The Indian renewable energy sector received an investment of US$6.6 billion between April and July 2021, beating the total for the previous financial year.
The Haryana-based developer has agreed to acquire 260 MW of operating solar projects in Telangana and a 99 MW hydropower project in Uttarakhand for around INR 28.5 billion (US$ 384 million).
The transaction expands Canadian pension plan’s investment in clean energy, consistent with its long-term strategy to increase footprint in this growing sector.
The PV plant is situated in the Solapur district of Maharashtra. It benefits from a 25-year power purchase agreement with Solar Energy Corporation of India Limited at a fixed tariff of INR4.43 per unit.
The equity investment is expected to see Federal Bank increase the financing for green projects including energy efficiency, renewable energy, climate-smart agriculture, green buildings, and waste management.
The acquisition is in line with the Hyderabad-based corporate solar developer’s plan to ramp up. For Norwegian developer Statkraft, the selloff is part of its strategic plan to exit the distributed solar segment in India and focus on developing large-scale projects.
With this, India Grid Trust (IndiGrid) has become the first infrastructure investment trust in India to acquire renewable energy assets. The acquisition of 100 MW solar assets from the Spanish developer was done at an enterprise value of INR 6.6 billion.
The company will purchase power from a 58 MW captive solar plant to be developed by ReNew Sunlight, a step-down subsidiary of ReNew Power.
The Mumbai-headquartered commercial and industrial solar solutions provider has divested its entire stake (51%) in the 24 MW operational PV assets for INR 41.60 crore.
After raising equity investment for a 250 MW project, the Indian developer has signed a deal with Brookfield Renewable to develop a 450 MW solar project in Rajasthan.
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