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Power Grid approves issuance of bonds to raise up to Rs 50 billion
Power Grid Corporation of India Limited (PGCIL) has received approval from its committee of directors to issue its 79th bond series (2024-25), which will raise up to Rs 50 billion through a private placement. The bond issuance has a base size of INR 10 billion, with a green shoe option allowing for an additional Rs 40 billion. These bonds are unsecured, non-convertible, non-cumulative, and taxable, with a 10-year maturity period. The bonds will be redeemable…
Utah completes its first floating solar project
Utah has launched its first floating solar project, a 587.5 kW system installed on a holding pond at the Signal Hill facility, in collaboration with the Mountain Regional Water Special Service District. The project, supported by a $400,000 grant from Rocky Mountain Power’s Blue Sky Award program, is expected to generate 871,086 kWh of clean energy annually and reduce carbon emissions by 609 metric tonnes. Developed by Ameresco in partnership with D3Energy, construction was completed…
Westinghouse and Hyundai partner to explore nuclear power opportunities in Sweden and Finland
Westinghouse Electric has partnered with Hyundai Engineering & Construction to pursue nuclear power plant (NPP) projects in Sweden and Finland. The collaboration will focus on deploying Westinghouse’s AP1000 reactor technology, with Westinghouse handling the design and technology development and Hyundai contributing its construction expertise. This partnership builds on a 2022 agreement between the companies to jointly explore global opportunities for AP1000 plants. The announcement follows Vattenfall’s plans to develop new nuclear reactors at Ringhals in…
Lucid Group shares surge on $1.5 billion Saudi investment
Lucid Group (LCID) shares have increased following the announcement of second-quarter results and a $1.5 billion funding commitment from Ayar Third Investment Co., an affiliate of the Public Investment Fund of Saudi Arabia. This funding will be utilized to build a factory in Saudi Arabia, capable of producing 150,000 vehicles annually, and to support the production of Lucid’s new Gravity SUV. In the second quarter, Lucid reported revenue of $200.6 million, surpassing analysts’ expectations, but…
Telangana to provide free electricity for 30,000 government schools
The Government of Telangana has announced a plan to provide free electricity to about 30,000 government schools. Speaking at a teachers’ convention, Reddy emphasized the crucial role of teachers in shaping the future of Telangana and urged parents to enrol their children in public schools. He highlighted the success of Delhi Chief Minister Arvind Kejriwal, who has won elections by improving government schools and providing quality education to underprivileged students. A Rs 210 billion has…
IEX posts 24% growth in trading volume, REC prices hit all-time low in September 2024
The Indian Energy Exchange (IEX) recorded a total trading volume of 11,370 million units (MU) in September 2024, a 24% year-on-year increase. The electricity volume, including green electricity, rose by 21% year-on-year to 10,332 MU. Trading volume in renewable energy certificates (REC) doubled to 1,031 MU compared to the previous year. On September 25, 2024, the REC market saw an all-time low price of Rs 110 per certificate, offering obligated entities like discoms and captive…