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Reliance To Acquire Up To 40% Stake In Sterling And Wilson Solar
Reliance Industries announced on Sunday that its subsidiary Reliance New Energy Solar Ltd (RNESL) will acquire a 40 % stake in Sterling & Wilson Solar Ltd through a combination of primary investment, a secondary purchase, and an open offer for around Rs 2,850 crore. Sterling and Wilson said on Sunday it had agreed to sell a 15.46 % stake in the company to RNESL for 10.99 billion rupees ($146.3 million) by issuing new shares. Reliance said Shapoorji Pallonji and Co. Pvt. Ltd, one of the promoters of Sterling and Wilson, will also sell 18.4 million shares, representing about 9.7% of the company’s post preferential share capital, to RNESL at a price of 375 per share. The acquisition announced on Sunday are part of the USD 2 billion Ambani had earmarked for acquisitions to create clean energy capabilities.
India Set To Achieve 450 GW RE Installed Capacity By 2030: Centre
The Ministry of New and Renewable Energy (MNRE) has said that India is set to achieve 450 GW of renewable energy installed capacity by 2030. Addressing the MNRE-FICCI – SECI event, RK Singh, Minister of Power, New and Renewable Energy, said that the world is on the cusp of transformation, and immediate corrective steps are needed to mitigate climate change. He highlighted that energy transition needs to be the first step in this direction. He said that India is already ahead of what “we pledged in our Nationally Determined Contributions (NDCs)” and added that, “already 39 % of our installed capacity is from non-fossil based sources. By 2022 we will reach our target of 40 %”. “India has embarked on an exciting journey and is treading where no one has ventured before, and SECI will continue to work towards meeting the ambition of 450 GW by 2030,” the minister added.
MYSUN Bags 140 MW Open Access Solar Project in UP
Rooftop solar firm MYSUN has bagged 140-megawatt (MW) open-access solar power projects from the Uttar Pradesh Power Transmission Corp Ltd (UPPTCL). “MYSUN, India’s leading distributed solar company, has been allocated 140-MW solar projects under the captive/open access mode by the Uttar Pradesh Power Transmission Corporation Ltd (UPPTCL),” the company said in a statement. The allocation process saw active participation from most of the large solar developers from all over the country, the firm added. It will promote the use of solar energy in Uttar Pradesh for large industries and corporations. MYSUN founder and CEO Gagan Vermani said in the statement, “The allocation of this 140 MW is a commitment from our side to provide clean, reliable, and affordable solar power to large energy consumers like industries, data centers, corporate parks, and builders in Uttar Pradesh.”
Reliance Buys Norway’s REC Solar Holdings For $771 Million
Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary of Reliance Industries Ltd (RIL), acquired “100% shareholding of REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co Ltd for an enterprise value of $771 million,” the firm said in a statement. The acquisition will help the Indian giant expand in green energy markets globally, including the US, Europe, Australia, and elsewhere in Asia. REC is renowned for its high-efficiency solar cells and panels. REC makes solar-grade polysilicon and solar panel and modules at facilities in Norway and Singapore. The company has more than 1300 employees globally. Reliance will use REC’s technology to manufacture metallic silicon and solar panels. Reliance is targeting to generate 100 GW of renewable energy by the end of the decade, which will make up to nearly a quarter of the 450 GW target set by Indian Prime Minister Narendra Modi.
Jubilant Ingrevia Acquires 26.6% Stake in AMP Energy’s 15.5 MW Captive PV Plant
Jubilant Ingrevia, has signed an agreement with AMP Energy C&I Private Limited, to acquire a 26.6% stake in AMP Green Energy Fifteen Private Limited to set up a 15.5 MW solar project in Maharashtra for captive power generation. Jubilant Ingrevia is a global integrated life science products and innovative solutions provider company. AMP Energy Green Fifteen (AMP) is a wholly-owned subsidiary of AMP Energy C&I and a step-down subsidiary of AMP Energy India (AMP Energy). The acquisition involves a subscription in the share capital through a combination of equity shares and a subscription of compulsorily convertible debentures for cash consideration of approximately Rs 5.11 crore. The acquisition is expected to be completed within six months.
India Should Increase its Solar Capacity to 5630 GW, to Become a Net-zero Emissions Nation by 2070: Study
India’s total installed solar power capacity would need to increase to 5630 GW if it were to commit to achieving net-zero greenhouse gas emission by 2070, the study titled ‘Implications of a Net-zero Target for India’s Sectoral Energy Transitions and Climate Policy’ said. At present, India has 100 GW of installed renewable energy capacity, of which solar comprises 40 GW, the study released by the Council on Energy, Environment and Water (CEEW) said. India should increase its solar power capacity to 5630 GW in order to become a net-zero emissions nation by 2070, according to a study. The government has set an ambitious target to scale up its total renewable energy capacity to 450 GW by 2030. To meet the target, India should also co-invest and co-develop new green technologies in partnership with other countries to create new jobs and markets. Green hydrogen is one such technology that could replace coal in the industrial sector, Arunabha Ghosh, CEO, CEEW, said.
Cleantech Solar Secures Rs 2 Billion Loan Facility for Open Access Portfolio in India
Cleantech Solar, a leading provider of renewable energy solutions to corporations in India and Southeast Asia, announces the financial close of an INR 2 billion senior secured loan facility with NIIF IFL for the company’s portfolio of Open Access projects in India. With this transaction, the solar developer has established a strategic partnership with NIIF IFL – Infrastructure Debt fund set up by the National Investment and Infrastructure Fund. It will also help optimize the overall capital structure and funding costs for the portfolio. Cleantech Solar has Royal Dutch Shell and Climate Investor One as its strategic investors. Last year, the company secured Asia Pacific’s largest green loan of US $75 million from ING bank and also has loan facilities from SBI-World Bank and Tata Cleantech Capital. Cleantech Solar has significantly ramped up its growth since the company was founded in 2014. The company has a portfolio of over 600 MWp of solar assets across India and Southeast Asia.
Technique Solairs Acquires 34 MW Ground Mounted PV Plant from Jakson
Technique Solaire group formalized the acquisition of a ground-mounted solar power plant project from Jakson Group. The 34 MWp plant is located in Mahoba, in Uttar Pradesh, and produces 49,500 MWh of green electricity per year. The plant was commissioned in 2017 and benefits from a power purchase agreement with Uttar Pradesh Power Corporation Limited. “We hope that this transaction is just the beginning of a promising partnership with the Jakson Group, which now wants to focus on the development of new photovoltaic power plants and redeploy its own funds on projects under construction,” says Manu Bishnoi, India Director of Technique Solaire. With this acquisition Technique, Solairs Indian fleet of PV plants in operation is reached to 68 MWp. The company’s ambition is to have 1 GWp of solar photovoltaic plants in operation by the end of 2024.
Goa to Set Up Floating Solar Plants on 4 Dams
Department of New & Renewable Energy (DNRE) Government of Goa, intends to invite Expression of Interest (EOI) for selection of Solar Power Developer (SPD) from prospective Floating Solar Power Plant Developers/ eligible Bidders/Companies for setting up of Grid-connected Floating Solar Power Plant on Salaulim, Amthanem, Anjunem and Chapoli Dams in the State of Goa on Design, Built, Finance and Operate Model for a period of 25 years. Scope of work includes design, engineering, manufacture, supply, erection, testing, and commissioning of the plants with operation and maintenance and the evacuation of the power and its transmission up to the nearest substation. The bidder is also to assess the potential of the grid-connected floating solar power plant capacity at each location.
ReNew Power to Commission 10.2 GW RE Capacity by 2023
ReNew Power is looking to commission its 10.2 gigawatts (GW) capacity by the financial year 2022-23. It also expects to generate an annual EBITDA of USD 1.1-1.2 billion with the commissioning of the 10.2 GW capacity, said the company. To lead India’s energy transition and global green energy transformation, ReNew aspires to have 18 GW of operational capacity by FY’25, it added. Over the last 10 years, ReNew has emerged as a leader in the Indian renewable energy market and as one of the largest renewable energy companies globally. Going forward, ReNew expects to have significant opportunities for value-accretive growth in the Indian renewable energy market with the bid market representing about 300 GW, corporate PPAs representing 25 GW, and acquisition opportunities representing around 30-50 GW. ReNew’s current operational capacity stands at 6.4 GW following the commissioning of SECI-4 solar project in Jaisalmer, Rajasthan.
Reliance New Energy Solar to Invest $29 Million in NexWafe
Reliance New Energy Solar Limited (RNESL), a wholly-owned subsidiary of Reliance Industries Limited (RIL) has invested $29 million as a strategic lead investor in Germany-based NexWafe GmbH’s (NexWafe) Series C financing round. The investment by RIL will accelerate product and technology development for NexWafe, including the completion of the commercial development of NexWafe’s solar photovoltaic products on prototype lines in Freiburg. Reliance and NexWafe have also entered into an India Strategic Partnership Agreement providing for joint technology development and commercialization, at scale, of high-efficiency monocrystalline green solar wafers, the company said in a statement. Both the companies have also entered into an India Strategic Partnership Agreement providing for joint technology development and commercialization, at scale, of high-efficiency monocrystalline “green solar wafers”.