competitive bidding (TBCB) process on a build, own, operate, and transfer (BOOT) basis for the Transmission System for Integration of Kurnool-IV Renewable Energy Zone (REZ) – Phase-I (4.5 GW). The shortlisted firms are Power Grid Corporation of India Limited (PGCIL), Resonia Limited (formerly Sterlite Grid 32 Limited), Tata…
Oil India to set up subsidiary for green energy foray
Author: PPD Team Date: 26/12/2024 Oil India Limited (OIL) has announced the establishment of a wholly-owned subsidiary, OIL Green Energy, to manage its green and alternative energy ventures. The company plans to invest Rs 250 billion by 2040 to diversify into renewable energy and decarbonisation technologies. The subsidiary will oversee initiatives in biofuels, green hydrogen, renewable energy, carbon capture utilization and storage (CCUS), methanol, and geothermal energy. OIL aims for non-fossil fuel energy to constitute…