Evren, a joint venture development platform of Brookfield and Axis Energy, Signs 300 MW PPA with NTPC for Firm & Dispatchable Renewable Energy Project development in Andhra Pradesh
The project will comprise of 500 MW of Wind, 330MW of Solar and Battery Energy Storage, ensuring Firm and Dispatchable Renewable Energy (FDRE) to meet peak demand reliably. The energy will be supplied at a tariff of ₹4.65/unit, with 0.7 paise/unit as trading commission for NTPC. The total investment for the project stands at USD 750 million and the project is being developed in the state of Andhra Pradesh.
By leveraging hybrid and storage-based renewable technologies, this project will enable consistent, firm power supply, helping distribution companies to meet their peak hour demand for two hours in the morning and the evening peak respectively at the same time meeting the Renewable Purchase Obligations and manage grid stability effectively.
Murali Surapaneni, Chief Executive Officer of Axis Energy said 'This agreement with NTPC is a proud moment for us. It reflects our continued commitment to delivering innovative clean energy projects that are scalable, sustainable, and aligned with the nation's vision for a green future. With Andhra Pradesh as a strategic base, we are excited to drive forward a project of this scale and complexity, and set new benchmarks in hybrid renewable energy deployment.'
Evren currently holds a diversified portfolio of over 11 GW, including mid and late-stage wind and solar assets across India. This PPA marks a key milestone in the platform's commitment to accelerating India's energy transition through large-scale, integrated renewable solutions.
This collaboration further strengthens Andhra Pradesh's emergence as a key destination for green energy investments and reaffirms Axis Energy's vision of enabling a sustainable and energy-secure future for the nation.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
28 minutes ago
- Business Standard
China shows signs of tackling price wars taking toll on its EV industry
China's industrial policy has engineered a remarkable transformation to electric vehicles in what is the world's largest auto market AP Beijing The Chinese government is signalling enough is enough when it comes to the fierce competition in the country's electric car market. China's industrial policy has engineered a remarkable transformation to electric vehicles in what is the world's largest auto market. In so doing, it has spawned far more makers than can possibly survive. Now, long-simmering concerns about oversupply and debilitating price wars are coming to the fore, even as the headline sales numbers soar to new heights. Market-leader BYD announced this week that its sales grew 31 per cent in the first six months of the year to 2.1 million cars. Nearly half of those were pure electric vehicles and the rest were plug-in hybrids, it said in a Hong Kong Stock Exchange filing. The company phased out internal combustion engine cars in 2022. BYD came under thinly veiled criticism in late May when it launched a new round of price cuts, and several competitors followed suit. The chairman of Great Wall Motors warned the industry could come under threat if it continues on the same trajectory. When volumes get bigger, it's just much harder to manage and you become the bullseye, said Lei Xing, an independent analyst who follows the industry. The government is trying to rein in what is called involution a term initially applied to the rat race for young people in China and now to companies and industries engaged in meaningless competition that leads nowhere. BYD has come under criticism for using its dominant position in ways that some consider unfair, sparking price wars that have caused losses across the industry, said Murthy Grandhi, an India-based financial risk analyst at GlobalData. With the price war in its fourth year, Chinese automakers are looking abroad for profits. BYD's overseas sales more than doubled to 464,000 units in the first half of this year. Worried governments in the US and EU have imposed tariffs on made-in-China electric vehicles, saying that subsidies have given them an unfair advantage. Market leader BYD comes under attack The latest bout of handwringing started when BYD cut the price of more than 20 models on May 23. The same day, the chairman of Great Wall Motors, Wei Jianjun, said he was pessimistic about what he called the "healthy development of the EV market. He drew a comparison to Evergrande, the Chinese real estate giant whose collapse sent the entire industry into a downturn from which it has yet to recover. "The Evergrande in the automobile industry already exists, but it is just yet to explode, he said in a video message posted on social media. Two days later, a BYD executive rejected any comparison to Evergrande and posted data-filled charts to buttress his case. To be honest, I am confused and angry and it's ridiculous! Li Yunfei, BYD's general manager of brand and public relations, wrote on social media. All these come from the shocking remarks made by Chairman Wei of Great Wall Motors. Next, the government and an industry association weighed in. The China Association of Automobile Manufacturers called for fair competition and healthy development of the industry, noting that major price cuts by one automaker had triggered a new price war panic. On the same day, the Ministry of Industry and Information Technology vowed to tackle involution-style competition in the auto industry, saying that recent disorderly price wars posed a treat to the healthy and sustainable development of the sector. That price cut might have been the final straw that irked both competitors and regulators for the ruthlessness that BYD continues to show, Lei said. A promise to pay suppliers within 60 days signals possible shift The following month, 17 automakers including BYD made a pledge: They would pay their suppliers within 60 days. One way China's automakers have been surviving the bruising price wars is by delaying the payments for months. The agreement, if adhered to, would reduce financial pressure on suppliers and could rein in some of the fierce competition. The introduction of the 60-day payment pledge is the call of the government to oppose involution-style competition," said Cui Dongshu, the secretary-general of the China Passenger Car Association. It also reduces the risk of an Evergrande-like scenario. Many automakers had stretched out payments by paying suppliers with short-term debt promises to repay them in a certain period of time instead of cash. Real estate developers used the same system. It worked until it didn't. When Evergrande defaulted on its debts, suppliers were left holding worthless promises to pay. This practice is seen as a potential cause of a larger crisis, similar to what happened with Evergrande, Grandhi said. The vows to speed up payments and the government calls to rein in the price wars, along with a rollback of some financing offers, point to an effort to reverse downward price expectations, said Jing Yang, a director at Fitch Ratings who focuses on the auto industry. We may watch how effectively these measures are in reversing the price trend and how would that affect EV demand in the coming quarters, she said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
&w=3840&q=100)
Business Standard
28 minutes ago
- Business Standard
Short-term hurdles for power stocks as monsoon stumbles
Above normal rainfall in summer months may have a bearing on the earnings of power-related companies in the near-term, cautioned analysts at SBI Capital. In a recent report, the brokerage pointed out that energy supplied slipped around 1.5 per cent year-on-year (Y-o-Y) in the April to June quarter of the current financial year (Q1FY26), the first decline seen in Q1 since FY16 (barring Covid-19 impacted FY21). This, the report added, was on the back of 60 per cent days in Q1FY26 seeing above normal rainfall, dipping the mercury. Conversely, there were only 12 days in which both maximum temperature and humidity were above normal levels. With this, peak power demand in May 2025 cooled off significantly to 231 gigawatts (GW) - off from the previous high of 250 GW hit in May 2024 (down 7.5 per cent Y-o-Y) "These trends point towards the halo of cooling requirement on power demand, which is only set to grow in the future. Given the volatile nature of weather-driven demand, this could pressure the financials of high-cost players in lean years, with them having to opportunistically play the merchant market during peak times to salvage their returns on equity (RoEs)," SBI Capital said. On the bourses, shares of companies involved in power generation have witnessed a mixed performance in Q1FY26. For instance, NTPC shares have declined over 6.4 per cent during the same period. JSW energy and Torrent Power have witnessed a similar downward trajectory, with stocks touching all-time low levels earlier this year, before erasing those losses due to the broader market revival. By comparison, the BSE Sensex index has jumped by nearly 8 per cent during the period, while the BSE Power index has underperformed the benchmark, rising by 5.2 per cent. Going ahead, analysts believe changes in weather can impact cooling demand greatly in the future. This means that volatility in power demand is set to increase, posing a challenge to both power generation and distribution companies in accurately forecasting the same and ensuring projects remain viable through lean periods. "Although the overall outlook for the power sector remains optimistic, supported by rising demand and sectoral tailwinds, the near-term outlook might witness pressure due to uneven weather conditions," concurred Kranthi Bathini, director of equity strategy at WealthMills Securities. As a strategy, he suggests investors take a buy-on-dips approach while the near-term headwinds play out. For the long-term outlook, investors might look to switch to an accumulate stance. The industry consolidation period is likely to wind down in the coming quarters, he said. Long-term plays That said, from a long-term perspective, analysts remain optimistic about the power sector's outlook, backed by structural tailwinds like rising power demand from data centre buildouts in the AI space. "Near-term headwinds might prove temporary, as several strong stocks have shown fresh breakouts on the charts after a period of consolidation. Plus, foreign institutional investors (FIIs) have also increased their holdings in power stocks, signalling a prospective rebound," said Ravi Singh, senior vice president for Retail research, Religare Broking. "The longer-term outlook looks quite bullish to me," he added. Notably, the International Energy Agency's (IEA) Global Electricity Outlook 2025 report said that India's electricity demand is projected to grow at an average annual rate of 6.3 per cent over the next three years, stronger than the 2015-2024 average growth rate of 5 per cent. Rating agency Icra, meanwhile, anticipates India's overall energy demand to rise by 6-6.5 per cent over the next five years, driven by the demand from rising adoption of electric vehicles (EVs), green hydrogen (GH), and the increase in data centre capacity. "These three segments are expected to contribute to 20–25 per cent of the incremental demand over the next five-year period from FY26 to FY30," the agency said. "We are looking at an upside of 8-10 per cent from the current levels in NHPC, Power Grid and Tata Power. While most power stocks have remained in a consolidation zone, after surging between 8 and 20 per cent in CY 2024, they have recently given fresh breakouts on technical charts. In the near-term, there might be some cooling off due to external factors, but we remain confident in the longer run," Singh added.
News18
30 minutes ago
- News18
SEBI Bans Jane Street From Indian Markets, Orders Rs 4,843 Cr Seizure Over Derivatives Probe
Last Updated: The action comes as part of SEBI's ongoing probe into suspected market manipulation by Jane Street through its derivatives trading SEBI India's capital market regulator, the Securities and Exchange Board of India (SEBI), has barred US-based proprietary trading firm Jane Street Group and its associated entities from participating in the Indian securities market. According to a report by Bloomberg and an official order published on SEBI's website, the firm is prohibited from buying, selling, or dealing in any securities—either directly or indirectly—until further notice. SEBI also directed all banks to freeze withdrawals from accounts linked to Jane Street Group entities. This includes individual and jointly held accounts, unless SEBI provides specific approval for transactions. The action comes as part of SEBI's ongoing probe into suspected market manipulation by Jane Street through its derivatives trading activities. The firm reportedly earned over $2.3 billion in profits from equity derivatives trading in India last year. SEBI's order further states that unlawful gains of Rs 4,843 crore—allegedly earned through manipulative practices—will be impounded. Jane Street entities have been directed to open an escrow account with a scheduled commercial bank in India and deposit the entire amount. Banks where these companies maintain accounts have also been instructed to not allow any debits without the regulator's permission. Additionally, Jane Street Group and its related entities must close or square off all existing positions within three months or by the contract's expiry—whichever comes first. April 2024: SEBI begins initial analysis after media reports highlight a legal dispute involving Jane Street's alleged unauthorized use of proprietary trading strategies in Indian markets. July 23, 2024: SEBI instructs the National Stock Exchange (NSE) to examine Jane Street's trading activity to identify potential market abuse. August 2024: SEBI interacts with Jane Street on August 20, and the firm submits its response on August 30, explaining its trades. November 13, 2024: NSE submits its examination report on Jane Street's trading patterns to SEBI. December 2024: SEBI observes unusual volatility in index options, especially on weekly expiry days. It notes that certain entities, including Jane Street, were running exceptionally large risk positions in cash-equivalent terms in the F&O segment. February 4, 2025: Based on preliminary findings, SEBI believes Jane Street is in violation of Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) regulations. February 6, 2025: NSE, on SEBI's instructions, issues a caution letter to Jane Street Singapore Pte Ltd and related entities, advising them to refrain from potentially manipulative trading patterns. February 6 & 21, 2025: Jane Street responds to the caution letter, providing justifications for its trading activities. May 15, 2025: Despite the warning, Jane Street continues to operate with very large cash-equivalent positions in index options, leading to further regulatory scrutiny. What Are Cash Equivalents in F&O? In the context of futures and options (F&O), cash equivalents refer to short-term, highly liquid instruments such as treasury bills or money market funds. These assets are often used as collateral for margin requirements, allowing traders to earn returns while actively engaging in derivatives trading.
