Daily News Wrap-Up: Saatvik Green Energy Bags 4 MW Module Supply Order from BHEL
ReNew Power to Set Up Green Hydrogen Plant in Egypt
ReNew Power signed an agreement with the government of Egypt to set up a green hydrogen plant in the Suez Canal Economic Zone with an investment of $8 billion and a targeted annual production of 220,000 tons of green hydrogen. The project is scheduled to be implemented in phases. The first phase is a pilot phase to produce 20,000 tons of green hydrogen, along with derivatives, annually. In the next phase, the production of 200,000 tons per year of green hydrogen, along with derivatives, will be achieved, thereby bringing the project’s total green hydrogen production capacity to 220,000 tons per year. The pilot phase project is expected to be commissioned in 2026.
Tata Power Solar signed a memorandum of understanding with the Union Bank of India to help the micro, small, and medium enterprises sector switch to solar solutions. The collaboration will encourage industries to transition to green energy while making sustainable power accessible to rural, small-scale industries, realizing the vision of Aatmanirbhar Bharat.
Sungrow, a global inverter and energy storage solution supplier and the Provincial Electricity Authority of Thailand, signed a memorandum of understanding for the energy storage and green hydrogen business. The cooperation signals the increasing demand for renewable energy, such as energy storage and green hydrogen, in the southeast Asia region. Sungrow will use its capacity to innovate and incubate more industry-university joint research projects in the near future. Sungrow places Thailand as a significant market and has installed a total of over 1 GW capacity of PV inverters and over 140MWh energy storage systems there.
Pilot Company and Volvo Group have signed an agreement to develop a high-performance charging network for all battery-electric Class 8 truck brands to support fleet customers in their electrification and decarbonization journey. The partnership will provide fleets with a reliable electromobility solution that further enables the widespread adoption of medium- and heavy-duty electric trucks. Chargers will be located at select Pilot and Flying J travel centers across U.S. and Canada, ideally positioned along transportation corridors and well-equipped to serve professional drivers. Chargers will be installed at mutually identified travel center locations based on customer needs, current and anticipated battery-electric truck density, and the availability of public funding to support infrastructure costs.
Global investment firm Carlyle announced the launch of Telis Energy, a newly created renewable platform to develop renewable energy projects with a focus on solar in the United Kingdom, France, Spain, and Germany, with a view to expand in other markets in Europe. Telis will develop high-quality renewable energy projects and play a vital role in the European energy transition, with a project pipeline of more than 10 GW by 2030. Since December 2018, Carlyle has deployed approximately $1.2 billion globally into renewable assets as of September 2022.
NEoT Offgrid Africa, an investment platform designed to support the energy transition in Africa, GDS International, and ARESS have joined hands to enter the rural electrification sector in Benin by creating a joint company, Les Soleils du Bénin. The partnership starts with a first flagship project aiming to electrify 12 localities in Benin within a year. The project represents an investment of €8.5 million (~$8.81 million), co-financed by NEoT Offgrid Africa, as a financial partner of the project, and MCA Benin II. The goal is to install 1.7 MW of solar capacity and 3 MWh of battery capacity in all 12 localities, supplying more than 5,000 homes and businesses with electricity.