Daily News Wrap-Up: Kerala to Make it Easier for Consumers to Setup Rooftop Solar

Form Energy raises $240 million in Series D financing round


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

The Kerala State Electricity Board (KSEB) has decided to set up a single point of contact at the corporate office level to ease the procedure for consumers interested in setting up grid-connected rooftop solar systems. KSEB would also set up a web portal for solar rooftop applications so that applicants can monitor the status of their requests. Consumers will not have to approach various offices as all services, from application submission to the commissioning of the plant, can be availed from a single point of contact. An officer not below the rank of an executive engineer in the chief engineer’s office would be appointed as the corporate-level single point contact in the case of grid-connected solar installations. The single point of contact comes as per the provisions envisaged in the Electricity (Rights of Consumers) Rules 2020 passed by the Union government. KSEB maintains it has given shape to various mechanisms for enabling the hassle-free implementation of the rules, which came into force on December 31, 2020.

Long-duration battery energy storage system startup Form Energy announced the close of a $240 million Series D financing round led by ArcelorMittal’s XCarb™ innovation fund. TPG’s global impact investing platform TPG Rise participated in the Series D, investing through TPG Rise Climate, its dedicated climate investing strategy, and The Rise Fund, its longstanding, multi-sector impact investing strategy. Perry Creek Capital, along with existing investors NGP Energy Technology Partners III, Coatue, Temasek, Energy Impact Partners (EIP), Breakthrough Energy Ventures (BEV), Prelude Ventures, MIT’s The Engine, Capricorn Investment Group, Eni Next, and Macquarie Capital also joined the round. This brings Form Energy’s total funds raised to over $360 million. Form Energy’s first project with Minnesota-based utility Great River Energy is expected to go online in 2023, with larger systems ready for wider deployment in 2024.

Indian state-owned power sector enterprise THDC India has raised corporate bonds of ₹12 billion (~$161 million) from the debt market through e-bidding. The secured corporate bonds series -V was issued with a base size of ₹4 billion (~$53.93 million) and a greenshoe option of ₹8 billion (~$107 million) with a tenor of 10 years. The bond proceeds would be utilized to meet the debt requirement of ongoing and under-construction projects partly. The coupon rate discovered through the Bombay Stock Exchange – Electronic Bidding Platform was 7.39% for ₹12 billion. CARE and India ratings assigned the bonds with a credit rating of AA “Stable. ” The company received bids for ₹35.74 billion (~$481 million) against a total issue size of ₹12 billion. THDC has an operational portfolio of 1587 MW consisting of hydro, wind, and solar power and another 2,764 MW under construction.

Renewable fuels company Raven SR collaborates with Republic Services to convert organic waste to produce green hydrogen in Richmond, California. Raven SR’s first commercial systems will divert a blend of green waste and food waste from the landfill, thereby reducing methane emissions, and will have a negative carbon intensity generating a California Low Carbon Fuel Standard (LCFS) credit for fueling stations.  Raven SR’s process involves no combustion, unlike gasification or incineration, as confirmed by the California Department of Toxic Substances Control. This will help curb toxic pollutants and particulates. Raven SR will process organic waste from Republic Services’ West Contra Costa Sanitary Landfill to produce up to 2,000 tons of renewable hydrogen per annum. The green hydrogen will be resold in commercial fueling stations in Northern California to power passenger and heavy-duty fuel cell vehicles.

Lithium-ion battery provider Kokam Co, a subsidiary of SolarEdge Technologies, has entered into a contract to supply Electricité de Tahiti (EDT) with a 15 MW/10.4 MWh battery energy storage system (BESS) in Tahiti. With an integrated 20Mvar STATCOM, the battery will replace EDT’s spinning reserve diesel generators. It will serve as a virtual synchronous generator. EDT may reduce fuel costs by approximately ~€1.25 million (~$1.46 million) per annum through increased renewable energy integration and improved diesel genset operations. The VSG is also expected to increase savings in the form of reduced generator maintenance costs and the extension of generator operational lifespan.

India has achieved emissions reduction of 28% over 2005 levels, against the target of 35% by 2030 committed in its Nationally Determined Contributions. This makes India among one of the few countries globally which has kept to its Paris Climate Change (COP21) commitments along with an exponential increase in renewable energy capacity, according to Union Minister of Power and New & Renewable Energy, and President of International Solar Alliance, R K Singh.



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