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Daily News Wrap-Up: APTEL Criticizes MERC for Denying Petitioner Relief

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-yellow-door-energy-equity-funding/" target="_blank" rel="noopener">Mercom Capital Group</a>
Yellow Door Energy (YDE), a UAE-based solar developer, <a href="https://mercomcapital.com/yellow-door-energy-raises-400-million/" target="_blank" rel="noopener">announced</a> the closing of $400 million equity to continue its development of sustainable energy projects in the Middle East, Africa, and beyond. The investment also includes purchasing current shares, enabling the company’s initial investors to exit. The funding is provided by YDE’s newest and now controlling shareholder, Actis, with existing shareholders International Finance Corporation, Mitsui, and APICORP increasing their equity commitments.
Sunly, an independent power producer, <a href="https://sunly.ee/sunly-raises-200-million-euros-and-welcomes-mirova-as-a-new-investor/#:~:text=Sunly%20raises%20200%20million%20euros%20and%20welcomes%20Mirova%20as%20a%20new%20investor,-October%2013%2C%202022&amp;text=Independent%20power%20producer%20Sunly%20raises,in%20the%20Baltics%20and%20Poland" target="_blank" rel="noopener">raised</a> around €200 million (~$196 million) from its existing shareholders and new investor Mirova, an affiliate of Natixis Investment Managers and French asset manager. Sunly will use the funding to develop further its 17.9 GW solar and wind power pipeline in the Baltic States and Poland.
Spanish EV Charging company Zunder <a href="https://mercomcapital.com/ev-charging-company-zunder-raises-97-million/" target="_blank" rel="noopener">raised</a> €100 million (~$97 million) from sustainable investment manager Mirova. With new funds, the company will speed up the rollout of ultra-fast EV charging stations in Southern Europe. Zunder is a Spanish EV charging operator that was founded in 2017. The company is supported by White Summit Capital, a Swiss-based investor, and asset management, and operates over 150 charging stations, with plans to expand to over 4,000 charging stations by 2025.
Solestial, a manufacturer of ultra-thin silicon solar cells that can self-cure radiation damage at normal operating temperatures in space, <a href="https://www.businesswire.com/news/home/20221011005573/en/Airbus-Ventures-Leads-Solestial%E2%80%99s-Oversubscribed-10M-Seed-Round" target="_blank" rel="noopener">raised</a> $10 million in seed funding from Airbus Ventures. Other investors who participated in the round were AEI HorizonX, GPVC, Stellar Ventures, and Industrious Ventures. The company plans to use the funding to ramp up production and customer engagement capabilities as the company expands ground and flight testing in parallel. Additional investments in R&amp;D and go-to-market functions are also planned.
ecoligo, a provider of solar-as-a-service projects in emerging markets, <a href="https://ecoligo.com/en/blog/2022/10/17/ecoligo-raises-e10-million-investment-from-frv-x-to-drive-global-transition-to-renewable-energy/" target="_blank" rel="noopener">closed</a> €10 million (~$9.7 million) in a Series A funding round. The new investor FRV-X, a Fotowatio Renewable Ventures venture division, participated in the round. ecoligo will use the investment sum to continue to grow sustainably, expand existing markets, and effectively drive forward the global energy transition.
e-Zinc, an electrochemical technology developer of energy storage solutions, has <a href="https://mercomcapital.com/zinc-air-battery-company-e-zinc-secures-7-million/" target="_blank" rel="noopener">closed</a> a $7 million venture debt facility with Silicon Valley Bank. The company intends to use the funds to speed up its commercialization efforts and execute commercial pilot projects that provide in-field validation for its zinc-air batteries.
SunDrive, a manufacturer of solar cells with cheaper copper, <a href="https://www.virescent.vc/sundrive-raises-21m-series-a-to-supercharge-solar-panel-efficiency-and-drive-down-costs/" target="_blank" rel="noopener">raised</a> A$21 million (~$13 million) from Clean Energy Finance Corp alongside Main Sequence Ventures, Blackbird Ventures, and Grok Ventures.
Photon Energy, a solar project developer, <a href="https://www.photonenergy.com/en/photon-energy-group/news/photon-energy-group-taps-its-6-50-green-bond-to-75-million-euros.html" target="_blank" rel="noopener">raised</a> its 6.50% Green EUR Bond 2021/2027 of €10 million (~$9.7 million) to a total outstanding amount of €75 million (~$73 million). The green bond now carries a nominal value of €75 million (~$73 million), a 2027 maturity, and an interest rate of 6.50%., paid quarterly by way of a Secondary Party Opinion.
InterEnergy, a solar and wind energy project developer, <a href="https://interenergy.com/news/interenergy-announces-partnership-with-brookfield-and-stonepeak-to-accelerate-the-net-zero-transition/" target="_blank" rel="noopener">partnered</a> with Brookfield Renewable and Stonepeak to invest up to $1 billion in the aggregate in InterEnergy over the next four years, aiming to propel InterEnergy to a leading position amongst clean energy businesses in Latin America and the Caribbean.
Global Infrastructure Partners, an investment firm, <a href="https://mercomcapital.com/gip-acquires-atlas-renewable-energy-actis/" target="_blank" rel="noopener">acquired</a> Atlas Renewable Energy, a solar project developer, from Actis, a private equity firm. Atlas Renewable Energy has been developing, financing, constructing, and operating renewable energy projects throughout the Americas since early 2017. The company’s strategy is focused on helping large corporates make the energy transition to 100% clean energy.
MyPower, an investment arm primarily focused on energy and sustainability management, <a href="https://www.prnewswire.com/news-releases/mypower-corp-acquires-solstice-power-technologies-inc-a-prominent-service-provider-specialized-in-customer-management-for-community-solar-in-the-us-301647001.html" target="_blank" rel="noopener">acquired</a> Solstice, a service provider specializing in customer management for community solar development. Solstice Initiative, Solstice’s current non-profit arm, will not be acquired by MyPower and will operate as an independent 501c3 under a new brand.
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/" target="_blank" rel="noopener">here</a>.
Read last week’s funding <a href="https://mercomindia.com/funding-and-ma-roundup-form-energy/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Yellow Door Energy Closes $400 Million Equity Funding Round

Virescent Renewable Energy Trust (VRET), a renewable energy infrastructure investment trust (InvIT) by <a href="https://virescent.co.in/" target="_blank" rel="noopener">Virescent Infrastructure</a>, raised ₹6.5 billion (~$87 million) through domestic bond issuance across 7.33-year (₹1.5 billion (~$20 million)) and 10-year (₹5 billion (~$67 million)) tranches.
The average quarterly coupon of the bonds is 7.93%, fully fixed for the entire tenor. VRET, backed by KKR, a leading global investment firm, will use the bond proceeds to fund its immediate acquisition-related debt requirements while expanding its portfolio from the existing 450 MWp of operational solar projects.
VRET maintains this transaction is the largest single series issuance of ₹5 billion (~$67 million) in a 10-year tenor by a renewable energy company.
CRISIL and India Ratings have assigned the bonds a &#8216;AAA Stable&#8217; rating.
&#8220;This bond issuance is a significant achievement in VRET&#8217;s journey, demonstrating our debt raising capabilities to achieve competitive pricing and longer maturity profiles. With VRET being a recently established entity in September 2021 and only five months into our journey, we are pleased to have issued such long tenor bonds and attracted marquee institutional lenders such as the government-backed India Infrastructure Finance Company Limited as well as the NIIF promoted Aseem Infrastructure Finance Limited,&#8221; said Sanjay Grewal, CEO, Virescent Infrastructure.
In the recent <a href="https://mercomindia.com/budget-2022-module-manufacturing-%e2%82%b9195-billion-pli-program/" target="_blank" rel="noopener">union budget</a> announcement, the government announced the issuance of sovereign green bonds to help push renewable energy projects. The new initiative is expected to encourage more renewable energy companies to issue green bonds in the domestic market at competitive pricing.
In November, VRET had <a href="https://mercomindia.com/vret-debt-financing/" target="_blank" rel="noopener">raised</a> a total of ₹21.5 billion through listed non-convertible debentures and long-term debt financing. VRET had also secured ₹10 billion (~$134.41 million) in its maiden issuance across 3, 5, and 7 year-tranches. The proceeds were expected to help refinance existing debt at the special purpose vehicle level and fund future acquisitions.
Virescent had tied up an additional ₹10 billion (~134.41 million) in long-term financing from L&amp;T Finance to ensure a complete debt tie-up of its near-term acquisition pipeline.

Virescent’s Renewable Energy InvIT Raises ₹6.5 Billion via Domestic Bond Issuance

Here are some noteworthy cleantech announcements of the day from around the world:
Power Finance Corporation has <a href="https://pib.gov.in/Pressreleaseshare.aspx?PRID=1694408" target="_blank" rel="noopener noreferrer">raised</a> $500 million through the issuance of USD-denominated bonds under the Reg S route with a set maturity of May 16, 2031. The bonds have a set coupon of 3.35% per annum. The company said the order book amounted to $2.55 billion, achieving an oversubscription by 5.1 times. The proceeds will be utilized per the external commercial borrowing regulations of the Reserve Bank of India, including for on-lending to power sector utilities.
Hitachi ABB Power Grid has been <a href="https://www.hitachiabb-powergrids.com/in/en/news/global-news/press-releases/hitachi-abb-power-grids-wins-major-order-to-support-the-integration-of-renewable-generation-from-qatar-s-first-solar" target="_blank" rel="noopener noreferrer">awarded</a> a major order that would help Qatar’s national grid increase the integration of renewable energy from the country’s first large-scale solar power generation project – the 800 MW Kharsaah photovoltaic project. As part of the agreement, the company will provide a fully-engineered 220 kV grid connection solution that includes detailed engineering and equipment, in line with local requirements and standards.
Centrica Business Solutions, U.K.-based energy and services company, has <a href="https://alfen.com/en/news/centrica-business-solutions-enters-framework-agreement-alfen-supply-battery-energy-storage" target="_blank" rel="noopener noreferrer">entered</a> into a framework agreement with Alfen for the supply of sub 10 MW battery energy storage solutions. With this three-year framework agreement, Alfen further expands its collaboration with Centrica after the recent agreement to supply charge points for Centrica and its subsidiary British Gas.
Ameresco and Wells Fargo have <a href="https://ir.ameresco.com/news-events/press-releases/detail/429/wells-fargo-and-ameresco-to-install-solar-generation-assets" target="_blank" rel="noopener noreferrer">partnered</a> to develop and install around 30 MW of new, onsite solar generation assets at Well Fargo’s corporate and retail locations in seven states of the United States. The nearly 100 solar photovoltaic arrays are a combination of rooftop and ground mount systems at Wells Fargo retail and administrative locations in Arizona, California, Lowa, New Jersey, North Carolina, Texas, and Connecticut. These solar generation assets are expected to generate 45,000 MWh of clean energy annually.
Coca-Cola European Partners has <a href="https://www.cocacolaep.com/media/news/2021/ev100-commitment/" target="_blank" rel="noopener noreferrer">joined</a> EV 100, a global initiative that brings together companies committed to accelerating the transition to electric vehicles (EVs) and making electric transport the new normal by 2030. The company committed to switching all of its cars and vans to electric vehicles or ultra-low emission vehicles where EVs are not viable by 2030. This follows the launch of the company’s new climate strategy, including its ambition to reach net-zero emission by 2030 and a new science-based target to reduce greenhouse gas emissions across its value chain by 30% by 2030.
Verizon has <a href="https://www.verizon.com/about/news/verizon-becomes-leading-corporate-buyer-us-renewable-energy" target="_blank" rel="noopener noreferrer">entered</a> into 13 long-term renewable energy purchase agreements totaling nearly 1.7 GW of renewable energy capacity since December 2019, including six new agreements for 845 MW of renewable energy capacity since September 2020. As part of its recent efforts, the company entered into three 15-year agreements with Invenergy for an aggregate of 525 MW of capacity. The power generation will come from three solar projects that are expected to be operational by the end of 2023.
Grinntech has <a href="https://www.grinntech.com/pdf/Grinntech-Press-Release-2.pdf" target="_blank" rel="noopener noreferrer">inaugurated</a> its lithium-ion battery manufacturing facility in Chennai’s Ambattur Industrial Estate. The facility will have the capacity to produce 400 MWh of lithium-ion batteries annually. In October 2020, the company had executed a Memorandum of Understanding with the Tamil Nadu government involving an investment of ₹1 billion (~$13.70 million).
JSW Energy has <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/6b97a26d-392c-4fa0-8b0d-beb3fd5abde6.pdf" target="_blank" rel="noopener noreferrer">decided</a> to terminate its resolution plan for the Corporate Insolvency Resolution of Ind-Barath Energy. The company said that a Material Adverse Change event, which entitles the company to terminate the resolution plan, has occurred during the 15 months after the plan was submitted to the Committee of Creditors.
<a href="http://www.earthenergy-ev.com/Home.html" target="_blank" rel="noopener noreferrer">Earth Energy</a> has launched its three electric two-wheelers. The company claimed that the new range comprises 96% ‘Made in India’ electric vehicles. These vehicles come with an in-built application-enabled with smartphones that help the rider keep live navigation status, calls or messages alert, trip history, and current destination on-screen.
Here is our <a href="https://mercomindia.com/daily-news-wrap-up-tata-goa/" target="_blank" rel="noopener noreferrer">previous</a> daily news wrap-up.

Daily News Wrap-Up: Power Finance Corporation Raises $500 Million Through USD Bonds

Here are some noteworthy cleantech news and announcements from the around the world week:
Meyer Burger, a Switzerland-based engineering company, <a href="https://www.pressebox.de/pressemitteilung/meyer-burger-technology-ag/Meyer-Burger-definitely-secures-the-new-locations-for-the-production-of-solar-cells-and-solar-modules/boxid/1017227" target="_blank" rel="noopener noreferrer">announced</a> that it had secured new locations to set up its manufacturing facilities for the production of solar modules and solar cells. Meyer Burger said that it would pay €12 million (~$14.12 million) to purchase the facility from Solarworld Industries GmBH. The purchase includes the new manufacturing facility with a total area of 33,000 square meters, trademark rights, and patents situated at Solarworld’s former production site in Freiberg. The company added that it would start the production of 400 MW solar cells and 400 MW solar modules in the first half of 2021.
Spain-based Mondragon Assembly <a href="https://www.afrik21.africa/en/egypt-mondragon-opens-solar-panel-production-line-in-cairo/" target="_blank" rel="noopener noreferrer">announced</a> that it completed the construction of a 100 MW solar panel manufacturing facility for Teriak Industrial Group in Cairo. It is the second solar panel manufacturing plant built by Mondragon Assembly in Egypt. The first turnkey facility was built for Arab International Optronics, with a manufacturing capacity of 50 MW of solar panels. Specializing in the manufacture of automotive spare parts for Egypt and the Middle East, Teriak Industrial Group has now diversified by acquiring a solar manufacturing unit.
United Kingdom-based oil giant bp announced that it has set out a plan to achieve its net-zero ambition. In its <a href="https://www.bp.com/en/global/corporate/news-and-insights/press-releases/from-international-oil-company-to-integrated-energy-company-bp-sets-out-strategy-for-decade-of-delivery-towards-net-zero-ambition.html" target="_blank" rel="noopener noreferrer">press statement</a>, the company said that in ten years, bp aims to increase its annual low carbon investment tenfold to around $5 billion a year, build out an integrated portfolio of low carbon technologies, including renewables, bioenergy, and early positions in hydrogen. It also plans to increase its renewable energy capacity to 50 GW.
RWE, a Germany-based electricity utility company, <a href="https://www.group.rwe/en/press/rwe-ag/2020-07-31-rwe-to-strengthen-its-european-renewables-business" target="_blank" rel="noopener noreferrer">announced</a> that it would acquire a European onshore wind and solar development platform from wind turbine manufacturer Nordex SE. According to the company, the total value for acquiring the wind and solar platform with a total pipeline of 2.7 GW in France, Spain, Poland, and Sweden would be around €400 million (~$460.74 million). According to RWE, the company has a firm focus in France, with a total pipeline of 1.9 GW in different phases. According to RWE, the planned acquisition would help enhance its existing 22 GW development pipeline.
Banpu Public Company Limited (Banpu), a Thailand-based energy company, announced that it had acquired an operational wind project to strengthen its renewable energy portfolio in Vietnam. According to the <a href="https://www.banpu.com/news/4/369/" target="_blank" rel="noopener noreferrer">press release</a>, the wind project has an operational capacity of 37.6 MW, and the purchase was valued at $66 million. The investment was made through BRE Singapore, an associate company, in which the company holds 50% of share through Banpu. The project was designed and maintained by Enercon GmbH, a wind power company, and turbine manufacturer.
Bosch, a Germany-based engineering and technology firm, announced that it had signed three long-term purchasing agreement with RWE, Statkraft, and Vattenfall to procure solar power. According to the company’s <a href="https://www.bosch-presse.de/pressportal/de/en/climate-neutrality-bosch-expands-supply-of-renewable-energy-217152.html" target="_blank" rel="noopener noreferrer">press statement</a>, energy from these three parks will be consumed at Bosch locations in Germany. From 2021 onward, this will cover a total annual volume of more than 100 GW – equivalent to the annual electricity consumption of up to 30,000 private households.
Siemens Gamesa Renewable Energy, a wind turbine maker, has <a href="https://www.siemensgamesa.com/en-int/newsroom/2020/07/200728-siemens-gamesa-press-release-results-presentation-q3-fy2020" target="_blank" rel="noopener noreferrer">recorded</a> a revenue of €3.41 billion (~$4.04 billion) with an 8% decline year-over-year in the third quarter of FY 2020. It has also recorded a 9% YoY fall in revenue to €6.61 billion (~$7.83 billion) in the first nine months of FY 2020, which reflected the impact of COVID-19 and other challenges in its onshore business.
Here is the news wrap-up from <a href="https://mercomindia.com/weekly-wrap-up-canadian-solar-freyr-energy/" target="_blank" rel="noopener noreferrer">last week</a>.

News Wrap-Up: Meyer Burger Buys SolarWorld’s Plant, BP to Build 50 GW of Renewables

<a href="https://renewpower.in/" target="_blank" rel="noopener noreferrer">ReNew Power Private Limited</a>, a domestic renewable project developer, has raised $450 million (~₹31.96 billion) through a dollar bond issuance. Mercom confirmed the deal with the parties involved.
The bonds were priced at a coupon rate of 5.875% and will be issued in two tranches with an average maturity of five-and-a-half years.
ReNew intends to use the proceeds from the dollar notes to refinance existing borrowings, including trade credit facilities of the holding company. It added that part of the proceeds of nearly $65 million (~₹4.61 billion) would be used to meet future capital expenditure requirements.
Commenting on the development, D Muthukumaran, the Chief Financial Officer of ReNew Power told Mercom, &#8220;The strong demand for our bonds is a vote for the company’s business strategy and its healthy leverage levels. Interests from big investors from the U.S. and Europe is an added positive indicating availability of sustained long term capital for companies with strong fundamentals like ours.&#8221;
As of December 2019, ReNew Power had a portfolio of over 2 GW of large-scale solar projects in operation in the country, with about 1.7 GW capacity under development, according to <a href="https://mercomindia.com/product/mercoms-india-solar-market-share-tracker/" target="_blank" rel="noopener noreferrer">Mercom India’s Solar Tracker.</a>
According to Mercom India’s <a href="https://mercomindia.com/product/mercom-india-solar-market-leaderboard-1h-2019/" target="_blank" rel="noopener noreferrer">India Market Leaderboard 1H 2019</a>, ReNew Power was second in terms of large-scale solar projects installed in India in the first half of the year with a market share of 12.9%.
Previously, ReNew Power <a href="https://mercomindia.com/renew-power-gs-ec-solar-project-rajasthan/" target="_blank" rel="noopener noreferrer">announced</a> a joint venture partnership with South Korea’s <a href="http://www.gs.co.kr/en" target="_blank" rel="noopener noreferrer">GS E&amp;C</a> for the construction of a 300 MW solar power project in Rajasthan. 
Earlier, the company <a href="https://mercomindia.com/renew-power-300-million-rights-issue/" target="_blank" rel="noopener noreferrer">announced</a> that it raised $300 million through a rights issue. A rights issue is when a company issues its existing shareholders a right to buy additional shares in the company. According to its press statement, Goldman Sachs, Abu Dhabi Investment Authority (ADIA), and Canada Pension Plan Investment Board (CPPIB) subscribed to the issue with each of the shareholders infusing $100 million into it.
In February 2019, ReNew Power <a href="https://mercomindia.com/renew-power-50-mn-in-debt-financing-opic/" target="_blank" rel="noopener noreferrer">raised</a> debt financing of up to $350 million (~₹24.91 billion) from the Overseas Private Investment Corporation (OPIC) to support the construction of new wind and solar power projects in India. In April 2019, the company, through its wholly-owned subsidiary Ostro Energy acquired two subsidiaries of Suzlon Energy; Shreyas Solarfarms Limited (20 MW) and Aalok Solarfarms Limited (10 MW).

Solar Developer ReNew Power Raises $450 Million Through Dollar Bond Issue

The <a href="http://www.recindia.nic.in/home" target="_blank" rel="noopener">REC Limited</a> (Formerly, Rural Electrification Corporation of India), a public sector enterprise under the Government of India, has raised $700 million through initial foray of its $5 billion global medium-term-note (GMTN) program into the 144a market (US Securities and Exchange Act 1933).
Proceeds of the bond will be used to finance power projects in accordance with the approvals granted by the Reserve Bank of India (<a href="https://www.rbi.org.in/" target="_blank" rel="noopener">RBI</a>) from time to time and in accordance with the European Central Bank (<a href="https://www.ecb.europa.eu/home/html/index.en.html" target="_blank" rel="noopener">ECB</a>) guidelines.
Per REC, the five-year benchmark has a semi-annual coupon of 5.25 percent per annum and a maturity date of November 13, 2023. It offers investors a reoffer spread of 240 basis points over the five-year UST.
The transaction saw an oversubscription of approximately 2.5 times with active participation from more than 90 major international investor accounts. REC decided to upsize the deal to $700 million from the earlier benchmark target to accommodate keen investor interest in this maiden 144A issuance from REC.
Per a release shared by REC, “The final Order Book has been over $1.1 billion from over 90 accounts with United States contributing 41 percent, 21 percent from European Union and 38 percent from Asia. Subscription amounting to 42 percent were made by asset/fund managers, 21 percent were made by banks, 26 percent were made by by INS/PEN/Pub Sec and 11 percent by PB.”
This is the largest dollar transaction from any Indian non-banking finance company (NBFC) and the first issuance under 144A by an Indian NBFC and Central Public Sector Enterprise (CPSE). In the backdrop of weak Emerging Markets headlines and recent volatility in the Indian NBFC sector, the global investors have reaffirmed strong confidence in the corporate governance, sound management, strong fundamentals of REC.
Commenting on the occasion, Dr. P.V. Ramesh IAS, Chairman and Managing Director, REC said, “We are very delighted on the successful launch and completion of this transaction which establishes REC Limited’s status with largest USD bond transaction for a non-bank financial institution. This transaction is also the first 144A deal completed by an Indian NBFC and Indian CPSE. I would like to take this opportunity to commend on the hard work by the team which allowed the company to tap the markets in record time from mandate to execution.”
Ajeet Kumar Agarwal, Director (Finance), REC Limited said, “the transaction allows the company to diversify funding sources and tap into the US investor base. REC Limited now has established a robust investor base across onshore and offshore loan as well as bond markets.”
REC had launched its $5 billion GMTN program on the Global Securities Market (GSM) in <a href="https://mercomindia.com/rec-launches-globl-medium-term-note-program/" target="_blank" rel="noopener">October 2018</a>.
Image Credit: REC India Limited

REC Raises $700 Million Through Global Medium-Term-Note Program

The South Delhi Municipal Corporation (SDMC) has announced that it has become country’s first civic body to generate solar power through rooftop solar installations atop 55 of its buildings, earning a significant income in just three months by selling the surplus power generated to Delhi’s power distribution company BSES.
The civic body claims to have earned approximately ₹0.96 million (~$0.014 million) by selling its surplus solar power, according to news agency PTI.
SDMC plans to add rooftop solar installations to 111 buildings by June 2018 and to another 400 by June 2019. This will not only add revenue for the municipal corporation, but also help to improve the environment.
&#8220;The SDMC has become the first municipal corporation in the country to generate solar energy by installing solar panels on rooftops of its over 55 buildings to earn a huge income in three months by selling surplus power to a power distribution company,&#8221; the SDMC statement said.
SDMC Commissioner Puneet Kumar Goyal said that 0.11 million units are internally consumed by the municipal buildings. It generates a total of 0.314 million units, leaving an extra 0.2 million units to be sold.
“The municipality has invested ₹120 million (~$1.76 million) in the installation of solar rooftop projects on its building and this cost will be recovered in the next five years. As the installations generate energy for the next 25 years, revenue from selling the solar energy will boost the agency’s financial health,” he added.
At present, 54 municipal schools and community centres in SDMC are generating 2500 kW of peak solar power.
India plans to achieve 40 GW of rooftop solar as part of its broader goal of achieving 100 GW of solar capacity across the country by 2022.
According to the <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener">Mercom India Solar Project Tracker</a>, India has an installed capacity of ~2 GW of solar rooftop installations as of March 2018.
<a href="https://mercomindia.com/report-municipalities-boost-rooftop-solar-bonds/" target="_blank" rel="noopener">Mercom also previously reported</a> on a new study by the Climate Policy Initiative (CPI) that advocates the use of municipal bonds to facilitate the achievement of this goal, and details how such bonds could be designed and implemented to support the scaling up of rooftop solar across the country.

SDMC Earns ₹0.96 Million by Selling Surplus Rooftop Solar Power

Indian renewable energy project developer <a href="https://renewpower.in/" target="_blank" rel="noopener">ReNew Power </a>has raised ₹22.35 billion (~$352 million) to be used for its expansion and loan-payment plans.
Confirming the development, a source at ReNew Power told Mercom that the details of this development will soon be made available on their website.
ReNew Power has raised the amount through Non-Convertible Debentures (NCD) which were issued in two parts.
The company raised ₹14.75 billion (~$232 million) through a multi-issuer cross-collateralized rupee bond. The bond involved various power Distribution Companies (DISCOMs) of states like Rajasthan, Gujarat, Andhra Pradesh and was spread over eight special purpose vehicles and 12 projects totaling 234 MW of installed capacity. This comprised 174 MW of wind capacity and 60 MW of solar.
L&amp;T Financial Services acted as the underwriter for the issue.
The remaining ₹7.6 billion (~$120 million) was raised through a credit enhanced NCD and has a tenor of 17 years. The India Infrastructure Finance Company (<a href="http://www.iifcl.co.in/" target="_blank" rel="noopener">IIFC</a>) and the Indian Renewable Energy Development Agency (<a href="http://www.ireda.gov.in/" target="_blank" rel="noopener">IREDA</a>) extended a partial credit guarantee for the issue.
&#8220;We continue to broad-base our sources of debt and this NCD issue has saved interest cost between 1.5 and 2 per cent. This is expected to help in freeing up the existing bank limits and allowing us to contribute to working towards renewable energy targets set by states and the Centre,&#8221; PTI reported the company’s deputy CFO Kailash Vaswani as saying.
ReNew Power has a number of international investors. In <a href="https://mercomindia.com/canada-pension-plan-investment-board-invest-renew-power/" target="_blank" rel="noopener">November 2017</a>, Mercom had reported on the Canada Pension Plan Investment Board’s (<a href="http://www.cppib.com/en/" target="_blank" rel="noopener">CPPIB</a>) plans to invest approximately $200 million (~₹12.9 billion) in ReNew Power Ventures in the form of compulsory convertible preference shares (convertible debt) that will convert to equity shares at the time of initial public offering. Previously, ReNew has also received funds from the Asian Development Bank (<a href="https://mercomindia.com/adb-approves-390-million-financing-package-renew-power-develop-709-mw-solar-wind-india/" target="_blank" rel="noopener">ADB</a>), <a href="http://www.goldmansachs.com/" target="_blank" rel="noopener">Goldman Sachs</a>, Japan’s <a href="https://mercomindia.com/japans-jera-invests-200-million-renew-power/" target="_blank" rel="noopener">JERA</a> and the likes.
According to <a href="https://mercomindia.com/research/" target="_blank" rel="noopener">Mercom India Research</a>, ReNew Power has installed solar capacity of 1,091 MW with another 100 MW under development and wind capacity of 1,260 MW.
According to Mercom’s <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener">India Solar Project Tracker</a>, the average tariff of ReNew Power’s installed solar projects developed between 2011 – 2017 is approximately ₹5.75 (~$0.089)/kWh with the tariffs ranging between ₹8.5-₹4.4 (~$0.13 – $0.07)/kWh.
In <a href="https://mercomindia.com/azure-renew-winners-bhadla-auction/" target="_blank" rel="noopener">December 2017</a>, Mercom reported that Azure Power and ReNew Power won the bids in 250 MW Bhadla solar auction.
According to the recent <a href="http://bit.ly/MercomSolarQ42017" target="_blank" rel="noopener">2017 Solar Funding and M&amp;A Report</a>, released by Mercom Capital Group, total global corporate funding into the solar sector, including venture capital/private equity (VC), debt financing, and public market financing raised came to <a href="http://mercomcapital.com/corporate-funding-up-41-percent-in-solar-industry-with-$12.8-billion-in-2017" target="_blank" rel="noopener">$12.8 billion</a>, a 41 percent increase compared to the $9.1 billion raised in 2016. Global VC investments came to $1.6 billion in 99 deals in 2017, up 30 percent from the $1.3 billion raised by 78 deals in 2016 &#8211; led by several large private equity deals in India.

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