Daily News Wrap-Up: Reliance Merges its Renewable Energy Arm Into the Company
PFC incorporates three special purpose vehicles to develop independent transmission projects
June 3, 2022
Here are some noteworthy cleantech announcements of the day from around the world:
Reliance Industries announced the amalgamation of its wholly-owned subsidiary Reliance New Energy Limited (RNEL), into the company. The company’s board of directors approved the merger. RNEL was incorporated to undertake new and renewable energy initiatives. The company has decided that Reliance Industries will undertake these initiatives. The equity shares of RNEL are not listed on stock exchanges.No consideration is being paid either in cash or by the issue of shares, and there would be no change in the company’s shareholding pattern.
The Power Finance Corporation (PFC) announced the incorporation of three special purpose vehicles (SPVs) for the development of independent transmission projects, which will be formed under its wholly-owned subsidiary PFC Consulting. The three SPVs are – Khandukhal Rampura Transmission – for the creation of 400 kV Khandukhal, Srinagar to Rampura, Kashipur DC line; Fatehgarh III Transmission – for the development of a transmission system for evacuation of power from the renewable energy zone in Rajasthan (20 GW) under Phase III- Part A3; and Bhadla III Transmission – for the development of transmission system for the evacuation of power from the renewable energy zone Rajasthan (20 GW) under Phase III, Part B1.
Airbus announced the launch of a Zero Emission Development Centre (ZEDC) to develop a cost-competitive cryogenic fuel system required for the successful entry-into-service of Airbus’ ZEROe passenger aircraft by 2035. The ZEDC will benefit from the recent commitment by the UK Government to guarantee £685 million (~$859.24 million) of funding to the Aerospace Technology Institute (ATI) over the next three years to support the development of zero-carbon and ultra-low-emission aircraft technologies. Technology development at the new UK ZEDC, based in Filton, Bristol, has already started and is expected to cover the full product capabilities from components up to the whole system and cryogenic testing. All Airbus ZEDCs are expected to be fully operational and ready for ground testing, with the first fully functional cryogenic hydrogen tank in 2023 and flight testing starting in 2026.
Hero Electric entered into a partnership with Cholamandalam Investment and Finance Company, the financial services arm of Murugappa Group, to offer easy and smart financing for electric two-wheelers. The collaboration aims to make Hero Electric scooters more affordable for discerning and price-conscious buyers with attractive financing solutions. This partnership is expected to enable Hero Electric to cater to newer markets with Cholamandalam’s widespread presence across the country.
Greenzo Energy, a Delhi-based renewable energy developer, announced an investment of ₹3-4 billion (~$38.68 – $51.57 million) to set up a 250 MW electrolyzer factory by 2025. The company aims to ensure the availability of end-to-end solutions within the country and cut down dependence on imports of electrolyzers to produce green hydrogen. The company also announced an investment of over ₹70 million (~$902,541) for the 250 MW PEM technology production of the green hydrogen electrolyzer in 2022-23.