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Maharashtra plans to increase its solar energy capacity by 9,200 MW, raising its total from 3,600 MW to 12,800 MW within the next 14 months. State Power Minister Devendra Fadnavis announced the work orders under the Mukhyamantri Saur Krushi Vahini Yojana-2.0, India’s first solarization project for agricultural pumps. The initiative aims to halve power costs for agricultural pumps, reduce cross-subsidy burdens, lower tariffs for industrial and commercial users, and cut government subsidy expenses by about…

Tata Passenger Electric Mobility Ltd. (TPEML) and Tata Power Renewable Energy Ltd. (TPREL) have partnered to drive zero-emissions mobility in India by integrating electric vehicles (EVs) with solar rooftop systems. This collaboration enables TPEML customers to install solar rooftops through TPREL, promoting both EVs and solar solutions to their respective customer bases. Combining EVs with solar rooftops reduces the total cost of ownership, lowers electricity bills, accelerates payback periods for solar owners, and provides 100%…

Renewable energy company ReNew Energy Global reported a net profit of Rs 610 million in Q4 FY24, a sevenfold increase from the corresponding quarter of the previous fiscal. This surge was driven by higher finance income and lower expenses. Despite the profit jump, Q4 revenue fell by 4.4% to Rs 24.78 billion from Rs 25.92 billion in the same quarter last fiscal, due to lower earnings from transmission projects. For FY24, ReNew reported a net…

Jonathan Heimer, Minister Counselor for Commercial Affairs at the United States Foreign Commercial Service (FCS), highlighted the US’s support for India’s energy transition at the 2nd Energy Summit by the Indo-American Chamber of Commerce (IACC). Heimer emphasized opportunities for collaboration in clean energy sectors, noting India’s target of 500 GW of renewable energy by 2030. Carrie Antal, Deputy Director at the United States Agency for International Development (USAID), praised India’s economic growth and its role…

State-owned power giant NTPC will seek shareholder approval to raise up to Rs 120 billion by issuing Non-Convertible Debentures (NCDs) on a private placement basis at its annual general meeting on August 29. The board of directors approved the proposal on June 29, 2024, recommending the passing of a special resolution to raise the funds over the next 12 months. NTPC is in a capacity expansion mode, and a significant portion of its capital expenditure…

Fourth Partner Energy Ltd (FPEL) has raised $275 million from the International Financial Corporation (IFC), Asian Development Bank (ADB), and German Investment Corporation (DEG) to support its goal of 3.5 GW renewable energy capacity by 2026. The funding breakdown includes $125 million from IFC, $100 million from ADB, and $50 million from DEG. This investment will bolster FPEL’s current 1.5 GW portfolio and help commission a 575 MW wind-solar hybrid project in Karnataka later this…

Tata Power has announced that it has received a Letter of Intent (LoI) from PFC Consulting, a wholly-owned subsidiary of Power Finance Corporation, to acquire Paradeep Transmission Ltd, a project-specific special purpose vehicle (SPV). In an exchange filing, Tata Power stated that the SPV would be developed on a build, own, operate, and transfer (BOOT) basis to provide transmission services for 35 years from the scheduled date of commercial operation. The commercial operation date is…

Amara Raja Energy & Mobility (ARE&M) announced a consolidated net profit of Rs 2.49 billion for the first quarter of FY25, marking a 26% increase from the Rs 1.98 billion reported in the same period of the previous fiscal year. Revenue from operations rose to Rs 32.63 billion from Rs 27.96 billion year-over-year. The revenue growth was driven by strong year-on-year volumes in the automotive aftermarket, original equipment manufacturers (OEMs), and export markets. “In the…

The PM Surya Ghar Muft Bijli Yojana has successfully surpassed 100 MW of rooftop solar (RTS) power generation capacity in Maharashtra. Under this initiative, 25,086 customers have installed 101.18 MW RTS power plants, leveraging the program’s incentives. The Maharashtra State Electricity Distribution Company (MahaVitaran) oversees the implementation of the scheme. Launched in February, the initiative offers a maximum subsidy of Rs 78,000 for a 3 kW plant, funded by the Central government. A direct payment…