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India | Finance | News | Policy & ProgrammesMoP allows insurance surety bonds in power procurement
The Ministry of Power (MoP) has directed all states, union territories, and power utilities to accept Insurance Surety Bonds (ISBs) as an alternative to bank guarantees for bid security and performance security. The directive takes effect from April 4, 2026. The instruction was issued through an Office Memorandum signed by Director Manish Mishra. It follows…
Kalpataru Projects secures Rs 2.17 billion orders
Kalpataru Projects International, along with its international subsidiaries, has secured new orders worth Rs 2.17 billion in India and overseas. The contracts include the design and construction of an elevated metro rail project in India, transmission & distribution (T&D) projects in India and abroad, as well as a residential building project in India. With these…
China moves to reduce subsidies for renewable energy projects
China’s National Development and Reform Commission (NDRC), along with the nation’s energy administration, is taking steps to roll back subsidies for renewable energy projects, according to Reuters. In 2024, China saw a record-breaking 45% rise in solar installations, reaching nearly 887GW of installed solar capacity—six times the size of the United States’ solar power capacity,…
Bajaj Lighting partners with Slovakian SEAK for tunnel lighting solutions
Bajaj Electricals has partnered with Slovakia-based SEAK s.r.o. to enhance tunnel lighting systems across India. This collaboration focuses on delivering intelligent lighting control systems using SEAK’s patented powerline communication technology. Bajaj Lighting, a key player in India’s lighting industry, has expertise in indoor, outdoor, architectural, and tunnel lighting. The company has already implemented advanced lighting…
Energy Vault to build 57MW battery storage project in Texas
Energy Vault has announced plans for a 57MW/114MWh battery energy storage system (BESS), named Cross Trails BESS, to be built in Scurry County, Texas. Construction is scheduled to begin in Q1 2025, with commercial operations expected by mid-2025. Energy Vault will build, own, and operate the project using its X-Vault integration platform, UL9540-certified B-VAULT product,…
Glow raises USD 30 million to expand solar energy projects in India
Green energy startup Glow has secured USD 30 million (approximately Rs 2.5 billion) in funding from venture capital firms Framework and Union Square Ventures. The investment will support Glow’s efforts to promote renewable energy adoption globally, with a primary focus on India. Since its founding in 2023, Glow has launched three solar farms in Rajasthan,…
