Saatvik Solar is reportedly planning to raise Rs 10 billion through an initial public offering (IPO) to fund its expansion plans.
The company, which currently has a module production capacity of 1.8 GW, expects to increase this capacity to 3.8 GW by November 2024. Over the next two years, Saatvik plans to invest Rs 22 billion to further boost its module-making capacity to 7.8 GW and establish a 2 GW cell manufacturing capacity.
Enel Green Power Australia, a joint venture of Enel Green Power and INPEX Renewable Energy Australia, has signed a long-term agreement with ElecSome to recycle solar photovoltaic (PV) modules across its Australian portfolio. ElecSome, based in Australia, will repurpose damaged and end-of-life solar modules to support the country’s decarbonisation efforts. With around 1.4 million solar PV modules expected to reach their end-of-life by 2025, solar module upcycling is becoming vital. By 2030, non-usable PV panels…
Octopus Energy Generation and LONGi have signed a memorandum of understanding (MOU) to form a new partnership to integrate LONGi into Octopus’s preferred supplier list. The companies plan to finalize a solar panel supply agreement, allowing Octopus to source panels from LONGi for its future solar farm projects, capitalizing on LONGi’s strong market position. In June 2024, Octopus Energy expanded into the US renewables market by acquiring two solar farms in Ohio and Pennsylvania, with…
Iberdrola’s Australian subsidiary has commenced construction of the 376MW Broadsound Solar and 180MW battery energy storage system (BESS) project in Queensland. The project, expected to be completed by mid-2026, will generate power for 145,000 homes and create up to 350 jobs during its two-year construction phase. Located near Rockhampton, the Broadsound project will be situated on the land of the Barada Kabalbara Yetimarala people, with Iberdrola establishing a community benefit fund to support local needs…
British energy giant BP has announced plans to sell its US onshore wind energy business, BP Wind Energy, citing misalignment with its strategic growth goals. The sale, which includes ten onshore wind assets across seven US states with a combined net generating capacity of 1.3 GW, is expected to begin in autumn 2024. This move comes amid a broader shift in BP’s strategy, driven by new CEO Murray Auchincloss, who has placed renewed emphasis on…
Kenya’s high court has suspended a $736 million agreement between state-owned Kenya Electrical Transmission Company (KETRACO) and Adani Group’s Adani Energy Solutions to develop and operate power infrastructure, including transmission lines. The suspension follows a legal challenge by the Law Society of Kenya, which has criticized the agreement as “a constitutional sham” and “shrouded in secrecy.” The Law Society claims that KETRACO and Adani Energy Solutions did not fulfill public participation requirements, a mandate under…
Torrent Power has filed an appeal with the National Company Law Appellate Tribunal (NCLAT) against the approval of Sarda Energy and Mining’s (SEML) resolution plan for the debt-ridden SKS Power Generation. The appeal follows the Mumbai-based National Company Law Tribunal’s (NCLT) decision on August 13, which approved SEML’s bid and dismissed Torrent Power’s application to acquire SKS Power Generation in Chhattisgarh. Torrent Power objected to the selection process, arguing it was discriminatory and claiming that…
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