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					</table><p><a href="https://www.solararise.com/" target="_blank" rel="noopener">SolarArise</a>, a Delhi-based solar project developer, has announced the completion of its acquisition by <a href="https://tlenergyimpact.com/" target="_blank" rel="noopener">Thomas Lloyd Energy Impact Trust</a>, an investment fund listed on the London Stock Exchange.</p>
<p>SolarArise has eight solar power projects with a total capacity of 400 MW across Madhya Pradesh, Maharashtra, Uttar Pradesh, Karnataka, and Telangana. SolarArise’s operating revenues are generated under fixed-price, long-term power purchase agreements.</p>
<p>Last June, Thomas Lloyd Impact Trust had <a href="https://mercomindia.com/thomaslloyd-trust-acquires-the-remaining-57-stake-in-solararise-india/" target="_blank" rel="noopener">acquired</a> the remaining 57% interest in SolarArise India Projects for a cash consideration of $38.5 million. The initial 43% interest acquired in SolarArise in 2018 was a part of the seed assets outlined at the initial purchase offering.</p>
<p>Thomas Lloyd Energy Impact Trust is a renewable energy investment trust which provides direct access to sustainable energy infrastructure in the fast-growing economies of Asia.</p>
<p>Tanya Singhal, Founder and Director of SolarArise, said, “Our goal was to grow a valuable portfolio of solar projects that put India on the road to a fossil-free future. With this acquisition, our investors have received multiples on their investment. I believe Indian entrepreneurs can play a crucial role and make India a hub for climate technologies. I will continue to pursue my passion of moving the world towards carbon neutrality, leveraging technology that will help us all move towards an emission-free lifestyle.”</p>
<p>Gunter Fischer, Principal Advisor at European Investment Bank Group, said, “I have greatly appreciated the opportunity of working with the highly experienced and skilled SolarArise founders and the team over the last eight years. I have seen first-hand the hard work and strong dedication that has gone into growing the portfolio and taking us to a successful exit.”</p>
<p>Last month, SolarArise was <a href="https://mercomindia.com/solararise-sjvn-green-energy-tata-power-msedcls-500-mw-solar/" target="_blank" rel="noopener">declared</a> one of the winners in the auction conducted by the Maharashtra State Electricity Distribution Company to procure 500 MW of power on a long-term basis from Phase IX of grid-connected intrastate solar projects. SolarArise had quoted ₹2.90 (~$0.035)/kWh and won the capacity of 100 MW.</p>
<p>Earlier, SolarArise was <a href="https://mercomindia.com/ntpc-solararise-win-rumsls-450-mw-shajapur-solar-auction-lowest-tariff-%e2%82%b92-33-kwh/" target="_blank" rel="noopener">declared</a> one of the winners in the Rewa Ultra Mega Solar Limited’s auction for 450 MW of solar projects at the Shajapur Solar Park in Madhya Pradesh. SolarArise had won a capacity of 125 MW quoting ₹2.339 (~$0.0314)/kWh.</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/rakesh-ranjan-parashar/" class="vcard author" rel="author"><span class="fn">Rakesh Ranjan</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/2022/02/Rakesh-Headshot-crop-2.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Rakesh Ranjan,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener">More articles from Rakesh Ranjan.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="77" height="102" /><a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener"><strong style="color: #00b451">Rakesh Ranjan</strong></a> is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). <a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" rel="noopener noreferrer">More articles from Rakesh Ranjan.</a></p>
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London-based Thomas Lloyd Energy Trust Acquires SolarArise

<p><a href="https://www.energyproltd.com/for-investors" target="_blank" rel="noopener noreferrer">EnergyPro Asset Management Limited</a> (EPAM), a U.K.-based company, is set to raise £2 million (~$2.5 million) in equity funding to bridge energy transitions in the U.K. and India through technology transfer and investment.</p>
<p>According to the company’s filing with the <a href="https://www.londonstockexchange.com/" target="_blank" rel="noopener noreferrer">London Stock Exchange</a> (LSE), EPAM, which focuses on accelerating energy transition through improved energy efficiency, will invest the equity raised to provide technology and know-how required in India.</p>
<p>It will also be used to generate opportunities for the U.K.-based companies working in the energy transition segment and seeking to make inroads into the Indian market, the company noted. EPAM, which is also a member of the UK India Business Council, mentioned that funds would also be utilized to create economic and social impact, develop further revenue, and investment opportunities for the company.</p>
<p>India has been active in planning and implementing several energy efficiency programs.</p>
<p>EnergyPro Assets Ltd (EPAL) is a joint venture of EPAM with Energy Efficiency Services Ltd (<a href="https://www.eeslindia.org/content/raj/eesl/en/home.html" target="_blank" rel="noopener noreferrer">EESL</a>).</p>
<p>EESL, a government of India enterprise leading energy efficiency initiatives in India, recently <a href="https://mercomindia.com/eesl-issues-rfp-uae-energy-efficiency-renewable-solutions/" target="_blank" rel="noopener noreferrer">invited</a> bids for strategic partners in the United Arab Emirates. The partnership is to promote and implement energy efficiency and renewable energy solutions in both the public and private sectors.</p>
<p>EESL has been leading the energy efficiency programs of the government agencies and Bureau of Energy Efficiency (<a href="https://www.beeindia.gov.in/" target="_blank" rel="noopener noreferrer">BEE</a>), another government agency working towards energy efficiency and conservation. In a recent report, BEE <a href="https://mercomindia.com/india-energy-efficiency-initiatives-bee-report/" target="_blank" rel="noopener noreferrer">published</a> that the implementation of several energy efficiency programs in India has led to electricity savings to the tune of 113.16 Billion Units (BUs) in 2018-19, which was 9.39% of the net electricity consumption (1,204 BUs).</p>
<p>The Ministry of Power, which keeps tabs on the progress made by the Indian states and union territories regarding energy efficiency initiatives, has <a href="https://mercomindia.com/haryana-karnataka-kerala-top-states-energy-efficiency/" target="_blank" rel="noopener noreferrer">reported</a> that Haryana, Karnataka, Kerala were the top states in terms of their energy efficiency achievements.</p>
<p>“EPAL has executed over £60 million (~$75.4 million) of investments, including the first overseas acquisition by an entity under the Indian Ministry of Power. EPAM’s relationship with EESL has facilitated several other opportunities for EPAM in India, the filing noted. EPAM, at present, has a pipeline of about 20 opportunities in the country, five of which are well progressed.</p>
<p>EPAM is also focusing on several companies developing technologies with applications in the Indian energy market. These include a developer of electric vehicle charging infrastructure, a developer of grid-scale energy storage systems, and a provider of artificial intelligence-based building control systems that enable grid integration noted the London Stock Exchange.</p>
<p>According to a report <a href="https://mercomcapital.com/product/q1-2020-funding-ma-report-storage-grid-efficiency/" target="_blank" rel="noopener noreferrer">released</a> by Mercom Capital Group in April 2020, Battery storage, smart grid, and energy efficiency companies received $252 million in venture capital (VC) funding in the first quarter (Q1) of 2020, a 20% increase from the $210 million raised in Q1 2019.</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/anjana/" class="vcard author" rel="author"><span class="fn">Anjana Parikh</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2019/06/Anjana2.png" width="112" height="121" />Anjana is a news editor at Mercom India. Before joining Mercom, she held roles of senior editor, district correspondent, and sub-editor for The Times of India, Biospectrum and The Sunday Guardian. Before that, she worked at the Deccan Herald and the Asianlite as chief sub-editor and news editor. She has also contributed to The Quint, Hindustan Times, The New Indian Express, Reader’s Digest (UK edition), IndiaSe (Singapore-based magazine) and Asiaville. Anjana holds a Master’s degree in Geography from North Bengal University, and a diploma in mass communication and journalism from Guru Ghasidas University, Bhopal.</p>
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UK’s Asset Management Fund to Foray into India’s Energy Efficiency Market

<p><a href="http://urjaglobal.in/projects" target="_blank" rel="noopener noreferrer">Urja Global Limited</a> has announced that it has received the approval to raise green bonds of up to $500 million (₹35.64 billion) to finance renewable projects and electric vehicles (EVs).</p>
<p>The company can now list the bonds overseas at platforms like the London Stock Exchange, Singapore Stock Exchange, NASDAQ or any other foreign exchange, according to the company’s regulatory filing.</p>
<p>The approval for the issue of green bonds of up to $500 million for financing renewable energy projects and e-vehicles, was granted during the 27<sup>th</sup> annual general meeting of the company held on September 30, 2019, said the filing.</p>
<p>Urja Global is engaged in designing, consultancy, integration, supply, installation, commissioning, and maintenance of off-grid and grid-connected solar power projects. Its current products also include lithium-ion batteries, e-rickshaws batteries, and automotive energy storage systems.</p>
<p>Meanwhile, in May 2019, it was reported that Urja Global and Andhra Pradesh Economic Development Board (APEDB), signed a memorandum of understanding (MoU) for <a href="https://mercomindia.com/andhra-pradesh-2-billion-ev-manufacturing-ecosystem/" target="_blank" rel="noopener noreferrer">setting up a manufacturing unit</a> of lithium-ion batteries and electric vehicles for the development of electric mobility ecosystem.</p>
<p>Under the MoU, Urja Global agreed to invest ₹2 billion (~$28.55 million) to create 250 direct and 1,000 indirect job opportunities. The manufacturing unit was slated to be set up at Anantapur, Nellore, and Chittoor in Andhra Pradesh.</p>
<p>The green bond principles were <a href="https://mercomindia.com/bse-green-bond-platform/" target="_blank" rel="noopener noreferrer">established in 2014</a> by a consortium of investment banks: Bank of America Merrill Lynch, Citi, Crédit Agricole Corporate and Investment Bank, JPMorgan Chase, BNP Paribas, Daiwa, Deutsche Bank, Goldman Sachs, HSBC, Mizuho Securities, Morgan Stanley, Rabobank, and SEB. ICMA is monitoring and providing development guidelines for green bond principles.</p>
<p>Interestingly, India now has its own green bond trading platform. Earlier this year, the Bombay Stock Exchange (BSE)’s international arm, India International Exchange (India INX), announced its exclusive green listing and trading platform called Global Securities Market (GSM). GSM Green serves as a platform for fundraising and trading green, social, and sustainable bonds exclusively.</p>
<p>Over the past few years, several Indian renewable companies have announced their plans to launch green bonds. For instance, recently, Azure Power Solar Energy Private Limited announced that it would issue a <a href="https://mercomindia.com/solar-developer-azure-power-green-bond/">green bond</a> offering of $350 million (~₹25 billion). The bond is expected to mature in 2024 with an expected US Dollar coupon of 5.65%</p>
<p>In June this year, <a href="https://mercomindia.com/adani-green-500-million-green-bonds/" target="_blank" rel="noopener noreferrer">Mercom</a> had reported that Adani Green Energy Limited (AGEL), the renewable energy arm of Adani Group, also announced it would raise $500 million through green bonds.</p>
<p>The bonds would be listed on the Singapore Exchange Securities Trading Limited (SGX- ST) and India International Exchange (IFSC) Limited.</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/anjana/" class="vcard author" rel="author"><span class="fn">Anjana Parikh</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2019/06/Anjana2.png" width="112" height="121" />Anjana is a news editor at Mercom India. Before joining Mercom, she held roles of senior editor, district correspondent, and sub-editor for The Times of India, Biospectrum and The Sunday Guardian. Before that, she worked at the Deccan Herald and the Asianlite as chief sub-editor and news editor. She has also contributed to The Quint, Hindustan Times, The New Indian Express, Reader’s Digest (UK edition), IndiaSe (Singapore-based magazine) and Asiaville. Anjana holds a Master’s degree in Geography from North Bengal University, and a diploma in mass communication and journalism from Guru Ghasidas University, Bhopal.</p>
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Urja Global to Issue Green Bonds of up to $500 Million to Finance Renewable Projects & EVs

<p>The Power Finance Corporation (PFC), an undertaking of the government of India, made its first international bond issuance in more than two decades last week when it issued $400 million (~₹25.72 billion) of green bonds on the London Stock Exchange (LSE)’s new International Securities Market (ISM).</p>
<p>“LSE congratulates PFC on its return to the international capital markets and its successful green bond issuance in London today. PFC is unlocking and promoting green finance across India, enabling the country to achieve its ambitious climate change targets set out under the COP21 agreement,” said Nikhil Rathi, chief executive officer of LSE.</p>
<p>The 10-year dated green bond was issued on November 29, 2017. It is certified by the Climate Bonds Initiative and has a semi-annual coupon rate of 3.75 percent. PFC will invest the proceeds in renewable energy and energy efficiency projects across India.</p>
<p>“The funds raised will help promote renewable energy projects across the country and aid in achieving the government’s target of 175 GW of installed renewable energy capacity by 2022. The bond issuance allows PFC to access a new offshore investor base and also diversify its funding sources,” said PFC Chairman Rajeev Sharma.</p>
<p>Eligible projects have already been identified in PFC’s Green Bond Framework, which was drafted in accordance with the Green Bond Principles, a global set of guidelines that frames the issuance of green bonds.</p>
<p>PFC’s bond marked the seventh green bond issued on LSE in November 2017, and it also holds the distinction of being the fifth green bond issued by an Indian issuer in London. LSE says the bond cements its position as a leading global venue for international debt and sustainable fundraising.</p>
<p>The LSE is the typical destination for most Indian government undertakings that are looking to issue green bonds on the international market. In <a href="https://mercomindia.com/rural-electrification-corporation-raises-450-million-green-bonds/" target="_blank" rel="noopener">July 2017</a>, the Rural Electrification Corporation of India raised $450 million (~₹28.93 billion) through the sale of green bonds on the LSE. The National Thermal Power Corporation (<a href="https://mercomindia.com/ntpc-raises-rs-20-billion-305-million-green-masala-bonds/" target="_blank" rel="noopener">NTPC</a>) has also listed its green bonds on the LSE multiple times.</p>
<p>Image credit: Flickr</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/wendyprabhu/" class="vcard author" rel="author"><span class="fn">Wendy Prabhu</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/wendy-edited-e1520613276336.png" width="50" /></p>
<p><strong style="text-decoration: underline">Wendy Prabhu,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/wendyprabhu/" target="_blank" rel="noopener">More articles from Wendy Prabhu.</a></p>
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<img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/wendy-edited-e1520613276336.png" alt="Wendy Prabhu" />Wendy is a co-founder of Mercom Capital Group, the parent company of Mercom India. Wendy is a contributing editor at MercomIndia.com and is responsible for content quality across the company and products. She has over 15 years of business and finance experience in the energy and technology markets. In addition to Mercom, Wendy has written for many other clean energy-focused blogs and publications.  <a href="https://mercomindia.com/author/wendyprabhu/">More articles from Wendy</a><a href="https://mercomindia.com/author/wprabhu/"> Prabhu.</a></div>
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PFC Issues $400 Million of Green Bonds on LSE’s International Securities Market

<p>The state-owned Rural Electrification Corporation of India has raised $450 million through the sale of green bonds on the London Stock Exchange (LSE).</p>
<p>The 10-year dated green bond raised $450 million, with an annual yield of 3.965 percent. The bond was 3.9 times oversubscribed on the final order book and secured strong international investor interest, with Asian investors making up 68 percent of the order book and investors from the EMEA region making up 32 percent, according to a <a href="http://www.mondovisione.com/media-and-resources/news/rural-electrification-corporation-of-india-launches-first-green-bond-in-london/" target="_blank" rel="noopener noreferrer">release</a>.</p>
<p>The green bond was the first of its kind to be traded on London Stock Exchange’s new International Securities Market (ISM). The fund raised will be utilized to develop solar, wind, and biomass projects, as well as sustainable water and waste management projects.</p>
<p>“The success of REC’s $450 million issuance is a significant achievement for REC, underlining the strength of international investor interest in building exposure to India’s green growth story,” stated Nikhil Rathi, CEO, London Stock Exchange plc and Director of International Development, London Stock Exchange Group.</p>
<p>“The funds raised will help promote renewable energy projects across India and aid in achieving our government’s target of 175GW of installed renewable energy capacity by 2022. Through this issuance on the London Stock Exchange, we will also be able to reach out to a new investor base,” stated Dr. P.V. Ramesh, Chairman and Managing Director of Rural Electrification Corporation Limited.</p>
<p>Mercom <a href="https://mercomindia.com/rural-electrification-corporation-powers-130-million-rural-households/" target="_blank" rel="noopener noreferrer">previously reported</a> that by March 21, 2017, the Rural Electrification Corporation had electrified 13,04,63,046 rural households and 12,673 unelectrified villages.</p>
<p>Image Credit: <span id="e79" class="yj-message-list-item--body-message yj-message" dir="ltr" lang="en">By TeshTesh, CC BY-SA 4.0, via Wikimedia Commons</span></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/saumy/" class="vcard author" rel="author"><span class="fn">Saumy Prateek</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/2023/12/saumy-edited-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Saumy Prateek</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/saumy/" target="_blank" rel="noopener">More articles from Saumy Prateek</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="79" height="102" /><a href="https://mercomindia.com/author/saumy/" rel="noopener"><strong>Saumy Prateek, </strong> </a>is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism &amp; Mass Communication from the Manipal Institute of Communication at Manipal University.<a href="https://mercomindia.com/author/saumy/">More articles from Saumy Prateek.</a></div>
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Rural Electrification Corporation Raises $450 Million Through Green Bonds

<p>The National Thermal Power Corporation (NTPC), has listed a second round of masala bonds on the London Stock Exchange (LSE). The company will use the proceeds to fund clean energy projects in accordance with RBI guidelines and regulations. With this listing, NTPC expects to tap into investors with a focus on environment and climate change to fund its goal of installing about 2,500 MW of renewable projects every year.</p>
<p>Mercom previously <a href="https://mercomindia.com/ntpc-lists-green-masala-bonds-worth-rs-20-billion-singapore-stock-exchange/" target="_blank" rel="noopener noreferrer">reported</a>, the listing of Green Masala Bonds worth Rs.20 billion (~$305 million) by the NTPC, which also listed bonds worth Rs.20 billion (~$305 million) on the London Stock Exchange in August of 2016. The NTPC is targeting 32 GW of installed renewable energy capacity by 2032 and it is the first-seller of rupee-denominated overseas bonds.</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/saumy/" class="vcard author" rel="author"><span class="fn">Saumy Prateek</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/2023/12/saumy-edited-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Saumy Prateek</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/saumy/" target="_blank" rel="noopener">More articles from Saumy Prateek</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="79" height="102" /><a href="https://mercomindia.com/author/saumy/" rel="noopener"><strong>Saumy Prateek, </strong> </a>is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism &amp; Mass Communication from the Manipal Institute of Communication at Manipal University.<a href="https://mercomindia.com/author/saumy/">More articles from Saumy Prateek.</a></div>
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