SolarSquare has raised INR 1 billion from new and existing investors; ABC Cleantech signs MoU with Karnataka to develop green hydrogen and green ammonia facility powered by 5 GW renewable energy; RUMSL’s 300 MW phase II Omkareshwar Floating Solar Project oversubscribed.
INR 1 billion for rooftop solar company: Indian rooftop solar power company SolarSquare has raised INR 1 billion ($12 million) in a funding round led by early-stage venture capital firm Elevation Capital and climate-tech fund LowerCarbon. SolarSquare’s other existing investors as Good Capital and Rainmatter also pitched in for this round along with angel investors. The company plans to deploy the proceeds to expand its services across India over the next 24 months, since its activities are currently concentrated in Bengaluru, Delhi, Gujarat, Hyderabad, Madhya Pradesh and Maharashtra. It will also launch an in-house non-banking financial company (NCFC) which will provide loans to residential solar buyers. In June 2022, the Mumbai based modular and prefabricated rooftop solar company raised $4 million seed funding from LowerCarbon Capital, Symphony Asia and Rainmatter (see India PV News Snippets).
MoU for green hydrogen project in Karnataka: ABC Cleantech Private Limited, of renewable energy company Axis Energy Group, has entered a memorandum of understanding (MoU) with the State Government of Karnataka to set up a green hydrogen unit to produce 0.2 million tons per annum (MTPA). It will also generate 1 MTPA green ammonia, powered by 5 GW renewable energy capacity. To be built for INR 500 billion ($6.06 billion), the project is expected to generate some 5,000 jobs over 10 years.
300 MW floating solar tender oversubscribed: Phase II of Omkareshwar Floating Solar Power Project of Rewa Ultra Mega Solar Limited (RUMSL) with 300 MW offered has received bids worth 1 GW, according to local media reports. Among the bidders, NHDC, SJVN and Tata Power Solar all bid for 200 MW each, followed by 100 MW each bid by Eden Renewables, Hinduja, Mahindra Susten and NTPC. Phase I of the project also with 300 MW capacity was won by NHDC, AMP Energy and SJVN (see India PV News Snippets).
2040 net zero target for ReNew: ReNew Energy Global has announced the target to become net zero by 2040 as part of its Environmental, Social and Governance (ESG) plan. It plans to achieve the same through energy efficiency improvement across offices and sites, clean energy procurement, electrification of fossil-fuel based equipment while also encouraging suppliers to set up Science Based Targets Initiative (SBTi) aligned targets. ReNew will also evaluate low carbon footprint raw materials and explore green logistics for transportation. Management said the 2040 commitment is 30 years ahead of India’s 2070 target (see India Goes For Net Zero By 2070).