Daily News Wrap-Up: IndiGrid Bags Transmission Project to Evacuate 1 GW of Renewables
Here are some noteworthy cleantech announcements of the day from around the world:
REC Power Development and Consultancy Limited (RECPDCL), a 100% subsidiary of REC Limited, handed over the project-specific special purpose vehicle (SPV) —Kallam Transmission Limited— to IndiGrid 1 Limited and IndiGrid 2 Limited’s consortium. The SPV was formed to construct the transmission project for power evacuation from 1 GW renewable projects in Osmanabad, Maharashtra. The consortium was selected through a tariff-based competitive bidding process. The project involves the establishment of 400/220 kV Sub-station at Kallam and line in line out (LILO) of 400 kV double circuit Parli – Pune transmission line. The project is expected to be completed in 18 months.
Mahindra & Mahindra has subscribed to 1,607,400 equity shares of ReNew Sunlight Energy (RSEPL), acquiring 31.2% of RSEPL. Consequently, RSEPL has become an associate of Mahindra & Mahindra, while Mahindra & Mahindra has become a captive user and consumer of solar power generated by RSEPL. Mahindra had entered into a share subscription and shareholders’ agreement with RSEPL and ReNew Green Energy Solutions in July 2021 to subscribe to the shares of RSEPL having a face value of ₹10 (~$0.13), each issued at par aggregating ₹160 million (~$2.14 million), in one or more tranches. Mahindra will acquire the balance 14,466,600 equity shares of RSEPL, given the extension of the project implementation timeline, by March 31, 2022.
Amara Raja Batteries plans to invest in European EV battery manufacturer InoBat Auto. The initial investment will give Amara Raja a key foothold in the thriving European EV ecosystem. InoBat specializes in the research, development, manufacture, and provision of premium electric batteries. InoBat is developing a battery research and development center and production line in Voderady, Slovakia. The project’s next phase will focus on a manufacturing scale-up through several gigafactories planned across Europe and globally. It is backed by a strong consortium of partners, including CEZ, a European utility, and Rio Tinto, a global mining giant.
JinkoSolar Holding’s principal operating subsidiary has finalized its initial public offering (IPO) registration process with the China Securities Regulatory Commission (CSRC). Jinko Solar Co seeks to list on the Science and Technology Innovation Board of the Shanghai Stock Exchange, also known as the STAR Market. The unit will soon enter the issuance process for its IPO. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 31 GW for mono wafers, 19 GW for solar cells, and 36 GW for solar modules, as of September 30, 2021. Jinko has reported a 2.3% year-over-year decline in its total revenue for Q3 of 2021. The revenues were affected by the decrease in the shipment of solar modules.
Chandigarh-based Hartek Solar has installed a 525 KW capacity solar power project at the Golden Temple in Amritsar. The project, awarded to Hartek Solar by a U.S.-based NGO, United Sikh Mission, will generate more than 7,40,000 units of clean electricity every year, offsetting around 2,000 tons of CO2 emissions. The United Sikh Mission has also awarded Hartek Solar a 78 KW solar power plant at Gurudwara Baba Deep Singh and a 600 KW solar power plant in Gurdwara Bir Baba Budha Sahib.