Saatvik Green Energy Acquires 80% Stake in Transformer Manufacturer

MERC Rejects Avaada’s ₹477 Million Change-in-Law Compensation Claim

CleanCapital Sells 120 MW Solar Project in Ohio

MERC Approves Tariffs for 8 MW Round-the-Clock Renewable Energy

EMERAM Acquires Stake in Home Energy Management Firm Solar Manager

Maharashtra Forms Panel to Review Electricity Duty on Rooftop Solar

Sterling and Wilson’s Revenue Drops 23% but Profit Surges in Q4 FY 2026

Adani Green Energy Operationalizes 292 MW Solar Project in Gujarat

EIE Renewables to Acquire 150 MWh Battery Storage Project in Bihar

MERC Approves 60 MW Wind-Solar PPA Withdrawal, Citing High Tariff


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					</table><p>Here are some noteworthy cleantech announcements of the day from around the world:</p>
<p><strong>Enel North America </strong><a href="https://www.enelnorthamerica.com/newsroom/news/search-press/press/2022/11/solar-panel-manufacturing" target="_blank" rel="noopener"><strong>intends</strong></a><strong> to build an industrial-scale production facility in the U.S. to manufacture solar photovoltaic modules.</strong> The proposed facility is expected to have a minimum production capacity of 3 GW and possibly scale production to 6 GW annually. The facility is expected to be among the first in the United States to produce solar cells and will be built through its affiliate 3Sun USA. Enel is evaluating possible sites for the new factory and expects to begin construction in mid-2023. It&#8217;s anticipated that the first panels will be available to the market by the end of 2024.</p>
<p><strong>African Development Bank </strong><a href="https://www.afdb.org/en/news-and-events/press-releases/african-development-bank-invests-20-million-private-equity-fund-targeting-renewable-energy-projects-sub-saharan-africa-56503" target="_blank" rel="noopener"><strong>approved</strong></a><strong> an equity investment of $20 million in Evolution Fund III. </strong>The fund is a pan-African clean and sustainable energy private equity fund mobilizing about $400 million into renewable energy and resource-efficiency assets across sub-Saharan Africa over ten years. Inspired Evolution Investment Management is a well-established fund manager with more than 15 years of experience and a track record of deploying more than $310 million in renewable energy projects in African counties. The bank&#8217;s support will contribute to an additional 2,162 MW of installed renewable power generation capacity and 1.8 million tons of CO<sub>2</sub> emission savings</p>
<p><strong>Canadian Solar </strong><a href="http://investors.canadiansolar.com/news-releases/news-release-details/canadian-solar-announces-operation-100-mwp-solar-project-japan" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the commercial operation of its 100 MW Azuma Kofuji solar project in the Fukushima Prefecture of Japan. </strong>The Azuma Kofuji project is Canadian Solar&#8217;s largest project in Japan. The project is powered with Canadian Solar high-efficiency HiKu modules. The energy generated has been purchased by the Tohoku Electric Power Company at JPY36 (U$0.26)/kWh under Japan&#8217;s feed-in-tariff program for over 18 years. Azuma Kofuji is expected to produce 106,800 MWh of clean and reliable energy to power and avoid over 50,000 metric tons of CO2-equivalent emissions annually.</p>
<p><strong>First Solar will </strong><a href="https://investor.firstsolar.com/news/press-release-details/2022/Intersect-Power-Procures-4.9-GW-for-2025-2029-Delivery-Increasing-its-Total-2022-Orders-for-First-Solar-Module-Technology-to-7.3-GW/default.aspx" target="_blank" rel="noopener"><strong>supply</strong></a><strong> an additional 4.9 GW<sub> </sub>of its thin-film photovoltaic solar modules to Intersect Power. </strong>Combined with a previously announced agreement for 2.4 GW<sub>C </sub>signed in July 2022, these transactions take Intersect Power&#8217;s total orders for First Solar modules this year to 7.3 GW. Of the 4.9 GW, the agreement to supply 1 GW<sub> </sub>was signed before First Solar&#8217;s Q3 2022 earnings call in October, while the agreement to supply the remaining 3.9 GW<sub>C </sub>was signed after the October earnings call. The orders placed by Intersect Power this year will see a combination of First Solar&#8217;s Series 6 <em>Plus</em> and Series 7 modules deployed in its solar, storage, and green hydrogen projects coming online across the United States from 2025 to 2029.</p>
<p><strong>FIMER <a href="https://www.fimer.com/fimer-provided-its-pvs-100-inverters-partners-main-solution-and-evolvere-installation-calabria" target="_blank" rel="noopener">supplied </a>9 PVS-100 three-phase string inverters through its partners Main Solution and Evolvere for Vegitalia, a company operating in the food sector in Italy.</strong> The system&#8217;s total power is 999.18 kW with 2196 photovoltaic modules installed. The PVS-100/120-TL is FIMER&#8217;s cloud-connected three-phase string inverter solution for cost-efficient decentralized photovoltaic systems for both ground-mounted and rooftop applications. This high-power platform, with power ratings up to 120 kW, maximizes the return on investment for decentralized commercial and industrial solar projects.</p>
<p><strong>Global Investment firm Carlyle <a href="http://www.carlyle.co.in/media-room/news-release-archive/carlyle-launches-renewable-energy-development-platform-telis-energy-in-europe" target="_blank" rel="noopener">launched</a> Telis Energy, a newly created renewables platform to develop renewable energy projects, focusing on solar, </strong>in the UK, France, Spain, and Germany. Headquartered in London, Telis will develop and partner on high-quality renewable energy projects and seeks to play a significant role in the European energy transition, with a target project pipeline of more than 10 GW in place by 2030. Since December 2018, Carlyle has deployed approximately $1.2 billion globally into renewable assets, such as Solar and wind, as of September 30, 2022. In 2021, Carlyle launched Copia Power, a large-scale renewable development platform in the U.S., which will start construction on more than 1 GW of projects in 2023 and has accumulated a pipeline of more than 16 GW under development.</p>


Daily News Wrap-Up: Enel to Build a 3 GW Solar Module Facility in the U.S.


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					</table><p>Here are some noteworthy cleantech announcements of the day from around the world:</p>
<p><strong>Sunsure Energy </strong><a href="https://www.prnewswire.com/in/news-releases/sunsure-commissions-74-mw-industrial-solar-park-in-tamil-nadu-832018058.html" target="_blank" rel="noopener"><strong>commissioned</strong></a><strong> a 74 MW open access solar power project in the Tirunelveli district of Tamil Nadu. </strong>Sunsure is the engineering, procurement, and construction (EPC) partner to Cleantech Solar for this project, supplying 120 million units of green energy annually to some of the largest industrial consumers in the state. Having started construction in January 2022, the project has been constructed in three phases and covers over 210 acres. The modules used are mono PERC with a rated capacity of up to 545W and string inverters.</p>
<p><strong>The Indian Air Force (IAF) has <a href="https://www.pib.gov.in/PressReleasePage.aspx?PRID=1876091" target="_blank" rel="noopener">inducted</a> the first batch of 12 Tata Nexon electric vehicles (EV) as a part of its initiative to reduce its carbon footprint.</strong> Indian Air Force is planning to progressively enhance EV usage by procuring e-vehicles against downgraded conventional vehicles. Augmentation of the e-vehicles ecosystem, including installation of charging infrastructure at various Air Force bases, is also planned. The first batch of electric cars will be deployed in Delhi NCR units for performance monitoring and analysis. IAF has joined hands with the Indian Army to create a standardized vehicle inventory to procure electric buses and electric cars.</p>
<p><strong>Solas Sustainable Energy Fund ICAV (SSEF) has reached a final close with investment commitments of €220 million. </strong>SSEF is an EU-focused fund advised by <a href="https://www.solas.capital/" target="_blank" rel="noopener">Solas Capital AG</a>, targeting energy efficiency and behind-the-meter renewable energy investments. An additional €80 million (~$82.77 million) commitment from investors follows the fund&#8217;s launch with €140 million (~$144.85 million) in February 2022. SSEF&#8217;s investments will generate energy savings of roughly 600 GWh per year. The fund has exceeded its target size of €200 million (~$207 million). It is classified as a Dark Green or Article 9 Fund, aligned with the highest sustainability requirements under the European Union&#8217;s Sustainable Finance Disclosure Regulation.</p>
<p><strong>EnCap Investments </strong><a href="https://www.businesswire.com/news/home/20221114006002/en/EnCap-Investments-Sells-Jupiter-Power-to-BlackRock" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that BlackRock Alternatives agreed to acquire Jupiter Power through a fund managed by its Diversified Infrastructure business. </strong>Jupiter is a leading U.S. operator and developer of stand-alone, utility-scale battery energy storage systems. EnCap Energy Transition Fund I and co-investment partners Yorktown Partners and Mercuria Energy are selling Jupiter. Jupiter owns and operates a large storage fleet in Texas comprising 655 MWh and currently has 340 MWh of new projects in or near construction, including its first project in California. The transaction is expected to close in late 2022.</p>
<p><strong>Sembcorp Industries launched its carbon management solutions corporate venture, </strong><a href="https://www.gonetzero.ai/" target="_blank" rel="noopener"><strong>GoNetZero</strong></a><strong>. </strong>GoNetZero offers renewable energy and environmental attribute portfolio management &#8211; a marketplace for renewable energy certificates and carbon credits &#8211; and the real-time capability to verify renewable energy from the source.</p>


Daily News Wrap-Up: Sunsure Commissions a 74 MW Open Access Solar Project in Tamil Nadu


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					</table><p>Adani Green Energy (<a href="http://www.adanigreenenergy.com/" target="_blank" rel="noopener">AGEL</a>) has commissioned a 600 MW interstate transmission system (ISTS) connected wind-solar hybrid power project in Jaisalmer, Rajasthan.</p>
<p>The hybrid power project has been developed under two subsidiaries—Adani Hybrid Energy Jaisalmer Two and Adani Hybrid Energy Jaisalmer Three. The solar project uses bifacial solar modules and employs horizontal single-axis tracker technology to maximize power generation.</p>
<p>Adani had signed a power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) at ₹2.69 (~$0.033)/kWh for 25 years. The Central Electricity Regulatory Commission <a href="https://mercomindia.com/cerc-approves-tariff-%e2%82%b92-69/" target="_blank" rel="noopener">approved</a> the tariff in May 2020.</p>
<p>SECI had <a href="https://mercomindia.com/seci-tender-solar-hybrid-storage/" target="_blank" rel="noopener">invited</a> bids to set up 1,200 MW of ISTS-connected solar-wind hybrid power projects (Tranche II) in March 2019. The projects were scheduled to be commissioned in 2021-22.</p>
<p>The tender was <a href="https://mercomindia.com/secis-solar-wind-tender-undersubscribed/" target="_blank" rel="noopener">undersubscribed</a>, and bids received were only for 900 MW against the tendered capacity. The e-reverse auction was carried out on May 27, 2019, and Adani Renewable Energy Park (Gujarat) was declared the successful bidder in the auction quoting a tariff of ₹2.69 (0.033)/kWh for a capacity of 600 MW.</p>
<p>SECI had agreed to sell the entire 600 MW to distribution licensees at the discovered rate of ₹2.69 (~$0.036)/kWh with a trading margin of ₹0.07 (~$0.0009)/kWh upon the commissioning of these projects. Based on the request of the distribution licensees, 500 MW was <a href="https://mercomindia.com/punjab-500-mw-hybrid-power/" target="_blank" rel="noopener">allocated</a> to Punjab State Power Corporation and 100 MW to India Power Corporation.</p>
<p>In May 2022, AGEL <a href="https://mercomindia.com/adani-390-mw-hybrid-project-tariff-%e2%82%b92-69-kwh-commissioned/" target="_blank" rel="noopener">operationalized</a> another hybrid power project with a capacity of 390 MW at Jaisalmer, Rajasthan. With the successful commissioning of this 600 MW project, AGEL now has a total operational generation capacity of 6.7 GW, including an operational hybrid power generation capacity of 1 GW.</p>
<p>In March this year, Adani Green Energy <a href="https://mercomindia.com/adani-green-288-million-solar-wind-hybrid-rajasthan/" target="_blank" rel="noopener">raised</a> a $288 million financing facility by extending its construction financing framework to $1.64 billion for its under-construction renewable asset portfolio through agreements signed with lenders. The facility was meant to help finance 450 MW of the company’s solar-wind hybrid power projects in Rajasthan.</p>


Adani Green Commissions 600 MW Solar-Wind Hybrid Power Project in Rajasthan

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