NHPC signed a promoter’s agreement with Green Energy Development Corporation of Odisha (GEDCOL) to develop 500 MW of floating solar projects in Odisha. NHPC’s board recently approved an initial equity investment of ₹74 million (~$994,370) in the joint venture (JV) with GEDCOL. NHPC owns 74% of the JV, while GEDCOL owns 26%. GEDCOL is a 100% subsidiary of Odisha Hydro Power Corporation. GEDCOL intends to exploit the state’s renewable energy resources, which have remained untapped for a long time.
Asset management firm Mercia received initial unrestricted cash proceeds of £18.6 million (~$25.19 million) from its 16.4% stake sale in UK battery company Faradion. Recently, Reliance New Energy Solar signed an agreement to acquire Faradion for £94.42 million (~$127.42 million). Mercia received a further £800,000 (~$1.08 million) ring-fenced for three months. The unrestricted cash proceeds result in a profit of £5.7 million (~$7.72 million) above Mercia’s direct investment holding value in Faradion of £12.9 million (~$17.47 million).
The Ministry of Power distributed 367.8 million LED lights under its flagship Unnat Jyoti by Affordable LEDs for All (UJALA) program in the last seven years. UJALA claims to have succeeded in bringing down the retail price of LED bulbs from ₹350 (~$4.71) to ₹80 (~1.08) per bulb. The program has saved 47,778 million kWh per annum energy to date. It has also cut down 38.6 million tons of CO2 emissions.
China-based inverter solution supplier Sungrow received an order from Enlight Renewable Energy to deliver a 430 MWh energy storage system (ESS) for a project in Israel. Sungrow will supply Enlight with the latest version of its four-hour liquid-cooled lithium-ion ESS, with 230 MWh to be used in the project’s first phase, while a 200 MWh battery will be deployed in phase two. Sungrow said that the agreement is the largest ESS deal it has bagged in Israel to date. The order will enable Sungrow to gain more than 50% of the local market in 2022. Solar is expected to be the major contributor, accounting for 26% of Israel’s power generation by 2030.
Calumet Specialty Products’ renewables arm, Montana Renewables (MRL), closed a $50 million project financing from Stonebriar Commercial Finance to construct a green hydrogen project. The financing will be used to construct a hydrogen production facility for Calumet’s renewable diesel business in Great Falls, Montana. Once complete, the renewable hydrogen plant will allow increased production of renewable diesel and further reduce the carbon intensity of products from MRL. The renewable hydrogen plant has an expected operational startup in the fourth quarter of 2022.
Arjun Joshi is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. More articles from Arjun Joshi.