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					</table><p>Solar installation company <a href="https://www.solar91.com/" target="_blank" rel="noopener">Solar91 Cleantech</a> has filed a draft red herring prospectus (DRHP) to raise ₹1 billion (~$11.97 million) through an initial public offering (IPO).</p>
<p>The company is offering a fresh issue of 5.43 million equity shares with a face value of ₹10 (~$0.119) each. There is no offer of sale in this IPO.</p>
<p>A total of 304,800 equity shares at a face value of ₹10(~$0.119) will be reserved for market makers, and 51,31,200 equity shares at a face value of ₹10 (~$0.119) will comprise net issue to the public. The issue and net issue will constitute 26.50% and 25.01%, respectively.</p>
<p>The company plans to use the net proceeds from the IPO to invest in subsidiaries, meet working capital requirements, and for general corporate purposes.</p>
<p>It will also use the net proceeds secured for investment in subsidiaries to develop large-scale solar parks that cater specifically to the energy needs of commercial and industrial clients.</p>
<p>The company will use the funds secured under the working capital requirement to support its incremental business requirements, funding growth opportunities, and other strategic, business, and corporate purposes that require additional working capital.</p>
<p>The company provides EPC solar energy solutions to commercial and industrial customers to offset their power consumption through renewable energy sources. It builds, operates, and maintains grid-connected and off-grid solar power projects for its customers.</p>
<p>Solar91 is also moving towards the IPP model (Independent Power Producer), under which it will build a portfolio of solar projects.</p>
<p>In 2023 and 2024, the company secured bids for a total capacity of 157 MW to develop solar projects and sell power to the state&#8217;s power distribution company under PM Kusum (Component C2) program.</p>
<p>The company&#8217;s solar special purpose vehicles (SPV) are located in Rajasthan, and the off-taker for these projects is Rajasthan Urja Vikas and IT Services on behalf of Jodhpur Vidyut Vitran Nigam / Jaipur Vidyut Vitran Nigam / Ajmer Vidyut Vitran Nigam.</p>
<p>The projects commissioned in these SPVs are eligible for central financial assistance  after commissioning.</p>
<p>Solar91 has a current order book of around 157 MW under PM Kusum C2 in Rajasthan. In March 2023, the then Minister of Power R.K. Singh told Parliament that the PM Kusum program <a href="https://www.mercomindia.com/over-200000-farmers-pm-kusum-power-minister" target="_blank" rel="noopener">benefited</a> over 200,000 farmers as of February 28, 2023. A solar capacity of 89.45 MW has been installed under Component-A of the program. Approximately 209,000 pumps have been reported as installed or solarized under Component-B and Component-C.</p>


Solar91 Cleantech Files IPO Papers to Raise ₹1 Billion


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					</table><p><a href="https://www.ox2.com/" target="_blank" rel="noopener">OX2</a>, a Swedish renewable energy company, said it would develop offshore wind projects amounting to 1.4 GW in the Gulf of Bothnia in the Finnish economic zone.</p>
<p>The wind farm will be located southwest of Vaasa, about 30 kilometers northwest of Kaskinen. It will comprise about 100 turbines and have an annual production of about 6TWh.</p>
<p>OX2 received a research permit for the Tyrsky wind farm from the Finnish government in 2022.</p>
<p>The licensing period is estimated to be about four years, and the wind farm is expected to be operational around 2030.</p>
<p>Paul Stormoen, CEO of the company, said that offshore wind farms are the fastest and most cost-effective way to build large-scale electricity production.</p>
<p>“The shift towards hydrogen, fossil-free industries, and general electrification demands huge amounts of renewable energy… I am happy to announce we have included another project in our portfolio of great projects,” Stormoen added.</p>
<p>OX2 currently has two major offshore wind farms in Finland and is also developing offshore wind farms outside Åland and Sweden. At the end of the third quarter, the portfolio of offshore wind projects was at 18.3 GW.</p>
<p>The current project will be included in the company’s project development portfolio for the first quarter of 2023.</p>
<p>OX2’s project development portfolio consists of both in-house developed as well as acquired wind and solar projects in various phases of development. The company is also involved in developing projects based on other renewable energy technologies, such as hydrogen and energy storage.</p>
<p>OX2 is presently operating in ten European markets: Sweden, Finland, Estonia, Lithuania, Poland, Romania, France, Spain, Italy, and Greece.</p>
<p><strong> </strong>In March 2022, the Swedish renewable energy company <a href="https://corporate.ox2.com/financial-reports/ox2-expands-its-business-to-greece-by-acquiring-two-portfolios/" target="_blank" rel="noopener">acquired</a> two portfolios in Greece with an installed capacity of 500 MW. The portfolios comprise solar and onshore wind projects in various development stages and are diversified across various regions of the country. OX2 will develop the projects with local co-development partners.</p>
<p>Recently, Italy’s transmission system operator (TSO) Terna SpA <a href="https://mercomindia.com/hexicon-inches-to-developing-7-1-gw-wind-projects-italy/" target="_blank" rel="noopener">approved</a> six of Sweden-based Hexicon’s seven proposed floating wind power projects for connection to the national grid. The combined capacity of the six sites is 7,100 MW, while the permit for the one remaining site is pending.<strong> </strong></p>


OX2 to Develop 1.4 GW Offshore Wind Projects in Finland

<p>According to the latest numbers announced by the German Federal Network Agency Agency <a href="https://www.bundesnetzagentur.de/EN/Areas/Energy/Companies/RenewableEnergy/Facts_Figures_EEG/Register_data_tariffs/EEG_registerdata_payments_node.html" target="_blank" rel="noopener">Bundesnetzagentur</a>, the country&#8217;s solar PV installations in April 2021 totaled 619.5 MW, an increase of 59 MW (10.5%) compared to 560 MW installed in March 2021.</p>
<p>In a year-over-year comparison, Germany had installed 371 MW in April 2020 and marked a 66.8% growth by adding 248 MW. The cumulative installed solar capacity in Germany at the end of March 2021 reached 55.5 GW.</p>
<p><a href="https://mercomindia.com/wp-content/uploads/2021/06/Germany-Solar-PV-Installations-MW-Apr-2020-Apr-2021.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-26745" src="https://mercomindia.com/wp-content/uploads/2021/06/Germany-Solar-PV-Installations-MW-Apr-2020-Apr-2021.png" alt="Germany Solar PV Installations (MW) Apr 2020 - Apr 2021" width="442" height="285" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/06/Germany-Solar-PV-Installations-MW-Apr-2020-Apr-2021.png 442w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/06/Germany-Solar-PV-Installations-MW-Apr-2020-Apr-2021-300x193.png 300w" sizes="(max-width: 442px) 100vw, 442px" /></a>Germany <a href="https://mercomindia.com/solar-installations-in-germany-increased/" target="_blank" rel="noopener">installed</a> 4.8 GW of solar capacity in 2020, a 21% year-over-year increase compared to 4.03 GW in 2019.</p>
<p>In December 2020, Bundesnetzagentur had <a href="https://mercomindia.com/germany-allocates-wind-solar-auction/" target="_blank" rel="noopener">announced</a> the auction results for solar and onshore wind projects. The agency received a total of 45 bids aggregating 264.15 MW of solar projects for its 256.9 MW solar tender.</p>
<p>The lowest bid quoted for the solar tender was €0.048 (~$0.059)/kWh, and the highest was €0.052 (~$0.064)/kWh. The average quoted price for the tender was €0.051 (~$0.062)/kWh. The surcharges were expected to be announced on December 28, 2020.</p>
<p>In October 2020, Bundesnetzagentur <a href="https://mercomindia.com/germany-solar-tender-oversubscribed/" target="_blank" rel="noopener">announced</a> that its tender for 96.4 MW of solar projects was oversubscribed and received 87 bids for about 393.3 MW of projects. The agency would award a total of 30 bids for around 103.1 MW of projects. Bids for these projects ranged between €0.049 (~$0.058)/kWh and 0.054 (~$0.063)/kWh.</p>
<p>According to Bundesnetzagentur, in November 2020, solar bids <a href="https://mercomindia.com/no-takers-for-wind-in-germany/" target="_blank" rel="noopener">won</a> the full capacity in Germany&#8217;s 202 MW wind and solar auction. The tender was oversubscribed by 518 MW, and there was not a single bid for wind projects.</p>
<p>As per the released document, the federal network agency awarded 43 bids with a total capacity of 202 MW. The lowest bid for the tender was €0.052 (~$0.06)/kWh, and the highest bid was recorded to be €0.054 (~$0.065)/kWh. The average quoted price was €0.053 (~$0.062)/kWh for the tender.</p>


Germany Installed 619 MW of New Solar Capacity in April 2021

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