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India’s renewable energy capacity grows 165% in a decade, reaching 203 GW
India’s installed renewable energy capacity has surged by 165% over the past ten years, increasing from 76 GW in 2014 to 203 GW in 2024, according to New and Renewable Energy Minister Pralhad Joshi. Addressing the Rajya Sabha, Joshi highlighted India’s position as the fourth-largest globally in renewable energy capacity and noted an investment of approximately Rs 7 trillion in renewable projects during this period. The Union Budget 2024-25 allocated over Rs 210 billion to…
WSP to acquire Power Engineers in $1.78 billion deal
Global professional services firm WSP has announced its acquisition of Power Engineers, a prominent US-based consultancy in the power and energy sector, for $1.78 billion. This strategic move aligns with WSP’s vision to expand its services and enhance its position in the energy transition market. Power Engineers, which employs 4,000 people, including 900 shareholders, has been a key player in serving North American power utilities. The acquisition has been unanimously approved by the boards of…
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…
Rosa Power becomes zero-debt company
Rosa Power Supply Company, a subsidiary of Reliance Power, has achieved zero-debt status after prepaying Rs 13.18 billion to Singapore-based lender Varde Partners. The company initially paid Rs 8.33 billion in September, followed by the remaining Rs 4.85 billion to complete its debt repayment ahead of schedule. The loan, taken in 2022 for refinancing and cost reduction, has now been fully cleared. Reliance Power is concurrently enhancing its financial stability through a Rs 15.25 billion…
Hithium Energy and MANAT to establish BESS manufacturing facility in Saudi Arabia
Hithium Energy Storage Technology has partnered with Nabilah AlTunisi’s company, MANAT, to launch a joint venture named Hithium MANAT. The venture will establish a battery energy storage systems (BESS) manufacturing facility with a 5 gigawatt-hour (GWh) annual production capacity in Saudi Arabia. This marks one of the first advanced BESS manufacturing plants in the Kingdom and the wider MENA region, supporting Saudi Arabia’s Vision 2030. The partnership was announced at the Solar & Storage Live…
SJVN inks MoU with Rajasthan government for 7 GW renewable energy projects
SJVN has signed a Memorandum of Understanding (MoU) with the Energy Department of Rajasthan to advance renewable energy development in the state. As part of the MoU, SJVN will develop 5 GW of pumped storage projects and 2 GW of floating solar projects in Rajasthan. The agreement was formalized in the presence of Rajasthan’s Chief Minister, Bhajan Lal Sharma, and signed by Akhileshwar Singh, Director (Finance) SJVN, and Om Kasera, Managing Director of RRECL. SJVN…