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Sumitomo acquires stake in EEW Offshore Wind Holding
Japan’s Sumitomo Corporation has acquired an equity stake in EEW Offshore Wind Holding, a move aimed at enhancing its monopile manufacturing capabilities for the offshore wind sector. This strategic partnership leverages Sumitomo’s expertise in the international steel market and EEW’s specialization in offshore wind energy infrastructure. Sumitomo’s General Manager of Steel Products SBU, Takuro Horikoshi, emphasized the alignment of this investment with the company’s commitment to green transformation and the global shift to renewable energy….
Reliance Industries awarded 10-GWh battery storage plant under PLI scheme
The government has awarded Reliance Industries Limited (RIL) a 10-GWh Advanced Chemistry Cell (ACC) battery storage plant under the Production-Linked Incentive (PLI) scheme, selected through a quality and cost-based selection (QCBS) mechanism. Under the scheme’s terms, RIL has to ensure at least 25 per cent domestic value addition, increasing to 60 per cent within five years, and make a mandatory investment of Rs 2.25 billion per GWh for the committed capacity within two years. According…
India’s net-zero ambitions hinge on green hydrogen, S&P Global report finds
India’s target of achieving net-zero emissions by 2030 depends heavily on significant advancements in the green hydrogen sector, according to a report by S&P Global. The report warns that delays in progress could push the timeline back by as much as a decade. Green hydrogen is a key element in India’s energy transition strategy, which focuses on energy efficiency, renewable energy, low-emission fuels, and sustainable mobility. To meet its ambitious goals, India must ramp up…
NTPC and ONGC partner to drive renewable energy expansion in India
NTPC and ONGC are establishing a joint venture to expand into the renewable energy sector through their subsidiaries, NTPC Green Energy and ONGC Green Energy. A 50:50 joint venture company (JVC) application has been submitted to the Ministry of Corporate Affairs, advancing both companies’ commitment to renewable energy. This JVC will focus on various renewable segments, including solar, wind, energy storage, and green credits, and plans to acquire renewable energy assets. It is also eyeing…
Indian auto sector records $1.9 billion in deals in Q3 2024, highest since 2021
The Indian auto sector saw 32 deals worth $1.9 billion in the July-September 2024 period, marking its highest quarterly activity since Q4 2021, according to a report by Grant Thornton Bharat. This surge highlights the sector’s resilience and investor appeal, driven by three high-value deals worth $300 million. Mergers and acquisitions (M&A) activity included six deals valued at $74 million, reflecting a 20% increase in volumes and 30% growth in value from Q2. Strategic investments…
Gensol emerges as L1 bidder for green hydrogen project in Uttar Pradesh
Gensol Engineering has been declared the lowest bidder (L1) for a green hydrogen project in Uttar Pradesh, with a bid value of Rs 1.64 billion. The tender, floated by NTPC, involves the generation of green hydrogen using plasma gasification technology from municipal solid waste (MSW) and refuse-derived fuel (RDF) or agricultural waste. The project will be executed at NTPC’s Netra facility in Greater Noida.