Daily News Wrap-Up: Vector Green Energy Aims to Raise ₹12.37 Billion Through Green Bonds
Jakson Group commissions a 50 MW solar project in Agra
Here are some noteworthy cleantech announcements of the day from around the world:
Vector Green Energy has issued non-convertible debentures to raise ₹12.37 billion (~$166 million) in the Indian capital market. Credit rating agencies CRISIL and India Ratings have given AAA ratings to the green bond issuance. Vector Green Energy is the Indian green energy platform of Global Infrastructure Partners.
Energy and engineering company Jakson Group has commissioned a 50 MW solar project at Kheragarh district, in Agra, Uttar Pradesh. The project, which cost ₹2.5 billion (~$33.6 million), is expected to yield 105.1 GWh of electricity to the grid annually. Through the project, the state aims to supply energy to several districts and villages. Jakson Group had signed the power purchase agreement for the project with the Uttar Pradesh Power Transmission Corporation Limited in February 2019 at a set tariff for 25 years.
Skylark Drones has secured $3 million in a pre-series A funding round. The funding was led by InfoEdge Ventures and IAN Fund. The firm will utilize the sum raised to expand its team and venture into international markets with products such as Spectra and DMO. Alongside, the company is also looking to strengthen its Indian market base with financing. Skylark Drones technology solutions aim to provide geospatial intelligence to entities in sectors such as mining, solar power, agriculture, among others, through artificial intelligence-powered products.
Israel-based e-mobility company REE Automotive has declared its registration statement about its business combination with 10X Capital Venture Acquisition Corp, a publicly listed special purpose acquisition company. The deal has been proclaimed effective by the Securities and Exchange Commission. The closing of the business combination remains subject to approval by 10X’s stockholders. A meeting of the stockholders of 10X Capital Venture is set to take place on July 21, 2021. Upon closing, REE will be listed on NASDAQ under the new ticker symbol ‘REE’. The transaction is expected to enable REE to upscale the production of its REEcorner technology and modular electric vehicle platforms in 2023, with the first REEcornersTM expected to be rolled out in 2022.
Robotic cleaning solutions provider for utility-scale solar projects Airtouch Solar has signed a contract with EDF Renewables to provide water-free robotic cleaning systems. The products are being supplied for three of EDF’s solar PV projects to be commissioned within this year in Israel. Estimated to cost $475,000, the project involves supply, erection, testing, and commissioning of Airtouch robotic cleaning systems. The deal also includes operation and maintenance agreements for 15 years.
Essen-headquartered energy company RWE Renewables, the Fraunhofer Institute for Solar Energy Systems ISE, and the Brandenburg University of Technology have joined forces to build on the innovative floating photovoltaic (PV) technology. As part of the joint research project PV2Float, the teams will test several floating PV systems with varying structure designs under real conditions over three years. The team is currently evaluating an open-pit lake to execute the project. Funded by the German Federal Ministry for Economic Affairs and Energy, the project aims to further work on the potential of the technology. This apart, RWE will also study the German and international market for floating PVs.