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Vikram Solar files draft papers to raise ?1,500 crore through IPO Vikram Solar has filed draft papers with SEBI to raise Rs 1,500 crore through an IPO. The offering will include fresh equity issues worth up to Rs 1,500 crore and an offer for sale (OFS) of up to 17.45 million shares by its promoters. The Kolkata-based company plans to use Rs 793.36 crore from the proceeds for capital expenditure, investing in its subsidiary, VSL Green Power Private Limited, to establish a 3,000 MW solar cell and module manufacturing facility. New ?75,000 Crore Scheme Boosts Rooftop Solar Adoption Across India The Indian government has launched the Rs 75,000 crore PM Surya Ghar: Muft Bijli Yojana (PMSY) to install one crore rooftop solar systems nationwide. This scheme aims to promote clean energy adoption and lessen reliance on struggling electricity distribution companies. It offers a 60% subsidy on solar units up to 2 kW and 40% on systems between 2-3 kW, capped at 3 kW. Homeowners can receive subsidies up to Rs 78,000, significantly reducing electricity bills and encouraging solar energy use. Tata Power and Rajasthan Ink Landmark MoU for ?1.2 Lakh Crore Investment Tata Power has signed a Memorandum of Understanding (MoU) with the Government of Rajasthan during the Rising Rajasthan Investor Meet in New Delhi. The MoU outlines an ambitious investment of approximately ?1.2 lakh crore over the next decade, aiming to transform Rajasthan into a power-surplus state by delivering 24/7 clean, affordable, and reliable energy. The plan includes significant investments in renewable energy projects, manufacturing, transmission, distribution, nuclear power, rooftop solar installations, and EV charging infrastructure. India Hits Major Renewable Energy Milestone: Solar And Wind Dominate Power Generation With 84% In July 2024 India has rapidly increased solar energy adoption, reaching an installed solar PV capacity of 89,431.98 MW as of August 2024, contributing over 58.58% of its renewable energy base. The country added 2.224 GW in August alone. With total renewable capacity (excluding large hydro) at 152.65 GW, solar and wind power makeup 89.5%. Government initiatives, like the reinstated ALMM Order, technological advances, and rising awareness have driven this growth, making solar energy crucial for India’s sustainable development and climate goals. Hartek Group Reaches 10 GW Solar Capacity Milestone, Enhancing India’s Renewable Energy Infrastructure Hartek Group, one of India’s leading Engineering, Procurement & Construction (EPC) companies, has announced a significant achievement, crossing the 10 GW solar grid capacity through its power system, transmission & distribution (T&D), and renewable EPC business segments. The company’s Power System and T&D business unit has successfully constructed Extra High Voltage (EHV) and High Voltage (HV) substations up to 400 KV for major Independent Power Producers (IPPs) and utilities, bolstering the smart grid infrastructure and facilitating the transition to renewable energy sources. In the solar EPC sector, Hartek Group collaborates with developers to provide comprehensive turnkey solutions for both ground-mounted and rooftop solar installations. Notably, its Rooftop Solar Business Unit ranks among the top four rooftop solar installers in India. Maharashtra Secures ?475 Billion in MoUs with Leading Energy Companies to Accelerate Renewable Energy Goals The Maharashtra government is taking significant strides toward its renewable energy goals by securing agreements with five major companies through four Memorandums of Understanding (MoUs), totaling ?475 billion. These agreements, involving SJVN, MahaGenco Renewable Energy Limited, REC Power Development and Consultancy Limited (RECPDCL), THDC, and HPRGE-HPCL, align with the state’s ambitious target to generate 50% of its energy from renewable sources by 2030. SJVN Ltd and Maharashtra Government Collaborate on 8.1 GW Pumped Storage and 505 MW Floating Solar Projects for Sustainable Energy Growth In a significant move towards enhancing renewable energy infrastructure, SJVN Ltd, a state-run hydropower producer, has partnered with the Government of Maharashtra through two pivotal Memorandums of Understanding (MoUs). These agreements aim to develop an impressive 8.1 GW of pumped storage projects and a 505 MW floating solar project within the state. The initial MoU, signed with the Department of Water Resources, focuses on the establishment of five pumped storage projects, collectively amounting to 8.1 GW. These projects are designed to bolster Maharashtra’s energy capacity, facilitating better energy storage and grid stability to meet rising electricity demand. NTPC Green Energy and MAHAPREIT Join Forces to Develop 10 GW Renewable Energy Projects Across India NTPC Green Energy Limited (NGEL), a wholly-owned subsidiary of NTPC Ltd, has signed a Joint Venture Agreement (JVA) with Mahatma Phule Renewable Energy and Infrastructure Technology Ltd. (MAHAPREIT). The newly established Joint Venture will focus on the development of 10 GW of Renewable Energy Parks and Projects, with initial plans set for Maharashtra and the potential for expansion into other states across India. This collaboration aims to enhance the country’s renewable energy capacity, contributing significantly to India’s energy transition goals. |
