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					</table><p><a href="https://www.mercomindia.com/rumsl-tender-750-mw-wind-solar-hybrid-projects" target="_blank" rel="noopener"><strong>Rewa Ultra Mega Solar has invited bids to develop 750 MW wind-solar hybrid power projects in Madhya Pradesh on a build-own-operate basis.</strong></a> The developers can also propose to add storage capacity along with the projects. The last date to submit the bids is November 17, 2023. Bids will be opened on the same day. Bidders can submit their offers for a minimum of 10 MW and a maximum of 375 MW capacity.</p>
<p><a href="https://www.mercomindia.com/sterling-and-wilson-epc-contract-300-mw-ntpc" target="_blank" rel="noopener"><strong>Sterling and Wilson Renewable Energy has received the Notification of Award from NTPC Renewable Energy for the engineering, procurement, and construction of a 300 MW solar project at the Khavda Renewable Energy Park in Gujarat.</strong></a> The total contract value, including operation and maintenance for three years, is ₹15.35 billion (~$184.8 million). Construction of the project is anticipated to commence either towards the end of the third quarter or the beginning of the fourth quarter of this year. It is projected to be commissioned within the subsequent 12 to 18 months.</p>
<p><a href="https://www.mercomindia.com/brookfield-to-invest-845-jv-with-axis-energy-in-india" target="_blank" rel="noopener"><strong>Global asset management firm Brookfield and Axis Energy Ventures have announced their second renewable energy joint venture partnership in India.</strong></a> Brookfield, through its Brookfield Global Transition Fund II (BGTF II), has committed to providing equity capital of up to $845 million to develop Axis’ wind and solar energy project pipeline. These projects are spread across the country and are in various stages of development. Both partners will leverage their expertise and resources to jointly provide curated energy solutions to various industry participants, including government entities, corporate customers, and emerging industries such as green hydrogen.</p>
<p><a href="https://www.mercomindia.com/kp-energy-bos-contract-464-mw-wind-projects-gujarat" target="_blank" rel="noopener"><strong>Gujarat-based KP Energy, a balance of project solutions provider for wind projects, has secured the balance of system contract for 464.10 MW interstate transmission system (ISTS)-linked wind power projects in Gujarat.</strong></a> The contract was awarded by NTPC Renewable Energy. Under the contract, the company will provide a comprehensive range of services, including engineering, procurement, construction, and commissioning. The services include land acquisition and transfer for the project, the provision of all essential equipment for the balance of project, and a range of services related to unloading, storage, on-site handling, installation, insurance, civil and related construction, grid integration, testing, and commissioning.</p>
<p><strong><a href="https://www.mercomindia.com/thdc-invites-eois-from-land-in-solar-park-program" target="_blank" rel="noopener">THDC India has invited expressions of interest (EoI) for the empanelment of land aggregators and facilitators for acquiring land on a lease or purchase basis to develop Ultra Mega Renewable Energy Power Parks in Rajasthan.</a></strong> These parks will be developed under the Ministry of New and Renewable Energy’s solar park program. The last date to submit the EoIs is October 16, 2023. They will be evaluated the next day.</p>
<p><a href="https://www.mercomindia.com/ihc-divest-shares-in-adani" target="_blank" rel="noopener"><strong>Abu Dhabi’s International Holding Company PJSC (IHC) is set to divest its investments in Adani Green Energy and Adani Energy Solutions (formerly Adani Transmission).</strong></a> IHC Subsidiaries, Green Energy Investment Holding, and Green Transmission Investment Holding have reached an agreement with a buyer to dispose of their foreign direct investments in Adani Green Energy and Adani Transmission. IHC said that this decision aligns with its broader portfolio rebalancing strategy. The company is currently completing all procedures and obtaining the regulatory approvals to execute the agreed-upon transaction.</p>
<p><a href="https://www.mercomindia.com/average-tariff-0-086-kwh-frances-1-5-gw-solar-auction" target="_blank" rel="noopener"><strong>France’s Ministry of Ecological and Solidarity Transition has announced the list of successful bidders for the fourth round of auction to develop 1.5 GW of ground-mounted solar power projects in the country.</strong></a> Projects were awarded for a total capacity of 1.519 GW. A total of 126 bidders were declared successful in the auction. The average price quoted in the auction was €0.082 (~$0.086)/kWh. Rubis Photosol secured the highest capacity of 252.5 MW (eight projects), followed by the special purpose vehicles of Neoen with 212.42 MW (14 projects).</p>
<p><a href="https://www.mercomindia.com/global-investments-clean-energy-1-8-trillion-2023-iea" target="_blank" rel="noopener"><strong>Global investments in clean energy could reach an unprecedented $1.8 trillion in 2023, but this must increase significantly to about $4.5 trillion annually by early 2030 to align with the Net Zero Emissions scenario, the International Energy Agency has said.</strong></a> Nearly five GT of CO2 would need to be extracted from the atmosphere each year during the latter half of this century. If carbon removal technologies fall short of achieving this scale, it would render the goal of returning the global temperature to a 1.5°C increase unattainable.</p>


Daily News Wrap-Up: RUMSL Tenders for 750 MW of Wind-Solar Hybrid Projects


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					</table><p>Abu Dhabi&#8217;s International Holding Company PJSC (<a href="https://www.ihcuae.com/" target="_blank" rel="noopener">IHC</a>) is set to divest its investments in <a href="https://www.adanigreenenergy.com/about-us" target="_blank" rel="noopener">Adani Green Energy</a> and <a href="https://www.adanienergysolutions.com/" target="_blank" rel="noopener">Adani Energy Solutions</a> (formerly Adani Transmission).</p>
<p>IHC Subsidiaries, Green Energy Investment Holding, and Green Transmission Investment Holding have reached an agreement with a buyer to dispose of their foreign direct investments in Adani Green Energy and Adani Transmission.</p>
<p>IHC said that this decision aligns with its broader portfolio rebalancing strategy. The company is currently completing all procedures and obtaining the regulatory approvals to execute the agreed-upon transaction.</p>
<p>Last April, IHC <u><a href="https://www.mercomindia.com/adani-green-to-receive-500-million-of-ihcs-2-billion-investment/" target="_blank" rel="noopener">announced</a></u> an investment of $2 billion across three companies within the Adani Group. Adani Green Energy had received $500 million, Adani Transmission $500 million, and Adani Enterprises $1 billion through a preferential allotment route. The capital infusion was primarily dedicated to driving the growth of these respective businesses, reinforcing their financial positions, and serving general corporate purposes.</p>
<p>In February, Adani Enterprises <a href="https://mercomindia.com/abu-dhabis-ihc-invest-400-million-adanis-share-offer/" target="_blank" rel="noopener">confirmed</a> its plan to return the AED1.4 billion (~$381 million) investment made by IHC in its three green energy-focused subsidiaries. Adani Enterprises emphasized its commitment to safeguarding the interests of its investors by returning the proceeds from the follow-on public offering to all investors. This action was taken in response to market volatility and unforeseen circumstances.</p>
<p>Adani Green Energy is set to <a href="https://www.mercomindia.com/adani-green-billion-via-share-offering" target="_blank" rel="noopener">raise</a> ₹123 billion (~$1.4 billion) through the sale of shares via qualified institutional placement or permissible methods. The company intends to issue a specific number of equity shares, each having a face value of ₹10 (~$0.12), alongside other eligible securities or a combination thereof. The aggregate amount raised will not exceed ₹123 billion (~$1.4 billion) or an equivalent sum.</p>
<p>In July 2023, Adani New Industries, a wholly owned subsidiary of Adani Enterprises, <a href="https://www.mercomindia.com/adani-394-million-barclays-deutsche-bank-solar-manufacturing" target="_blank" rel="noopener">secured</a> a trade finance facility of $394 million from Barclays PLC and Deutsche Bank AG to fulfill the working capital needs of their integrated solar module manufacturing facility.</p>


Abu Dhabi’s IHC to Divest its Shares in Adani Renewable and Transmission Arms


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					</table><p>(This article updates the previous story from January 31, 2023, to include Adani&#8217;s announcement of FPO withdrawal)</p>
<p><a href="https://www.adanienterprises.com/" target="_blank" rel="noopener">Adani Enterprises</a> will return the recently announced investment of AED 1.4 billion (~$400 million) by Abu-Dhabi’s International Holding Company (<a href="https://www.ihcuae.com/" target="_blank" rel="noopener">IHC</a>) into its three green energy-focused companies. The investment was part of the fully subscribed Follow-on Public Offer (FPO).</p>
<p>Adani Enterprises, in a statement, said that given the unprecedented situation and the current market volatility, the company aims to protect the interest of its investing community by returning the FPO proceeds to all its investors and withdrawing the completed transaction.</p>
<p>Adani Enterprises had planned to use part of the proceeds from the FPO to fund its clean energy initiatives, including green hydrogen projects.</p>
<p>Chairman of Adani Enterprises, Gautam Adani, said, “The market has been unprecedented, and our stock price has fluctuated over the course of the day. Given these extraordinary circumstances, the Company’s board felt that going ahead with the issue would not be morally correct. The interest of the investors is paramount, and hence to insulate them from any potential financial losses, the Board has decided not to go ahead with the FPO.”</p>
<p>The investment is IHC’s first for 2023 as the company plans to diversify. IHC has now planned major investments across Europe, Africa, Asia, and South America. The company aims to increase its global acquisition by 70% in 2023, with a key focus on the clean energy and food processing sectors.</p>
<p>“Our interest in Adani Group is driven by our confidence and belief in the fundamentals of Adani Enterprises Ltd. We see a strong potential for growth from a long-term perspective and added value to our shareholders. The advantage of the FPO is the historical reference for the company’s earnings report, company’s management, business practices, and much data to bank on before making any investment decision,” Syed Basar Shueb, Chief Executive Officer, IHC, said after announcing the investment earlier.</p>
<p>With 422 subsidiaries and 82,000 employees, IHC aims to expand and diversify its holdings across a growing number of sectors, including real estate, agriculture, healthcare, food and beverage, utilities, industries, IT and communications, retail and leisure, and capital.</p>
<p>Last April, International Holding Company made an <a href="https://mercomindia.com/adani-green-to-receive-500-million-of-ihcs-2-billion-investment/" target="_blank" rel="noopener">announcement</a> sharing its plans to invest $2 billion in three of the Adani Group companies. IHC said that Adani Green Energy and Adani Transmission would receive $500 million each, while Adani Enterprises would receive $1 billion through a preferential allotment route.</p>


Adani Enterprises to Return Abu-Dhabi-Based IHC’s $400 Million Investment

<p>Here are some noteworthy cleantech announcements of the day from around the world:</p>
<p><strong>The <a href="http://finmin.nic.in/" target="_blank" rel="noopener">Ministry of Finance</a> notified the extension of the time limit to complete the anti-dumping investigation concerning the imports of solar cells originating in or exported from China, Thailand, and Vietnam until August 31, 2022.</strong> The Directorate General of Trade Remedies (DGTR) <a href="https://mercomindia.com/solar-cell-imports-from-china-vietnam-thailand-add/" target="_blank" rel="noopener">started </a>the inquiry based on the petition filed by the Indian Solar Manufacturers Association (ISMA). ISMA filed the petition on behalf of Mundra Solar PV (Adani) – a unit in a Special Economic Zone; Jupiter Solar Power, a unit in the Domestic Tariff Area (DTA); and Jupiter International Limited (DTA). ISMA alleged that the dumping of imported solar cells from China, Vietnam, and Thailand is causing material injury to the domestic industry and has requested the ministry to impose anti-dumping duty on the subject goods.</p>
<p><strong>Yanmar</strong><strong> Engine Manufacturing <a href="https://en.prnasia.com/releases/apac/totalenergies-to-deliver-a-1-mwp-solar-rooftop-for-yanmar-a-leading-japanese-engine-manufacturer-in-india-361576.shtml" target="_blank" rel="noopener">inked</a> a long-term agreement with TotalEnergies for a 1 MW solar project to power its industrial engine production facility in India.</strong> will generate approximately 1.5 GWh of renewable electricity annually. Apart from realizing significant cost savings for Yanmar, the project will help the company reduce its carbon footprint by about 1,200 tons, equivalent to more than 130 million smartphones charged annually. This system will meet about 30% of the facility&#8217;s energy requirements with green power. Under the agreement, TotalEnergies will install and operate the solar project, while Yanmar will pay for the electricity generated for 20 years without taking any upfront investments.</p>
<p><strong>Integrated power company Tata Power </strong><a href="https://www.tatapower.com/media/PressReleaseDetails/1946/tata-power-partners-with-hyundai-motor-india-to-power-up-ev-charging-infrastructure-in-india" target="_blank" rel="noopener"><strong>entered</strong></a><strong> into a strategic partnership with Hyundai Motor India to build an extensive electric vehicle (EV) charging network. </strong>Under the partnership, Tata Power will install 60 kW DC fast chargers at Hyundai&#8217;s 34 EV dealer locations in 29 cities. Tata Power will also supply, install, and commission home charging for Hyundai&#8217;s EV customers. All 34 of Hyundai&#8217;s dealer locations are currently equipped with AC 7.2 kW chargers, and the company aims to expand the fast charging infra network across its pan India dealerships. Hyundai dealerships will facilitate with space and administrative approvals, and Tata Power will invest, own and operate the charging stations. Tata Power has installed over 1,500 public and semi-public EV chargers, with another 550 plus chargers in various stages of installation. The company also has a network of more than 13,000 home chargers for private use across India.</p>
<p><strong>Abu Dhabi-based global strategic investment company</strong><strong>,</strong><strong> International Holding Company PJSC (</strong><a href="https://ihcuae.com/" target="_blank" rel="noopener"><strong>IHC</strong></a><strong>)</strong><strong>,</strong><strong> completed the ₹</strong><strong>154 billion </strong><strong>(~$2 billion) </strong><strong>investment transaction </strong><strong>in </strong><strong>the Adani Portfolio companies. </strong>IHC has provided capital to Adani Green Energy, Adani Transmission, and Adani Enterprises, all listed on the Bombay Stock Exchange and National Stock Exchange in India.  IHC said the deal represents 4.87% of the total trade between the UAE and India, which has reached $41 billion between 2020 and 2021.</p>
<p><strong>Australia-based green energy company Fortescue Future Industries (FFI) </strong><a href="https://www.rechargenews.com/energy-transition/aussie-billionaire-aims-to-mine-8bn-us-fund-for-coal-to-hydrogen-industrial-conversion/2-1-1220131" target="_blank" rel="noopener"><strong>plans</strong></a><strong> to convert a former coal mine in Washington into a green hydrogen production facility. </strong>FFI intends to use funds from the federal government&#8217;s $8 billion H<sub>2</sub> hub fund for the project. After signing a binding exclusivity agreement with site developers Industrial Park at TransAlta, FFI has launched a feasibility study into a plan to convert the Centralia coal mine, which closed in 2006, into a 300 MW green hydrogen facility. FFI is expecting to be targeting the production of 110 tons of green hydrogen a day from the project, equal to 40,000 tons per year.</p>


Daily News Wrap-Up: Anti-Dumping Probe on Imported Solar Cells Extended Until August 31

<p>Abu Dhabi-based public joint-stock company International Holding Company PJSC (<a href="https://ihcuae.com/" target="_blank" rel="noopener">IHC</a>) announced an investment of $2 billion in three of Adani Group&#8217;s companies. Adani Green Energy will receive $500 million out of this investment.</p>
<p>Adani Transmission will receive $500 million, while Adani Enterprises will receive $1 billion through a preferential allotment route. The capital will be utilized to pursue the growth of the respective businesses, further strengthen the balance sheet, and for general corporate purposes.</p>
<p>All three companies are listed on the Bombay Stock Exchange and National Stock Exchange in India. The boards of Adani Green Energy, Adani Transmission, and Adani Enterprises met and approved the transaction. The transaction is expected to be completed in a month.</p>
<p>IHC and Adani portfolio are committed to growing the business partnership across multiple strategic opportunities in India, the Middle East, and Africa.</p>
<p>Adani Green Energy currently has a renewable energy portfolio of 20.4 GW across operational, under-construction, awarded, and acquired assets and Adani Transmission has a cumulative transmission network of 18,875 ckm, out of which 14,279 ckm is operational, and 4,596 ckm is at various stages of construction. Adani Enterprises has focused on building emerging infrastructure businesses like ports, airport management, roads, data center, and water infrastructure.</p>
<p>“We are delighted to commence this inter-generational relationship with IHC. We are deeply committed to the shared vision and values of investment in sustainable infrastructure, green energy, and energy transition. This is a landmark transaction and marks a start of a wider relationship between The Adani Group and IHC and attracting further investment from UAE into India,” said Sagar Adani, Executive Director of AGEL.</p>
<p>In March this year, Adani Green Energy had <a href="https://mercomindia.com/adani-green-288-million-solar-wind-hybrid-rajasthan/" target="_blank" rel="noopener">raised</a> a $288 million financing facility by extending its construction financing framework to $1.64 billion for its under-construction renewable asset portfolio through agreements signed with leading lenders. The facility is expected to help finance 450 MW of hybrid solar and wind projects that the company is setting up in Rajasthan.</p>
<p>In February, three subsidiaries of Adani Green Energy – Adani Green Energy (UP), Prayatna Developers, and Parampujya Solar Energy <a href="https://mercomindia.com/adani-green-debt-refinancing/" target="_blank" rel="noopener">raised</a> ₹6.12 billion by their maiden domestic bond issuance on a private placement basis.</p>
<p>Global corporate funding in the solar sector, including venture capital (VC) funding, private equity, public market, and debt financing, stood at a record ten-year high of $27.8 billion in 2021, a 91% growth compared to $14.5 billion raised in the last year, according to Mercom Capital Group’s <a href="https://mercomcapital.com/product/annual-q4-2021-solar-funding-ma-report/" target="_blank" rel="noopener">2021 Solar Funding and M&amp;A Report</a>.</p>


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