CMPDI Invites Bids for 10 MW Solar Project at Mahanadi Coalfields

RERC Upholds Penalty for Failure to Comply with Renewable Energy Regulations

Hyundai to Source 118 MW Power from Fourth Partner’s Solar and Wind Projects

India Adds an Unprecedented 16 GW Solar Capacity in 9M 2024

Daily News Wrap-Up: UPNEDA Tenders 2 MW Rooftop Solar Projects

Maxeon Solar Modules Detained by US Customs Authority

Sungrow, TBEA, FIMER Dominate Solar Inverter Rankings in First Half of 2024

ReNew’s Revenue, Profit Up in Q2 FY25 as Commissioned Renewable Capacity Grows

MNRE Sets Terms for Real Estate Developers to Avail CFA Under PM Surya Ghar

ENGIE to Build 22 MW Solar Project for Saudi Cement Factory

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-british-solar-secures-funding-for-solar-and-storage-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
British Solar Renewables (BSR), an integrated solar project developer in the UK, <a href="https://mercomcapital.com/british-solar-renewables-secures-funding-for-124-mw-solar-and-storage-projects/" target="_blank" rel="noopener">secured</a> an undisclosed amount of funding for solar PV and battery storage projects portfolio with a total capacity of 124 MW located in the UK and Australia. The funding was provided by Commonwealth Bank of Australia and Lloyds Bank. The portfolio comprises five built or in-built co-located solar, battery energy storage, and standalone solar assets, with a combined solar generation of 132 GWh per year. The clean energy generated will power over 30,000 households.
AMEA Power, a developer, owner, and operator of renewable energy projects, <a href="https://mercomcapital.com/amea-power-secures-financing-120-mw-doornhoek-solar-project/" target="_blank" rel="noopener">reached</a> financial closure for its 120 MW Doornhoek Solar project in South Africa. When commissioned, the $120 million project will be the company’s first operational asset in the country. AMEA Power holds a majority stake in the solar project and has partnered with Ziyanda Energy and Dzimuzwo Energy, which are wholly owned by African women.
GoldenPeaks Capital, an independent renewable energy power producer, <a href="https://mercomcapital.com/goldenpeaks-capital-secures-financing-for-64-5-mw-solar-project-portfolio/" target="_blank" rel="noopener">closed</a> financing for 64.5 MW solar projects in northeast Hungary. Erste Group and Erste Bank Hungary provided the senior financing. The junior financing package was backed by a fund managed by Schelcher Prince Gestion (“SPG”), a French asset manager. Capcora served as the financial advisor to GPC on securing the mezzanine financing. The portfolio comprises two solar projects and is currently under construction.
Redeux Energy Partners, a utility-scale solar and storage project developer, <a href="https://mercomcapital.com/redeux-energy-sells-solar-portfolio-to-pine-gate-renewables/" target="_blank" rel="noopener">announced</a> the sale of a 450 MW solar project portfolio to Pine Gate Renewables, a solar project developer. The portfolio comprises three projects located in the Midcontinent Independent System Operator (MISO) South energy market. The acquired projects support Pine Gate’s operational portfolio and development pipeline. Redeux Energy is stated to have a project pipeline totaling approximately 7 GW solar and 7 GWh energy storage capacity spread across the ERCOT, MISO, SERC, and WECC energy markets.
Ellomay Solar, an Israeli-based renewable energy power generator and developer in Europe and Israel, <a href="https://mercomcapital.com/ellomay-solar-secures-financing-for-28-mw-solar-project/" target="_blank" rel="noopener">secured</a> financing for the 28 MW Ellomay solar project in Talaván, Cáceres, Spain, from Bankinter, a Spanish financial services company for a term of 16 years. The project was connected to the grid in 2022. The financing comprises two facilities: firstly, a senior term loan for an amount of €10 million (~$10.86 million) and a revolving facility for €500,000 (~$543,393).
Atrato Onsite Energy, a renewable energy investment firm, <a href="https://mercomcapital.com/atrato-onsite-energy-acquires-13-mw-uk-solar-project-portfolio/" target="_blank" rel="noopener">announced</a> the acquisition of a 13 MW solar portfolio for £9.3 million (~$11.86 million) in the UK. The portfolio comprises three fully operational solar projects with a 10-year average remaining contracted term. The projects were financed by utilizing available headroom in the revolving credit facility, which was increased to £40 million (~$51.03 million) in March 2024 by accessing £10 million (~$12.75 million) of the accordion facility.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/">here</a>.
Read last week&#8217;s project finance <a href="https://www.mercomindia.com/project-finance-brief-ferrovial-acquires-solar-project-texas" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: British Solar Secures Funding for Solar and Storage Projects

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-southern-power-acquires-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Southern Power, a subsidiary of Southern Company, an electric utility, <a href="https://mercomcapital.com/southern-power-acquires-south-cheyenne-solar-project/" target="_blank" rel="noopener">acquired</a> 150 MW of the South Cheyenne Solar Project from Qcells USA. The project is currently under construction and is expected to reach commercial operation in the first quarter of 2024. The project is located in Wyoming and is Southern Power’s first solar facility in the state.
AMEA Power, a renewable energy company, achieved financial <a href="https://mercomcapital.com/amea-power-reaches-financial-close-on-solar-project/" target="_blank" rel="noopener">closure</a> of its 120 MW solar project in Tunisia. The solar project is being implemented by Kairouan Solar Plant, a project company registered in Tunisia and wholly owned by AMEA Power. The project, located in Metbassta, Kairouan governorate, is financed by IFC, a member of the World Bank Group, and the African Development Bank.
Madrid-based green energy group Bruc has <a href="https://www.mercomindia.com/green-energy-group-bruc-portfolio-expansion-in-spain" target="_blank" rel="noopener">signed</a> a financing agreement with seven prominent entities, securing €600 million (~$633.8 million), which will be utilized in developing and operating an 8.5 GW portfolio of solar and wind power projects in Spain. The projects will be in various regions of Spain, including Aragón, Andalusia, Extremadura, Castilla-La Mancha, and Castilla y León. The entities participating in this corporate financing initiative include Santander, ING, Instituto de Crédito Oficial, BNP Paribas, and Intesa Sanpaolo, who have taken on roles as bookrunners and mandated lead arrangers.
Solaria, a U.S.-headquartered solar equipment manufacturer and installer, has <a href="https://www.mercomindia.com/solaria-receives-boost-from-eibs-investeu" target="_blank" rel="noopener">secured</a> €1.7 billion (~$1.8 billion) in financing from the European Investment Bank through the InvestEU program. The financing will support the development of approximately 120 solar photovoltaic power projects, primarily in Spain, Italy, and Portugal, with a combined installed capacity of 5.6 GW.
Enea, a renewable energy company, <a href="https://mercomcapital.com/enea-acquires-35-mw-solar-project-in-poland/" target="_blank" rel="noopener">acquired</a> the 35 MW Genowefa solar project from PAD RES, a joint venture between Kajima Europe and Griffin Capital Partners in Poland. The project is located near Kleczew, Greater Poland Voivodeship. The construction began in April 2022, and the plant started producing energy in August 2023. The plant consists of 65,420 panels and covers an area of about 40 hectares.
SUSI Partners, a Switzerland-based investment firm acting on behalf of SUSI Energy Transition Fund, has <a href="https://www.susi-partners.com/susi-partners-secures-debt-financing-for-chilean-solar-pv-portfolio/" target="_blank" rel="noopener">secured</a> debt funding for a 107 MW distributed solar project portfolio in Chile. The funding was secured from the Miami branch of local bank Banco de Crédito e Inversiones, acting as lender and administrative agent, and Norway’s largest financial services group, DNB. The greenfield distributed generation projects, which benefit from stabilized offtake prices under Chile’s PMGD regime, are under construction. The entire portfolio is expected to be fully operational by the end of 2024.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week&#8217;s project finance <a href="https://mercomcapital.com/project-finance-brief-recurrent-financing-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Southern Power Acquires 150 MW Solar Project

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					</table>Dubai-based renewable energy company <a href="https://ameapower.com/" target="_blank" rel="noopener">AMEA Power</a> will invest $1.1 billion in Egypt to develop wind and solar energy capacities of 500 MW each.
The investment will take the company’s cumulative clean energy portfolio to 2 GW in Egypt. AMEA Power has a clean energy pipeline of nearly 6 GW across 15 countries.
The firm will develop, own, and operate the 500 MW solar plant located in the Aswan Governorate of Egypt.
It will be financed by the International Finance Corporation (<a href="https://www.ifc.org/wps/wcm/connect/corp_ext_content/ifc_external_corporate_site/home" target="_blank" rel="noopener">IFC</a>), part of the World Bank Group, the Dutch Entrepreneurial Development Bank (<a href="https://www.fmo.nl/" target="_blank" rel="noopener">FMO</a>), and the Japan International Cooperation Agency (<a href="https://www.jica.go.jp/english/index.html?" target="_blank" rel="noopener">JICA</a>).
The 500 MW wind farm, located in the Red Sea Governorate, will be developed in partnership with <a href="https://www.sumitomocorp.com/en/jp" target="_blank" rel="noopener">Sumitomo Corporation</a>, which will own 40% equity in the project. A consortium of banks is providing financing.
Both projects have secured Power Purchase Agreements with the Egyptian Electricity Transmission Company (<a href="http://www.eetc.net.eg/" target="_blank" rel="noopener">EETC</a>) and usufruct agreements with the New and Renewable Energy Authority (<a href="http://nrea.gov.eg/test/en/Home" target="_blank" rel="noopener">NREA</a>).
“The Company is leading the development of renewable energy across Africa, which through its global and regional partnerships, will deliver clean energy to millions of people around the continent,” said Hussain Al Nowais, Chairman of AMEA Power.
Cheick-Oumar Sylla, IFC Regional Director for North Africa and Somali Peninsula, said, “Egypt has ambitious renewable energy goals, and we are proud to support AMEA’s expansion into Africa as well as its partnership with Egypt to accelerate the country’s renewable energy transition,” he added.
The Egyptian government is aiming at a 42% renewable share in electricity generation by 2035.
AMEA Power has recently made a pact with the Egyptian Government on the sidelines of COP27 in Sharm El Sheikh to develop a large-scale green hydrogen project.
This will serve as a feedstock to produce green ammonia, and once completed, the 1 GW plant is expected to produce 800,000 tons of green ammonia per year for export.
In 2020, the IFC <a href="https://mercomindia.com/ifc-help-egyptian-farmers-switch/" target="_blank" rel="noopener">announced</a> that it had joined hands with the Agriculture Bank of Egypt to help Egyptian farmers access funding to purchase solar irrigation systems.
According to Mercom’s <a href="https://mercomcapital.com/product/9m-q3-2022-solar-funding-ma-report/" target="_blank" rel="noopener">9M and Q3 2022 Solar Funding and M&amp;A Report</a>, total corporate funding, including venture capital funding, public market, and debt financing in 9M 2022 stood at $18.7 billion, 18% lower than $22.8 billion raised in 9M 2021.

AMEA Power to Invest $1.1 Billion in Egypt for 1 GW Wind and Solar Projects

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					</table>Here are some noteworthy cleantech announcements of the day from around the world:
The Uttar Pradesh Government approved the &#8216;Solar Energy Policy, 2022,&#8216; revising its proposed target upwards to 22 GW of solar capacity by FY 2026-27. The government had <a href="https://mercomindia.com/uttar-pradesh-proposes-to-install-16-gw-solar/" target="_blank" rel="noopener">proposed</a> a 16 GW solar capacity target in its draft policy earlier this year. The approved target capacity includes 14 GW of utility-scale power projects, 6 GW of rooftop solar projects, and 2 GW of distributed solar projects. The Uttar Pradesh New and Renewable Energy Development Agency (<a href="http://upneda.org.in/" target="_blank" rel="noopener">UPNEDA</a>) has been designated the nodal agency for implementing the policy.
The Himachal Pradesh Electricity Regulatory Commission <a href="https://hperc.org/new1/File/ghanvi27-2022.pdf" target="_blank" rel="noopener">determined</a> a project-specific levelized tariff of ₹3.16 (~$0.038)/kWh for the Ghanvi-II small hydro project, which will be applicable from the commercial operation date, i.e., April 3, 2014. Himachal Pradesh State Electricity Board had filed a petition with the regulatory body for the determination of capital cost and project-specific levelized tariff for the sale of power from Ghanvi II, a 10 MW small hydropower project located on Ghanvi river in the Shimla district of Himachal Pradesh.
Larsen &amp; Toubro <a href="https://www.larsentoubro.com/pressreleases/2022-11-24-lt-construction-wins-a-significant-order-for-its-heavy-civil-infrastructure-business/" target="_blank" rel="noopener">secured</a> an order from the Greenko group for civil and hydromechanical works to develop an off-stream pumped storage project in Madhya Pradesh. The project will be executed within 30 months through a consortium led by Larsen &amp; Toubro. Upon completion, the project will be one of India&#8217;s largest clean energy projects of its type. The Gandhisagar project, designed to meet a pumped storage capacity of 10,080 MWh, envisages the creation of an upper reservoir near Khemla block village in Madhya Pradesh while the existing Gandhisagar reservoir will be the lower reservoir.
The Al Kharsaah, an 800 MW solar power project in Qatar, <a href="https://www.prnewswire.com/news-releases/light-up-qatars-carbon-neutral-world-cup----800mw-solar-power-plant-in-qatar-constructed-by-powerchina-connected-to-the-grid-301686633.html" target="_blank" rel="noopener">achieved</a> grid connectivity at full capacity. The project, located 80 km west of Doha, is said to be the world&#8217;s largest solar project using a tracking system and bifacial modules. It is also the third-largest single-location solar power project in the world. Qatar hopes to use this project to promote clean energy development in the country. Al Kharsaah can supply 10% of Qatar&#8217;s peak power consumption and offset 26 million tons of CO2 emissions over its lifetime.
ib vogt, a Berlin-headquartered solar developer, <a href="https://www.ibvogt.com/home/vogt-news/ib-vogt-starts-construction-on-149-mwp-project-in-spain-signs-ppa-with-google.html" target="_blank" rel="noopener">started</a> the construction of the 149 MW Garnacha solar power project located in the province of Zamora in Spain. The company signed a power purchase agreement (PPA) with Google for 12 years, and the project is expected to be commercially operational by October 2023. The project is located near the city of Toro and covers an area of 224 hectares of land. With an output of up to 300 GWh per year, the project would provide electricity equivalent to the average consumption of 85,000 households while saving up to 50,000 tons of CO2 per year.
Harmony Energy, a UK-based renewables developer, <a href="https://www.harmonyenergy.co.uk/general/harmony-energy-income-trust-brings-europes-largest-battery-energy-storage-system-online/" target="_blank" rel="noopener">announced</a> the successful commissioning of the 196 MWh – Pillswood project in East Yorkshire in the UK. The project has deployed a Tesla two-hour megapack system, which can store up to 196 MWh of electricity in a single cycle. The project site is located adjacent to National Grid&#8217;s Creyke Beck substation, the same connection point proposed for phases&#8217; A&#8217; and &#8216;B&#8217; of the world&#8217;s largest offshore wind farm, Dogger Bank, which is set to become operational in summer 2023. The project will be operated through Autobidder, Tesla&#8217;s algorithmic trading platform, which has demonstrated its efficiency in managing the Holes Bay and Contego projects – two existing battery storage projects also developed by Harmony Energy.
Voltalia, an international player in the renewable energy space, <a href="https://www.voltalia.com/news-releases/news-release-details/voltalia-signs-350-megawatt-solar-power-supply-contract-renault" target="_blank" rel="noopener">announced</a> the signing of a contract with the Renault Group to supply 350 MW of solar power, representing approximately 500 GWh per year. The agreement is considered one of France&#8217;s largest renewable electricity supply contracts. Renault Group has announced its intention to accelerate the decarbonization of its plants in France, and the agreement with Voltalia will enable them to cover up to 50% of the electricity consumption of its production activities in France by 2027. Voltalia will install 100 MW of solar panels at its sites in France starting in 2025.
AMEA Power <a href="https://ameapower.com/amea-power-to-expand-the-capacity-of-its-solar-project-in-togo-creating-west-africas-largest-solar-plant/" target="_blank" rel="noopener">announced</a> the expansion of the &#8216;Sheikh Mohamed Bin Zayed Solar Power Project&#8217; in Togo from 50 MW to 70 MW, making it the largest solar project in West Africa. Located in the village of Blitta, the project will provide power to more than 222,000 households and include a 4 MWh battery energy storage system. Phases 1 and 2 of the project were fully developed by AMEA Power during the COVID-19 pandemic and took less than 18 months to complete from their initial inception. Both project phases became operational in June 2021.

Daily News Wrap-Up: Uttar Pradesh to Install 22 GW Solar Capacity by FY27

Dubai-based <a href="https://ameapower.com/" target="_blank" rel="noopener noreferrer">AMEA Power</a>, a subsidiary of Al Nowais Investment (ANI), has signed a power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for a 200 MW solar PV project and a 500 MW wind project in the country.
AMEA Power acquires, develops, owns, and operates thermal and renewable power projects in Africa, the Middle East, and Asia.
As per the company document, the Abyodos Solar Power Company, which is fully owned by AMEA Power, will build, own, and operate the 200 MW PV solar power project in the Kom Ombo region of Aswan for 25 years. The 500 MW, wind power project, will be developed by Amunet Wind Power Company (AWPC) in the Ras Ghareb area under the 20-year take-or-pay agreement. (Under a take-or-pay agreement generally, the offtaker has to take, and pay a fixed tariff for all energy delivered (no dispatch required). If the offtaker cannot physically take the energy and the output is “curtailed,” energy will be calculated and paid for on a “deemed” delivered basis)
The solar power project is expected to be commissioned in Q4 of 2020, whereas the wind power project will be commissioned in Q3, 2023. The energy generated from these projects will be able to supply power to 83,000 households with a planned capacity of 2.9 GWh per year.
Speaking on the development, AMEA Power’s chairman, Hussain Al Nowais, said, “As we continue to expand our global presence, we are delighted to embark on these renewable energy projects in Egypt. We are thankful for all the support that we have received in the country, and we look forward to continuing to support Egypt in its drive to diversify its energy mix.”
Recently, AMEA Power signed a PPA with Togo’s national utility company, La Compagnie Energie Electrique du Togo (CEET), for a 50 MW solar PV project. Earlier this year, the company had signed a PPA with Chad’s Ministry of Energy for a 60 MW solar PV project.
Last month, ACWA Power, Saudi Arabia’s energy giant, <a href="https://mercomindia.com/acwa-power-signs-ppa-egypt-200-mw-solar-project/" target="_blank" rel="noopener noreferrer">signed</a> a power purchase agreement (PPA) with the government of Egypt to finance, develop, construct, and operate the 200 MW Kom Ombo solar power project. ACWA Power had secured this project through a tender issued in August 2018.
Earlier this year, AMEA had <a href="https://mercomindia.com/amea-power-financial-closure-50-mw-solar-jordan/" target="_blank" rel="noopener noreferrer">announced</a> financial closure for a 50 MW solar project in Jordan. The company had announced that it had secured $74 million for the Al Husainiyah project with assistance from the Dutch development bank, FMO. In addition to contributing $29.6 million, the FMO is expected to mobilize $29.6 million from DEG for financing this project.

AMEA Power Signs PPA with EETC for Renewable Projects in Egypt

Renewable energy project developer, <a href="http://www.ameapower.com/">AMEA</a>, has announced financial closure for a 50 MW solar project in Jordan. The company has announced that it has secured $74 million for the Al Husainiyah project with assistance from the Dutch development bank, <a href="https://www.fmo.nl/">FMO</a>. In addition to contributing $29.6 million, the FMO is also expected to mobilize $29.6 million from <a href="https://www.deginvest.de/International-financing/DEG/">DEG</a> for financing this project.
FMO’s chief investment officer, Linda Broekhuizen, said, “This project perfectly fits with our strategy. Not only is it 100 percent green, but it also has a high developmental value because the project will source its PV panels from a local manufacturer, thereby supporting hundreds of good quality jobs. For FMO, this transaction also represents another successful collaboration with DEG under the Friendship Facility, a partnership we are keen to expand to better serve our shared objectives.”
AMEA Power is the sponsor, lead developer, and majority owner with a 70% stake in the project. Jordan-based Philadelphia Solar will have the remaining ownership in the project. Philadelphia Solar manufactures, develops, designs, constructs, owns and operates utility-scale commercial and industrial photovoltaic plants.
Approximately 200,000 photovoltaic (PV) solar modules of 330W capacity each are expected to be deployed for this project. The solar modules will be manufactured at <a href="https://www.zawya.com/mena/en/company/Philadelphia_Solar_Co-11028957/" target="_blank" rel="noopener noreferrer">Philadelphia Solar</a>’s facility in Al-Qastal Industrial Area, located near Amman. The Al Husainiyah project is scheduled for commissioning in Q4 2020 and is expected to supply 42,000 households with clean energy while avoiding an estimated 100,000 tonnes in annual carbon emissions.
Hussain Al Nowais, chairman, AMEA Power, said “AMEA Power believes in Jordan and the government’s commitment to increase the renewable energy share in the country’s power production. Through this project, we are proud to support Jordan’s vision to reduce its reliance on imported fuel and limit its carbon footprint. The country is an important market for us as we recently also reached financial close on a 50 MW wind project in Jordan and we hope that this solar project will stimulate further investments in renewable energy projects in Jordan.”
Dubai-based AMEA Power has added that it has a pipeline of approximately 7 GW capacity of power projects across various technologies and at different stages of development in emerging markets. The company focuses on the development, operation, and ownership of projects in Africa, Asia, and the Middle East.
Jordan has been receiving funds from diverse sources for the solar projects being developed in the region. In <a href="https://mercomindia.com/ebrd-265-million-jordan-grid-integration/" target="_blank" rel="noopener noreferrer">December</a> 2018, the European Bank for Reconstruction and Development (<a href="https://www.ebrd.com/home" target="_blank" rel="noopener noreferrer">EBRD</a>) announced that it would provide $265 million in long-term loans to Jordan’s National Electric Power Company (NEPCO). The fund is expected to improve grid integration of renewable energy in the country.
<a href="https://mercomindia.com/ifc-financial-package-jordan-solar-project/" target="_blank" rel="noopener noreferrer">Earlier,</a> Mercom also reported that the International Finance Corporation (<a href="http://www.ifc.org/wps/wcm/connect/corp_ext_content/ifc_external_corporate_site/home" target="_blank" rel="noopener noreferrer">IFC</a>), a member of the World Bank Group, arranged a financial package of up to $188 million for the development of a 248 MW solar project in Jordan.
Dubai is hosting the largest single-site solar park in the MENA region. Mercom <a href="https://mercomindia.com/950-mw-solar-saudi-arabia-financial-closure/">reported</a> on the news of <a href="https://www.dewa.gov.ae/en" target="_blank" rel="noopener noreferrer">Dubai Electricity and Water Authority</a> (DEWA) and a consortium of Saudi Arabia’s <a href="https://www.acwapower.com/en/" target="_blank" rel="noopener noreferrer">ACWA Power</a> and the <a href="http://www.silkroadfund.com.cn/enwap/27363/index.html">Silk Road Fund</a>, announcing the financial closure for a 950 MW solar park project in Dubai.

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