Daily News Wrap-Up: Corporate Funding for Energy Storage Rises 67% YoY in Q2

Indian Oil floats O&M tender for 3 MW solar project in Andhra Pradesh

July 26, 2023


In the first half (1H) of 2023, corporate funding for energy storage companies reached an impressive $7.1 billion across 59 deals, according to Mercom Capital Group’s 1H and Q2 2023 Funding and M&A Report Storage and Grid Report. Although this represented a 55% year-over-year decrease compared to the unprecedented $15.8 billion raised in 60 deals in 1H 2022, it’s crucial to note that LG Energy Solutions’ massive $10.7 billion IPO in January 2022 significantly skewed the YoY comparison.

Indian Oil Corporation has invited bids for the operation and maintenance (O&M) of a 3 MW solar power project for one year at its LPG bottling plant in Kadapa, Andhra Pradesh. The contractor will perform comprehensive O&M of the solar project and evacuation infrastructure for one year, attending all repairs and maintenance jobs of the complete solar project with the whole transmission network, underground cable, switchyard, bay (up to metering cubicle) at the substation including the supply of materials.

Decarbonizing the transport sector poses a substantial challenge for G20 countries as they grapple with varying stages of motorization, decarbonization, and the transition to sustainable transport, according to a report by Agora Verkehrswende, Deutsche Gesellschaft für Internationale Zusammenarbeit, and NITI Aayog. Over the decades, the transport sector has significantly contributed to global CO₂ emissions, accounting for approximately one-quarter of emissions from fuel combustion and 15% of total greenhouse gas emissions annually.

France-based energy conglomerate TotalEnergies is acquiring full ownership of renewable energy company Total Eren. The deal follows a strategic agreement signed in 2017 between the two, which granted TotalEnergies the right to acquire the entirety of Total Eren shares after five years. With the purchase, TotalEnergies will increase its stake from approximately 30% to 100%, fully integrating Total Eren’s teams within its renewables business unit. The acquisition of 70.8% represents a net investment of around €1.5 billion (~$1.6 billion) for TotalEnergies.

Waaree Renewable Technologies, the solar engineering, procurement, and construction (EPC) arm of the Waaree Group, posted a net profit of ₹111 million (~$1.36 million) in the first quarter (Q1) of the financial year (FY) 2024, an increase of 12% year-over-year from ₹99 million (~$1.21 million) in Q1 FY 2023. The growth in net profit can be attributed to the successful execution of nearly 96 MW of solar EPC projects during the quarter that ended in June.

Australia is a leader in the global battery energy storage systems market, with the total pipeline of announced projects surpassing 40 GW, according to the latest analysis by Wood Mackenzie. Australia has witnessed a surge in renewable energy and has implemented a competitive market design, which has positioned it as one of the attractive markets for large-scale energy storage on a global scale. The presence of competitive wholesale and frequency control markets has created diverse revenue streams for battery storage projects.

Switzerland-based solar panel manufacturer Meyer Burger has announced it would set up a 2 GW solar cell factory in Colorado Springs, Colorado. The move comes as part of Meyer Burger’s efforts to strengthen its position in the North American solar market and meet the increasing demand for renewable energy solutions in the region. The company’s upcoming solar cell factory is scheduled to begin production in the fourth quarter of this year. The facility will be equipped to manufacture solar cells, utilizing heterojunction technology.

Renewable energy company REVKOR Energy Holdings and solar equipment manufacturer H2GEMINI Technology Consulting will jointly construct a 5 GW heterojunction technology (HJT) solar cell and module manufacturing facility in Salt Lake City, Utah. The initial phase will focus on building a 5 GW annual production facility, with production set to begin in the second quarter of 2024. In phase two, the capacity will expand to 20 GW by the end of 2025.