Daily News Wrap-Up: BPCL Floats Consultancy Tender for 50 MW of Wind Projects

ReNew Power recorded a net profit of ₹74 million in Q4 FY 2023

June 8, 2023


Bharat Petroleum Corporation has invited bids for consultancy services to set up 50 MW of wind power projects in Maharashtra and Madhya Pradesh. The last date to submit the bids is June 22, 2023. Bids will be opened on the same day. Bidders must submit ₹100,000 (~$1,211) as an earnest money deposit. The successful bidder must furnish an amount equivalent to 10% of the total contract value as a performance security deposit.

Independent renewable power producer ReNew Power recorded a net profit of ₹74 million (~$1 million) in the fourth quarter of the financial year 2023, compared to a net loss of ₹3.5 billion (~$43 million) year-over-year (YoY). A higher total income and lower non-cash mark-to-market adjustments for the quarter contributed to the profit. The company reported a total income of ₹26 billion (~$315 million), an increase of 47% YoY, on the back of increased operating capacity.

The Ministry of Power and the Ministry of New and Renewable Energy have launched the Mission on Advanced and High-Impact Research (MAHIR), a national initiative to develop, scale, and deploy indigenous technological innovations in India’s power sector. The mission aims to bolster research, development, and demonstration of new technologies and help the government get them to the implementation stages. Initially planned for 2023-24 to 2027-28, MAHIR will follow the technology life cycle approach of Idea to Product.

The Ministry of Steel has invited research and development proposals to establish pilot projects focused on producing and utilizing green hydrogen within the iron and steel industry. The ministry has earmarked a budget of ₹4.55 billion (~$55 million) specifically for the steel sector. These funds can be utilized for research, development, demonstration activities, and pilot projects for hydrogen production and utilization in the iron and steel-making processes.

Ajmer Vidyut Vitran Nigam has issued a tender to develop 72.33 MW grid-connected solar power projects under component C of the Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan program for feeder-level solarization. The scope of the work includes design, survey, supply, installation, testing, commissioning, operation, and maintenance of the projects for 25 years.

SK On secured a significant long-term financial investment of up to $944 million to support the continuous growth of its battery business in the global market. The agreement involves SK Innovation, SK On, and the MBK Consortium, which comprises financial investors from the United States, the Middle East, and other regions. MBK Consortium will invest $800 million in SK On. Additionally, SNB Capital, a subsidiary of Saudi Arabia’s largest commercial bank, Saudi National Bank, is discussing investing up to $144 million in SK On through the Korea Investment PE EastBridge Consortium.

The demand for clean hydrogen is set to grow by 10 million metric tons (MMT) annually by the end of the decade in the U.S., while it will rise to 20 MMT and 50 MMT by 2040 and 2050, respectively, according to the National Clean Hydrogen Strategy and Roadmap released recently by the U.S. Department of Energy. The roadmap prioritizes three focus areas to support the use of clean hydrogen across key sectors of the country— cutting the cost of clean hydrogen, strategizing its use in the highest benefit applications, and creating regional networks for clean hydrogen production in the country.

UAE government-owned renewable energy company Masdar, Infinity Power, and Hassan Allam Utilities have signed an agreement with Egypt’s New and Renewable Energy Authority to develop a 10 GW onshore wind farm in Egypt. With a project value exceeding $10 billion, the wind farm is set to be one of the largest in the world, the company said. The wind farm will produce 47,790 GWh of clean energy annually, reducing the country’s annual carbon emissions by around 9%.


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