SEBI clears Waaree IPO: Indian solar PV manufacturer Waaree Energies has secured approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO) to raise INR 30 billion ($361 million) (see Waaree Targets Up To INR 30 Billion Via IPO). Local media reports claim the company received the final regulatory approval for the proposed issue on September 20, 2024 to raise money by selling up to 3,200,000 shares priced at INR 10/share face value. As announced earlier, it aims to deploy the proceeds on establishing a 6 GW ingot, wafer, cell and module manufacturing facility in Odisha, and general corporate purposes. Its current annual solar module manufacturing capacity stands at 12 GW. It has also announced plans to establish a 5 GW module fab in Houston, US.
INR 25 billion for ABReL: Aditya Birla Group’s renewable energy division Aditya Birla Renewables Limited (ABReL) has raised INR 25 billion ($1.2 billion) through non-convertible debentures on a private placement basis. It includes a base issue size of up to INR 20 billion ($239.3 million), and a greenshoe option to retain oversubscription of up to INR 5 billion ($60 million). The debentures will mature on September 24, 2027. ABReL develops renewable energy projects with a focus on solar, floating solar, solar-wind hybrid, wind, and battery storage technologies. It is also exploring the green hydrogen and green ammonia domains.
€132 million for Gorbea project: Formerly Solarpack, Spanish renewable energy projects developer Zelestra has closed a €132 million financing package for its 435 MW Gorbea Solar Plant in India’s Rajasthan. The project is contracted by the Solar Energy Corporation of India (SECI) as the offtaker for 25 years. This financing in Indian currency INR is designated as green financing under the company’s Green Financing Framework. It signed the financing agreement with lenders HSBC, Credit Agricole, MUFG and Bank of America. The company currently has 1.5 GW projects in operation, construction, signed or awarded with a total portfolio of close to 5 GW. Zelestra India CEO Sajay K.V. said the Gorbea project kickstarts the company’s ambitious growth plan in India.
6 GW solar tenders coming up in Maharashtra: Maharashtra State Electricity Distribution Company Limited (MSEDCL) has secured the approval of the Maharashtra Electricity Regulatory Commission (MERC) to tender 5.991 GW of solar PV tenders. It claims this additional capacity will help the company provide daytime power supply to agricultural loads. This procurement process will be launched under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 (MSKVY 2.0) through which the state aims to solarize a minimum of 30% of agricultural feeders by December 2025 by providing agricultural consumers daytime electricity through decentralized solar power projects. The MSEDCL also sees this scheme as reducing its overall power procurement cost. It plans to tender this capacity as 5.745 GW under open, and 246 MW in cluster tenders. Tariffs will be capped at INR 3.10 ($0.03)/kWh.
In its order, the commission noted that the solar power procured via these tenders will be utilized to bring down the overall power purchase cost of daytime power supply and used to meet distributed renewable energy obligations.
SWREL bags new orders: Sterling and Wilson Renewable Energy Limited (SWREL) has received 2 new domestic orders from private independent power producers (IPP) valued at INR 5.12 billion ($61.26 million). One of these is an EPC order for the construction of a 250 MW DC/200 MW AC solar PV plant in Gujarat. Another one is a letter of award (LOA) for the EPC work for a 65 MW DC/50 MW AC solar plant in Maharashtra. The company claims to have a total portfolio of more than 19.4 GW of projects commissioned and under various stages of construction, along with an 8.2 GW operation and maintenance (O&M) portfolio of solar projects.
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