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Agri-Solar Solutions Provider GK Energy Files Papers for ₹5.01 Billion IPO


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					</table><p>The engineering, procurement, and construction (EPC) arm of Shapoorji Pallonji Group, <a href="https://www.sterlingandwilsonre.com/" target="_blank" rel="noopener">Sterling and Wilson Renewable Energy</a>’s consolidated net loss widened by 231% to ₹4.21 billion (~$51 million) for the fourth quarter (Q4) of the financial year (FY) 2023 compared to the loss of ₹1.27 billion (~$15 million) in Q4 FY 2022 due to lower returns from EPC projects.</p>
<p>The company also posted a year-over-year (YoY) drop of 60% in revenue for Q4 at ₹880 million (~$11 million). The company said that lower contributions from ongoing EPC projects impacted the revenue for the period.</p>
<p>Revenue from EPC business dropped 96% YoY from ₹10.19 billion (~$123.9 million) in Q4 2022 to ₹395.8 million (~$4.8 million).</p>
<p>Sterling and Wilson said that an increase on account of certain cost provisions, which affected the percentage of completion, led to a revenue reversal in ongoing EPC projects.</p>
<p>Four international projects faced cost overruns due to punch point and handover costs amounting to ₹614.3 million (~$7.4 million), reflecting the fall in revenue.</p>
<p>Also, one of the international projects currently under commissioning is facing challenges in achieving the desired plant output. After a detailed evaluation, Sterling said it has now decided to replace material and ancillary items which are causing the impediment.</p>
<p>Sterling and Wilson recently <a href="https://www.mercomindia.com/sterling-and-wilson-bos-package-solar" target="_blank" rel="noopener">bagged</a> NTPC’s tender for the balance of system package to develop 1.2 GW solar projects at Khavda renewable park in Gujarat.</p>
<p>During Q4, the company also directed funds to <a href="https://www.mercomindia.com/daily-news-wrap-up-sterling-and-wilson-solar-solar-projects-nigeria" target="_blank" rel="noopener">develop</a>, design, construct, and commission solar power projects aggregating 961 MW at five locations in Nigeria, for which it signed a memorandum of understanding with the Federal Republic of Nigeria.</p>
<p>The company’s Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) loss widened to ₹3.55 billion (~$43 million) for Q4 from ₹820 million (~$10 million) in Q4 2022.</p>
<p><strong>Full Year</strong></p>
<p>Sterling and Wilson’s net loss for FY 2023 widened by 30% to ₹11.75 billion (~$143.11 million) from ₹9.16 billion (~$111.57 million) in the previous year, primarily driven by lower returns from the EPC projects for which the company signed contracts in the year.</p>
<p>As of March 31, 2023, Sterling and Wilson’s order book has unexecuted EPC projects worth ₹49 billion (~$597.8 million), of which around 90% of projects are domestic.</p>
<p>The company recorded a YoY drop of 60% in its total revenue at ₹20.15 billion (~$242.43 million) for FY 2023.</p>
<p>Revenue from the EPC business totaled ₹18.23 billion (~$221.9 million) for the year, down by 63% from ₹49.74 billion (~$605.5 million) in FY 2022.</p>
<p>The company’s EBITDA loss widened by 19% to ₹10.23 billion (~$124.5 million) for FY 2023 compared to a loss of ₹8.62 billion (~$104.9 million) in 2022.</p>
<p>The total revenue of Sterling and Wilson Renewable Energy <a href="https://www.mercomindia.com/sterling-wilsons-q3-revenue-shrinks-73-yoy" target="_blank" rel="noopener">fell</a> by 73% YoY to ₹4.18 billion (~$51.5 million) in the third quarter of 2023.</p>


Sterling and Wilson’s Q4 Net Loss Grows as Returns from EPC Projects Drop


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					</table><p><a href="https://www.tatapower.com/" target="_blank" rel="noopener">Tata Power</a> reported a 91% year-over-year (YoY) jump in net profit to ₹10.52 billion (~$127.6 million) for the third quarter (Q3) of the financial year (FY) 2022-2023, primarily due to higher availability at its thermal power station at Mundra, higher sales across distribution companies and increased renewables capacity addition.</p>
<p>The company’s consolidated revenue was up 30% YoY to ₹143.39 billion ($1.7 billion) in Q3 from ₹110.15 billion ($1.3 billion).</p>
<p>The diversified power company said that its revenue from rooftop solar installations rose by about 41% YoY to ₹5.35 billion (~$64.8 million) in Q3.</p>
<p>During the October-December quarter, Tata Power’s revenue from solar pumps increased 138% YoY to ₹2.05 billion (~$24.7 million) with orders from Jharkhand, Maharashtra, and Uttar Pradesh. The group added around 15,400 solar pumps in Q3.</p>
<p>Tata Power Renewable Energy (TPREL), a wholly-owned subsidiary, said it generated a total of 1,223 MW of energy during the third quarter, up 67% YoY. Further, it sold 1,207 million units (MU) of energy in the same quarter, up 68% YoY.</p>
<p>TPREL said its cumulative solar capacity grew 87% YoY to 2,070 MW at the end of the third quarter.</p>
<p>During the same period, the company’s renewable capacity stood at 2,851 MW, up 51% YoY compared to 1,889 MW at the end of the corresponding quarter a year ago.</p>
<p>During Q3, TPREL <a href="https://mercomindia.com/daily-news-wrap-up-tata-mw-solar-project-from-maharashtra-discom/" target="_blank" rel="noopener">received</a> a letter of award from the Maharashtra State Electricity Distribution Corporation to set up a 150 MW solar project in Solapur.</p>
<p>Tata Power’s consolidated revenue for the first 9M rose by 42% YoY to ₹432.78 billion (~$5.2 billion).</p>
<p>CEO and Managing Director of Tata Power Dr. Praveer Sinha said, &#8220;The first three quarters of the current fiscal have ended on a strong note, delivering sequential revenue growth and profit. We have committed investments in renewables and Odisha Power Distribution and have further strengthened our position in rooftop solar and electric vehicle charging domains.&#8221;The consolidated Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) of Tata Power for Q3 grew by 53% YoY to ₹28.18 billion (~$341.7 million).</p>
<p>The EBITDA for the initial nine months jumped YoY by 17% to ₹69.68 billion (~$845 million) primarily on account of renewables capacity addition and improved performance across all businesses.</p>
<p>In September 2022, Tata Power Solar Systems (TPSSL), another wholly-owned subsidiary of the group, <a href="https://mercomindia.com/daily-news-wrap-up-tata-power-to-set-up-solar-projects-worth-%e2%82%b912-billion/" target="_blank" rel="noopener">received</a> a letter of award of ₹6.12 billion (~$76.7 million) to set up a 100 MW ground-mounted solar project for SJVN.</p>
<p>During the October-December period, TPSSL installed around 12,000 solar pumps, taking the total deployment to over 93,000 solar pumps.</p>
<p>Last month, TPREL <a href="https://mercomindia.com/tata-power-develop-group-captive-solar-condominium-mumbai/" target="_blank" rel="noopener">inked</a> a pact with Vivarea Condominium in Mumbai to set up a 3.125 MW group captive solar project to power the apartment complex with renewable energy.</p>


Tata Power’s Rooftop Solar Revenue Grows 41% to ₹5.3 Billion in Q3


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					</table><p>The promoters of India-based wind energy solutions provider <a href="https://www.inoxwind.com/" target="_blank" rel="noopener">Inox Wind</a> have infused ₹6.2 billion (~$75.34 million) into the company to clear its debts, the company said in a BSE filing.</p>
<p>The company&#8217;s Board had approved a proposal to raise up to ₹8 billion (~$97.2 million) funds in August this year by issuing 0.01% non-convertible non-cumulative participating redeemable preference shares on a private placement basis to the promoters&#8217; group.</p>
<p>The company said that it used the funds to clear the advances it received from its parent company Gujarat Fluorochemicals Limited (<a href="https://www.gfl.co.in/" target="_blank" rel="noopener">GFL</a>), to set up wind power capacity.</p>
<p>CEO of Inox Wind, Kailash Tarachandani, said, &#8220;The fund infusion of ₹6.2 billion by promoters along with ₹7.4 billion (~$89.9 million) recently raised through the initial public offering of Inox Wind&#8217;s subsidiary Inox Green Energy Services Limited, will help the company pare down its consolidated interest-bearing liabilities substantially and help improve the profitability of both the operating companies significantly.”</p>
<p>&#8220;The turnaround in the wind sector led by the government&#8217;s initiatives to provide impetus to the sector will augur well in accelerating the company&#8217;s growth,” Tarachandani added.</p>
<p>Further, he said that the fund infusion by the promoters signals a strong conviction and faith that the promoters have in the company, which is equally motivated to deliver on the trust and confidence.</p>
<p>Last month, Inox Wind and its subsidiary Inox Green Energy Services <a href="https://mercomindia.com/inox-wind-inox-green-energy-repay-4-billion-debts/" target="_blank" rel="noopener">repaid</a> loans worth ₹1.61 billion (~$19.56 million) and ₹2.5 billion (~$30.37 million), respectively, as part of a strategic initiative to deleverage the balance sheets. The company cleared the debts to reduce the corporate guarantees given by GFL.</p>
<p>In a bourse filing, the company had stated that both companies were in the process of reducing their debts, with Inox&#8217;s near-term goal being to deleverage all its operating entities.</p>
<p>In August this year, Gujarat-based power company Torrent Power <a href="https://mercomindia.com/torrent-power-acquires-50-mw-wind-inox-green/" target="_blank" rel="noopener">acquired</a> 100% of Wind Two Renergy from Inox&#8217;s subsidiary Inox Green Energy Services for ₹325.1 million (~$3.95 million), representing 100% of the paid-up capital of Wind Two Renergy.</p>


Promoters Infuse ₹6.2 Billion to Help Inox Wind Cut Debt


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					</table><p>A wholly-owned subsidiary of <a href="https://www.tatapower.com/" target="_blank" rel="noopener">Tata Power</a>, Tata Power Renewable Energy Limited (TPREL), has approved the allotment of 83.6 million equity shares with a face value of ₹10 (~$0.125) each at a price of ₹239.22 (~$2.99) per share, including a premium of ₹229.22 (~$2.87), to support TPREL’s growth plans financially.</p>
<p>The allotted shares aggregate to ₹20 billion (~$251 million) on a preferential basis to GreenForest New Energies Bidco Limited, a joint investment vehicle of BlackRock Real Assets and Mubadala Investment Company owned by the Abu Dhabi government.</p>
<p>Earlier this year, BlackRock and Mubadala <a href="https://mercomindia.com/blackrock-mubadala-to-invest-%e2%82%b940-billion-in-tata-power/" target="_blank" rel="noopener">entered</a> a binding pact to invest in Tata Power Renewable Energy. While BlackRock and Mubadala were to invest ₹40 billion (~$525 million) in equity in two equal tranches for a 10.53% stake in TPREL, the final shareholding would range from 9.76% to 11.43% on final conversion.</p>
<p>The Competition Commission of India <a href="https://mercomindia.com/blackrock-mubadalas-acquisition-tata-power-renewables/" target="_blank" rel="noopener">approved</a> the stake acquisition in July.</p>
<p>The investment includes a diverse portfolio of assets with stable revenue sources, including a 25-year fixed-price power purchase agreement (PPA) for grid-connected large-scale projects.</p>
<p>The platform will consist of five distinct businesses providing long-term, customer-centric solutions while accommodating all clean energy businesses and operations of Tata Power. They include businesses in utility-scale solar, wind, and hydro generation assets; solar cell and module manufacturing; engineering, procurement, and construction (EPC) contracting; rooftop solar infrastructure; solar pumps and electric vehicle charging infrastructure.</p>
<p>With the approval of the latest allotment of shares, Tranche I of the transaction is completed. The infusion of another ₹20 billion (~$251 million) will be concluded after six months from the date of the agreement.</p>
<p>Tata Power has planned an <a href="https://mercomindia.com/tata-power-to-invest-%e2%82%b9750-billion-in-renewables-in-the-next-five-years/" target="_blank" rel="noopener">expenditure</a> of more than ₹750 billion (~$9.46 billion) until 2027 on renewables. It also aims to scale its operations towards becoming a net-zero company by 2045, water-neutral by the end of the decade, and zero waste-to-landfills before 2030.</p>
<p>Tata Power <a href="https://mercomindia.com/tata-powers-revenue-from-renewables-business-up-48/" target="_blank" rel="noopener">posted</a> revenue of ₹147.53 billion (~$1.84 billion) for the first quarter (Q1) of the financial year 2023, a 48% year-over-year increase from ₹99.74 billion (~$1.24 million).</p>


Tata Power Renewable Approves Sale of 83.6 Million Shares to BlackRock Mubadala JV

<p>Australia’s <a href="https://www.powerledger.io/about-us/" target="_blank" rel="noopener noreferrer">Power Ledger</a>, a blockchain-based renewable energy trader, has announced a partnership with Thai Digital Energy Development (TDED) to create a blockchain-based digital energy business developing peer-to-peer (P2P) energy trading and environmental commodity trading solutions in Thailand.</p>
<p>Thai Digital Energy Development is a joint venture between the Thai government’s PEA ENCOM International, which is a subsidiary of Provincial Electricity Authority (PEA), and BCPG Public Company Limited <a href="https://www.bcpggroup.com/en" target="_blank" rel="noopener noreferrer">(BCPG</a>), a Thailand-based company engaged in the production and sale of renewable energy.</p>
<p>According to the company’s statement, the new partnership will expand Power Ledger’s foothold in Thailand, which aims to generate 25% of its electricity from renewable energy sources by 2037.</p>
<p>Blockchain technology, a by-product of the cryptocurrency rush, is slowly being adopted across industries to promote operational and transactional transparency, thanks to its democratized and decentralized nature. Blockchain is an open, distributed ledger that can record transactions between two parties efficiently. Blockchain-based technology has been gaining increasing popularity in numerous business segments around the globe, including solar.</p>
<p>“Blockchain-enabled transactive energy solutions, including peer-to-peer energy trading, virtual power projects, as well as renewable energy certificates. Carbon credits trading will be the key to establishing economically viable renewable energy markets. Our partnership with TDED will allow us to accelerate our efforts to promote distributed digital energy markets in Thailand,” said Dr. Jemma Green, the co-founder of Power Ledger.</p>
<p>According to the company, one of the first projects that will be in focus will be on energy and carbon management at the 12 MW smart campus at Chiang Mai University in Thailand’s north.</p>
<p>Bundit Sapianchai, the president of BCPG and TDED, said that Power Ledger is among the very first pioneers to apply blockchain technology in peer-to-peer energy trading and trading renewable energy certificates (RECs).</p>
<p>“Such expertise in the state-of-the-art technology will help materialize TDED’s goal in the development of digital energy products and services, as well as making clean energy more accessible to people,” Sapianchai added.</p>
<p>Power Ledger has been working with BCPG in Thailand since 2018, when it launched a P2P energy trading trial in Bangkok across the T77 precinct, the company noted.</p>
<p>Further, the company added that Power Ledger’s TraceX REC trading capabilities would be deployed in Thailand this year. It will provide a marketplace for renewable energy certificates and carbon credits trading between generators and buyers.</p>
<p>Last year, BSES Rajdhani Power Limited (BRPL) <a href="https://mercomindia.com/bses-rajdhani-power-ledger-launch-solar-energy-trading-platform-delhi/" target="_blank" rel="noopener noreferrer">partnered with</a> Power Ledger to launch trials for a peer-to-peer energy trading platform. The idea was to enable participants easier and cheaper access to renewable energy and for solar installation owners to monetize power, which would otherwise be wasted.</p>
<p>Previously, it was <a href="https://mercomindia.com/blockchain-renewable-energy-singapore/" target="_blank" rel="noopener noreferrer">reported</a> that Singapore’s SP Group, an energy utility group, launched one of the world’s first blockchain-powered renewable energy certificate marketplaces at the Association of Southeast Asian Nations (ASEAN) Energy Business Forum.</p>


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