Ecozen’s $30 million investment round includes US DFC; JSW Energy secures NTPC LOA for 700 MW solar capacity; Indus Towers to expand renewable energy portfolio with NGEL partnership.
$30 million for Ecozen: Solar-powered clean technology company Ecozen has raised $30 million in a mix of debt and equity, from new and existing investors. It includes new debt support from InCred Credit Fund and the US International Development Finance Corporation (DFC). Ecozen’s existing investor Nuveen, among others, has also poured in equity investment in this round. The company claims to have made solar-powered systems a viable solution for small and marginal farmers in India, transforming agricultural irrigation and cold chain industries. Ecozen plans to use the proceeds to meet the growing demand for its products and help decarbonize sectors like milling, mobility, retail and industry. It also aims to expand into Africa and Southeast Asia.
LOA for 700 MW solar: JSW Energy Limited has confirmed receiving a letter of award (LOA) from NTPC Limited for 700 MW of solar PV capacity. It won this inter-state transmission system (ISTS) connected capacity through its subsidiary JSW Neo Energy Limited under a 1.5 GW solar auction by the NTPC. JSW counts its total locked-in generation capacity to have now increased to 13.3 GW, comprising 3.1 GW of solar power. A total of 7.2 GW out of the 13.3 GW is now operational. It targets to reach 20 GW generation capacity before 2030, along with 40 GWh of energy storage capacity, and thereafter achieve carbon-neutrality by 2050.
RE MoU for Indus: India’s ‘largest’ mobile tower installation company Indus Towers Limited has entered a memorandum of understanding (MoU) with NTPC Green Energy Limited (NGEL). The duo plans to jointly explore the development of grid-connected renewable energy-based power projects including solar, wind, energy storage and the like. Indus says it aims to expand its renewable energy portfolio in a phased manner to Giga Watt scale capacity, for its business operations spread across the country, as part of its Net Zero commitments.
