INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD
Norms issued for funding of testing facilities, infra for National Green Hydrogen Mission
The Ministry of New and Renewable Energy has released guidelines to fund testing facilities and infrastructure for the National Green Hydrogen Mission, aiming to develop standards and regulatory frameworks. The initiative will address gaps in existing testing facilities for green hydrogen and its derivatives, and support the establishment and enhancement of new testing facilities to ensure safe operations. With a budget of Rs 200 crore until 2025-26, the scheme is part of the Rs 19,744 crore allocated for the mission, with the National Institute of Solar Energy overseeing implementation.
ADB, ENGIE SA partner to build 400 MW solar power plant in Gujarat
ADB and Asian Infrastructure Investment Bank co-financed a Rs 1,460 crore loan for ENGIE's 400MW solar plant in Gujarat. This supports India's clean energy transition and non-fossil fuel targets. ADB, a Manila-based climate bank, financed ENGIE’s 2020 project. Over 25 years, it will generate 805 gigawatt-hours annually, cutting 662,441 tonnes CO2, with long-term financing involving local module production.
SECI plans 500-MW solar thermal capacity tender by FY25-end: CMD
The India Energy Storage Week 2024 unveiled cutting-edge technologies like solid-state batteries and sodium ion solutions, offering Indian companies a gateway to the global battery market opportunities.
Karnataka to set up solar park in Madhugiri, boost renewable energy production: Minister K J George
The Karnataka government plans to establish a solar park in Madhugiri taluk, following the success of the Pavagada Solar park in Tumakuru. The park will be developed in a strategic partnership with Tehri Hydro Development Corporation India Limited (THDCIL), owned by the central government. The project aims to enhance environmental stewardship and energy security in the state.
IREDA shares surge nearly 6% after sanctioned loans amount jumped nearly 5 times
Shares of the Indian Renewable Energy Development Agency (IREDA) surged 6% to reach the day’s high of Rs 202 on the BSE. This increase followed the company's announcement of significant year-on-year growth in its sanctioned loans by 382.62% and loan disbursements by 67.61%.
DEG-IFC-ADB trio eyes renewable energy firm Fourth Partner
A group of German investor DEG, along with the World Bank's International Finance Corporation (IFC) and the Asian Development Bank (ADB), are set to invest $300 million to acquire a controlling interest in Fourth Partner Energy, a renewable energy firm based in Hyderabad.
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World Bank lends $1.5 billion push to power green hydrogen market
India's energy transition supported by the World Bank includes green hydrogen promotion, renewable energy scaling, and grid code amendments for enhanced integration of battery energy storage solutions.
MMRDA inks Rs 850-crore urban infra financing pact with German development bank KfW
The funds procured from KfW and MMRDA's resources will be primarily allocated towards various sustainable development projects within and around the Mumbai Metropolitan Region. These initiatives include the development of green corridors, solid waste management systems, recycling and reuse facilities, and the promotion of renewable energy solutions to address environmental concerns and enhancing the quality of life for residents in the bustling metropolitan area.
Brookfield targets USD 10 billion investments in renewable sector
Canada’s Brookfield Asset Management plans to triple its investments in India’s renewable energy sector to over $10 billion within the next three to four years. The firm is also exploring opportunities in electric vehicles and green hydrogen. With a current portfolio of over 25 GW, Brookfield is the second-largest investor in India’s green energy assets. Through its new Catalytic Transition Fund, Brookfield aims to further its commitment to clean energy and transition projects in emerging economies, including India.
Ireda raises ₹1,500 crore
IREDA successfully raised ₹1,500 crore through oversubscribed bonds, featuring a base issue of ₹500 crore and a green shoe option of ₹1,000 crore. The bonds, offering an annual interest rate of 7.44% over a 10-year and 2-month tenure, garnered significant investor interest, oversubscribed by 2.65 times.
Record $1.8 trillion investment in renewables made in 2023 not enough to meet COP28 goals, says EY report
More than 100 countries at the COP28 climate summit in Dubai last year had agreed to triple renewable energy capacity by 2030 and cut down the use of fossil fuel and emissions, a move seen as vital to avert the worst effects of climate change. The pledge made at COP28 is one of the several energy-related announcements that include new measures and funding to combat methane emissions, agreements to cut coal use and nuclear energy promotion.
IOC, GPS Renewables form joint venture for sustainable energy solutions
Indian Oil Corporation (IOC) partners with GPS Renewables Pvt Ltd to establish a joint venture dedicated to advancing biofuel adoption in India.
ACME ties up Rs 5,600 cr loan for green energy project in Andhra Pradesh
The projects will have the ability to supply power nationwide during peak hours without disruptions. ACME, ReNew Power, Hero Future Energies and Amp Energy won parts of the tender.
India Energy Storage Alliance to bring 'white paper' on sustainable future including renewables
India Energy Storage Alliance to release white paper at IESW 2024 addressing EV, cleantech, green hydrogen, and battery storage challenges, aiming to make India a global cleantech hub.
JSW, Torrent, Masdar among suitors for Enel's India assets
The portfolio of Enel Green Power India comprises 760 megawatts (MW) of operational wind and solar power assets and a development pipeline of 2 gigawatts (GW). Of the operational capacity, solar power projects comprise 420 MW, with the balance 340 MW coming from wind power.
Adani to invest over $1 bn in Sri Lankan wind projects
Adani Group plans to invest over USD 1 billion in setting up projects in Sri Lanka through Adani Green Energy Ltd. The projects include two wind farms in Sri Lanka's Mannar town and Pooneryn village with a total capacity of 484 megawatts.
India offers $500 billion investment opportunity in clean energy: Commerce secretary
India's commerce secretary Sunil Barthwal announced at the Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum in Singapore that India presents an investment opportunity exceeding $500 billion in the clean energy sector, including renewables, green hydrogen, and electric vehicles by 2030. The forum, consisting of 14 countries like India, Australia, and the US, has identified investment prospects totaling $23 billion for sustainable infrastructure projects in the Indo-Pacific region.
Solar investment outstrips all other power forms: IEA
Global investment in clean energy technology and infrastructure is set to hit $2 trillion this year, twice the amount going into fossil fuels, an International Energy Agency report showed. Total energy investment is expected to exceed $3 trillion for the first time in 2024, the IEA said in its annual World Energy Investment report.
Defence stocks: Long runway, hedge a bit to avoid narrative-based decisions; 8 PSU & Pvt sector stocks, 4 with upside potential of upto 44%
In an election season, there are bound to be times when one or the other narrative may make one question about whether one should sell the stocks. The underlying reason would be fear of losing the gains on which one is sitting. Especially when it comes to sectors like defence, railways and others which have seen a strong re-rating and siting with big gains and already there has been skepticism about their stock price moving ahead of time. Now let's look at the issue in two ways, first is whether the fundamentals of the sector are on a strong foot and business is fine or not. Second, how to hedge the exposure so that one is not forced to sell due to narrative, because the fact is that a continuation in policy push means that the companies have just started their journey. While defence PSUs are well known, there are other private sector players, whose lifeline is dependent on defence expenditure and in the last few years they have also done well, both on the street and in terms of real business. So, it is better that one should hedge and stay with them and not get jittery because of one or the other narrative which will keep hitting the street till 4th June.
Candidates of strong directional move on 4th June: 5 PSU stocks which have benefited the most due to government policy push and spending
In the last two years, it is a well known fact that every PSU stock has been re-rated by the street, right from perennial under-performers like oil marketing and refining oil companies to PSU banks. But if one looks a bit deeper there are some which have been re-rated more than others. The reason, these are PSUs which are from the sectors where the government has clearly decided are its priority areas and there has been a policy push for these sectors. A company which is going to be providing finance for the expansion of the solar energy network which is the next focus of the government. The overall demand runway for these sectors is longer which means overall growth will be higher when confirmation of policy continuity comes. Also they are in business where it would be difficult for the private sector to compete. Now because it is the policy push which matters, the continuity of tailwinds of higher government spending, will push them for another round of re-rating on the result day.
Green energy will help fight pollution and create jobs in India
India, committed to climate mitigation programme, today stands 4th globally in renewable energy installed capacity, 4th in wind power capacity and 5th in solar power capacity, as per International Renewable Energy Agency - Renewable capacity statistics 2023.
Stock Radar: Multibagger returns in less than 1 year! This green NBFC player is poised for continued growth
IREDA has rallied by about 190% since its November 2023 listing. After reaching 215 in February, the momentum in the stock fizzled out. It continued to drift lower and found support above 120 levels in March. The stock is trading well above most of the crucial moving averages such as 5,10,30,50 and 100-DMA on the daily charts.
... Admits Ireda's insolvency petition against Shri Saikrupa Sugar
NCLT ordered management transfer to IRP/RP for Shri Saikrupa Sugar during CIRP. Ireda sanctioned a loan of Rs 121 crore in 2012, leading to the insolvency resolution process.
IREDA may float FPO this FY
Separately, in March, the lender's board had approved a proposal of Rs 24,200-crore borrowing for 2024-25. The amount will be raised through taxable bonds, green taxable bonds, perpetual debt instruments, green masala bonds, green foreign currency bonds and external commercial borrowings, among others.
Rooftop solar scheme: 100,000 hands to be trained to put solar panels in homes
Besides trained manpower, another challenge for such a scale of implementation would be the need for a large number of vendors. An official said the government is also looking to train 50,000 vendors for entrepreneurship.
IPCL, E2S to develop Thermal Energy Storage System for efficient storage, transmission
India Power Corporation Ltd and E2S Power develop a 250Kwh TESS for efficient energy storage, aiding in integrating renewable energy and supporting India's net zero emission targets. The technology ensures flexibility in thermal power operations, aligns with Make in India, and targets South East Asia.
Govt evaluating RBI proposal for higher infrastructure provisioning; bankers, NBFCs voice concern
Lenders may oppose the draft rules, which proposes provisioning of up to 5% from current 0.4%, due to concerns over rising interest rates and potential disruption to capital expenditure. Banks plan to lobby against the steep increase, arguing it could affect project viability and economic momentum. State-owned NBFCs and infrastructure firms are also raising concerns, emphasizing the need to balance risk and support for infrastructure financing.
4 PSU stocks which are gig beneficiaries of the government focus on power, railways & infrastructure projects
What should a company which is lending both for short and long term but only to a particular sector be called. A “sectoral lender” or “term lending institution”. The obvious answer would be a sectoral lender. But the fact is that these are term lending institutions which come with its own advantages and disadvantages. The word “term lending institution” is not a word which many on the street would know or remember because this word was used a couple of decades back when ICICI, IDBI were not banks but term lending institutions. The difference between today’s PFC and IRFC of the world and old timer ICICI is that the PFC and IRFC are focussed in lending to a sector, whereas in old days, ICICI used to lend to different sectors. Another big difference is that PFC and REC have lower cost of capital as compared to term lenders like in the old days. Because some of these PSU lenders have come into public space recently, even analysts seem to be getting on the wrong foot by being less than optimistic.
NTPC green to file DRHP by July, aims for listing by November
NTPC's green energy arm plans a ₹10,000-crore IPO by November, focusing on clean energy, e-mobility, and renewable capacity addition. The company aims for 60 GW renewable energy capacity by 2032.
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