Daily News Wrap-Up: Adani Green Completes Acquisition of SB Energy India
Union Power Minister urges THDCIL and NEEPCO to bid for solar and wind projects
Here are some noteworthy cleantech announcements of the day from around the world:
Adani Green Energy Limited (AGEL) has completed the acquisition of a 100% stake in SB Energy India from Soft Bank Group (80%) and Bharti Group (20%). The transaction marks the largest acquisition in the renewable energy sector in India. The deal values SB Energy India at about $3.5 billion (~₹260 billion). SB Energy India has 5 GW renewable assets across four states in India through its SPVs. The portfolio holds 1,700 MW of operational renewable assets, 2,554 MW of assets under construction, and 700 MW of assets nearing construction.
Union Power Minister R K Singh urged Tehri Hydro Development Corporation Ltd (THDCIL) and North Eastern Electric Power Corporation Ltd (NEEPCO) to bid for solar and wind projects. The minister asked the Central Public Sector Undertakings (CPSU) to increase their capital expenditure and spend 90% by December 2021. The minister expressed concern over NEEPCO’s high workforce to megawatt ratio and advised the CPSU to align it with the norms set by the Central Electricity Authority. He directed NEEPCO to diversify its operations in renewable energy and expand its operations across the country.
SWELECT Sun Energy has executed a 15-year Power Purchase Agreement (PPA) with Hatsun Agro Product and SICGILSOL Gases to sell solar power. The power will be generated from its 16 MWac (10 MW and 6 MW) solar power plants under the Group Captive model in Trichy, Tamil Nadu. The company commenced the commercial generation of solar power on October 1, 2021.
KPI Global Infrastructure has announced that it has received a letter from Vikram Nuvotech India to terminate the Power Purchase Agreement (PPA) signed for a 1.25 MW solar power plant under the independent power producer segment. KPI Global Infrastructure Limited has also signed a 25- year operations and maintenance agreement and land lease agreement with Anupam Rasayan for ₹390 million (~$5.25 million) for a 12.50 MW solar power plant under the captive power producer category.
The Indian Renewable Energy Development Agency (IREDA) signed a memorandum of understanding with the North Eastern Electric Power Corporation Limited (NEEPCO) to provide technological and financial expertise in developing renewable energy projects and fundraising. IREDA will undertake technical and financial due diligence of renewable energy and energy efficiency and conservation projects for NEEPCO. IREDA will assist it in developing an action plan to create and acquire renewable energy projects for the next five years. IREDA will help NEEPCO to conduct environmental and social due diligence for its renewable energy projects.
Distributed solar company Loom Solar has introduced easy financing solutions to purchase its rooftop solar systems. The company claims that the cost of installing 1 kW of the off-grid solar system is around ₹100,000 (~$1,347). Those wishing to buy a 1 kW solar system on equated monthly installments can get the solar system installed by depositing ₹7,000 (~$94) as the down payment.