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Faster Deployment of Renewable Energy a Must to Achieve Climate Change Goals


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					</table><p>Haryana-based solar technology startup <a href="https://www.loomsolar.com/" target="_blank" rel="noopener">Loom Solar</a> raised $2 million in funding from the U.S.-based asset manager Social Investment Managers and Advisors (<a href="https://simafunds.com/" target="_blank" rel="noopener">SIMA Funds</a>) to support its growth strategy for solar energy solutions.</p>
<p>Loom manufactures bifacial solar panels and lithium batteries. The company said that its clean solutions currently power more than 50,000 homes across India.</p>
<p>The startup claims to be developing an ecosystem for residential customers to access better technology and quick finance to make solar energy more affordable.</p>
<p>The fundraising activity was supported by the World Bank Group, Development Finance Corporation,  British International Investment, and Dutch development bank FMO.</p>
<p>Director of Loom Solar Amod Anand said, “As we are significantly scaling our portfolio to provide energy access and provide green energy solutions to communities propelling economic growth, reducing carbon emissions, and improving environmental sustainability, the funding support from Social Investment Managers and Advisors is timely. We have successfully delivered clean power to thousands of customers across residential, commercial, and industrial sectors in India, and we look forward to working in the same direction by bringing more efficient green energy solutions in times to come.”</p>
<p>“Loom Solar is one of the fast-growing companies in India in the solar manufacturing space. It has clearly distinguished itself through products, processes, and services. As Loom Solar has been overcoming the disruptions caused by COVID in the supply chain and is steering through the recent changes in import duty that slowed down the market briefly, we believe that EARF support from SIMA can make Loom Solar be more resilient to achieve its energy access goals,” commented Arivazhagan G D, partner at SIMA.</p>
<p>In 2021, SIMA <a href="https://mercomindia.com/sima-launches-energy-access-relief-fund-solar/" target="_blank" rel="noopener">launched</a> the Energy Access Relief Fund with a first close of $68 million and a target closing of around $84 million by the end of the year. The fund aimed to support off-grid solar companies in sub-Saharan Africa and Asia.</p>
<p>In the same year, the Green Climate Fund <a href="https://mercomindia.com/green-climate-fund-137-million-investment-india/" target="_blank" rel="noopener">approved</a> FMO’s proposal to accelerate private and public sector investment in India’s green infrastructure projects.</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/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</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/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Loom Solar Raises $2 Million from US-Based Asset Manager


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					</table><p>Bengaluru-based electric vehicle (EV) charging aggregation platform <a href="https://electricpe.com/" target="_blank" rel="noopener">ElectricPe</a> closed a pre-series A funding round of $5 million, taking the company’s total capital raised in the last 12 months to $8 million. The company said it will use the funds to deepen technology investments and scale its operations.</p>
<p>The funding round was led by Green Frontier Capital, Blume Ventures, and Micelio Fund, while notable investors from Dubai NB Ventures, Anchorage Capital Partners, Supermorpheus, and Climate Angels also participated in the fundraising.</p>
<p>ElectricPe is a Business-2-Customer EV charging and demand generation platform that offers EV users one spot to identify, access, and pay for charging points to make e-mobility easier. The company has dispensed 100 GWh of energy to date.</p>
<p>Co-Founder and CEO of ElectricPe Avinash Sharma said, &#8220;We&#8217;ve received positive consumer response to our offering of a single app to find, use and pay across any charging or swapping station. Our belief has always been in stage-by-stage capitalization as we ramp up our operations and create a holistic full-stack consumer-facing platform.”</p>
<p>Managing Partner at Green Frontier Capital Sandiip Bhammer said, “We are focused on investing in homegrown startups which have a strong vision and are proving their ability to provide a unique technology solution to the growing climate change issue.”</p>
<p>Since its incorporation in 2021, ElectricPe has installed 10,000 live charging points in Bengaluru. The company’s app has witnessed a 30% increase in usage month-on-month, in the past 7.5 months, with customers on the network completing 4 million green kilometers.</p>
<p>&#8221; We are excited to once again back the ElectricPe team to solve the issue of access to charging infrastructure and improve customer satisfaction,” said Shreyas Shibulal, CEO &amp; Founder of Micelio Fund.</p>
<p>“The EV sector is growing at a rapid pace and consumers are seeking full-stack solutions, in one place. Having a trusted dense network of charging/swapping points to find, use and pay will not only help increase adoption but also utilization of charging infrastructure,” said Arpit Agarwal, Director, Blume Ventures.</p>
<p>Last month, the Minister of Road Transport and Highways, Nitin Gadkari <a href="https://mercomindia.com/two-and-three-wheelers-dominate-indias-registered-electric-vehicles/" target="_blank" rel="noopener">informed</a> the lower house of Parliament that India has over 1.8 million registered EVs, with Uttar Pradesh accounting for nearly 23% of the total at 0.41 million.</p>
<p>Last April, Hero Electric <a href="https://mercomindia.com/daily-news-wrap-up-kerc-condones-delay-solar-project-vijayapura/" target="_blank" rel="noopener">partnered</a> with ElectriPe to provide the former’s customers with accessibility to ElectricPe’s charging network across India.</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/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</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/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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EV Charging Aggregation Platform ElectricPe Raises $5 Million in Funding


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					</table><p>Photovoltaics (PV) leasing firm <a href="https://www.enpal.de/" target="_blank" rel="noopener">Enpal</a> has raised €855 million (~$908.78 million) from international investors to jointly refinance over 30,000 new solar systems, energy storage systems, and electric vehicle chargers in Germany.</p>
<p>The company said that the funds would be used to increase the accessibility of green energy to homes and businesses, given that power costs are constantly rising amid the global climate crisis.</p>
<p>Enpal secured combined senior commitments worth €585 million (~$622 million) from global investor <a href="https://www.blackrock.com/institutions/en-us/strategies/alternatives" target="_blank" rel="noopener">BlackRock Alternatives</a>, international financial institution <a href="https://www.ing.com/Home.htm" target="_blank" rel="noopener">ING</a>, investment partner <a href="https://www.pricoaprivatecapital.com/" target="_blank" rel="noopener">Pricoa Private Capital</a>, and pan-European commercial bank <a href="https://www.unicreditgroup.eu/en.html?intcid=INT-IG_CTA0019" target="_blank" rel="noopener">Unicredit</a>.</p>
<p>Additionally, it secured two ancillary working capital facilities of €150 million (~$159.6 million) from ING, enabling Enpal&#8217;s stable fund utilization.</p>
<p>Specialist asset management company <a href="https://infranity.com/" target="_blank" rel="noopener">Infranity</a> signed institutional commitments of up to €120 million (~$127.7 million) in the form of a HoldCo loan.</p>
<p>With the latest fundraise, the total refinancing commitments of Enpal amount to around €1.4 billion (~$1.49 billion).</p>
<p>Enpal&#8217;s Founder and CEO Mario Kohle said, &#8220;As we see customer demand rising continuously as more and more people adopt the model of energy independence, we rely on a robust network of financing partners to allow us to grow faster than anyone else in the market, installing a few thousand new solar units per month.&#8221;</p>
<p>The company owns an installation facility with more than 1,000 permanent installers and electricians. The average delivery time Enpal takes for a solar installation is around six weeks after a particular customer has signed a deal.</p>
<p>&#8220;Not all customers have the necessary funds to purchase a solar system upfront. Our dream is that everyone has a solar system on their roof, an electric car in front of their house, an energy-storage unit in their home, and to bring all these people together to form one big renewable community,&#8221; said Enpal&#8217;s co-founder and chief investment officer Viktor Wingert.</p>
<p>Last year, Enpal <a href="https://mercomindia.com/funding-and-ma-roundup-enpal-raises-322-million/" target="_blank" rel="noopener">raised</a> €275 million (~$292.28 million) from BlackRock, Pricoa Private Capital, and UniCredit. In addition, institutional commitments of €70 million (~$74.41 million) were signed in the form of a subordinated mezzanine loan.</p>
<p>It also <a href="https://mercomindia.com/solar-leasing-firm-enpal-raises/" target="_blank" rel="noopener">raised</a> €150 million (~$159.42 million) from SoftBank Vision Fund 2 in a Series C funding round.</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/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</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/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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PV Leasing Firm Enpal Raises €855 Million for Solar Projects in Germany


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					</table><p>The promoters of India-based wind energy solutions provider <a href="https://www.inoxwind.com/" target="_blank" rel="noopener">Inox Wind</a> have infused ₹6.2 billion (~$75.34 million) into the company to clear its debts, the company said in a BSE filing.</p>
<p>The company&#8217;s Board had approved a proposal to raise up to ₹8 billion (~$97.2 million) funds in August this year by issuing 0.01% non-convertible non-cumulative participating redeemable preference shares on a private placement basis to the promoters&#8217; group.</p>
<p>The company said that it used the funds to clear the advances it received from its parent company Gujarat Fluorochemicals Limited (<a href="https://www.gfl.co.in/" target="_blank" rel="noopener">GFL</a>), to set up wind power capacity.</p>
<p>CEO of Inox Wind, Kailash Tarachandani, said, &#8220;The fund infusion of ₹6.2 billion by promoters along with ₹7.4 billion (~$89.9 million) recently raised through the initial public offering of Inox Wind&#8217;s subsidiary Inox Green Energy Services Limited, will help the company pare down its consolidated interest-bearing liabilities substantially and help improve the profitability of both the operating companies significantly.”</p>
<p>&#8220;The turnaround in the wind sector led by the government&#8217;s initiatives to provide impetus to the sector will augur well in accelerating the company&#8217;s growth,” Tarachandani added.</p>
<p>Further, he said that the fund infusion by the promoters signals a strong conviction and faith that the promoters have in the company, which is equally motivated to deliver on the trust and confidence.</p>
<p>Last month, Inox Wind and its subsidiary Inox Green Energy Services <a href="https://mercomindia.com/inox-wind-inox-green-energy-repay-4-billion-debts/" target="_blank" rel="noopener">repaid</a> loans worth ₹1.61 billion (~$19.56 million) and ₹2.5 billion (~$30.37 million), respectively, as part of a strategic initiative to deleverage the balance sheets. The company cleared the debts to reduce the corporate guarantees given by GFL.</p>
<p>In a bourse filing, the company had stated that both companies were in the process of reducing their debts, with Inox&#8217;s near-term goal being to deleverage all its operating entities.</p>
<p>In August this year, Gujarat-based power company Torrent Power <a href="https://mercomindia.com/torrent-power-acquires-50-mw-wind-inox-green/" target="_blank" rel="noopener">acquired</a> 100% of Wind Two Renergy from Inox&#8217;s subsidiary Inox Green Energy Services for ₹325.1 million (~$3.95 million), representing 100% of the paid-up capital of Wind Two Renergy.</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/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</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/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Promoters Infuse ₹6.2 Billion to Help Inox Wind Cut Debt


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					</table><p>India-focused renewable energy platform <a href="https://www.continuumenergy.in/" target="_blank" rel="noopener">Continuum Green Energy</a> has raised $350 million from two marquee global institutional investors to finance the expansion of its clean energy projects.</p>
<p>Continuum raised the debt by issuing senior secured floating rate notes. The fund-raising round provided the investors with an option to issue an additional $50 million on fulfilling certain conditions.</p>
<p>Continuum Green Energy is majority-owned by a global infrastructure fund managed by <a href="https://www.morganstanley.com/im/en-us/institutional-investor/about-us/investment-teams/real-assets/private-infrastructure-team.html" target="_blank" rel="noopener">Morgan Stanley Infrastructure Partners</a>. Continuum is an India-focused renewable platform with most of its assets focused on the commercial &amp; industrial (C&amp;I) consumers, with 1.3 GW of operating and near-operational capacity and an additional 1.2 GW of projects nearing construction.</p>
<p>Founder &amp; CEO of Continuum Green Energy Arvind Bansal said, &#8220;Raising of funds from marquee investors reaffirms the faith of investors in Continuum&#8217;s business model and the company&#8217;s focus on building high-quality projects. With these funds, the company aims to expand its portfolio to 2.5 GW, mostly as wind and solar hybrid projects, servicing Commercial &amp; Industrial (C&amp;I) consumers, enabling them to meet their sustainability goals economically.&#8221;</p>
<p>Managing Director at Morgan Stanley Infrastructure Partners Raja Parthasarathy said, &#8220;We are happy that Continuum receives this investment and are excited for the growth that the company may realize while deepening their franchise with C&amp;I customers and wind-solar hybrid offerings. This marks another milestone in our 10-year fruitful partnership with Continuum.&#8221;</p>
<p>Last February, the International Finance Corporation, the World Bank Group&#8217;s financial arm,  extended its support to Continuum Green Energy by subscribing to 10% of the company&#8217;s first green bond, which was listed on the Singapore stock exchange. The offering raised nearly $561 million and was meant to refinance its debt.</p>
<p>In June, General Electric and Continuum Green Energy <a href="https://mercomindia.com/ge-acquires-stake-in-continuum-onshore-wind-project/" target="_blank" rel="noopener">announced</a> the financial close of GE Energy Financial Services&#8217; acquisition of a 49% stake in Continuum&#8217;s 148.5 MW Morjar onshore wind project in Gujarat.</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/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</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/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Continuum Raises $350 Million Debt for Expansion of Clean Energy Projects


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					</table><p>The Hinduja Group, along with Caterpillar Venture Capital, Mercuria, Our Crowd, and Volvo Energy, is investing £15 million (~$18.45 million) in <a href="https://c-e-int.com/" target="_blank" rel="noopener">Connected Energy</a>, a second-life battery energy storage company.</p>
<p>The investment will help Connected Energy scale its operations and move into the utility-scale project segment.</p>
<p>The company also expects to meet the growing demand for battery reuse that has come up with the rapid growth of the electric vehicles (EV) market.</p>
<p>Connected Energy said that with an estimated 6.7 million pure EVs operational worldwide and 34.7 million predicted globally by 2030, the potential for battery reuse is vast, as is the need to ensure the resources in the batteries are used effectively.</p>
<p>The company claims to be one of the few in the world that repurposes used vehicle batteries in commercial battery storage systems.</p>
<p>“Batteries that are generally discarded after 25% of their potential use in vehicles still have ten years’ worth of capacity left in them for use in battery energy storage systems,” said Matthew Lumsden, CEO of Connected Energy. A second-life BESS can save an additional 450 tons per MWh of CO2 equivalent compared to first-life lithium-ion batteries.</p>
<p>The investment is viewed as a part of the investors’ strategic roadmap in establishing a battery circular economy as rising fuel prices and supply constraints have led organizations to consider the use of energy storage, increase self-consumption and generate new revenues.</p>
<p>Banking on Connected Energy’s technological expertise for repurposing, it is understood that the new investors will help establish a strong pan-value chain relationship critical for the company’s growth in the second-life battery industry. As the repurposing lessens the environmental impact of used batteries, this will also fulfill their enterprise commitment to sustainability.</p>
<p>Connected Energy looks forward to using this investor support to plan and manage technology and project development to maximize the volume of redeployed batteries in second-life applications. Across its sixteen operational systems, instead of relying on gas-combined heat and power system (CHP), the company uses clean energy sources to balance the energy behind the grid.</p>
<p>Turquoise International UK was the corporate finance adviser to Connected Energy in the fundraising.</p>
<p>With the increase in demand for round-the-clock energy supply and storage, the battery storage sector has seen considerable investments. Battery storage companies <a href="https://mercomindia.com/corporate-funding-battery-storage-q1-2022/" target="_blank" rel="noopener">raised</a> $12.9 billion in corporate funding through 26 deals in Q1 2022, a 222% quarter-on-quarter (QoQ) increase compared to $4 billion raised in 27 deals in the last quarter, according to Mercom’s <a href="https://mercomcapital.com/product/q1-2022-funding-and-ma-report-for-storage-grid-efficiency/" target="_blank" rel="noopener">Q1 2022 Funding and M&amp;A Report for Storage, Grid and Efficiency</a>.</p>
<p>To accelerate the renewable energy transition and cut off its reliance on fossil fuel imports, the United Kingdom recently <a href="https://mercomindia.com/britain-new-energy-security-strategy/" target="_blank" rel="noopener">set</a> out an Energy Security Strategy. The strategy also aims to drive private sector investments into new industries in Britain.</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/vijayalakshmi-sridhar/" class="vcard author" rel="author"><span class="fn">Vijayalakshmi Sridhar</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/New-Project-6.jpg" width="77" height="102" /> <a href="https://mercomindia.com/author/vijayalakshmi-sridhar/" target="_blank" rel="noopener">Vijayalakshmi</a> is a staff reporter at MercomIndia.com. She has two decades of experience as an independent journalist and features writer, and her work is featured across various publications and genres such as business, food, and clean energy. <a href="https://mercomindia.com/author/vijayalakshmi-sridhar/" target="_blank" rel="noopener">More articles from Vijayalakshmi</a>.</p>
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Second-Life Battery Energy Storage Company Secures $18 Million in Funding

<p>Adani Green Energy Limited (<a href="https://www.google.com/search?q=adani+green&amp;rlz=1C5CHFA_enIN652IN652&amp;oq=adani+green&amp;aqs=chrome..69i57j0j69i64j69i59j69i60l2.2168j0j7&amp;sourceid=chrome&amp;ie=UTF-8" target="_blank" rel="noopener noreferrer">AGEL</a>) has announced that its subsidiaries, Adani Renewable Energy Limited, Wardha Solar (Maharashtra), and Kodangal Solar Parks Private Limited, have approved the issuance of dollar-denominated 20-year senior secured green bonds amounting to $362.5 million.<strong> </strong></p>
<p>In a filing with the Bombay Stock Exchange, Adani Green has added that the companies intend to use the proceeds from the issue to repay their respective foreign currency loans and rupee borrowings. Further, the balance of the net proceeds is expected to be used for capital expenditure and other project related liabilities.</p>
<p>The notes are expected to be listed on the Singapore Exchange Securities Trading Limited (SGX- ST). The date of allotment and maturity of the issue will be October 15, 2019, and October 15, 2039, respectively.</p>
<p>The notes will bear interest at the rate of 4.625% per annum, payable semi-annually in arrears on 15th April and 15th October in each year.</p>
<p>The issue has received the following credit ratings: Moody&#8217;s: (Baa3 EXP), Fitch Ratings (BBB- EXP), and S&amp;P (BBB- EXP).</p>
<p>In <a href="https://mercomindia.com/adani-green-500-million-green-bonds/" target="_blank" rel="noopener noreferrer">June 2019</a>, Adani Green had announced that it would soon raise $500 million through green bonds.</p>
<p>Mercom <a href="https://mercomindia.com/adani-greens-revenue-up-39-in-fy19/">recently reported</a> that AGEL’s financial statement shows that for FY 2019, its revenue stood at ₹20.58 billion ($295 million) from the earlier ₹14.8 billion ($212 million), up 39% year-over-year (YoY). While just in the fourth quarter, the revenues saw a rise of 68% compared to the same quarter of 2018.</p>
<p>Earlier, <a href="https://mercomindia.com/adani-green-acquires-51-percent-kodangal-solar/" target="_blank" rel="noopener noreferrer">AGEL</a> had announced the acquisition of a 51% equity share capital in Kodangal Solar Parks Private Limited (KSPPL), comprising a 20 MW solar project which was incorporated back in August 2015.</p>
<p><a href="https://mercomindia.com/adani-ageptel-foray-international-renewable-business/" target="_blank" rel="noopener noreferrer">Last year</a>, Adani Green had incorporated a wholly-owned subsidiary company Adani Wind Energy (GJ) Limited (AWEGL). It also acquired a 100% stake of Adani Green Energy Pte Ltd (AGEPteL) from its Group firm Adani Global Pt Ltd. The purpose of the acquisition of AGEPteL is to make it an investment arm of Adani Green Energy for international renewable businesses. AGEPteL was incorporated in March 2017 for investment in foreign markets.</p>
<p>According to <a href="https://mercomindia.com/research/" target="_blank" rel="noopener noreferrer">Mercom’s India Solar Project Tracker</a>, AGEL has installed solar PV capacity of nearly 2 GW and 1.7 GW of solar PV projects under various stages of development.</p>
<p>Several Indian companies have launched green bonds during this year. Recently, another domestic renewable company, <a href="http://urjaglobal.in/projects" target="_blank" rel="noopener noreferrer">Urja Global Limited</a>, announced that it had received the approval to raise green bonds of up to $500 million (₹35.64 billion) to finance renewable projects and electric vehicles.</p>
<p>Previously, Azure Power Solar Energy Private Limited <a href="https://mercomindia.com/urja-global-green-bonds-renewable-evs/" target="_blank" rel="noopener noreferrer">announced that it</a> would issue a <a href="https://mercomindia.com/solar-developer-azure-power-green-bond/" target="_blank" rel="noopener noreferrer">green bond</a> offering of $350 million (~₹25 billion). The bond is expected to mature in 2024 with an expected US Dollar coupon of 5.65%.</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/shaurya/" class="vcard author" rel="author"><span class="fn">Shaurya Bajaj</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="wp-image-13448 alignleft" src="https://mercomindia.com/wp-content/uploads/2019/05/Screenshot-2019-04-17-at-4.26.41-PM-e1556814659545.png" alt="" width="118" height="124" /><span style="font-family: Calibri"><span style="color: #000000"><span>Shaurya is a staff reporter at MercomIndia.com with experience working in the Indian solar energy industry for the past four years in various roles. Prior to joining Mercom, Shaurya worked with a renewable energy developer and a consulting company. Shaurya holds a Bachelors Degree in Business Management from Lancaster University in the United Kingdom. </span></span></span></p>
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