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Daily News Wrap-Up: APTEL Criticizes MERC for Denying Petitioner Relief

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					</table><a href="https://www.mercomindia.com/india-installs-485-mw-of-rooftop-solar-6-4-yoy" target="_blank" rel="noopener">In the first quarter (Q1) 2023, 485 MW of rooftop solar capacity was added, up 0.4% compared to 483 MW in Q4 2022. In a year-over-year (YoY) comparison, installations were up 6.4%.</a> The findings were published in Mercom India Research’s newly released Q1 2023 Mercom India Rooftop Solar Market Report. The increase in capacity was attributed to the rapid growth of installations in states like Gujarat, Kerala, and Karnataka in the report.
<a href="https://www.mercomindia.com/seci-rooftop-solar-subsidy-april-2023" target="_blank" rel="noopener">The Solar Energy Corporation of India has disbursed ₹40.9 million (~$495,480) as subsidies under the rooftop solar program in April 2023, a 194% increase from ₹13.9 (~$168,023) in the previous month</a>. Sunsource Energy, Sukhbir Agro Energy, Genii Engineering &amp; Services, Divvy Solar Power &amp; Solutions, and Geopower India were the bigger beneficiaries of rooftop solar subsidies. SECI disbursed ₹8.8 billion (~$107.1 million) to wind and solar energy generators for the electricity procured in April 2023.
<a href="https://www.mercomindia.com/cleanmax-360-million-funding-expand-ci-portfolio" target="_blank" rel="noopener">Mumbai-based renewable energy company CleanMax Enviro Energy Solutions has successfully concluded an equity fund raise of approximately $360 million from Brookfield Renewable, facilitated through the Brookfield Global Transition Fund.</a> The funding comprises a mix of primary and secondary investments and will provide CleanMax with the necessary capital to pursue its ambitious growth plans of becoming a platform exceeding 5 GW within the next three to four years. The company aims to expand its C&amp;I footprint both within India and internationally.
<a href="https://www.mercomindia.com/capgeminis-india-office-100-renewable-energy" target="_blank" rel="noopener">Capgemini, a France-headquartered multinational corporation, announced that all its facilities across 13 cities in India are now powered by 100% renewable energy, which enables the company to avoid more than 70,000 tons of carbon emissions per year.</a> The company’s energy transition was achieved through a combination of on-site renewable energy generation, off-site renewable energy procurement via power purchase agreements, and green power purchasing through utility programs, contributing to 83% of the renewable energy supply. The remaining 17% is sourced from renewable energy certificates.
<a href="https://www.mercomindia.com/himadri-invests-7-million-australian-startup-sicona" target="_blank" rel="noopener">India-based specialty chemical company Himadri has announced an investment of AU$10.32 million (~$7 million) in Australian startup Sicona Battery Technologies to produce high-quality anode materials.</a> The investment aims to accelerate product and technology development for Sicona while expediting the commercial deployment of the lithium-ion battery. The company Himadri will also use the investment to further the company’s explorations in innovative technologies in the battery material segment.
<a href="https://www.mercomindia.com/newtrace-raises-5-65-million-seed-round" target="_blank" rel="noopener">Bengaluru-based climate tech startup Newtrace, which builds electrolyzers, has raised $5.65 million in a seed round led by Sequoia Capital India and Aavishkaar Capital.</a> The round also saw the participation from investors Speciale Invest and Micelio Fund along with Ashish Goel, Founder-CEO of Urban Ladder and IKP Knowledge Park. The funds will be used to expand Newtrace’s electrolyzer manufacturing and deployment capabilities.
<a href="https://www.mercomindia.com/mytilineos-enters-canadian-1-2-gw-solar-projects" target="_blank" rel="noopener">MYTILINEOS Energy &amp; Metals, a global industrial and energy company, announced its entry into the Canadian market through the acquisition of a 1,235 MW (1.4 GWdc) Alberta solar portfolio from Westbridge Renewable Energy</a>. The transaction, valued at CAD$1.7 billion (~$1.2 billion), involves the purchase of five solar projects by MYTILINEOS’ subsidiary, M Renewables. The projects – Georgetown Solar (230 MW), Sunnynook Solar (280 MW), Dolcy Solar (200 MW), Eastervale Solar (300 MW), and Red Willow Solar (225 MW), are projected to generate 2.1 TWh per year of renewable energy, equivalent to powering 200,000 Canadian homes annually or eliminating the emissions of 330,000 cars for a year.
<a href="https://www.mercomindia.com/germanys-nexwafe-green-solar-wafer-production" target="_blank" rel="noopener">Solar wafer manufacturer NexWafe GmbH has secured €30 million (~$32 million) from a group of investors, including Reliance New Energy, to accelerate the construction of its first commercial-scale green solar wafers production facility in Germany’s Bitterfeld</a>. In parallel, NexWafe will work with one of its other investors Aramco Ventures, on a green solar wafer production facility that will be built in Saudi Arabia with participation from the latter’s $1.5 billion Sustainability Fund.
<a href="https://www.mercomindia.com/canadian-solar-subsidiary-ipo-pricing-shanghai-bourse" target="_blank" rel="noopener">Canadian Solar, a solar module manufacturer headquartered in Canada, has revealed the pricing for the shares of CSI Solar, its majority-owned subsidiary, as part of its proposed initial public offering (IPO) on the Shanghai Stock Exchange.</a> The proposed price for the IPO stands at RMB 11.10 (~$1.56) per share, with estimated total gross proceeds of approximately RMB 6 billion (~$844.13 million). Currently, Canadian Solar holds around 80% of the outstanding shares of CSI Solar. CSI Solar intends to offer 541,058,824 shares, constituting 15% of the total outstanding shares of 3,607,058,824 after the IPO.
<a href="https://www.mercomindia.com/iberdrola-norges-bank-1-3-billion-deal" target="_blank" rel="noopener">Spain-based independent power producer Iberdrola and the sovereign fund of Norway, managed by Norges Bank Investment Management, have committed to a joint investment of €1.2 billion (~$1.3 billion) to develop 1,265 MW of new renewable energy capacity in Spain.</a> The collaborative effort will comprise 20% wind and 80% solar power installations. Currently, 137 MW of the total capacity is already operational in Castilla-La Mancha and Aragon, while the remaining projects are in various stages of development.

Daily News Wrap-Up: India’s Rooftop Solar Capacity Grew 6.4% YoY in Q1

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					</table>MYTILINEOS Energy &amp; Metals (<a href="https://www.mytilineos.com/" target="_blank" rel="noopener">MYTILINEOS</a>), a global industrial and energy company, announced its entry into the Canadian market through the acquisition of a 1,235 MW (1.4 GWdc) Alberta solar portfolio from <a href="https://www.westbridge.energy/" target="_blank" rel="noopener">Westbridge Renewable Energy</a>.
The transaction, valued at CAD$1.7 billion (~$1.2 billion), involves the purchase of five solar projects by MYTILINEOS&#8217; subsidiary, M Renewables.
The projects &#8211; Georgetown Solar (230 MW), Sunnynook Solar (280 MW), Dolcy Solar (200 MW), Eastervale Solar (300 MW), and Red Willow Solar (225 MW), are projected to generate 2.1 TWh per year of renewable energy, equivalent to powering 200,000 Canadian homes annually or eliminating the emissions of 330,000 cars for a year.
The significant renewable energy production will likely contribute to a reduction of approximately 1.5 million tons of carbon pollution annually.
The estimated capital expenditure (CAPEX) investment required to complete the projects is CAD$1.7 billion (~$1.2 billion), excluding battery and energy storage systems (BESS) equipment.
This investment will be disbursed in various project development and construction phases, with completion expected by 2026-2027. The CAPEX investment will be evenly distributed over four years.
Georgetown and Sunnynook, the two most advanced projects, with a combined capacity of approximately 510 MW, are expected to reach &#8220;ready-to-build&#8221; (RTB) status by the end of this year.
The remaining three projects, totaling approximately 800 MW, are in advanced development stages, with RTB expected by mid-2024.
All projects have either applied for or received permits for the installation and use of BESS, with a total anticipated combined storage capacity of 1,200 MWh for the entire portfolio.
The completion of the transaction is subject to various conditions, including approval from Westbridge shareholders and regulators.
Canada&#8217;s recent introduction of the Clean Technology Investment Tax Credit and Clean Electricity Investment Tax Credit provides MYTILINEOS with an opportunity to leverage a refundable tax credit of up to 30% on eligible CAPEX for renewable energy generation projects.
Upon completion of the transaction, MYTILINEOS&#8217; global renewable energy portfolio is expected to exceed 11.9 GW.
In January, MYTILINEOS <a href="https://www.mercomindia.com/project-finance-brief-mytilineos-raises-159-million-for-solar-projects" target="_blank" rel="noopener">reached</a> financial close with lenders ANZ and Westpac on the non-recourse portfolio financing structured as a combination of term facility, construction facility, and ancillary facilities totaling A$234 million (~$159 million) for a 238 MW portfolio.

MYTILINEOS Enters Canadian Market with Acquisition of 1.2 GW Solar Projects

Here are some noteworthy cleantech announcements of the day from around the world:
British-Dutch energy giant Shell has <a href="https://www.shell.com/media/news-and-media-releases/2021/shell-starts-up-europes-largest-pem-green-hydrogen-electrolyser.html" target="_blank" rel="noopener">activated</a> Europe’s largest polymer electrolyte membrane (PEM) hydrogen electrolyzer at the firm’s energy and chemicals park in Rhineland. The initiative is part of the REFHYNE program and funded by the European Commission’s Fuel Cells and Hydrogen Joint Undertaking (FCH JU). The plant is reportedly the first to use PEM technology at such a large scale in a refinery. The company is also mulling expanding the capacity of the electrolyzer from 10 MW to 100 MW. Through the initiative, Shell plans to reduce its production of traditional fuels by 55% by 2030 and achieve a net-zero-emissions by 2050.
Vijayawada railway station has <a href="https://twitter.com/PiyushGoyal/status/1410474575503056898" target="_blank" rel="noopener">commissioned</a> innovative building-integrated photovoltaics (BIPV) solar cover. The information was shared by Minister of Railways Piyush Goyal through a tweet. With the latest 65 kW capacity addition, Vijayawada holds the highest capacity of 130 kW across the Indian Railway network. The BIPV facility is expected to save ₹810,000 (~$10,860) per annum and meet 18% of the electricity needs of the station. The BIPV roof has been set up at the cost of ₹6.2 million (~$83,130).
Thailand-based renewable energy firm BCPG Public Company Limited (BCPG) has <a href="https://www.globenewswire.com/en/news-release/2021/07/02/2257208/0/en/VRB-Energy-announces-US-24-million-investment-from-BCPG-one-of-Asia-Pacific-s-largest-renewable-energy-companies.html" target="_blank" rel="noopener">invested</a> $24 million in VRB Energy. This investment aims to fast-track the growth of VRB Energy’s global energy storage business. VRB Energy will collaborate with BPCG to optimize its system performance, increase revenues, and explore other business development opportunities. The financing is expected to support the rollout of VRB Energy’s Gen3 VRB-ESS® product, expanded manufacturing capacity, and allow vertical integration to meet growing global demand.
Mytilineos S.A. has <a href="https://www.mytilineos.gr/news/press-releases/mytilineos-partners-with-elgin-energy-to-acquire-14mw-of-solar-development-projects-in-the-republic-of-ireland-1-7-21/" target="_blank" rel="noopener">acquired</a> 14 MW of solar projects from solar development platform Elgin Energy. The deal has been finalized through Mytilineos’ renewables and storage development business unit. The project is located in Ireland. Once rolled out, the initiative is expected to provide affordable renewable electricity to more than 4,000 homes and cut down 7,000 tons of carbon emissions in Ireland annually. This portfolio will benefit from long-term Contracts for Difference (CFDs) awarded under the 2020 RESS 1 auction (National Auction for RES in the republic of Ireland), and once energized, the projects will provide enough cost-competitive renewable electricity to power more than 4,000 homes and offset 7,000 tons of carbon emissions in the Republic of Ireland annually.

Daily News Wrap-Up: Shell Unveils Europe’s Largest Green Hydrogen Electrolyzer

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