Daily News Wrap-Up: SEBI Approves Solar Module Manufacturer Waaree’s IPO Proposal
CERC granted a trading license to SJVN Limited for interstate trading of electricity
January 12, 2022
Here are some noteworthy cleantech announcements of the day from around the world:
Indian solar module manufacturer Waaree Energies has received approval from markets regulator Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO). In September 2021, the company filed the draft papers with SEBI to raise funds via IPO. The IPO included a fresh issue of shares worth ₹13.5 billion (~$182 million) and an offer for sale of up to 4,007,500 equity shares by the company’s promoter and existing shareholders. The company is expected to use the proceeds of the issue to the extent of ₹9.1 billion (~$123 million) for its solar cell manufacturing facility and ₹1.41 billion (~$19.08 million) for the solar module facility. The remaining proceeds would be utilized for general corporate purposes.
ITM Power GmbH announced that its project SINEWAVE had been approved for a €1.95 million (~$2.21 million) award as part of the German Federal Ministry of Education and Research’s hydrogen flagship project H2Giga. The SINEWAVE project is expected to bring together necessary scientific and technical skills to close research gaps in the series production of electrolysis systems. The research project is dedicated to exploring the process of engineering, material science, and digital sub-disciplines to construct efficient integrated large-scale proton-conducting membrane electrolysis systems. This would help produce large quantities of green hydrogen cost-effectively in the future.
The Central Electricity Regulatory Commission (CERC) has granted a trading license to SJVN Limited for interstate electricity trading. The Commission said that SJVN satisfied the Act and Trading License Regulations requirements to grant an inter-state trading license. SJVN said it aims to be a one-stop source for any generator and consumer wanting to trade power in the country and contribute to evaluating India’s robust and competitive electricity market. The company has a portfolio of 41 projects with 16,432 MW capacity, and it bagged 1,670 MW of solar capacity through a competitive bidding process.
On behalf of the Australian Government, the Australian Renewable Energy Agency (ARENA) has announced up to $40 million in funding to support research and development that aims to support the Government’s ultra-low-cost solar stretch goal. Ultra-low-cost solar is added as a priority technology in the Australian Government’s Low Emissions Technology Statements, which targets $15/MW for solar, around one-third of today’s cost. It would also be a key input to scaling up the production of low-cost green hydrogen.
Thyssenkrupp Uhde Chlorine Engineers has signed a supply contract with Shell for the large-scale project ‘Hydrogen Holland I’ in Rotterdam, the Netherlands. As per the contract, the company would engineer, procure, and develop a 200 MW electrolysis project based on their 20 MW alkaline water electrolysis module. The construction work for the electrolyzers would begin in spring 2022. Shell’s final investment decision to build the ‘Holland Hydrogen I’ is expected this year; after that, the project will start production in 2024. The center of the “Hydrogen Holland I” hydrogen project facility will be a hall covering 2 hectares, the size of three football fields. Green hydrogen will be produced for industry and the transport sector, with electricity coming from offshore wind farm Hollandse Kust (Noord). Net-zero is a number one priority for the plant: Reusable construction materials will be applied wherever possible and solar panels will be incorporated in the outside walls of the plant.
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.