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The Economic Times

IREDA shares surge over 4% on govt nod for Rs 4,500 crore QIP

Shares of Indian Renewable Energy Development Agency rose 4.4% on the BSE after receiving government approval to raise Rs 4,500 crore through a Qualified Institutions Placement. The company reported a net profit of Rs 384 crore for the June quarter, marking a 30% increase from the previous year.

Business Standard

Tata Power arm bags 400 MW hybrid project in Maharashtra

Tata Power Renewable Energy (TPREL) has secured a letter of award (LoA) from Maharashtra State Electricity Distribution Company (MSEDCL) for the development of a 400 MW wind-solar hybrid project in Maharashtra.

Business Standard

Tata Power Renewable Energy bags 400 MW wind-solar project from MSEDCL

Tata Power Renewable Energy on Wednesday said it has secured a 400 MW wind-solar hybrid project from Maharashtra State Electricity Distribution Company Ltd (MSEDCL). Tata Power Renewable Energy Ltd (TPREL), a subsidiary of Tata Power, has successfully secured a Letter of Award (LoA) from MSEDCL, a wholly-owned entity under the Maharashtra government, for the development of a 400 MW wind-solar hybrid project in Maharashtra, a statement said. The company said that the LoA includes an original contracted capacity of 200 MW, along with a greenshoe option for an additional contracted capacity of 200 MW. This would be the largest renewable energy project in Maharashtra till date for TPREL. The LoA was issued through a competitive bidding process conducted via an electronically-based reverse auction portal. The project is expected to be completed within 24 months from the signing of the Power Purchase Agreement (PPA) between TPREL & MSEDCL and will play a crucial role in cutting carbon ..

Mint

ITI shares surge over 8% on ?300-crore solar street light systems order in Bihar

Shares of ITI Limited rose over 8% after the company secured a ?300 crore order for 1,00,000 solar streetlight systems in Bihar. This order highlights ITI's commitment to renewable energy and sustainable infrastructure development.

Business Standard

Ireda plans to raise around Rs 29,500 crore in debt, equity in FY25

The Indian Renewable Energy Development Agency (IREDA) plans to raise around Rs 25,000 crore from the debt market and around Rs 4,500 crore through equity in the current fiscal, a top company official said on Monday. The company's chairman and managing director Pradeep Kumar Das also said that IREDA had submitted a draft Green Taxonomy to the Ministry of New & Renewable Energy (MNRE) one and a half years back and that it is at quite an advanced stage. "First, we are seeking the government's approval for allowing natural dilution of their stake down by up to 10 per cent. The government will take a final call on that," Das said during the CII Financing Summit 3.0 here. Stating that the company is confident because the kind of equity requirement it needs and what the sector expects from it, he said, "We have initially estimated Rs 4,500 crore by January-February in order to ensure that we have a fair amount of loan book as well as capital adequacy ratio which is very important." He .

Business Standard

Adani Energy acquires Khavda project entailing Rs 4,091 cr investment

Adani Energy Solutions on Monday said it has acquired a 298-km special purpose vehicle (SPV) of the Khavda Phase IV Part-A transmission project entailing an investment of Rs 4,091 crore. Khavda IVA Power Transmission Ltd, an SPV, was set up by REC Power Development and Consultancy Ltd (RECPDCL) to evacuate 7 GW of renewable energy from Khavda RE park, the company said in a statement. Adani Energy Solutions (AESL) will commission the project in Gujarat in the next 24 months on BOOT (build, own, operate and transfer) basis, it said. The company will invest Rs 4,091 crore to build the 298 km (596 ckm) transmission project, as per the statement. The project also includes setting up 300 MVAr STATCOM and 3x1500 MVA, 765/400 kV Inter-connecting Transformer (ICTs) with 1x330 MVAr, 765 kV and 1x125 MVAr, 420 kV bus reactors, it said. AESL won the project through the tariff-based competitive bidding process and will commission the project in the next 24 months on BOOT (build, own operate, a

Business Standard

Chevron corp to invest Rs 8,300 cr in Karnataka, says minister Patil

Chevron, a global leader in providing energy solutions, on Saturday announced an investment of Rs 8,300 crore to set up its Engineering and Innovation Centre of Excellence here. The investment was announced during a high-profile meeting attended by the Karnataka Minister for Large and Medium Industries and Infrastructure Development, M B Patil and others. "Karnataka has been consistently leading the way in promoting economic growth and development. The collaboration between the state government and Chevron company in implementing this Rs 8,300 crore investment is a clear indication of the significant progress in engineering and innovation in Karnataka. The state government is committed to promoting innovation, economic growth and job creation," he said. Akshay Sahni, Country Head of Chevron India, shared the company's vision for the new centre and said, "It will provide an opportunity for India's exceptional talent to work with the resources and expertise of our global network to .

Business Standard

Ireda Q1FY25 results: Net profit surges over 30% to Rs 383.69 crore

Indian Renewable Energy Development Agency (Ireda) on Friday reported over 30 per cent growth in its net profit to Rs 383.69 crore for the June quarter, mainly on the back of higher revenues. "IREDA has achieved Profit After Tax of Rs 383.69 crore (in Q1), marking an impressive year-on-year growth of 30.25 per cent," a company statement said. According to the statement, its net profit was Rs 294.58 crore in the quarter ended on June 30, 2023. As the largest pure-play green financing NBFC in the country, it stated that Ireda achieved a new industry standard by publishing its audited financial results within only 12 days. This milestone also marks Ireda as the first central public sector enterprise (CPSE) to promptly declare results and achieve the fastest publication of audited results in the banking and NBFC space, it added. The company has successfully reduced its net non-performing assets to 0.95 per cent in the first quarter of FY 2024-25 from 1.61 per cent in the same quarter