Daily News Wrap-Up: SJVN Receives Letter of Intent for 125 MW of Solar Projects

Azure Power to raise up to $249.93 million in a rights issue


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

Uttar Pradesh New and Renewable Energy Agency (UPNEDA) issued a letter of intent to SJVN for 75 MW of grid-connected solar power project in Jalaun and a 50 MW of grid-connected solar project in Kanpur. SJVN quoted ₹2.98 (~$0.040)/kWh for both these projects, and UPNEDA would procure power generated from these projects for 25 years. The projects are expected to help achieve SJVN’s vision of 5,000 MW of renewable energy capacity by 2030.

Indian independent renewable power producer Azure power announced that its Board of Directors had approved rights offering to raise up to $249.93 million. According to the rights offering, each shareholder of the company would receive one non-transferable subscription right for each equity share with a par value of $0.000625 per share. With each subscription right, the shareholder will be entitled to each right to purchase 0.3725 equity shares at the subscription price of $15.79 per share.

The Ministry of Heavy Industries stated that a total of 115 companies had filed their applications under the Production-Linked Incentive program for the automobile and auto component industry. The program would incentivize high-value advanced automotive technology vehicles and products and help manufacturers provide more efficient and green automotive manufacturing. The program with a budgetary outlay of ₹259.38 billion (~$3.50 billion), along with a PLI program for advanced chemical cells with a budget of ₹181 billion (~$2.44 billion) and Faster Adaption of Manufacturing of Electric Vehicles (FAME) program with a budget of ₹100 billion (~$1.35 billion), would enable India to leapfrog to a more sustainable electric vehicle-based transportation system.

Adani Enterprises Limited has incorporated Adani New Industries Limited with an initial authorized and paid-up share capital of ₹100,000 (~$1,350) each. The subsidiary company is expected to develop and operate projects to synthesize low-carbon fuels and chemicals. It is expected to generate low-carbon electricity and green hydrogen. The company would also manufacture wind turbines, solar modules, batteries, and electrolyzers.

Robotic solar cleaning solution provider Eccopia said its project portfolio surpassed 3 GW capacity. The portfolio aligns with the company’s global expansion activities into new geographies. Its robotic solutions portfolio provides solar developers an optimal way to lower operation and maintenance expenses. With its robotic solar cleaning solutions, Eccopia said it had saved over six billion liters of water in the most arid regions globally and is projected to save over 100 billion liters of water by 2030.

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.

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