SOLAR ENERGY CORPORATION OF INDIA
Adani CFO says bribery allegations linked to single business contract
Adani Group's CFO, Jugeshinder Robbie Singh, defended the conglomerate against US bribery allegations, stating that they involve a single contract representing about 10% of Adani Green Energy's business. Singh emphasized that the accusations are limited to a specific contract and do not involve any wrongdoing by other Adani Group companies.
Solar Energy Corp: The rise of SECI in India and Adani bribery bombshell
India's Solar Energy Corporation of India (SECI), a major player in the country's renewable energy sector, is facing bribery allegations. The U.S. Justice Department alleges that over $250 million in bribes were paid to secure state-level agreements for a massive 15 GW solar project awarded in 2019. The controversy involves prominent figures like Gautam Adani, while SECI denies any wrongdoing.
Tata Power shares jump 2% after signing $4-billion financing pact with Asian Development Bank
Tata Power's shares rose 2% after the company partnered with the Asian Development Bank to explore financing options for renewable energy projects worth $4.25 billion. The projects include a solar-wind hybrid venture and a pumped hydro storage project, aligning with India's goal of 500 GW renewable energy capacity by 2030.
How Indian billionaire Gautam Adani's alleged bribery scheme took off and unraveled
Indian billionaire Gautam Adani and associates are facing U.S. charges for allegedly orchestrating a multi-million dollar bribery scheme to secure a solar energy contract. Authorities allege Adani bribed local Indian officials to ensure the purchase of solar power, misleading U.S. investors in the process. The alleged scheme, spanning several years, involved falsified documents and hidden transactions during fundraising efforts.
Asian Development Bank to provide $4.25 billion to Tata Power for clean energy power projects
Tata Power and the Asian Development Bank have partnered to explore financing options for renewable energy projects in India. The collaboration aims to support India's clean energy transition by funding projects such as solar-wind hybrid systems and pumped hydro storage, totaling an estimated $4.25 billion.
Not sure if covenants violated: SECI on being named in Adani bribery case
India's SECI, named in Adani bribery allegations, stated it hasn't received any documents regarding the charges and is unsure of any covenant violations. Adani Group refuted the US authorities' allegations of a $250 million bribery scheme, deeming them baseless and committed to legal recourse while upholding its governance and compliance standards.
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Domestic solar installations surge 167 pc to 16.4 GW in Jan-Sep: Mercom
India installed 16.4 GW of solar power capacity between January and September 2024. This represents a 167% increase compared to the same period in 2023. The growth was driven by the completion of previously delayed projects. As of September 2024, India's total solar capacity reached 89.1 GW. Rajasthan, Gujarat, and Karnataka lead in large-scale solar installations.
Hyundai Motor India to set up 2 renewable energy plants at Chennai facility
Hyundai Motor India is partnering with Fourth Partner Energy to establish a 75 MW solar and a 43 MW wind power plant at its Tamil Nadu facility. This initiative, representing a Rs 38 crore investment, aims to fulfill Hyundai's renewable energy requirements for 25 years, enabling the automaker to transition to 100% renewable electricity by 2025.
SECI signs MoU with H2Global Stiftung to promote green hydrogen initiatives
India and H2Global Stiftung will work together to promote green hydrogen. They signed an agreement to share knowledge and develop joint projects. This partnership will help India become a major exporter of green hydrogen. The agreement will also provide insights into the global hydrogen market. This collaboration is a significant step towards a greener future.
Best Solar Lights in India: Energy-Efficient Illumination (2024)
Are you looking for an energy efficient way to illuminate your space? If so, then continue reading this article to learn about the best solar lights in India which are readily available on Amazon. We have shared details about these lights in this article to help you find the right option for your home.
India's renewable energy capacity to touch 250 GW mark by March 2026: Icra
India's renewable energy capacity is projected to hit 250 GW by March 2026, fueled by a robust project pipeline and increased tendering activity. This growth will be driven by rooftop solar and commercial & industrial segments. However, land acquisition and transmission connectivity issues pose potential challenges to achieving the 2030 target of 500 GW.
Ahead of IPO, NTPC Green Energy collects Rs 3,960 crore from anchor investors
NTPC Green Energy has secured Rs 3,960 crore from anchor investors, including Goldman Sachs and LIC, ahead of its IPO. The company plans to use the IPO proceeds to repay debt and fuel its expansion in the renewable energy sector. India's renewable energy capacity has significantly increased, positioning the country as a global leader in the sector.
Adani Group to invest about USD 35 bn to set up solar, wind, hybrid plants in 5 years: Sagar Adani
Adani Green Energy is investing USD 35 billion over five years in large-scale solar, wind, and hybrid power plants across India. This initiative aims to contribute significantly to India's renewable energy capacity and support the country's growing energy demands.
Reliance Power shares slide 5% after SECI issues showcause notices over fake bank guarantees
Solar Energy Corporation of India (SECI) issued a show-cause notice to Reliance Power and its subsidiary, Reliance NU BESS, for allegedly submitting fake bank guarantees. SECI discovered that the bank guarantee submitted by Reliance NU BESS was fake and has barred the companies from participating in its tenders for three years.
Gujarat-based Trom Industries registers nearly 100% rise in sales, profit in H1
Trom Industries, a Gujarat-based renewable energy company, reported increase in net sales for the first half of the fiscal year. The company's net sales reached Rs 46.24 crore, marking a near 100% rise compared to the same period last year.
India's ambitious energy transition: A pathway to sustainable investment
India is emerging as a prime investment hub for renewable energy, driven by strong government policies, accessible financing, and cutting-edge technology. The nation's ambitious renewable energy targets and commitment to carbon neutrality are attracting significant investments and positioning India as a potential leader in the global renewable energy supply chain.
Gentari to extend green footprint in India with $900 mn Brookfield Asset deal
Malaysia's Petronas' clean energy arm, Gentari Sdn Bhd, is set to acquire a portion of Brookfield Asset Management's renewable energy assets in India. The deal is valued at $900 million and includes a 2.2 GW portfolio. This acquisition will significantly expand Gentari's presence in the Indian renewable energy market. The deal involves both operational and under-construction projects.
Renewables share at 46 pc in total 453 GW power generation capacity: MNRE
India's renewable energy capacity has surpassed 200 GW, reaching 203.18 GW in October 2024, marking a significant 24.2 GW increase in just one year. This surge in renewable energy sources now accounts for over 46% of India's total installed power generation capacity of 452.69 GW, solidifying the country's commitment to sustainable energy solutions.
Global solar investment to hit $500 billion in 2024: What this means for India's green energy goals
India's renewable energy sector, particularly solar power, is experiencing remarkable growth. The country aims to reach 500 GW of installed renewable energy capacity by 2030. This ambition positions India as an attractive market for global investors seeking opportunities in the expanding solar energy sector. Financial support from domestic and international institutions is expected to facilitate this growth.
India will develop complete solar manufacturing ecosystem in 4-5 years: Avaada Group
Vineet Mittal, Founder and Chairman of Avaada Group, projects that India will achieve a complete solar equipment manufacturing ecosystem within the next four to five years. This ambitious goal aims to reduce reliance on imports and establish India as a renewable energy leader.
Reliance Power to legally challenge Indian clean energy agency's ban
Reliance Power is taking legal action against a three-year ban imposed by India's top renewable energy agency, SECI. SECI alleges Reliance Power submitted a fraudulent bank guarantee for a clean energy project bid. Reliance Power claims to be a victim of fraud and has filed a police complaint against the third party involved in arranging the bank guarantee.
Higher solar manufacturing, operational efficiency push Tata Power profit up 7.4%
Tata Power's net profit rose by 7.4% to ?1,093 crore for the quarter ending September 30. The company's revenue from operations declined slightly while ebitda increased by 23%. Tata Power's renewable business has grown significantly, with 6.4 GW operational and 6.5 GW under implementation. The rooftop business also showed strong performance with 111 MW capacity installed in the quarter.
SBI now cautious, selective about lending to NBFCs, says Ashwini Kumar Tewari
State Bank of India is cautious about lending to non-banking financial companies due to regulatory concerns and interconnected lending issues. The bank is focusing on better-quality NBFCs, renewables, and real estate sectors for corporate loans. Renewable energy and real estate projects are showing strong growth, while thermal power and SME rooftop solar projects are also receiving support.
ADB commits USD 434.25 million loan for solar facility in Assam
The Asian Development Bank approved a USD 434.25 million loan to boost renewable energy in Assam. This project will help Assam develop solar energy capacity and achieve its 3,000 MW target by 2030. A grid-connected solar photovoltaic facility will be constructed in Karbi Anglong district with 500 MW capacity, along with a battery energy storage system.
JSW Energy inks pact with SECI for 700 MW solar project
JSW Renew Energy Eleven signed a Power Purchase Agreement (PPA) with the Solar Energy Corporation of India (SECI) for a 700 MW solar project with a 25-year tariff of Rs 2.56/kWh. The project is expected to be operational within 24 months. JSW Energy aims to achieve 10 GW capacity by FY25 and carbon neutrality by 2050.
India's Solar Energy Corp plans to bid for state projects, chairman says
SECI plans to bid for state renewable energy projects aiming to reach 10 GW capacity by 2030. The company, which will invest $7.7 billion, is exploring debt for 75%-80% of investment and aims to expand globally. SECI intends to become a major power producer.
ACME Solar Holdings arm inks pact to supply power from 150 mw hybrid solar project
ACME Solar Holdings, through its special-purpose vehicle ACME Platinum Urja, has signed a power purchase agreement with the Solar Energy Corporation of India. The agreement is to supply power from its 150 MW hybrid solar capacity. The project will connect to the Tumkur-II substation in Karnataka. ACME Solar is also planning an IPO.
Waaree Energies projects 30% revenue growth from rooftop solar in next five years
Waaree Energies expects rooftop solar (RTS) to form at least 30% of its revenue in the coming years, aided by initiatives like PM Suryaghar Muft Bijli Yojana. CEO Amit Paithankar emphasizes capacity expansion, local R&D, and policy support to meet future RTS demand.
India needs to explore incentives to improve renewables transmission capacity, power secretary says
India should consider a production-linked incentive scheme to enhance its renewable energy transmission capacity, says power secretary Pankaj Agarwal. Localizing the supply chain for transmission equipment is crucial, as global renewable energy waits to connect to the grid and current constraints exist in India's transmission capacity.
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