CMPDI Invites Bids for 10 MW Solar Project at Mahanadi Coalfields

RERC Upholds Penalty for Failure to Comply with Renewable Energy Regulations

Hyundai to Source 118 MW Power from Fourth Partner’s Solar and Wind Projects

India Adds an Unprecedented 16 GW Solar Capacity in 9M 2024

Daily News Wrap-Up: UPNEDA Tenders 2 MW Rooftop Solar Projects

Maxeon Solar Modules Detained by US Customs Authority

Sungrow, TBEA, FIMER Dominate Solar Inverter Rankings in First Half of 2024

ReNew’s Revenue, Profit Up in Q2 FY25 as Commissioned Renewable Capacity Grows

MNRE Sets Terms for Real Estate Developers to Avail CFA Under PM Surya Ghar

ENGIE to Build 22 MW Solar Project for Saudi Cement Factory


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-capital-dynamics-financing-solar-projects/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Capital Dynamics, an independent global private asset management firm, </strong><a href="https://mercomcapital.com/capital-dynamics-secures-199-million-financing-two-solar-projects/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> €185 million (~$199.54 million) in project financing for two solar projects</strong>—currently under construction—with a total capacity of 187 MW in Sicily, Italy. Natixis Corporate and Investment Banking are the lenders. Natixis CIB acted as sole underwriter, structuring mandated lead arranger and bookrunner, agent, green loan coordinator, and issuing bank of the ancillary guarantee facilities.</p>
<p><strong>Qcells, a utility-scale solar and energy storage project developer and solar EPC provider, announced the </strong><a href="https://mercomcapital.com/qcells-sells-200-mw-ursa-solar-project/" target="_blank" rel="noopener"><strong>sale</strong></a><strong> of Ursa Solar Project (formerly known as Langdon Mills Solar)</strong>, which has a total capacity of 200 MW, to We Energies, Wisconsin Public Service Corporation, and Madison Gas and Electric Company. The company plans to begin the construction of the project in 2025 and expects it to be operational in 2027.</p>
<p><strong>The Asian Development Bank has approved a $434.25 million </strong><a href="https://www.mercomindia.com/adb-approves-434-25-million-loan-for-renewable-energy-projects-in-assam" target="_blank" rel="noopener"><strong>loan</strong></a><strong> to increase renewable energy capacity and improve energy security in Assam</strong>. The Assam Solar Project will construct a 500 MW grid-connected solar photovoltaic facility in Karbi Anglong district. The project will also support the development of a battery energy storage system to ensure grid stability and meet peak power demand.</p>
<p><strong>QatarEnergy, a petroleum company in Qatar, <a href="https://mercomcapital.com/qatarenergy-stake-solar-project-in-iraq/" target="_blank" rel="noopener">signed</a> an agreement with TotalEnergies to acquire 50% of the stake in the 1.25 GW solar project in Iraq </strong>which is subject to regulatory approvals. TotalEnergies, a France-based oil and gas company, will retain the remaining 50%.</p>
<p><strong>AMPYR Solar Europe, a European solar project developer, secured financial </strong><a href="https://mercomcapital.com/ampyr-solar-europe-secures-financing-for-96-mw-solar-project/" target="_blank" rel="noopener"><strong>closure</strong></a><strong> for its 96 MW solar project in the municipality of Noordoostpolder in the Netherlands</strong>. The project is expected to be operational by mid-2025. The project’s development will be financed through AMPYR Solar Europe’s €200 million (~$216.8 million) omnibus multi-project financing facility from Rabobank.</p>
<p><strong>Swift Current Energy, a utility-scale solar, wind, and energy storage project developer, </strong><a href="https://mercomcapital.com/swift-current-energy-secures-tax-equity-financing-for-138-mw-solar-project/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the closing of tax equity financing with PNC Bank</strong> for its 138 MWdc (99 MWac) Harvest Gold Solar Project in Sunflower County, Mississippi. The solar project has already begun its operation this summer, producing clean electricity enough to power over 23,000 households per Swift Current Energy.</p>
<p>Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.</p>
<p>Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-primergy-secures-solar-project-2/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Capital Dynamics Secures $199 Million Financing for Two Solar Projects


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-swift-current-energy-secures-financing-for-800-mw-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Swift Current Energy, a utility-scale solar, wind, and energy storage project developer, </strong><a href="https://mercomcapital.com/swift-current-energy-secures-financing-800-mw-solar-project/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> tax equity investment from Google to develop an 800 MWdc</strong> (593 MWac) Double Black Diamond solar project in southern Illinois. The project is currently under construction and is expected to reach commercial operations by early 2025. Once operational, the project is expected to be the largest solar project east of the Mississippi River. The tax equity financing utilizes energy communities and domestic content adders, provided in the Inflation Reduction Act.</p>
<p><strong>The European Bank for Reconstruction and Development (EBRD) and Raiffeisen Bank International provided €110 million (~$122 million) in </strong><a href="https://mercomcapital.com/ebrd-and-raiffeisen-bank-provide-122m-loan-for-solar-projects-in-romania/" target="_blank" rel="noopener"><strong>funding</strong></a><strong> to build and operate</strong> two solar projects in southeastern Romania. The Lepuresti and Ghimpati solar projects have a total installed capacity of around 300 MW. EBRD will provide a loan of €55 million (~$61 million), which will be split into two tranches of €25 million (~$27.74 million) and €30 million (~$33.29 million), and another €55 million (~$61 million) will be from Raiffeisen Bank International.</p>
<p><strong>Levanta R</strong><strong>enewables, a renewable energy project developer and independent power producer in Southeast Asia backed by Actis, an investor in sustainable infrastructure, <a href="https://mercomcapital.com/levanta-renewables-acquires-9-5-mw-commercial-industrial-solar-portfolio/" target="_blank" rel="noopener">announced</a> the acquisition </strong>of six solar projects with a total installed capacity of 9.5 MWp for its commercial and industrial business from an undisclosed regional renewable energy projects developer. The portfolio comprises solar projects with long-term power purchase agreements signed with leading Global 500 multinational corporations.</p>
<p><strong>Lodestone Energy, a solar project developer, </strong><a href="https://mercomcapital.com/lodestone-energy-acquires-54-mw-solar-portfolio-in-new-zealand/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of two grid-scale solar project sites in the Manawatu region of New Zealand from Kiwi Solar</strong>, a utility-scale and rooftop solar energy project developer. Upon completion, the two projects will each have a total capacity of approximately 27 MW. Construction on the first site is scheduled to begin by mid-2025.</p>
<p><strong>Generate Capital, a sustainable investment and operating company, and KeyState Renewables, an investment firm, </strong><a href="https://mercomcapital.com/generate-keystate-close-53-5-mw-community-solar-projects-investment-fund/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the close of their third joint fund</strong>, Generate NY Community Solar VI. The closed fund includes a $64 million investment from KeyState, which will be used to develop and manage 11 projects in New York with a total capacity of 53.5 MW.</p>
<p>Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.</p>
<p>Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-atlas-renewable-energy-secures-solar-project/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Swift Current Energy Secures Financing for 800 MW Solar Project


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-smt-energy-susi-partners-bess-portfolio/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>SUSI Partners, a Swiss-based fund manager, and SMT Energy, an energy storage project developer, have </strong><a href="https://mercomcapital.com/smt-energy-susi-partners-secure-investment-for-energy-storage-project-portfolio/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a tax equity investment from specialized tax equity investor</strong> Greenprint Capital for a co-owned 100 MW battery energy storage portfolio located in South Texas. The portfolio consists of ten utility-scale standalone battery energy storage projects expected to help stabilize the region’s strained power grids by balancing supply and demand mismatches.</p>
<p><strong>Swift Current Energy, a U.S.-based utility-scale renewable developer, has </strong><a href="https://www.mercomindia.com/swift-current-energy-779-million-593-mw-solar-project" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $779 million in financing for its Double Black Diamond Solar project, with a capacity of 800 MWdc</strong> (593 MWac). Comprising $695 million in construction and tax equity bridge loans, along with an $84 million letter of credit facility, this financing is claimed to be among the most substantial solar project funding endeavors in the U.S. The company claimed that the Double Black Diamond Solar project will be the second-largest single-phase solar undertaking in the U.S.</p>
<p><strong>Norwegian investment fund Norfund has </strong><a href="https://www.mercomindia.com/norfund-ifc-investment-fourth-partner" target="_blank" rel="noopener"><strong>announced</strong></a><strong> an investment of ₹3.5 billion (~$42.26 million) in Fourth Partner Energy to support its renewables expansion in India</strong>. Separately, the International Finance Corporation announced an investment of ₹5.6 billion (~$67.62 million) to support the installation of the company’s rooftop solar projects and 75 MW solar park in Atharga, Karnataka. Fourth Partner will use the Norfund investment to support its off-site solar and wind projects for this fiscal year, under development in Tamil Nadu, Karnataka, Maharashtra, and Uttar Pradesh.</p>
<p><strong>Luminous Energy, a solar and energy storage project developer, </strong><a href="https://mercomcapital.com/luminous-energy-secures-financial-closure-for-solar-project/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> financing on the 28.5 MW Bracon Ash UK Solar Farm</strong>. The project is expected to start generating power in the summer of 2024 and generate enough electricity to power more than 9,500 households annually. The firm announced Novuna Business Finance as the funding partner supporting the project. The transaction details were not disclosed for the deal.</p>
<p><strong>ID Energy Group, a vertically integrated Spain-based renewable energy company, </strong><a href="https://mercomcapital.com/id-energy-group-secures-debt-financing-solar-wind-projects/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a development debt facility to support its pipeline of late-stage solar PV</strong> and onshore wind projects in Europe. The facility was entirely subscribed by a newly established European debt fund, further solidifying its position as a strategic partner of the group. The project pipeline comprises 67 individual projects, varying in size from 1 MW to 150 MW.</p>
<p><strong>Greenbacker Capital Management, a renewable energy asset manager, through an affiliated investment vehicle, </strong><a href="https://greenbackercapital.com/2023/08/greenbacker-partners-with-rbc-community-investments-to-complete-one-of-clean-energy-industrys-first-solar-ptc-deals/" target="_blank" rel="noopener"><strong>completed</strong></a><strong> a $148 million tax equity financing</strong> commitment with RBC Community Investments. The commitment is one of the very first tax equity deals to utilize the solar production tax credit (“PTC”), which will be used to finance a 240 MW of Appaloosa solar project in Utah.</p>
<p>Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.</p>
<p>Read last week’s project finance <a href="https://www.mercomindia.com/project-finance-brief-broad-reach-secures-bess-projects" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: SMT Energy, SUSI Partners Secure Funds for 100 MW BESS Portfolio


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					</table><p><a href="https://www.mercomindia.com/blupine-acme-winners-ruvnls-1-2-gw-solar-storage-auction" target="_blank" rel="noopener"><strong>Solarcraft Power (BluPine Energy) and ACME Solar have emerged winners in Rajasthan Urja Vikas Nigam’s auction to set up 1,200 MW of solar power projects anywhere in India</strong></a> with a committed supply for at least six hours during the peak demand periods from an energy storage system. BluPine Energy won 100 MW by quoting a tariff of ₹6.68 (~$0.081)/kWh, and ACME won 500 MW out of the quoted 600 MW at ₹6.69 (~$0.081)/kWh.</p>
<p><a href="https://www.mercomindia.com/sjvn-subsidiary-and-om-for-200-mw-solar-project" target="_blank" rel="noopener"><strong>SJVN Green Energy, a wholly owned subsidiary of SJVN, has invited bids for the supply of a balance of system package along with comprehensive three-year operation and maintenance services</strong></a> for a 200 MW grid-connected solar power project situated at Khavda Solar Park, Gujarat. The last date to submit the bid is September 5, 2023. Bids will be opened the same day.</p>
<p><a href="https://www.mercomindia.com/ntpc-sjvn-hinduja-rumsls-phase-ii-300-mw-floating-solar-auction-2" target="_blank" rel="noopener"><strong>NTPC Renewable Energy, SJVN Green Energy, and Hinduja Renewables Energy have won Rewa Ultra Mega Solar’s auction to develop a 300 MW floating solar park (Phase II) at the Omkareshwar reservoir in Madhya Pradesh</strong>.</a> According to Mercom sources, SJVN Green Energy won 90 MW by quoting ₹3.79 (~$0.0458)/kWh, NTPC Renewable Energy 80 MW at ₹3.80(~$0.0459)/kWh, and Hinduja Renewables Energy 80 MW for the tariff of ₹3.89 (~$0.0470)/kWh.</p>
<p><a href="https://www.mercomindia.com/rerc-discom-settle-arrears-solar-wind-developers-ppas" target="_blank" rel="noopener"><strong>The Rajasthan Electricity Regulatory Commission recently allowed  Rajasthan Urja Vikas Nigam to pay the arrears to renewable energy developers who had supplied solar and wind power</strong></a> to DISCOM beyond the power purchase agreements. The Commission ruled that the arrears have to be settled within 90 days for the wind power procured at ₹2.44 (~$0.029)/kWh and solar power at ₹2.24 (~$0.027)/kW for the period beyond March 31, 2019, and in case of late payment, a surcharge would be applicable.</p>
<p><a href="https://www.mercomindia.com/parliament-panel-extension-fame-program-2027" target="_blank" rel="noopener"><strong>A parliamentary committee has recommended that the government extend Phase II of the Faster Adoption and Manufacturing of Electric and Hybrid Vehicles (FAME) for at least three years</strong></a> beyond March 31, 2024, to make electric vehicles a norm in the Indian automobile market. The standing committee on Industry made this recommendation in a report relating to the Ministry of Heavy Industries and presented it to Parliament recently.</p>
<p><a href="https://www.mercomindia.com/gcls-n-type-topcon-cell-manufacturing-unit-operation" target="_blank" rel="noopener"><strong>China-based solar manufacturer GCL System Integration Technology recently operationalized Phase I of the 20 GW high-efficiency n-type TOPCon (tunnel oxide passivated contact) solar cell</strong></a> manufacturing facility at Wuhu in China’s Anhui province. The facility is now ready to produce 10 GW of solar cells. The project was developed with an estimated investment of CNY8 billion (~$1.11 billion).</p>
<p><a href="https://www.mercomindia.com/swift-current-energy-779-million-593-mw-solar-project" target="_blank" rel="noopener"><strong>Swift Current Energy, a U.S.-based utility-scale renewable developer, has secured $779 million in financing for its Double Black Diamond Solar project, with a capacity of 800 MWdc (593 MWac).</strong></a> Comprising $695 million in construction and tax equity bridge loans, along with an $84 million letter of credit facility, this financing is claimed to be among the most substantial solar project funding endeavors in the U.S.</p>
<p><a href="https://www.mercomindia.com/despite-headwinds-poised-to-surpass-6-gw-in-2023" target="_blank" rel="noopener"><strong>Community solar installations in the U.S. have displayed a downward trend, with a 6% decrease reported in 2022 and a 13% decline during the first quarter of 2023,</strong></a> according to a report jointly published by Wood Mackenzie and the Coalition for Community Solar Access. The decline in numbers was mainly caused by uncertainties in the supply chain over the past year and challenges related to interconnection and siting, which hindered growth in important state markets like Massachusetts and Maine.</p>
<p><a href="https://www.mercomindia.com/ev-battery-tech-developer-continue-into-q2-2023" target="_blank" rel="noopener"><strong>Solid Power, which develops all-solid-state battery technology for electric vehicles, recorded a net loss of $12.21 million during Q2 of FY 2023, a 189 % year-over-year (YoY) decrease from a profit of $13.67 million.</strong></a> The company’s revenue during the April to June quarter came up to $4.91 million, a YoY increase of 90.3% from $2.58 million. The ongoing implementation of the company’s collaborative development agreements led to increased revenue.</p>
<p><a href="https://www.mercomindia.com/ess-techs-net-loss-widens-q2-2023" target="_blank" rel="noopener"><strong>ESS Tech, a long-duration iron-flow battery manufacturer, recorded a net loss of $22.93 million in the second quarter of 2023, a YoY increase of 40.89% from a loss of $16.27 million.</strong></a> The increase in net loss could be attributed partly to increased research and development costs, as the company worked to get additional patents for its iron flow battery technology. The United States-based company recorded a 312% YoY increase in revenue at $2.83 million in Q2 2023 from $686,000.</p>
<p><a href="https://www.mercomindia.com/solar-tracker-firm-array-continues-in-q2-2023" target="_blank" rel="noopener"><strong>United States-based utility-scale solar tracker company Array Technologies recorded a net profit of $64.81 million during Q2 of FY 2023, a YoY increase of 1,391%, compared to a loss of $5.02 million.</strong></a> The company’s revenue came in at $507.73 million, a YoY increase of 21%. This growth was driven by a rise in both the total capacity shipped and an increase in average selling price, attributed to better pass-through pricing to customers.</p>


Daily News Wrap-Up: RUVNL’s 1.2 GW Solar With Storage Auction


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					</table><p><a href="https://www.swiftcurrentenergy.com/" target="_blank" rel="noopener">Swift Current Energy</a>, a U.S.-based utility-scale renewable developer, has secured $779 million in financing for its Double Black Diamond Solar project, with a capacity of 800 MWdc (593 MWac).</p>
<p>Comprising $695 million in construction and tax equity bridge loans, along with an $84 million letter of credit facility, this financing is claimed to be among the most substantial solar project funding endeavors in the U.S.</p>
<p>The company claimed that the Double Black Diamond Solar project will be the second-largest single-phase solar undertaking in the U.S.</p>
<p>Its annual energy output is expected to match the power consumption of over 100,000 households and contribute to a reduction of roughly one million tons of carbon dioxide emissions each year.</p>
<p>Situated near Springfield, Illinois, the construction of the project is slated for completion in 2024, with energization scheduled in the same year.</p>
<p>Mitsubishi UFJ Financial Group (<a href="https://www.mufg.jp/english/index.html" target="_blank" rel="noopener">MUFG</a>), <a href="https://www.societegenerale.com/en" target="_blank" rel="noopener">Societe Generale</a>, and <a href="https://www.truist.com/" target="_blank" rel="noopener">Truist</a> were the coordinating lead arrangers for the transaction. Among them, MUFG and Societe Generale took on the role of Joint Bookrunners for this endeavor.</p>
<p>Commenting on the development, Eric Lammers, CEO and Co-Founder of Swift Current, said, &#8220;Double Black Diamond is a transformative project, not only for our team, but also the American workers it is employing, the massive amount of emissions-free energy it will produce, and the stable revenue it will provide for the communities in Sangamon and Morgan Counties. We are pleased to work again with MUFG, Societe Generale, ING, and Wilmington Trust and are excited to add Truist as a new partner.&#8221;</p>
<p>Constellation is set to acquire a share of the energy and renewable energy certificates (RECs) yielded by the Double Black Diamond Solar initiative, catering to seven customersChicago has opted to harness renewable energy from the project to meet the power demands of multiple energy-intensive establishments, such as Chicago O&#8217;Hare International Airport and Midway International Airport.</p>
<p>Entities, including Cook County-Illinois, CVS Health, Loyola University of Chicago, PPG, State Farm, and TransUnion, have also entered agreements with Constellation to secure power supply from this undertaking.</p>
<p>In May, Swift Current Energy <a href="https://www.mercomindia.com/project-finance-brief-ib-vogt-sells-solar-project-spain" target="_blank" rel="noopener">secured</a> financing for its 266 MW Tres Bahias Solar project in Texas.</p>
<p>Earlier, Swift Current Energy had <a href="https://www.mercomindia.com/daily-news-wrap-up-surana-solar" target="_blank" rel="noopener">ordered</a> First Solar&#8217;s 1.2 GW(DC) of advanced, ultra-low carbon thin-film solar photovoltaic modules.</p>


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