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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-enapi-raises-2-7-million-in-pre-seed-funding/" target="_blank" rel="noopener">Mercom Capital Group</a>
Enapi, a provider of EV charging solutions, <a href="https://mercomcapital.com/enapi-raises-2-7-million-in-pre-seed-funding/" target="_blank" rel="noopener">announced</a> the closing of its €2.5 million (~$2.7 million) pre-seed funding round provided by Project A Ventures, Seedcamp, and HelloWorld. The company facilitates connections between charge point operators and entities that are developing and providing digital charging solutions for consumers and businesses. The Enapi Transaction enables EV charging transactions using the OCPI standard to ensure seamless charging station connectivity.
Grasim Industries, an Aditya Birla Group company, has <a href="https://www.mercomindia.com/grasim-secures-ifc-for-decarbonization-initiatives" target="_blank" rel="noopener">announced</a> an investment of ₹12.5 billion (~$150.3 million) from the International Finance Corporation (IFC), the private sector arm of the World Bank Group. The company said IFC’s investment was through subscription to non-convertible debentures. The funds raised through the sustainability-linked debentures will help Grasim’s decarbonization initiatives.
Aberdeen Minerals, a UK-based Battery Metal deposits exploration and development firm, has <a href="https://mercomcapital.com/aberdeen-minerals-secures-7-million-equity-financing/" target="_blank" rel="noopener">secured</a> an equity financing of up to £5.5 million (~$7 million). This financing aims to bolster Aberdeen Minerals&#8217; exploration programs in North East Scotland, specifically targeting deposits of nickel, copper, and cobalt. These metallic raw materials play a crucial role in battery production and electrification.
Regenerate Technology Global, a developer, and provider of advanced technologies and services for the global battery-based energy supply chain, has <a href="https://mercomcapital.com/regenerate-technology-acquires-infinion/" target="_blank" rel="noopener">acquired</a> Infinion, a Luxembourg-based company that owns and operates two battery service companies in Sweden. The acquisition of Infinion, slated to finalize in early April, marks a pivotal addition to Regenerate&#8217;s existing portfolio, which includes battery technology and processing facilities in Bologna, Italy, and Glasgow, Scotland. This transaction also serves as the inaugural step in Regenerate&#8217;s acquisition strategy planned for 2024.
KKR, a global investment firm, has announced the finalization of a definitive agreement for the <a href="https://www.businesswire.com/news/home/20240320421164/en/KKR-Invests-in-Avantus-to-Support-Renewable-Energy-Deployment-in-the-United-States" target="_blank" rel="noopener">acquisition</a> of a majority stake in Avantus, a developer of large-scale solar and solar-plus-storage projects. Under the terms of the agreement, investment funds and accounts managed by KKR will acquire the majority ownership in Avantus. Upon the completion of the transaction, KKR, along with existing investor EIG, a notable institutional investor in global energy and infrastructure sectors, will become the sole equity investor in Avantus. As part of this commitment, they have secured substantial financing commitments, including a significant development financing facility and their equity contributions, amounting to over $1 billion collectively. Since its founding, Avantus has developed and sold 6.5 GWp and 6.3 GWh of solar and storage projects, respectively. The company also owns a project pipeline of 30 GWp solar and 94 GWh battery storage.
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>.
Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-li-cycle-secures-75-million" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Enapi Raises $2.7 Million in Pre–Seed Funding

Here are some noteworthy cleantech announcements of the day from around the world:
<a href="https://www.grasim.com/" target="_blank" rel="noopener">Grasim Industries Limited</a>, the textile arm of the Aditya Birla Group, has <a href="https://www.grasim.com/Upload/PDF/intimation-acquisition-equity-shares-ABReL-solar-power-limited.pdf" target="_blank" rel="noopener">acquired</a> equity shares of ABReL Solar Power Limited. The company received 13,000 equity shares, which equals a 26% stake at ₹10 (~$0.13) for a total of ₹130,000 (~$1,732). ABReL Solar Power is a subsidiary of Aditya Birla Renewables Limited, the 100% subsidiary of Grasim Industries. Grasim acquires the shares at par value. The transaction is at arm&#8217;s length.
The Power Exchange India Ltd (<a href="https://powerexindia.in/" target="_blank" rel="noopener">PXIL</a>) announced the launch of trading of ESCerts under the Perform, Achieve, and Trade (PAT) scheme &#8211; cycle II. The trading on the platform will start on October 26, 2021. ESCerts are the Energy Savings Certificates issued by the Central Government in the Ministry of Power to the Designated Consumer under sub-section (1) of section 14 (A) of Energy Conservation Act, 2001. ESCerts is a tradable certificate for EE mandates under Energy Conservation Act 2001. The validity of ESCerts will be up to the next PAT cycle. ESCerts will be transacted every Tuesday of the Week on the PXIL platform or as decided by the Central Electricity Regulatory Commission and Bureau of Energy Efficiency.
Indian power utility Tata Power and the Indian Institute of Technology (IIT) Delhi have <a href="https://www.tatapower.com/media/PressReleaseDetails/1891/tata-power-collaborates-with-iit-delhi-to-work-on-smart-grid-technologies-start-ups-and-innovation" target="_blank" rel="noopener">signed</a> a memorandum of understanding (MoU) to collaborate in smart grid technology and clean energy solutions. Both the institutions have agreed to work together to identify projects in EV infrastructure, hydrogen technologies, battery energy storage systems, and microgrids that can be transformed from the R&amp;D stage pilot projects and scale. Under this MoU, both the parties also wish to explore the synergies through cooperation with Clean Energy International Incubation Centre (CEIIC) and IIT Delhi&#8217;s Startup infrastructure for incubating and developing startups.
Renewable energy company EDP Renewables, through its subsidiary EDP Renováveis Brasil, has <a href="https://www.edpr.com/en/news/2021/10/25/edpr-secures-a-15-year-ppa-a-209-mwac-solar-project-brazil" target="_blank" rel="noopener">secured</a> a 15-year Power Purchase Agreement (PPA) to sell the clean energy produced by the 209 MW Monte Verde solar power plant in Brazil. EDPR will co-invest 50% alongside EDP Energias do Brasil in the Monte Verde solar project. The project is expected to be operational by 2024. With this new PPA, EDPR continues to increase its technological diversification with 2.7 GW of secured capacity in solar and an overall renewable capacity of 7.4 GW for 2021-25.
Independent solar power producer Azure Power has <a href="https://www.prnewswire.com/in/news-releases/azure-power-wins-its-first-120-mw-ists-wind-project-with-seci-887695025.html" target="_blank" rel="noopener">received</a> the letter of award (LoA) for a 120 MW interstate transmission system (ISTS) wind project with Solar Energy Corporation of India (SECI). Azure will supply power for 25 years at a tariff of ₹2.70 (~$0.036)/kWh. The wind project is part of the 1.2 GW ISTS Tranche – XI tender from SECI. The project must be constructed within 18 months from the signing of the power purchase agreement.

Daily News Wrap-Up: Grasim Industries Acquires 26% Stake in Aditya Solar Power

<a href="https://www.grasim.com/" target="_blank" rel="noopener">Grasim Industries Limited</a>, the textile arm of the Aditya Birla Group, has signed a supplemental share subscription agreement with ReNew Green Energy Solutions and ReNew Surya Uday. The company plans to procure additional energy from its solar-wind hybrid open access project as a captive consumer.
The company said in a <a href="https://www.bseindia.com/" target="_blank" rel="noopener">BSE</a> filing that it would invest ₹145.1 million (~$1.92 million) in ReNew Green Energy Solutions to procure an additional 16.68 MW of power from its wind-solar hybrid open access project in Gujarat.
In August 2021, Grasim Industries had <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/cf609f4f-0947-4602-a97c-246a3205e06a.pdf" target="_blank" rel="noopener">invested</a>  ₹153.1 million (~$2.06 million) for a 26% stake in ReNew Green Energy Solutions to procure 17.6 MW power.
ReNew Green Energy Solutions will invest ₹413 million (~$5.48 million) to develop this additional 16.68 MW capacity for captive power consumption by Grasim through the open access mechanism.
In August, ReNew invested ₹435.8 million (~$5.87 million) to develop the 17.6 MW solar-wind hybrid project. The hybrid project’s combined capacity will now be 34.28 MW.
ReNew Green Energy Solutions is a subsidiary of <a href="https://renewpower.in/" target="_blank" rel="noopener">Renew Power</a>, an independent renewable power producer.
In July 2021, Mahindra &amp; Mahindra <a href="https://mercomindia.com/mahindra-mahindra-to-buy-solar-renew/" target="_blank" rel="noopener">signed</a> a power purchase agreement with ReNew Sunlight Energy, a subsidiary of ReNew Green Energy Solutions, to procure solar power from its open access project as a captive consumer.
According to Mercom’s <a href="https://mercomindia.com/open-access-solar-installations-q2-2021/" target="_blank" rel="noopener">India Solar Open Access Market Report Q2 2021</a>,the solar open access market installed 628 MW of capacity in the first half (1H) of 2021, a 12-fold growth compared to 47 MW installed in the same period last year. Uttar Pradesh led the way with the highest installations in 1H 2021, followed by Maharashtra and Tamil Nadu.
According to the report, the demand for procuring renewables in the open access market has increased every quarter. Many corporates are trying to meet their power demands through renewable energy sources.
At the <a href="https://mercomindia.com/solarforum2021/" target="_blank" rel="noopener">Mercom India Solar Forum 2021</a>, a virtual event to be held on October 21,  there is an exclusive session on ‘Open Access Solar – an Ideal Solution to Reduce Carbon Footprint and Operating Costs for C&amp;I Entities.’ The discussion will bring opinions from developers, consumers, facility owners, and new ideas and suggestions to make open access favorable to all. You can register <a href="https://mercomindia.com/solarforum2021/register/" target="_blank" rel="noopener">here</a> to attend the session.
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Grasim to Procure Additional Power from ReNew’s Captive Wind-Solar Hybrid Project

The Karnataka High Court has put a stay on the 860 MW grid-connected solar photovoltaic (PV) project tender auctioned by Karnataka Renewable Energy Development Limited (<a href="http://kredlinfo.in/" target="_blank" rel="noopener">KREDL</a>).
The High Court’s order came in response to a writ petition filed by Grasim Industries Limited.
On February 8, 2018, the Karnataka High Court put a stay on the auction, asking the respondents to come to the court on February 17, 2018. On February 17, 2018, the court adjourned the matter until further proceedings.
A source at Grasim Industries commented on the development saying, “We have just raised a technical question and the High Court has asked KREDL not to move forward with the closure of the tender until the High Court completes its proceedings and has its final findings.”
When asked how much time it might take to resolve the case, the source replied, “The court has met twice on this issue and I cannot comment on this as this is a matter of the judiciary. It is up to them.”
Grasim Industries’ petition is based on the fact that the initial deposit of ₹1 million (~$15,414) paid by them had not been uploaded in the e-tendering portal due to a technical glitch, rendering them unable to participate.
A KREDL official told Mercom, “Yes, a stay has been put and as asked by the Honorable Karnataka High Court, we will maintain the status quo, until further orders.”
When asked if there are chances of a retender, the KREDL official said, “I cannot comment on that, whatever the High Court decides will be the last word.”
Of the 860 MW that were <a href="https://mercomindia.com/kredl-tenders-large-scale-solar-projects/" target="_blank" rel="noopener">tendered</a> in the month of December 2017, KREDL auctioned <a href="https://mercomindia.com/kredl-750-mw-auction-solar/" target="_blank" rel="noopener">760 MW</a> of grid-connected solar PV projects to be developed across 38 taluks in the state on February 1, 2018.
Image credit: By Polytropos-Commons (Own Work) via Wikimedia Commons

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