Raipur: Lt Gen Anindya Sengupta, UYSM, AVSM, YSM, General Officer Commanding in Chief, Central Command visited Headquarters Chhattisgarh & Odisha Sub Area (COSA) and Naya Raipur Military Station on 11-12 September 2024.

The GOC-IN-C reviewed the operational readiness and administrative initiatives being undertaken. He appreciated the endeavours being made for veterans’ welfare in Chhattisgarh.

The GOC-in-C also interacted with over 100 Veterans and commended their continued contribution to the nation building. Officials including those employed by the Army for welfare of veterans, in areas as remote as Bastar, briefed the GOC-IN-C on numerous measures taken for improvement in health care facilities and other welfare initiatives, concerning ex-servicemen from Chhattisgarh & Odisha.

The GOC-in-C and Regional President AWWA also interacted with Veer Matas & Veer Naris from Chhattisgarh, expressing their solidarity and assurance of continued support from the IA. He interacted with young boys and girls from Remote areas who are trying to make a mark in the field of sports and appreciated the NCC unit for their initiative of training these talented children in the field of horsemanship.

Lt Gen Padam Singh Shekhawat, AVSM, SM, GOC Madhya Bharat Area, senior serving & veteran military offrs and dignitaries from civil administration were also present during the visit. The Army Commander specially complimented the outstanding work being done by military veterans in Chhattisgarh State.

New Delhi: Tata Power Renewable Energy arm Tata Power EV Charging Solutions and Tata Motors have signed an initial pact to set up 200 fast-charging stations for electric commercial vehicles in all metros cities, a statement said on Thursday.

The strategic move expands their ongoing collaboration, in providing sustainable mobility solutions, with a focus on easy charging solutions for small electric commercial vehicles, the statement said.

Tata Power EV Charging Solutions under the MoU will set up 200 fast-charging stations for electric commercial vehicles in all metros cities viz. Mumbai, Delhi, Chennai, Bengaluru, Kolkata.

Tata Motors and Tata Power will provide exclusive charging tariffs for Tata Motors' electric CV owners, resulting in lower operating costs and increased profitability for its customers, the statement said.

Electric commercial vehicle users, across the country, will soon benefit from access to almost 1000 strategically located fast chargers, with the planned expansion of the charging network.

Vinay Pathak, Vice President & Business Head – SCV&PU, Tata Motors, said in the statement, "This partnership will also explore avenues to maximize the use of renewable energy to make electric vehicle operations greener."

Deepesh Nanda, CEO & MD, Tata Power Renewable Energy said in the statement, " This collaboration underlines our commitment to accelerating e-mobility by providing an expansive and reliable EV Charging network across India."

Tata Power has expanded its network under the brand name of EZ Charge to over 1,00,000 home chargers, 5,500+ public, semi-public, and fleet charging points, along with 1100+ bus charging stations across 530 cities and towns.

These chargers have been strategically deployed at diverse and accessible locations such as highways, hotels, malls, hospitals, offices, residential complexes, etc.

Hindenburg Research has questioned SEBI Chief Madhabi Puri Buch's "complete silence" on fresh allegations of impropriety, conflict of interest and accepting payments from companies while serving as a member of the market regulator

New Delhi: US-based short seller Hindenburg Research has questioned SEBI Chief Madhabi Puri Buch's "complete silence" on fresh allegations of impropriety, conflict of interest and accepting payments from companies while serving as a member of the market regulator.

Hindenburg, which had in January 2023 accused Adani Group of using tax havens to sidestep local market regulations, had last month alleged that Securities and Exchange Board of India (SEBI) chairperson Buch's previous investments and dealings may be behind the slow probe against the conglomerate.
 

While Buch and the Adani Group had denied last month's allegations, the opposition Congress party has in recent days made a series of allegations against Buch including holding 99 per cent shares in a company "actively providing advisory/consultancy services till date" and her husband Dhaval Buch earning income from companies that were being adjudicated by her.

Buch, who has so far not responded to the allegations, on Thursday cancelled her appearance at the NaBFID Infrastructure Conclave in Mumbai. She was listed as a keynote speaker at the conclave.

"New allegations have emerged that the private consulting entity, 99 per cent owned by SEBI Chair Madhabi Buch, accepted payments from multiple listed companies regulated by SEBI during her time as SEBI Whole-Time Member. The companies include: Mahindra & Mahindra, ICICI Bank, Dr. Reddy's and Pidilite," Hindenburg said in a post on X, formerly Twitter.

These allegations, it said, "apply to Buch's Indian consulting entity with no details thus far on Buch's Singapore-based consulting entity."

"Buch has maintained her complete silence for weeks on all of the emerging issues," it added.

Hindenburg had on August 11 alleged that Buch had previous investments in an offshore fund, also used by the Adani Group.

Buch and her husband had denied those allegations.

Since then, Congress and Zee group chairman Subhash Chandra have levelled charges against them but they have not responded so far.

Congress has alleged that Dhaval Buch earned Rs 4.78 crore from Mahindra Group at a time when the regulator was investigating it for market infractions.

Responding to the allegation, Mahindra & Mahindra has stated that the "Group hired Dhaval Buch in 2019 specifically for his expertise in supply chain and sourcing, soon after he retired as Unilever's Global Chief Procurement Officer."

It said he joined Mahindra Group almost 3 years before Madhabi Puri Buch was appointed as SEBI chairperson. "Compensation has been specifically and only for Buch's supply chain expertise and management acumen, based on his global experience at Unilever."

Prior to becoming chairperson, she was a Whole-Time Member of SEBI from April 2017.

Separately, Dr Reddy's Laboratories and Pidilite Industries also stated that they had engaged the services of Dhaval Buch when his wife held second highest office at SEBI but denied allegations of any conflict.

While Dr Reddy's said it paid Rs 6.58 lakh to Buch in exchange for his services, Pidilite said that it has never been under any SEBI enquiries or orders.

Last month, Hindenburg had alleged that the Buchs opened an account in 2015 with a wealth management firm in Singapore to invest undisclosed sum of money in a Mauritius-registered offshoot of a Bermuda-based fund. The Mauritian fund was run by an Adani director and its ultimate parent was the vehicle used by two Adani associates to round-trip funds and inflate stock prices.

The raw material for making petrol and diesel dropped to a three-year low before marginally recovering but a revision in domestic petrol and diesel rates is likely only if lower rates are sustained, industry sources and officials said

New Delhi: Price of international crude oil - the raw material for making petrol and diesel - dropped to a three-year low before marginally recovering but a revision in domestic petrol and diesel rates is likely only if lower rates are sustained, industry sources and officials said.

Global oil benchmark Brent crude futures fell below USD 70 per barrel on Tuesday - the first time since December 2021 - but gained thereafter after Hurricane Francine hit crude supply in the Gulf of Mexico. Brent rose above USD 71 a barrel on Thursday while West Texas Intermediate advanced to trade near USD 68.

Petrol and diesel prices - which have been on a freeze for over two years now barring a pre-election reduction earlier this year - will be revised if the declining trend sustains, they said.

Oil Secretary Pankaj Jain speaking to reporters on the sidelines of an event here, said the oil companies will be taking appropriate decisions on reducing fuel prices if international oil prices were to settle lower on a sustained basis.

Industry sources said the three state-owned fuel retailers are making good profits on petrol and diesel but want the trend to continue before deciding on a revision.

"They dont want a situation where they cut prices and are faced with a situation were international prices rise," an official explained.

Brokerage Emkay GLobal Financial Services in a note said it expects Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) to cut petrol and diesel prices before elections in Maharashtra.

"We believe there are expectations of a retail price cut in auto-fuels for oil marketing companies (OMCs) amid the upcoming state elections. While we do not rule out the same, the model code of conduct for J&K and Haryana is on for a month. There could be a cut only toward Diwali and before Maharashtra election's model code of conduct, which could be Rs 2 per litre each for petrol and diesel and possibly coupled with an equivalent increase in excise duty," it said.

However, during the next month, OMCs can earn supernormal marketing margins, covering LPG under-recoveries and inventory losses to a large extent.

"We estimate implied July-September gross marketing margins at Rs 9.7/8 per liter for petrol/diesel vs Rs 4.7/3.8 in Q1 (April-June) and a normative range of Rs 3.5-4 each," it said.

India imports 85 percent of its oil needs and its fuel pricing is indexed to international rates.

While the OMCs have pricing freedom, they have since late 2021 not revised prices in line with cost. They frooze rates in April 2022 only to cut prices by Rs 2 per litre each just before general elections before again freezing the rates. Petrol costs Rs 94.72 per litre in the national capital and diesel comes for Rs 87.62 a litre.

New Delhi: India will be exclusive partner with the European Hydrogen Week, scheduled in November 2024, the New & Renewable Energy Ministry said on Thursday.

The second day of the International Conference on Green Hydrogen (ICGH-2024), held at Bharat Mandapam, New Delhi, witnessed the announcement of India’s exclusive partnership with the European Hydrogen Week, a ministry statement said.

The day highlighted India’s intent to address the green regulations of EU to boost exports. In addition, a Letter of Intent (LoI) was signed between Chane Terminal from Netherlands and ACME Cleantech from India for Ammonia import terminals.

The event also saw sessions bringing out the perspectives of the EU, Australia, and the Netherlands about the scope and challenges in the Green Hydrogen sector. The EU session chaired by Power Secretary Pankaj Agarwal with Jorgo Chatzimarkakis, CEO of Hydrogen Europe focused on the role of green hydrogen as a crucial component in global decarbonization efforts.

The discussion highlighted that the European Union (EU) is focused on reforming its Emission Trading System (ETS) to help price carbon effectively, to encourage the scaling up of hydrogen as a competitor to fossil fuels.

Over 100 stalls from industry players and public companies is showcasing latest technologies and innovation in the field of green hydrogen value chain. The event is graced by over 2000 national and international delegates involving academicians, industry experts start-ups, policy makers and diplomats.

On the sidelines of the exhibition, the day also witnessed a national poster competition where participants showcased their ideas and innovation in building a sustainable future.

The day also featured two Country Roundtables on Singapore & South Korea, an industry roundtable for the India-US Hydrogen Taskforce, and a breakthrough roundtable on Hydrogen, all of which fostered deeper international collaboration and strategic dialogues.

New Delhi: Apraava Energy, a leading provider of integrated energy solutions, announced on Thursday that it has secured a 300 MW solar project from state-owned power giant NTPC Limited. The project, located in Rajasthan, is expected to be completed within a 24-month timeline and was awarded through an e-reverse auction at a competitive tariff of Rs 2.65 per kWh, according to a company statement.

Apraava Energy has signed a long-term Power Purchase Agreement (PPA) with NTPC for the 300 MW solar project, which will be connected to the Interstate Transmission System (ISTS). This marks a significant addition to Apraava's renewable energy portfolio, further solidifying its presence in Rajasthan. Earlier in January 2024, Apraava announced its inaugural 250 MW greenfield solar project, secured through NHPC.

In addition to these solar assets, Apraava operates three wind projects in Rajasthan, with a combined capacity of 253.6 MW, alongside three under-construction transmission projects. The company’s Managing Director, Rajiv Ranjan Mishra, expressed enthusiasm about expanding Apraava’s renewable energy footprint with its largest solar project to date.

The bid for the 300 MW project is part of NTPC’s larger solar tender for 1,500 MW ISTS-connected Solar PV Power Projects across India. The PPA will remain in effect for 25 years from the scheduled commencement of supply. Apraava will be responsible for the construction, ownership, and operation of the project during this period.

Currently, Apraava Energy’s operational renewable energy portfolio (solar and wind) stands at 1,420 MW, with projects distributed across Rajasthan, Gujarat, Maharashtra, Madhya Pradesh, Tamil Nadu, Telangana, and Karnataka. The company also has 900 MW of renewable energy projects under construction.

New Delhi: Saatvik Solar has successfully completed the delivery of 70.2 MW of high-efficiency Mono PERC 545Wp solar modules to Satluj Jal Vidyut Nigam (SJVN) for its renewable energy project in Punjab. The delivery, completed in a remarkable span of just four months, is a significant step towards meeting India’s ambitious clean energy targets.

The Punjab project aims to boost the state's renewable energy capacity, with Saatvik's cutting-edge solar modules playing a crucial role in enhancing overall project efficiency and performance. Equipped with a 3.8 GW state-of-the-art manufacturing facility, Saatvik Solar continues to spearhead technological advancements and expand its offerings to include innovative energy storage solutions.

Prashant Mathur, CEO of Saatvik Solar, highlighted the company’s dedication to driving large-scale solar initiatives and contributing to India's clean energy transition, reinforcing its leadership position in the renewable energy sector.

New Delhi: State-run Bharat Petroleum Corporation Limited (BPCL) is set to form two joint ventures with private entities to expand its footprint in Renewable Energy (RE), Green Hydrogen and Compressed Biogas (CBG). At a board meeting held on Thursday, the company’s Board of Directors approved two proposals for BPCL to enter into joint venture agreements with Sembcorp Green Hydrogen India Pvt Ltd (SGHIPL) and GPS Renewables Pvt Ltd, BPCL told the bourses in a regulatory filing.

BPCL to have 50% shareholding in JV companies

According to the regulatory filing, the shareholding pattern of the two JV companies will be 50:50. BPCL said that through the JV with Sembcorp, it will develop, construct, operate renewable energy projects and green hydrogen (and its derivatives) projects across India, including sale of renewables energy and green hydrogen and its derivatives.

On the other hand, through the JV with GPS Renewables, the PSU will construct, operate and maintain CBG plant across India, including sale of CBG and its derivatives (subject to regulatory approvals from NITI Aayog, DIPAM etc). The state-run company said that the JV companies will further its plan to diversify its operations to support energy transition and the net zero commitment of the company.

In addition, the JV for undertaking CBG projects will allow the PSU to meet the CBG blending obligation mandated by the government. In November 2023, the government mandated City Gas Distribution (CGD) entities to blend CBG with Compressed Natural Gas (CNG) and Piped Natural Gas (PNG). While the obligation is voluntary until the end of the current financial year. Starting next year, CGD entities will have to mandatorily achieve CBG blending of 1 percent in FY2025-26 and increase it to 3 percent in FY2026-27, 4 percent in FY2027-28 and 5 percent in FY2028-29. In order to meet this obligation, oil marketing companies (OMCs) are expanding their presence in the CBG sector.

The MNRE has issued the draft order for Approved List of Models and Manufacturers (ALMM) for solar PV cells in a bid to boost the domestic industry

New Delhi: The Ministry of New and Renewable Energy (MNRE) has issued the draft order for Approved List of Models and Manufacturers (ALMM) for solar PV cells in a bid to boost the domestic industry which is expected to expand in the next two years. The list proposed by the ministry under the order will be effective from April 1, 2026. “With the installed capacity of solar PV cells in the country expected to increase substantially in next two years, it has been proposed to issue List-II of solar PV cells under ALMM, which shall be effective from 01.04.2026,” said the MNRE in an order dated September 7.

The order will exempt renewable energy projects where the last date of bid submission was before the issuance of this order.

All RE projects bid out henceforth will have to use ALMM solar PV cells

“All projects that are covered under ALMM and would be bid-out, henceforth, including the projects bid out following the Guidelines issued by the Central Government under Section 63 of the Electricity Act 2003, shall have a clause in their tender documents / Request for Selection (RfS) documents that the solar PV modules and solar PV cells used in such projects shall be from the models and manufacturers included in ALMM List-I and ALMM List-II, unless the projects are commissioned prior to the effective date of ALMM List-II for solar PV cells, i.e. 01.04.2026,” the ministry stated.

In addition, the solar PV module manufacturers that feature on the ALMM List will also have to use solar PV cells from ALMM List-II to remain on the list, said the ministry. “The solar PV modules which are presently enlisted in ALMM List-I (for solar PV modules) and have their ALMM enlistment validity expiry date beyond 31.03.2026, shall also have to use solar PV cells from ALMM List-II (for solar PV cells) from 01.04.2026 onwards, failing which, they will be liable to be delisted from ALMM List-I,” the order said.

A solar cell is a single photovoltaic device, while a solar module is a group of connected solar cells. India’s current solar cell manufacturing capacity is around 6 GW. With the ALMM list, the government is aiming to provide a fillip to the domestic solar PV cell manufacturing industry. Since the solar PV module ALMM list already has a total capacity of 54 GW, the mandate to use ALMM list solar PV cells will provide a huge opportunity for the industry to expand. The government has asked industry stakeholders to send comments, suggestions on the draft amendment by October 6.

New Delhi: Renewable energy solutions provider Suzlon announced on Monday that it has secured India’s largest wind energy order of 1,166 MW from NTPC Green Energy Ltd (NGEL). Suzlon will install 370 wind turbine generators (WTGs) with S144 blades, equipped with a Hybrid Lattice Tubular (HLT) tower, each having a rated capacity of 3.15 MW.

These turbines will be installed across two projects of NTPC Renewable Energy Limited, a subsidiary of NGEL, and one project under IndianOil NTPC Green Energy Pvt Ltd, a group company of NGEL, in Gujarat. This significant order raises Suzlon's cumulative order book to approximately 5 GW as of September 3, 2024.

"We are proud to partner with NTPC Green Energy Ltd, the renewable arm of India’s largest utility, NTPC Ltd, as the nation’s leading Wind Energy Original Equipment Manufacturer (OEM)," said Girish Tanti, Vice Chairman of Suzlon Group.

This project is set to be the largest wind energy initiative led by a Public Sector Undertaking (PSU) in Gujarat, further solidifying the state’s leadership in renewable energy. Upon completion, it will create a new benchmark, significantly advancing India’s energy self-reliance, economic growth, and NGEL's target of adding 60 GW of renewable energy capacity by 2032.

Suzlon will be responsible for supplying the wind turbines, executing the project, including erection and commissioning, and providing operations and maintenance services after project commissioning.

Tata Power has commenced production of solar cells at India's largest single-location in Tirunelveli, Tamil Nadu, helping boost domestic manufacturing of cells and modules needed to convert sunlight into electricity

New Delhi: Tata Power has commenced production of solar cells at India's largest single-location in Tirunelveli, Tamil Nadu, helping boost domestic manufacturing of cells and modules needed to convert sunlight into electricity.

In a statement, TP Solar Ltd, a subsidiary of Tata Power Renewable Energy Ltd (TPREL), announced the commencement of commercial production from the 2GW solar cell line at its manufacturing facility in Tirunelveli -- the country’s largest single-location solar cell and module plant.

This follows the successful production of solar modules earlier this year.

"The solar cell production, currently at 2 GW capacity will enhance Tata Power's ability to meet the growing demand for high-quality, and domestically produced solar components, especially for large-scale capacity-addition projects," it said, adding the plant is expected to ramp up production with the remaining 2 GW capacity to be added over the next 4-6 weeks, reaching peak production of 4GW within the next few months.

Having a total cell and module manufacturing capacity of 4.3 GW, the module production line at the Tirunelveli plant was commissioned in October 2023 and has produced 1,250 MW of solar modules to date.

The company has committed nearly Rs 4,300 crore towards the establishment of this facility.

"The commencement of cell production at our Tirunelveli plant is a significant step towards indigenisation in the solar value chain and achieving self-sufficiency... We believe that this plant will lead the way in supporting the country's vision for a Net-Zero carbon future," Tata Power CEO and MD Praveer Sinha said.

The solar cells and modules produced at the Tamil Nadu facility will initially cater to the company's ongoing projects, further strengthening its supply chain. "With an eye on future expansion, Tata Power also plans to explore opportunities for wider market distribution," the statement said without elaborating.

In addition to the Tirunelveli plant, the company also operates a manufacturing facility established in 1992 in Bengaluru, Karnataka. This facility has a production capacity of 682 MW for solar modules and 530 MW for solar cells. To date, it has supplied a total of 3.73 GW of solar modules and 2.26 GW of solar cells.

In a significant stride towards decarbonization, Jindal Steel and Power Limited (JSPL) has advanced its commitment to global sustainability goals. The Indian steel giant has procured a state-of-the-art gas injection system for its blast furnace from UK-based plantmaker Primetals, according to a recent announcement by the latter. This strategic investment is part of JSPL's broader initiative to reduce carbon emissions and enhance operational efficiency across its facilities.

Installation at Blast Furnace No. 1 in Angul
The advanced gas injection system is set to be installed at Blast Furnace No. 1 at JSPL's Angul steel plant in Odisha, India. Interestingly, this blast furnace was also supplied by Primetals in 2017, marking a continuing collaboration between the two companies. JSPL’s decision to upgrade its blast furnace with cutting-edge gas injection technology is a proactive response to growing global pressure on the steel industry to adopt greener practices and lower its carbon footprint.

The upgraded system will replace a portion of the traditional carbonaceous fuels with hydrogen, a cleaner alternative that can significantly reduce carbon emissions. Hydrogen, as a reducing agent, burns cleaner than coal, resulting in less CO2 being released during the steelmaking process. This shift is essential for JSPL as it seeks to align with India's national goals of reducing emissions intensity under the Paris Agreement.

Syngas Utilization from Angul’s Coal Gasification Plant
A unique feature of the new system is its ability to inject syngas—a byproduct from JSPL’s coal gasification plant at Angul—into the blast furnace. Syngas, a mixture of hydrogen and carbon monoxide, can serve as a partial substitute for coke, traditionally used as a carbon-heavy fuel in blast furnaces. By utilizing on-site syngas, JSPL lowers its carbon fuel rate and reduces its reliance on external fuel sources.

This technology also addresses a core challenge in steel production: reducing dependence on fossil fuels without sacrificing operational efficiency. By adopting syngas-based injection, JSPL ensures that its blast furnace operates at maximum efficiency while simultaneously reducing emissions.

Impact on Decarbonization and Cost Efficiency
The introduction of the gas injection system is expected to significantly lower carbon emissions at JSPL’s Blast Furnace No. 1. The move is in line with India’s National Steel Policy 2017, which emphasizes reducing the steel industry’s carbon footprint. As one of the largest contributors to global greenhouse gas emissions, the steel sector is focusing on cleaner fuel transitions as a key element in its decarbonization efforts.

Additionally, the syngas injection system offers notable cost advantages. By leveraging syngas from its own coal gasification plant, JSPL can reduce the cost of hot metal production per ton. This cost reduction is crucial in a highly competitive global steel market, where profitability often hinges on minimizing production costs without compromising quality or output.

Aligning with Global Sustainability Trends
JSPL’s investment in the gas injection system highlights the company’s strong commitment to sustainable growth. The global steel industry has faced increasing scrutiny for its carbon-intensive operations, and steelmakers worldwide are embracing cleaner technologies to meet regulatory standards and rising consumer expectations for greener products.

The shift towards hydrogen-based steel production is gaining momentum as countries and industries strive to meet ambitious climate targets. By leading the use of hydrogen and syngas injection in its blast furnaces, JSPL is positioning itself at the forefront of India’s green steel revolution.

This is not JSPL’s first step towards decarbonization. Over the years, the company has made significant investments in renewable energy, efficiency upgrades, and innovative technologies aimed at reducing its environmental impact. The new gas injection system at Angul is the latest in a series of initiatives designed to align with the company’s sustainability objectives.

China's steel consumption has been reeling under a prolonged slowdown in the real estate business, and while it has resorted to export more, the iron ore market has currently seeing a situation of excess supply.

International iron ore prices slipped below the $90 per tonne mark on September 9, to hit a 22-month low as continued weakness in Chinese demand weighs on prices. The weakness in global prices is reflecting in shares of Indian iron ore producers like NMDC, sending them down by over 2 percent in mid-day trade.

Many global metal analysts do not see major improvement in China's demand of steel and steel products, and thus expect production to stay subdued, further squeezing prices lower.

China was responsible for approximately 54% of the world's crude steel production in 2023.

China's steel consumption has been reeling under a prolonged slowdown in the real estate business, and while it has resorted to exporting more of the commodity outside of China, the iron ore market has currently seeing a situation of excess supply, say expert.

Recent measures to fire up China's real estate demand through a potential stimulus have not yielded significant results, and the economic activity remains muted. China's yuan too has slipped against the US Dollar to a new record on growth concerns. Just last week, India had overtaken China's weightage on the MSCI Emerging Markets Investable Market Index, reflecting outflows at a time when India's fundamentals and corporate earnings are offering greater promise.

On Friday, Yi Gang, a former Governor of People’s Bank of China has raised concerns over deflation, asking authorities to focus on this factor as falling prices run the risk of denting growth outlook.

In 2024, the global steel demand is expected to rise by 1.9% but in China, analysts are projecting a continued slowdown in demand.

ISA on Thursday announced that it has entered into exclusive discussions with Africa50 to serve as a potential investment manager for its proposed Africa Solar Facility

New Delhi: International Solar Alliance (ISA) on Thursday announced that it has entered into exclusive discussions with Africa50 to serve as a potential investment manager for its proposed Africa Solar Facility (ASF).

The ASF is a USD 200 million initiative designed to unlock investment in distributed solar projects across Africa, an ISA statement said.

By offering tailor-made and cost-effective financing solutions, the facility aims to bridge the gap in a currently underserved market, where smaller project sizes and high perceived risks have hindered investment despite the critical need for clean energy.

The ASF will play a vital role in expanding energy access, accelerating solar deployment, and driving sustainable development across the continent, it stated.

According to the statement, this decision follows a public expression of interest (EOI) process initiated by ISA to identify entities capable of serving as the ASF’s investment manager.

The announcement was made during the first-ever International Solar Festival 2024, organised by the ISA, an intergovernmental establishment that works with governments to promote solar power as a key climate solution and a sustainable way to transition to a carbon-neutral future.

ISA Director General Ajay Mathur said, "We are partnering with Africa50 to implement the first regional fund in Africa under the umbrella of ISA's flagship private sector program, the Global Solar Facility".

Mathur said that he believes Africa50 will be an ideal partner for ISA’s Africa Solar Facility, as it brings together the best of both the public and private sectors – combining public sector reach and resources with the private sector’s agility and investment capabilities.

"We hope to build the facility together with Africa50 and help provide clean electricity to 600 million people in Africa," he added.

Africa50 is a leading pan-African infrastructure investor and asset manager with a portfolio exceeding USD 8 billion that has mobilised over USD 4 billion in external funding for African infrastructure.

Supported by 32 African countries, the African Development Bank, and two African central banks, Africa50’s unique project development capabilities, expertise strong track record of project development and implementation, and convening power make it a distinguished partner for this effort.

The ISA and Africa50 see strong synergies in their mission to accelerate clean energy deployment in Africa.

Subject to the successful conclusion of discussions and formalisation of necessary arrangements, Africa50 is expected to be appointed as ASF’s investment manager.

Petrol and diesel prices will go up by 61 paise a litre and 92 paise a litre, respectively, in Punjab, with the state Cabinet on Thursday deciding to increase VAT on fuel

New Delhi: Petrol and diesel prices will go up by 61 paise a litre and 92 paise a litre, respectively, in Punjab, with the state Cabinet on Thursday deciding to increase value-added tax (VAT) on fuel.

A decision in this regard was taken by the council of ministers in a meeting chaired by Punjab Chief Minister Bhagwant Mann here.

At present, the retail price of petrol in Mohali stands at Rs 97.01 per litre and diesel is priced at Rs 87.21.

Already, the fuel is more expensive in Punjab than in Chandigarh.

In the Union Territory of Chandigarh, prices of petrol and diesel are Rs 94.24 and Rs 82.40 per litre, respectively.

Fuel pump owners strongly condemned the decision of the AAP-led government, saying it would hit their business hard.

They further said it is the third time that the Bhagwant Mann-led government raised fuel prices in the past two-and-a-half years.

The Cabinet approved to raise VAT on diesel from 12 percent to 13.09 percent and increased tax on petrol from 15.74 percent to 16.52 percent. The state government also levies a 10 percent surcharge on VAT.

Addressing the media after the Cabinet meeting, Finance Minister Harpal Singh Cheema said the decision has been taken to raise VAT on petrol and diesel.

He said VAT on petrol will be raised by 61 paise and 92 paise a litre for diesel.

Cheema said the hike in VAT on fuel will lead to an increase in revenue by Rs 395 crore from diesel and Rs 150 crore from petrol.

Reacting to the hike in VAT on fuel, Petrol Pump Dealers' Association, Punjab, spokesperson Monty Sehgal criticised the state government's decision.

He said with the hike in VAT on fuel, the sales of petrol and diesel located in border districts will be impacted as their business will shift to neighbouring states where the fuel is less expensive.

Mohali-based fuel pump owner Ashwinder Singh Mongia said this move will encourage more "smuggling" of fuel, which will ultimately lead to a reduction in tax revenue to the state.

He said fuel in Himachal Pradesh and Jammu and Kashmir is cheaper than in Punjab.

Mongia said in Jammu, the price of petrol and diesel stood at Rs 95.41 and Rs 81.26 a litre while in Himachal Pradesh's Una, the price was Rs 93.2 per litre for petrol and Rs 85.57 for diesel.

Meanwhile, the opposition parties strongly condemned the hike in VAT on fuel.

Senior Shiromani Akali Dal (SAD) leader Bikram Singh Majithia said the Aam Aadmi Party (AAP) government "penalised" the ordinary man as well as farmers in Punjab by hiking VAT on petrol and diesel.