India PV News Snippets

Indian Module Maker Waaree Energies To Go Public After SEBI Approves IPO Plans… & More

India PV News Snippets

In September 2021, Waaree Energies submitted its IPO plans to SEBI to expand manufacturing capacity, and has now secured a nod from the market regulator for an IPO size of INR 15 billion. (Illustrative Photo; Photo Credit: sondem/Shutterstock.com)

  • SEBI approves Waaree Energies’ proposal to launch IPO to raise INR 15 billion for manufacturing capacity expansion
  • UPNEDA has awarded LOI for 125 MW grid connected solar power capacity to SJVN in Uttar Pradesh
  • SJVN has also announced entering a MoU with iDECK to offer renewable energy consultancy services
  • NCR has claimed to have saved INR 38.2 million during the 1st 3 quarters of the period with the help of solar energy

Waaree Energies’ IPO plans get green light from SEBI, SJVN wins 125 MW solar capacity from UPNEDA and also enters MoU with iDECK to offer renewable energy consultancy while North Central Railway registers major savings with solar power.

SEBI Nod for Waaree Energies’ IPO: Indian module maker Waaree Energies has secured a green signal from the government market regulator the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO). According to local media reports, the IPO size will be INR 15 billion ($202.6 million). In September 2021, the company had filed draft documents with SEBI for the proposed IPO to raise around INR 13.5 billion by offering up to 4.01 million shares for 2 GW solar cell and 1 GW module fab in Gujarat (see Indian PV Manufacturer To Go Public).

SJVN bags 125 MW solar capacity in Uttar Pradesh: Indian hydropower producer SJVN Limited has won a Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) auction for 2 grid connected solar projects with a combined capacity of 125 MW. It will establish 75 MW project at Gurhah in Jalaun district and 50 MW facility at Gujrai in Kanpur Dehat district. The company said the letter of intent (LOI) received for the 2 projects helps it get closer to achieving its target of achieving 5 GW capacity by 2023, 12 GW by 2030 and 25 GW by 2040.

The company has also secured a trading license from the Central Electricity Regulatory Commission (CERC) for interstate electricity trading of both renewable energy and thermal power.

SJVN MoU with iDeck for RE consultancy: SJVN has also separately announced it has entered a memorandum of understanding (MoU) with the Infrastructure Development Corporation (Karnataka) Limited (iDECK) to jointly offer consultancy services for renewable energy sector. The duo will identify potential consumers interested in purchasing power from solar, wind, hybrid, battery energy storage projects, conduct due diligence on land and also help obtain clearances, project related approvals with technical consultancy.

North Central Railway presses on with solar: The North Central Railway (NCR) says it generated 94 lakh units of solar energy by the end of 3rd quarter (period ending December 2021) in FY2021-22, up from 81 lakh units generated during FY2020-21, growing 16% over previous year. While it has led to a reduction of 8,000 tons of carbon emissions during the period, NCR has also saved INR 38.2 million ($0.52 million) during the 1st 3 quarters of the period. NCR counts its total installed solar capacity as 11.03 MW, deployed by Azure Power and ReNew under a public private partnership (PPP). It aims to report its highest ever solar energy generation for FY2021-22 (period ending March 2022) with 1.3 crore units and save INR 50 million ($0.68 million).

NCR says its future solar installation plans include 1.86 MW rooftop, 46.25 MW on vacant lands near railway stations and 249 MW on vacant lands along the railway tracks which have been planned by the Railway Energy Management Company Limited (REMCL).

About The Author

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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