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					</table><p>Here are some noteworthy cleantech announcements of the day from around the world:</p>
<p><strong>Keppel Infrastructure Holdings and Greenko Group, through their subsidiaries, </strong><a href="https://www.kepcorp.com/en/media/media-releases-sgx-filings/keppel-infrastructure-partners-greenko-to-explore-green-ammonia-and-renewable-energy-opportunities/" target="_blank" rel="noopener"><strong>signed</strong></a><strong> a memorandum of understanding to jointly explore green ammonia and renewable energy opportunities</strong> to meet the growing demand for low-carbon energy in India, Singapore, and globally. Keppel will collaborate with Greenko to explore the feasibility of jointly developing a production facility that can produce at least 250,000 tons of green ammonia per year. The companies will also identify and evaluate a portfolio of solar and wind energy projects of approximately 1.3 GW installed capacity, complemented by pumped hydro-storage, to power the green ammonia production facility.</p>
<p><strong>Exide Industries </strong><a href="https://www.bseindia.com/xml-data/corpfiling/AttachHis/d55f75ff-2bb5-44e6-a4d8-c3b6b631b366.pdf" target="_blank" rel="noopener"><strong>broke</strong></a><strong> ground for its first lithium-ion cell manufacturing facility at the Hi-Tech Defense &amp; Aerospace Park Phase 2, Bengaluru.</strong> The event marked the formal start of construction of the first multi-gigawatt-hour lithium-ion cell manufacturing facility, which will be spread over 80 acres of land. It will produce technology-leading lithium-ion batteries to suit varied electric vehicle (EV) and industrial segment requirements. Exide has entered into a multi-year technical collaboration agreement with SVOLT Energy Technology, a global technology company that makes and develops lithium-ion batteries and battery systems for EVs and energy storage. In addition to technology, SVOLT would support setting up the plant on a turnkey basis. The facility&#8217;s first phase is expected to be operational by the end of 2024.</p>
<p><strong>Saint-Gobain announced that it has </strong><a href="https://www.saint-gobain.com/sites/saint-gobain.com/files/media/document/2022_10_25_PPA_NorthAm_VA.pdf" target="_blank" rel="noopener"><strong>signed</strong></a><strong> a ten-year renewable power purchase agreement (PPA) with TotalEnergies to purchase 200 MW of solar power for its 145 industrial sites in North America</strong>. The PPA is expected to offset Saint-Gobain’s North American CO2 emissions from electricity under the scope 2 emissions by 210,000 metric tons per year, a reduction of around 33%. The agreement is expected to start at the end of 2024 and is the second PPA signed in North America by Saint-Gobain, the first being a wind project in Blooming Grove, Illinois, in the U.S. The two projects combined are expected to represent a 62% reduction in Saint-Gobain North America’s scope 2 emissions.</p>
<p><strong>Trina Solar </strong><a href="https://www.trinasolar.com/en-glb/resources/newsroom/manew-trina-solar-vertex-n-modules-redefine-high-efficiency-products-10gw" target="_blank" rel="noopener"><strong>launched</strong></a><strong> the Vertex N 595W solar photovoltaic module for C&amp;I and utility-scale projects. </strong>Together with the Vertex N 690W for utility scenarios and Vertex S+ 445W for rooftop PV systems, Trina Solar’s n-type module portfolio is based on the leading 210 product technology platform and n-type i-TOPCon cell technology. The Vertex N module, with its dual-glass module, increases bifaciality to 80% and delivers higher efficiency, lower degradation, and better energy yield, delivering lower BOS and LCOE to projects. The Vertex N 595W modules adopt the latest 210 product platform +i-TOPCon technology and are highly compatible with trackers, offering more feasibility to utility-scale projects in the most complex terrain. The new generation of Vertex N modules will be in mass production by the end of 2022, and over 10 GW n-type modules capacity is expected to release by the first quarter of 2023. The capacity of n-type modules will reach 20 GW to 30 GW by the end of next year.</p>
<p><strong>RAW Charging, a UK-based electric vehicle charging solutions provider, has </strong><a href="https://rawcharging.com/raw-charging-solarbotanic-trees-announce-strategic-partnership/" target="_blank" rel="noopener"><strong>reached</strong></a><strong> an agreement with SolarBotanic Trees to initially supply 200 co-branded solar trees </strong>as part of their network of commercial electric vehicle charging sites currently being rolled out across the UK and Europe.  Deliveries for the solar trees are expected to start in mid-2023 and be complete in 2024. The SolarBotanic Tree is said to be an aesthetically attractive solar power system that generates electricity and will initially be integrated into the existing RAW Charging site infrastructure to supplement its renewable power requirement. In the longer term, the SolarBotanic Tree would incorporate RAW’s industry-leading hardware and battery storage into the solar tree structure.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/satish-shetty/" class="vcard author" rel="author"><span class="fn">Satish Shetty</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Satish Shetty,</strong> Associate Editor at Mercom India<br />
<a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener">More articles from Satish Shetty.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener"><strong style="color: #00b451">Satish Shetty</strong></a> is an Associate Editor with Mercom India. Prior to Mercom, Satish was a multimedia news producer at Reuters, where he gained experience in digital news media. Satish has his Bachelor of Arts (B.A.) degree in Broadcast Journalism from Limkokwing University of Creative Technology, Malaysia.<br />
<a href="https://mercomindia.com/author/satish-shetty/" rel="noopener noreferrer">More articles from Satish Shetty.</a></div>
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Daily News Wrap-Up: Greenko Partners with Keppel to Produce Green Ammonia


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					</table><p><a href="https://www.kepcorp.com/" target="_blank" rel="noopener">Keppel Corporation Limited</a> and <a href="https://www.kepinfratrust.com/" target="_blank" rel="noopener">Keppel Infrastructure Fund Management</a> are committing €160 million (~$160.49 million) for a 33.33% stake in a joint investment vehicle (FundCo) to acquire European onshore wind energy assets.</p>
<p>This will be Keppel Infrastructure&#8217;s first investment in the renewable energy sector and maiden investment in Europe. It will contribute to its target of increasing exposure to renewable energy. Upon completion, Keppel Group would have a renewable energy portfolio of approximately 1.8 GW, including assets under development.</p>
<p>Norway&#8217;s largest pension fund, Kommunal Landspensjonskasse (KLP), and MEAG MUNICH ERGO Asset Management (MEAG) will be co-investing in 49% of an existing portfolio and pipeline onshore wind energy assets across Norway, Sweden, and the United Kingdom. Fred. Olsen Renewables AS FORAS will hold the remaining 51% stake in the projects.</p>
<p>FundCo will initially co-invest in 49% of three operating wind farms in Sweden and Norway with a combined generating capacity of 258 MW. Further, it will have a five-year exclusive right and obligation to co-invest in 49% of all FORAS&#8217; eligible pipeline of onshore wind energy assets (1.3 GW) in Sweden and the United Kingdom.</p>
<p>The final investment decision will total a capital commitment of €480 million (~$480.78 million).</p>
<p>The proposed co-investment in the initial portfolio is expected to be completed by the third quarter of 2022.</p>
<p>&#8220;The investment will provide Keppel not only with stable recurring income from the operating assets but also a strong deal flow pipeline in well-established markets in the mature Nordic market and the UK. We look forward to further strengthening our partnership with KLP and MEAG, as well as Fred. Olsen to build a sustainable future,&#8221; said Loh Chin Hua, CEO of Keppel Corporation.</p>
<p>Keppel Infrastructure intends to fund its commitment of approximately €131 million ($131.21 million) through internal sources of funds, proceeds from equity and/or debt capital market issuances, and/or external borrowings.</p>
<p>In 2021, Keppel Corporation <a href="https://mercomindia.com/keppel-corporation-acquire-stake-cleantech-solar/" target="_blank" rel="noopener">acquired</a> a majority stake in Singapore-based Cleantech Solar for $150 million.</p>
<p>In March this year, Keppel Corporation, Keppel Asia Infrastructure Fund, and KAIF <a href="https://mercomindia.com/funding-and-ma-roundup-solaredge-technologies/" target="_blank" rel="noopener">acquired</a> the remaining 50% interest in Cleantech Solar Asia for $115 million.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/vijayalakshmi-sridhar/" class="vcard author" rel="author"><span class="fn">Vijayalakshmi Sridhar</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/New-Project-6.jpg" width="77" height="102" /> <a href="https://mercomindia.com/author/vijayalakshmi-sridhar/" target="_blank" rel="noopener">Vijayalakshmi</a> is a staff reporter at MercomIndia.com. She has two decades of experience as an independent journalist and features writer, and her work is featured across various publications and genres such as business, food, and clean energy. <a href="https://mercomindia.com/author/vijayalakshmi-sridhar/" target="_blank" rel="noopener">More articles from Vijayalakshmi</a>.</p>
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Keppel Group to Invest €160 Million in European Onshore Wind Energy Portfolio

<p><a href="https://www.kepcorp.com/en/" target="_blank" rel="noopener">Keppel Corporation</a>-led consortium has announced that it would acquire a 51% equity stake in Singapore-based solar developer <a href="https://cleantechsolar.com/?gclid=EAIaIQobChMInuil2uvg9AIV_J1LBR38cQq_EAAYASAAEgIZ_PD_BwE" target="_blank" rel="noopener">Cleantech Solar</a> for up to $150 million. The consortium includes Keppel Asia Infrastructure Fund LP (KAIF) and a co-investor of KAIF.</p>
<p>The consortium will acquire the stake through Cloud Alpha Pte Limited. The transaction is expected to be completed in the first quarter (Q1) of 2022.</p>
<p>Shell Eastern Petroleum Limited, Cleantech Solar’s existing shareholder, holds the remaining 49% of the equity stake. Shell will continue to support its future growth in the region.</p>
<p>With this transaction, the partnership between two long-term strategic investors – Keppel and Shell – will bring in the growth capital and support Cleantech’s ambitious growth plans over the next five years.</p>
<p>Cleantech Solar focuses on the commercial and industrial (C&amp;I) segment. It has over 600 MW of solar capacity in various operations, construction, and development stages. Its assets are located across six countries -India, Thailand, Malaysia, Indonesia, Singapore, and Vietnam.</p>
<p>The company said it has a large pipeline of identified opportunities across key markets and would continue to witness significant growth opportunities across the region. It aims to achieve 3 GW of solar power capacity over the next five years.</p>
<p>Cleantech said it has around 120 top-tier consumers, 95% of whom are spread across energy-intensive sectors, including auto, industrial, consumer and retail, energy, and chemicals. Consumers include Apollo Tyres, Cargill, Coca-Cola, Shell Lubricants, Akzo Nobel, and Kerry Ingredients.</p>
<p>Commenting on the acquisition, Loh Chin Hua, Chief Executive Officer of Keppel Corporation Limited, said, “Through acquiring a majority stake in an established platform with KAIF and a like-minded investor, we would be able to accelerate Keppel’s growth in the renewables space as we work towards achieving and surpassing our target of 7 GW of renewable energy assets by 2030.”</p>
<p>In October 2021, Cleantech Solar <a href="https://mercomindia.com/cleantech-solar-secures-loan-open-access/" target="_blank" rel="noopener">announced</a> the financial close of ₹2 billion (~$26.72 million) senior secured loan facility with NIIF Infrastructure. The loan is expected to be utilized to refinance the company’s portfolio of open access solar projects in India.</p>
<p>Last year, Cleantech Solar <a href="https://mercomindia.com/cleantech-solar-green-loan-solar-projects/" target="_blank" rel="noopener">received</a> a green loan of $75 million (~₹5.67 billion) from the Singapore branch of ING Bank to support its expansion across Southeast Asia.</p>
<p>According to Mercom’s <a href="https://mercomcapital.com/product/9m-q3-2021-solar-funding-ma-report/" target="_blank" rel="noopener">9M and Q3 2021 Solar Funding and M&amp;A Report</a>, there were 29 solar mergers and acquisitions (M&amp;A) transactions in Q3 2021 compared to 34 M&amp;A transactions in Q2 2021.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/harsh-shukla/" class="vcard author" rel="author"><span class="fn">Harsh Shukla</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2022/02/Harsh-Shukla-293x300-1-new.jpg" width="99" height="102" /><a href="https://mercomindia.com/author/harsh-shukla/" target="_blank" rel="noopener"><strong style="color: #00b451">Harsh Shukla</strong> </a>is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.</p>
<p><a href="https://mercomindia.com/author/harsh-shukla/">More articles from Harsh Shukla.</a></p>
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Keppel Corporation to Acquire Majority Stake in Cleantech Solar for $150 Million

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