Daily News Wrap-Up: KKR Launches Platform to Acquire Renewable Assets in India

ReneSola signed a pact with Hai'An Economic and Technologic Development Zone for its solar manufacturing unit


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

ReneSola Energy Nantong, a joint venture of  Zhongnan Industry and ReneSola Yixing, has signed a cooperation agreement with Hai’An Economic and Technologic Development Zone for its solar manufacturing unit. The company had previously stated that 2 billion Chinese Yuan (~$298. 11 million) would be invested to develop the new solar module manufacturing facility. With an annual production capacity of 3 GW, the new manufacturing facility is expected to start production by the end of 2020.

KKR, a global investment company, has launched Virescent Infrastructure, a newly created platform to acquire renewable energy assets in India. Virescent, headquartered in Mumbai, aims to expand its diversified portfolio of renewable energy assets, facilitated by investments made through KKR’s infrastructure fund. Virescent currently has 317 MW of solar assets located in Maharashtra and Tamil Nadu. KKR also entered into a definitive agreement to acquire other operating solar projects across the three different states. Once closed, these projects are expected to become part of the Virescent platform.

FIMER, a solar inverter manufacturer and e-mobility solutions provider, has launched a new portfolio of residential and commercial electric vehicle (EV) chargers. For residential applications, the company introduced its FIMER FLEXA AC Wallbox, a wall or stand mounted charger in three different models. The wall box is made from 100% recycled plastics. It also developed three different models of EV chargers for commercial installations like supermarkets and parking lots.

Iberdrola, a Spain-based electric utility company, has joined hands with Fertiberia to install 800 MW of green hydrogen production capacity in Spain, with an investment of € 1.8 billion (~$ 2.11 billion) over seven years. The partners will commission the first green hydrogen facility for industrial use in Puertollano, Spain, in 2021. Both companies have plans to develop three additional green hydrogen production facilities between 2023 and 2027. The projects would cover 20% of Spain’s national target of 4 GW green hydrogen capacity by 2030.

Vestas Wind Systems and Mitsubishi Heavy Industries Limited (MHI) signed an agreement based on which Vestas would acquire MHI’s shares in the MHI Vestas Offshore Wind joint venture. As part of the deal,  MHI will acquire 2.5% in Vestas and will be nominated to a seat on Vestas’ Board of Directors. Vestas is set to acquire MHI’s 50% share in the MHI Vestas Offshore Wind joint venture against 5.04 million shares in Vestas that will be issued at the closing of the transaction. With a value of around €709 million (~ 829.90 million), the transaction is expected to take place within either the fourth quarter of 2020 or the first quarter of 2021.

Here is our previous daily news wrap-up.

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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