NTPC Issues Tender to Empanel EPC Service Providers for Solar Projects

IFC, IndiGrid to Develop 180 MW/360 MWh Standalone BESS Project in Gujarat

CleanMax, Toyota Tsusho to Develop 300 MW of Renewable Energy Projects

Delhi Metro Floats Tender for 5 MW Rooftop Solar Projects

Enhancing Grid Stability and Expanding Renewable Energy Integration

Daily News Wrap-Up: Bihar Announces Winners of 500 MWh BESS Auction

Global Offshore Wind Capacity Additions Fell 26% in 2024 to 8 GW: GWEC

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Jharkhand Commission Issues Draft Regulations to Determine Solar Tariffs

Senate Passes Budget Bill Without Excise Tax on Wind and Solar Projects

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					</table><a href="https://brightnightpower.com/" target="_blank" rel="noopener">BrightNight</a>, an independent renewable power producer, has secured a $440 million strategic investment from <a href="https://am.gs.com/en-us/advisors/products/alternative-investing" target="_blank" rel="noopener">Goldman Sachs Alternatives</a>&#8216; Infrastructure division.
The company said the transaction is expected to close in September 2024.
<a href="https://cms.mercomindia.com/assam-power-corporation-floats-consultancy-tender/" target="_blank" rel="noopener">BofA Securities</a> and <a href="https://www.pjtpartners.com/" target="_blank" rel="noopener">PJT Partners</a> acted as financial advisors to BrightNight, while <a href="https://www.jefferies.com/" target="_blank" rel="noopener">Jefferies LLC</a> served as the sole financial advisor and <a href="https://www.weil.com/" target="_blank" rel="noopener">Weil, Gotshal &amp; Manges</a> as legal counsel to Goldman Sachs Alternatives.
Martin Hermann, Chairman and CEO of BrightNight, said: &#8220;BrightNight was founded on a unique combination of strengths that capitalize on strong secular energy transition tailwinds. We have quickly established a large and differentiated portfolio in high-demand growth markets seeking decarbonization.&#8221;
Teresa O&#8217;Flynn, Managing Director in Infrastructure at Goldman Sachs Alternatives, said, &#8220;We share a joint ambition to build a leading renewable independent power producer (IPP) and, through this partnership, we look to accelerate its growth by providing long-term capital backing and leveraging our firm&#8217;s capabilities.&#8221;
Global Infrastructure Partners will continue to support BrightNight with its existing capital commitment.
Goldman Sachs Alternatives invests across various alternatives, including private equity, growth equity, private credit, real estate, infrastructure, hedge funds, and sustainability.
Last month, BrightNight was one of the <a href="https://www.mercomindia.com/msedcl-wind-solar-hybrid-auction-tranche-iii" target="_blank" rel="noopener">winners</a> in the Maharashtra State Electricity Distribution Company&#8217;s auction to supply 500 MW of wind-solar hybrid power on a long-term basis from grid-connected intrastate projects with an additional greenshoe option of up to 500 MW.
The company was among the winners in NTPC&#8217;s auction to <a href="https://www.mercomindia.com/axis-renew-juniper-serentica-tprel-win-ntpcs-fdre-ii-auction" target="_blank" rel="noopener">supply</a> 3 GW of firm and dispatchable power from ISTS-connected renewable energy projects in India.
BrightNight and its joint venture partner Cordelio Power <a href="https://www.mercomindia.com/project-finance-brief-brightnight-secure-solar-project" target="_blank" rel="noopener">secured</a> a $414 million construction credit facility to develop a 300 MW Box Canyon utility-scale solar project in Pinal County, Arizona. The construction of the solar project began in December 2023 and is expected to begin operations in 1H 2025.

Goldman Sachs Alternatives Invests $440 Million in BrightNight

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					</table><a href="https://www.jsw.in/energy" target="_blank" rel="noopener">JSW Energy</a>, a private sector power producer, has completed a ₹50 billion (~$600 million) qualified institutions placement (QIP), attracting strong interest from marquee global and domestic institutional investors.
The QIP, marking the first-ever equity raise by the company since its listing in 2010, was oversubscribed over 3.2 times, it said in a statement. It claimed it was also the largest primary equity raise in the Indian power sector in the last decade and among the top three largest ever in the history of the Indian power sector.
The proceeds from the QIP will enable JSW Energy to strengthen its balance sheet and provide greater financial flexibility to execute its growth plans.
The issue saw participation from global asset managers, including <a href="https://gqg.com/" target="_blank" rel="noopener">GQG Partners</a>, <a href="https://www.blackrock.com/corporate" target="_blank" rel="noopener">Blackrock</a>, <a href="https://global.nomura-am.co.jp/" target="_blank" rel="noopener">Nomura</a>, <a href="https://www.wellington.com/en" target="_blank" rel="noopener">Wellington</a>, <a href="https://www.ubs.com/" target="_blank" rel="noopener">UBS</a>, and Abu Dhabi Investment Authority. Domestic mutual funds and insurance companies also participated in the QIP.
Funds managed by <a href="https://www.goldmansachs.com/">Goldman Sachs</a> were allotted 27.12% of the total issue size and 10% to Nomura.
The company&#8217;s board approved the issuance and allotment of 103 million equity shares to 97 qualified institutional buyers at the issue price of ₹485 (~$5.82) per equity share, which includes a discount of ₹25.09 (~$0.30) per share against the floor price.
Post the allotment, the company&#8217;s paid-up equity share capital rose from ₹16.4 billion (~$197 million) to ₹17.5 billion (~$210 million), consisting of 1.7 billion equity shares each.
&#8220;The overwhelming investor interest is a testament to their confidence in our strategy of transforming into a leading diversified energy player, with a focus on renewable energy generation and energy storage,&#8221; said Sharad Mahendra, CEO of JSW Energy.
JSW Energy has a total locked-in generation capacity of 12.5 GW comprising 7.2 GW operational, 2.6 GW under-construction assets across wind, thermal, and hydro, and letters of award and intent for 2.7 GW capacity from SECI (Solar Tranche XIII and Wind Tranche XVI), SJVN and GUVNL. In addition, the company has 3.4 GWh of locked-in energy storage capacity through battery energy storage systems and pumped hydro storage projects.
A JSW Energy subsidiary recently <a href="https://www.mercomindia.com/jsws-renewables-project-from-reliance-power" target="_blank" rel="noopener">expanded</a> its renewable energy portfolio with the ₹1.32 billion (~$15.8 million) acquisition of the 45 MW Vashpet wind project from Reliance Power.
The company&#8217;s third-quarter profit <a href="https://www.mercomindia.com/jsw-energys-profit-rises-on-renewables-q3-fy24" target="_blank" rel="noopener">jumped</a> 29% from last year as strong performance in the renewables segment and lower fuel costs helped the bottom line.

JSW Energy Raises ₹50 Billion in Qualified Institutional Placement

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					</table><a href="https://northvolt.com/" target="_blank" rel="noopener">Northvolt</a>, a Sweden-based manufacturer of lithium-ion batteries, has announced raising $1.2 billion in convertible notes to support its expansion plans across Europe and North America.
The latest funding represents an extension of the $1.1 billion convertible note that was initially <a href="https://mercomindia.com/northvolt-fund-expansion-battery-cathode-production/" target="_blank" rel="noopener">signed</a> in July 2022. This financial injection has garnered investments from funds characterized as &#8220;dark green,&#8221; aligning with Article 9 of the EU&#8217;s Sustainable Finance Disclosure Regulation (<a href="https://www.eurosif.org/policies/sfdr/" target="_blank" rel="noopener">SFDR</a>).
Key players leading this extension include the Investment Management Corporation of Ontario (<a href="https://www.imcoinvest.com/" target="_blank" rel="noopener">IMCO</a>), <a href="https://www.blackrock.com/corporate" target="_blank" rel="noopener">BlackRock</a>, Canada Pension Plan Investment Board (<a href="https://www.cppinvestments.com/" target="_blank" rel="noopener">CPP Investments</a>), and the financial partner <a href="https://www.omers.com/" target="_blank" rel="noopener">OMERS</a>, marking its third significant investment in Northvolt.
Peter Carlsson, Co-Founder and CEO of Northvolt, said that the mounting interest from capital markets underscores Northvolt&#8217;s capacity to meet the surging demand for sustainable battery solutions on both sides of the Atlantic.
Carlsson remarked, &#8220;The commitment to global decarbonization is strong, and these milestones reinforce our position to meet the massive demand for sustainable battery solutions both in Europe and North America.&#8221;
The recent funding extension has propelled the total convertible round to $2.3 billion, with numerous investors rallying behind Northvolt&#8217;s vision, including entities such as Goldman Sachs Asset Management, AP funds 1-4 (via the jointly owned company 4 to 1 Investments), Folksam Group, ATP, and Volkswagen Group.
With this substantial capital infusion, Northvolt has secured over $9 billion in equity and debt to fulfill orders exceeding $55 billion from key clientele, including <a href="https://www.bmw.com/en/index.html" target="_blank" rel="noopener">BMW</a>, <a href="https://fluenceenergy.com/" target="_blank" rel="noopener">Fluence</a>, <a href="https://www.scania.com/" target="_blank" rel="noopener">Scania</a>, <a href="https://www.volvocars.com/in/test-drive-booking?utm_source=Google&amp;utm_medium=paidsearch&amp;utm_content=XC60_display-ads_multiple-sizes&amp;utm_campaign=in_AlwaysOn_Aug23_performance_0110_masterbrand_market-launch&amp;sourceapplicationinformation=in_XC60_awr_mbr&amp;gad=1&amp;gclid=Cj0KCQjw_5unBhCMARIsACZyzS3qn8ZqhVB6f844tVHs6n7yXsTNeBg_r00KqK9ssBtO8r3v1lIm8jIaAokiEALw_wcB&amp;gclsrc=aw.ds" target="_blank" rel="noopener">Volvo Cars</a>, and <a href="https://www.volkswagen-group.com/en" target="_blank" rel="noopener">Volkswagen Group</a>.
Northvolt&#8217;s battery cells currently originate from Northvolt Labs in Västerås, Sweden, and Northvolt Cuberg in San Leandro, California, USA.
Northvolt Dwa, the company’s 25,000-square-meter cells-to-battery integration facility in Gdańsk, Poland, recently assembled its premier energy storage system (ESS) products. The facility caters to energy storage and industrial sectors and was funded by the <a href="https://climate.ec.europa.eu/eu-action/funding-climate-action/innovation-fund_en" target="_blank" rel="noopener">European Innovation Fund</a>.
The momentum for battery cell manufacturing is accelerating at Northvolt Ett gigafactory in Sweden, a facility that will soon be joined by an adjacent giga-scale recycling plant, Revolt Ett, which is set to commence operations later this year.
The company’s key projects include ramping up and <a href="https://mercomindia.com/northvolt-raises-2-75-billion/" target="_blank" rel="noopener">expanding</a> the Northvolt Ett Gigafactory, while it targets the establishment of the Northvolt Volvo Cars joint venture gigafactory in Gothenburg, Sweden. The manufacturer also plans to set up its third Gigafactoryin Heide, Germany, while it aims to establish Northvolt Fem, a cathode factory, in Borlänge, Sweden.
According to Mercom Capital Group’s <a href="https://mercomcapital.com/product/1h-q2-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">1H and Q2 2023 Funding and M&amp;A Report Storage and Grid Report</a>, the corporate funding for energy storage companies reached an impressive $7.1 billion across 59 deals during the first half of 2023.

Battery Manufacturer Northvolt Raises $1.2 Billion to Fund Expansion Plans

<a href="https://www.hydrostor.ca/" target="_blank" rel="noopener">Hydrostor</a>, a Canada-based long-duration energy storage solution provider, announced that it had secured $250 million funding from the Private Equity and Sustainable Investing Businesses within <a href="https://www.goldmansachs.com/" target="_blank" rel="noopener">Goldman Sachs Asset Management</a>.
The company is expected to utilize proceeds to develop and construct its 1.1 GW/8.7 GWh of advanced compressed air energy storage (A-CAES) projects in Australia and California. The fresh funding would also be used to expand the company’s project development pipeline globally. The company had <a href="https://mercomindia.com/daily-news-energy-portfolio-chile/" target="_blank" rel="noopener">announced</a> in May 2021 that it would develop 1 GW of long-duration energy storage in California. Spread between two sites, the projects represented a combined investment of over $1.5 billion.
According to Hydrostor, its patented A-CAES technology provides long-duration energy storage to enable renewable energy transition. The new technology utilizes proven components from mining and gas operations to develop a scalable energy storage system that is cost-effective, low-impact, and has over 50 years of lifetime. The technology can store energy from five hours to multiple days as per the requirements.
Goldman Sachs is expected to fund its investment in tranches tied to project milestones to match Hydrostor’s capital requirements and enhance project execution throughout development, construction, and operation. The funding would also support Hydrostor’s global development and marketing initiatives, including its project pipeline expansion and capabilities in the market with significant near-term demand for long-duration energy storage.
Ford Capital Partners and CIBC Capital markets were financial advisors to Hydrostor, and Davies Ward Phillips &amp; Vineberg served as legal counsel.
Curtis VanWalleghem, Chief Executive Officer and Co-founder of Hydrostor said, “We are delighted with this investment by Goldman Sachs. It is transformational for Hydrostor and validates the competitiveness of our proprietary A-CAES solutions as well as the strength of our pipeline of potential projects.”
In August 2021, Hydrostor <a href="https://mercomindia.com/funding-and-ma-roundup-sunnova-private-offering/" target="_blank" rel="noopener">received</a> $10 million of growth capital from BDC Capital to advance its pipeline of long-duration A-CAES storage projects.
According to Mercom’s <a href="https://mercomcapital.com/product/9m-q3-2021-funding-ma-report-storage-grid-efficiency/" target="_blank" rel="noopener">9M and Q3 2021 Funding and M&amp;A Report for Storage, Grid &amp; Efficiency</a>, battery storage companies raised a record $11.4 billion in corporate funding through 73 deals in 9M 2021, a 244% increase compared to $3.5 billion raised in 35 deals in the same period last year.
&nbsp;

Energy Storage Company Hydrostor Secures $250 Million Funding from Goldman Sachs

From: <a href="https://mercomcapital.com/project-finance-brief-goldman-sachs-renewable-arm/" target="_blank" rel="noopener">Mercom Capital Group</a>
CS Energy, an integrated energy firm that designs and builds optimized projects in the solar, storage, and emerging energy industries, has <a href="https://www.prnewswire.com/news-releases/cs-energy-and-goldman-sachs-renewable-power-group-partner-to-deliver-216-mwdc-of-utility-scale-solar-in-new-york-301277832.html" target="_blank" rel="noopener">partnered</a> with the Goldman Sachs Renewable Power Group and the New York State Energy Research and Development Authority to develop and construct 216 MW of new utility-scale solar projects across New York. The projects represent over $160 million of private investment and are expected to generate over $80 million in benefits for local communities and regions.
Tri Global Energy, a developer of utility-scale renewable energy projects, has <a href="https://www.prnewswire.com/news-releases/tri-global-energy-announces-sale-of-580-mw-of-indiana-wind-and-solar-projects-to-leeward-renewable-energy-301276434.html" target="_blank" rel="noopener">entered</a> into an agreement to sell two renewable energy projects – the 180 MW Hoosier Line Wind project and the 400 MW Honey Creek Solar project – to Leeward Renewable Energy, a renewable energy company that owns and operates a portfolio of approximately 2,000 MW of generating capacity. The wind and solar power projects, located in White County in northwestern Indiana, are targeted to be operational as early as 2023. Great Bay Renewables, a joint venture company between certain funds managed by affiliates of Apollo Global Management, and Altius Renewable Royalties, are providing royalty financing in support of Tri Global Energy completing and funding these projects&#8217; development through the start of construction.
Clime Capital, the Singapore-based investment management company, <a href="https://www.seacef.org/post/seacef-invests-in-vietnamese-solar-energy" target="_blank" rel="noopener">announced</a> that it has invested in the development phase of a floating solar and storage project in Dong Nai Province, Vietnam, under development by Blueleaf Energy. The development comprises a floating solar and storage peaking plant with a target capacity of 500 MW floating PV with a battery energy storage system (BESS) up to 200 MWh capacity.
Advanced Power, a global developer, owner, and asset manager of modern power infrastructure <a href="https://www.prnewswire.com/news-releases/advanced-power-achieves-financial-close-of-140-mwdc-cutlass-solar-project-in-fort-bend-county-texas-301279373.html" target="_blank" rel="noopener">closed</a> the financing for Cutlass solar project, a 140-MWdc photovoltaic solar electric generating facility located in Fort Bend County, Texas. Advanced Power, together with its co-investors, ENEOS Corporation and Fuyo General Lease Company, are the owners of the facility. CIT Bank, N.A., Credit Agricole Corporate &amp; Investment Bank, and Amalgamated Bank are providing senior secured credit facilities to Cutlass Solar. CIT acted as coordinating lead arranger, administrative agent, collateral agent, and depositary bank for the transaction.
Origo Energia, the Brazilian solar-focused energy company, <a href="https://renewablesnow.com/news/origo-energia-bags-usd-19m-loan-for-dg-solar-projects-in-brazil-739043/" target="_blank" rel="noopener">closed</a> a BRL 106 million (~$19.3 million) mezzanine financing deal for new solar projects. The loan, granted by Blue like an Orange Sustainable Capital Fund, will be used to foster Origo Energia&#8217;s growth in the solar distributed generation sector, the lender announced last week. Specifically, Origo Energia will use the funds to develop new projects for residential consumers as well as small and medium-sized companies.
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&#8217;s project finance <a href="https://mercomindia.com/project-finance-brief-opdenergy/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Goldman Sachs’ Renewable Arm to Finance 216 MW Solar Projects

<a href="https://arraytechinc.com/" target="_blank" rel="noopener noreferrer">Array Technologies</a>, a U.S.-based manufacturer of solar tracking systems used in large-scale projects,  has announced eh close its upsized initial public offering (IPO) after raising over $1 billion in one of the biggest solar IPOs in the world.
The trading of shares on the Nasdaq Global Market began under the ‘ARRY’ symbol from October 15th, and the stock closed at $38.95 on October 19th.
Array Technologies put up its seven million common stock shares in the offering. Meanwhile, its parent organization managed by <a href="https://www.oaktreecapital.com/" target="_blank" rel="noopener noreferrer">Oaktree Capital</a> (selling stockholder), offered its 40.5 million common stock shares in the offering. The parent organization also provided a 30-day option for the underwriters to buy an additional 7.12 million shares at the public offering price.
<a href="https://www.goldmansachs.com/" target="_blank" rel="noopener noreferrer">Goldman Sachs</a>, <a href="https://www.jpmorgan.com/country/US/en/jpmorgan" target="_blank" rel="noopener noreferrer">JP Morgan</a>, <a href="https://www.morganstanley.com/" target="_blank" rel="noopener noreferrer">Morgan Stanley</a>, and <a href="https://www.guggenheimpartners.com/" target="_blank" rel="noopener noreferrer">Guggenheim Securities</a> were the joint book-runners for the offering. While Credit Suisse, UBS Investment Bank, and Barclays were book-runners for the offering. Besides this, Cowen, Oppenheimer, Mitsubishi UFG Financial Group (MUFG), and Nomura Holdings were co-managers for the deal.
Last week, the company <a href="https://mercomindia.com/funding-and-ma-wrap-up-array-technologies/" target="_blank" rel="noopener noreferrer">filed</a> to raise $675 million in an IPO of its common stock, Mercom had reported.
Lately, several solar companies have decided to go public through IPOs globally.
For instance, GoodWe, a solar inverter manufacturer, also recently <a href="https://mercomindia.com/goodwe-launches-ipo/" target="_blank" rel="noopener noreferrer">announced</a> the initial public offering of its common stock on the Shanghai Stock Market, making it a listed public company. The trading of the company’s shares on the Shanghai Stock Market began on September 4, 2020.
Last month, Daqo New Energy Corporation, a global solar polysilicon manufacturer, <a href="https://mercomindia.com/daqo-new-energy-to-invest/" target="_blank" rel="noopener noreferrer">revealed</a> its plans to raise $732 million (~₹53.7 billion) for new polysilicon manufacturing facilities and working capital requirements. It added that it intends to use the proceeds from the IPO to set up a phase 4B ultra-high-purity polysilicon manufacturing facility for monocrystalline solar PV wafer applications with an annual production capacity of 35,000 metric tons.

Solar Tracking Company Array Technologies Closes IPO After Raising Over $1 Billion

<a href="https://renewpower.in/" target="_blank" rel="noopener noreferrer">ReNew Power</a>, the Indian renewable energy project developer, has announced raising $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 the press statement, Goldman Sachs, Abu Dhabi Investment Authority (ADIA), and Canada Pension Plan Investment Board (CPPIB) have subscribed to the issue with each of the shareholders infusing $100 million into it.
The rights issue involved ReNew Power issuing Compulsorily Convertible Preference Shares (CCPSs) to each of the investors which will be converted into equity at a subsequent stage. Last year, <a href="https://mercomindia.com/cppib-invests-144-million-renew-power/" target="_blank" rel="noopener noreferrer">CPPIB</a> had acquired a 6.3% stake in ReNew Power from the Asian Development Bank (ADB) for $144 million.
“The rights issue will enable our existing investors to deepen their investment in ReNew, reflecting their continued faith in the Indian renewable energy market. The proceeds of the issue will be used primarily as capex for our existing pipeline of projects,” ReNew Power chairman and MD, Sumant Sinha said.
As of June 2019, ReNew’s portfolio says that it has a total capacity of over 8 GW of wind and solar power assets across the country, including commissioned and under development projects.
Earlier, ReNew Power announced the conclusion of its <a href="https://mercomindia.com/renew-raises-375-million-green-bond/" target="_blank" rel="noopener noreferrer">green bond issue</a> of $375 million (~₹25.8 billion) Barclays (B&amp;D), Goldman Sachs, HSBC, J.P.Morgan, and YES Bank were the book runners for the green bond issue.
As per the 2018 <a href="https://mercomcapital.com/research/" target="_blank" rel="noopener noreferrer">Mercom Solar Funding and M&amp;A Report</a>, ReNew Power raised over $800 million in debt and over $1 billion (~₹69 trillion) in private equity funds to date from an expansive investor base which includes Goldman Sachs, Canada Pension Plan Investment Board, the Asian Development Bank, JERA, Abu Dhabi Investment Authority, the Global Environment Fund, among others.
Earlier this year, <a href="https://renewpower.in/" target="_blank" rel="noopener noreferrer">ReNew Power</a> secured fresh debt financing of $350 million (~₹24.91 billion) from the Overseas Private Investment Corporation (OPIC). The <a href="https://mercomindia.com/renew-power-50-mn-in-debt-financing-opic/" target="_blank" rel="noopener noreferrer">funds were slated</a> to be utilized by ReNew Power to support the construction of new wind and solar power projects in India.

Renewable Developer ReNew Power Raises $300 Million Through Rights Issue

<a href="https://www.canadiansolar.com/en" target="_blank" rel="noopener noreferrer">Canadian Solar</a> has secured a $50 million term loan from Credit Suisse. Canadian Solar intends to deploy the term loan to support the development of international solar project pipeline and for general corporate purposes.
The U.S. dollar-denominated term loan is expected to mature in April 2021. Credit Suisse further provided Canadian Solar with a cross-currency interest rate swap to hedge its cross-currency interest rate liabilities relating to the term loan.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, &#8220;We are pleased with this strong demonstration of capital support from Credit Suisse. This term loan provides us with the financial flexibility to invest in growth and further improve our cost of capital.&#8221;
Meanwhile, <a href="https://recurrentenergy.com/" target="_blank" rel="noopener noreferrer">Recurrent Energy, LLC</a>, a wholly owned subsidiary of Canadian Solar has sold its equity stake in the 100 MW Mustang solar project to the Renewable Power Group of Goldman Sachs Asset Management, L.P. This transaction completes Recurrent Energy&#8217;s sale of equity stakes in the 973 MW portfolio of California solar projects that came online in 2016. The company expects to recognize the sales revenue from Mustang in the second quarter of 2019.
&#8220;We are thrilled to partner with Goldman Sachs on the sale of the Mustang solar project, and this transaction again demonstrates Canadian Solar&#8217;s ability to attract top tier investors,&#8221; said Dr. Qu.
<a href="https://mercomindia.com/canadian-solar-48-million-credit-expansion/" target="_blank" rel="noopener noreferrer">Recently</a>, Canadian Solar Projects K.K, a wholly owned subsidiary of module supplier Canadian Solar, announced the renewal of a credit facility. The credit facility was made available through a syndicate of four finance and leasing institutions, led by Sumitomo Mitsui Finance and Leasing Company, Limited (SMFL). The company intends to utilize the credit extension facility to develop more high-quality solar power projects in Japan.
In 2018, the firm acquired 51% stake in two solar power projects of Suzlon Energy with 15 MW capacity each in <a href="https://mercomindia.com/canadian-solar-buys-30-mw-solar-suzlon/" target="_blank" rel="noopener noreferrer">Telangana</a>.

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