ACME Solar Holdings’ ₹29 Billion IPO to Hit the Market on November 6, 2024

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CIE Automotive to Procure Power from ReNew’s 7.8 MW Captive Solar Project

John Cockerill to Supply Electrolyzers to AM Green’s Ammonia Project

Varroc to Procure Power from AMPIN’s 27 MW Solar Project in Maharashtra

JinkoSolar’s Revenue Drops 23% YoY in Q3 Due to Lower Module Prices

First Solar Revenue Falls Short in Q3, Revises 2024 Guidance Amid Sector Pressures

Tata Power Records 20th Consecutive Quarter of Profit in Q2 FY 2025

SECI Floats Tender to Procure 1.2 GW Round-the-Clock Renewable Power

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


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					</table><p>Global energy majors <a href="https://www.shell.com/" target="_blank" rel="noopener">Shell</a> and <a href="https://www.eneco.com/" target="_blank" rel="noopener">Eneco</a> bagged a tender to develop a 760 MW offshore wind farm at Hollandse Kust (west) lot VI, in the Netherlands.</p>
<p>The cost of the project and other details have not been disclosed by the companies.</p>
<p>Shell said that the wind farm would produce ample renewable energy, which will help decarbonize around 3% of the Dutch power sector while addressing the demand.</p>
<p>Shell and Eneco will build the new wind farm through a joint venture (JV) called Ecowende. The project site is approximately 53 km off the Dutch coast from IJumiden, a port city of North Holland.</p>
<p>The farm is scheduled to be operational in 2026.</p>
<p>The joint venture is said to be taking nature-centric measures in building the wind farm to conserve the wild habitat in the region. The wind turbines to be installed will be placed at a certain height, creating a corridor for the birds to fly.</p>
<p>Further, it will use innovative techniques for laying the foundation of the wind equipment to nullify the impact of the construction on marine life. The JV will also deploy natural reef structures on the ocean bed to boost biodiversity.</p>
<p>Director of Integrated Gas, Renewables, and Energy Solutions at Shell, Wael Sawan, said, &#8220;With Ecowende, we will take a huge step in growing our offshore wind portfolio while making a positive contribution to biodiversity. Through this project, we can profitably accelerate the large-scale roll-out of offshore wind in the Netherlands and beyond. This fits well with Shell&#8217;s Powering Progress strategy to deliver more and cleaner energy to our customers, at home, on the road, and at work.&#8221;</p>
<p>Chief Strategic Growth Officer at Eneco, Kees-Jan Rameau, said, &#8220;It is great that we are now moving into a new phase with Ecowende, with nature as the starting point. This is entirely in line with our ambition to live and act within the natural limits of the planet.&#8221;</p>
<p>Recently, Shell <a href="https://mercomindia.com/shell-acquires-solar-project-green-tie-capital-spain/" target="_blank" rel="noopener">acquired</a> sustainable assets manager Green Tie Capital’s ten solar projects spread across Spain and are under development. The projects have a potential generation capacity of 2 GW.</p>
<p>In February last year, Shell and Eneco <a href="https://mercomindia.com/daily-news-wrap-up-hyderabad-metro-rail-goes-solar/" target="_blank" rel="noopener">formed</a> a consortium, The Crosswind, to operate the Amazon-Shell HKN Offshore Wind Project, which is aimed at helping Amazon power more of its businesses with renewable energy. Once operational, Amazon will offtake 250 MW from Shell and 130 MW from Eneco, for a total of 380 MW.</p>


Shell and Eneco to Develop a 760 MW Offshore Wind Farm in the Netherlands


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					</table><p>The Asian Development Bank (<a href="https://www.adb.org/" target="_blank" rel="noopener">ADB</a>) has inked a $40 million financing package with India-based shared electric mobility company GreenCell Express (<a href="https://greencellmobility.com/" target="_blank" rel="noopener">GEPL</a>) to develop 255 battery-powered electric buses (e-buses).</p>
<p>The e-buses will serve 5 million people annually and run across 56 intercity routes. ADB said the new e-buses would enhance passenger safety, specifically for women.</p>
<p>The package comprises a $20.5 million loan from ADB’s ordinary capital resources, ADB’s administration of a $14 million loan from the Clean Technology Fund (CTF), grants worth $325,000 from the CTF, and $5.2 million from Goldman Sach’s and Bloomberg’s the Climate Innovation and Development Fund (CIDF).</p>
<p>ADB also helped mobilize an additional parallel loan of $20.5 million from the Asian Infrastructure Investment Bank.</p>
<p>The project qualified for a 2x gender financing rating — a challenge launched at the G7 summit in 2018 to encourage gender lens investing among development finance institutions.</p>
<p>Of the 255 e-buses, the CIDF grant will finance the decarbonization of 100 buses powered with solar-plus-battery energy storage systems (BESS), mitigating around 6,255 tons of carbon dioxide annually.</p>
<p>The e-buses will be equipped with improved security features, including panic buttons connected to command controls for an immediate response to benefit female passengers. The e-buses will include cameras, panic buttons, adequate depot lighting, seating arrangements, tracking, and awareness-raising materials.</p>
<p>ADB Private Sector Operations Department Director General Suzanne Gaboury said, “Decarbonization of public transport in India is essential for the country to reach its net-zero climate commitments, and it’s important to ensure the safety and security of women passengers to make travel more inclusive. By providing safe transport for women, these intercity buses will enhance their ability to participate in economic and livelihood opportunities.”</p>
<p>GEPL is a wholly owned subsidiary of GreenCell Mobility, a Green Growth Equity Fund platform, an alternative investment fund managed by <a href="https://www.eversourcecapital.com/" target="_blank" rel="noopener">EverSource Capital</a>, aimed at mobilizing institutional capital for green infrastructure in India.</p>
<p>In February 2021, GreenCell Mobility <a href="https://mercomindia.com/greencell-pmi-electro-350-electric-buses/" target="_blank" rel="noopener">announced</a> an investment of ₹4 billion (~$55.09 million) in a consortium run by PMI Electro Mobility Solutions to deploy 350 e-buses across Uttar Pradesh.</p>
<p>Last month, Convergence Energy Services Limited <a href="https://mercomindia.com/eoi-empanel-lending-institutions-financing-evs-india/" target="_blank" rel="noopener">issued</a> an expression of interest to empanel financial institutions to finance electric vehicles in partnership with state governments.</p>


GreenCell Raises $40 Million Funding from ADB to Develop Electric Buses


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					</table><p><a href="https://www.apple.com/" target="_blank" rel="noopener">Apple</a> has called on its global supply chain partners to take assertive steps towards decarbonization and address greenhouse gas emissions.</p>
<p>The company plans to evaluate the initiatives of its major manufacturing partners to decarbonize their Apple-related operations, including running on 100% renewable electricity and tracking the yearly progress.</p>
<p>The mobile phone manufacturer announced multiple initiatives like investments in European renewable energy projects, business partnerships to support the shift to clean energy, and implementing projects that advance global carbon removal and community-driven solutions.</p>
<p>Apple claims that more than 200 suppliers representing more than 70% of Apple’s direct manufacturing spend, have already committed to using clean power like wind or solar for all of Apple’s production.</p>
<p>Apple’s CEO Tim Cook said, “Fighting climate change remains one of Apple’s most urgent priorities and moments like this put action to those words.”</p>
<p>“We’re looking forward to continued partnership with our suppliers to make Apple’s supply chain carbon neutral by 2030. Climate action at Apple doesn’t stop at our doors, and in this work, we’re determined to be a ripple in the pond that creates a bigger change,” he added.</p>
<p><strong>Renewables to Power Apple Devices </strong></p>
<p>Apple claims to have sourced renewable energy to power all its corporate offices, retail stores, and data centers in 44 countries since 2018, and its suppliers have helped bring more than 10 GW of clean power online worldwide. To further this, Apple plans to facilitate the construction of large-scale solar and wind projects in Europe, with projects ranging between 30 and 300 MW.</p>
<p>The company aims to procure enough renewable energy to power all Apple devices on the continent with low-carbon electricity in the coming years. The planned investments by the company are expected to add 3,000 GWh per year of new renewable energy to the grid.</p>
<p>The European investments are part of the company’s larger strategy to address approximately 22% of its carbon footprint from the electricity customers use to charge their devices. Earlier this year, the company announced new renewable energy projects in the United States and Australia designed to address customer product use.</p>
<p>To help suppliers meet their commitments and go even further, Apple offers free e-learning resources and live training through its Clean Energy Program. It will work closely with its suppliers and local partners to identify effective renewable energy and carbon removal solutions.</p>
<p><strong>Carbon Removal Initiative </strong></p>
<p>Apple announced three new projects through its Restore Fund, a carbon removal initiative that intends to generate a financial return while also removing CO2 from the atmosphere. The company partnered with Conservation International and Goldman Sachs to invest with three high-quality forestry managers in Brazil and Paraguay to restore 150,000 acres of sustainably certified working forests and protect around 100,000 acres of native forests, grasslands, and wetlands. The projects are likely to remove 1 million metric tons of CO2 by 2025</p>
<p>To ensure accurate monitoring, reporting, and verification of the projects’ carbon removal impact, Apple is working with partners to analyze satellite imagery and deploy innovative remote sensing technologies.</p>
<p>As Apple intends to reduce emissions by 75% by 2030, the company prioritizes high-quality nature-based solutions for the 25% of remaining emissions that are unavoidable with existing technologies.</p>
<p>Last November, Apple <a href="https://mercomindia.com/apple-doubles-suppliers-committed-clean-energy/" target="_blank" rel="noopener">announced</a> it has more than doubled the number of suppliers committed to using 100% clean energy over the last year.</p>
<p>As corporates across the globe evaluate their shift to renewables, Mercom India is <a href="https://mercomindia.com/event/" target="_blank" rel="noopener">hosting</a> a series of Clean Energy Meets across the country to help the commercial and industrial segment make a more informed, data-driven decision to transition to clean energy with the help of industry experts.</p>


Apple to Decarbonize its Supply Chain by 2030, Add 3,000 GWh Renewable Energy Annually


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					</table><p>E-commerce conglomerate <a href="https://www.aboutamazon.com/" target="_blank" rel="noopener">Amazon</a> plans to invest over €1 billion (~$973 million) until 2027 to further electrify and decarbonize its transportation network across Europe.</p>
<p>The investment will involve delivering packages to customers sustainably, including over £300 million (~$330.6 million) in the United Kingdom.</p>
<p>Amazon said the investment will help the company achieve its net-zero goals by 2040, ten years ahead of the Paris Climate Accord. It will allow the company and its partners to improve electric vehicle (EV) fleet charging hardware across its European facilities.</p>
<p>It currently has over 3,000 electric vans delivering packages to customers in Europe, and the company aims to grow its fleet to more than 10,000 by 2025.</p>
<p>Amazon has launched micromobility hubs in more than 20 cities across Europe, including London, and expects to double that figure by the end of 2025. Micromobility hubs are smaller, centrally-located delivery stations. In Europe’s traditionally dense cities, the hubs enable Amazon to operate new delivery methods, such as e-cargo bikes and on-foot deliveries, to bring packages to customers more sustainably.</p>
<p>The e-commerce firm will use its reach and scale to help boost the production of electric heavy goods vehicles (eHGV), so transitioning away from diesel trucks can be quicker for Amazon and other heavy truck developers and users. It has five eHGVs on the road in the UK, and it will have 20 eHGVs running in Germany by the end of this year.</p>
<p>To power its eHGVs, Amazon will build hundreds of specialized fast chargers across its European facilities, allowing the company to charge the vehicles in approximately two hours. The company expects to buy and roll out 1,500 eHGVs in its European fleet, including over 700 in the UK, in the coming years.</p>
<p>Recently, Amazon announced the <a href="https://mercomindia.com/amazon-adds-2-7-gw-new-renewable-energy-71-projects/" target="_blank" rel="noopener">expansion</a> of its clean energy portfolio worldwide, with 2.7 GW of renewable capacity additions across 71 new clean energy projects, including its first solar farms in Brazil, India, and Poland.</p>
<p>In July this year, the company <a href="https://mercomindia.com/amazon-invests-green-hydrogen-us-and-europe/" target="_blank" rel="noopener">announced</a> investments in green hydrogen companies in Europe and the U.S. through its $2 billion Climate Pledge Fund.</p>


Amazon to Invest €1 Billion to Decarbonize its Transport Network in Europe

<p>Amplus Solar, a subsidiary of Malaysian oil and gas conglomerate <a href="https://www.petronas.com/" target="_blank" rel="noopener">Petronas</a>, and <a href="https://www.microsoft.com/en-in/" target="_blank" rel="noopener">Microsoft Corporation</a> signed a long-term renewable energy agreement for a 100 MW solar project which Amplus is developing in Rajasthan, India.</p>
<p>Amplus was <a href="https://mercomindia.com/petronas-acquires-solar-company-amplus/" target="_blank" rel="noopener">acquired</a> by Petronas in 2019 from its New York-based investor, I Squared Capital.</p>
<p>The two companies are also collaborating to co-innovate digital solutions that would support the decarbonization efforts of Petronas.</p>
<p>The collaboration aims to bolster environmental sustainability by developing a Digital Sustainability Core platform, a first for the global energy sector. Petronas said the platform would help the collaboration establish a unified data hub to record, report, and reduce carbon emissions.</p>
<p>The two companies plan to use the technology and build an intelligent platform powered by artificial intelligence (AI) and comprehensive data.</p>
<p>Senior Vice President of Project Delivery and Technology at Petronas, Bacho Pilong, said, &#8220;The collaboration fortifies our common commitment to leverage digitalization and technology to achieve sustainability&#8217;s triple bottom line of people, planet, and profit. &#8221;</p>
<p>To balance the environment, social, and governance elements in its approach to sustainability, Petronas aims to go carbon neutral by 2050. The oil and gas major has also accelerated measures to reduce its Scope 1 and Scope 2 greenhouse emissions.</p>
<p>Microsoft&#8217;s Malaysia Managing Director, K Raman, said, &#8220;The strategic partnership will not only contribute to our sustainability goals, but it also presents us the opportunity to apply the latest digital technology to support Petronas&#8217; transition to a more sustainable future.&#8221;</p>
<p>Intending to go carbon neutral by 2030, Microsoft has pledged to power all of its operations with 100% renewable energy supply by 2025, including its data centers, buildings, and campuses. Microsoft <a href="https://mercomindia.com/microsoft-solar-deal-bengaluru/" target="_blank" rel="noopener">completed</a> its first renewable energy deal in India in 2018 when it agreed to purchase 3 MW of solar-power from Atria Power for its new office building in Bengaluru, Karnataka.</p>
<p>Amplus Solar was among the top five rooftop solar installers in India in 2021, according to Mercom&#8217;s <a href="https://mercomindia.com/product/mercoms-india-solar-market-leaderboard-2022-market-shares-and-profiles/" target="_blank" rel="noopener">India Solar Market Leaderboard 2022</a>.</p>


Microsoft to Buy Power from 100 MW Solar Project Being Built by Amplus Solar

<p>Here are some noteworthy cleantech announcements of the day from around the world:</p>
<p><strong>Electric utility company EDP </strong><a href="https://www.edp.com/en/news/2021/05/21/edp-presents-investment-470-million-asturias-energy-transition" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the first floating wind farm in Spain for Asturias. The firm is promoting projects related to green hydrogen and energy storage </strong>in the region. These are EDP&#8217;s plans for the autonomous community, where it wants to contribute towards generating 100% renewable energy and favoring industrial decarbonization.</p>
<p><strong>TEESS, a 50/50 joint venture company established by Total and Envision Group, </strong><a href="https://cn.total.com/en/news/total-and-envision-group-among-tier-1-companies-renewable-energy-distributed-generation-china" target="_blank" rel="noopener"><strong>reached</strong></a><strong> 100 MW of in-operation onsite distributed generation solar projects</strong> for commercial and industrial customers in China<strong>.</strong> Its total capacity of projects in operation and under construction is 150 MW. The program focuses on the customers from the commercial and industrial segment that accounts for JV focuses on the customers of the C&amp;I segment that accounts for approximately two-thirds of Chinese power consumption. The JV provides these companies 100% renewable power solutions to fulfill their decarbonization goals. Its current target is to achieve over 500 MW of installed capacity by end of 2022. Over 50% of this capacity is already covered by long-term power purchase agreements.</p>
<p><strong>Zero-carbon hydrogen production specialist McPhy has </strong><a href="https://mcphy.com/en/press-releases/mcphy-gigafactory/?cn-reloaded=1" target="_blank" rel="noopener"><strong>selected</strong></a><strong> a site in Belfort to build its electrolyzer Gigafactory.</strong> The factory slated to come up in the French and European industrial metropolis is expected to play a major role in the transition to industrial-scale electrolysis, an essential condition for green hydrogen to achieve the decarbonization objectives set by the French government and the European authorities. The group will transform pressurized alkaline electrolysis, mature and proven technology for large-scale hydrogen projects, into a sustainable competitive and industrial advantage.</p>
<p><strong>Singapore Airlines has announced its </strong><a href="https://www.singaporeair.com/en_UK/us/media-centre/press-release/article/?q=en_UK/2021/April-June/jr0221-210524" target="_blank" rel="noopener"><strong>commitment</strong></a><strong> to achieving net-zero carbon emissions by 2050.</strong> The move is a step towards environmental sustainability across its operations. The carrier will use multiple levers to achieve this goal. These include investing in new-generation aircraft, achieving higher operational efficiency, adopting low-carbon technology such as sustainable aviation fuels, and sourcing for high-quality carbon offsets.</p>


Daily News Wrap-Up: Electric Utility EDP’s First Floating Wind Project to Come up in Spain

<p>Here are some noteworthy cleantech announcements of the day from around the world:</p>
<p><strong>Renewable energy company ReNew Power plans to </strong><a href="https://www.prnewswire.com/news-releases/renew-power-selects-gujarat-for-development-of-new-solar-component-manufacturing-facility-301292409.html" target="_blank" rel="noopener"><strong>develop</strong></a><strong> a solar cell and module manufacturing facility in Dholera Special Industrial Region, Gujarat.</strong> The greenfield facility will manufacture 2 GW of solar cells and modules annually with monocrystalline passivated emitter and rear contact and large wafer technology. The 100 acres of land allotted will ensure space availability for future capacity expansion. The project is expected to commence operations from the fiscal year 2023. The manufacturing capacity being set up will incorporate ReNew Power&#8217;s sustainability initiatives and ensure decarbonization of manufacturing processes and supply chain to create a &#8216;Green Factory&#8217; of the future.</p>
<p><strong>British oil and gas company bp has </strong><a href="https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-and-cemex-team-up-on-net-zero-emissions.html" target="_blank" rel="noopener"><strong>partnered</strong></a><strong> with CEMEX to fast-track the latter&#8217;s 2050 ambition to deliver net-zero CO<sub>2</sub> concrete globally.</strong> Under a memorandum of understanding, the two firms have agreed to develop ‎solutions to decarbonize the cement production process and transportation. Additionally, they intend to work to develop urbanization solutions ‎envisioned to decarbonize cities.‎</p>
<p><strong>National Solar Energy Federation of India (NSEFI) has </strong><a href="https://www.eqmagpro.com/wp-content/uploads/2021/05/NSEFI-letter-to-UP-Govt_compressed.pdf" target="_blank" rel="noopener"><strong>raised</strong></a><strong> concerns of alleged delay in issuing a letter of intent (LoI) by the Uttar Pradesh New and Renewable Energy Development Agency with the state government.</strong> Stating that several developers had participated in a bid in February 2020, NSEFI said that the LoI was expected to be issued within 94 days of the e-reverse result. However, unit members haven&#8217;t received the LoI. NSEFI, which is an umbrella organization for solar energy stakeholders, has claimed that while construction could not begin as a result of the delay, raw material prices have fluctuated in the meantime.</p>
<p><strong>Borosil Renewables </strong><a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/916956d4-a95c-44d8-9d29-0685c7cab524.pdf" target="_blank" rel="noopener"><strong>filed</strong></a><strong> its financial statement with BSE.</strong> The company&#8217;s total income from operations in the fourth quarter (Q4) of the financial year (FY) 2021 was ~₹1.94 billion (~$26.43 million), while the firm&#8217;s income from operations in FY 2021 was ~₹5.02 billion (~$68,392 million). The company&#8217;s income in Q42020 was ~₹942.6 million (~$12.84 million). Borosil Renewable&#8217;s net profit for Q42021 after the tax deduction was ~₹668.75 million (~$9.11 million). The company saw a net profit of ~₹40.53 million (~$552,181) in the same period the year before.</p>


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