Daily News Wrap-Up: SJVN Plans to Book Revenues of $100 Million From Carbon Credits

cKers Finance provides a debt financing facility to SUN Mobility to accelerate EV deployments


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

The joint venture (JV) of Creduce Technologies and Hydel Construction has won the bid from state-owned Satluj Jal Vidyut Nigam Ltd (SJVN) for a hydropower carbon credits project. This project under the joint venture could result in the creation of more than 80 million carbon credits from Satluj Jal Vidyut Nigam’s vintage project, making it the biggest public-private collaboration for the claim and trade of carbon credits in the country in recent times. Looking at the current international carbon market prices, the project is poised to fetch ~$100 million in revenue for SJVN. SJVN decided to avail of the carbon credits and invited bids from the eligible service providers. The JV emerged as the winner in the tendering process.

cKers Finance, a non-banking financial company, focused on financing sustainability and clean energy in India, has provided a debt financing facility to SUN Mobility. SUN Mobility is a provider of energy infrastructure and services for electric vehicles. The capital being provided to SUN Mobility will be used to accelerate the deployment of electric vehicles integrated with SUN Mobility’s swappable batteries as part of the company’s Mobility as a service (MaaS) model. As part of the partnership, SUN Mobility has already started deploying hundreds of high-capacity Piaggio Ape e-Xtra electric three-wheelers (E3W) with third-party logistics service providers. SUN Mobility launched E3Ws that offer them a high payload of more than 500 kg and an unlimited battery range. The MaaS model allows customers to onboard vehicles with no upfront capital cost or needs to own the vehicle.

Siemens Gamesa signed two preferred supplier agreements for the MFW Baltyk II and MFW Baltyk III wind power plants with Equinor and Polenergia. These signings represent the first preferred supplier agreements announced in the emerging Polish offshore wind market and the first conditional agreements for the SG 14-236 DD offshore wind turbine. The conditional agreements cover the supply of the company’s class-leading SG 14-236 DD offshore wind turbines. Service agreements are also included. The twin developments due north of the northernmost point of the Polish mainland are intended to utilize the SG 14-236 DD machine to deliver clean energy to two million Polish households. Both 720 MW agreements remain subject to customary conditions, including final investment decisions and required permitting, planned for 2024. The first power is expected to be delivered in 2027.

ACEN, the listed energy platform of the Ayala Group, has switched on the Philippines’ first hybrid solar and energy storage project. The pilot 40 MW energy storage project, located in Alaminos, Laguna, will allow the company to evaluate opportunities to store energy more effectively across ACEN’s portfolio to provide a sustainable and reliable energy source for the country. The 2×20 MW energy storage facility,  which can deliver up to 40MW/60 MWh, is adjacent to ACEN’s 120 MW Alaminos solar farm and is configured to help manage internal electricity demands and store electricity when the solar plant is generating power. It will also provide ancillary services to the national grid. The facility holds 24 battery containers with SAFT 2.5 MWh lithium-ion batteries, enough to power about 20,000 homes and help offset 35.87 metric tons of CO2e emissions per year.

K2 Management (K2M), a leading renewable energy engineering and project management consultancy, has been appointed as Independent Engineer for two Liberty wind projects in Pakistan. This follows the successful Owner’s Engineer role for Artistic Wind Energy, which recently saw its project in Jhimpir, successfully completed all reliability tests and connected to the grid. K2M’s work on these projects demonstrates the important role it plays in Pakistan’s rapidly growing wind industry, collaborating with its local partner Ray Analytics to support developers and owners to scale-up clean energy capacity in the country. It has been appointed as an independent engineer to represent local utility Central Power Purchasing Authority (CPPA) for the Liberty 1 and Liberty 2 Wind Power projects, with a combined capacity of 100 MW. K2M will ensure the project is compliant with network and grid requirements as it nears completion.


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