PFC approves INR 22 billion for Vibrant Energy's 300 MW AC RE; Vedanta's BALCO signs RE PPA with Serentica: Mercom identifies RECPDCL's 500 MW PV & REMC's 1 GW RTC RE auction winners; Wika India's 4th fab now powered by solar.
Vibrant lands PFC financing: Corporate renewable energy solutions company Vibrant Energy has raised INR 22 billion ($268.6 million) project financing from the Power Finance Corporation (PFC) for the construction of 300 MW AC wind and solar hybrid projects. Calling it as one of the largest project financing deals in the Indian renewables industry in 2023, Vibrant said these projects will be located in Madhya Pradesh and Karnataka.
BALCO's 105 MW RE PPA: A subsidiary of the mining group Vedanta Limited, Bharat Aluminium Company Limited (BALCO) has signed a 25-year power delivery agreement (PDA) with Serentica Renewables India Private Limited (SRIPL) for 105 MW hybrid renewable energy supply. Formerly Sterlite Power Technologies Private Limited, SRIPL is a supplier of renewable energy based on solar, wind and battery storage solutions. The 105 MW project will be based on a captive model and build-own-operate (BOO) basis and supply power to BALCO, Chhattisgarh for its aluminum operations through a special purpose vehicle (SPV). It will start delivering power within 24 months of the PDA signing. Vedanta says this will enable continuous supply of clean power and insulate the business from commodity market volatility. BALCO will own 26% of equity in the SPV with an investment of up to INR 1.35 billion ($16.48 million). The project will be funded on a 70:30 debt to equity basis. The SPV will create captive power projects across India as per location availability and provide clean energy on a long-term basis to respective consumers. For the receiver, the agreement forms part of its ESG goals.
RECPDCL's 500 MW solar auction results: REC Power Development and Consultancy (RECPDCL) has selected ReNew Solar Power and Avaada Energy for its interstate transmission system (ISTS) connected 500 MW solar power auction. According to Mercom India Research, ReNew Solar Power won 200 MW for the winning tariff of INR 2.69 ($0.03)/kWh while Avaada secured remaining 300 MW for INR 2.70 ($0.03)/kWh. Winners will enter 25-year power purchase agreement (PPA) with Damodar Valley Corporation. RECPDCL had launched the tender in December 2022 (see RECPDCL Launches Tenders For 1.75 GW Solar In India).
REMC auctions 1 GW RE RTC power: Railway Energy Management Company (REMC) has auctioned 1 GW round-the-clock (RTC) grid connected renewable energy capacity for projects with or without storage, tendered in July 2022. Mercom says the auction winners are Sprng Akshaya Urja that secured 100 MW for INR 3.99 ($0.048)/kWh, NTPC Renewable Energy Limited won 500 MW for INR 4.10 ($0.050)/kWh, Ayana Power's Project Nine Renewable Power bagged 300 MW also for INR 4.10/kWh, and O2 Power's TEQ Green Power XIII landed 60 MW for INR 4.27 ($0.052)/kWh.
500 kW solar system for Wika India: Wika India, the wholly-owned subsidiary of Germany headquartered pressure and temperature measurement technology, Wika Alexander Wiegand SE & Co KG, has now a solar power array of around 500 kW capacity for its Ghaziabad factory. With this, Wika says all its 4 Indian fabs are now solar powered. The 'solar driven manufacturing' is aimed at lowering the group's carbon footprint and bring down its energy costs, the management stated.