Daily News Wrap-Up: Azure Power to Raise $249.93 Million from its Rights Offering

Eversola completed a 10 MW solar project for Chn Energy Group


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

Azure Power Global Limited announced the close of the subscription period for its rights offering. The company is expected to raise $249.93 million from the rights offering, backstopped by its shareholders CDPQ Infrastructures Asia and OMERS Infrastructure Asia Holdings. The company will announce the final results of the rights offering on January 26, 2022. Investors who have participated in the rights offering should expect to see the shares of common stock issued to them in book energy or form on or about January 28, 2022.

Eversola has announced that it has completed a 10 MW solar project for Chn Energy Group. The company completed engineering, procurement, and construction (EPC) works of 10 MW of rooftop solar project within two months. Chn Energy has plans to reduce 2% carbon dioxide emissions annually. The project will help Chn Energy reduce 1,228 tons of carbon dioxide emissions annually.

A consortium consisting of ACWA Power, Gulf Investment Corporation, and Alternative Energy Projects inaugurated Ibri 2, the first independent solar power project to be launched under Oman’s national renewable energy program and connected to the national grid. The consortium is expected to produce renewable energy for 15 years for the Oman Power and Water Procurement Company. With an investment of $417 million, the project was developed on a build, own, operate basis, utilizing solar photovoltaic technology to generate 500 MW of renewable power.

INERATEC, a Germany-based sustainable e-fuel developer, has raised over 20 million in a Series A funding round. Strategic investors join INERATEC to scale up the production capacities of synthetic fuels made from carbon dioxide and green hydrogen towards the megaton scale. Last year, the company already opened the pilot project to produce sustainable e-kerosene in the Emsalnd region, Lower-Saxony, Germany. The company aims to develop an industrial plant close to Frankfurt Airport to produce sustainable synthetic fuels in 2022. The facility is expected to produce up to 4.6 million liters of e-fuels annually from 10,000 tons of biogenic carbon dioxide and renewable electricity.

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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