Chubu Electric invests in OMC: Japanese electric utilities company Chubu Electric Power has completed the capital increase in Indian renewable energy power plants company OMC Power Private Limited. This makes the company the largest shareholder in OMC, which supplies renewable energy to telecom towers, small and medium enterprises (SME), and communities via mini-grids in rural India. Based out of the Indian state of Uttar Pradesh, OMC owns and operates renewable energy-based power plants relying mainly on solar power and storage batteries. The focus is areas with limited electricity access. This is Chubu’s 2nd investment in the company as the 1st investment of the Japanese company was in September 2022. For OMC, Chubu’s investments will support its business expansion especially in the rooftop solar business, mainly for public facilities such as hospitals and medical universities, and promote efficient business operations.
“In CHUBU's global business, it will contribute to the realization of decarbonized society and further increase earnings by optimally combining the four domains of (i) green business centered on renewable energy, (ii) blue business in relation to decarbonization, (iii) retail, power transmission and distribution, and new services, and (iv) frontier business,” stated the Japanese group.
INR 37.53 billion loan for ACME Solar: An ACME Solar subsidiary ACME Sun Power Private Ltd has raised INR 37.53 billion ($444.67 million) term loan from state-owned infrastructure lender REC Limited. It will deploy the proceeds for the construction and development of firm and dispatchable renewable energy (FDRE) projects with a cumulative 320 MW capacity. ACME will develop the solar component in Jaisalmer, Rajasthan, and wind energy facilities in Jam Khambhaliya, Gujarat. A power purchase agreement (PPA) has been secured with another state-run entity SJVN Limited. It has also secured grid connectivity for this capacity, while the land acquisition process is ongoing. It has secured this loan following the company’s public listing process.
AMPIN & CIP enter over $300 million partnership: Indian renewable energy company AMPIN Energy Transition has entered its 2nd partnership with Copenhagen Infrastructure Partners (CIP) to establish around 2 GW of new renewable energy projects across India. It will entail an investment of over $300 million and help create a renewable energy asset base of approximately $1.5 billion, it added. This partnership will look at large-scale and centrally grid-connected solar, wind, hybrid and storage technologies. Under their previous partnership announced in 2021, AMPIN and CIP entered joint equity investments of initially $200 million in renewable energy projects in India which has now been expanded with a further $100 million to expand from the initial target of 1.7 GW to 2.4 GW of projects.
200 MW order for Saatvik Solar: Saatvik Solar has secured a contract to supply 200 MW of high-efficiency mono PERC bifacial half-cut solar PV modules to GH2 Solar. Rated at 540/550 W, GH2 will deploy these modules in its projects spread across India. Saatvik will complete the delivery within 12 months.
State entities announce JV: NTPC Limited’s green energy arm NTPC Green Energy Limited (NGEL) and Oil and Natural Gas Corporation Limited’s (ONGC) subsidiary ONGC Green Limited (OGC) have announced a joint venture (JV). The new entity ONGC NTPC Green Private Limited (ONGPL) will focus on greenfield renewable energy projects and acquisitions, along with exploring offshore wind projects. It will support the renewable energy needs of the parent companies and their subsidiaries. The focus will also be on exploring opportunities in the field of storage, e-mobility, and Environmental, Social and Governance (ESG) compliant projects.
33 MW captive power for Equinix: US-based digital infrastructure company Equinix, Inc. has signed its 1st power purchase agreement (PPA) with Asian renewable energy provider to the commercial & industrial (C&I) sector CleanMax for a 33 MW captive power plant in Maharashtra. This will provide Equinix with sufficient renewable energy to match the consumption of its growing portfolio of data centers in Mumbai. This capacity comprises 26.4 MW solar, and 6.6 MW of wind power capacity, due to come online in 2025. Once fully operational, it will supply renewable energy to the company’s International Business Exchange (IBX) data centers in Mumbai.
HLE Glascoat invests for captive RE: Chemical and pharmaceutical industries equipment manufacturer HLE Glascoat has signed definitive agreements with Clean Max Enviro Energy Solutions to acquire a 26% equity stake in Clean Max Anchorage Private Limited (CMAPL). It entails the development of a captive power facility in Gujarat with 2.31 MW of solar and 3.30 MW of wind energy capacity. HLE has made the INR 26,000 payment to Clean Max towards the acquisition of 2,600 equity shares of CMAPL worth INR 10/share.
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