Finance

The solar and waste-to-energy company intends to use the proceeds to refinance its existing debt and fund capex of future renewable projects.

Adani Green Energy has reported a total income of INR 3,122 crore ($372.83 million) and consolidated net profit of INR 629 crore for the first quarter of FY 2024-25.

Rays Power Infra will use the funds to develop solar and wind parks with a cumulative capacity of around 3 GW. Additionally, it will invest in both backward and forward integration of its business.

Employment creation and skill development have been at the core of this budget. While there is a lot of emphasis on skill development, there needs to be an emphasis on how money is allocated for skilling and reselling of people for the clean energy sector. 

Import of solar glass will attract 10% customs duty from October. Further, the list of exempted equipment for solar cell and panel production has been expanded.

Mandating stringent quality and performance standards is imperative to safeguard consumers from potential exploitation in the burgeoning rooftop solar market. The technology to do this exists, but we need to see if the will is there.

Jakson Green has secured a credit facility of INR 2.96 billion ($35.38 million) from First Abu Dhabi Bank (Mumbai) to fuel its international expansion. The first beneficiary of this funding will be Jakson Green’s upcoming solar and battery storage project in Uzbekistan.

BluPine Energy has secured INR 436 crore ($52.85 million) debt finance from State Bank of India to advance its 120 MW solar project in Gujarat.

Sterling and Wilson Renewable Energy posted a revenue of INR 915 crore and net profit of INR 5 crore for the current fiscal’s first quarter ending June 30, 2024. The company reported strong order inflow of INR 2,170 crore in the quarter.

Tata Power chairman N Chandrasekaran announced that a large part of the investment will go in accelerating the company’s renewable energy portfolio. The balance will be used towards transmission and distribution businesses.