PFCL Floats Empanelment Tender for Metering Infrastructure Service Providers

Solarium Green Energy Receives BSE Nod for Initial Public Offering

Power Transmission Company Kalpataru Projects Raises ₹10 Billion in QIP

Himachal Regulator Approves Tariff for 900 MW Hybrid Power Projects

Daily News Wrap-Up: HPERC Allows DISCOM To Procure 550 MW Solar Power

MES Invites Bids for Maintenance of 1.7 MW Solar Project

Exploring Solar Open Access Potential in Odisha and Haryana

Karnataka Floats EPC Tender for 1.2 MW Solar Project

Himachal Regulator Allows DISCOM to Procure 550 MW Solar Power from SECI

Agri-Solar Solutions Provider GK Energy Files Papers for ₹5.01 Billion IPO


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					</table><p>Here are the top five funding deals in the solar sector in India during 2023 according to Mercom’s <a href="https://www.mercomindia.com/product/q3-2023-india-solar-market-update">Q3 2023 India Solar Market Update</a> report:</p>
<p>Adani New Industries, a wholly owned subsidiary of <a href="https://www.adanienterprises.com/">Adani Enterprises</a>, <a href="https://www.mercomindia.com/adani-394-million-barclays-deutsche-bank-solar-manufacturing">secured</a> a trade finance facility amounting to $394 million (~$32.3 billion) from <a href="https://home.barclays/">Barclays PLC</a> and <a href="https://www.db.com/index?language_id=1&amp;kid=sl.redirect-en.shortcut">Deutsche Bank AG</a>. The financial support is intended to meet the working capital requirements of its integrated solar module manufacturing facility. Adani is establishing a comprehensive 10 GW solar manufacturing ecosystem in Mundra, encompassing polysilicon to module manufacturing, ancillaries, and supporting utilities. The company is also actively engaged in building an integrated green hydrogen business ecosystem, which includes manufacturing solar modules and wind turbines.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-61673 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture1-2.jpg" alt="" width="1379" height="207" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture1-2.jpg 1379w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture1-2-300x45.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture1-2-768x115.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture1-2-650x98.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture1-2-624x94.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture1-2-600x90.jpg 600w" sizes="(max-width: 1379px) 100vw, 1379px" /></p>
<p><a href="https://www.cleanmax.com/" target="_blank" rel="noopener">CleanMax</a>, a Mumbai-based renewable energy company, <a href="https://www.mercomindia.com/cleanmax-360-million-funding-expand-ci-portfolio" target="_blank" rel="noopener">concluded</a> an equity fund raise of approximately $360 million (~₹29.57 billion) from <a href="https://www.brookfield.com/our-businesses/renewable-power-transition" target="_blank" rel="noopener">Brookfield Renewable</a> through the Brookfield Global Transition Fund. The funding, consisting of primary and secondary investments, is aimed at supporting CleanMax’s growth plans of installing 5 GW of renewables within three to four years. The company is focused on expanding its commercial and industrial footprint, both domestically and internationally.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-61674 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture2-1.jpg" alt="" width="1379" height="207" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture2-1.jpg 1379w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture2-1-300x45.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture2-1-768x115.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture2-1-650x98.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture2-1-624x94.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture2-1-600x90.jpg 600w" sizes="(max-width: 1379px) 100vw, 1379px" /></p>
<p>Tata Power Renewable Energy (<a href="https://www.tatapowerrenewables.com/" target="_blank" rel="noopener">TPREL</a>), a subsidiary of <a href="https://www.tatapower.com/" target="_blank" rel="noopener">Tata Power</a>, <a href="https://www.mercomindia.com/tata-power-renewable-sale-shares-greenforest" target="_blank" rel="noopener">received</a> a capital infusion of ₹20 billion ($260 million) in the final round from UK-based GreenForest New Energies, bringing the total equity raised from GreenForest New Energies to ₹40 billion ($525 million). This funding will support various businesses under Tata Power, including utility-scale solar, wind, and hybrid generation assets, solar cell and module manufacturing, EPC contracting, rooftop solar infrastructure, solar pumps, and electric vehicle charging infrastructure. TPREL aims to achieve a portfolio of over 20 GW of renewable assets in the next five years.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-61675 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture3-1.jpg" alt="" width="1379" height="207" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture3-1.jpg 1379w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture3-1-300x45.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture3-1-768x115.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture3-1-650x98.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture3-1-624x94.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture3-1-600x90.jpg 600w" sizes="(max-width: 1379px) 100vw, 1379px" /></p>
<p><a href="https://www.amp.energy/renewable-energy/india" target="_blank" rel="noopener">Amp Energy India</a>, an integrated renewable energy power producer, <a href="https://www.mercomindia.com/amp-energy-india-expand-renewable-portfolio" target="_blank" rel="noopener">secured</a> up to $250 million (~₹20.44 billion) in funding from <a href="https://www.smbc.co.jp/global/" target="_blank" rel="noopener">Sumitomo Mitsui Banking Corporation of Japan</a>, the <a href="https://www.icgam.com/" target="_blank" rel="noopener">Intermediate Capital Group</a>, and the <a href="https://www.aiib.org/en/index.html" target="_blank" rel="noopener">Asian Infrastructure Investment Bank</a>. The funding is to enable Amp Energy India to expand its operations, accelerate its growth strategy, and meet the rising demand for renewable energy solutions in India.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-61676 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture4-1.jpg" alt="" width="1379" height="207" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture4-1.jpg 1379w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture4-1-300x45.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture4-1-768x115.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture4-1-650x98.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture4-1-624x94.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture4-1-600x90.jpg 600w" sizes="(max-width: 1379px) 100vw, 1379px" /></p>
<p><a href="https://www.junipergreenenergy.com/" target="_blank" rel="noopener">Juniper Green Energy</a>, an independent renewable energy power producer operating in solar, wind, and hybrid power projects, <a href="https://www.mercomindia.com/juniper-green-energy-from-at-capital-group-vitol" target="_blank" rel="noopener">received</a> a $150 million investment from <a href="https://atcapital.com.sg/" target="_blank" rel="noopener">AT Capital Group</a> and <a href="https://www.vitol.com/" target="_blank" rel="noopener">Vitol</a> to support the expansion of its operational capacity. This investment follows a previous infusion of $200 million from the same investors nearly two years ago. Juniper Green Energy aims to triple its operational capacity to 2.5 GW by 2026, with a development pipeline of over 3 GW across solar, wind, and hybrid power projects.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-61677 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture5-1.jpg" alt="" width="1379" height="207" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture5-1.jpg 1379w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture5-1-300x45.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture5-1-768x115.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture5-1-650x98.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture5-1-624x94.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Picture5-1-600x90.jpg 600w" sizes="(max-width: 1379px) 100vw, 1379px" /></p>
<p><strong>: </strong>ReNew Energy, Hero Future, Adani Green, Qatar Investment, Virescent, IndiGrid, Funding Deals, 2023</p>


India’s Top Five Solar Energy Funding Deals in 2023 [Infographics]


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					</table><p><a href="https://www.mercomindia.com/new-players-indian-solar-market-cy-2022" target="_blank" rel="noopener"><strong>As the Indian solar industry navigates through rapid policy changes to meet the ambitious 30 GW of annual capacity addition target,</strong></a> new companies are emerging to take the top ten slot in various segments of the sector. Mercom India’s ‘India Solar Market Leaderboard 2023‘report documents the trend. The report covers the market share and rankings across the Indian solar supply chain for the calendar year 2022.</p>
<p><strong><a href="https://www.mercomindia.com/government-cuts-module-fees-enlist-approved-suppliers" target="_blank" rel="noopener">The Ministry of New and Renewable Energy (MNRE) has reduced the application and inspection fees for enlistment in the Approved List of Models and Manufacturers (ALMM).</a></strong> The application fees have been reduced by 80% compared to the earlier structure. The Ministry also increased the ALMM enlistment validity from two years to four years. Commenting on the changes, B.S. Bhalla, Secretary, MNRE, said that the changes in the ALMM for photovoltaic modules would enhance the ease of doing business and help ramp up the domestic production of solar photovoltaic modules for catering to the current and future demand.</p>
<p><a href="https://www.mercomindia.com/indigrid-acquire-virescent-renewable-energy-%e2%82%b940-billion" target="_blank" rel="noopener"><strong>Renewables-focused infrastructure investment trust Virescent Renewable Energy Trust has signed definitive agreements under which IndiGrid will acquire all units of Virescent</strong></a> for up to ₹40 billion (~$487 million). IndiGrid executed a unit purchase agreement with Virescent on May 12, 2023, to acquire 100% of the latter’s units in one or more tranches. The signing of the agreement follows a competitive sales process that attracted interest from several investors based in markets globally.</p>
<p><a href="https://www.mercomindia.com/green-hydrogen-company-h2b2-public-merger" target="_blank" rel="noopener"><strong>H2B2 Electrolysis Technologies, a Spain-based electrolyzer manufacturer and green hydrogen project developer, has reached a $750 million business combination deal with RMG Acquisition Corp III</strong></a>, a special acquisition company. The transaction is conditioned upon the completion of a capital raise of at least $40 million with a potential horizon of $125 million, the completion of a cashless warrant exchange by RMG III, and approval by RMG’s shareholders.</p>
<p><a href="https://www.mercomindia.com/experts-redesign-indian-electricity-market" target="_blank" rel="noopener"><strong>A committee of experts constituted by the Ministry of Power to develop India’s electricity market has proposed comprehensive solutions to address key issues</strong></a> such as long-term contracts, resource adequacy planning, and increasing renewable energy’s share in the overall energy mix. The solutions aim to create an efficient, optimal, and reliable market framework to enable renewable energy transition and integration into the grid.</p>
<p><a href="https://www.mercomindia.com/daily-wrap-up-gujarat-consultancy-tender-floating-solar" target="_blank" rel="noopener"><strong>Indian module manufacturers would be unaffected by the ALMM extension, as the government has already rolled out programs like the domestic content requirement for projects installed under the PM KUSUM, rooftop, or the CPSU programs, Lalit Bohra,</strong></a> Joint Secretary at MNRE, commented on the sidelines of the Mercom India Renewable Summit 2023. Bohra added that the local content requirement in the various government procurements also exists. So, there is a market for everyone here, which would ensure scaling manufacturing capacity in the country.</p>
<p><a href="https://www.mercomindia.com/kerala-bids-consultant-viability-of-green-projects" target="_blank" rel="noopener"><strong>The Travancore Cochin Chemicals (TCC) has invited bids for a consultant to suggest various means of optimizing the power cost and conduct a viability study for green power project models.</strong></a> The study’s broad objective is to suggest ways to optimize the power cost of TCC by setting up power projects producing green energy through various models with their cost-benefit analysis and sourcing cheap conventional and non-conventional power through other suitable means like bilateral agreements of suitable duration with cost-benefit analysis. The last date to submit the bids is May 29, 2023. Bids will be opened the following day.</p>
<p><a href="https://www.mercomindia.com/tamil-nadu-newsprint-rooftop-solar" target="_blank" rel="noopener"><strong>Tamil Nadu Newsprint and Papers has invited bids to install 2.2 MW of grid-connected captive rooftop solar projects under the CAPEX model atop its buildings.</strong></a> The project should be completed 90 days from the date of site clearance. The developer must provide comprehensive operational and maintenance for five years. The last day to submit the bids is May 31, 2023.</p>
<p><a href="https://www.mercomindia.com/uttar-pradesh-om-mini-grid-solar-projects" target="_blank" rel="noopener"><strong>The Uttar Pradesh New and Renewable Energy Development Agency has invited bids for the operation &amp; maintenance (O&amp;M) of 2.88 MW of mini-grid and decentralized distributed</strong></a> generation solar projects in Uttar Pradesh on a revenue model basis. The O&amp;M agreement will be valid for 20 years and would be reviewed every five years. The last day to submit the bids is May 22, 2023. The bids will be opened on the next day.</p>
<p><a href="https://www.mercomindia.com/rajasthan-electronics-222-ev-charging-stations-india" target="_blank" rel="noopener"><strong>Rajasthan Electronics and Instruments has invited bids to empanel agencies for location identification and installation of 222 electric vehicle charging stations across the country.</strong></a> The successful bidder will be responsible for the O&amp;M of the charging stations for ten years from the date of the signing of the agreement. The last date to submit the bids online is May 17, 2023. Bids will be opened the following day.</p>
<p><a href="https://www.mercomindia.com/solar-tracker-soltec-q1-net-loss-drops" target="_blank" rel="noopener"><strong>Solar tracker maker Soltec Power Holdings’s net loss narrowed to €9.6 million (~$10.4 million) in the first quarter of the financial year 2023</strong></a> compared to a net loss of €15.5 million (~$17 million) year-over-year (YoY), mainly due to lower cost despite a decline in revenue. Soltec’s quarterly revenue declined by 21.5% YoY to €76.8 million (~$83.5 million), primarily due to a lower volume of solar tracker sales during the quarter, with the company delivering 300 MW compared to 900 MW YoY.</p>
<p><a href="https://www.mercomindia.com/battery-storage-flux-powers-q3-net-loss-narrows-higher-volume" target="_blank" rel="noopener"><strong>The net loss of lithium-ion storage solutions provider Flux Power Holdings narrowed to $1.4 million in the third quarter of the financial year 2022-23</strong></a> compared to the loss of $3.7 million year-over-year. The company said that the loss reduction reflects higher sales and lower costs associated with revenue. However, these were partially offset by increased operating expenses related to the development of new products.</p>
<p><strong><a href="https://www.mercomindia.com/europe-32-trillion-investment-net-zero-2050" target="_blank" rel="noopener">Europe will need to invest over $32 trillion in energy and related technologies to achieve a net-zero economy by 2050, according to BloombergNEF.</a></strong> Although Europe has invested $227 billion in the low-carbon energy transition, the average annual investments into clean energy supply, electric vehicles, heat pumps, and sustainable materials need to rise by more than three times this level for the rest of this decade and more than four times in the 2030s to stay on track towards a net-zero economy.</p>


Daily News Wrap-Up: Mercom Announces Solar Market Leaders of 2022


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					</table><p>Renewables-focused infrastructure investment trust (InvIT) Virescent Renewable Energy Trust (<a href="https://virescent.co.in/" target="_blank" rel="noopener">VRET</a>) said it has signed definitive agreements under which <a href="https://www.indigrid.co.in/" target="_blank" rel="noopener">IndiGrid</a> will acquire all units of Virescent for up to ₹40 billion (~$487 million).</p>
<p>IndiGrid executed a unit purchase agreement with Virescent on May 12, 2023, to acquire 100% of the latter’s units, in one or more tranches.</p>
<p>The signing of the agreement follows a competitive sales process that attracted interest from several investors based in markets globally.</p>
<p>Terra Asia Holdings  is the seller of the units of VRET and is controlled and managed solely by Kohlberg Kravis Roberts &amp; Company, along with one of the IndiGrid sponsors, and is a related party of IndiGrid.</p>
<p>Since its launch, Virescent has scaled its portfolio, which now includes 16 operating solar projects totaling 538 MW of capacity with ₹41.2 billion (~$501 million) worth of assets under management as of March 2021.</p>
<p>VRET recently also announced its sixth acquisition, which will bring its total capacity to 563 MW once the transaction is completed.</p>
<p>Virescent Renewable Trust’s revenue stood at ₹5.3 billion (~$65 million), and the trust’s total distribution was worth ₹3.5 billion (~$43 million) during 2023 while it is ₹7.2 billion (~$88 million) since the formation of InvIT.</p>
<p>IndiGrid owns 17 power projects with transmission lines of more than 8,468 circuit kilometers, 13 substations with ~17,550 MVA transformation capacity, and 100 MW of solar generation capacity. Set up in 2016, it is India’s first InvIT in the power transmission sector.</p>
<p>Virescent’s CEO Sanjay Grewal said, “As India marches towards becoming the most populous country globally, renewable energy solutions will grow in their importance as an energy source for its citizens and economic progress. We are delighted to enter into this landmark transaction with IndiGrid, given our common strategic focus to expand our renewable energy portfolio and synergies across both platforms after a highly competitive process.”</p>
<p>Backed by global investment firm <a href="https://www.kkr.com/" target="_blank" rel="noopener">Kohlberg Kravis Roberts &amp; Company</a>, the Virescent Renewables Trust was established in 2020 to acquire renewable energy assets in India against a backdrop of the country’s rapidly growing renewable energy demands.</p>
<p>In March this year, Godawari Green Energy, a wholly-owned subsidiary of Virescent Renewable Energy Trust, <a href="https://www.mercomindia.com/virescent-acquires-solar-project-gujarat" target="_blank" rel="noopener">acquired</a> a 25 MW operational solar project from Samta Energy in the Surendranagar district of Gujarat.</p>
<p>Recently, IndiGrid <a href="https://www.mercomindia.com/indigrid-%e2%82%b911-4-billion-ifc-through-debenture-issue" target="_blank" rel="noopener">announced</a> that the International Finance Corporation has invested ₹11.4 billion (~$138.74 million) in its listed non-convertible debentures. IndiGrid intends to use this debt to fund its refinancing needs for the fiscal year 2024.</p>


IndiGrid to Acquire Virescent Renewable Energy Trust for ₹40 Billion


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					</table><p>Godawari Green Energy (GGEPL), a wholly-owned subsidiary of investment firm Kohlberg Kravis Roberts (<a href="https://www.kkr.com/" target="_blank" rel="noopener">KKR</a>)-backed <a href="https://virescent.co.in/" target="_blank" rel="noopener">Virescent Renewable Energy Trust</a> has acquired a 25 MW operational solar project from <a href="http://samtaenergy.com/index.html" target="_blank" rel="noopener">Samta Energy</a> in Surendranagar district of Gujarat.</p>
<p>The estimated cost of the acquisition is ₹1.4 billion (~$17 million).</p>
<p>The project’s total revenue stood at ₹555 million (~$7 million) in 2022.</p>
<p>In February 2022, Virescent Renewable Energy Trust signed a share purchase agreement to  <a href="https://mercomindia.com/virescent-acquires-godawari-green-energy/" target="_blank" rel="noopener">acquire</a> 100% shareholding and management control in GGEPL for ₹6.65 billion (~$98.11 million).</p>
<p>Incorporated in July 2009, Godawari Green Energy operates a 50 MW concentrated solar power project (parabolic trough) in Rajasthan. It entered into a 25-year power purchase agreement with NTPC Vidyut Vyapar Nigam in January 2011 at a fixed tariff of ₹12.20 (~$0.16)/kWh. The project was commissioned in June 2013.</p>
<p>Samta Energy signed a power purchase agreement (PPA) with the Gujarat Urja Vikas Nigam in January 2011 for a period of 25 years. The project was commissioned in December 2011.</p>
<p>Virescent Renewable Energy Trust has a portfolio of 16 operational solar power projects with a cumulative capacity of 538 MW across seven Indian states.</p>
<p>For all 16 projects, Virescent has signed PPAs with various government offtakers for 25 years.</p>
<p>In 2021, the trust had <a href="https://mercomindia.com/virescent-acquires-projects-focal-energy/" target="_blank" rel="noopener">acquired</a> a 49 MW solar portfolio from five special purpose vehicles of Focal Energy for ₹3.54 billion (~$46.73 million).</p>
<p>Last September, Virescent Renewable Energy Trust <a href="https://mercomindia.com/virescent-to-acquire-100-mw-of-solar-projects-from-jakson/" target="_blank" rel="noopener">initiated</a> discussions to acquire about 100 MW of solar projects from Jakson Group. The portfolio comprises three operational solar power projects in Uttar Pradesh and Rajasthan. The Jakson acquisition would take Virescent’s total operation solar capacity to 600 MW and will come closer to achieving a 1.5 GW portfolio of assets over the next two-three years.</p>
<p>Last month, the Competition Commission of India <a href="https://mercomindia.com/competition-watchdog-450-million-hero-futures-energies/" target="_blank" rel="noopener">approved</a> a $450 million investment through the subscription of compulsorily convertible preference shares of Hero Group’s renewable arm, Hero Future Energies by Ardor Holding II, is a special purpose vehicle indirectly owned by KKR.</p>


Virescent Subsidiary Acquires 25 MW Solar Project in Gujarat


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					</table><p>Virescent Renewable Energy Trust (<a href="https://virescent.co.in/" target="_blank" rel="noopener">VRET</a>), a renewable energy platform backed by the global investment firm Kohlberg Kravis Roberts &amp; Company (KKR) in India, is in the advanced stages of discussions to acquire about 100 MW of solar projects from Jakson Group.</p>
<p>The portfolio comprises three operational solar power projects in Uttar Pradesh and Rajasthan. The projects have long-term power purchase agreements with NTPC Vidyut Vyapar Nigam and Uttar Pradesh Power Corporation for 25 years. Virescent completed the acquisition of one of the three projects &#8211; the 12.4 MW project at the Lalitpur district in Uttar Pradesh &#8211; earlier this month.</p>
<p>“Jakson is one of the most established and diversified energy players in India. This new venture is a testimony to the company’s increasing footprint and focuses on sustainable growth in the renewable energy sector, and we look forward to further expanding our relationship with them,” said Sanjay Grewal, Chief Executive Officer, Virescent Infrastructure Investment Manager.</p>
<p>The Jakson acquisition would take Virescent’s total operation solar capacity to 600 MW and will come closer to achieving a 1.5 GW portfolio of assets over the next two-three years. Virescent plans to expand its diversified portfolio of operational renewable energy assets by identifying investment opportunities with stable cash flows stemming from long-term contracts with state and central government-owned power utilities across India.</p>
<p>Jakson Group, an energy and infrastructure company, owns and operates a solar portfolio of about 200 MW. It recently announced the commissioning of a 70 MW project in the Amguri solar park in Assam.</p>
<p>In July, Jakson <a href="https://mercomindia.com/jakson-group-launches-new-venture-to-focus-on-green-hydrogen-and-energy-storage/" target="_blank" rel="noopener">launched</a> Jakson Green, focusing on green hydrogen, green ammonia, waste-to-energy, electrolyzers, fuel cells, and utility-scale battery energy storage systems. It will also provide solar and related operation and maintenance services.</p>
<p>In February, VRET signed a share purchase agreement to acquire 100% shareholding and management control in Godawari Green Energy Limited for ₹6.65 billion (~$98.11 million).</p>
<p>In December 2021, it <a href="https://mercomindia.com/virescent-acquires-projects-focal-energy/" target="_blank" rel="noopener">acquired</a> a 49 MW solar portfolio from five special purpose vehicles of Focal Energy for ₹3.54 billion (~$46.73 million).</p>
<p>In November, VRET <a href="https://mercomindia.com/vret-debt-financing/" target="_blank" rel="noopener">raised</a> ₹21.5 billion through listed non-convertible debentures and long-term debt financing. It also secured ₹10 billion (~$134.41 million) in its maiden issuance across 3, 5, and 7 year-tranches. The proceeds were expected to help refinance existing debt and fund future acquisitions.</p>


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