Tata Power to energize Noida Airport: The upcoming Noida International Airport (NIA) has secured renewable energy power supply under 2 power purchase agreements (PPA) signed with Tata Power. Tata Power Trading Company Ltd (TPTCL) will supply 10.8 MW of wind power to the NIA with secured assets from Tata Power Renewable Energy Ltd. (TPREL). The latter will also develop, operate and maintain a 13 MW on-site solar power project at the airport. Together, these installations will supply the airport with sustainable power for 25 years. Both these wind and solar projects will be built for an investment of INR 5.5 billion ($65.18 million). Tata Power said this partnership can develop a green model that can be replicated across India’s rapidly expanding airport infrastructure spanning the construction of 200+ new airports in the next 2 decades.
A 100% subsidiary of the Zurich Airport International AG, Yamuna International Airport Private Limited (YIAPL) is responsible for building the NIA.
ACME Solar launches IPO: Indian renewable energy company ACME Solar launched its initial public offering (IPO) on November 6, 2024 to raise INR 29 billion ($345 million) in proceeds. The company set a price band of INR 275 to INR 289 ($3.26 to $3.43)/equity share with a face value of INR 2.00 ($0.023)/share. It aimed to raise INR 23.95 billion ($284 million) by offering a fresh issue, and an additional INR 5.05 billion ($60 million) by offering shares from its subsidiary ACME Cleantech Solutions. According to local media reports, it raised INR 13.01 billion ($154 million) through a pre-IPO placement on November 5, 2024 through anchor investors. Retail individual investors (RII) subscribed to over 2 times the allocated shares, followed by the non-institutional investors subscribing 62% and qualified institutional buyers (QIB) subscribing 31% of the quota. The IPO will close on November 8, 2024 and allotment results are expected by November 11, 2024. The company is likely to list on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on November 13, 2024.
ACME Solar’s total operational capacity as of October 29, 2024 was 1.34 GW, with another 3.25 GW under construction contracted and 1.73 GW under construction awarded capacity. It plans to invest the IPO proceeds in its subsidiaries for repayment or pre-payment in full or part of the outstanding borrowings and for general corporate purposes.
Serentica’s 10 GW commitment: Serentica Renewables has announced plans to develop 10 GW of renewable energy capacity in Andhra Pradesh. It aims to provide round-the-clock (RTC) green power by integrating solar, wind and energy storage technologies. Andhra Pradesh targets to achieve 72 GW of renewable energy capacity by 2030.
Reliance Power debarred by SECI: The Solar Energy Corporation of India (SECI) has issued a statement debarring Reliance Power Limited and Reliance NU BESS Limited from participating in all its future tenders for a period of 3 years. The Anil Ambani led group companies have been accused by SECI of submitting a fake document as the endorsement of the Bank Guarantee against earnest money deposit (EMD). Previously known as Maharashtra Energy Generation Limited, Reliance NU BESS submitted the documents in response to SECI’s 1,000 MW/2,000 MWh Standalone BESS Projects tender. The auction has now been annulled.
Responding to the SECI order, Reliance Power Limited says the company and its subsidiaries acted bona fide and have been a victim of fraud, forgery and cheating conspiracy since the EMC was arranged by a 3rd party. The company has now lodged a criminal complaint against the 3rd party with the Economic Offence Wing of the Delhi Police. It also plans to take legal steps to challenge the ‘unwarranted action’ of SECI.
Azure Power raises INR 24 billion: Azure Power Global Limited has successfully raised INR 24 billion ($286 million) in a refinancing transaction. The loan was structured as an INR term loan, underwritten by the government-owned REC Limited. With this, it says the company has successfully prepaid its Green Bonds, originally issued in 2019 for $350 million, and backed by 10 solar projects commissioned between 2016 and 2019. These bonds were set to mature in December 2024.
Mercom’s solar market leaderboard: Mercom India Research’s Solar Market Leaderboard for H1 2024 shows Adani Green Energy was the top utility-scale solar project developer, followed by ReNew and O2 Power. The top 10 utility-scale developers accounted for 76.8% of capacity additions. Tata Power Solar led the rooftop solar segment, followed by Roofsol Energy and Havells India. Tata Power Solar was also the leading EPC service provider, followed by Jakson Green and Ashoka Buildcon. The leading central solar inverter supplier during the reporting period was Sungrow Power Supply, followed by FIMER India and Sineng Electric. TBEA Energy India led the string inverter space, followed by Sungrow Power Supply and Ginlong (Solis) Technologies. The top 10 module suppliers accounted for nearly 65% of the total shipments, led by JinkoSolar and followed by LONGi Green Energy Technologies and Waaree Energies. For solar trackers, Arctech led followed by GameChange Solar. Goodluck India was the solar module mounting structure leader, followed by Arctech and Strolar Mounting Systems. AM Green Energy was the leading open-access solar developer, followed by Serentica Renewables and Amplus Solar. The report also lists LEAPTING as the top robotic module cleaning equipment supplier, followed by Vayu Solar and Airtouch Solar. The report can be purchased on Mercom India’s website.
Solar financing for MSEs: Tata Power Renewable Energy Limited (TPREL) has entered a strategic partnership with IndusInd Bank Limited to facilitate affordable solar financing for micro and small enterprises (MSE). They plan to provide the MSEs with collateral-free financing, offering loans ranging from INR 1 million to INR 20 million. These loans will require a 20% margin and will come with competitive interest rates with up to 7-year terms. They plan to accentuate the focus on providing customized financial solutions for rooftop solar installations for small businesses.