Power Finance Corp plans to increase its loan book exposure to renewable energy projects to 27% by FY2030 (large hydropower projects). To achieve this, spending could rise to Rs 3 trillion over the next seven years. The company has the largest loan portfolio in the renewable energy sector with a renewable energy book of Rs 48,200 crore. Non-performing assets (NPAs) have been reduced due to the resolution of stressed assets and the financial discipline brought about by National Disco. Total technical and commercial loss has improved to 16.5% in FY22.
Japan's wind power agency has set a mid-century goal of increasing installed capacity to 140 gigawatts (GW) by 2050 to meet a third of the country's electricity needs and help it achieve carbon neutrality by 2050 and target. JWPA aims to install 40 GW of onshore wind farms, 40 GW of bottom-fixed offshore wind farms and 60 GW of floating offshore wind farms. These installations will have an economic knock-on effect of 6 trillion yen per year by 2050, creating 355,000 jobs and reducing fossil fuel procurement costs.
Hyphen Hydrogen Energy has reached an agreement with the Namibian government for the next phase of a $10 billion green hydrogen project, which will be exported to Europe. The plant will be built in stages and will eventually produce 2 million tonnes of green ammonia per year for regional and global markets when fully operational. However, some community activists have raised concerns about the lack of transparency surrounding the massive deal. Hyphen has signed a memorandum of understanding with a potential European customer and a letter of intent with Koole Terminals for a proposed import of green ammonia into Europe.
Jinko Solar Co Ltd sold its Xinjiang subsidiary to Ziyang Major Industry Equity Investment Fund and Dong Shihong for 4.3 bn yuan ($622.1 mil). The sale is pending an antitrust review by China's State Administration for Market Regulation. The unit reported an unaudited net profit of 139.9 million yuan in the first three months of this year and 152.1 million yuan in audited net profit in 2022.
The New York State grid last week met 20 percent of its electricity demand with solar energy, generating 3,330 megawatts for one hour. That power could power 2.7 million to 3.3 million homes, with a peak load recorded at 16,166 megawatts. New York is one of the strongest solar markets in the US, driving significant growth.
An international team led by researchers at the Indian Institute of Technology (IIT) Jodhpur has proposed offshore wind farms as an earthquake-resistant alternative energy source. The proposed methodology involves the estimation of nuclear reactor coolant power requirements, the design of offshore wind turbines, and seismic safety assessments. The proposed 15 MW offshore wind farm features three NREL 5 MW turbines supported by monopile foundations to serve as additional emergency backup power to meet the cooling power needs of the existing nuclear power plant. The presented method serves as an excellent framework for assessing the seismic resilience of nuclear power plants and the integration of wind energy resources during interrelated events such as earthquakes and tsunamis.