|

COP29: IEEFA pushes banks to reorient lending for renewables, $400 billion annual funding shortfall

Global, News

The Institute for Energy Economics and Financial Analysis (IEEFA) has urged global action at the 29th Conference of Parties (COP29), emphasizing a $400 billion annual investment gap to meet renewable energy targets by 2030. Labelling COP29 as the “climate finance COP,” IEEFA’s new briefing highlights the need for policies incentivizing banks to redirect lending toward renewables. IEEFA’s report notes a significant rise in global renewable energy investments, increasing by 73%-78% from $329-424 billion in 2019…

|

Centre, Himachal discuss 4,300 MW pump storage projects

India, News

Union Minister of Power and Housing & Urban Affairs, Manohar Lal, held a meeting in Shimla to review Himachal Pradesh’s urban development initiatives and power sector advancements.  Chief Minister Sukhvinder Singh Sukhu, Public Works & Urban Development Minister Vikramaditya Singh, and senior state and central government officials attended the meeting, focusing on the state’s Revamped Distribution Sector Scheme (RDSS) and hydroelectric projects. During the discussions, potential collaboration between Himachal Pradesh and the Bhakra Beas Management…

|

E2E Energy and Novus Earth to develop geothermal project in Canada

Global, News

E2E Energy Solutions has partnered with Novus Earth to develop Latitude 53 Hinton, a geothermal energy project near Hinton, Alberta, set to begin construction in early 2025.  This two-phase initiative will utilize geothermal energy to support sustainable agriculture and produce clean electricity, bolstering Alberta’s renewable energy landscape. The first phase focuses on supplying geothermal heat for year-round strawberry cultivation in a 20-acre greenhouse, offering up to 50 gigajoules of heat per hour through E2E’s technology. …

|

BlueFloat gains major project status for 2.1GW offshore wind in Australia

Global, News

Spain-based BlueFloat Energy has achieved major project status from the Australian government for its 2.1GW Gippsland Dawn offshore wind project, located off Victoria’s coast.  This status provides access to support from the Major Projects Facilitation Agency, marking a significant milestone for one of Australia’s largest offshore wind initiatives. Scheduled to begin construction in 2029 with a $10 billion investment, Gippsland Dawn aims to be operational by 2031, with up to 140 turbines positioned 10 to…

|

Eku Energy achieves financial close for Williamsdale BESS in Australia

Global, News

Eku Energy has reached a financial close on its 250MW/500MWh Williamsdale Battery Energy Storage System (BESS) project in Canberra, ACT, marking a significant advancement in the ACT government’s Big Canberra Battery initiative.  Powered by Tesla Energy’s megapacks, the system will help store renewable energy to meet one-third of Canberra’s electricity needs during peak demand. The Williamsdale BESS will connect to Evoenergy’s distribution network, bolstering Canberra’s energy security and supporting the region’s net zero emissions target…

|

Global shift towards sustainable energy drives $3.1 trillion investment surge

Global, News

A new report from the International Solar Alliance (ISA) highlights a global increase in sustainable energy investments, rising from $2.4 trillion in 2018 to an expected $3.1 trillion by 2024, with solar energy dominating green investments.  Solar alone now accounts for 59 per cent of these investments, primarily due to decreasing technology costs and a surge in support from the Asia-Pacific (APAC) region, which has emerged as the leading investor. According to the World Solar…

|

Trump as US president will deepen climate crisis: Policy experts

Global, News

Donald Trump’s potential return to the US presidency has prompted apprehension regarding America’s climate policy trajectory. During his first term, the United States withdrew from the Paris Climate Agreement, casting doubts on its commitment to global climate efforts.  Trump has also been critical of climate finance mechanisms, such as the Green Climate Fund, labelling them as unfavourable wealth redistribution schemes while endorsing expanded fossil fuel production. Following his re-election, Trump has promised to increase domestic…

|

AVVNL invites bids for 269 MW solar projects under PM KUSUM

India, News

Ajmer Vidyut Vitran Nigam Limited (AVVNL) has issued a bid invitation for 269 MW of grid-connected solar projects under Component A of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM KUSUM) scheme. The submission deadline is set for November 29, 2024. This project includes the design, supply, installation, testing, commissioning, and a 25-year operations and maintenance plan, with provisions for connecting the systems to 33/11 kV substations.

|

Westinghouse and Hyundai sign contract for reactors in Bulgaria

Global, News

A consortium of Westinghouse Electric Company and South Korea’s Hyundai Engineering & Construction has secured an engineering services contract with Bulgaria’s Kozloduy NPP-Newbuild.  This contract advances the project beyond the front-end engineering and design phase towards the construction of two AP1000 nuclear reactors at the Kozloduy site. The AP1000, a Generation III+ reactor known for its passive safety systems and modular design, will play a central role in Bulgaria’s energy diversification and security efforts.  The…

|

Waaree Renewable posts robust Q2 growth with Rs 5,244.7 million revenue

India, News

Waaree Renewable Technologies Limited (WRTL), the solar EPC arm of Waaree Group, reported Q2 FY25 revenue of Rs 5,244.7 million, a 249.50% increase from Rs 1,500.6 million in Q2 FY24. Profit after tax (PAT) stood at Rs 535.2 million, while its unexecuted order book remains at 1.7 GWp with a 9-12 month timeline. For H1 FY25, revenue reached Rs 7,608.2 million, up 172.70% year-on-year, with an EBITDA of Rs 1,126.5 million, marking a 155.56% increase….