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					</table><p><a href="https://www.toyota-tsusho.com/english/" target="_blank" rel="noopener">Toyota Tsusho Corporation</a>, the trading arm of the <a href="https://global.toyota/en/" target="_blank" rel="noopener">Toyota Group</a>, inked an agreement with Japan-based renewable energy developer <a href="https://sbenergy.com/" target="_blank" rel="noopener">SB Energy</a>, a subsidiary of SoftBank Group (<a href="https://group.softbank/en" target="_blank" rel="noopener">SBG</a>), to acquire an 85% stake in the latter.</p>
<p>The transaction will help the clean energy businesses of the two companies by accelerating their carbon-neutral initiatives.</p>
<p>Under the agreement, both companies would jointly develop renewable energy and electric power supply-demand adjustment, among other measures, to achieve carbon neutrality in their respective operations.</p>
<p>Once the transaction reaches the completion stage, SB Energy will become a subsidiary of Tsusho Corporation with an 85% stock ownership ratio and an affiliate of SBG with a 15% stock ownership.</p>
<p>Tsusho Corporation is actively expanding its clean energy business through its subsidiary Eurus Energy Holdings Corporation, a wind power generator in Japan that owns a renewable generation capacity of approximately 3.7 GW as of December 2022, which includes over 3 GW of wind power and 350 MW of solar power.</p>
<p>SB Energy has constructed and operated a total of 773 MW of clean capacity in Japan since 2011. The capacity comprises 667.1 MW of solar and 55.9 MW of wind. The company also operates outside Japan and owns 50 MW of wind capacity in the Gobi Desert, Mongolia.</p>
<p>Chairman and CEO of SBG Group Masayoshi Son said, “We are delighted to work with Toyota Tsusho, a leading company in the industry, to take the promotion of renewable energy to the next level toward further growth in the future.”</p>
<p>In July 2021, Suzuki Motor Corporation and Daihatsu Motor <a href="https://mercomindia.com/daily-news-wrap-up-sunseap-indonesia/" target="_blank" rel="noopener">announced</a> that they would each acquire 10% of issued shares of Commercial Japan Partnership (CJP) Technologies, the joint venture for the CJP initiative, from Toyota Motor Corporation.</p>
<p>CJP is a commercial vehicle project to accelerate steps towards carbon neutrality drives in mini vehicles.</p>
<p>President and CEO of Toyota Tsusho, Ichiro Kashitani, said, “I am confident that SB Energy&#8217;s expertise in advanced efforts will provide us the opportunity to further promote our carbon neutrality efforts in an unparalleled way.”</p>
<p>Last November, SB Energy Global said that Google would <a href="https://mercomindia.com/sb-energy-google-1-2-gw-solar-texas/" target="_blank" rel="noopener">purchase</a> approximately 942 MW or 75% of renewable energy produced by the former’s four upcoming solar projects with a combined capacity of 1.2 GW based out in Texas.</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/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</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/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Toyota to Acquire Renewables Developer to Achieve Carbon-Neutral Goals

<p>Sterling and Wilson International Solar FZCO (<a href="https://sterlingandwilson.com/" target="_blank" rel="noopener">SWFZCO</a>) announced that it has fully acquired the equity share capital of GCO Solar, an Australia-based electrical and solar contractor.</p>
<p>In a BSE filing, the wholly-owned subsidiary of Sterling and Wilson Solar Limited said it held 2,508,000 fully paid-up equity shares worth AUD 1 each (~$0.78), representing 76% of the share capital of GCO.</p>
<p>GCO engages in engineering, procurement, and construction (EPC) contracts for the installation of electrical equipment in Australia.</p>
<p>SWFZCO said its shareholding in GCO rose to 3,300,000 shares or 100% after it acquired the remaining 792,000 fully paid-up equity shares of GCO, according to the filing. It added that this step-up acquisition made GCO a wholly-owned subsidiary of SWFZCO.</p>
<p>A step-up acquisition is when an investor acquires control over the target entity through more than one transaction. When the investor obtains control of the target entity, it consolidates the company after remeasuring any investment previously held to fair value.</p>
<p>Last year, Sterling and Wilson Solar <a href="https://mercomindia.com/sterling-wilson-epc-contracts-india-australia/" target="_blank" rel="noopener">won</a> an EPC contract in Australia worth AUD 525 million (~₹25.29 billion). It also bagged an operations and maintenance (O&amp;M) contract for AUD 85 million (₹44.09 billion) for 20 years. It secured both contracts within 15 months of its entry into Australia.</p>
<p>Recently, Sterling and Wilson Solar&#8217;s <a href="https://mercomindia.com/sterling-and-wilson-solars-revenue/" target="_blank" rel="noopener">said</a> its revenue from operations stood at ₹13.11 billion (~$180.8 million) in the third quarter (Q3) of the financial year (FY) 2021, up 22% from ₹10.76 billion (~$148.4 million) in Q3 FY 2020. It attributed the rise in revenue to a significant increase in project execution in the United States and Latin America during Q3 FY 2021. Its operations and maintenance revenue was also higher by 36.8% in the first nine months of 2021.</p>
<p>Sterling and Wilson Solar also <a href="https://mercomindia.com/daily-news-wrap-up-sterling-2/" target="_blank" rel="noopener">said</a> it had secured an order worth ₹9.3 billion (~$127.5 million) from a Saudi Arabia-based renewable energy company in Egypt&#8217;s Kom Ombo region. The order is scheduled to be commissioned by the first quarter of 2022. The company has executed five projects of over 322 MWp in Benban Solar Park in Egypt.</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/nithin-thomas-prasad/" class="vcard author" rel="author"><span class="fn">Nithin Thomas</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/Nithin-2-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Nithin Thomas,</strong> Staff reporter at Mercom India<br />
<a href="https://www.mercomindia.com/author/nithin-thomas-prasad/" target="_blank" rel="noopener">More articles from Nithin Thomas.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Nithin-2-1.jpg" width="102" height="102" /><a href="https://www.mercomindia.com/author/nithin-thomas-prasad/" rel="noopener">Nithin Thomas</a> is a staff reporter at Mercom India. Previously with Reuters News, he has covered oil, metals and agricultural commodity markets across global markets. He has also covered refinery and pipeline explosions, oil and gas leaks, Atlantic region hurricane developments, and other natural disasters. Nithin holds a Masters Degree in Applied Economics from Christ University, Bangalore and a Bachelor&#8217;s Degree in Commerce from Loyola College, Chennai.<a href="https://www.mercomindia.com/author/nithin-thomas-prasad/" rel="noopener">More articles from Nithin Thomas Prasad</a></div>
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Sterling and Wilson Subsidiary Acquires GCO Solar

<p><a href="https://ree.auto/" target="_blank" rel="noopener noreferrer">REE Automotive</a>, an Israel-based e-mobility company, has signed a merger agreement for a business combination with <a href="https://www.10xcapital.com/" target="_blank" rel="noopener noreferrer">10X Capital Venture Acquisition Corporation</a>, a special purpose vehicle company (SPAC), resulting in REE becoming a public company.</p>
<p>The combined company, which will be listed on the NASDAQ under the ticker REE, will have a market value of $3.1 billion. The pro forma merger value will be about $3.6 billion, REE Automotive said. The transaction will be completed by the end of the first half of 2021.</p>
<p>The transaction will provide around $500 million of gross cash proceeds to the company, including $201 million in cash held in trust by 10X Capital. Koch Strategic Platforms, Mahindra &amp; Mahindra, and Magna International will lead a $300 million funding in the combined company.</p>
<p>On closing the transaction, all existing investors and shareholders will continue to hold their equity ownership, including American Axle, <a href="https://www.mitsubishicorp.com/jp/en/index.html" target="_blank" rel="noopener noreferrer">Mitsubishi Corporation</a>, and Musashi Seimitsu Industry, and remain the combined company&#8217;s majority owners.</p>
<p>REE Automotive is an electric platform provider. REE has developed an EV platform that is completely flat, scalable, and modular providing customers full design freedom to create the broadest range of EV and autonomous vehicles.</p>
<p>REE&#8217;s EV platforms are said to enable carrying more passengers, cargos, and batteries than conventional electric or internal combustion vehicles. It has an order book for over 250,000 platforms, accounting for 27% of its cumulative expected revenue of $19.1 billion by 2026. The company expects to have a network of 15 integration centers by 2026 with an annual capacity of about 600,000 units</p>
<p>The transaction will also advance the mass production of the company&#8217;s REEcorner technology and modular EV platforms, expected to begin in 2023.</p>
<p><a href="https://www.mahindra.com/" target="_blank" rel="noopener noreferrer">Mahindra &amp; Mahindra</a>, an Indian automobile manufacturer and a part of Mahindra Group, <a href="https://mercomindia.com/mahindra-signs-ree-automotive-evs/" target="_blank" rel="noopener noreferrer">signed</a> a Memorandum of Understanding with REE Automotive in September 2020 to manufacture commercial electric vehicles for the global market. Mahindra said that the collaboration would help REE Automotive meet the demand for 200,000 to 250,000 EVs over the next few years.</p>
<p>In a similar transaction last month, EVgo Services, a wholly-owned subsidiary of LS Power and electric vehicle charging infrastructure provider, <a href="https://mercomindia.com/evgo-services-go-public-spac/" target="_blank" rel="noopener noreferrer">signed</a> an agreement for a business combination with Climate Change Crisis Real Impact I Acquisition Corporation, resulting in EVgo becoming a public company.</p>
<p>Image credit: REE Automotive</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/harsh-shukla/" class="vcard author" rel="author"><span class="fn">Harsh Shukla</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2022/02/Harsh-Shukla-293x300-1-new.jpg" width="99" height="102" /><a href="https://mercomindia.com/author/harsh-shukla/" target="_blank" rel="noopener"><strong style="color: #00b451">Harsh Shukla</strong> </a>is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.</p>
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Israel’s E-Mobility Company REE Automotive to go Public in a $3.6 Billion SPAC Deal

<p>Here are some noteworthy cleantech announcements of the day from around the world:</p>
<p><strong>ReneSola Energy Nantong, a joint venture of  Zhongnan Industry and ReneSola Yixing, has signed a cooperation agreement with Hai&#8217;An Economic and Technologic Development Zone for its solar manufacturing unit.</strong> The company had <a href="https://mercomindia.com/renesola-zhongnan-industry-build-3-gw-unit/" target="_blank" rel="noopener noreferrer">previously stated</a> that 2 billion Chinese Yuan (~$298. 11 million) would be invested to develop the new solar module manufacturing facility. With an annual production capacity of 3 GW, the new manufacturing facility is expected to start production by the end of 2020.</p>
<p><a href="https://www.kkr.com/" target="_blank" rel="noopener noreferrer"><strong>KKR</strong></a><strong>, a global investment company, has launched Virescent Infrastructure, a newly created platform to acquire renewable energy assets in India.</strong> Virescent, headquartered in Mumbai, aims to expand its diversified portfolio of renewable energy assets, facilitated by investments made through KKR&#8217;s infrastructure fund. Virescent currently has 317 MW of solar assets located in Maharashtra and Tamil Nadu. KKR also entered into a definitive agreement to acquire other operating solar projects across the three different states. Once closed, these projects are expected to become part of the Virescent platform.</p>
<p><strong>FIMER, a solar inverter manufacturer and e-mobility solutions provider, has </strong><a href="https://www.fimer.com/fimer-drives-new-era-e-mobility" target="_blank" rel="noopener noreferrer"><strong>launched</strong></a><strong> a new portfolio of residential and commercial electric vehicle (EV) chargers.</strong> For residential applications, the company introduced its FIMER FLEXA AC Wallbox, a wall or stand mounted charger in three different models. The wall box is made from 100% recycled plastics. It also developed three different models of EV chargers for commercial installations like supermarkets and parking lots.</p>
<p><strong>Iberdrola, a Spain-based electric utility company, has </strong><a href="https://www.iberdrola.com/press-room/news/detail/iberdrola-fertiberia-place-spain-forefront-green-hydrogen-europe-with-1-8-billion-investment-projected-2027" target="_blank" rel="noopener noreferrer"><strong>joined</strong></a><strong> hands with Fertiberia to install 800 MW of green hydrogen production capacity in Spain, with an investment of € 1.8 billion (~$ 2.11 billion) over seven years. </strong>The partners will commission the first green hydrogen facility for industrial use in Puertollano, Spain, in 2021. Both companies have plans to develop three additional green hydrogen production facilities between 2023 and 2027. The projects would cover 20% of Spain&#8217;s national target of 4 GW green hydrogen capacity by 2030.</p>
<p><strong>Vestas Wind Systems and Mitsubishi Heavy Industries Limited (MHI) </strong><a href="https://www.vestas.com/en/media/company-news?n=3814903#!NewsView" target="_blank" rel="noopener noreferrer"><strong>signed</strong></a><strong> an agreement based on which Vestas would acquire MHI&#8217;s shares in the MHI Vestas Offshore Wind joint venture.</strong> As part of the deal,  MHI will acquire 2.5% in Vestas and will be nominated to a seat on Vestas&#8217; Board of Directors. Vestas is set to acquire MHI&#8217;s 50% share in the MHI Vestas Offshore Wind joint venture against 5.04 million shares in Vestas that will be issued at the closing of the transaction. With a value of around €709 million (~ 829.90 million), the transaction is expected to take place within either the fourth quarter of 2020 or the first quarter of 2021.</p>
<p>Here is our <a href="https://mercomindia.com/daily-news-wrap-up-solar-inverter/" target="_blank" rel="noopener noreferrer">previous</a> daily news wrap-up.</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/harsh-shukla/" class="vcard author" rel="author"><span class="fn">Harsh Shukla</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2022/02/Harsh-Shukla-293x300-1-new.jpg" width="99" height="102" /><a href="https://mercomindia.com/author/harsh-shukla/" target="_blank" rel="noopener"><strong style="color: #00b451">Harsh Shukla</strong> </a>is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.</p>
<p><a href="https://mercomindia.com/author/harsh-shukla/">More articles from Harsh Shukla.</a></p>
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Daily News Wrap-Up: KKR Launches Platform to Acquire Renewable Assets in India

<p><a href="https://www.dsm.com/corporate/home.html" target="_blank" rel="noopener noreferrer">Royal DSM</a>, a  Netherlands-based multinational corporation, has decided to sell its Resins &amp; Functional Materials and associated business for an equity value of €1.6 billion (~$ 1.87 billion). The deal for the sale has been signed with German adhesive manufacturer <a href="https://www.covestro.com/en" target="_blank" rel="noopener noreferrer">Covestro AG</a>.</p>
<p>The company said that the transaction would include its all Resins &amp; Functional Material businesses, including DSM Niaga®, DSM Additive Manufacturing, and the coating activities of DSM Advanced Solar. However, DSM Advanced Solar’s activities in next-generation backsheets for photovoltaic modules remain a part of the company.</p>
<p>According to the company, DSM Resins and Functional Materials business comprises the sustainable coatings division and functional materials division, which supply products like resins for consumption in paints, other industrial applications, and optical fiber coatings. DSM advanced solar coatings are utilized in solar glasses.</p>
<p>According to its press statement, the transaction is expected to be completed in the first half of 2021. Upon closing of the transaction, the company is expected to receive around €1.4 billion (~$ 1.64 billion) in cash, including repayments of Resins &amp; Functional Materials’ net debt, capital gains tax, and after transaction costs.</p>
<p>“This sale builds on our approach of actively managing our businesses, as DSM continues to evolve as a purpose-lead science-based company operating in the field of nutrition, health, and sustainable living. The deal delivers strong value to DSM and strategically attractive for all parties,” said Geraldine Matchett and Dimitri de Vreeze, Co-Chief Executive Officers of Royal DSM.</p>
<p>These businesses represented €1.012 billion (~$ 1. 18 billion) of the company’s total net sales in 2019, as well as its total earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) worth €133 million (~$ 156.21 million) in 2019. The company would provide the rehashed figures of its materials cluster before its results for the third quarter.</p>
<p>The company stated that the collaboration of Covestro AG and DSM’s resins &amp; functional materials unit would develop the business with advanced scale and technological capabilities, benefitting its consumers and employees.</p>
<p>According to Mercom Capital Group’s Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/1h-q2-2020-solar-funding-ma-report/" target="_blank" rel="noopener noreferrer">Report</a>, in the first half of 2020, there were a total of 25 solar M&amp;A transactions of which six of them disclosed transaction amount totaling $184 million.</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/harsh-shukla/" class="vcard author" rel="author"><span class="fn">Harsh Shukla</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2022/02/Harsh-Shukla-293x300-1-new.jpg" width="99" height="102" /><a href="https://mercomindia.com/author/harsh-shukla/" target="_blank" rel="noopener"><strong style="color: #00b451">Harsh Shukla</strong> </a>is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.</p>
<p><a href="https://mercomindia.com/author/harsh-shukla/">More articles from Harsh Shukla.</a></p>
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Royal DSM to Sell Solar Coating Business in a  €1.6 Billion Deal

<p><a href="https://www.chargepoint.com/" target="_blank" rel="noopener noreferrer">ChargePoint</a>, a U.S.-based electric charging network company, announced that it had signed a definitive business combination agreement with publicly traded special-purpose acquisition company <a href="https://switchback-energy.com/" target="_blank" rel="noopener noreferrer">Switchback Energy Acquisition Corporation</a>.</p>
<p>The transaction is expected to be completed by the end of the fourth quarter of 2020, according to its press statement. The company will be named ChargePoint Holdings Corporation and listed on the New York Stock Exchange upon completing the transaction. Pasquale Romano, the President, and CEO, and the existing management team will continue to lead the company.</p>
<p>The business combination has valued ChargePoint at $2.4 billion enterprise value. After the closing of the transaction, ChargePoint will have approximately $683 million in cash, resulting in a pro forma equity value of about $3 billion. Cash proceeds raised in the transaction will be used to repay debt, fund operations, support growth, and utilized for general corporate purposes.</p>
<p>The proceeds will be financed through $317 million in cash from Switchback and $225 million through private investment in public equity (PIPE) of common stock valued at $10/share. PIPE refers to the practice of buying shares of a publicly-traded stock at a price lower than the current market value.</p>
<p>The electric charging network company said that the net proceeds of around $493 million would be utilized to expand its portfolio in North America and Europe, to enhance technology, and to scale its commercial, fleet, and residential business.</p>
<p>&#8220;The electric vehicle charging industry is accelerating, and it is expected that charging infrastructure investment will be $190 billion by 2030. As a first-mover in the space, ChargePoint is well-positioned to deliver critical charging infrastructure as expected transition to electric mobility accelerates,&#8221; said Scott McNeill, CEO, CFO, and Director of Switch Bank Energy Acquisition Corporation.</p>
<p>ChargePoint currently holds over 115,000 public and private charging stations globally. It also provides 133,000 public places to charge electric vehicles through network roaming collaboration in Europe and North America.</p>
<p>According to Mercom Capital Group&#8217;s Battery Storage, Smart Grid and Efficiency Funding and M&amp;A <a href="https://mercomcapital.com/product-category/clean-energy-reports/smart-grid-reports/" target="_blank" rel="noopener noreferrer">Report</a>, about $897.5 million has been raised by smart charging of plug-in hybrid vehicles (PHEV) and vehicle to grid (V2G) technology companies since 2012.</p>
<p>ChargePoint has so far raised 575.10 million in funding. Recently the company <a href="https://mercomindia.com/funding-ma-roundup-chargepoint-first-solar/" target="_blank" rel="noopener noreferrer">secured</a> $127 million in incremental equity financing.</p>
<p>&nbsp;</p>
<p>Image credit: ChargePoint</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/harsh-shukla/" class="vcard author" rel="author"><span class="fn">Harsh Shukla</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2022/02/Harsh-Shukla-293x300-1-new.jpg" width="99" height="102" /><a href="https://mercomindia.com/author/harsh-shukla/" target="_blank" rel="noopener"><strong style="color: #00b451">Harsh Shukla</strong> </a>is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.</p>
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EV Charging Network Provider ChargePoint Signs Deal to List on New York Stock Exchange

<p>United Renewable Energy (<a href="https://www.urecorp.com/us/index.php" target="_blank" rel="noopener noreferrer">URE</a>), a Taiwan-based solar cell and module maker, announced its plans to sell one of its manufacturing units in the country to consolidate its production efforts.</p>
<p>It said that its board of directors approved the disposal of the Jhunan Kebei manufacturing facility for NT$1.04 billion (~$35.3 million) to Taiwan Mask Corporation, a manufacturer of masks for semiconductor production processes. It expects the transfer to be complete by the end of the year.</p>
<p>The company noted that it would continue to manufacture solar cells and modules in its other production sites in Taiwan and adjust production based on market demand.</p>
<p>URE, formerly called Neo Solar Power Corporation, also announced that its board of directors approved the sale of NT$170 million (~$5.8 million) of Neo Cathay Power &#8211; a joint venture between URE and Cathay Insurance &#8211; to Cathay Insurance. It expects this transaction to be completed by Q3 2020.</p>
<p>It said that Neo Cathay Power was set up in 2016 to focus on investing, constructing, and managing operations of domestic solar projects. It currently holds around 98 solar projects in the company.</p>
<p>URE added that it plans to cooperate with Cathay Insurance in the future to invest and develop more solar projects as it works with other insurance companies to develop large solar projects in the country.</p>
<p>In April, Mercom <a href="https://mercomindia.com/chenya-energy-financing-floating-solar-project/" target="_blank" rel="noopener noreferrer">reported</a> that Taiwanese solar power developer, Chenya Energy Company Limited, announced the receipt of TWD 7.2 billion (~$239.2 million) in financing for a 180 MW floating solar project in the Changhua Coastal Industrial Park.</p>
<p>Also, it was previously <a href="https://mercomindia.com/marubeni-acquires-chenya-energy-floating-solar-business/" target="_blank" rel="noopener noreferrer">reported</a> that Marubeni Corporation had executed a share purchase agreement with I Squared Capital to acquire Chenya Energy Company Limited, which is one of the leading solar power developers in Taiwan. I Squared Capital, through its ISQ Global Infrastructure Fund I, agreed to sell its interests in Chenya Energy to Marubeni Corporation. The main focus of Marubeni through this acquisition was to expand its floating solar business in Taiwan as well as other regions.</p>
<p>Last year, BlackRock Real Assets, a global investment management company, <a href="https://mercomindia.com/blackrock-buy-solar-projects-taiwan/" target="_blank" rel="noopener noreferrer">announced</a> its plans to expand its renewable power portfolio in Asia. The Fund, which is a private fund managed by BlackRock Real Assets, is set to buy a 115 MW solar portfolio comprising 14 projects in Taiwan from New Green Power and J&amp;V Energy.</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/nithin-thomas-prasad/" class="vcard author" rel="author"><span class="fn">Nithin Thomas</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/Nithin-2-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Nithin Thomas,</strong> Staff reporter at Mercom India<br />
<a href="https://www.mercomindia.com/author/nithin-thomas-prasad/" target="_blank" rel="noopener">More articles from Nithin Thomas.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Nithin-2-1.jpg" width="102" height="102" /><a href="https://www.mercomindia.com/author/nithin-thomas-prasad/" rel="noopener">Nithin Thomas</a> is a staff reporter at Mercom India. Previously with Reuters News, he has covered oil, metals and agricultural commodity markets across global markets. He has also covered refinery and pipeline explosions, oil and gas leaks, Atlantic region hurricane developments, and other natural disasters. Nithin holds a Masters Degree in Applied Economics from Christ University, Bangalore and a Bachelor&#8217;s Degree in Commerce from Loyola College, Chennai.<a href="https://www.mercomindia.com/author/nithin-thomas-prasad/" rel="noopener">More articles from Nithin Thomas Prasad</a></div>
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