Daily News Wrap-Up: NTPC Aims to Install 60 GW of Renewable Capacity by 2032

JSW Energy aims to grow its renewable energy capacity to around 70% by FY25 and around 85% by FY30


Here are some noteworthy cleantech announcements of the day from around the world:

NTPC Limited has declared its Energy Compact Goals at the United Nations High-Level Dialogue on Energy (HLDE). NTPC has set a target to install 60 GW of renewable energy capacity by 2032. It is also aiming at a 10% reduction in net energy intensity by 2032. Further, NTPC has declared that it will form at least two international alliances to facilitate clean energy research and promote sustainability in the energy value chain by 2025.

Telangana State Renewable Energy Development Corporation Limited (TSREDCO) has signed an agreement with Navi Mumbai-based electric vehicle (EV) solutions company Magenta. Under this agreement, TSREDCO will coordinate the transition of government officer transport from internal combustion engine vehicles to EVs across the state departments of Telangana. As part of the initiative, Magenta will deploy EVs under its EV-enabled transport platform and associated charging infrastructure across the state.

Energy companies 1366 Technologies and Hunt Perovskite Technologies have announced merging their businesses. The newly combined company, called CubicPV, will receive $25 million in funding from Hunt Energy Enterprises, First Solar, Breakthrough Energy Ventures, and others. HEE will join the Board of Directors. As part of the merger, the two companies will bring to the market 1366’s direct wafer process and Hunt’s printed perovskite solar photovoltaic technology to make available modules to lead the rapidly growing solar industry.

United Kingdom-based power producer Conrad Energy has announced its first battery storage acquisition. The deal will allow Conrad Energy to complement its organic battery pipeline, which stands at over 250 MW at present. The company acquired the 24 MW battery project in Blackpool from Power Initiatives. The site is expected to commence construction in autumn this year. Conrad Energy has placed transitioning to a low-carbon economy as one of its prime business strategies in line with the firm’s vision of becoming a full-service power provider.

JSW Energy Limited announced its financial results for the fourth quarter (Q4) of the financial year (FY) 2020-21 and FY 20-21 ended March 31, 2021. The company registered ₹1.07 billion (~$14.4 million) in profit after tax in Q4 and ₹7.95 billion (~$106.99 million) in FY 20-21. The company notified that its current portfolio comprises 30% renewable energy capacity, which is expected to reach to around 70% by FY25 and around 85% by FY30. The company has a 2.5 GW capacity under construction as of now. Of the 810 MW capacity, it has signed a power purchase agreement (PPA) with Solar Energy Corporation of India, while the PPA for the remaining 270 MW will be signed in Q2FY22. For the solar and wind group captive deal with JSW Steel, 958 MW has been approved by the company board, and the PPA will be signed in Q2FY22. For a 240 MW capacity, PPA is under the finalization process with the Haryana distribution company.


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