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					</table><p>Finland-based energy company <a href="https://www.fortum.com/" target="_blank" rel="noopener">Fortum</a> said it is exiting the Indian solar power market after signing an agreement to sell its remaining 43.75% stake in a 185 MW solar portfolio to Gentari Renewables India, a subsidiary of Malaysia-based clean energy firm <a href="https://www.gentari.com/" target="_blank" rel="noopener">Gentari</a>.</p>
<p>The portfolio consists of four solar projects with a total capacity of 185 MW – a 5 MW Amrit project and 70 MW Bhadla project in Rajasthan, 10 MW Kapeli project in Madhya Pradesh, and a 100 MW Pavagada plant in Karnataka.</p>
<p>The other owners, UK Climate Investments Lakeside, with a 40% stake, and a fund managed by <a href="https://www.evli.com/en/products-and-services/mutual-funds" target="_blank" rel="noopener">Evli Fund Management</a>, with a 16.25% stake, are also divesting their full ownership interests.</p>
<p>Fortum first entered the Indian market in 2012, focusing primarily on developing renewable energy projects. However, the company has now decided to limit its exposure in India as part of its strategy to concentrate on the Nordic region, including of Finland, Sweden, Norway, Denmark, and the Baltics.</p>
<p>It will record a profit from this latest divestment when the transaction closes in the second quarter of 2024.</p>
<p>Fortum still retains some electric vehicle charging services and a renewables development portfolio with projects at various stages in India. But the company said it is evaluating alternatives for these remaining Indian operations totalling around €30 million (~$32 million) in net assets and guarantees.</p>
<p>Fortum stated it will not make any further commitments in India going forward.</p>
<p>In 2021, Fortum signed an agreement to <a href="https://www.mercomindia.com/fortum-500-mw-solar-projects" target="_blank" rel="noopener">sell</a> the 250 MW Pavagada II and the 250 MW Rajasthan solar projects in India to Actis, a global infrastructure investment firm.</p>
<p>Meanwhile, REC Solar Holdings, a 100% step-down subsidiary of Reliance Industries, earlier this year <a href="https://www.mercomindia.com/rec-solar-holdings-sell-rec-solar-norway" target="_blank" rel="noopener">entered</a> into a share purchase agreement with Norway-based Elkem to sell a 100% equity stake in REC Solar Norway for an aggregate cash consideration of ₹22 million.</p>


Fortum Exits Indian Solar Market, Evaluates Remaining Operations


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					</table><p><a href="https://www.mercomindia.com/uttarakhand-invites-bids-for-17-25-mw-of-solar-projects" target="_blank" rel="noopener"><strong>UJVN Limited, a Uttarakhand Government undertaking, has floated four tenders for setting up a cumulative 17.25 MW of ground-mounted grid-connected solar projects.</strong></a> The last day to submit the bids is November 28, 2023. Bids will be opened on November 30. The projects must be commissioned within 18 months from the issuance date or date of signing the power purchase agreement, whichever is earlier.</p>
<p><strong><a href="https://www.mercomindia.com/madhya-pradesh-invites-energy-storage-capacity" target="_blank" rel="noopener">M.P. Power Management Company, Jabalpur has invited tenders for the procurement of 500 MW energy storage capacity for six hours of discharge with a maximum of four hours of</a></strong> continuous discharge for 40 years from Inter-State Transmission System -connected pumped hydro storage projects through competitive bidding. The projects have to be developed under a “Build-Own-Operate-Maintain” basis from the projects commissioned or to be developed anywhere in India.</p>
<p><strong><a href="https://www.mercomindia.com/ntpcs-renewable-solar-projects-in-rajasthan" target="_blank" rel="noopener">NTPC Renewable Energy, a wholly owned subsidiary of NTPC, has invited bids for the engineering, procurement, and construction package to develop 650 MW grid-connected solar projects at</a></strong> Bikaner, Rajasthan. The last date for the submission of bids is December 12, 2023. Bids will be opened the same day. Bidders have to submit ₹22500 (~$270) as the cost of the bidding document.</p>
<p><a href="https://www.mercomindia.com/canadian-solar-production-facility-in-the-us" target="_blank" rel="noopener"><strong>Solar module manufacturer Canadian Solar has announced it is setting up a 5 GW solar photovoltaic cell production facility in Jeffersonville, Indiana in the United States with an investment of $800</strong></a> million. Production at the Jeffersonville facility is expected to begin by the end of 2025. The solar cells produced at this facility will be used at the previously announced 5 GW module assembly plant in Mesquite, Texas.</p>
<p><strong><a href="https://www.mercomindia.com/china-renewable-energy-capacity-9m-2023" target="_blank" rel="noopener">China’s renewable energy additions surged to 172 GW during the first nine months of 2023, ending September, a 93% increase from the same period last year, according to the country’s</a></strong> National Energy Administration (NEA). As per the NEA, renewable energy installations accounted for 76% of China’s total newly added installed generation capacity during the period. Further, by the end of September, China’s total installed renewable energy capacity touched 1,380 GW, exceeding that of coal-fired power.</p>
<p><a href="https://www.mercomindia.com/gentari-gic-greenko-green-ammonia" target="_blank" rel="noopener"><strong>Gentari, the clean energy division of Malaysia’s Petronas, has entered into an agreement with AM Green, a green energy platform initiated by the founders of India-based Greenko, to produce 5</strong></a> million tons per annum of green ammonia by 2030 using renewable energy sources. Gentari, through its wholly owned subsidiary, Gentari International Renewables, will co-invest progressively in AM Green Ammonia Holdings.</p>


Daily News Wrap-Up: Uttarakhand Invites Bids for 17.25 MW of Solar Projects


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					</table><p><a href="https://www.gentari.com/" target="_blank" rel="noopener">Gentari</a>, the clean energy division of Malaysia&#8217;s Petronas, has entered into an agreement with AM Green, a green energy platform initiated by the founders of India-based <a href="https://greenkogroup.com/" target="_blank" rel="noopener">Greenko</a>, to produce 5 million tons per annum (MTPA) of green ammonia by 2030 using renewable energy sources.</p>
<p>Gentari, through its wholly owned subsidiary, Gentari International Renewables, will co-invest progressively in AM Green Ammonia Holdings (AMG Ammonia). An affiliate of Singapore&#8217;s investment entity, GIC, is also an investor in AMG Ammonia.</p>
<p>The partnership sets its sights on multi-location production of green ammonia across India. It expects to contribute to India&#8217;s net-zero goals and address the renewable energy demands of Germany, Japan, South Korea, and Singapore. Exports of green ammonia to these key markets are expected to commence by late 2025.</p>
<p>The AM Green Ammonia unit is poised to become a fully funded platform post-investment, enabling phased investments in Andhra Pradesh, Tamil Nadu, Gujarat, Karnataka, and Himachal Pradesh.</p>
<p>AM Green&#8217;s production of green ammonia will be underpinned by round-the-clock renewable energy, made possible through offtake agreements with power producers and electrolyzers manufactured by another unit of AM Green, AM Green Technology and Solutions.</p>
<p>The 5 MTPA of green ammonia equals approximately 1 MTPA of green hydrogen, signifying a fifth of India&#8217;s target for green hydrogen production under the country&#8217;s National Green Hydrogen Mission and 10% of Europe&#8217;s green hydrogen imports by 2030.</p>
<p>“We are delighted to partner with Gentari and GIC to venture into the global low-carbon green economy. The commitment from Gentari and GIC underpins Prime Minister Modi’s vision for India to become a leader in the global energy transition. This strategic partnership will work to accelerate net zero targets of various industries and several OECD economies. Continuous focus on innovation and execution will ensure our venture, AM Green, remains ahead of others in becoming a global clean energy transition solutions platform,” said Anil Chalamalasetty, Founder of Greenko Group and AM Green.</p>
<p>For Gentari, robust collaborations in their focal market of Malaysia and the broader Asia Pacific region are pivotal to realizing their global aspiration of achieving up to 1.2 MTPA in clean hydrogen production by 2030.</p>
<p>Greenko began <a href="https://www.mercomindia.com/greenko-export-green-ammonia-uniper" target="_blank" rel="noopener">negotiations</a> with Germany-based energy company Uniper in February this year for the annual offtake of 250,000 tons of green ammonia to the European Union. Under the agreement, green ammonia would be supplied from Phase I of Greenko ZeroC’s ammonia production unit.</p>
<p>In July, Gentari <a href="https://www.mercomindia.com/renew-gentari-enter-jv-renewable-assets-in-india/" target="_blank" rel="noopener">signed</a> a 50:50 joint venture agreement with ReNew to develop solar, wind, and energy storage assets to achieve a clean power capacity target of 5 GW in India. The partnership followed Gentari’s initial investment for a 49% equity stake in ReNew Power’s 403 MW  power project that the latter announced in May this year.</p>


Gentari, GIC Tie Up with Greenko Founders to Develop Green Ammonia Platform


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					</table><p>Independent renewable power producer <a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew</a> signed a 50:50 joint venture agreement with clean energy solutions provider <a href="https://www.gentari.com/" target="_blank" rel="noopener">Gentari</a> to develop solar, wind, and energy storage assets to achieve a clean power capacity target of 5 GW in India.</p>
<p>The partnership follows Gentari’s initial investment for a 49% equity stake in ReNew Power’s 403 MW  power project that the latter announced in May this year.</p>
<p>Gentari offers lower carbon solutions through renewable energy, hydrogen, and green mobility. The company aims to establish its reach across the electron value chain through collaboration to help customers achieve their net zero emission goals.</p>
<p>The partnership will help Gentari expand its renewable energy portfolio and support its target to build more than 30 GW of renewable energy capacity by 2030 globally.</p>
<p>Under the collaboration, ReNew Power will accelerate its strategies with long-term partners to bolster the power producer’s net-zero goals by 2040.</p>
<p>Founder, Chairman, and CEO of ReNew Sumant Sinha said, “We are delighted to welcome Gentari as a strategic partner in our goal of accelerating the clean energy transition. This partnership will be crucial in developing innovative solutions which will contribute significantly to India’s 2030 goal of achieving 500 GW of installed renewable energy capacity.”</p>
<p>CEO of Gentari Sushil Purohit said, &#8220;We are elated to embark on this strategic collaboration with ReNew, as it holds tremendous potential for accelerating the development of renewable assets in India. With our aligned vision and extensive expertise, we aim to drive rapid progress in expanding India&#8217;s renewable energy capacity and fostering sustainable growth.”</p>
<p>Earlier this month, ReNew Power’s special purpose vehicle, ReNew Dinkar Urja got <a href="https://www.mercomindia.com/renew-powers-overhead-transmission-lines-rajasthan-approved" target="_blank" rel="noopener">approval</a> from the Ministry of Power to set up overhead transmission lines for a 200 MW solar power project in Rajasthan’s Bikaner. The approval has been granted for 25 years.</p>
<p>ReNew <a href="https://www.mercomindia.com/renew-swings-profit-q4-fy23" target="_blank" rel="noopener">recorded</a> a net profit of ₹74 million (~$1 million) in the fourth quarter of the financial year  2023, compared to a net loss of ₹3.5 billion (~$43 million) year-over-year.</p>


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