India PV News Snippets

Laxman AG, New Borosil Renewables’ SPV For Europe & More From ReNew, Tata, SJVN, Continuum, Shell

India PV News Snippets

Indian solar glass maker BRL has established Laxman AG as its wholly-owned subsidiary for European operations. (Illustrative Photo; Photo Credit: Juice Flair/Shutterstock.com)

BRL’s European subsidiary is Laxman AG; ReNew refinances dollar-denominated bonds; Tata Power subsidiary gets LOA for 600 MW wind & solar project; Solarworld to build SJVN’s UP projects; Continuum Energy raises $350 million; Shell’s Solenergi acquisition approved.

BRL sets up new SPV for Europe: Borosil Renewables Limited (BRL) has established a new special purpose vehicle (SPV) for European operations called Laxman AG in Liechtenstein. It will enable the company to effectively manage the acquisition of Interfloat Corporation and explore additional business opportunities and partnerships in Europe. BRL announced its decision to acquire European solar glass maker Interfloat that has GMB Glasmanufaktur Brandenburg GmbH (GMB) in April 2022 (see Largest European Solar Glass Maker Interfloat To Be Acquired).

ReNew refinances dollar-denominated bonds: ReNew Energy Global plc has refinanced its 2024 maturity dollar-denominated bonds with amortizing project debt from an Indian nonbank financial company. It claims this makes it the 1st Indian renewable energy company to do so. In 2019, the company issued bonds worth $525 million, to mature in 2024. ReNew explains that by refinancing the dollar-denominated bonds ahead of time, it has shown strong and continued access to domestic debt capital, and an ability to proactively manage refinancing risk. The move has helped it bring down the interest cost in INR terms by 200 basis points. Now the interest rate is fixed for next 3 years and maturity is due in 2027. The company claims its gross total renewable energy portfolio growing by 25% to 12.8 GW from 10.2 GW at the beginning of 2022.

600 MW hybrid project for TP Saurya: Tata Power subsidiary TP Saurya Limited (TPSL) has secured a letter of award (LOA) from the Solar Energy Corporation of India (SECI) for a 600 MW hybrid wind and solar power project. It will be set up in Karnataka with commissioning planned to be achieved within 24 months from the date of power purchase agreement (PPA) signed. Tata Power says this project takes its total renewables capacity to 5.524 GW, with an installed capacity of 3.634 GW and 1.89 GW under various stages of implementation. TP Saurya won the project in SECI’s 1.2 GW hybrid tender under tranche-V to be connected to the interstate transmission system (ISTS) for INR 2.53 per kWh winning bid (see India PV News Snippets).

SJVN hires Solarworld Energy for 125 MW solar: Hydropower utility SJVN has contracted Solarworld Energy Solutions Private Limited to build 2 solar power projects with 125 MW combined capacity. The EPC contractor will complete 75 MW solar plant at Gurah district of Jalaun and 50 MW facility at Gujrai district of Kanpur Dehat in Uttar Pradesh (UP). SJVN won both these projects for INR 2.98 per kWh winning bid under a competitive process organized by the Uttar Pradesh New & Renewable Energy Development Agency (UPNEDA). Both the facilities are expected to come online in April 2023.

Continuum Energy raises $350 million: India focused renewable energy platform that’s majority owned by a Morgan Stanley Infrastructure Partners fund, Continuum Green Energy Ltd, Singapore has raised $350 million. It has secured these proceeds from 2 marquee international institutional investors with an option to issue an additional $50 million provided certain terms and conditions are met. The funds raised will enable the company to expand its portfolio to 2.5 GW most of which comprises wind and solar hybrid power plants for commercial and industrial (C&I) consumers. Currently, it has 1.3 GW of operating and near operational capacity and an addition 1.2 GW near term construction.

Shell’s Solenergi acquisition complete: The Competition Commission of India (CCI) has approved the acquisition of Solenergi Power Private Limited by Shell Overseas Investments BV. Shell has taken over Solenergi from Actis Solenergi Limited (see Actis To Sell Indian Renewables Platform To Shell).

About The Author

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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