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A unit of <keyword id="6437412" type="General" weightage="20" keywordseo="Qatar-Investment-Authority" source="Orion">Qatar Investment Authority</keyword>, <keyword id="119583" type="General" weightage="20" keywordseo="SBI-Mutual-Fund" source="Orion">SBI Mutual Fund</keyword>, and foreign investment funds <keyword id="6354527" type="General" weightage="20" keywordseo="Nomura" source="Orion">Nomura</keyword> and <keyword id="44473" type="General" weightage="20" keywordseo="Citigroup" source="Orion">Citigroup</keyword> were the biggest buyers of shares in <keyword id="19955648" type="General" weightage="100" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="267" meta.entityid="Adani Group">Adani group</keyword>'s <keyword id="22661797" type="General" weightage="20" keywordseo="power-transmission-unit" source="Orion">power transmission unit</keyword>'s USD <keyword id="22661798" type="General" weightage="20" keywordseo="1-billion-QIP" source="Orion">1 billion QIP</keyword>, according to a stock exchange filing by the company. The Rs 8,373.10 crore (USD 1 billion) qualified institutional placement (QIP) of <keyword id="19964750" type="General" weightage="20" keywordseo="Adani-Energy-Solutions" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Energy Solutions" meta.hostid="267" meta.entityid="Adani Energy Solutions">Adani Energy Solutions</keyword> Ltd (AESL), which closed last week, saw over 120 investors seek shares in the firm that is into power transmission, distribution and smart metering business. Billionaire <keyword id="22623487" type="General" weightage="20" keywordseo="Stanley-Druckenmiller" source="keywords">Stanley Druckenmiller</keyword>'s family office-led investment firms were among the companies that sought shares of AESL in the QIP. AESL in the filing said its board has approved allocation of over 8.57 crore shares to eligible qualified institutional buyers at the issue price of Rs 976 per share, reflecting a discount of Rs 51.11 (4.98 per cent) to the floor price of Rs 1,027. Giving details of allottees who got more than 5 per cent of shares, it said INQ Holdings LLC, a wholly-owned subsidiary of QIA, cornered 15 per cent of the shares sold. Two Mauritius funds of Citigroup bought 8.88 per cent of the shares sold while four SBI funds - SBI Infrastructure Fund, SBI Large &amp; Midcap Fund, SBI Long term Advantage Fund Series IV and SBI Magnum Children's Benefit Fund - together took home 7.93 per cent of the shares. Nomura Singapore Ltd ODI cornered 7.5 per cent of the shares, the filing showed. INQ had in August last year acquired nearly 2.7 per cent in Adani Green Energy Ltd - the renewable energy firm of the conglomerate run by billionaire Gautam Adani. In 2020, it had acquired a stake in Adani Electricity Mumbai Ltd, a subsidiary of AESL. The AESL QIP last week was oversubscribed six times and fetched demand of over Rs 50,000 crore against an issue size of USD 1 billion. <keyword id="22636516" type="General" weightage="20" keywordseo="Duquesne-Family-Office" source="keywords" meta.keywordsubtype="org" meta.entityname="Duquesne Family Office" meta.hostid="267" meta.entityid="Duquesne Family Office">Duquesne Family Office</keyword> and two other US-based long-only funds - Driehaus Capital Management and Jennison Associates - bought shares but AESL did not disclose the exact number of shares they bought since these were less than 5 per cent of the issue size, sources said. The QIP issue marked the debut of highly prestigious long-only investors Duquesne Family Office, Driehaus Capital Management and Jennison Associates which are known for their strong performance. These investors are known for investing only in companies with high governance and are known for staying invested for decades. The QIP was the first public equity raise by the conglomerate since a damning Hindenburg report last year wiped away billions in shareholder value. The demand generated made the AESL QIP the largest in the energy space. Duquesne was founded by billionaire Stanley Druckenmiller, who along with George Soros in 1992 broke the Bank of England by shorting the British pound, leading to its crash and earnings over a billion dollars. Adani Group has a history of introducing several long-only investors in the market. In the past years, it has brought large investors including GQG Partners and International Holding Company (IHC) besides QIA. Other major global names that participated in the QIP include Blackrock, Jupiter Asset Management, and Eastspring. Domestic mutual funds that have participated included HDFC Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, LIC, WhiteOak, 360One among others. Insurance companies including SBI Insurance, SBI Pension and ASK Asset Management have also participated, according to sources. QIP is an instrument used by listed companies to raise funds from large institutions. The fundraise is the first after Adani group's flagship firm scrapped a Rs 20,000 crore issue in February last year, following the Hindenburg report alleging accounting fraud and stock manipulation. Though the group vehemently and repeatedly denied all allegations, listed companies of the conglomerate at one point saw over USD 150 billion of their market value being wiped out. While the group has largely recovered, a successful QIP is being seen as a powerful vote of investor confidence in the tycoon. Separately, Adani Enterprises Ltd, the flagship firm of the group, is looking to revive its first-ever public sale of bonds. It plans to raise as much as Rs 600 crore. The company has hired Trust Investment Advisors, AK Capital Services and Nuvama Wealth Management as lead managers for the issuances. The group had tapped the dollar bond market in March this year - the first time since the Hindenburg report - when its solar energy unit Adani Green Energy Ltd and associated firms got bids of about USD 2.9 billion.

Qatar Investment Authority unit, SBI funds, Citigroup biggest buyers in Adani Energy's USD 1 billion QIP

Mumbai (Maharashtra) [India], July 29 (ANI): The Power Transmission &amp; Distribution (<keyword id="21574285" type="General" weightage="20" keywordseo="PTD" source="keywords">PT&amp;D</keyword>) business of <keyword id="19975888" type="General" weightage="20" keywordseo="Larsen-Toubro" source="keywords" meta.keywordsubtype="org" meta.entityname="Larsen &amp; Toubro" meta.hostid="153" meta.entityid="Larsen &amp; Toubro">Larsen &amp; Toubro</keyword> (<keyword id="19963313" type="General" weightage="100" keywordseo="LT" source="keywords">L&amp;T</keyword>) has secured new orders both domestically and internationally for the construction of substations and <keyword id="21017821" type="General" weightage="20" keywordseo="transmission-lines" source="keywords">transmission lines</keyword>. According to an exchange filing, these projects are integral to the vast, interconnected electricity network, aiming to accelerate the <keyword id="20596535" type="General" weightage="20" keywordseo="clean-energy-transition" source="keywords">clean energy transition</keyword> and ensure a reliable, resilient power supply. In India, L&amp;T's PT&amp;D has been entrusted with two 765kV double circuit transmission line projects. These projects are vital for the evacuation of power from the Jaisalmer/Barmer <keyword id="21873922" type="General" weightage="20" keywordseo="Renewable-Energy-Zone" source="keywords">Renewable Energy Zone</keyword> in Rajasthan, channelling it to substations in Madhya Pradesh for further distribution. This initiative is a step towards harnessing and utilising renewable energy resources efficiently within the country. On the international front, Saudi Arabia continues its pursuit of sustainable and efficient power supply by bolstering its 380kV network in the central region. L&amp;T's PT&amp;D has secured orders to construct a 380kV substation and 380kV overhead line segments. These developments are crucial for enhancing the region's <keyword id="21644086" type="General" weightage="20" keywordseo="electricity-infrastructure" source="keywords">electricity infrastructure</keyword> and ensuring a stable power supply. In the United Arab Emirates, L&amp;T's PT&amp;D has been awarded contracts to build a 220kV substation and three 132kV substations. These substations will be pivotal in meeting the growing electricity demand in Dubai and Abu Dhabi, supporting the utilities in maintaining a robust and reliable power network. Larsen &amp; Toubro, a USD 27 billion Indian multinational, is a prominent player in EPC projects, hi-tech manufacturing, and services with a global footprint. Renowned for its customer-focused approach and relentless pursuit of top-quality standards, L&amp;T has maintained leadership in its major business domains for over eight decades. The recent orders won by L&amp;T's PT&amp;D fall under the 'Large' category, with values ranging from Rs 2,500 to Rs 5,000 crore.

L&T wins multiple orders worth Rs 2500 to 5000 crore to build grids for clean energy transition

New Delhi, The BJP, the biggest beneficiary of electoral bonds with donations worth over Rs 6,000 crore in the last four years of the scheme, got funds from several corporates and individuals, including Megha Engineering, Future Gaming, and Reliance-linked <keyword id="21044437" type="General" weightage="20" keywordseo="qwik-supply" source="keywords">Qwik Supply</keyword>. Hyderabad-based Megha Engineering, which won several contracts for infrastructure projects, donated Rs 584 crore to the BJP, <keyword id="21047704" type="General" weightage="20" keywordseo="qwik-supply-rs" source="keywords">Qwik Supply Rs</keyword> 395 crore, and Future Gaming Rs 100 crore, according to data released by the Election Commission on Thursday. The BJP also got Rs 346 crore from Keventers Food Park, MKJ Enterprises and Madanlal Ltd -- three firms with the same <keyword id="19896626" type="General" weightage="20" keywordseo="kolkata" source="keywords">Kolkata</keyword> address, Vedanata contributed Rs 226 crore, and Haldia Energy Rs 81 crore. <keyword id="19919721" type="General" weightage="20" keywordseo="vedanta" source="keywords">Vedanta</keyword> was also a key contributor to the Congress with donations worth Rs 125 crore. The opposition party also received funds from <keyword id="21047706" type="General" weightage="20" keywordseo="western-up-power-and-transmission" source="keywords">Western UP Power and Transmission</keyword>, MKJ Enterprises and Yashoda Super Speciality Hospitals. The BJP also got donations worth Rs 80 crore from <keyword id="21047705" type="General" weightage="20" keywordseo="western-up-power-and-transmission-company" source="keywords">Western UP Power and Transmission Company</keyword>, and Rs 42 crore from Welspun. Industrialist Lakshmi Mittal donated Rs 35 crore to the BJP in individual capacity, while several other individuals donated funds in the range of Rs 10-25 crore to the ruling party. The Election Commission made public a fresh data set of electoral bonds, including their alpha-numeric numbers that can help match their purchasers with the political parties that received the funds. Two separate lists of the donors and the recipients were published by the poll panel on its website after the details were submitted to it by the State Bank of India earlier in the day as per a Supreme Court order.

Electoral bonds: Megha Engineering, Qwik Supply big donors for BJP

State-owned <keyword id="77463" type="General" weightage="20" keywordseo="power-finance-corporation" source="Orion">Power Finance Corporation</keyword> has inked an initial pact with the <keyword id="6354766" type="General" weightage="20" keywordseo="gujarat" source="Orion">Gujarat</keyword> government to provide comprehensive financial backing for the state's <keyword id="6380509" type="General" weightage="20" keywordseo="generation" source="Orion">generation</keyword>, <keyword id="67884" type="General" weightage="20" keywordseo="transmission" source="Orion">transmission</keyword>, and distribution projects. Power Finance Corporation (PFC) signed an <keyword id="6368586" type="General" weightage="20" keywordseo="mou" source="Orion">MoU</keyword> with the government of Gujarat on January 3, 2024, according to a company statement issued on Wednesday. The MoU was signed by Parminder Chopra, CMD PFC and Jai Prakash Shivhare, MD (GUVNL) in the presence of Bhupendra Patel, Chief Minister of Gujarat. The chief objective of this MoU is to provide comprehensive financial backing for the state's generation, transmission, and distribution projects. The MoU, signed in Gandhinagar, marks a significant step towards bolstering various projects undertaken by the Gujarat Urja Vikas Nigam Limited (GUVNL), Gujarat State Electricity Corporation Limited (GSECL), Gujarat Energy Transmission Corporation Ltd (GETCO), Dakshin Gujarat Vij Company Ltd (DGVCL), Madhya Gujarat Vij Company Ltd (MGVCL), Paschim Gujarat Vij Company Ltd (PGVCL), and Uttar Gujarat Vij Company Ltd (UGVCL). The collaboration is set to facilitate long-term debt and other critical funding necessities vital for executing these diverse projects. Under the terms of the MoU, the envisaged financial assistance stands at an impressive Rs 25,000 crore, dedicated to powering up various projects across Gujarat, it stated. This substantial financial commitment underscores PFC's steadfast commitment to bolstering the power infrastructure in the region and supporting the state's ambitious initiatives in the power sector. Apart from facilitating the expansion of power infrastructure, the MoU shall also help create employment generation of up to 10,000 in Gujarat.

Power Finance Corp commits Rs 25,000 cr for power sector projects in Gujarat

<keyword id="19923700" type="General" weightage="20" keywordseo="Tata-Power" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Power" meta.hostid="261" meta.entityid="Tata Power">Tata Power</keyword> on Tuesday said it has logged 31 per cent rise in consolidated net profit at Rs 1,189 crore, compared to the year-ago period, on back of operational efficiency. "At Rs 1,189 crore, growing 31 per cent YoY (year-on-year), the company reported its highest ever and 19th consecutive quarter of PAT growth on the back of strong operational performance and execution excellence across all its businesses of generation, transmission &amp; distribution, and renewables," Tata Power said in a statement. According to the statement, these businesses contributed 84 per cent of the PAT (net profit) in Q1FY25, compared to 72 per cent in the same period in FY24. The statement showed that the consolidated net profit before exceptional items was Rs 906 crore in the quarter ended June 30, 2023. The company's revenue rose 12 per cent YoY to a record high of Rs 16,810 crore (from Rs 15,003 crore in Q1 FY24), and EBITDA grew 11 per cent to Rs 3,350 crore in the reported quarter (from Rs 3,005 crore in Q1 FY24). EBITDA refers to earnings before interest, taxes, depreciation, and amortization. "All our businesses have grown profitably on the back of operational efficiency, execution excellence, and sustained business momentum," said Praveer Sinha, CEO and Managing Director, Tata Power. He informed that the planned capex for this financial year is Rs 20,000 crore and the company is committed to adopting and leading the new and emerging clean energy technologies, including pumped hydro projects, hydropower projects in Bhutan, and opportunities to develop small modular nuclear reactors as the government policy evolves. The company has recorded a capex investment of Rs 4,000 crore in Q1FY25. It has a clean and green installed capacity of 6.1 GW as of Q1FY25, accounting for 41 per cent of the capacity, with another 5.3 GW under execution. The combined order pipeline for utility-scale EPC and solar rooftop, including group captive, is Rs 15,500 crore. Tata Power is poised to garner 20 per cent market share in the residential rooftop segment on the back of its new solar manufacturing facility and strong pan-India channel partner network, it said. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/unicommerce-esolutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112307438.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/unicommerce-esolutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112307438.cms" target="_blank">Unicommerce eSolutions IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-cross-the-1-lakh-mark-after-four-months-ola-electric-leads-the-market/articleshow/112288793.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-cross-the-1-lakh-mark-after-four-months-ola-electric-leads-the-market/articleshow/112288793.cms" target="_blank">Electric two-wheeler sales cross the 1 lakh mark after four months, Ola Electric leads the market</a> <a href="https://www.businessinsider.in/sports/news/neeraj-chopras-paris-olympics-journey-to-begin-with-qualification-round-today-top-rivals-to-look-out-for/articleshow/112311760.cms">Neeraj Chopra qualifies for finals with a first throw of 89.34m – top rivals to look out for</a>

Tata Power net profit up 31% to ₹1,189 crore in June quarter

<ul class="summary-list"><li>Baiju Bhatt, the cofounder of trading app Robinhood, has a new space startup.</li><li>Aetherflux aims to launch a constellation of satellites to transmit solar power to Earth using infrared lasers.</li></ul>When Baiju Bhatt co-founded the stock trading app <a target="_blank" class="" href="https://www.businessinsider.com/robinhood-collapse-what-happened-retail-investing-meme-stocks-future-finance-2022-2">Robinhood</a> in 2013 with his college best friend, Vlad Tenev, the aim was to "democratize finance for all."Robinhood's no-fee, gamified approach to investing made capital markets more accessible than ever before, leading to an IPO in 2021.After over a decade at the company, Bhatt stood down as Robinhood's chief creative officer in March to pursue what was described at the time as "other entrepreneurial interests."In October, Bhatt announced he was launching Aetherflux, a Silicon Valley-based space startup.Aetherflux aims to create a constellation of satellites in low Earth orbit (LEO) that will collect solar power and beam it down to receptors on Earth using infrared lasers.Just as <a target="_blank" class="" href="https://www.businessinsider.com/inside-starlink-spacex-satellite-internet-business-constellation-fleet-elon-musk-mars">Elon Musk's Starlink</a> constellation has transformed communications, Bhatt hopes Aetherflux will revolutionize energy, he told Business Insider in an interview.The receptors will be just 10 meters in diameter, Bhatt said, meaning they can be placed virtually anywhere and theoretically provide power to remote locations that would otherwise be too expensive or dangerous to reach."If we succeed, we unlock a renewable energy source for humanity that can be delivered virtually anywhere," he wrote in a <a target="_blank" class="" href="https://www.linkedin.com/pulse/allow-me-re-introduce-myself-baiju-bhatt-nu1ic/?trackingId=xecx1MNjQxGa6fapJvT2fA%3D%3D">LinkedIn post</a> announcing Aetherflux.If it works, far more solar power can be captured in orbit than through the atmosphere at ground level, and there would be no nighttime or weather disruptions to the power source. It would also free up land used for solar farms on Earth.Aetherflux plans to start by powering military operations in remote locations or remote mining operations, Bhatt said.<div type="image" title="A profile of Baiju Bhatt smiling in a black t-shirt in front of a beige background." height="3553" width="5324" msid="114432481" hostid="261" sizebytes="611312"></div>Bhatt hopes that a single receptor will one day be able to capture enough power for a small neighborhood of homes. He added that they'd need around 100 satellites to provide continuous power to one location.The idea of space-based solar power has existed for decades, but theories have generally rested on large constructions being sent into orbit and using microwaves to transmit energy.In January 2023, the California Institute of Technology launched a solar space-power demonstrator satellite into orbit for a yearlong mission to test out a range of potential approaches.Caltech's president, Thomas F. Rosenbaum, <a target="_blank" class="" href="https://www.caltech.edu/about/news/space-solar-power-project-ends-first-in-space-mission-with-successes-and-lessons">said the project</a> had shown them that solar power beamed from space "is still a future prospect" but that it "should be an achievable future."Aetherflux wants to do things differently by using infrared lasers and a modular approach.The science has already been demonstrated; it's just going to be an engineering and economic feat to prove it can be done from space, Bhatt said.To begin with, Aetherflux plans to send a single satellite into orbit by the first quarter of 2026 to demonstrate that solar energy transmission is possible.<h2 id="f76e6857-d783-49d8-94bf-ab950b9759df">The right time to be in space</h2>Though the career jump from finance to the space industry may seem unusual, Bhatt said space has been his "lifelong calling."NASA was a part of Bhatt's childhood. His father moved to the US from India to pursue physics and got a job at NASA's Langley Research Center in the 1990s studying atmospheric sciences.With a bachelor's in physics and a master's in mathematics, both from Stanford, Bhatt thought he'd be a physicist too. So, Robinhood was a "bit of a detour," he told BI.He is still a board member but has stepped back from day-to-day operations.One lesson Bhatt said he learned from running the trading app was how powerful capitalism could be in accelerating innovation."If you can take a problem that's been stagnating and you can create a capitalist system around it where people can make money doing something, you'll see the rate of progress really speed up," he said.<div type="image" title="Baiju Bhatt (right) and Vlad Tenev, founders of the online brokerage Robinhood." height="4160" width="6240" msid="114432476" hostid="261" sizebytes="601100"></div>After meeting with people working on power for DARPA at the beginning of this year and seeing the <a target="_blank" class="" href="https://www.businessinsider.com/why-spacex-starship-launch-five-huge-deal-space-travel-2024-10">timeline Starship is on</a>, Bhatt decided that the best opportunities were now in space.Since 2009, the sum of private investments in space startups has soared from essentially nothing to $327.3 billion, according to the latest "<a target="_blank" href="https://spacecapital.docsend.com/view/9d69zpfz4ddms3ry">Space Investment Quarterly</a>" report published by venture capital and angel-investment firm Space Angels.The industry's value is expected to continue booming. <a target="_blank" class="" href="https://www.mckinsey.com/industries/aerospace-and-defense/our-insights/space-the-1-point-8-trillion-dollar-opportunity-for-global-economic-growth">McKinsey</a> estimates that the global space economy will be worth $1.8 trillion by 2035, accounting for inflation, up from $630 billion in 2023."It's hard to find something more exciting and impactful than space," said Matthew Weinzierl, a professor of the economics of space at Harvard Business School and coauthor of the upcoming book "Space to Grow.""This really is a new frontier, one where technological innovation can create new markets and solve real problems, often in ways we haven't thought of before," he said.Weinzierl said that in the past two decades, the US government has created pathways for commercial players, enabling market forces to take hold."Prices to orbit have dropped, launch availability has soared, and a wave of entrepreneurs are finding new ways to create value," he said.<div type="image" title="SpaceX's Super Heavy booster as it returned to its launch site, with the sun rising in the background." height="1031" width="1920" msid="114432482" hostid="261" sizebytes="52022"></div>With so many more commercially available products, space has <a target="_blank" class="" href="https://www.businessinsider.com/starship-launch-success-elon-musk-vision-cheap-space-travel-closer-2024-3#:~:text=%22With%20Starship%2C%20SpaceX%20is%20poised,in%20an%20email%20on%20Thursday.">never been cheaper</a>.Aetherflux is an example of how companies are using off-the-shelf solutions to speed up development. Its satellites are purchased readymade from satellite bus provider <a target="_blank" href="https://www.businessinsider.com/palmer-luckey-anduril-apex-defense-tech-space-satellite-surveillance-2024-10">Apex</a>, the high-powered lasers it plans to use are commercially available, and it'll be using <a target="_blank" href="https://www.businessinsider.com/spacex-launch">SpaceX</a> as a launch partner for its 2026 mission."The part that we're building is the actual optical design, the control systems, and the power transmission link, as well as the ground station," said Bhatt.<h2 id="5dda5318-030a-431a-91ff-f205b537a068">The future of Aetherflux</h2>When he spoke with BI, Bhatt had just moved into a lab facility in the Bay Area. With a team of 10 employees, he will begin iterating ground tests, developing the system design, and working with regulators.He's self-funding the project "completely," he told BI. As one of Robinhood's cofounders, Bhatt's net worth spiked after its IPO in 2021. He is worth around $1.7 billion, <a target="_blank" class="" href="https://www.forbes.com/profile/baiju-bhatt/">Forbes reports.</a>Although access to space has become more routine and affordable, Weinzierl said there is still a lot of uncertainty around the industry. Some of the ideas and businesses being developed today won't survive, but they'll be "the foundation that tomorrow's entrepreneurs will learn from and build on," he said.A self-proclaimed science nerd, Bhatt named his startup after a 19th-century theory about a pervasive medium called the aether, which physicists believed light traveled through."Einstein came along in 1905 and was basically like, nah, that stuff's all wrong. Light is the same in every reference frame," said Bhatt.So Aetherflux is named after a disproven scientific theory? Yes, Bhatt agreed with amusement. But he's "laser-focused" on the first mission and adamant that Aetherflux won't fall into the same bracket as its namesake."Space is hard," he admitted, "but we're committed to demonstrating this and making it happen."

Robinhood's cofounder has joined the rapidly growing commercial space race, and wants to beam solar power from satellites to earth

<keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="261" meta.entityid="Adani Group">Adani group</keyword> plans to invest about Rs 1.3 lakh crore across its portfolio companies in this financial year, as it doubles down on its $100 billion investment guidance over the next 7-10 years to grow businesses, the group's CFO said. The investment will range from ports to energy, airports, commodities, cement and media. 70% of this will met through internal cash generation and the remaining will be taken care through debt, group CFO Jugeshinder 'Robbie' Singh noted. The group will look to refinance $3-4 billion of debt maturing in the year and raise an additional $1 billion in project financing, he said, adding the annual $2-2.5 billion of equity infusion by bringing in new investors is also likely to continue. "This year will be more about asset completion," the CFO continued. <keyword id="34553" type="General" weightage="20" keywordseo="Renewable-energy" source="Orion">Renewable energy</keyword> firm <keyword id="19898586" type="General" weightage="20" keywordseo="Adani" source="keywords">Adani</keyword> Green will complete 6-7 GW project, while the solar wafer manufacturing unit will also attain scale. Also, the new airport at Mumbai will be completed. The projected capital expenditure or capex for 2024-25 (April 2024 to March 2025) fiscal is 40% higher than what the portfolio is estimated to have incurred in FY24. The group had previously guided a $100 billion capex over the next 7-10 years. Most of this investment is going to go into the group's fast growing businesses -- renewable energy, <keyword id="8411893" type="General" weightage="20" keywordseo="green-hydrogen" source="Orion">green hydrogen</keyword> and airports and infrastructure. As much as 70% of the planned capex will go into its green portfolio - primarily <keyword id="19904987" type="General" weightage="20" keywordseo="renewable-power" source="keywords">renewable power</keyword>, green hydrogen, green evacuation. Of the remaining 30%, the majority will be spent towards airports and ports businesses. Adani group companies posted a record 45% rise in pre-tax profit (Ebitda) to Rs 82,917 crore (about $10 billion) in FY24, Singh said. Emerging from a damning report of a US short seller <keyword id="191733" type="General" weightage="20" keywordseo="Hindenburg" source="Orion">Hindenburg</keyword>, which hit the market value of its listed companies, Adani group in 2023-24 focused on containing debt, reducing founder share pledge and consolidating the business in core competencies. The five-year CAGR (compound annual growth rate) for profit growth was 54% A school drop-out, group chairman <keyword id="19929098" type="General" weightage="100" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword> started out as a commodities trader and rose to be counted amongst world's richest with an empire spanning across ports, power generation, airports, mining, renewables, gas, data centres, media and cement. Today, Adani group is the world's second largest solar power company, it is the largest airport operator with 25% of passenger traffic and 40% of air cargo, the largest ports and logistics company with 30% market share, largest integrated energy player, and the country's second largest cement manufacturer. With strong emphasis on <keyword id="19895435" type="General" weightage="20" keywordseo="green-energy" source="keywords">green energy</keyword> transition, it will be allocating more than 70% of this $100 billion to its green businesses including renewable power, green hydrogen, and green evacuation transmission lines. The conglomerate is building the world's largest renewable park at Khavda, Gujarat, spanning over 530 square kilometers, which is about five times the size of the city of Paris. A large portion of total investments is earmarked for expansion and development of its fast-growing airports business and ports business. With a portfolio boasting eight airports including the upcoming <keyword id="57321" type="General" weightage="20" keywordseo="navi-mumbai" source="Orion">Navi Mumbai</keyword> airport and 14 domestic ports, Adani wants to further solidify its presence in these sectors.

Adani to invest Rs 1.3 lakh crore in FY25 across its companies

Sri Lanka's Board of Investment has approved the two wind power plants of AdGreen Energy to be built in <keyword id="248936" type="General" weightage="80" keywordseo="mannar" source="Orion">Mannar</keyword> and Pooneryn at a total investment of USD 442 million. According to the statement released by the Board of Investment of Sri Lanka on Friday, it has issued a letter of approval to <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Green Energy Limited, for the two wind power plants. Also, the new project will generate 1,500-2,000 new employment opportunities. The wind power plant in Mannar will operate at a capacity of 250 megawatt (MW) while the wind power plant in Pooneryn will operate at a capacity of 100 MW. The two wind power plants of 350 MW are scheduled to be commissioned in two years and accordingly, will be added to the national grid by 2025. <keyword id="82981" type="General" weightage="50" keywordseo="fitch" source="Orion">Fitch</keyword> Ratings on Thursday affirmed the 'BBB-' ratings on the USD 400 million senior secured notes issued by the restricted group of India-based Adani Transmission Ltd (ATL, BBB-/Stable). The outlook is stable, the statement from Fitch said. The restricted group includes six co-issuers -- Barmer Power Transmission Service Limited, Chhattisgarh-WR Transmission Limited, Hadoti Power Transmission Service Limited, Raipur-Rajnandgaon-Warora Transmission Limited, Sipat Transmission Limited and <keyword id="16465511" type="General" weightage="50" keywordseo="thar-power-transmission-service-limited" source="Orion">Thar Power Transmission Service Limited</keyword> and one non-issuing Special purpose vehicle (<keyword id="6366358" type="General" weightage="50" keywordseo="spv" source="Orion">SPV</keyword>), Adani Transmission (Rajasthan) Ltd (ATRL). The Dhaka Tribune in a report on Thursday said the Adani Group will supply electricity to Bangladesh for the next 25 years. According to the agreement the company signed with the Bangladesh government, Adani is setting up a power plant in the Godda district of Jharkhand and once the plant starts to produce power, it will supply electricity to Bangladesh. The report added that Bangladesh signed the deal with Adani Power back in 2017. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/googles-impressive-magic-eraser-can-now-be-used-on-apple-iphone-and-samsung-galaxy-devicesheres-how/articleshow/98202224.cms">Google's impressive magic eraser can now be used on Apple iPhone and Samsung Galaxy devices—here’s how</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/what-to-expect-at-this-years-mobile-world-congress-2023/articleshow/98205888.cms">MWC 2023: Here's what to expect at this year’s Mobile World Congress</a>

Sri Lanka okays Adani's USD 442-millon wind power plants in Mannar and Pooneryn

<ul class="summary-list"><li>The artificial intelligence boom is straining America's power grid. </li><li>AI queries can use 30 times more energy than traditional searches, massively escalating power demand.</li></ul>First <a target="_blank" href="https://www.businessinsider.com/electric-car-wont-overload-electrical-grid-california-evs-2022-10">it was electric vehicles.</a> Then <a target="_blank" href="https://www.businessinsider.com/bitcoin-mining-electricity-usage-more-than-google-2021-9">it was bitcoin.</a> Now its AI.All three trends have sparked ongoing concerns about the power-hungry nature of new technologies as they push America's shaky power grid to the limit.It appears that the AI boom, which is still in its early days, might be the biggest stressor on the country's electric grid.That's because mega-cap tech companies are spending hundreds of billions of dollars on power-hungry AI-enabled GPU chips, which are housed in massive data centers <a target="_blank" href="https://markets.businessinsider.com/news/stocks/ai-stocks-to-invest-artificial-intelligence-data-center-energy-companies-2024-6">that require state-of-the-art cooling technologies to dissipate the heat generated from the computers.</a>AI research company Hugging Face has estimated that generative AI search queries <a target="_blank" href="https://www.scientificamerican.com/article/what-do-googles-ai-answers-cost-the-environment/">can use 30 times as much energy</a> as a traditional Google search.And with hundreds of millions of users already interacting with AI tools like ChatGPT, the power demand for AI technologies is only set to rise.<a target="_blank" href="https://markets.businessinsider.com/stocks/bac-stock">Bank of America</a> put into perspective the challenges faced by the power grid as it grapples with surging demand from AI data centers."Manufacturing, data centers, artificial intelligence, and the push for electrification are expected to add massive demand to an already-tight electrical grid. Intermittent wind and solar cannot provide the needed power and tight supplies could lead to higher prices, bottlenecks, and outages," Bank of America said in a recent note.Some eye-opening stats about the US power grid cited by Bank of America include: <ol><li>"The US grid produces 1,250 gigawatts (GW) of electricity from 9,200 generating units. Sometimes called 'the world's largest machine,' the American power grid has 600,000 miles of transmission lines, enough to wrap around the Earth 24 times. The average age of transformers, transmission lines, and other grid equipment is 40-50 years old."</li><li>"Demand is rising for the first time in a decade. Over the past ten years, power demand rose just 0.4% per year. Over the next decade, the growth rate is expected to be 2.1% to 2.8%. Expected future demand of 70 GW by 2030 is like adding another state of Michigan to the grid every year."</li><li>"Supply is tight and hard to add. No major utility projects are expected before 2026, and 160GW of fossil fuel supply has been shut in the past decade. Regulatory, permitting, and political obstacles often thwart new energy and mining efforts. Our colleagues expect only 55-60GW of capacity to be added in the near future."</li><li>"Wind and solar struggle to make up the difference. They run only 24-40% of the time, producing much less than 'nameplate' capacity figures would suggest. Adding batteries brings extra strain: battery storage is 141 times more expensive than liquefied natural gas, and every KWh of battery storage required 50KWh of energy to create it."</li></ol>Baird managing director and tech strategist Ted Mortonson <a target="_blank" href="https://markets.businessinsider.com/news/stocks/ai-stocks-hardware-vs-softare-tech-performace-nvidia-tsmc-broadcom-2024-6">told Business Insider last month</a> just how big of a problem the power demand of AI is."The cost of that Gen AI architecture is freaking out of control. Oracle on their conference call basically said they are now constructing 70 megawatt data centers, going to 200 megawatts. That's the size of a city. So, they're so power hungry," Mortonson said. Oracle announced in its earnings call in March that it would invest $10 billion to expand data center capacity in order to service the huge demand for generative AI. <a target="_blank" href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a> woke up to this realization earlier this year, evidenced by its decision to <a target="_blank" href="https://www.businessinsider.com/data-centers-amazon-ai-nuclear-power-grid-2024-5">buy a nuclear power plant in Pennsylvania for $650 million.</a>A recent report from The Wall Street Journal said that Amazon's cloud unit is nearing a deal with Constellation Energy for electricity that would be directly supplied from a nuclear power plant on the East Coast.This demand boom has led to a renaissance in utility stocks, with the sector surging 8% so far this year, and <a target="_blank" href="https://markets.businessinsider.com/news/stocks/ai-stocks-to-buy-electricity-demand-benefit-utilities-data-centers-2024-5">Goldman Sachs believes the gains can continue.</a>"While investor interest in the AI revolution theme is not new, we believe downstream investment opportunities in utilities, renewable generation and industrials whose investment and products will be needed to support this growth are underappreciated," Goldman Sachs said in a note earlier this year.The bank <a target="_blank" href="https://markets.businessinsider.com/news/stocks/ai-stocks-to-buy-electricity-demand-benefit-utilities-data-centers-2024-5">highlighted four top utility stocks to buy,</a> including Xcel Energy, NextEra Energy, Southern Co., and Sempra."US power demand likely to experience growth not seen in a generation. Not since the start of the century has US electricity demand grown 2.4% over an eight-year period, with US annual power generation over the last 20 years averaging less than 0.5% growth," Goldman Sachs said.

The AI boom will push America's shaky power grid to its limit

<ul class="summary-list"><li>Houston got hit by a line of thunderstorms with hurricane-strength winds.</li><li>At least 4 people are dead and almost 1 million are without power.</li></ul>A series of powerful thunderstorms packing hurricane-force winds smashed through Houston on Thursday, leaving at least 4 people dead and nearly 1 million without power.And damage to the grid could leave some parts of Texas's largest city without electricity for weeks, one county executive said.Harris County Judge Lina Hidalgo said on Friday that the storm flipped an 18-wheeler and toppled power transmission towers. She said the recovery effort would take time."We are going to have to talk about this disaster in weeks, not days," Hidalgo commented at a press conference.CenterPoint Energy said that more than 700,000 customers are still without electricity.The storms plowed through Texas around 7 p.m. Thursday, packing winds of up to 75 miles per hour, <a target="_blank" href="https://www.houstonpublicmedia.org/articles/news/weather/2024/05/17/487829/dozens-of-houston-area-school-districts-closed-friday-after-damaging-storms/">Houston Public Media reported</a>, citing the National Weather Service.Photos from the area revealed the extent of the damage: downed trees, crushed cars, and even a partially collapsed building. <a target="_blank" href="https://apnews.com/article/houston-texas-severe-weather-storms-d14447267de0a8900e1475a8ad7ed8ba">The Associated Press reported</a> that windows in skyscrapers were blown out by the powerful gusts, and glass littered the sidewalks.<div type="image" title="Glass windows were blown out at this downtown Houston skyscraper." height="2136" width="3810" msid="110216476" hostid="261" sizebytes="206912"></div>Videos on social media show debris smashing through glass storefronts and driving rain inside Houston's Minute Maid Park baseball stadium — even though the roof was closed.School districts across the area canceled classes on Friday, and Houston Mayor John Whitmire warned people not to go to work unless they were essential workers.<div type="image" title="Debris fills the feeder road near Interstate 10 and Interstate 45 near downtown Houston after severe storms passed through the area Thursday, May 16, 2024" height="681" width="1024" msid="110216477" hostid="261" sizebytes="157338"></div>Texas has been battered by powerful storms recently. Heavy rains pounded the region earlier this month and caused severe flooding in the Houston metro area.Texas has also suffered <a target="_blank" href="https://www.businessinsider.com/moving-from-texas-power-outage-ercot-energy-grid-winter-storm-2023-12">a series of power grid issues in recent years</a>, both in summer and winter. That's led some people to move state.

Houston could be without power for weeks after hurricane-force storms smash through

<ul class="summary-list"><li>It can take a decade to build transmission lines, and construction fell to an all-time low in 2022.</li><li>The delays make the US's aging power grid more vulnerable to extreme weather and blackouts.</li></ul>America's power grid is old and stressed.Blackouts are on the rise <a target="_blank" href="https://www.businessinsider.com/blackouts-power-outages-more-common-climate-change-electric-grid-infrastructure-2023-3">as the climate crisis fuels more-powerful storms</a> and as electricity demand booms from electric vehicles, <a target="_blank" href="https://www.businessinsider.com/data-centers-electricity-consumers-discounts-utilities-2024-4">data centers</a>, and <a target="_blank" href="https://www.businessinsider.com/how-georgia-became-green-manufacturing-capital-2024-3">manufacturing</a>.The main problem: It takes way too long to build towering high-voltage power lines that carry electricity across state lines and to hook up new power to the grid. Long transmission lines can take more than a decade to build, and federal regulators have said their construction declined to an all-time low in 2022. Some 2.6 terawatts of new power — more than twice the size of the entire US grid — <a target="_blank" href="https://emp.lbl.gov/queues">are backed up in yearslong connection queues</a> in part because of a lack of capacity. The vast majority of that power comes from renewable-energy projects.The delays threaten the transition to cleaner energy and make residents more vulnerable to extreme weather. States also could miss out on new business opportunities if they don't solve the power crunch.To help break the logjams, the federal government in the last month has made sweeping changes to how grid upgrades are planned, paid for, and permitted. Energy regulators, developers, and lawyers say that while the changes won't immediately solve every bottleneck, they should make the US more prepared for skyrocketing energy demand and extreme weather."The grid as it exists now is essentially tapped out. There's no headroom left on the system," said Brett White, a vice president of regulatory affairs at Pine Gate Renewables, an energy developer with projects in 30 states. "But if I zoom out and take a long view, I'm optimistic about the future reliability of the grid."<h2 id="a9d87384-b76f-4e64-aa11-1d747749baf2">'Nobody wants to see it, and nobody wants to pay for it'</h2><a target="_blank" href="https://www.energy.gov/sites/default/files/2022-04/Queued%20Up%E2%80%A6But%20in%20Need%20of%20Transmission.pdf">Federal data</a> indicates that while 2,000 miles of transmission lines were built on average each year from 2012 to 2016, that figure dropped to 700 miles from 2017 to 2021. Last year, just 251 miles were <a target="_blank" href="https://cms.ferc.gov/media/energy-infrastructure-update-december-2023">completed</a>.A <a target="_blank" href="https://repeatproject.org/docs/REPEAT_IRA_Transmission_2022-09-22.pdf">group of researchers led by Princeton University found in 2022</a> that to meet its goals for cleaner electricity, the US would need to more than double the previous decade's pace of transmission expansion. That's because many of the places with the most wind and solar potential are in parts of the country without the infrastructure to carry the electricity to homes and businesses.But upgrading the power grid gets bogged down by several issues.Many regional authorities that oversee the grid aren't doing much long-term planning to make sure there's enough transmission capacity. They tend to be reactionary, acting only when, for example, a solar developer wants to connect to the grid or a reliability issue pops up. Securing permits for transmission projects involves a patchwork of state and federal agencies, and locals often oppose energy infrastructure in their backyards. States with clashing priorities also fight over who pays for the costly power lines."This is a gross oversimplification, but to summarize the problem succinctly: Nobody wants to see it, and nobody wants to pay for it," said Larry Gasteiger, the executive director of Wires, a trade group that advocates for transmission development.A new rule issued by the Federal Energy Regulatory Commission this month is aimed at tackling some of the problems.The commission directed regional grid operators, states, and utilities to develop 20-year transmission plans to support rapidly growing electricity demand and provide a fair way to pay for it. The rule also makes it harder for states to opt out. The goal is to make the grid more reliable and keep costs down for customers in the long run.Allison Clements, a Democrat on the commission, noted that the agency recently <a target="_blank" href="https://www.utilitydive.com/news/ferc-pjm-exelon-transmission-plan-talen-brandon-shores-psc/699410/">approved nearly $1 billion</a> in "last-minute" transmission spending to avoid reliability issues when a single coal plant in Maryland closes in 2025. She said the regional grid operator — an entity known as PJM Interconnection that spans 13 states from Pennsylvania to West Virginia — could have found a more cost-effective solution if it had planned for that retirement earlier.Jeffrey Shields, a spokesman for PJM, said in an email that the organization is studying the impact of the FERC rule. Before it was issued, PJM was working on "long-term scenario planning" and last year authorized a record $6.8 billion in transmission projects.Regarding the coal plant in Maryland, Shields pointed to a letter that PJM's CEO <a target="_blank" href="https://www.pjm.com/-/media/about-pjm/who-we-are/public-disclosures/20231205-pjm-board-response-to-sierra-club-letter-regarding-pjm-interconnections-role-in-the-maryland-energy-transition.ashx">Manu Asthana's letter to Sierra Club</a> in December. Asthana said it wasn't "reasonable to expect PJM to have anticipated the imminent" closure because the owner of the coal plant, Talen Energy, had said it would stay online with oil as a fuel source. It wasn't until April 2023 that PJM was notified about the closure.The region illustrates why states can clash over who pays. Maryland and New Jersey are aiming for 100% renewable energy by 2035, but Pennsylvania and West Virginia are doubling down on gas and coal.States and utilities reliant on fossil fuels don't want to pay for transmission projects that unlock cleaner power to compete with, and they worry their residents will unfairly get stuck with a multibillion-dollar tab. Mark Christie, a Republican commissioner, endorsed that view, arguing that the agency's rules "fails to protect consumers" and would transfer wealth to "for-profit special interests" like wind and solar developers.Proponents of the commission's rule said that view was short-sighted. A well-planned grid has benefits beyond ushering in more renewable energy. Numerous power-hungry data centers and factories are coming online, and the climate crisis is fueling more frequent and destructive storms. If the US doesn't invest in regional transmission lines, customers will pay the price in the form of congestion and more life-threatening outages."Grids are being pushed to the brink," Neil Chatterjee, a former chairman of the FERC, said. "Climate change doesn't care about state politics and market design."Chatterjee added that it could take years for the rule to have an effect and that the commission would likely face legal challenges. But he expects it to be upheld because it falls under FERC's traditional authority to keep the grid reliable in an affordable way.<h2 id="0c1ac372-28e0-4f03-891e-725151c00a77">No silver bullet</h2>While that process plays out, the federal government is also trying to more quickly grant environmental permits for transmission lines.The Department of Energy this month said it would take the lead on applications and aim to issue decisions within two years — about twice as fast as its current average. By DOE being the main point of contact, project developers won't have to navigate different processes with eight different federal agencies in some cases. The department <a target="_blank" href="https://www.energy.gov/gdo/national-interest-electric-transmission-corridor-designation-process">also identified 10 regions of the country</a> where some 3,500 miles of transmission lines should be prioritized because customers are facing higher utility bills and power disruptions from extreme weather.If that list is finalized, FERC would also be able to step in and approve permits for projects stalled or denied at the state level in those priority regions.Christine Powell, a deputy managing attorney of Earthjustice's Clean Energy Program, said that collectively these actions would help expand transmission on a "pretty large scale."But federal regulators still have few tools to resolve local environmental and property-rights disputes in vast swaths of the country — another major obstacle to the switch to cleaner energy.In a 2023 <a target="_blank" href="https://epic.uchicago.edu/news/new-poll-2-in-5-would-consider-purchasing-an-electric-vehicle-as-their-next-car-but-they-remain-prohibitively-expensive-for-americans/">survey by the University of Chicago</a>, 56% of Americans said they supported building transmission lines to carry renewable power where it's needed, but that dropped to 48% when they were told the project would be built in their neighborhood.Congress and federal regulators also haven't addressed transmission projects designed to connect the country's fragmented regional grids — such as carrying Wyoming's wind power into California, where rolling blackouts are on the rise.Congress is working on broader reforms, but Chuck Schumer, the Senate majority leader, recently <a target="_blank" href="https://thehill.com/policy/energy-environment/4660811-schumer-permitting-reform-deal-would-be-virtually-impossible/?email=467cb6399cb7df64551775e431052b43a775c749&amp;emaila=12a6d4d069cd56cfddaa391c24eb7042&amp;emailb=054528e7403871c79f668e49dd3c44b1ec00c7f611bf9388f76bb2324d6ca5f3&amp;utm_source=Sailthru&amp;utm_medium=email&amp;utm_campaign=05.13.24--Overnight%20Energy%20%26%20Environment%20CMS%20BH">suggested lawmakers wouldn't reach a deal anytime soon</a>."The path forward is going to be one of incremental improvements to processes rather than one silver-bullet fix," Gasteiger said. "There are further problems that need to be dealt with."

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