Here is an ongoing summary of short news stories of September and August 2022. These stories have not been covered elsewhere on this portal.
Sterlite Power Transmission Ltd, in a statement, announced the postponement of the company’s plans to go public through an initial public offering (IPO). Sterlite Power, which had filed the DRHP in August 2021, informed SEBI about the development and has requested to withdraw the DRHP. According to Pratik Agarwal, Managing Director, Sterlite Power, “Given the volatility in the current markets and the limited window available under the currently filed DRHP, Sterlite Power has decided to withdraw the DRHP. However, it remains observant of the market and will consider re-filing DRHP in the future. In the meantime, we are in conversation with large private capital institutions to grow the business.” (September 29, 2022)
Servotech Power Systems Ltd has been awarded a Letter of Intent by Uttar Pradesh New & Renewable Energy Development Agency (UPNEDA) for a 1.8-MW off-grid solar project of different capacities across Uttar Pradesh. In this contract, valued at around Rs.30 crore, Servotech will be involved with design, manufacture, supply, erection, testing and commissioning of these off-grid solar plants, apart from O&M for five years. This is the second key project in line that Servotech has acquired from UPNEDA the 4.1 MW grid-interactive rooftop solar power plant project earlier in September 2022. (September 27, 2022)
Global investment firm KKR and Hero Future Energies (HFE), the renewable energy arm of the Hero Group, have announced the signing of definitive agreements under which KKR and the Hero Group will invest $450 million in HFE the Company. This investment will position HFE for continued growth and support its efforts to expand its renewable energy capacity and capabilities across technologies such as solar, wind, battery storage, and green hydrogen, and into new markets over time. Through its range of solutions, HFE will also look to support companies in their efforts to decarbonize and transition towards sustainable energy sources to achieve their net-zero emission goals. Founded in 2012, Hero Future Energies is a leading independent power producer in India with a diversified portfolio of 1.6GW of operating solar and wind projects. (September 20, 2022)
Vikram Solar has been awarded a 350 MW module supply order from a leading independent power producer in the United States. The project will be located in the state of Arizona. The new order further strengthens Vikram Solar’s presence in the US and it is aligned to the company’s commitment to accelerate the clean energy transition in this market, a company release said. According to the International Energy Agency, over the next 4-5 years the United States has the potential of adding up to 20-25 GW of solar energy annually, the release added. (September 20, 2022)
Adani Wind Energy MP One Pvt Ltd, a subsidiary of Adani Green Energy Ltd (AGEL) has commissioned a 324.4 MW Wind Power Plant in Dhar, Madhya Pradesh. The plant has two 25-year Power Purchase Agreements (PPAs) with SECI of 274.4 MW and 50 MW, at Rs.2.83 per kwh. With the successful commissioning of this plant, Adani Green Energy Ltd has increased its operational generation capacity to 6.1 GW. This places AGEL’s total renewable portfolio of around 20.4 GW, well on track to reach its vision of 25 GW capacity by 2025, AGEL said in a release. (September 19, 2022)
Servotech Power Systems Ltd has incorporated a subsidiary, Techbec Industries Ltd, which will be engaged in the manufacturing of batteries, particularly lithium-ion batteries, and other allied activities. The new subsidiary, in which Servotech will hold 63.5 per cent equity, was incorporated on September 12, 2022. Techbec will operate out of Servotech’s newly-setup manufacturing unit at Safiabad, Sonepat, Haryana. The facility which will shortly be operational is spread in 40,000 sqft and has the capacity to produce up to 6,00,000 units of battery pack annually. (September 17, 2022)
Atlas Copco has announced the appointment of Alexander Pavlov as General Manager for its Compressor Technique customer center in India. Alexander has been associated with the Atlas Copco group for almost 20 years. He is joining India’s office from the UK and Ireland teams, where he has been driving the compressor business for the last five years in these regions. In this new role, he will lead the compressor business with a clear vision to enhance the growth and strengthen the reach of Atlas Copco Compressors in India across regions. (September 7, 2022)
Servotech Power Systems has bagged an order worth Rs.23.50 crore from Uttar Pradesh New & Renewable Energy Development Agency (UPNEDA). The order entails setting up of solar rooftops across secondary schools at several locations in Uttar Pradesh. The aggregate capacity to be developed is 4.1 mw and the order is scheduled for completion within four months, Servotech said in a release. The project is part of the Uttar Pradesh government’s “Samagra Shiksha Abhiyaan” – a scheme that seeks to integrate vocational education with general academic education. (September 6, 2022)
Jaipur-based RMC Switchgears Ltd, in a stock exchange communication, said that it has received an order valued at Rs.10.46 crore from a power utility in Andhra Pradesh. The supplies will be made in the next two quarters, RMC said without giving any further details on the order. (August 24, 2022)
Jakson Group has become the only Indian manufacturer to be ALMM empanelled for its 600Wp solar modules using M10 half cut cell technology. The Ministry of New & Renewable Energy recently released its seventh update to the approved list of models and manufacturers (ALMM) for solar modules. Earlier, Jakson’s polycrystalline and monocrystalline were already in the approved list of MNRE. (August 23, 2022)
TP Renewable Microgrid Ltd (TPRMG), a wholly-owned subsidiary of Tata Power, and Small Industries Development Bank of India (SIDBI), have joined hands to launch an innovative program that will see 1,000 green energy enterprises established throughout the nation. Under the collaboration, SIDBI will provide entrepreneurs a “Go REsponsive, ENterprise incentive (GREENi)” after they complete a TPRMG-organized capacity building activity. Through its PRAYAAS scheme or partner institutions, SIDBI will also assist in credit linkages to facilitate financing (loans) for setting up or expanding the businesses of rural entrepreneurs. To provide these rural businesses with quality, affordable, dependable and clean green energy (solar/wind/bio-gas), TPRMG will discover suitable entrepreneurs within its existing Microgrid network as well as in new geographies. (August 23, 2022)
Tata Power and JP Infra Mumbai Pvt Ltd have joined hands to install 60+ electric vehicle charging points across all JP Infra’s projects in Mumbai, thus providing end-to-end EV charging solutions to residents for making sustainable mobility achievable. Residents with electric vehicles will have access to a 24×7 charging facility and can connect through the Tata Power EZ mobile application for all services, including remote vehicle charging monitoring and e-payments, a release from Tata Power said. Tata Power has also worked with the National Real Estate Development Council (NAREDCO) of Maharashtra to install up to 5,000 charging stations for EVs in Maharashtra and more than 150 charging stations powered by clean energy, in Mumbai, the release added. (August 10, 2022)
SJVN has secured a 200-mw solar power project through e-reverse auction by Maharashtra State Electricity Distribution Company Ltd. The project was won at a tariff of Rs.2.90 per kwh, on BOO basis. This ground mounted solar project shall be developed by SJVN anywhere in Maharashtra through EPC contract. The project, estimated to cost Rs.1,200 crore, will be commissioned within 18 months from the date of signing of PPA. (August 6, 2022)
NTPC, in a stock exchange filing, announced that the fifth and final part of 48.8 mw of the Fatehgarh solar PV project at Jaisalmer in Rajasthan has been declared commercially operational effective August 5, 2022. With this, the 296-mw Fatehgarh solar project now stands fully commissioned. This has taken NTPC’s commercial capacity to 54,818 mw and NTPC Group’s commercial capacity to 69,183 mw. (August 5, 2022)
Uttar Pradesh Electricity Regulatory Commission (UPERC) has reportedly approved the takeover of South East UP Power Transmission Company by Resurgent Power Ventures Pte Ltd, a joint venture involving Tata Power, ICICI Bank and international investors. It may be recalled that in February 2021, the resolution professional of South East UP Power Transmission Company Ltd (SEUPTCL), has issued a letter of intent selecting Resurgent Power Ventures as a successful resolution applicant under IBC proceedings. Resurgent Power had put in a bid of Rs.3,251 crore to acquire the stressed asset. (August 4, 2022)
The Ministry of Corporate Affairs (MCA) has approved the amalgamation of Nabingar Power Generating Company Ltd and Kanti Bijlee Utpadan Nigam Ltd, with NTPC Ltd. The two companies are both wholly-owned subsidiaries of NTPC Ltd. As both the companies as in the same business as that of NTPC, which is power generation, the proposed amalgamation is expected to provide synergy of operation, reduction in overhead expenditure and effective managerial and administrative control, an official MCA document said. (August 3, 2022)
