- In a major step towards bolstering India's renewable energy landscape, Avaada Group, a leading integrated energy platform, has formally entered into a Memorandum of Understanding (MoU) with the Government of Gujarat.
- This strategic alliance aims to pave the way for the establishment of hybrid wind-solar projects with an aggregate capacity of 6000 MW (6 GW) in the state, involving an investment of approximately Rs 40,000 crore.
- Additionally, the generated power will be utilised for captive purposes in AVAADA’s Green Hydrogen/Ammonia Projects.
- These projects are anticipated to significantly reduce carbon emissions, diminishing reliance on conventional power sources and exemplifying the commitment to scalable and innovative solutions.
- Avaada Group's foray into these groundbreaking projects marks a substantial leap towards a cleaner, greener future, reflecting the company's dedication to sustainable energy solutions and its pivotal role in India's renewable energy journey.
- The REC Solar Norway transaction is subject to certain regulatory and other customary closing conditions and is expected to be completed by April 2024, RIL said Reliance Industries Ltd on Monday said it will sell REC Solar Norway AS to Oslo-listed Elkem ASA for around USD 22 million.
- Founded in 1904, Elkem ASA is a silicon-based material provider, and listed on the Oslo Stock Exchange.
- "REC Norway, a wholly-owned subsidiary of REC Solar Holdings AS, is in the business of manufacturing kerf-based polysilicon in Norway," the firm said. "
- REC Norway had a turnover of Norwegian krone 1.1 billion in the calendar year 2022 and a net worth of NOK 0.3 billion as of December 31, 2022, contributing about 0.08 per cent and 0.03 per cent, respectively, of RIL's annual consolidated turnover and net worth for the financial year 2022-23, it said.
- REC makes solar-grade polysilicon and solar panels and modules at facilities in Norway and Singapore.
- The Union Government is considering requests by the industry to allow exemptions for solar projects in mandatory procurement of modules from the ALMM (Approved Listed of Models and Manufacturers).
- With the ALMM procurement mandate for solar modules coming into force from March 31, 2024, the industry has sought that the exemption should be made not just for the capacities installed but also for the capacities ordered as the procurement date can't be decided in advance due to a large number of orders.
- With an eye on India's ever-increasing power demand, the government is mulling a subsidy hike for the rooftop solar scheme to make it more attractive and increase the adoption of solar power to supplement the availability of power.
- 99,000 MW of renewable energy capacity is currently under construction in India, while 50,000 MW of renewable energy capacity is to be bid every year as per India's target.
- Lauding the draft notification of the Electricity (Amendment) Rules 2024 as a step towards ease of doing business, RK Singh said that the new rules will facilitate bulk consumers & energy storage systems to connect to the grid easily & at a faster pace.
