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					</table><p><a href="https://www.amp.energy/" target="_blank" rel="noopener">Amp Energy India</a>, <a href="https://renewpower.in/" target="_blank" rel="noopener">ReNew</a> Vikram Shakti, <a href="https://www.herofutureenergies.com/" target="_blank" rel="noopener">Hero Future Energies</a>, and <a href="https://acmecleantech.in/" target="_blank" rel="noopener">ACME Cleantech Solutions</a> have won the Solar Energy Corporation of India (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>)’s auction for developing 1,200 MW of the interstate transmission system (ISTS)-connected wind-solar hybrid power projects (Tranche-VI) with energy storage and assured peak power supply across India.</p>
<p>ReNew Vikram Shakti won the largest capacity of 600 MW by quoting ₹4.69 (~$0.05)/kWh, ACME Solar followed with a capacity of 380 MW at ₹4.73 (~$0.05)/ kWh, while Hero won 120 MW at a tariff of ₹4.72 (~$0.05)/ kWh. Amp Energy India won 100 MW by quoting the lowest tariff of all other winners at ₹4.64 (~$0.05)/ kWh.</p>
<p><em><img decoding="async" loading="lazy" class="aligncenter wp-image-52551 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/Final-Screenshot-2023-04-12-175010.png" alt="" width="770" height="292" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/Final-Screenshot-2023-04-12-175010.png 770w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/Final-Screenshot-2023-04-12-175010-300x114.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/Final-Screenshot-2023-04-12-175010-768x291.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/Final-Screenshot-2023-04-12-175010-650x246.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/Final-Screenshot-2023-04-12-175010-624x237.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/Final-Screenshot-2023-04-12-175010-600x228.png 600w" sizes="(max-width: 770px) 100vw, 770px" /></em></p>
<p>The tender was <a href="https://www.mercomindia.com/seci-floats-tender-for-ists-connected-wind-solar-hybrid-projects" target="_blank" rel="noopener">floated</a> in November last year.</p>
<p>As a part of the project, it is compulsory to install an energy storage system with a minimum capacity of 100 MWh for every 100 MW of project capacity.</p>
<p>The project must be commissioned within 24 months of the Power Purchase Agreement (PPA) effective date.</p>
<p>As per the agreement, the developer must supply energy corresponding to a maximum of 4,000 kWh per MW of the contracted capacity daily during the cumulative number of peak hours, as per the schedule provided by the buying entity.</p>
<p>The projects must be connected to the central transmission utility&#8217;s network at 220 kV or above voltage level.</p>
<p>While developers are free to choose project locations, SECI has specified the project delivery points, which are limited to the substations of the ISTS network.</p>
<p>The substations are located in Andhra Pradesh (2), Madhya Pradesh (2), Karnataka (1), Maharashtra (1), and Tamil Nadu (1). The goal is to align project installations with the necessary transmission and evacuation infrastructure augmentation.</p>
<p>According to the tender, a hybrid power project refers to a project that consists of two components, namely a solar and a wind power project. The rated installed capacity of either of the two components must be at least 33% of the contracted capacity.</p>
<p>If the energy generation exceeds the limit corresponding to the maximum annual Capacity Utilization Factor, the developer is prohibited from selling it to any other entity, except SECI. However, SECI reserves the right to refuse to purchase the excess energy. If SECI purchases the excess energy, the rate will be 75% of the PPA tariff.</p>
<p>In another <a href="https://mercomindia.com/tata-power-amp-energy-ntpc-sjvn-winners-secis-1-2-gw-hybrid-auction/" target="_blank" rel="noopener">auction</a> for SECI’s 1,200 MW interstate ISTS-connected wind-solar hybrid projects (Tranche-V), Tata Power, Amp Energy India, NTPC, and SJVN were declared winners.</p>
<p>Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of the real-time tender activity.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Amp Energy, ReNew, Hero Future, and ACME Win 1.2 GW Hybrid Tender

<p>Indian multinational pharmaceutical company <a href="https://www.cipla.com/home" target="_blank" rel="noopener">Cipla Limited</a> entered into a share subscription and shareholder’s agreement along with a power purchase agreement (PPA) to acquire a 32.49% stake on a fully diluted basis in AMP Energy Green Eleven Private Limited.</p>
<p>Amp Energy will commission a 10 MWac (16 MWdc) captive open access solar project in Osmanabad to supply power to Cipla under a long-term PPA of 25 years.</p>
<p>The project will be an addition to Cipla’s efforts to increase the share of renewable power sources in its operation.</p>
<p>This will be Amp’s second project with Cipla in Maharashtra, the first being a 30 MW project commissioned in December 2020.</p>
<p>Cipla will acquire 750,000 equity shares of face value ₹10 (~$0.13) each at par for a total of ₹75 million (~$1 million). Cipla will also subscribe to 67,500 compulsorily convertible debentures of ₹1,000 (~$13.40) each.</p>
<p>Post-acquisition, AMP Energy Green Eleven Private Limited will become an associate of Cipla.</p>
<p>Subscription to equity shares and compulsorily convertible debentures shall be completed within two months from the date of signing the transaction documents.</p>
<p>AMP Energy Green Eleven Private Limited, a wholly-owned subsidiary of AMP Energy, is a special purpose vehicle formed to set up a captive solar power project in Maharashtra.</p>
<p>In January 2021, Cipla had <a href="https://mercomindia.com/cipla-procure-open-access-amp-energy/" target="_blank" rel="noopener">announced</a> that it would procure solar power from a 20 MWac group captive project in Tuljapur, Maharashtra. This project will supply power to Cipla’s manufacturing units at Kurkumbh and Patalganga in Maharashtra. In May 2019, Cipla had <a href="https://mercomindia.com/cipla-to-acquire-26-stake-in-amp-solar/" target="_blank" rel="noopener">acquired</a> a 26% stake in AMP Solar Power System, a wholly-owned subsidiary of AMP Solar Technology, and a special purpose vehicle formed to set up the captive solar project.</p>
<p>India installed 307 MW of open access solar capacity in the third quarter of the calendar year 2021, registering a 47% increase compared to 209 MW installed in Q2 2021, according to Mercom’s <a href="https://mercomindia.com/product/india-solar-open-access-market-report-q3-2021/" target="_blank" rel="noopener">India Solar Open Access Market Report Q3 2021</a>.</p>
<p>One of the driving factors for the expansion of open access is that the commercial and industrial (C&amp;I) consider it a viable alternative source for procuring power. In Maharashtra, the multi-year tariff has been one of the reasons for the growth of the open access market. It gives the consumers a long-term perspective of energy and fixed charges. Maharashtra is also home to a large number of industrial consumers who pay a high cost for procuring power from DISCOMs, making open access a more viable choice.</p>
<p><em>Note: The installation number is updated to reflect the AC and DC capacity.</em></p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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Cipla to Procure Power from AMP Energy’s 16 MW Open Access Solar Project

<p>From: <a href="https://mercomcapital.com/project-finance-brief-project-closes-financing/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Amp Power Australia, the Australian operating company of global clean energy project developer Amp Energy, <a href="https://www.prnewswire.com/news-releases/amp-closes-financing-for-the-120-mw-hillston-solar-farm-301378120.html" target="_blank" rel="noopener">closed </a></strong><strong>project financing for its 120 MW Hillston Solar Farm</strong> in New South Wales, Australia. Natixis and Export Development Canada (EDC) led the project finance activity as Mandated Lead Arrangers, with Natixis being the LC Provider and Sole Hedging Provider. The project is likely to be completed in early 2022.</p>
<p><strong>Vineyard Wind, a joint venture between Avangrid Renewables and Copenhagen Infrastructure Partners (CIP), </strong><a href="https://www.vineyardwind.com/press-releases/2021/9/15/vineyard-wind-1-becomes-the-first-commercial-scale-offshore-wind-farm-in-the-us-to-achieve-financial-close" target="_blank" rel="noopener"><strong>achieved</strong></a><strong> financial close with $2.3 billion of senior debt to construct the Vineyard Wind 1</strong>,<strong>800 MW offshore wind project</strong>. The onshore work will begin this fall in Barnstable, with offshore work commencing in 2022.  The Vineyard Wind 1 will deliver power to the grid in 2023. Advised by Santander, the nearly $2.3 billion of senior debt also includes investments from nine banks, namely Bank of America, J.P. Morgan, BBVA, NatWest, Santander, Crédit Agricole, Natixis, BNP Paribas, and MUFG Bank.  The project’s lead financing counsel was Norton Rose Fulbright.</p>
<p><strong>EDF Renewables North America (EDFR), an independent power producer and service provider in renewable energy, and MEAG, an asset management company,</strong> <a href="https://www.businesswire.com/news/home/20210914005853/en/EDF-Renewables-North-America-and-MEAGMunich-Re-Agree-to-Partner-in-Two-US-Renewable-Energy-Projects-in-the-United-States" target="_blank" rel="noopener"><strong>announced</strong></a> a strategic investment whereby a subsidiary of Munich Re will acquire a 50% stake in two renewable energy projects in California. The Maverick 6 Solar-plus-Storage Project is 131 MWdc coupled with a 50 MW/200 MWh battery energy storage system. The Maverick 7 Solar Project has a capacity of 179 MWdc. The projects are located adjacent to Riverside County on federal lands and will likely commence operations in December 2021.</p>
<p><strong>New Energy Equity (NEE), a solar projects developer based in the U.S., has </strong><strong><a href="https://mercomcapital.com/solar-developer-new-energy-equity-revolving-loan-facility/" target="_blank" rel="noopener">secured</a></strong><strong> a $50 million unitranche revolving loan facility. </strong>Silicon Valley Bank and SVB Capital, financial partners in the renewable energy and technology industry, led the round. The developer will use the facility to build community solar projects of 60 MW or more in New York and other markets. The facility covers a significant portion of the project’s construction and financing expenses. It allows the company to meet its working capital needs while also allowing for asset flexibility, subject to lender approval.</p>
<p><strong>CVE Chile, a subsidiary of independent power producer of renewable energy projects CVE Group (CVE), </strong><a href="https://www.prnewswire.com/news-releases/cve-chile-and-natixis-sign-95-million-facility-to-finance-a-selected-portfolio-of-photovoltaic-plants-in-chile-301375776.html" target="_blank" rel="noopener"><strong>closed</strong></a><strong> a $95 million senior secured facility. </strong>The funding is for a portfolio of solar PV projects in Chile with an expected capacity of 150 MW. Natixis acted as the sole lead arranger, hedge provider, LC issuing bank, and administrative agent. CVE’s portfolio consists of solar projects under Chile’s special regime for distributed generation projects (PMGD).</p>
<p><strong>Canada-based holding company ATCO </strong><a href="https://www.atco.com/en-ca/about-us/news/2021/122932-atco-acquires-39-mw-solar-development-project-in-eastern-alberta.html" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> a 39 MW photovoltaic solar project under construction in Alberta. </strong>ATCO purchased the development rights to the project, Empress Solar Project, from a third-party developer through Canadian Utilities Limited. The project will use around 85,000 bifacial solar panels connected to a single-axis tracking system to supply enough renewable electricity to power more than 11,000 houses yearly, offsetting 43,000 tons of CO2. The project has secured its primary permits, with commercial operations expected to commence in 2022. The agreement’s financial details are undisclosed.</p>
<p><strong>NextPower III ESG, the international solar fund of NextEnergy Capital (NEC), signed an <a href="https://www.nextenergycapital.com/news/" target="_blank" rel="noopener">agreement</a> to acquire a 42.3 MW solar PV project portfolio in Poland</strong>. This marks NPIII ESG’s first acquisition in Poland. The project is expected to be completed in Q4 2021. Green Genius (part of Modus Group), a developer of renewable energy projects, developed the portfolio.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week’s project finance <a href="https://mercomindia.com/project-finance-brief-statkraft-co-located-solar-projects/" target="_blank" rel="noopener">brief</a>.</p>
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Project Finance Brief: 1.8 GW Vineyard Wind Offshore Project Closes $2.3B in Financing

<p>Leading telecom operator Bharti <a href="https://www.airtel.in/about-bharti/about-bharti-airtel" target="_blank" rel="noopener noreferrer">Airtel</a> Limited has entered into an agreement with AMPSolar Evolution Private Limited (AMPSolar), a wholly-owned subsidiary of AMPSolar Technology Private Limited (AMP), to acquire equity shares and compulsorily convertible debentures (CCDs) as part of a group captive solar project deal.</p>
<p>As per the Bombay Stock Exchange (<a href="https://www.bseindia.com/" target="_blank" rel="noopener noreferrer">BSE</a>) filing, the acquisition doesn’t fall under the purview of “related party transactions.” The acquisition is scheduled to be completed by April 2020, which is the scheduled commercial operation date.</p>
<p>The total cost of acquisition is ₹84 million (~$1.2 million) which includes subscription of 84,000 (26%) equity shares of ₹10 (~$0.141) each in tranches and subscription of 83,160 (26%) of CCDs of ₹1,000 (~$14.1) each.</p>
<p>Speaking to Mercom, a company spokesperson for AMPSolar said, “Airtel will be buying power from us in Uttar Pradesh through the group captive model. We are also in talks with other companies, and it will take some time to materialize.”</p>
<p>The Sunil Bharti Mittal-led firm has signed the agreement with the primary objective to meet the green energy needs and comply with the regulatory requirement.</p>
<p>Large corporations in India are slowly getting into renewable energy. As most states have made it extremely difficult to procure solar energy through open access by adding a slew of additional charges on consumers, <a href="https://mercomindia.com/group-captive-solar-market-2019/" target="_blank" rel="noopener noreferrer">group captive</a> has become a more attractive model.</p>
<p>Unlike an individual captive or third-party sale power project, group captive is an arrangement through which a developer sets up a power project for the collective use of multiple industrial or commercial consumers who have 26% equity in the project and must consume 51% of the power produced. Typically, in a group captive setup, a developer will build the project under a special purpose vehicle (SPV) company and offer 26% equity to the consumer. Further, an agreement is entered into to buy back the shares on the termination of the procurement contract.</p>
<p>In May this year, Mercom <a href="https://mercomindia.com/cipla-to-acquire-26-stake-in-amp-solar/" target="_blank" rel="noopener noreferrer">reported</a> that Mumbai-based pharmaceutical giant Cipla Limited signed an agreement to acquire a 26% stake on a fully diluted basis in AMPSolar Power Systems Private Limited. AMPSolar Power Systems is a wholly-owned subsidiary of AMP Solar Technology Private Limited, and the special purpose vehicle (SPV) was formed with the sole purpose of setting up a captive power plant in Maharashtra.</p>
<p>Previously, Mercom had <a href="https://mercomindia.com/mpuvnl-35mw-solar-rooftop-auction/" target="_blank" rel="noopener noreferrer">reported</a> that AMPSolar quoted the lowest tariff (L1) of ₹1.58 (~$0.022)/kWhat the auction held by the Madhya Pradesh Urja Vikas Nigam Limited (MPUVNL) for the development of 35 MW of grid-connected rooftop solar under RESCO model. The company will install rooftop solar at ten sites of Power Grid Corporation of India (<a href="http://www.powergridindia.com/" target="_blank" rel="noopener noreferrer">PGCIL</a>), a central government PSU, with an estimated capacity of 2.25 MW. The total capacity won by AMPSolar is 7.42 MW distributed among 27 sites. The company quoted the maximum tariff of ₹1.67 (~$0.024)/kWh for institutions of central government or of national importance.</p>
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