Daily News Wrap-Up: Amplus First to Trade on Green Term-Ahead Market

San Francisco-based Motive Power System raised $15 million


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

Amplus Solar said that it became the first solar generator to trade solar electricity on India’s Green Term-Ahead Market (GTAM) under the new Central Electricity Regulatory Commission’s norm. The Indian Energy Exchange (IEX) has recently launched the GTAM on its power trading platform. The platform provides channels to renewable energy generators for the sale of renewable energy through which buyers can meet their Renewable Purchase Obligations (RPOs). Companies can also purchase green power from IEX without any geographical limitations to be part of RE100.

Fiji Development Bank (FDB) announced that the Green Climate Fund (GCF) had approved the bank’s proposal to provide $5 million (~₹370.72 million) for the 4 MW Fiji Agrophotovoltaic project in Ovalau. According to the press release, the project will be equipped with a battery energy storage system. The estimated value of the project is around $10 million (~₹741.36 million). The FDB, GCF, Korean International Co-operation Agency, and Envelops Company Limited would jointly finance the 4 MW project.

San Francisco-based Motive Power System, a sustainable technology firm, said that it secured $15 million funding from GMAG Holdings Corporation. The funding will be made by means of convertible notes that are expected to be converted into a Series C funding round, which Motiv is in the process of raising. With this new financing, Motiv aims to further scale its manufacturing operations, as well as fund technology and geographic expansion. The company delivers all-electric chassis with a software platform for the electrification of medium-duty trucks and buses.

The Green Climate Fund (GCF) allocated $878.8 million for its new round of financing. At its board meeting, the members approved 15 sustainable projects, including solar and building resilience in various countries. This would raise GCF’s total portfolio of climate finance to $6.2 billion. It added Afghanistan and Sudan to the list of over 100 countries receiving GCF support to reduce greenhouse gas emissions and enhance climate resilience.

Here is our previous daily news wrap-up.

Harsh Shukla is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.

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