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Daily News Wrap-Up: Inox Wind Subsidiary to Raise ₹9 Billion Through an IPO

Article Republished By Javier Troconis

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

Inox Wind announced that its board has approved the proposal for the initial public offering (IPO) of equity shares of its subsidiary Inox Green Energy Services to raise ₹9 billion (~$116.64 million). The proposed IPO consists of fresh issuance of equity shares aggregating up to ₹5 billion (~$64.80 million) and an offer for sale of equity shares by certain shareholders amounting to ₹4 billion (~$51.85 million). The public issue would be subject to market conditions, receipt of applicable approvals, and other considerations.

Solar Energy Corporation of India (SECI) has issued a notice inviting tender to select a consultancy agency to conduct an aerial topographical survey in the union territory of Ladakh. The last date to submit the bids is June 8, 2022, and the bids will be opened on the same day. The bidders will be required to submit a tender processing fee of ₹7,500 (~$97.21) and an earnest money deposit amount of ₹300,000 (~$3,888).

EWEC (Emirates Water and Electricity Company), a UAE-based utility company, invited developers or developer consortiums to submit an expression of interest (EoI) to develop a new solar photovoltaic (PV) independent power project to be located in the Ajban area of the Emirate of Abu Dhabi. Following the successful closings of Noor Abu Dhabi and Al Dhafra Solar PV, Al Ajban Solar PV is the third world-leading large-scale utility solar PV project developed by EWEC. The project will involve the development, financing, construction, operation, maintenance, plant ownership, and associated infrastructure. The successful developer or developer consortium will own up to 40% of the entity, while the remaining equity will be held indirectly by the Abu Dhabi Government. The developer will enter into a long-term power purchase agreement with EWEC. The PPA will be structured as an energy purchase agreement whereby EWEC will pay only for the net electrical energy supplied by the plant. EWEC invites developers or developer consortiums to submit an Expression of Interest by May 27, 2022.

Lightsource bp, a solar power project developer, announced setting up a headquarters in Aix-en-Provence, France, to create 1 GW of solar project pipeline in the country by 2026, developing large-scale solar projects. The company plans to develop several large-scale solar projects (focusing on ground-mount projects) by participating in public tenders and offering companies sustainable energy supply contracts at competitive rates. Headquartered in Aix-en-Provence, Lightsource bp will be actively recruiting across France, including Bordeaux and Lyon, in 2022 to grow its French team.

Maharashtra’s Environment Minister, Aditya Thackeray, inaugurated India’s first biogas-powered electric vehicle charging station in Mumbai. The charging station will generate 200 units of energy from household waste and also power streetlights. According to the Brihanmumbai Municipal Corporation, the biogas plant is part of the Minatai Thackeray Park, which has processed over 150,000 kilograms of discarded food since its inception in 2021 to generate power.

Canadian Solar announced it has entered the utility-scale energy storage market in the United Kingdom after signing the agreements with Pulse Clean Energy to provide integrated energy storage systems and Engineering, Procurement, and Construction services for four battery storage projects. Pulse Clean Energy owns four projects of more than 100 MWh. The agreements mark the start of a long-term partnership between the companies. In addition to providing the battery storage systems and construction services, Canadian Solar will maintain and operate the projects via a 10-year long-term service agreement. Canadian Solar’s solutions will enable Pulse Clean Energy to optimize ancillary grid services, enhance energy balancing capabilities, and capture multiple revenue streams.

The U.S. Department of Energy’s Loan Programs Office announced that it has issued a conditional commitment to Advanced Clean Energy Storage I, Mitsubishi Power Americas, Magnum Development, and Haddington Ventures for up to $504.4 million in debt financing for the Advanced Clean Energy Storage Project, expected to be the world’s largest industrial green hydrogen production and storage facility. The Advanced Clean Energy Storage hydrogen hub, located in Delta, Utah, was announced in May 2019 and, within three years, is in the final stages of debt and equity closing. The hub has secured all major contracts, including offtake, engineer, procure and construct contractors, major equipment suppliers, and Operations and Maintenance providers. Haddington Ventures, the financial advisor for the hub and equity sponsor of Magnum Development, is securing $650 million through its Equity Syndication Program.

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