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Business Upturn
3 days ago
- Business
- Business Upturn
Reliance Power shares jump 3% to hit 52-week high
By Aditya Bhagchandani Published on May 30, 2025, 10:16 IST Shares of Reliance Power Ltd surged over 3% to ₹53.85 in morning trade on May 30, marking a fresh 52-week high of ₹55.10, following a significant project win announcement by its subsidiary. The rally came after Reliance NU Energies, a subsidiary of Reliance Power, received a letter of award from state-run SJVN for developing a 350 MW solar power project integrated with a 175 MW/700 MWh Battery Energy Storage System (BESS). The project was awarded at a fixed tariff of ₹3.33/kWh for 25 years. According to the company, the project will contribute an additional 600 MW of Solar DC capacity and 700 MWh of BESS to its portfolio. With this addition, Reliance Power's clean energy pipeline now stands at 2.4 GW of Solar DC capacity and over 2.5 GWh of BESS capacity, making it the largest player in India in the integrated solar and battery energy storage segment. This development is seen as a strategic leap for the company as it accelerates its transition toward new energy solutions and sustainable power generation. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Egypt Today
24-03-2025
- Business
- Egypt Today
FRA adds new projects to voluntary carbon market, bolstering the database to 28 projects
Cairo – March24, 2025: The Financial Regulatory Authority (FRA) has approved two new projects to register on the voluntary carbon market (AFRICARBONex). The approval, which took place during the FRA's ninth meeting of the Supervision and Oversight Committee on Carbon Emission Reduction Units, marks a significant milestone in Egypt's evolving voluntary carbon market. The two projects, Oman Blue Carbon from the Sultanate of Oman and Solar DC from India, were registered in the FRA's carbon emissions reduction database. The Oman Blue Carbon project, which focuses on agricultural activities, aims to reduce emissions by 130,723 tons of CO2 equivalent annually. Meanwhile, the Solar DC project, part of the renewable energy sector, is expected to reduce emissions by 16,692 tons of CO2 equivalent per year. With these new additions, the FRA's database now includes a total of 28 voluntary carbon reduction projects, and more than 170,000 carbon credits are available for trading on the FRA's carbon credit trading platform. These credits can be purchased by investors looking to offset their carbon emissions, further boosting Egypt's position as a leader in environmental sustainability in the region. The meeting also saw the approval of Ampere, a Jordanian company, as a recognized international verification and certification body for carbon emission reduction projects. This allows the company to verify and certify projects that contribute to reducing Egypt's carbon footprint, expanding the range of experts involved in the carbon market. Mohamed Farid, Chairman of the FRA, highlighted the importance of these new projects, noting that their registration supports the FRA's mission to accelerate the growth of the voluntary carbon market in Egypt. As the first regulated voluntary carbon market in the region, Egypt's market aims to provide a platform for the sale and trading of carbon reduction certificates. These certificates are issued for various types of projects, including agricultural, industrial, and renewable energy ventures. 'The registration of these new projects reaffirms our commitment to enhancing the voluntary carbon market,' Farid said. 'By enabling the issuance and trading of carbon reduction certificates, we are not only supporting environmental sustainability but also attracting new investments into Egypt's green economy.' Farid also emphasized that the FRA's initiatives are in alignment with Egypt's broader goals of achieving carbon neutrality and reducing emissions, which is a global priority to combat climate change. He noted that addressing carbon emissions will help mitigate the impacts of global warming, including natural disasters such as fires and floods that have devastating consequences on the economy. These efforts are also in line with Egypt's commitments made at COP27, where the country pledged to take active steps toward reducing its carbon emissions and promoting sustainable development. The FRA aims to attract both local and international investors to the carbon market, providing them with opportunities to invest in carbon reduction projects that can yield both financial and environmental benefits. The launch of Egypt's voluntary carbon market began with a decree from the Prime Minister in 2022, which officially recognized carbon reduction certificates as a financial instrument. This move paved the way for the Egyptian Stock Exchange to set up a dedicated platform for trading these certificates, providing a transparent and regulated environment for carbon credit transactions. To further streamline the process, the FRA has implemented clear guidelines for registering verification and certification entities, ensuring that only qualified bodies oversee carbon emission reduction projects. This includes the registration of both local and international entities, increasing the credibility and effectiveness of the market. Additionally, the FRA has introduced regulations for listing and delisting carbon reduction certificates on the Egyptian Stock Exchange. These regulations also cover the accreditation of local voluntary carbon registries, which are electronic systems used to track and manage the transfer of carbon credits, ensuring transparency and accountability in the carbon trading process. The FRA's continued efforts in expanding and enhancing Egypt's voluntary carbon market are positioning the country as a regional leader in sustainable investment practices. By promoting carbon reduction projects, Egypt is not only working towards its environmental goals but also driving economic growth through new investment opportunities in green and renewable sectors.
