NOVEMBER 20238TOP STORIESENGIE INDIA TO INVEST RS 3,500 CR FOR 700-MW RENEWABLE ENERGY PROJECTSThe chief executive officer and country manager of Engie India, the French energy giant's Indian subsidiary, Amit Jain, stated that the company intends to invest roughly Rs 3,500 crore for its 700-MW renewable energy projects, which are scheduled to be commissioned by 2025. Prioritising its operations, the corporation intends to double by 2025. Since 2014, we have been residing in India. We started by purchasing a business known as Solar Direct. Around 300 megawatts (MW) of operational assets made up the portfolio at that point. We built it up gradually. We currently have 17 sites and seven states with 1.1 gigawatt (GW) of operational assets. These resources are mainly solar but also wind-powered. The remaining energy comes from solar power, with our wind capacity ranging from 250 to 300 MW.In addition to the 1.1 GW of operational capacity, we have recently won two projects with a combined capacity of 700 MW, both of which are now under construction. Construction on the 400 MW project will shortly begin, and we are awaiting the signing of a PPA with NTPC for the remaining 300 MW. The remaining capacity comes from solar power, with a 250 MW wind capacity. Thus, 1.45 GW or so of the 1.8 GW total is solar capacity. POWER GRID TAKES OVER TRANSMISSION LINE PROJECT FOR RAJASTHAN'S GREEN ENERGY ZONESREC Power Development and Consultancy Ltd, a wholly owned subsidiary of REC Ltd, has handed over the Special Purpose Vehicle (SPV) formed for the construction of Ramgarh II Transmission project in Rajasthan to Power Grid Corporation of India. The work of the SPV involves the implementation of a 765/400kV & 2x500 MVA 400/220 kV pooling station at Ramgarh along with 765kV D/c line in Rajasthan. The project is targeted to be completed in 18 months and will help in the evacuation of power from the renewable energy zones in the state to the grid, for further transmission or distribution to load centres.The project forms part of the government's wider plan to achieve 500 GW of installed electricity capacity from non-fossil fuel sources by 2030. The selection of PSU Power Grid Corporation as the Transmission Service Provider was carried out through tariff based competitive bidding. REC Ltd, a Maharatna Central Public Sector Enterprise under the Ministry of Power, is an NBFC focusing on power sector financing and development across India. The loan book of REC stands at Rs 4.54 lakh crore, at the end of the first quarter of the current financial year.
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