PSERC Approves Punjab Transmission Corporation’s FY 2026 Revenue Requirement

Funding and M&A Roundup: Apricus Generation Secures $30 Million

Project Finance Brief: Renewable Power Capital Acquires 1.9 GW Solar and Wind Projects

SECI Floats Tenders for 4.55 MW Rooftop Solar Projects in Five States

CEA Clarifies Energy Storage Integration Applies Only to Future Solar Tenders

Daily News Wrap-Up: Bihar Includes Distributed Renewable Energy in RPO

Local Manufacturing Mandate for EV Parts May Cause Short-term Supply Gaps, Price Rise

Global Energy Demand Up 2.2% in 2024, Amid Weather, Data Centers, Industrial Growth

Sterlite Power Bags Transmission Project to Evacuate 4.5 GW Renewable Energy

NRL Floats EoI to Supply Renewable Power for a Green Hydrogen Project


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2024/07/amazon_polly_67619.mp3?version=1719981416">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>The U.S. has announced plans for an offshore wind energy lease sale in the Central Atlantic region in a push for clean energy development along America&#8217;s coasts.</p>
<p>The auction, scheduled for August 14, 2024, could generate up to 6.3 GW of renewable energy, according to the <a href="https://www.doi.gov/" target="_blank" rel="noopener">Department of the Interior</a>. This is enough to power approximately 2.2 million homes.</p>
<p>The lease sale will offer two areas: one offshore Delaware and Maryland and another offshore Virginia. The Delaware/Maryland area covers 101,443 acres and is located about 26 nautical miles from Delaware Bay. The Virginia area encompasses 176,505 acres and sits roughly 35 nautical miles from the mouth of the Chesapeake Bay.</p>
<p>The Bureau of Ocean Energy Management (<a href="https://www.boem.gov/" target="_blank" rel="noopener">BOEM</a>) <a href="https://www.mercomindia.com/us-three-offshore-wind-energy-areas-central-atlantic" target="_blank" rel="noopener">finalized</a> these areas last year. It was said at the time that these areas potentially support 4 GW to 8 GW in energy generation when fully developed.</p>
<p>Since 2020, the U.S. has approved eight large-scale wind projects in federal waters and held four lease sales in various coastal areas, including the first-ever sales on the Pacific and Gulf of Mexico coasts. The Department of the Interior plans to hold up to 12 more lease sales by 2028.</p>
<p>The auction includes bidding credits for companies that commit to investing in workforce training programs or developing domestic supply chains for the offshore wind industry. Additionally, stipulations encourage project labor agreements and require regular communication with Tribes, agencies, and fisheries.</p>
<p>Seventeen companies have qualified to participate in the August sale.</p>
<p>Last year, the U.S. Department of Energy <a href="https://www.mercomindia.com/us-strategy-offshore-wind-2030" target="_blank" rel="noopener">released</a> its Offshore Wind Energy Strategy, which targets deploying 30 GW of offshore wind projects by 2030 while spurring $12 billion per year in direct private investment.</p>
<p>The strategy aims to lower costs from $73/MWh to $51/MWh by 2030, develop a domestic supply chain, and inform sustainable, just deployment of fixed-bottom offshore wind.</p>


US to Auction Areas in Central Atlantic Region for Offshore Wind Energy


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/06/amazon_polly_55832.mp3?version=1688127640">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p><a href="https://www.energixrenewables.com/" target="_blank" rel="noopener">Energix Renewables</a>, a U.S.-headquartered independent power producer, has closed two project financing transactions totaling $520 million with Santander Corporate &amp; Investment Banking (<a href="https://www.santandercib.com/" target="_blank" rel="noopener">Santander CIB</a>) and <a href="https://www.morganstanley.com/articles/decarbonization-renewable-energy-investment-ideas" target="_blank" rel="noopener">Morgan Stanley Renewables</a> to develop six utility-scale solar projects in the U.S.</p>
<p>The financing deals involve a consortium led by Santander CIB, providing a construction and term loan facility of $260 million, while Morgan Stanley acts as a tax equity investor with a commitment of $260 million.</p>
<p>The funds raised through these transactions will be used to develop six utility-scale solar projects in Virginia and Pennsylvania.</p>
<p>The projects cumulatively are expected to generate a combined capacity of 416 MW (DC), providing domestically produced power to local grids.</p>
<p>The company said the significant boost to the local economies would not only increase tax revenues but also create hundreds of well-paying construction jobs.</p>
<p>One project within the portfolio is the Adams Solar project, which is projected to meet 22% of the City of Philadelphia&#8217;s municipal electricity demand.</p>
<p>With the investment, Energix is projected to have 640 MW (DC) of operational projects by the end of 2023. The company said the expansion would contribute to the company&#8217;s investment in American energy infrastructure, approaching a total of $1 billion, and also strengthen the solar workforce in the Mid-Atlantic and promote sustainable energy solutions across the region.</p>
<p>&#8220;Energix is delighted to further strengthen its longstanding partnership with Morgan Stanley. This continued collaboration reinforces Energix&#8217;s position as a leading independent power producer in the US market,&#8221; stated Asa (Asi) Levinger, CEO of Energix.</p>
<p>The recent transaction marks the third tax equity deal between Energix and Morgan Stanley.</p>
<p>The company has established a new partnership with Santander CIB, expanding its collaboration to the U.S. The alliance aims to leverage Santander&#8217;s extensive network and resources, allowing Energix to expand its footprint.</p>
<p>&#8220;Santander Corporate &amp; Investment Banking is proud to continue supporting Energix in the development of their global renewable pipeline by expanding our existing relationship to the U.S., allowing the company to continue delivering high-quality utility-scale projects,&#8221; said Nuno Andrade, Head of Structured &amp; Acquisition Finance in the U.S.</p>
<p>Energix Renewables has said it would exclusively use modules from U.S.-based solar module manufacturer <a href="https://www.firstsolar.com/en-IN/" target="_blank" rel="noopener">First Solar</a> to ensure the use of domestically produced materials.</p>
<p>According to Mercom’s <a href="https://mercomcapital.com/product/q1-2023-solar-funding-ma-report/" target="_blank" rel="noopener">Q1 2023 Solar Funding and M&amp;A Report</a>, total corporate funding for solar companies, including from venture capital, public market, and debt financing, amounted to $8.4 billion in 42 deals in the first quarter of 2023, up 11% year-over-year compared to $7.5 billion raised in 49 deals.</p>


Energix Renewables Secures $520 Million for Six Solar Projects in the US

<p><a href="https://www.appalachianpower.com/" target="_blank" rel="noopener">Appalachian Power</a>, an electric utility in the United States, has invited bids to develop 300 MW of solar and wind projects. The request for bids is the first in a series of requests for proposal (RfP) that the company has planned for this year to comply with the Virginia Clean Economy Act (VCEA).</p>
<p>Under the VCEA, the company must meet the annual targets to achieve a 100% carbon-free economy in its Virginia territory by 2050.</p>
<p>Depending on the results of the RfP, the company may pursue additional resources beyond 300 MW. The minimum bid capacity for this RfP has been fixed as 50 MW.</p>
<p>The last date to submit the bids is March 31, 2021, and bidders will be shortlisted on April 30. The projects should be operational by mid-December 2023, although proposals with an operational date of no later than December 15, 2024, will also be considered.</p>
<p>Appalachian Power is seeking wind projects that will qualify for the federal tax credit and solar projects that will qualify for the federal investment tax credit. The solar projects must be interconnected to the power pool and located in Virginia.</p>
<p>For project development, the bidder must have established site control of the proposed project, and it should be in the form of direct ownership, land lease, or easement. The solar panels and inverters must be manufactured by approved vendors. The wind project turbines should be manufactured by GE, Vestas, and Siemens-Gamesa.</p>
<p>Chris Beam, President, and Chief Operating Officer, Appalachian Power, said, “This is Appalachian Power’s largest request yet in a single year for renewable energy bids. We look forward to reviewing the proposals and issuing more requests for bids later this year as we expand our portfolio and reliance on clean energy.”</p>
<p>The bidders can include a battery energy storage system, which should not be more than 20% of the project capacity. The bidder is responsible for all costs associated with transmission interconnections and system upgrades as required by the interconnecting utility.</p>
<p>Appalachian Power, a part of <a href="https://www.aep.com/" target="_blank" rel="noopener">American Electric Power</a>, is a renewable energy company, producing approximately 1,900 Gigawatt hours of energy annually from wind and hydropower.</p>
<p>In August 2020, AEP <a href="https://www.aep.com/news/releases/read/5718/AEP-Renewables-Purchases-Invenergy-Share-Of-Desert-Sky-And-Trent-Mesahttps:/www.aep.com/news/releases/read/5718/AEP-Renewables-Purchases-Invenergy-Share-Of-Desert-Sky-And-Trent-Mesa" target="_blank" rel="noopener">said</a> that its renewable energy subsidiary AEP Renewables completed the purchase of Invenergy’s 20.1% interest in the Dessert Sky and Trent Mesa wind projects in Texas. AEP Renewables owns 1.36 GW of large-scale solar, wind, and energy storage projects across the United States.</p>
<p>AEP Energy Partners, another AEP subsidiary, <a href="https://www.prnewswire.com/news-releases/aep-energy-partners-signs-letter-of-intent-to-purchase-50-mw-output-from-columbus-solar-park-301159408.html" target="_blank" rel="noopener">signed</a> a letter of intent with BQ Energy Development to purchase 100% offtake of the Columbus Solar Park in Columbus, Ohio.<strong> </strong>The solar project is scheduled to be operational by December 2022, and once completed, will have the capacity to power 5,000 homes.</p>


US Electric Utility Invites Bids for 300 MW of Solar and Wind Projects

virginia

Get the most relevant India solar and clean energy news.

RECENT POSTS