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Adani Power establishes subsidiary in Abu Dhabi to expand in Middle East
Adani Power has established a wholly-owned subsidiary, Adani Power Middle East, in Abu Dhabi. The new entity was incorporated on 26 August 2024 with an authorized capital of 27,000 shares, each valued at $1. This move is part of Adani Power’s strategy to invest in power, infrastructure, and related fields in the Middle East. Adani Power, a part of the Adani Group, is India’s largest private thermal power producer. The company reported a 55.33% decline…
AMPIN Energy aims to add 25 GW of RE capacity by 2030
AMPIN Energy Transition has set a goal to add 10 GWp of renewable energy capacity across various segments, including solar manufacturing and energy storage, over the next few years. This aligns with its broader commitment to contribute 25 GW of renewable capacity by 2030. Currently, AMPIN’s portfolio stands at 4 GWp, with plans to increase it to 10 GWp and expand its solar manufacturing capacity to 5 GW. The company will prioritize hybrid renewable projects…
Recurrent Energy signs two tolling agreements with APS
Canadian Solar’s subsidiary Recurrent Energy has signed two 20-year tolling agreements with Arizona Public Service Company (APS), set to boost Arizona’s renewable energy capacity by 2026. The agreements cover the Desert Bloom Storage (600MWh) and Papago Solar (150MWac) projects, both located in Maricopa County, with construction starting in 2025 and operations slated for 2026. These projects join last year’s 20-year tolling agreement for the 1,200MWh Papago Storage project, which will become Arizona’s largest standalone energy…
IREDA to raise up to Rs 45 billion in equity capital
The Indian Renewable Energy Development Agency Limited (IREDA) has received in-principle approval from its Board of Directors to raise up to Rs 45 billion in equity capital. The funds will be raised in one or more tranches through methods such as Further Public Offer (FPO), Qualified Institutional Placement (QIP), Rights Issue, or Preferential Issue. The exact number of securities to be issued will be determined later, pending approval from the Government of India and other…
Companies’ addiction to junk carbon offsets is killing the planet
A new study from Kyoto University highlights significant issues in the carbon offset market, pointing to major companies such as Shell, Delta Air Lines, and Chevron, which have been purchasing low-quality offsets. From 2020 to 2023, the 20 largest players in the market, including these companies, primarily bought offsets that have a high risk of not delivering real emissions reductions, with 87% of their purchases deemed ineffective. This revelation follows the broader scrutiny of the…
GE T&D India secures Rs 3.05 billion mandate from PGCIL for SCADA control centres in eastern India
GE T&D India has secured a Rs 3.05 billion contract from Power Grid Corporation of India Ltd (PGCIL) to supply, install, test, commission, and maintain SCADA/EMS control centres in eastern India. This initiative is part of the “Unified Load Dispatch and Communication (ULDC) Phase-III SCADA/EMS Upgradation Project” for Eastern Regional State Load Dispatch Centres (SLDCs) and the Regional Load Dispatch Centre (RLDC). The project involves the implementation of SCADA/EMS systems for several key power entities…