Solar Energy Corporation of India has invited bids to empanel vendors for developing up to 5 MW of rooftop and ground-mounted solar power projects. The projects will be developed under two categories– i) for the residential sector on behalf of state implementing agencies, ii) for government organizations under capital expenditure and renewable energy service company modes. The empaneled vendors must also oversee the comprehensive operation and maintenance of the projects for five years.

Tata Power Solar Systems, a wholly owned subsidiary of Tata Power, has been awarded an engineering, procurement, and construction contract for a 300 MW domestic content requirement-based solar project by NLC India. The project involves an investment of ₹17.5 billion (~$213.3 million). This project, part of the Central Public Sector Undertaking Program, will be located at Barsingar in the Bikaner District of Rajasthan.

Spain-based power producer Iberdrola and e-commerce company Amazon have announced a collaboration to develop new wind and solar projects in Europe, the U.S., and Asia-Pacific. As part of the agreement, Amazon will purchase 1.1 TWh of clean energy per year from Iberdrola’s Baltic Eagle and Wikinger offshore wind farms in Germany, which is enough to power more than 314,000 European homes annually.

Decarbonizing the global energy system will need over $1 trillion more every year, over and above the current level of capital financing, said UK-based asset manager – Legal and General Investment Management (LGIM). LGIM’s recent report quoted the United Nations Environment Program’s estimation that nearly $4.1 trillion of funding is needed by 2050 to meet the climate goals under the Paris accord. However, only 3% of the investment has been allocated, primarily through public financing.

The U.S. Department of Energy released its Offshore Wind Energy Strategy, which targets deploying 30 GW of offshore wind projects by 2030 while spurring $12 billion per year in direct private investment. Deploying the offshore wind capacity would provide enough power for 10 million homes and support 77,000 jobs. These efforts will lead the US to achieve 110 GW or more offshore wind energy by 2050.

Utility-scale solar and battery storage projects developer Emeren Group (formerly Renesola Power) posted a net profit of $4.8 million for the fourth quarter of the financial year 2022 against a net loss of $1.6 million year-over-year. The company’s European project development business and accruals from a recent acquisition of a UK-based solar farm in the last quarter drove its performance.

Upcoming wind turbines are expected to generate significantly more power compared to their predecessors while also causing less noise pollution in the surrounding areas, according to a recent study conducted by the Lawrence Berkeley National Laboratory. The study titled “Effects of land-based wind turbine upsizing on community sound levels and power and energy density” simulated the development of 22 distinct wind energy projects at two typical locations, using eleven different models of wind turbines.

A Denmark-based firm, Hyme Energy, has developed a novel energy storage system that uses a type of salt known as sodium hydroxide, known to have exceptional heat storage capabilities and can withstand temperatures up to 1,292°F. Hyme Energy’s storage system can store more energy by utilizing this high-temperature salt, making it more efficient than conventional systems.

The lack of adequate progress in the global energy transition will require even more investment, and a systematic change in the volume and type of investments is necessary to prioritize the transition, finds a new report by International Renewable Energy Agency (IRENA). The agency’s World Energy Transitions Outlook 2023 Preview has called for a significant and fundamental course correction in the energy transition to realign its progress.