ONGC To Develop 172 Onshore Wells in Andhra Prades by Choice Institutional Equities
Regulatory Action on Solar Transmission Delays
* The Central Electricity Regulatory Commission (CERC) has admitted petitions from ACME Solar and AMPIN Energy seeking compensation for losses caused by delays in transmission infrastructure.
* ACME Solar is claiming over INR210mn. CERC is reviewing if Power Grid Corporation of India and the Central Transmission Utility of India are liable.
* Transmission projects lagging have forced India to curb solar output. Rajasthan, the top green power-producing state, has seen nearly 4 gigawatts of clean energy curtailed, resulting in estimated losses of up to INR 2.5bn.
ONGC To Develop 172 Onshore Wells in Andhra
* ONGC will invest INR 81.1bn for the onshore development and production of oil and gas. This project involves the development of 172 wells across eight PML (Petroleum Mining Lease) blocks in Andhra Pradesh.
* The project cost includes a capital cost of INR 1.7bn and a recurring cost of INR 912mn per annum specifically for the Environment Management Plan (EMP).
* To protect ecosystems, no wells will be developed near Coringa Wildlife Sanctuary, and pipelines on forest or protected land require prior approval.
Hero Future Energies secures INR 19.1bn funding from SBI, Canara Bank
* Hero Future Energies has secured INR 19.1 bn in funding from SBI (lead) and Canara Bank via its SPV, Clean Renewable Energy Hybrid Three Private Limited, to support its 120 MW hybrid renewables project in Kurnool, Andhra Pradesh.
* The project, contracted through SJVN, combines wind, solar, and storage systems to provide dependable peak power.
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