Daily News Wrap-Up: Powergrid to Invest ₹3.31 Billion to Evacuate 20 GW Renewable Energy

NTPC to issue unsecured non-convertible debentures of ₹5 billion


Here are some noteworthy cleantech announcements of the day from India and around the world

Powergrid Corporation of India (PGIL) announced that its board had approved an investment proposal of ₹3.31 billion ($39.9 million) for the transmission system to evacuate 20 GW of power from renewable energy zones (REZ) in Rajasthan under Phase-III Part-J.

NTPC announced that it has decided to issue unsecured non-convertible debentures of ₹5 billion ($60.34 million) through a private placement at a coupon of 7.44% p.a. with a door-to-door maturity of ten years. The proceeds will fund capital expenditure, refinance existing loans, and other general corporate purposes. The debentures are proposed to be listed on BSE. These debentures are being issued under the recommendation of the board and subsequent approval from shareholders.

The U.S. Department of Energy (DOE) has announced $3.7 billion under four programs to help build a commercially viable, just, and responsible carbon dioxide removal industry in the U.S. The programs will be funded by President Biden’s Bipartisan Infrastructure Law. DOE estimates that actions taken through the Inflation Reduction Act and the Bipartisan Infrastructure Law would drive 2030 economy-wide greenhouse gas emissions to 40% below 2005 levels.

Microsoft, Nike, and Common Energy announced they have partnered to subscribe to Standard Solar’s first community solar project in Oregon. The project will generate 3.6 million kWh of clean energy each year, which will be fed into the broader electrical grid. Microsoft will make up the commercial allocation. Approximately 100 Nike employees have subscribed to the residential portion of the project. All subscribers will receive a contracted monthly discount on their electric bills and Renewable Energy Credits proportional to their share of the project’s energy generation. Additionally, 10% of the Skyward generation has been allocated to qualified low- and moderate-income households, which will receive a substantial discount on their electric bills.

Canadian Solar announced that its majority-owned subsidiary CSI Solar will start the mass production of high-efficiency N-type TOPCon (Tunnel Oxide Passivated Contact) solar modules in the first quarter of 2023. The modules are known to have a power output of up to 690W and a cell conversion efficiency of around 25.0%, which is 1.5% higher than the average cell efficiency of the mainstream products in the market.