Daily News Wrap-Up: KP Energy to Build Wind Projects for Aditya Birla

Inox Wind board approves fundraising of up to ₹8 billion

September 2, 2022


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

KP Energy has received an order worth ₹2.22 billion (~$27.89 million) from Aditya Birla Group to develop wind power projects at Bhungar and Fulsar in the Bhavnagar district of Gujarat. The projects will be developed under the Gujarat hybrid power policy 2018. The parties executed definitive contracts for the development of the project with Aditya Birla Renewables Solar and AB REL Solar Power. KP Energy will provide a turnkey balance of plant solutions for the project, including wind site locations, obtain approvals and development permits, manage wind data, and wind farm development works. It will also be responsible for the electrical line network and complete power evacuation from the pooling substation to Gujarat Energy Transmission Corporation (GETCO) substation. The scheduled commissioning date for the projects is March 2023.

Inox Wind received approval to raise funds of ₹8 billion (~$100 million) by issuing 0.01% non-convertible non-cumulative participating redeemable preference shares of the face value of ₹10 (~$0.13) each. The shares will be issued at fully paid up, at par, for cash consideration, on a private placement basis, and approvals. Inox Leasing and Finance will receive up to ₹6 billion (~$75.38 million), and Inox Wind Energy will receive up to ₹2 billion (~$25.12 million). The funds raised will be used to repay debt. With the fund infusion and cash flow from operations, Inox Wind expects to become a net debt-zero company.

Yotta Energy was awarded $1.23 million from the California Energy Commission to develop a solar and storage system to address energy inequality in lower-income areas. The project will include a battery backup for a multifamily property in Santa Ana, California. It will show how Yotta’s scalable technology can increase energy reliability and provide cost savings in underserved communities throughout California. The project will also examine the reduction in greenhouse gas emissions, improvements to the surrounding environment, and implications to the existing utility grid by adding solar + storage in a low-income community. At scale, this can become a cost-effective solution that drives higher solar plus storage adoption rates, providing a pathway to an affordable, distributed energy resource solution for the residential market in California.

The Board of Topsoe has taken a final investment decision to start construction on a solid oxide electrolyzer cell (SOEC) manufacturing plant in Herning, Denmark. Plant manufacturing capacity is 500 MW per year with an option to expand to 5 GW. At 500 MW capacity per year, the new facility will be the world’s largest SOEC manufacturing plant. This is a rapid acceleration not just for Topsoe but also for Denmark and the EU towards a green energy transition while reducing dependence on fossil fuels. The plant will be built in Herning, Denmark, and construction is set to start in the second half of 2022. SOEC consumes less electricity than alkaline and PEM technologies since the process requires less power. With the integration of a steam feed, the SOEC process becomes even more efficient. Topsoe is also delivering on its REPowerEU ambitions. In May 2022, a joint declaration was signed with other industry leaders and the European Commission to commit to a ten-fold increase of European electrolyzer manufacturing capacity by 2025.