Daily News Wrap-Up: Enfinity Global Adds 205 MW of Solar Capacity in India
SE Ventures' €500 million funds to invest in climate and industrial technology
Here are some noteworthy cleantech announcements of the day from around the world:
U.S.-based renewable energy company Enfinity Global added 205 MW of solar capacity in India with the interconnection of 135 MW projects in Maharashtra and the acquisition of six projects from Rays Power Infra in Telangana and Karnataka. The projects are expected to generate 330 million units of electricity annually, equivalent to lighting 285,000 Indian homes and reducing about 300,000 tons of CO2 emissions.
Schneider Electric-backed SE Ventures announced a €500 million (~$513.5 million) Fund II focused on making venture capital investments in climate and industrial technology. Fund II will begin deployment in January 2023, doubling down on SE Ventures’ track record of category-defining companies in climate tech, industrial AI, mobility, prop-tech, and cybersecurity. This move builds upon a 2018 Fund I to bring SE Ventures to €1 billion (~$1.03 billion) of committed capital. Fund I invested in over 40 startups and seven venture funds alongside partnership engagement with over 200 startups. SE Ventures also has an incubation practice to fund innovative ideas and teams in climate and industrial technology.
Cleantech Solar powered up two rooftop solar systems with a total system capacity of 755 kW at United E&P company headquarters in Singapore. United E&P is an asphalt premix producer and construction materials supplier to the local construction industry in Singapore. This long-term solar partnership is expected to generate approximately 14 GWh of clean energy during the project’s lifetime, reducing nearly six kilotons of CO2 emissions. Cleantech Solar is the turnkey solar solution provider for this project, having financed, designed, and built the system, which will also be operated and maintained by Cleantech Solar across the term of the agreement.
Nordex Group will supply 43.2 MW turbines to Belgium-based wind farm operator, Aspiravi. Saint Ode wind farm will receive five turbines with a total 18 MW capacity, and Fernelmont and Perwez farms will receive two turbines with a total 14.4 MW capacity. Nordex Group will also supply three turbines to the Ninove – Denderleeuw – Aalst wind farm in Flanders with 10.8 MW capacity. Delivery and installation will start in the summer of 2023, with the first turbine in the four wind farms starting operation at the end of 2023. The orders also include a service contract for the turbines covering 20 years. Nordex Group is supplying and installing 13 turbines for the 46.8 MW Lommel Kristalpark and Pelt wind farm in Belgium.
Babcock & Wilcox signed an agreement with NRG Korea to study the applicability of B&W’s technology for a hydrogen generation facility using biomass fuel in South Korea. B&W’s BrightLoop chemical looping technology is part of its decarbonization and hydrogen technologies suite. The BrightLoop process uses a proprietary, regenerable particle and has been demonstrated to separate carbon dioxide while producing hydrogen and steam effectively. The technology is ready for commercial scale-up. B&W and NRG have signed a memorandum of understanding to study the technology and potentially develop the project, using waste biomass as feedstock to produce hydrogen for fuel cells for electrical generation.
State Bank of India and Mahindra Solarize entered into an agreement to accelerate the adoption of distributed solar in the small and medium enterprises (SME) sector. The partnership will offer a complete solar solution at competitive rates and provide financing for solar projects in the SME sector. A memorandum of understanding has been signed under a dedicated program called ‘Surya Shakti’ launched by the State bank of India.