CERC Approves Tariffs for SECI’s 600 MW Wind-Solar Hybrid Projects

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Power Ministry Proposes Sale, Lease, Renting of Energy Storage Systems

NHPC Issues Tender for 2.5 MW Rooftop Solar Projects in Nagaland

NTPC Raises $750 Million via External Commercial Borrowing


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					</table><p>Chennai-based <a href="https://www.spbltd.com/" target="_blank" rel="noopener">Seshasayee Paper and Boards</a> has announced it will source 39 MW of renewable energy from Ganeko Solar, <a href="https://zelestra.energy/india/" target="_blank" rel="noopener">Zelestra Corporacion’s</a> wind-solar hybrid power project affiliate.</p>
<p>Seshasayee Paper will invest ₹165.6 million (~$1.9 million) for a stake of up to 28.1% equity share capital of Ganeko Solar’s newly established special purpose vehicle Navia One Power.</p>
<p>Zelestra Corporation has signed share purchase, energy supply, and share subscription and shareholders’ agreements with Ganeko Solar.</p>
<p>Ganeko Solar will establish a 39 MW wind-solar hybrid project in Tamil Nadu, with an approximate solar capacity of 33 MW and wind capacity of 6 MW.</p>
<p>Seshasayee Paper and Boards manufactures and sells various grades of printing, writing, packaging, and specialty papers.</p>
<p>With this agreement, the company aims to meet its energy needs through renewable sources partially. In 2023, it consumed 4,797,759 GJ of energy from renewable sources. The company said that renewable energy sources and biofuels address 70% of its Erode-based manufacturing units’ energy needs.</p>
<p>Several commercial and industrial consumers have begun switching to renewable energy to meet their renewable energy obligations and reduce their carbon footprint. Industries such as metal, hotels, cement, and chemicals are some of the prominent sectors shifting to cleaner energy.</p>
<p>In March this year, commercial trucks and luxury buses manufacturer Daimler India Commercial Vehicles <a href="https://www.mercomindia.com/truck-maker-daimler-india-to-procure-16-2-mw-of-renewables-from-zelestra" target="_blank" rel="noopener">signed</a> a power purchase agreement to procure 16.2 MW of renewable energy from Zelestra India to power its factory in Oragadam, near Chennai.</p>
<p>In the same month, specialty chemicals manufacturer Chemplast Sanmar and its subsidiary Chemplast Cuddalore Vinyls <a href="https://www.mercomindia.com/chemplast-to-procure-84-9-mw-wind-solar-hybrid-power-from-jsw" target="_blank" rel="noopener">announced</a> they would procure power from JSW Green Energy Nine’s 84.9 MW wind-solar captive power project in Tamil Nadu under a power purchase agreement.</p>
<p>Recently, UltraTech Cement <a href="https://www.mercomindia.com/ultratech-cement-to-source-power-from-ampins-75-mw-solar-project" target="_blank" rel="noopener">announced</a> it would source renewable energy from AMPIN Energy Transition’s special purpose vehicle AMPIN C&amp;I Power Eight.</p>
<p>The company entered energy supply, share subscription, and shareholders agreements to acquire a 26% equity share in AMPIN C&amp;I Power Eight, investing ₹255 million (~$2.98 million).</p>


Seshasayee Paper to Procure 39 MW of Renewable Energy from Zelestra


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					</table><p>Commercial trucks and luxury buses manufacturer Daimler India Commercial Vehicles (<a href="https://asia.daimlertruck.com/en/about-us/business-unit/dicv/" target="_blank" rel="noopener">DICV</a>) has signed a power purchase agreement to procure 16.2 MW of renewable energy from <a href="https://zelestra.energy/india/" target="_blank" rel="noopener">Zelestra India</a> to power its factory in Oragadam, near Chennai.</p>
<p>Zelestra will supply 29 GWh of renewable energy from its wind and solar assets in Tamil Nadu to Daimler’s factory annually.</p>
<p>DICV manufactures trucks and buses under the BharatBenz brand and Daimler Trucks’ brands of FUSO, Mercedes-Benz, and Freightliner at its Chennai factory.</p>
<p>Besides existing assets in India, Zelestra has a pipeline of over 5 GW of clean energy projects in seven states.</p>
<p>In October 2024, Zelestra (Ganeko Solar) was among the winners of SJVN’s auction to supply firm and dispatchable renewable energy. It was <a href="https://www.mercomindia.com/sjvn-1-2-gw-fdre-ii-auction" target="_blank" rel="noopener">awarded</a> 140 MW at a tariff of ₹4.25 (~$0.0506)/kWh.</p>
<p>Earlier this year, Daimler said it had achieved 100% renewable energy use at its Oragadam plant. Its solar project equipped with 15,000 solar panels had achieved a peak capacity of 4,300 kW, accounting for 17% of the company’s total renewable energy use.</p>
<p>In its 2024 annual report, Daimler said that all its production sites in India and Japan are aimed to be supplied with green power. “We also aim to convert our production sites in the USA to green power. All other production sites should follow by 2030 at the latest.”</p>
<p>By 2039, the company targets all production sites worldwide to become carbon-neutral. It aims to meet at least 55% of its energy requirements from renewable sources by 2030.</p>
<p>Daimler meets 70% of its electricity worldwide and 12% of district heating from renewable energy sources. During 2024, It produced 35,747 MWh of renewable energy.</p>
<p>The company relies on various contractual instruments promoting renewable energy use. These instruments include physical green power purchase agreements, virtual green power purchase agreements, B2B supply contracts with electricity suppliers, and electricity supply contracts with green electricity certificates.</p>


Truck Maker Daimler India to Procure 16.2 MW of Renewables from Zelestra


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-ib-vogt-solar-project-spain-2/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>ib vogt, a solar and energy storage project developer, </strong><a href="https://mercomcapital.com/ib-vogt-sells-110-mw-solar-project-in-spain/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the sale of its 110 MW Pato solar project in Spain to NextPower V ESG</strong>, an OECD Fund of NextEnergy Capital. Construction of the solar project began in March 2024. The solar project is expected to be commercially operational in the first quarter of 2025 and has a signed power purchase agreement with an industrial innovator.</p>
<p><strong>Alight, an independent solar power producer, announced the financial </strong><a href="https://mercomcapital.com/alight-secures-123-million-debt-financing-for-solar-projects-in-sweden/" target="_blank" rel="noopener"><strong>closure</strong></a><strong> of €110 million (~$122.56 million) senior debt portfolio financing with the Dutch lender Rabobank</strong>. The funding will be used to build, own, and operate small to medium solar projects (up to 50 MW) with a combined capacity of about 220 MW in Sweden.</p>
<p><strong>The European Investment Bank (EIB) and BNZ, a solar project developer owned by Nuveen Infrastructure, </strong><a href="https://mercomcapital.com/bnz-secures-185-million-green-loan-for-solar-project-portfolio/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the signing of a €166 million (~$184.68 million) green loan</strong> to support the development of 17 new solar projects with a combined capacity of more than 700 MW located across Spain, Italy, and Portugal.</p>
<p><strong>Sonnedix, an independent solar power producer, announced the </strong><a href="https://mercomcapital.com/sonnedix-acquires-80-mw-solar-project-in-italy/" target="_blank" rel="noopener"><strong>acquisition</strong></a><strong> of an 80 MW solar project in Sicily, Italy, from Blunova</strong>, a renewable energy project developer and the sub-holding of Carlo Maresca Group. Following the acquisition, the company will acquire ten operating plants totaling 250 MW from Blunova in Southern Italy.</p>
<p><strong>Arevon Energy, a solar and energy storage project developer, </strong><a href="https://mercomcapital.com/arevon-secures-351-million-financing-for-251-mw-solar-project/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the closing of $351 million financing to build the 251 MWdc Gibson Solar Project</strong>, located in Gibson County, Indiana. Construction on the Gibson solar project began last month. The funding consisted of a construction loan from CoBank, Societe Generale, and PNC Bank, along with a letter of credit facility provided by CoBank.</p>
<p><strong>Zelestra (formerly Solarpack), a renewable energy project developer, has </strong><a href="https://www.mercomindia.com/zelestra-closes-146-million-financing-for-453-mw-solar-project-in-rajasthan" target="_blank" rel="noopener"><strong>closed</strong></a><strong> a financing package of €132 million (~$146 million) for a 453 MW solar PV project</strong> in Gorbea, Rajasthan. The project will supply power to the Solar Energy Corporation of India for 25 years. The financing was signed with HSBC, Credit Agricole, MUFG, and Bank of America.</p>
<p>Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.</p>
<p>Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-atlas-secures-financing-solar-project/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: ib vogt Sells 110 MW Solar Project in Spain


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					</table><p><a href="https://zelestra.energy/" target="_blank" rel="noopener">Zelestra</a> (formerly Solarpack), a renewable energy project developer, has closed a financing package of €132 million (~$146 million) for a 435 MWdc solar PV project in Gorbea, Rajasthan. The project will supply power to the Solar Energy Corporation of India (SECI) for 25 years.</p>
<p>The financing was signed with HSBC, Credit Agricole, MUFG, and Bank of America.</p>
<p>It is expected to produce an annual energy output that will be enough to power more than 128,000 households in India.  It will also help avoid the emission of approximately 13.3 million tons of carbon over the project&#8217;s lifetime.</p>
<p>Zelestra had <a href="https://www.mercomindia.com/seci-solar-auction-india-record-low" target="_blank" rel="noopener">won</a> the 300 MW solar project in SECI&#8217;s auction in June 2020 at ₹2.36 (~$0.0313)/kWh, a record-low tariff at the time.</p>
<p>Zelestra India has 1.5 GW projects in operation, construction, signed or awarded with a total portfolio of nearly 5 GW. The company has 25 GW of carbon-free projects across 13 countries.</p>
<p>The facility is designated as green financing under Zelestra’s Green Financing Framework, aligning with the Green Loan Principles issued by the Loan Market Association.</p>
<p>Zelestra specializes in developing, commercializing, constructing, and operating large-scale renewable energy projects.</p>
<p>Sajay K.V., CEO of Zelestra India, said, “The Gorbea project kickstarts our ambitious growth plan in India and reinforces our position as a reliable partner for our customers. We are committed to further consolidating our presence in India and providing multi-technology energy solutions that meet the country’s needs.”</p>
<p>In May, HSBC India <a href="https://www.mercomindia.com/jakson-green-sustainability-boost-from-hsbc" target="_blank" rel="noopener">extended</a> a sustainable trade facility of ₹600 million (~$7.1 million) to Jakson Green, the renewable energy arm of the Jakson Group. The trade facility will help bolster the company’s operational needs within the renewable energy sector in India and overseas.</p>
<p>In July, the total corporate funding, including venture capital/private equity funding, public market, and debt financing, in the global solar sector <a href="https://www.mercomindia.com/solar-corporate-funding-1h-2024" target="_blank" rel="noopener">reached</a> $16.6 billion in the first half of 2024, marking a 10% year-over-year decrease from $18.5 billion.<br />
Despite this decline, the number of deals increased by 9%, with 87 deals in 1H 2024 compared to 80 deals in 1H 2023. The numbers were revealed in Mercom Capital Group’s newly released <a href="https://mercomcapital.com/product/1h-and-q2-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">1H and Q2 2024 Solar Funding and M&amp;A Report</a>.</p>


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