Solar sovereignty: India’s path to sustainable independence and green revolution
The Indian government is actively steering the nation towards a sustainable and environmentally-conscious energy future. However, this juncture calls for a strategic alignment of protective measures to ensure their intended outcomes, notably reducing India’s reliance on energy imports and positioning the nation as a global hub for solar manufacturing.
Gensol Engineering’s Q1 FY 2024 revenue surges 47% YoY
Gensol Engineering has posted a 47% year-on-year increase in its revenue to INR 1,517 million ($18.27 million) for the first quarter of fiscal 2023-24.
Servotech to set up EV charger manufacturing plant in Uttar Pradesh
Servotech Power Systems will invest around INR 300 crore ($36.2 million) to set up an electric vehicle (EV) charger manufacturing facility with backward integration in the state.
Fourth Partner Energy raises additional $42.3 million in equity funding from Norfund
The corporate solar solutions provider has raised an additional equity investment of INR 350 crore ($42.3 million) from Norfund after receiving $100 million in 2021. It is also tying up with IFC for INR 560 crore fund to execute projects in India.
ONGC to spend $12 billion on green initiatives by 2030
The state-run explorer Oil and Natural Gas Corp. Ltd (ONGC) aims to achieve an installed renewable energy (RE) capacity of 10 GW by 2030 and 1 million tonnes per annum capacity of green ammonia production as part of its efforts to reduce its carbon footprint.
Tata Power profit grows to INR 1,141 crore in Q1 FY24
Tata Power’s profit after tax (net profit) grew 29% year-on-year to INR 1,141 crore ($137.6 million) in the April-May-June period of FY 2023-24. Consolidated revenue stood at INR 15,003 crore.
Reliance 10 GW solar fab to start production by December next year
The Reliance solar gigafactory in Jamnagar, Gujarat, will produce PV cells and modules based on REC’s heterojunction technology.
Apraava Energy signs MoUs worth $1.1 billion with REC and PFC
Apraava Energy will use the funds to develop its wind, transmission, and advanced metering projects.
Waaree Energies raises $121 million in ValueQuest-led equity funding round
Waaree Energies said it will use the latest equity investment to build a 6 GW solar wafer-to-module manufacturing capacity.
Adani New Industries Q1 revenue up 209% YoY
Adani New Industries Ltd recorded a revenue of INR 1,898 crore ($229 million) in the first quarter of FY 2023-24, 209% up year-on-year. Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 7.5 times to INR 355 crore as export volumes surged 19 times.
