Oriana Power plans to launch an IPO by the end of this month or early August to raise up to Rs 60 crore. Proceeds will be used for working capital, asset building and technology upgrades. Leading solar provider Oriana Power is expected to raise around Rs 55-60 crore in its IPO.
Suzlon Group has received an order from Everrenew Energy for a 100.8MW wind power project in Tamil Nadu. The project will install 48 wind turbines and be operational by March 2024. The project can provide electricity to 65,000 households and reduce carbon dioxide emissions by 2.58 tons per year. The project aims to promote the adoption of renewable energy in India by targeting commercial and industrial consumer groups.
Morocco's renewable energy agency Masen has announced that six consortiums have been prequalified to build a 400 MW solar plant called Noor Midelt II in the Atlas Mountains. The project aims to build a photovoltaic power station with two-hour energy storage capacity. Phase 1 has not been completed due to disagreements over CSP technology. Morocco plans to increase the share of renewable energy to 52% by 2030.
India is considering a bilateral agreement with the European Union to supply 10 million tonnes of green hydrogen, which will be invested in a clean energy project in India. The scheme allows EU companies to use carbon credits linked to green hydrogen production in exchange for investment and purchase deals. India's Ministry of Renewable Energy and renewable energy companies participated in the negotiations. The program aims to drive the energy transition from fossil fuels and tackle global warming.
Despite the European Union's decision last year to label nuclear energy as sustainable, none of the world's 30 major banks explicitly included nuclear energy in their criteria for issuing green or sustainability-linked bonds, the researchers found. The study surveyed 30 banks deemed systemically important by the Financial Stability Board and found that 17 explicitly excluded nuclear energy from their green financing frameworks. The EU's green bond standards include nuclear power, but excluding it could limit the sector's access to growing sustainable capital. Nuclear power isn't considered climate-damaging, but it does produce radioactive waste. Countries such as Germany and Austria oppose nuclear energy, citing concerns about waste disposal, accidents and delays.
NextEnergy Capital has raised $480 million for its fifth investment fund, NextPower V ESG, which focuses on solar and battery storage assets in OECD countries. The fund has a 10-year investment horizon and targets mid-double-digit returns on projects in Europe, North America and Chile. The fund is in talks with more investors and plans to make a second close later this year to reach its $1.5 billion funding target, with a hard cap of $2 billion.