Tag: Green Energy

IREDA Global Green Energy Finance IFSC Limited

 Indian Renewable Energy Development Agency Ltd. (IREDA) has incorporated a wholly owned subsidiary in the International Financial Services Centre (IFSC) located in GIFT City, Gujarat. Named “IREDA Global Green Energy Finance IFSC Limited,” the subsidiary was officially incorporated on 7th May, 2024. Earlier, on 8th February, 2024, the Reserve Bank of India gave its No Objection letter to set up the finance company in IFSC GIFT City.

Commenting on the development, Chairperson & Managing Director of IREDA Shri Pradip Kumar Das, said that IREDA’s presence in GIFT City signifies a momentous step in its mission to pioneer innovative approaches to green financing. “This subsidiary not only positions IREDA to extend its global reach but also acts as an offshore platform for securing competitive funding to drive the renewable energy sector’s growth, aligning with the Government of India’s ambitious ‘Panchamrit’ targets.”

The CMD added that IREDA’s entry into the IFSC is anticipated to unlock fresh business prospects and establish its global footprint in the renewable energy sector. “This strategic step is in line with IREDA’s vision of facilitating sustainable development through renewable energy investments, both domestically and internationally. With IREDA’s presence in the IFSC, we anticipate greater access to innovative financing alternatives and enhanced collaboration with international investors, encouraging the advancement of renewable energy projects in the country and abroad.”

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Renewable Energy Technology Action Platform under US – India Strategic Clean Energy Partnership

 A meeting between the U.S. Department of Energy (DOE) and the Ministry of New and Renewable Energy (MNRE), Government of India was held on August 29, 2023, to launch the new U.S. – India Renewable Energy Technology Action Platform (RETAP) under the Strategic Clean Energy Partnership. RETAP was announced during the June 22, 2023 meeting in Washington D. C., between His Excellency Joseph R. Biden, President of the United States of America and Prime Minister Shri Narendra Modi Prime Minister Modi, when the two leaders announced the expansion of collaboration on new and emerging technologies to accelerate the clean energy transition. This launch marks rapid translation of the leaders’ vision into reality.

Led by DOE Deputy Secretary David Turk and MNRE Secretary Bhupinder Singh Bhalla, the RETAP was established to take bilateral collaboration further with a result-oriented, time-bound technology-focus. It is intended to advance new and emerging renewable technologies with a view toward deployment and scaling. RETAP’s initial focus is to be on green/clean hydrogen, wind energy, long duration energy storage, and to explore geothermal energy, ocean/tidal energy and other emerging technologies as mutually determined in the future.

DOE and MNRE outlined an initial workplan regarding RETAP collaboration. Work is guided by five themes:

  • Research & Development
  • Piloting & Testing of Innovative Technologies
  • Advanced Training & Skill Development
  • Policy and Planning for Advancing RET and enabling technologies
  • Investment, Incubation and Outreach programmes

During the meeting, the delegations shared information about emerging technology developments in each country, including hydrogen, energy storage, wind, geothermal energy, and marine renewable energy technologies, and clean energy deployment programs.

 

Going forward, DOE and MNRE intend to enhance RETAP collaboration, including potentially through the creation of a RETAP Steering Committee, joint working groups and collaboration among subject matter experts.

 

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NTPC Green Energy Ltd. (NGEL) and Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL)  to collaborate for development of Renewable Energy Power Parks and Projects

NTPC Green Energy Limited (NGEL) and Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) signed a Memorandum of Understanding (MoU) in Lucknow yesterday with an aim to collaborate in the development of Renewable Energy Parks and Projects and to facilitate in Government of India’s efforts towards energy transition. The MoU was signed by Shri Mohit Bhargava, CEO (NGEL) and Shri Nidhi Kumar Narang, Director (Finance), UPRVUNL in the presence of Shri P. Guruprasad, MD (UPRVUNL), Shri Praveen Saxena, Regional Executive Director (NR) of NTPC. Shri V V Sivakumar, GM (NGEL) and other senior officials of NTPC, NGEL and UPRVUNL were present during the occasion.

The MoU envisages the two organizations to collaborate through setting up of floating and ground mounted Solar Projects in the Rihand reservoir, other water bodies and any available vacant land, development of solar PV Project dedicated for solarization of Ayodhya city and setting up of Renewable energy Parks and Projects wherever land is made available. NGEL and UPRVUNL shall jointly work for formation of Joint Venture Company (JVC) to meet the Renewable Generation Obligation, Flexibility in Generation and Scheduling of Thermal/Hydro Power Stations through bundling with Renewable Energy and Energy Storage.

NTPC is India’s largest Power Utility, with a total installed capacity of about 72 GW (including JVs and subsidiaries). As part of increasing its renewable energy portfolio, a fully owned subsidiary “NTPC Green Energy Limited” (NGEL) has been carved out which shall take up Renewable Energy Parks and Projects including development in the areas of Green Hydrogen, Energy Storage Technologies and Round the Clock RE Power.

UPRVUNL was constituted to set up and operate Power-generating stations in the state of Uttar Pradesh. At present UPRVUNL is having four Thermal Power Stations within Uttar Pradesh with an installed capacity of 5820 MW and one Thermal Power Station with installed capacity of 1320 MW under JV with NTPC. UPRVUNL is in the process of adding further 3300 MW capacity with super critical technology on its own and another 1980 MW in Joint Venture with CPSEs. At present, UPRVUNL is looking to diversify into Renewable Energy and Energy Storage sectors.

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