Daily News Wrap-Up: KPI Global Signs PPAs to Sell Solar Power to Two Industrial Customers
Mahindra & Mahindra and Ford Motor have called off their joint venture
Here are some noteworthy cleantech announcements of the day from around the world:
TP Renewable Microgrid, a wholly-owned subsidiary of Tata Power, has commissioned its 100th solar microgrid project in a remote village of Ratnapur, Uttar Pradesh. This 30 kW microgrid is equipped with a battery and DG-set, enabling a continuous power supply for the community. With this project’s commissioning, TP Renewable Microgrid’s total installed capacity of solar microgrids reached 3 MW.
Mahindra & Mahindra and Ford Motor have called off their joint venture. The outcome was driven by fundamental changes in global economics and business conditions caused by the COVID-19. The company had signed a business transfer agreement and share subscription agreement to form a joint venture with Ford Motor in 2019. Mahindra said the development would not have any impact on its product plan. It will continue to focus on its portfolio of sport utility vehicles and their electric variants.
KPI Global has signed power purchase agreements for 20 years with Ginni Filaments and Sankalp Paper Industries. As per the agreement, Ginni Filaments and Sankalp Paper Industries will procure 1.2 MW and 1.3 MW of energy, respectively, from KPI Global.
The National Solar Energy Federation of India has requested the Power Grid Corporation of India for a waiver of the Construction Bank Guarantee for long-term agreement applicants. In a letter, the Federation recalled that the Central Electricity Regulatory Commission had clarified that applicants are not required to submit any bank guarantee when power purchase agreements are signed.
Hero Future Energies, the renewable arm of Hero Group, has appointed Srivatsan Iyer as its global Chief Executive Officer. Iyer is in the process of taking charge from Sunil Jain, who will be handing over the charge this month. He will focus on strengthening internal business processes, driving project and operational excellence, and increasing innovation to bring down the cost of projects.
Here is our previous daily news wrap-up.
Image credit: Lance Cpl. Christopher Johns, Public domain, via Wikimedia Commons
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.