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					</table><p>The Appellate Tribunal for Electricity (<a href="https://www.aptel.gov.in/en" target="_blank" rel="noopener">APTEL</a>) has affirmed the rights of power generators Vaayu (India) Power Corporation and Vishwind Infrastructure to terminate their power purchase agreements (PPAs) with the Southern Power Distribution Company of Andhra Pradesh (<a href="https://www.apspdcl.in/index.jsp" target="_blank" rel="noopener">APSPDCL</a>).</p>
<p>The decision comes in the wake of APSPDCL&#8217;s persistent defaults on payment obligations, which were previously identified by the Andhra Pradesh Electricity Regulatory Commission (<a href="https://aperc.gov.in/" target="_blank" rel="noopener">APERC</a>).</p>
<p>It also allowed the two wind energy generators to sell their power under open access arrangements.</p>
<p><strong>Background</strong></p>
<p>The Tribunal&#8217;s ruling was based on appeals filed by APSPDCL and other related entities against a common order issued by APERC on December 20, 2023.</p>
<p>The disputes originated from multiple PPAs between APSPDCL and the two wind energy generators for projects located in Kurnool district, with a total capacity of 50.4 MW for Vaayu and 7.2 MW for Vishwind.</p>
<p>The agreements were established with a tariff of ₹3.50 (~$0.041) per unit for the first ten years, with subsequent tariffs subject to APERC&#8217;s determination.</p>
<p>Since the commencement of operations, both generators supplied power and issued regular invoices.</p>
<p>However, as early as 2020, issues arose regarding delayed payments, prompting Vaayu to seek legal recourse from APERC. Despite some payments made by APSPDCL following interim orders from APERC, significant arrears remained.</p>
<p>In early 2023, both Vaayu and Vishwind issued preliminary termination notices citing continued payment defaults by APSPDCL.</p>
<p>Following a lack of response from APSPDCL, they formally terminated their PPAs and sought no-objection certificates to sell power through open access, leading to further petitions before APERC.</p>
<p><strong>Tribunal’s Analysis</strong></p>
<p>APTEL found that APSPDCL had repeatedly failed to meet its financial commitments, leading to significant arrears owed to Vaayu and Vishwind.</p>
<p>The Tribunal noted that these defaults constituted a breach of contract, justifying the termination actions taken by the generators.</p>
<p>It ruled that the generators had the right to terminate their PPAs due to APSPDCL&#8217;s failure to cure the defaults. It emphasized that subsequent payments made by APSPDCL could not retroactively rectify prior defaults.</p>
<p>The Tribunal confirmed that such defaults provided grounds for the generators to terminate their agreements.</p>
<p>APTEL mandated that APSPDCL issue  no-objection certificates to Vaayu and Vishwind, to sell their generated power through open access.</p>
<p>Subscribe to our real-time <a href="https://mercomindia.com/product/mercoms-renewable-energy-regulatory-updates/" target="_blank" rel="noopener">Regulatory Updates</a> to ensure you never miss any critical updates from the renewable energy industry.</p>


APTEL Upholds Two Andhra Pradesh Wind Power Companies’ Right to Terminate PPAs


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					</table><p>Europe-based <a href="https://www.ilos-energy.com/" target="_blank" rel="noopener">ILOS Energy </a>has secured a €500 million (~$532.1 million) structured credit facility for generating over 2 GW of power through solar and battery storage projects until 2026.</p>
<p>Sponsored by private equity and infrastructure investor <a href="https://www.omnescapital.com/" target="_blank" rel="noopener">Omnes</a>, the power producer inked a pact for the loan with global institutional investor EIG.</p>
<p>The loan will provide construction equity and acquisition capital for ready-to-build assets and help ILOS to become an independent power producer.</p>
<p>The facility includes an initial tranche of €250 million and comprises an accordion that would increase the loan by another €250 million (~$266 million).</p>
<p>To begin with, ILOS will focus on projects in Ireland, the Netherlands, the United Kingdom, Greece, and Italy. The facility further considers deploying more capital in other OECD (Organisation for Economic Co-operation and Development) jurisdictions and in co-located battery storage and hydrogen.</p>
<p>Omnes Venture ILOS Projects was established in Europe to focus on the development of photovoltaics.</p>
<p>EIG specializes in private investments in energy and energy-related infrastructure globally. It has committed over $44.5 billion to the energy sector through 393 projects or companies in 42 countries on six continents.</p>
<p>Partner at Omnes Michael Pollan said, “ILOS has seen tremendous growth over the last two years. We are proud to continue supporting the company as it works toward this ambitious IPP project. We also look forward to partnering with EIG, a leader in the energy infrastructure sector that shares our common values and strategic view.”</p>
<p>Managing Director and Global Head of Direct Lending at EIG Rob Johnson said, &#8220;This transaction is a testament to our confidence in the management team, their strategy, and ILOS’ sponsors, and it underscores EIG’s commitment to investing in high-quality assets and energy infrastructure that support a low-carbon future.”</p>
<p>Earlier this year, global investment company Eurazeo <a href="https://mercomindia.com/funding-and-ma-roundup-jinko-solar-raise-rmb-10-billion-ipo/" target="_blank" rel="noopener">announced</a> the acquisition of an 80% equity interest in Ikaros Solar, a Belgian solar PV company, from its founders and Capenergi 2, a fund managed by Omnes Capital.</p>
<p>In May 2021, ERG Eolienne France’s subsidiary <a href="https://mercomindia.com/funding-and-ma-roundup-aurora-solar-raises/" target="_blank" rel="noopener">signed</a> an agreement with FPCI Capernergie 3, which is a fund managed by Omnes, to acquire a 100% stake in Omniwatt, a French firm that owns a portfolio including five wind farms for a total of 58 MW and two solar projects for a total of 22 MW.</p>


ILOS Energy Secures €500 Million Loan from EIG to Develop 2 GW Clean Power


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					</table><p>Norwegian independent power producer <a href="https://scatec.com/" target="_blank" rel="noopener">Scatec</a> posted consolidated revenue of NOK 1,163 million (~$110.6 million) for Q3, 2022, an increase of 10% year-over-year (YoY) primarily due to better power sales at higher prices in the Philippines. Scatec has 642 MW of operational hydropower projects in the Philippines.</p>
<p>The power production for Q3 rose by 7% YoY to 1,135 GWh, mainly on the back of 58% higher hydropower generation at 339 GWh in the Philippines. The revenue from hydropower sales in the Philippines increased by 83%, with NOK615 million ($59.1 million) in Q3.</p>
<p>“Power production in the Philippines ended 37% above the 5-year average and above the contracted sales volumes as expected. Excess production volumes were sold in the power market at high prices,” the company said.</p>
<p>Reflecting the Q3 results, Scatec raised its proportionate power production full-year 2022 Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) guidance to NOK 2.75-2.85 billion ($261.7-271 million) from NOK 2.5-2.7 billion ($237.8-$256.8 million), reflecting the third-quarter results. It said it expected an above-normal fourth-quarter performance in the Philippines.</p>
<p>Scatec’s revenue from solar and wind projects and hydro projects in the Philippines, Laos, and Uganda amounted to NOK1311 ($124.3), up 22% from NOK1,072 million (~$101.7 million) in the previous year’s quarter.</p>
<p>Of the total revenue for Q3, Scatec said that the development and construction revenues from engineering, procurement, and construction (EPC) contracts totaled NOK 412 million (~$39.2 million) generated from the under-construction projects in South Africa, Brazil, and Pakistan.</p>
<p><a href="https://mercomindia.com/wp-content/uploads/2022/11/Production-phillipines.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-44048 " src="https://mercomindia.com/wp-content/uploads/2022/11/Production-phillipines.png" alt="Production phillipines" width="798" height="410" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Production-phillipines.png 1504w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Production-phillipines-300x154.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Production-phillipines-768x395.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Production-phillipines-650x334.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Production-phillipines-624x321.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Production-phillipines-600x308.png 600w" sizes="(max-width: 798px) 100vw, 798px" /></a></p>
<p>Scatec’s adjusted EBITDA surged 7% YoY to NOK 886 million (~$84.3 million) in Q2, 2022.</p>
<p>The company said that the growth in EBITDA was in line with a higher gross profit of NOK 1,101 million (~$104.8 million), a 10% spike YoY.</p>
<p>Scatec CEO Terje Pilskog observed, “We reported strong results from our diversified portfolio of power plants driven by the solid performance in the Philippines. We had an all-time high EBITDA during the third quarter, and our construction activities in South Africa, Brazil, and Pakistan are progressing well.”</p>
<p>Scatec had a project backlog of 900 MW with a project pipeline of 15 GW at the end of Q3, and the company said that 80% of its focus is on larger projects that would further fuel the income.</p>


Scatec Q3 Revenue Up 10% YoY Driven By Increased Hydropower Sales in the Philippines

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