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					</table><p>BN Hybrid Power-1 (<a href="https://brightnightpower.com/" target="_blank" rel="noopener">BrightNight</a>), Hero Solar Energy (<a href="https://www.herofutureenergies.com/" target="_blank" rel="noopener">Hero Future Energies</a>), Solarcraft Power India 20 (<a href="https://blupineenergy.com/" target="_blank" rel="noopener">BluPine Energy</a>), <a href="https://www.junipergreenenergy.com/" target="_blank" rel="noopener">Juniper Green Energy</a>, ReNew Solar Power (<a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew</a>), and <a href="https://www.acme.in/" target="_blank" rel="noopener">ACME Cleantech Solutions</a> were declared winners in NHPC’s auction to supply 1.5 GW of firm and dispatchable renewable power (Peak Power Supply) from inter-state transmission system (ISTS)-connected projects coupled with energy storage systems anywhere in India.</p>
<p>BN Hybrid Power-1 quoted the lowest tariff of ₹4.55 (~$0.0549)/kWh to win 120 MW, while Hero Solar and Solarcraft quoted ₹4.63 (~$0.0558)/kWh to win 100 MW and 50 MW, respectively.</p>
<p>Juniper and ReNew quoted ₹4.64 (~$0.0560)/kWh to win 200 MW and 250 MW. ACME won 680 MW out of the 750 MW quoted capacity at ₹4.64 (~$0.0560)/kWh.</p>
<p>Bids from TEQ Green Power IX (<a href="https://www.o2power.in/" target="_blank" rel="noopener">O2 Power</a>) of ₹4.74 (~$0.0572)/kWh for 150 MW and <a href="https://www.tatapowerrenewables.com/" target="_blank" rel="noopener">Tata Power Renewable Energy</a> of ₹4.95 (~$0.0597)/kWh for 100 MW did not qualify.</p>
<p>A total of 1,400 MW capacity was awarded out of 1,500 MW.</p>
<p><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-63644" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/NHPC-1.5-GW-FDRE-Auction-results.png" alt="NHPC 1.5 GW FDRE Auction results" width="626" height="345" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/NHPC-1.5-GW-FDRE-Auction-results.png 626w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/NHPC-1.5-GW-FDRE-Auction-results-300x165.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/NHPC-1.5-GW-FDRE-Auction-results-624x344.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/NHPC-1.5-GW-FDRE-Auction-results-600x331.png 600w" sizes="(max-width: 626px) 100vw, 626px" /></p>
<p>NHPC <a href="https://www.mercomindia.com/nhpc-invites-bids-for-renewable-ists-connected-projects" target="_blank" rel="noopener">floated</a> the tender for the projects in October 2023.</p>
<p>Under the tender, bidders were given the flexibility to choose any location within India for their projects. They can identify and acquire or lease the land of their choice for the project without specific restrictions on geographical location within the country.</p>
<p>The selected project developers must utilize well-established and operational technologies that are commercially viable. Making use of such established technologies is aimed at minimizing technology-related risks and ensuring the successful commissioning of the projects.</p>
<p>Projects that are already commissioned or are in the process of construction and have untied capacity are allowed under this tender. Projects with already set-up capacity or spare untied capacity that is not under any power supply agreement and is available for augmenting the proposed renewable power in the tender can also qualify.</p>
<p>The projects under this tender will not be eligible for any Central Financial Assistance.</p>
<p>NHPC recently <a href="https://www.mercomindia.com/juniper-o2-avaada-win-nhpcs-hybrid-auction" target="_blank" rel="noopener">declared</a> the winners of its auction to set up 1,500 MW of ISTS-connected wind-solar hybrid power projects anywhere in India.</p>
<p>Subscribe to Mercom’s <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">India Solar Tender Tracker</a> for timely updates on all solar tenders and auctions issued by various agencies in India.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/satish-shetty/" class="vcard author" rel="author"><span class="fn">Satish Shetty</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Satish Shetty,</strong> Associate Editor at Mercom India<br />
<a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener">More articles from Satish Shetty.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener"><strong style="color: #00b451">Satish Shetty</strong></a> is an Associate Editor with Mercom India. Prior to Mercom, Satish was a multimedia news producer at Reuters, where he gained experience in digital news media. Satish has his Bachelor of Arts (B.A.) degree in Broadcast Journalism from Limkokwing University of Creative Technology, Malaysia.<br />
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BrightNight, ReNew, ACME Among Winners of NHPC’s 1.5 GW Renewables Auction


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-ma-roundup-brightnight-secures-to-expand-re-portfolio/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>BrightNight, an independent power producer, </strong><a href="https://mercomcapital.com/power-producer-brightnight-secures-375-million/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the completion of a $375 million corporate credit facility</strong> to expand its ~31 GW renewable energy portfolio in the U.S. BrightNight’s project portfolio in the country includes solar, energy storage, and integrated technologies. The funding specifically will support equipment deposits, letters of credit, and project buildout. The credit facility is structured as a Green Loan. BrightNight’s Green Loan was arranged by ING, Natixis CIB, and SMBC as Coordinating Lead Arrangers.</p>
<p><strong>Aquila European Renewables (AER), an investment company with a focus on renewable energy technologies, <a href="https://mercomcapital.com/aquila-european-renewables-secures-loan-ing-bank/" target="_blank" rel="noopener">secured</a> a five-year debt facility of €50 million (~$55 million) from ING Bank, </strong>which is backed by AER’s solar project portfolio in Spain. The company’s solar projects, with a total capacity of 180 MW, are under long-term power purchase agreements. AER intends to use the net proceeds from the debt facility to repay the existing revolving credit facility, resulting in available capacity under the RCF of approximately €70 million (~$77 million) out of the €100 million (~$110 million) limit.</p>
<p><strong>Recurrent, an electric vehicle (EV) and battery health data company, has <a href="https://mercomcapital.com/ev-and-battery-data-company-recurrent-secures-vc/" target="_blank" rel="noopener">secured</a> $16 million in an oversubscribed Series A funding round led by ArcTern Ventures.</strong> The funding round witnessed additional investments from Automotive Ventures, Goodyear Ventures, Wireframe Ventures, Pioneer Square Labs, and others. The company plans to use the funding to expand its EV Battery reports.</p>
<p><strong>Technology Minerals, a battery raw material extraction and recycling company, has </strong><a href="https://www.technologyminerals.co.uk/published/5-million-convertible-bond-facility-cln-extension-and-offer-to-warrantholders" target="_blank" rel="noopener"><strong>entered</strong></a><strong> into an agreement with CLG Capital where CLG can issue up to £5 million (~$6.4 million) through convertible bonds</strong> that can be changed into ordinary shares in the company later. The bonds have a lockup period of 40 days after they are issued. The company’s shares in Recyclus Group are the collateral for the facility. Technology Minerals will pay CLG a fee of 3% of the aggregate principal amount of each tranche of convertible Bonds.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week&#8217;s funding <a href="https://mercomindia.com/funding-and-ma-roundup-element3-raises-seed-funding" target="_blank" rel="noopener">roundup</a>.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/staff/" class="vcard author" rel="author"><span class="fn">Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

Funding and M&A Roundup: BrightNight Secures $375 Million to Expand RE Portfolio


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					</table><p>Independent power producer <a href="https://brightnightpower.com/" target="_blank" rel="noopener">BrightNight</a> and <a href="https://www.acenrenewables.com/" target="_blank" rel="noopener">ACEN Corporation</a>, through ACEN Renewables International and ACEN International, will jointly develop BrightNight&#8217;s first 1.2 GW renewable energy portfolio in India, utilizing multiple technologies.</p>
<p>The partnership would invest $250 million in equity and performance guarantees.</p>
<p>The parties will construct hybrid wind-solar projects incorporating energy storage to function round-the-clock. The projects would cater to the specific needs of high credit-rated central and state utilities and commercial and industrial offtakers.</p>
<p>&#8220;With this partnership, we are significantly strengthening our foothold in India&#8217;s fast-growing market as we shift from pure solar play to multi-technology renewables. We look forward to working with BrightNight&#8217;s highly experienced local team as our combined expertise will help India progress towards their energy transition goal and spur the global transition towards a Net Zero economy,&#8221; said Patrice Clausse, ACEN International CEO.</p>
<p>ACEN has a prominent presence in its core market, the Philippines, as well as in Australia, Vietnam, Indonesia, and India, with ~4 GW of renewable capacity under its umbrella in the Asia-Pacific region. ACEN aims to achieve 20 GW in renewable capacity by 2030.</p>
<p>BrightNight is creating a worldwide renewable energy portfolio of 23 GW in the U.S. and Asia Pacific, including India, Australia, the Philippines, and Bangladesh.</p>
<p>BrightNight said in February that it intends to establish its initial 100 MW co-located wind-solar hybrid renewable power project in Maharashtra, aiming to supply clean, high-capacity factor power to commercial and industrial customers in the state. The project is set to be commissioned in the first quarter of 2024.</p>
<p>In November last year, ACEN <a href="https://mercomindia.com/daily-news-wrap-up-indian-army-tata-power-ev-charging-points/" target="_blank" rel="noopener">joined</a> forces with Clean Energy Finance Corporation (CEFC) to develop an 8 GW clean energy portfolio, including solar, wind, battery, and pumped hydro. CEFC will invest $75 million into the project to help accelerate large-scale renewable assets across Australia.</p>
<p>Last February, UPC Solar Asia Pacific and ACEN <a href="https://mercomindia.com/daily-news-wrap-up-upc-construction-solar-project/" target="_blank" rel="noopener">initiated</a> the construction of the Masaya Solar Farm, a 300 MW solar project, in Madhya Pradesh.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>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. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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BrightNight, ACEN to Develop 1.2 GW Hybrid Renewable Projects in India 

<p><a href="https://www.global-infra.com/" target="_blank" rel="noopener">Global Infrastructure Partners</a> (GIP), a U.S.-based infrastructure fund manager, and its co-investors announced that it would invest $500 million in <a href="https://brightnightpower.com/" target="_blank" rel="noopener">BrightNight</a>, an independent renewable power producer, through Global Infrastructure Partners Capital Solutions Fund II (GIP CAPS II).</p>
<p>The investment represents the fourth commitment made by GIP CAPS II. The CAPS strategy helps infrastructure projects and companies in GIP&#8217;s core sectors like power, renewables, energy transition, digital, midstream energy, transportation, and water or waste with tailor-made capital solutions.</p>
<p>The preferred equity is expected to provide flexibility for funding BrightNight&#8217;s development efforts and satisfying equity funding needs during the construction and operation of renewable projects. In addition, the fresh funding will also help offer its consumer a single point of service from development through the operation.</p>
<p>BrightNight said it would provide next-generation power solutions with multiple renewable energy technologies. The company&#8217;s project pipeline utilizes hybrid solutions across the U.S. with diverse resources, including solar and storage.</p>
<p>Milbank LLP served as a legal counsel of GIP. PJT Partners was a financial advisor to BrightNight and Taft Stettinius &amp; Hollister LLP, and Schulte Roth &amp; Zabel LLP acts as its legal counsel.</p>
<p>Martin Hermann, Chief Executive Officer of BrightNight, said, &#8220;GIP&#8217;s support will enable us to rapidly deliver innovative power solutions like 24*7 structured products and dispatchable systems optimized to competitively replace non-renewable baseload generation.&#8221;</p>
<p>In June 2021, BrightNight entered the Indian renewable energy market. The company aimed to develop 10 GW of renewable energy projects across India and raised over $2.5 billion in capital for energy projects.</p>
<p>Hermann said India is a critical market with the opportunity to be a global energy decarbonization leader.</p>
<p>GIP has grown to be one of the world’s largest infrastructure investors and currently manages $77 billion in assets on behalf of its global investor base.</p>
<p>According to Mercom Captial Group&#8217;s <a href="https://mercomcapital.com/product/annual-q4-2021-solar-funding-ma-report/" target="_blank" rel="noopener">&#8216;Annual and Q4 2021 Solar Funding and M&amp;A Report</a>&#8216;, solar companies raised $27.8 billion in 2021, a 91% increase compared to the $14.5 billion raised in 2020. Corporate funding in 2021 was the highest in ten years.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/harsh-shukla/" class="vcard author" rel="author"><span class="fn">Harsh Shukla</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2022/02/Harsh-Shukla-293x300-1-new.jpg" width="99" height="102" /><a href="https://mercomindia.com/author/harsh-shukla/" target="_blank" rel="noopener"><strong style="color: #00b451">Harsh Shukla</strong> </a>is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.</p>
<p><a href="https://mercomindia.com/author/harsh-shukla/">More articles from Harsh Shukla.</a></p>
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