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Mirova to invest $518m in RP Global’s clean energy projects

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French asset management firm Mirova has committed €480 million ($518 million) to RP Global, an independent power producer (IPP), to advance its 2.5 GW pipeline of clean energy projects across Europe. The investment is split between the Mirova Energy Transition 6 (MET6) fund, providing €200 million, and an additional €280 million from a co-investment vehicle managed by Mirova. This partnership makes MET6 a significant minority shareholder in RP Global. Anne-Laure Messier, Mirova’s investment director, highlighted…

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Masdar and Presight to launch AI tool for managing assets globally

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UAE-based Masdar has teamed up with Presight to create an AI-driven asset management tool aimed at optimising its global renewable energy projects.  The tool will leverage big data analytics and generative AI to process billions of data points generated by Masdar’s solar panels and wind turbines. This collaboration seeks to enhance operational efficiency, predict maintenance needs, and boost renewable energy production by shifting from reactive to predictive maintenance strategies. Presight CEO Thomas Pramotedham emphasized the…

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IBM acquires Prescinto to enhance renewable energy asset management

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IBM has acquired Prescinto, a Bangalore-based provider of asset performance management (APM) software-as-a-service (SaaS) for renewable energy.  Prescinto leverages AI to streamline operations, manage clean energy and storage assets, and provide advanced monitoring and analytics. The acquisition is set to boost IBM’s Maximo Application Suite (MAS) by offering near real-time performance tracking for solar, wind, and energy storage assets, optimizing generation, and supporting clients’ sustainability and net-zero initiatives. Founded in 2016, Prescinto manages 16 GW…

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Origis Energy partners with TVA to expand solar + storage projects in Mississippi

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Origis Energy and the Tennessee Valley Authority (TVA) have signed a power purchase agreement to develop the Hope Solar + Storage project in Clay County, Mississippi. The project will feature a 200 MWac solar facility combined with 200 MW (800 MWh) of battery storage. The generated power will be sold to TVA to support the region’s growing population and economic development. The project is expected to become operational by the end of 2028, subject to…

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India needs fivefold growth in wind and solar by 2030 to meet 1.5°C climate goals, analysis finds

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A new analysis by Climate Analytics and the NewClimate Institute reveals that India needs to grow its wind and solar power generation fivefold by 2030 to align with global climate goals under the 1.5°C target. This would require generating around 1,100 TWh of electricity from wind and solar by the end of the decade. To achieve this, India would need significant international climate finance to support its transition away from coal, which currently generates 75%…

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NHPC issues tender for 1.2 GW ISTS-connected solar + energy storage system

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NHPC has launched a tender for 1.2 GW of Inter-State Transmission System (ISTS)-connected solar power projects, including a 600 MW/12,000 MWh energy storage system (ESS). The tender also includes a greenshoe option for an additional 1.2 GW capacity. The deadline for bid submissions is October 18, with the project expected to be completed within 24 to 30 months from the signing of the power purchase agreement (PPA). The project, to be developed on a build-own-operate…

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Grenergy to acquire 1GW solar portfolio in Chile for $128m

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Spain-based Grenergy Renovables plans to acquire a 1GW solar portfolio in Chile for $128 million from Repsol and Grupo Ibereolica Renovables. The deal includes a 77MW photovoltaic (PV) plant, 923MW of projects under development, and a 1GW operational interconnection facility. This acquisition will bolster the Oasis de Atacama solar-plus-storage project by adding two new phases, expanding it to a five-phase development across Chile’s Tarapaca, Antofagasta, and Atacama regions. The project’s battery storage capacity will increase…

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NMMC to expand renewable energy use with $450 million solar initiative

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Navoi Mining and Metallurgical Company (NMMC), Central Asia’s largest gold producer, is ramping up its renewable energy efforts as part of Uzbekistan’s push to increase renewable energy’s share to 40% by 2030. NMMC has launched a $450 million program to expand solar power installations across its operations. In the first half of 2024, NMMC installed photovoltaic panels at 21 industrial sites, totaling 5,750 kW, generating up to 9.7 million kWh of electricity annually. An additional…

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CME Solar and Vista Global partner in joint venture to expand rooftop solar energy in Vietnam

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CME Solar Investment and Vista Global, a subsidiary of Samsung C&T, have launched a joint venture to develop rooftop solar energy in Vietnam. The CME-Vista partnership aims to contribute to Vietnam’s shift towards a low-carbon economy by leveraging CME’s local expertise and Vista Global’s technical and financial resources. The collaboration will focus on deploying high-performance rooftop solar systems, supporting Vietnam’s goal of achieving net-zero emissions by 2050 and expanding clean energy solutions across the country.

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Power sector installed capacity overview for August 2024

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As of August 2024, India’s total installed capacity reached 4,50,759.56 MW, covering coal, lignite, gas, hydro, nuclear, and renewable energy sources. The total installed capacity from renewable energy sources was 1,52,654.48 MW. In the State Sector, the installed capacity totalled 1,08,276.94 MW. Of this, 69,977.50 MW was from coal, while 27,254.45 MW came from hydro. Renewable energy contributed 2,602.62 MW to the state sector’s total capacity. In the Private Sector, the total installed capacity stood…