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News on Medial
Partners Group-backed Sunsure Energy signs 300MW power deal with SECI | Company Business News
Livemint
·
6m ago
Medial
Sunsure Energy has secured its first utility-scale solar power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) for 300 megawatts (MW) of renewable energy. The project, a solar park in Bikaner, Rajasthan, costing ₹1,800 crore, aims for completion by December next year. This agreement, part of SECI’s Tranche XIII auction, significantly marks Sunsure’s expansion into utility segments, complementing its focus on commercial and industrial clients, aligning with India's power transition goals.
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Adani deal under bribery scrutiny was approved against officials’ advice
Livemint
·
7m ago
Medial
The Solar Energy Corporation of India (SECI) approached the state government of Andhra Pradesh to sign India's largest renewables contract. Despite initially stating that they had no immediate need for solar power, the state government gave the deal preliminary approval, eventually signing a procurement agreement with SECI that could be worth over $490 million annually. The majority of the deal is expected to go to Adani Green, a subsidiary of the Adani Group. The deal is now under scrutiny by U.S. prosecutors for alleged involvement in a bribery and securities fraud scheme.
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JSW Neo Energy signs PPAs for 1.3 GW renewable power
Livemint
·
1y ago
Medial
JSW Neo Energy, a subsidiary of JSW Energy, has signed power purchase agreements with Solar Energy Corp. of India and Gujarat Urja Vikas Nigam for a total of 1,325 MW of renewable power. This brings the total locked-in capacity of the company to 13.6 GW. The PPAs include India's largest wind PPA, a 1 GW agreement with SECI. The company aims to generate 20 GW of power by 2030. JSW Energy also announced plans for energy storage projects and green hydrogen production.
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Why SECI struggles to find buyers for its renewable energy tenders
Livemint
·
8m ago
Medial
The Solar Energy Corp. of India (Seci) is currently under scrutiny due to its involvement in a bribery scandal alongside Indian tycoon Gautam Adani. Seci acts as a mediator between private power producers and state power distribution companies (discoms) to promote renewable energy. However, challenges have arisen as Seci struggles to secure buyers for the power generated from these projects, leading to allegations of bribery in the tendering process. Issues such as a mismatch between supply and demand, financial constraints of discoms, and flawed tender contracts have contributed to these challenges. To address these flaws, it is suggested that Seci prioritize securing buyers before tendering, review bid expiry policies, balance incentives for local manufacturing, and ensure accountability across the energy value chain.
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Gautam Adani bribery case: No direct agreement involved, says Jagan Reddy’s YSRCP over charges of power purchase | Company Business News
Livemint
·
8m ago
Medial
The YSR Congress party claims that the Andhra Pradesh government had no direct agreement with Adani Group regarding the power sale pact. The party stated that the agreement was signed between the Solar Energy Corporation of India (SECI) and AP Discoms, and not directly with Adani Group. The party's response comes after Adani Group was indicted by the US Department of Justice for allegedly paying bribes for solar power contracts in Andhra Pradesh during the YSRCP's rule. The YSR Congress party emphasized that the allegations against the state government are incorrect as there is no direct agreement with Adani Group.
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Anil Ambani’s Reliance Power in trouble as renewable energy agency initiates criminal action over fake bid
Livemint
·
8m ago
Medial
Reliance Power, led by Anil Ambani, is facing potential criminal proceedings from the Solar Energy Corporation of India (SECI) after a subsidiary of the company submitted fake documents for a bid. SECI had already banned the company from participating in clean energy project tenders for three years due to the fake endorsement of a foreign bank guarantee. The government-owned SECI has deemed the submission of the fake documents as a deliberate act intended to manipulate the tendering process. Reliance Power plans to legally challenge the ban.
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Seci plans to launch IPO within next two years: CMD RP Gupta | Mint
Livemint
·
10m ago
Medial
State-run Solar Energy Corp. of India Ltd (Seci) plans to go public within a year or two, according to its chairman and managing director R.P. Gupta. The company aims to install 10 GW of renewable energy capacity by 2030. Seci, which issues tenders for renewable energy projects, expects to tender 20 GW of projects this fiscal year. India's power demand is projected to reach 2,000 MW by 2047. Gupta also mentioned that power supply agreements for 30 GW of projects are yet to be signed.
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Enel India deal on the final stretch
Livemint
·
7m ago
Medial
JSW Group, Stonepeak Infrastructure Partners, and Waaree Energies have submitted binding bids for Enel Group's renewable energy business in India. The deal is expected to value the portfolio of wind and solar power assets at around $350-400 million, with total debt raising the enterprise value to over $500-550 million. Enel Green Power India has 760 MW of operational wind and solar power assets, with another 2 GW in development pipeline, making it an attractive opportunity for investors. The deal is anticipated to be finalized by the end of the financial year in March 2025.
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SECI executes 60 GW of power sale pacts for renewable energy projects in 14 years
Economic Times
·
26d ago
Medial
State-owned Solar Energy Corporation of India (SECI) has executed over 60 GW of power sale agreements for renewable energy projects within 14 years. These agreements encompass a diverse array of solar, wind, and hybrid projects and ensure long-term power purchase commitments. SECI's efforts aim to bolster payment security for developers, enhance India's renewable capacity, and support the nation's clean energy objectives, including future initiatives in energy storage, green hydrogen, and advanced power models.
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Meta signs power agreement with Constellation nuclear plant
Economic Times
·
1m ago
Medial
Meta Platforms has partnered with Constellation Energy to keep the Clinton Clean Energy Center nuclear plant in Illinois operational for 20 years. This is Meta's first deal with a nuclear plant, supporting its energy needs as US power demand rises, driven by artificial intelligence and data centers. The agreement aids the plant beyond 2027, after Illinois's subsidy expires, ensuring stable operations and potentially influencing other tech companies to consider nuclear energy collaborations.
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TotalEnergies set to acquire renewable energy firm VSB Group for $2.1 bn amid Adani investment halt | Company Business News
Livemint
·
7m ago
Medial
TotalEnergies is reportedly nearing a $2.1 billion acquisition of VSB Group from Partners Group. The deal, expected to be announced soon, would see the French energy company expand its presence in the renewable energy sector. VSB Group is a pan-European renewable energy company known for developing and managing wind and photovoltaic parks. The Swiss private equity firm owns an 80% stake in VSB Group and has been looking to divest some of its infrastructure assets. TotalEnergies recently decided to halt new investments in Adani Group companies in India.
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