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India Grid initiates preferential share issue to raise Rs 6.95 billion
India Grid Trust (IndiGrid) has launched a preferential share issue priced at Rs 136.43 per share, aiming to raise approximately Rs 6.95 billion. This move comes after the completion of an offer-for-sale (OFS) by its sponsor, KKR, which saw strong demand from both existing and new long-term investors. The OFS, designed to reduce KKR’s stake from 21.17% to 3.85%, was nearly two times oversubscribed. The offering attracted participation from major institutional investors, including L&T, HSBC…
Cadiz and RIC Energy to develop green hydrogen facility in California
Cadiz has partnered with RIC Energy to build a green hydrogen facility at Cadiz Ranch in California’s Mojave Desert, where Cadiz will supply land and water resources to support RIC Energy’s solar-powered hydrogen production. The facility aims to generate 100% green hydrogen, targeting distribution across Southern California for zero-emission vehicles and power generation. The project plans to operate entirely off-grid, with photovoltaic (PV) solar installations covering up to 3,000 acres of Cadiz Ranch land. At…
Eni pushes for cutting emissions in its first methane report
Italian oil and gas company Eni has released its inaugural Methane Report 2024, emphasizing the critical importance of reducing methane emissions, the second most impactful greenhouse gas (GHG) in the oil and gas sector. The report was unveiled at the IEA-COP29 High-Level Event on Methane Pledges in New York. Eni recognizes natural gas as a key component of the energy transition, citing its cost-effectiveness, reliability, and lower carbon footprint compared to other fossil fuels. However,…
Actis partners with Meralco, SPNEC for Terra Solar project in Philippines
UK-based Actis has partnered with Manila Electric Company (Meralco) and Solar Philippines New Energy Corporation (SPNEC) to invest $600m (£458.55m) in the Philippines’ Terra Solar project. With a capacity of 3.5 GWp of solar power and 4.5 GWh of battery storage, it is the largest integrated renewable energy and storage project globally. Located on Luzon Island, the project will power 2.4 million households, with Meralco securing 850 MW under a 20-year contract. Completion is expected…
Tongyeong Eco Power’s 1GW LNG Plant begins operations in South Korea
Tongyeong Eco Power’s combined-cycle power plant has commenced commercial operations in Gyeongsangnam-do, South Korea, with a capacity exceeding 1GW, supplying electricity to nearly one million households. The liquefied natural gas (LNG)-fueled plant aligns with South Korea’s strategy to transition from coal to LNG and includes a 200,000 cubic meter LNG storage tank. GE Vernova has provided critical components for the plant, including two 7HA.02 gas turbines, one STF-D600 steam turbine, two heat recovery steam generators…
Patel Engineering reports 151% profit surge in Q2 FY25
Patel Engineering Limited announced a net profit increase of 151% year-over-year for Q2 FY25. For the quarter ending September 30, 2024, the company reported a revenue increase of 14.98%, reaching Rs 11,743 million, driven by progress in hydropower, irrigation, and tunnelling projects. The operating EBITDA rose by 15.8% to Rs 1,622 million, while the net profit margin improved to 6.88%. The company’s order book stood at Rs 172,607 million, with Patel Engineering recently being declared…