Daily News Wrap-Up: Total’s €3 Billion Hybrid Bonds to Finance Renewables, Adani Acquisition

Ninety-two companies based out of Japan have signed the 'Japan Climate Initiative'

January 20, 2021


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

Indian Institute of Technology Delhi’s Sustainable Environergy Research Lab at the Department of Chemical Engineering is actively working on Vanadium Redox Flow Battery (VRFB) technology. Recently, a VRFB based charging station, especially designed under the ‘smart campus initiative’ of the Institute, was inaugurated. The charging station’s stored energy can be used to charge portable electronic devices such as mobile phones, laptops, tablets, and power banks using various charging ports provided in the station.

Chandigarh-based Hartek Solar, the rooftop solar division of the Hartek Group, has announced the commissioning of a 50 kW rooftop project in the institutional category at Alchemist Hospital in Panchkula. The solar project at Alchemist Hospital will generate 72.5 MWh of clean electricity annually, offsetting 1,397 tonnes of carbon emissions.

Ninety-two companies based out of Japan have signed the ‘Japan Climate Initiative’ and called for reconsidering the renewable energy target for fiscal 2030 from 22-24% to 40-50% in the next ‘Strategic Energy Plan,’ to be formulated in 2021. The companies called for an ambitious target to help Japan meet its responsibilities and become one of the global leaders fighting climate change.

Total has issued hybrid bonds to finance its development strategy in renewables. The bonds are to the tune of €3 billion (~$3.63 billion) – €1.5 billion (~$1.81 billion) at 1.625% coupon for the tranche with a seven-year first call date; €1.5 billion (~$1.81 billion) at 2.125% coupon for the tranche with a 12 year first call date. The proceeds from the bonds will be used to finance its development strategy, mainly acquisitions, in renewables, particularly €1.7 billion (~$2.06 billion) for the acquisition of a 20% interest in Adani Green Energy Limited.

Here is our previous daily news wrap-up

Rahul is a staff reporter at Mercom India. Before entering the world of renewables, Rahul was head of the Gujarat bureau for The Quint. He has also worked for DNA Ahmedabad and Ahmedabad Mirror. Hailing from a banking and finance background, Rahul has also worked for JP Morgan Chase and State Bank of India. More articles from Rahul Nair.