Loom Solar has secured $2 million funding from US’ SIMA; Sterling and Wilson’s 9M/FY2023 revenues drop 51% YoY; Essel divests stake in Rajasthan solar project to Adani; REC commits INR 10 billion for RE in UP under RUMSL MoU.
Loom Solar raises $2 million from SIMA Funds: Solar panel and battery producer Loom Solar has raised $2 million funding from the US based Social Investment Managers and Advisors (SIMA) Funds under Energy Access Relief Fund. Funding was supported by the World Bank Group, Development Finance Corporation, British International Investment and Dutch development bank FMO. A manufacturer of bifacial solar panels and lithium batteries, it plans to use the proceeds to scale its portfolio and power Indian homes in the medium term.
Indian EPC’s 9M/FY23 revenue dropped 51%: Indian EPC company Sterling and Wilson Renewable Energy Limited has reported an annual drop of 51% in its revenues for 9M/FY23 with INR 20.22 billion ($250 million), period ending December 31, 2022. It attributed lower contributed from on-going EPC projects for the same, while adding that in Q3/FY23 revenues of INR 15.02 billion ($185 million) went up 1.7% QoQ thanks to higher contribution from O&M segment. O&M contributed 14.4% of the total revenue in the reporting quarter and grew 55% sequentially. Management stated that its gross margins remained suppressed primarily on account of international EPC projects. As of January 18, 2023, its unexecuted EPC order book stood at INR 27.03 billion ($333 million) with nearly 84% within India.
Adani acquires stake in Essel solar company: Adani Green Energy Limited (AGEL) subsidiary Adani Renewable energy Holding Two Limited has acquired 50% stake equity stake in Essel Saurya Urja Company of Rajasthan Limited (ESUCRL), from Essel Infraprojects Limited. ESUCRL owns and operates a 750 MW solar power plant in Rajasthan. AGEL said the acquisition for INR 150 million ($1.85 million) will expand its footprint in Rajasthan where it operates solar park under a joint venture (JV) with the state government as Adani Renewable Energy Park Rajasthan Limited. Remaining 50% stake in ESUCRL will continue to be held by Rajasthan government.
REC commits INR 10 billion under RUMSL MoU: State-owned power project financier REC Limited has committed INR 10 billion ($123 million) as financial assistance for renewable energy projects in the State of Uttar Pradesh. Under a memorandum of understanding (MoU) signed with Rewa Ultra Mega Solar Ltd (RUMSL), REC will support development of renewable energy parks, projects and/or associated infrastructure including power evacuation.