Datta Power Infra on Monday said its arm Adyant Enersol has signed an agreement with state-owned REC for Rs 1,500 crore financing for 500 MW renewable energy projects

New Delhi: Datta Power Infra on Monday said its arm Adyant Enersol has signed an agreement with state-owned REC for Rs 1,500 crore financing for 500 MW renewable energy projects.

The memorandum of understanding (MoU) was signed at the recently concluded at the 4th Global RE-INVEST Summit in Gujarat, Datta Power Infra Private Limited (DPIPL), said in a statement.

"The MOU has been signed for Rs 1,500 crore financing from REC for the development of 500 MW of renewable energy projects of the company," the statement said.

The renewable energy projects shall be installed in the states of Rajasthan, Madhya Pradesh, Andhra Pradesh, etc.

The projects are expected to generate 800-900 million units (MU) of clean energy annually.

The projects are expected to be completed within 18 to 24 months from the date of signing the PPA (Power Purchase Agreement).

New Delhi: State-owned NBCC (India) Limited's arm HSCC has bagged a Rs 1,261 crore contract to establish AIIMS hospital in Darbhanga, Bihar.

In a regulatory filing, NBCC informed that HSCC (India) Ltd, its wholly- owned subsidiary, has recently been awarded establishment work of AIIMS, Darbhanga from the union health ministry.

The value of the contract is Rs 1,261 crore, it added.

NBCC is mainly into project management consultancy (PMC) and real estate business.

In a statement later, NBCC said that HSCC India has been officially appointed by Ministry of Health as the "executing agency for the construction of AIIMS Darbhanga."

This landmark project is set to become one of the largest healthcare initiatives underway in the country.

"AIIMS Darbhanga aims to provide high-quality medical education and tertiary care services to a vast population at minimal cost," it said.

The facility will feature a state-of-the-art healthcare institute, comprising a fully equipped tertiary care hospital, a medical college, an AYUSH hospital, and accommodation for students and staff, along with various other essential facilities.

The project spans about 188 acre of land and will include over 2.25 lakh square meter of construction area.

With an anticipated completion timeline of 36 months, AIIMS Darbhanga is poised to significantly enhance healthcare accessibility and educational opportunities in the region.

According to a report, the unemployment rate for persons aged 15 years and above has remained unchanged at 3.2 percent in July 2023 to June 2024

New Delhi: The unemployment rate for persons aged 15 years and above has remained unchanged at 3.2 percent in July 2023 to June 2024, according to the labour force survey annual report released on Monday.

The unemployment rate (UR) is defined as the percentage of persons unemployed among the persons in the labour force.
 

The report stated that while the UR for male has shown a marginal decline from 3.3 percent during July 2022 – June 2023 to 3.2 per percent during July 2023 – June 2024, among female it has increased from 2.9 percent to 3.2 percent during the same time span.

Labour Force Participation Rate (LFPR) in usual status for persons of age 15 years and above was 60.1 percent during July 2023 - June 2024 higher than 57.9 percent in the previous year.

The same for male and female was 78.8 percent and 41.7 percent, respectively.

LFPR is defined as the percentage of persons in labour force (i.e. working or seeking or available for work) in the population.

LFPR for female of age 15 years above in usual status has increased from 37.0 percent during July 2022 – June 2023 to 41.7 percent during July 2023 – June 2024.

For male of the same age group LFPR in usual status increased from 78.5 percent to 78.8 percent during the same time span.

Worker Population Ratio (WPR) in usual status was 58.2 percent during July 2023 – June 2024 up from 56.0 percent in the year ago. The same for male and female was 76.3 percent and 40.3 percent respectively.

The WPR in usual status among female of age 15 years and above has shown an increase from 35.9 percent during July 2022 – June 2023 to 40.3 percent during July 2023 – June 2024.

WPR is defined as the percentage of employed persons in the population.

Considering the importance of availability of labour force data at more frequent time intervals, National Sample Survey Office (NSSO) launched Periodic Labour Force Survey (PLFS) in April 2017.

The objective of PLFS is primarily two fold.

Firstly to estimate the key employment and unemployment indicators (viz. Worker Population Ratio, Labour Force Participation Rate, Unemployment Rate) in the short time interval of three months for the urban areas only in the ‘Current Weekly Status’ (CWS).

Secondly to estimate employment and unemployment indicators in both ‘Usual Status’ and CWS in both rural and urban areas annually.

Six Annual Reports covering both rural and urban areas giving estimates of all important parameters of employment and unemployment in both usual status and current weekly status (CWS) have been released.
 

These six Annual Reports are brought out on the basis of data collected in PLFS during July 2017- June 2018, July 2018-June 2019, July 2019-June 2020, July 2020 - June 2021, July 2021-June 2022 and July 2022-June 2023.

Now the seventh Annual Report is being brought out by NSSO on the basis of Periodic Labour Force Survey conducted during July 2023-June 2024.

India's biggest oil and gas bid round attracted four bidders that included state-owned ONGC and OIL and private sector Vedanta Ltd, with most blocks getting just two bids

New Delhi: India's biggest oil and gas bid round attracted four bidders that included state-owned ONGC and OIL and private sector Vedanta Ltd, with most blocks getting just two bids, according to Directorate General of Hydrocarbons (DGH).

The OALP-IX bid round, where 28 blocks or areas spread over 1.36 lakh square kilometre were offered for finding and producing oil and gas, for the first time saw Reliance Industries Ltd-bp plc combine bidding together with ONGC for one block in Gujarat offshore.
 

Reliance and its supermajor partner bp plc had bid in just two of the past eight oil and gas bid rounds since 2017. Reliance-bp combine had bid and won the two blocks they had bid for in the previous rounds and this is the first time they have teamed up with ONGC to bid for a shallow water block in the Gujarat-Saurashtra basin.

In the previous eighth round of Open Acreage Licensing Policy (OALP-VIII), state-owned Oil and Natural Gas Corporation (ONGC) had not bid for the ultra deepsea Krishna Godavari basin block that Reliance-bp combine had sought.

The DGH on Monday released the names of the bidders for the 28 blocks offered under the OALP-IX round, bids for which closed on September 21.

ONGC bid for 14 blocks alone and with partners such as state-owned Oil India Ltd (OIL) and Indian Oil Corporation (IOC) for four other blocks. After considering its bid with Reliance-bp, ONGC in all bids for 19 out of the 28 blocks on offer.

Mining billionaire Anil Agarwal-owned Vedanta Ltd bid for all the 28 blocks on offer while Sun Petrochemicals Ltd bid for seven areas.

Of the 28 blocks on offer, four blocks got three bids each while the rest had two bidders, one being Vedanta Ltd.

Blocks are awarded to firms offering the highest share of revenues generated from oil and gas produced from the blocks and the work programme they commit to.

Of the 28 blocks offered in OALP-IX, nine are onshore blocks, eight shallow-water blocks and 11 ultra-deepwater blocks across eight sedimentary basins, with an area of 136,596.45 sq km.

In the previous eight OALP rounds, 144 exploration and production blocks comprising a total area of 242,055 sq km have been awarded. In the last round (OALP-VIII) where 10 blocks were offered, state-owned ONGC won seven blocks while a private-sector consortium of Reliance Industries and bp, Oil India and private-sector Sun Petrochemicals received one block each.

The government introduced the OALP in 2017 to attract oil and gas firms to develop India's upstream sector. The OALP guarantees marketing and pricing freedom with a revenue-sharing model, apart from offering reduced royalty rates.

Reliance and bp have more than a decade-old partnership and are partners in KG deepsea block KG-DWN-98/3 or KG-D6 from where they produce about 30 million standard cubic meters per day of gas.

The government has been hoping that opening up more acreage for exploration will help boost India's oil and gas production, helping cut down the USD 222 billion oil import bill.

REC Limited Signs MoUs Worth Rs 1.12 Lakh Crore at RE-INVEST 2024 to Boost Renewable Energy Projects

Gandhinagar: REC Limited, a Maharatna public sector undertaking (PSU) under the Ministry of Power, has made a significant step forward in promoting renewable energy development by signing Memorandums of Understanding (MoUs) during the 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST 2024) in Gandhinagar. The MoUs, signed with various Renewable Energy (RE) developers, are valued at approximately Rs 1.12 lakh crore and are expected to be implemented over the next five years, according to an official statement by the PSU on Wednesday.

The projects covered under these MoUs include solar and wind hybrid projects, Round-the-Clock (RTC) solar and wind projects, Firm and Dispatchable Renewable Energy (FDRE) power, Floating Solar Plants, Ultra Mega Renewable Energy Parks, Hydroelectric Power Projects, Battery Energy Storage Systems (BESS), Pumped Storage, Hydropower, Green Ammonia/Hydrogen, Solar Cell/Module Manufacturing, and other innovative renewable technologies. Additionally, discussions are underway to finance Green Energy Corridors, Wind Turbine Manufacturing, Electric Vehicle (EV) ecosystems, and related charging infrastructure.

REC is also open to financing renewable projects for the Commercial & Industrial (C&I) segment with top-rated offtakers, demonstrating its commitment to being a key player in India’s ambitious renewable energy transition. The PSU aims to play a vital role in increasing the country’s installed non-fossil-based generation capacity from 200 GW to 500 GW by 2030. Through its financial commitment under the 'Shapath Patra', REC has pledged to increase its renewable energy loan book to over Rs 3 lakh crore by 2030, which would raise the share of renewables in its portfolio from 8% to 30%. By then, the company’s total loan book is projected to grow to Rs 10 lakh crore.

REC CMD, Shri Vivek Kumar Dewangan, IAS, handed over the ‘Shapath Patra’ to Shri Pralhad Joshi, Hon'ble Cabinet Minister of New and Renewable Energy, at the event. The commitment was made in the presence of the Chief Ministers of Andhra Pradesh, Madhya Pradesh, Rajasthan, Chhattisgarh, and Goa. Shri Dewangan received recognition from the Cabinet Minister for REC’s substantial pledge to finance Rs 3 lakh crore in renewable energy projects by 2030.

NTPC Green Energy on Wednesday filed preliminary papers with capital markets regulator Sebi to raise Rs 10,000 crore through an initial public offering

New Delhi: NTPC Green Energy, the renewable energy arm of NTPC, on Wednesday filed preliminary papers with capital markets regulator Sebi to raise Rs 10,000 crore through an initial public offering (IPO).

The initial share-sale is entirely a fresh issuance of equity shares with no offer-for-sale (OFS) component, according to the draft red herring prospectus (DRHP).

The renewable energy firm said proceeds of the issue to the tune of Rs 7,500 crore will be used to repay or prepay part or all of its subsidiary NTPC Renewable Energy Ltd's (NREL) outstanding loans, while a portion will be utilised for general corporate purposes.

The filing comes at a time when the country's IPO market is thriving, with around 60 main board companies having launched their initial share-sales this year so far.

NTPC Green Energy is a 'Maharatna' central public sector enterprise with renewable energy portfolio, including solar and wind power assets spread across more than six states.

As of August 2024, the company's operational capacity comprised 3,071 MW from solar projects and 100 MW from wind projects, across six states.

Overall, the NTPC group aims to reach 60 GW of renewable energy capacity by 2032. Currently, it has 3.5 GW of installed capacity and over 28 GW in progress.

India's renewable energy sector is growing rapidly. Globally, India is ranked fourth in renewable energy capacity, including wind and solar installations, the draft papers said, citing a Crisil report.

The country's installed renewable energy capacity increased from 63 GW in FY12 to 123 GW in FY'21, reaching about 191 GW by March 2024 (including large hydro). As of March 2024, renewable energy made up nearly 43 per cent of India's total power generation capacity, with solar energy leading this growth, it added.

IDBI Capital Markets & Securities, HDFC Bank, IIFL Securities, and Nuvama Wealth Management are the book-running lead managers to the issue.

According to the company, the fund-raising will be carried out through QIP route, with a planned dilution of the Govt’s shareholding in IREDA by up to 7 percent on a post-issue basis
New Delhi: Indian Renewable Energy Development Agency Limited (IREDA) on Wednesday said that it has received approval from the Department of Investment and Public Asset Management (DIPAM) for raising approximately Rs 4500 crore through fresh equity issue.
The approval was granted by DIPAM based on the recommendations of a high-level committee. The fund-raising will be carried out through the Qualified Institutions Placement (QIP) route, with a planned dilution of the Government of India’s shareholding in IREDA by up to 7 percent on a post-issue basis, to be executed in one or more tranches.
 

The fund-raising exercise aims to strengthen IREDA’s capital base, enabling the organization to scale its financing for renewable energy projects and further accelerate India’s transition to clean energy.

Commenting on this approval, IREDA CMD Pradip Kumar Das said, “DIPAM approval represents a critical step forward in our expansion plans. With fresh capital infusion, we will be better positioned to support India’s ambitious renewable energy goals and continue playing a pivotal role in financing clean energy projects across the country.”

Government Eliminates Windfall Tax on Domestically Produced Crude Oil from September 18

New Delhi: In a significant policy shift, the Indian government has decided to eliminate the windfall tax on domestically produced crude oil, reducing it to 'nil' per tonne with effect from September 18, 2024. This comes as a part of the regular bi-monthly revisions of Special Additional Excise Duty (SAED), which is levied on crude oil producers based on fluctuations in global oil prices.

The windfall tax was introduced in July 2022, at a time when global energy prices were soaring due to geopolitical tensions and supply chain disruptions. The tax is intended to capture supernormal profits earned by oil companies when global crude prices surge beyond certain thresholds. Since its introduction, the government has periodically revised the SAED rates to reflect the volatility in global oil markets.

As per the latest official notification, while the windfall tax on crude oil has been slashed to zero, the SAED on the export of diesel, petrol, and aviation turbine fuel (ATF) will remain at 'nil', as was the case in the previous revision on August 31, 2024. At that time, the windfall tax on crude oil had been set at Rs 1,850 per tonne.

This decision is expected to provide a boost to domestic oil producers by reducing their tax burden, allowing them to retain a larger share of their profits, especially as global oil prices remain relatively stable. The bi-monthly review of SAED rates, conducted by the government, ensures that these taxes are aligned with the prevailing market conditions.

The move is seen as part of the government's broader strategy to support the energy sector, ensuring stability in domestic production while safeguarding consumer interests. India had initially imposed the windfall tax in response to record profits made by oil companies amid soaring energy prices following the Russia-Ukraine conflict and the resultant sanctions on Russian oil.

As crude oil prices have since moderated, and with supply and demand dynamics gradually normalizing, the need for the windfall tax has diminished, leading to the decision to withdraw it altogether for the time being.

Hindustan Zinc has held fresh discussions with the government on a proposal to divide the company into two verticals, instead of three proposed earlier

New Delhi: Vedanta group firm Hindustan Zinc Ltd (HZL) has held fresh discussions with the government on a proposal to divide the company into two verticals, instead of three proposed earlier, CEO Arun Misra said on Wednesday.

The company's restructuring plan to create separate entities was put on hold as the government, which owns a 29.54 per cent stake in the miner, had expressed resistance to the bid.

In an interview to PTI here, Misra said with regard to Hindustan Zinc's demerger, the discussions happened very well with the government.

"So now they (the government) will come back (on this)."

"Yeah, we have discussed again...So three become two," the CEO said.

The Mines Ministry, which is a minority shareholder, had earlier written to the company, pointing out that any restructuring of business operations would require the ministry's clearance.

Misra said that he was with the mines secretary recently and both the government and HZL are communicating on this subject which is "big".

"This is a big subject. ...it requires restructuring of assets, including mines, smelter," the CEO said.

He further stated that HZL aspires to make both the companies asset-based "so asset means mines, smelter have to be separated.

"Even if we separate, there is no mine which produces only silver. And then there is no mine, which produces only zinc and lead. So there will be interactions between the two. Right. So these are all complicated issues for which all the discussions are on."

Hindustan Zinc had last year announced plans to spin off its businesses into separate entities to increase its market capitalisation.

The company had engaged a leading advisory firm to study its plans to spin off the business.

HZL is hosting Zinc College 2024 here, which is an international event organised by International Zinc Association.

The Vedanta group firm has last month said that its board has approved the second interim dividend of Rs 19 per share for the current financial year amounting to Rs 8,028.11 crore.

HZL has reported a 19.4 percent rise in consolidated net profit at Rs 2,345 crore in April-June quarter of FY25 due to higher EBITDA (earnings before interest, tax, depreciation and amortization).

The company had posted a net profit of Rs 1,964 crore in the year-ago period.

Income rose to Rs 8,398 crore from Rs 7,564 crore in the year-ago period.

Hindustan Zinc Ltd is the world's second-largest integrated zinc producer and the third-largest silver producer.

The company supplies to more than 40 countries and has a share of over 75 per cent of the primary zinc market in India.

Tata Power Renewable Energy Limited (TPREL) has committed an investment of Rs 75,000 crore to achieve 20GW of operational capacity by 2030, a top company official said

New Delhi: Tata Powr arm Tata Power Renewable Energy Limited (TPREL) has committed an investment of Rs 75,000 crore to achieve 20GW of operational capacity by 2030, a top company official said.

Talking to PTI Videos on Tuesday, TPREL President Deepesh Nanda said that the company is already operating 5 GW capacity and has another 5 GW under construction.

"We have committed to take this number all the way to 20 GW operational capacity by 2030," he said.

To achieve this target, TPREL has committed an incremental investment of Rs 75,000 crore, he said adding that the company may meet these goals, possibly ahead of schedule.
 

"We have just commissioned a massive 4.3 GW module manufacturing facility in Tirunelveli, which will further support our growth plans," Nanda added.

Tata Power Renewable Energy Ltd is a subsidiary of Tata Power Ltd.

Jindal India Renewable Energy on Wednesday announced its foray into battery energy storage systems (BESS) space

New Delhi: Jindal India Renewable Energy, part of the BC Jindal Group, on Wednesday announced its foray into battery energy storage systems (BESS) space.

The company plans to build 1 GWh battery pack assembly line with LFP (lithium iron phosphate) chemistry by 2025 and will foray into battery cell manufacturing with 5 GWh capacity by 2027, according to a statement.

To achieve this, the company will enter into a technological collaboration with a world-class technology provider.

The move aligns with India's efforts to strengthen its position as one of the top renewable energy players in the world. Currently, the sector is witnessing rapid growth due to policy emphasis on renewables to enable the government's push towards a greener future, it said.

BESS as a technology enables grid stability and efficient storage. It addresses the issue of power supply during peak periods.

The Indian BESS market is expected to grow at an impressive Compound Annual Growth Rate (CAGR) of 11.41 percent till 2032, underscoring the significant opportunities that this sector presents, it stated.

Punit Gupta, Director, Jindal India Renewable Energy, said in the statement, "By investing in battery energy storage systems, we are expanding our portfolio as well as contributing to grid stability and deeper integration of renewable sources."

JIRE aims to generate 5 GW of power from solar, wind, hybrid and FDRE (Firm and Dispatchable Renewable Energy) modes. Along with this, JIRE will also manufacture photovoltaic cells and modules to tap into the solar demand.

Jindal India Renewable Energy operates under the BC Jindal Group, founded in 1952 by Shri B C Jindal. Originally a steel pipe and fittings manufacturer, the group has grown into one of India's leading conglomerates with a significant presence in the power sector.

Inaugurating RE-Invest 2024 on Monday, Prime Minister Narendra Modi stated that India is the best bet of the 21st century

Gandhinagar: Inaugurating RE-Invest 2024 on Monday, Prime Minister Narendra Modi stated that India is the best bet of the 21st century. Inviting investments in India’s green energy transition, the PM said that India has tremendous opportunities for investors not only in energy generation but also in the manufacturing sector. “India is striving for complete Made-in-India solutions and creating many possibilities. India is truly a guarantee of expansion and better returns,” said Modi.

RE-Invest, the 4th Global Renewable Energy Investor’s Meet and Expo since 2015, is being held at Mahatma Mandir in Gandhinagar, Gujarat. The three-day summit honours the important contributors to India’s remarkable achievement of over 200 GW of installed non-fossil fuel capacity and opened on Monday. PM Modi took a walkthrough of the exhibition which is showcasing cutting-edge innovations from public and private sector companies, start-ups, and major industry players.

‘RE-Invest 2024 part of a bigger vision to make India developed nation by 2047’

Addressing the gathering, the Prime Minister expressed confidence that serious discussions will take place over the next three days on the future of energy, technology and policies. Noting that RE-Invest 2024 is not an isolated one but a part of the bigger vision, mission and action plan to make India a developed nation by 2047, the Prime Minister highlighted the decisions taken by the government in the first 100 days in office.

“The government’s work in the first 100 days highlights its priorities and reflects the speed and scale,” the Prime Minister remarked underlining that all sectors necessary for India’s fast-paced development have been focussed on. Commenting on the decisions specific to the energy sector, the PM said that big decisions have been taken by the government in the first 100 days of its third tenure, like the unveiling of a Viability Gap Funding (VGF) scheme for offshore wind energy projects and the approval granted by the government to an outlay of Rs 12,000 crore for producing 31,000 MW of hydropower in the time to come.

India had a valid excuse to stay out of climate commitments but chose not to: PM

The Prime Minister underlined that as a developing economy, India had a valid excuse to stay out of these commitments but did not choose that path. He, however, added that “Today’s India is preparing a base not only for today but for the next thousand years.” Modi stressed that India’s aim was not just to reach the top, but to prepare ourselves to sustain at the top. He added that India was very well aware of its energy needs and requirements to make it a developed nation by 2047. Modi stated India had decided to build its future on the basis of renewables like solar power, wind power, nuclear and hydropower, as it does not have reserves of oil and gas.

The Prime Minister said India is the first G20 nation to achieve the climate commitments set in Paris, that too nine years before the deadline. Modi outlined the nation’s goals to achieve the target of putting in place 500 GW of renewable energy by 2030 and said that the government has turned the green transition into a people’s movement. Referring to the government’s scheme for Rooftop Solar — PM Surya Ghar Muft Bijli Yojana — for households that consume 300 units of electricity or lower, the PM said that the scheme has turned households into power producers. He informed that more than 1 crore 30 lakh families have registered under the scheme and installation work has been completed in 3.25 lakh houses so far.

“India’s solar revolution will be scripted in Golden letters, when the history of the 21st century will be written,” Modi told the gathering. Talking about Ayodhya city, Modi informed that with this as an inspiration, the government was aiming to make Ayodhya, a model solar city.

Modi underlined that India was working at a great speed and scale in every sector related to renewable energy. He added that in the last decade, India had generated 35 percent more electricity from nuclear energy as compared to before and India was striving to become a global leader in the field of green hydrogen. He also mentioned India’s initiative that led to the creation of the International Solar Alliance (ISA), focus on green transition during India’s G-20 Presidency and the launch of the Global Biofuel Alliance during the G-20 Summit. “India has set a target of making its railways net zero by the end of this decade,” he said, adding that India has decided to achieve the target of 20 percent ethanol blending in petrol by 2025.

Noting the increasing demand for renewable energy in India, the Prime Minister underlined that the government is formulating new policies to meet this demand and providing support in every way. The Governor of Gujarat, Acharya Devvrat, the Chief Minister of Gujarat, Bhupendra Patel, Union Minister for New and Renewable Energy, Prahlad Joshi, Chief ministers of Andhra Pradesh, Rajasthan, Madhya Pradesh, Chhattisgarh and Goa were present on the occasion among others.

IREDA has been honored by MNRE at RE-INVEST 2024 for its significant contribution to India’s achievement of the 200 GW non-fossil installed capacity milestone

New Delhi: Indian Renewable Energy Development Agency Limited (IREDA) has been honoured by the Ministry of New & Renewable Energy (MNRE) at RE-INVEST 2024 for its significant contribution to India’s achievement of the 200 GW non-fossil installed capacity milestone, as the largest NBFC in the sector.

IREDA CMD Pradip Kumar Das received recognition on Monday from the Union Minister for New and Renewable Energy Pralhad Joshi in the presence of the Chief Ministers of Andhra Pradesh, Madhya Pradesh, Rajasthan, Chhattisgarh and Goa.

As of June 30, IREDA has sanctioned loans worth Rs 1,99,673 crore (cumulative) and disbursed Rs 1,31,243 crore (cumulative) for renewable energy projects. In the financial year 2023-24, IREDA sanctioned Rs 37,354 crore and disbursed Rs 25,089 crore loans.

NHPC has proposed a significant investment of Rs 80,261 crore for the development, construction, and commissioning of renewable energy projects

New Delhi: NHPC Limited, India's leading hydropower company, has committed to achieving a renewable energy capacity of 16,700 MW by 2030. This ambitious target was announced during the 4th Global RE-INVEST summit, which has been inaugurated by Prime Minister Narendra Modi on September 16, in Gandhinagar, Gujarat.

NHPC Limited's Chairman and Managing Director (CMD) RK Chaudhary presented the company's commitment through Letters of Commitment to the Minister of New and Renewable Energy Pralhad Joshi during the event’s inaugural session. Along with its renewable energy target, NHPC plans to produce 500 metric tons of Green Hydrogen annually by 2030. This initiative aligns with India’s national goal of achieving 500 GW of non-fossil fuel electricity capacity in the coming years.

To support these objectives, NHPC has proposed a significant investment of Rs 80,261 crore for the development, construction, and commissioning of renewable energy projects. Additionally, Rs 450 crore will be allocated toward achieving the Green Hydrogen production target. The company’s projects are expected to create over 20,000 job opportunities during the construction and operational phases.

In keeping with its commitment to social responsibility, NHPC will also implement various corporate social responsibility (CSR) initiatives aimed at supporting local communities and contributing to the economic development of the regions where its projects will be undertaken.

Adani Group on Monday said it has pledged Rs 4,05,800 crore investment in renewable energy projects like solar, wind and Green Hydrogen at the 4th RE Invest 2024

New Delhi: Adani Group on Monday said it has pledged Rs 4,05,800 crore investment in renewable energy projects like solar, wind and Green Hydrogen at the 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST) 2024.

According to the Shapat Patras (pledges) submitted at RE-INVEST to the Ministry of New & Renewable Energy, the group firms -- Adani Green Energy Ltd (AGEL) and Adani New Industries Ltd (ANIL), have made investment commitments in renewable projects by 2030.

Adani Green Energy, India's largest renewable energy company, has committed 50 GW RE capacity by 2030 (currently at 11.2 GW operational capacity).

Adani New Industries will set up a solar manufacturing plant of 10 GW, wind manufacturing of 5 GW, Green Hydrogen output of 10 GW (Green Hydrogen: 0.5 MMTPA, Green Amonia 2.8 MMTPA) and electrolyser manufacturing of 5 GW.

The investment Rs 4,05,800 crore will have job creation potential for 71,100 people.