JSW Energy to Sell Coal Operations Assets in the US
JSW Energy, a leading Indian power company, has announced that its wholly owned subsidiary Periama Holding LLC will be selling its coal mining assets in the State of West Virginia, USA. The assets were operated by Caretta Minerals LLC, another subsidiary of Periama Holding LLC, through a leasing arrangement with Alawest Inc and West Virginia Properties. However, the lessors terminated the coal mining lease and plant lease, which led to the recognition of an impairment provision for all the investments relating to these coal assets in earlier years. The carrying value of the investments relating to coal assets net of impairment is now Nil.
In light of the termination of the coal mining lease and plant lease, Caretta Minerals LLC has entered into an agreement to sell its property, plant and equipment and mineral rights to West Virginia Properties for a consideration of USD 24 million. This decision was made as operating the mines was no longer economically viable in the absence of the leases.
JSW Energy’s decision to sell its coal mining assets in the US is in line with its strategy to focus on renewable energy sources. The company has already made significant investments in wind and solar power projects, and plans to continue to expand its renewable energy portfolio.
With the sale of its coal mining assets, JSW Energy is taking a step towards a more sustainable future, while also freeing up resources to invest in renewable energy projects. This move is likely to have a positive impact on the company’s financial performance, as it aligns with the growing global trend towards renewable energy and away from fossil fuels.
ABB to power Samskip’s new hydrogen-fueled container vessels
- ABB has secured a complete power, propulsion and automation systems order for Samskip Group’s hydrogen-powered container
- Vessels are among the first in the world to demonstrate the potential of hydrogen fuel cells as a clean and renewable fuel source
- Compact ABB Onboard DC Grid™ power distribution system provides improved performance, efficiency and system safety
ABB will deliver a comprehensive power distribution system for two newbuild short-sea container ships of the global logistics company Samskip Group headquartered in Rotterdam, Netherlands. The vessels will be among the world’s first of their kind to use hydrogen as a fuel. Built by Cochin Shipyard Ltd, the largest shipbuilding and maintenance facility in India, the 135-meter ships are due for delivery in Q3 and Q4 of 2025, respectively. Both vessels will be operating between Oslo Fjord and Rotterdam, a distance of approximately 700 nautical miles.
BHEL appoints Tajinder Gupta as new Director (Power)
Shri Tajinder Gupta was inducted as Director (Power) on the Board of Bharat Heavy Electricals Limited (BHEL) w.e.f. 20.09.2023. Shri Gupta is a 1989 batch Instrumentation and Control Engineering graduate from Birla Institute of Technology and Sciences (BITS), Pilani.
Shri Gupta joined NTPC Limited as Graduate Engineer Trainee officer in 1989. Prior to his appointment as Director (Power) BHEL, Shri Gupta was Chief General Manager (CGM) in NTPC Limited.
Shri Gupta has 34 years of diverse and versatile experience in Project Management, concept to commissioning of Power projects across various states in India. While with NTPC Ltd. he was instrumental in development of large size greenfield and brownfield power projects, besides operating and maintaining NTPC’s vast fleet of operating power stations. At NTPC corporate centre in Director’s secretariat, he spearheaded the team for time bound construction and commissioning of multiple infrastructure assets crucial for the operation of NTPC.
He headed the construction team at Khargone (2×660 MW), which is having Ultra Supercritical parameters. In merely two years of his appointment, Shri Gupta as Business Unit Head, turned around the construction activities at 3×660 MW North Karanpura STPP in Jharkhand. He has been at the centre of ESG evolution that led to the commissioning of first unit of the North Karanpura STPP with the latest AirCooled Condensation technology, which reduces water consumption in a power plant by 65%.
A true professional with a sharp acumen for in-depth analysis, he carries with him the people, knowledge and experience of power sector ecosystem for speedy implementation of projects.