Latest news with #ViabilityGapFunding
Time of India
a day ago
- Business
- Time of India
Sarnaik Changes previous Stand for demanding cancellation of E-Bus Contract; Says Buses Needed in 'Larger Public Interest'
Mumbai: Less than a week after strongly criticising the company for delaying the supply of 5,150 electric buses on lease to MSRTC and demanding the cancellation of the contract, transport minister Pratap Sarnaik made a sudden volte-face on Friday. He informed the media that "the corporation must receive the supply of e-buses as per the revised schedule. " This decision came after a meeting with the wet lease company representatives, additional chief secretary (transport) Sanjay Sethi, and other senior officials on Friday. Sarnaik clarified that he was part of the govt, which continuously strives to provide facilities to passengers. His decision to now direct MSRTC to receive the supply of e-buses as per the revised schedule comes in "the larger interest of passengers who will benefit from these 5,000 plus buses in the long run. " It is learnt that the MSRTC signed a contract with the company to supply 5,150 electric buses on lease, of which 220 were delivered to date. These include both 12-metre and 9-metre long buses. The corporation created a department-wise account system to pay the company from the revenue generated by the electric buses. So far, Rs 60 crore was paid to the company, and the remaining Rs 40 crore is planned to be paid soon, sources said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trending in in 2025: Local network access control [Click Here] Esseps Learn More Undo Sarnaik told the media that considering the operational losses incurred with the supplied buses, a proposal for Viability Gap Funding (VGF) should be sent to the state govt to secure financial support. "While operating the buses, the corporation is incurring a loss of Rs 12 per kilometre for 12-metre buses and Rs 16 per kilometre for 9-metre buses. As a result, the corporation is expected to bear a loss of Rs 3,191 crore over the next few years," he said, adding that the govt should bear the losses through VGF. A meeting will be held in this connection (regarding losses and VGF) with Chief Minister Devendra Fadnavis, Deputy Chief Minister Eknath Shinde, and Deputy Chief Minister Ajit Pawar. Meanwhile, the existing Shivshahi buses operated by the ST Corporation should be gradually reconstructed and converted into Hirkani (semi-luxury) buses, the minister said. "These buses should be painted in the traditional green and white colours, as they were previously," he added.
The Hindu
4 days ago
- Business
- The Hindu
APATA leaders meet Odisha Governor, thank him for new flight to Vizag
A delegation of the Andhra Pradesh Air Travellers' Association (APATA) met Odisha Governor K. Haribabu at the Raj Bhavan in Bhubaneswar on Tuesday and thanked him for his role in facilitating a new IndiGo flight between Bhubaneswar and Visakhapatnam by coordinating with the Odisha government to secure Viability Gap Funding (VGF) support. Flight 6E 6214 will commence operations from June 12. It will land in Visakhapatnam at 1.55 p.m. and take off from Visakhapatnam at 2.25 p.m. Starting June 13, IndiGo flight 6E 1443 will connect Visakhapatnam to Abu Dhabi, operating four days a week – Monday, Wednesday, Friday, and Sunday. This marks a significant boost to air connectivity from Vizag and Andhra Pradesh, according to a statement issued by APATA leaders O. Naresh Kumar and D.S. Varma.
Business Upturn
4 days ago
- Business
- Business Upturn
Bondada Engineering receives order worth Rs 204.20 crore for battery energy storage systems from TGGENCO
By Aman Shukla Published on May 27, 2025, 13:41 IST Bondada Engineering Limited has received a Letter of Award (LOA) from Telangana Power Generation Corporation Limited (TGGENCO) for the establishment of Battery Energy Storage Systems (BESS) in the state of Telangana. This marks the company's entry into the BESS business segment. The project involves the development of a 100 MWh (50 MW x 2 hours) Battery Energy Storage System at Shankarpally, Telangana, located near the 400/220 kV substation operated by TGTRANSCO. The system is intended for 'on demand' energy usage and will be developed under a tariff-based global competitive bidding process. The structure of the project includes Viability Gap Funding (VGF) and will be implemented under the Build Own Operate (BOO) model. The order has been awarded by a domestic entity, TGGENCO, and the execution timeline is set at 18 months from the date of signing the Power Purchase Agreement (PPA). The total value of the contract is approximately Rs. 204.20 crores, inclusive of GST, and the duration of the agreement spans 12 years. Bondada Engineering Limited, headquartered in Hyderabad, will be responsible for the complete execution of the project as per the specified terms. Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
Hindustan Times
6 days ago
- Business
- Hindustan Times
Farming meets solar in U.P's clean energy drive
In a significant step towards promoting clean energy, Uttar Pradesh has issued letters of agreement (LoAs) to over 100 developers for establishing solar power plants with a combined capacity of more than 1,527 MW aimed at supplying solar power to agriculture feeders. These solar power plants will be set up under the Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyaan (PM KUSUM) C-2 scheme. The initiative targets solarisation of approximately 5,000 agriculture feeders, ensuring eight hours of uninterrupted daytime power supply to tubewells/pump-sets for irrigation. The UP Power Corporation Ltd (UPPCL) has already segregated around 80% of the agriculture feeders from the domestic ones for assured and reliable power supply for fixed eight hours for irrigation. 'The UP government has fixed the target of generating 2,000 MW of solar power under KUSUM C-2 by 2027 and against it we have already issued LoAs for more than 1,51,527.2 MW of solar power to over 100 developers who will set up solar plants adjacent to the identified sub-stations catering to separate agriculture feeders,' UPNEDA secretary and chief project officer, Pankaj Singh said. The UPPCL will procure the solar power generated under the scheme for 25 years for ₹2.99 per unit, ensuring stable revenue for developers and long-term income for farmers. 'The scheme provides an opportunity for farmers and landowners to lease barren or unutilised land to solar power developers under pre-fixed agreements. UPNEDA has developed a dedicated online portal where interested farmers can register their land free of cost for leasing. Solar plants can be set up within a 5-10 km radius of identified substations, requiring around four acres per megawatt of capacity,' project officer Rakesh Agrawal said. The financial framework for developers includes a maximum central assistance of ₹1.05 lakh per MW and a state government grant of ₹50 lakh per MW as Viability Gap Funding, totaling ₹1.55 crore per MW. Under the scheme, farmers/ group of farmers/ panchayat / cooperative / Farmer Producers Organization (FPO) and project developers can participate in the tender. Also, under the scheme, farmer's land near the selected substations is to be leased by the selected Solar Power Project Developer for 27 years at a mutually agreed lease rent which will ensure a steady income for the farmers. 'For farmers, the scheme ensures a steady income through land lease payments and reliable daytime solar power for irrigation. Developers benefit from access to land, guaranteed power purchase agreements, and government incentives. DISCOMs gain access to affordable solar power, reducing power purchase costs and AT&C losses, 'Agrawal explained. The developers selected through a competitive bidding process will have six months' time to set up the plant at the identified sites from the date of the letter of agreement.
New Indian Express
24-05-2025
- Business
- New Indian Express
NITI Aayog's meet: Andhra CM Naidu proposes setting up of three sub-groups for ‘Viksit Bharat' mission
NEW DELHI: At the meeting of the 10th Governing Council of NITI Aayog, Andhra Pradesh Chief Minister Chandrababu Naidu on Saturday proposed the constitution of three focused sub-groups of States, in collaboration with the Union Government and NITI Aayog, to fast-track progress toward Viksit Bharat in 2047. Sharing the details of his proposals at the meet, Naidu, taking to 'X' post said, 'The meeting was centred on the theme, 'Viksit Rajya for Viksit Bharat @ 2047', a vision for a prosperous, inclusive and technologically advanced India. During the meeting, I advocated creating 3 dedicated sub-groups to drive critical priorities.' The Chief Minister said, 'The first sub-group on GDP growth aims to boost investments, manufacturing, exports, and job creation, supported by central Viability Gap Funding for PPP projects. The second sub-group on population management will help India leverage its demographic advantage while preparing for future challenges like ageing and low fertility and the third sub-group will focus on technology-driven governance, utilizing AI, quantum computing, drones, and digital platforms for real-time, citizen-centric administration.'
