Adani Green Energy signs India's 'largest renewables deal'
Adani Green Energy Limited (AGEL) has signed share purchase agreements for the acquisition of SB Energy India from SBG (80%) and Bharti Group (20%).
The transaction marks the largest acquisition in the renewable energy sector in India, according to a statement, valuing SB Energy India at around US$3.5 billion. SB Energy India has a total renewable portfolio of 4,954MW spread across four states in India.
The target portfolio consists large scale utility assets with 84% solar capacity (4,180 MW), 9% wind-solar hybrid capacity (450 MW) and 7% wind capacity (324 MW).
The portfolio comprises 1,400MW operational solar power capacity and a further 3,554MW under construction. All projects have 25 year PPAs with sovereign rated counterparties such as Solar Energy Corporation of India (SECI), NTPC and NHPC.
The operating assets forming part of the portfolio are primarily solar park based projects and have been built following best in class governance, project development, construction, and operations and maintenance practices, resulting in this being one of the highest quality renewable portfolios in the country.
With this acquisition, AGEL will achieve total renewable capacity of 24.3GW 1 and operating renewable capacity of 4.9GW. This acquisition demonstrates AGEL's intent to be the leader in sustainable energy transition globally and makes it one of the largest renewable energy platforms in the world. The closing of the transaction is subject to customary approvals and conditions.
Gautam Adani, Chairman, Adani Group, said the acquisition is another step towards the vision its stated in January 2020, to become the world's largest solar player by 2025 and thereafter the world's largest renewable company by 2030.
"India, without any doubt, has been one of the few nations that has accelerated its global commitment towards climate change and we intend to do our part to execute on the promises made," he said. "The renewable energy platform that we are building will lay the foundation for attracting several other global industries that are increasingly looking to reduce their carbon footprint, as well as lay the foundation for opening up adjacent platforms that include Hydrogen and Storage."
Masayoshi Son, Representative Director, Corporate Officer, Chairman & CEO of SoftBank Group Corp., said it established SB Energy India in 2015 with the goal of creating a market-leading clean energy company to help fuel India's growth with clean and renewable sources of energy. "As SBG continues our transition to a global investment holding company focused on accelerating the deployment of artificial intelligence, we believe now is the right time to bring in the Adani Group to help drive the next phase of SB Energy India's growth."
India is in a "unique position" to pioneer a new model for low-carbon, inclusive growth, according to the IEA.
Solar power is set for explosive growth in India, matching coal’s share in the Indian power generation mix within two decades in the stated policies scenario (or even sooner in the Sustainable Development Scenario).
As things stand, solar accounts for less than 4% of India’s electricity generation, and coal close to 70%. By 2040, they converge in the low 30%s in the STEPS, and this switch is even more rapid in other scenarios.
"This dramatic turnaround is driven by India’s policy ambitions, notably the target to reach 450GW of renewable capacity by 2030, and the extraordinary cost-competitiveness of solar, which out-competes existing coal-fired power by 2030 even when paired with battery storage," it states.
Next Energy Technologies delivers PV window to Paris partner
Next Energy Technologies, makers of a proprietary transparent PV coating that transforms commercial windows into energy producing solar panels, has delivered its PV Prototype Window Wall to Bouygues Construction in Paris.
Bouygues is a leading construction firm that specialises in complex commercial projects and the deal comes weeks after Next announced its $13.4 Million Series C round of funding (click here).
The PV Prototype Window Wall was delivered by NEXT in collaboration with its partners, Walters & Wolf, a leading commercial curtainwall manufacturer and glazing subcontractor headquartered in Fremont, California, and commercial glass fabricator, Glassfab Tempering Services/Solarfab in Tracy, California.
“NEXT’s technology is both unique and promising. We’re proud to support their collaboration with Bouygues Construction and will continue to work side by side with them in bringing their product to market,” said Nick Kocelj, President of Walters & Wolf.
“We support NEXT Energy in their focused effort in providing a unique and innovative product to the architectural market. When presented the opportunity to participate in this project, we were eager to assist in any way possible”, said Brian Frea, President of Glassfab Tempering Services/ Solarfab.
NEXT’s proprietary transparent PV coating transforms commercial windows into energy-producing solar panels by converting unwanted infrared and UV light into electricity. This fully integrated system can help enable buildings to power themselves with their windows which retain their traditional transparency and performance.
The prototype installation consists of 10 transparent PV windows that supply electricity to a battery that powers an interactive display as well as auxiliary charging outlets, for phones, tablets and other electronics.
The purpose of this prototype demonstration is to showcase the power generation functionality, the exceptional transparency and aesthetics, and the seamless integration of NEXT windows into a standard glazing system designed by Walters & Wolf to carry the electronics, wiring and hardware that comprise the balance-of-system. This direct integration into traditional commercial window and framing systems effectively extracts costs typically associated with packaging and installation of solar.
Installed in a typical commercial high-rise office building, the first generation of Next windows would offset as much as 10-20% of its power needs, and over a 30-year timeframe, such a building would produce about 20 million kWh of clean power, saving an average of $170,000 annually on utility bills and reducing 14,500 metric tons of carbon dioxide from the atmosphere, the equivalent of powering 1,700 homes for an entire year. In the coming years, Next windows will be commercially available for window sizes up to 5 ft. x 10 ft (1.5 x 3 meters).
Supply Chain solution to the climate crisis
Next’s PV coatings are applied to commercial windows during the window fabrication process, integrating with existing manufacturers without disrupting established workflows and supply chains. This capital-efficient business model reduces risks to customers, removes barriers to adoption, and accelerates speed to market, all while adding a high-value product to the market. This direct integration into traditional commercial window and framing systems effectively extracts costs typically associated with packaging and installation of solar.
"We are excited to be one of the first global construction companies pioneering NEXT's revolutionary transparent solar panel windows. This innovation will allow Bouygues Construction to offer its clients a simple, sustainable, and profitable solution for buildings that are autonomous in the management of their energy," said Christian De Nacquard, R&D and Innovation Director, Bouygues Bâtiment International.
The EU aims to be climate-neutral by 2050, requiring a fundamental transformation of the construction and building sectors, and 100% of new commercial buildings in California will be designed to zero net energy (ZNE) standards by 2030. Globally, buildings generate an estimated 40% of annual GHG emissions.
“Addressing the climate crisis at the corporate level requires creative and cost-effective solutions. Commercial buildings are an excellent example of something that can be re-imagined and improved to reduce carbon emissions and overall impact,” said Daniel Emmett,
CEO of NEXT.
“At a more personal level, we’re seeing employees returning to office buildings after more than a year of lockdown vocally prioritise healthy and sustainable work environments as a requirement of in-person work."
In a recent survey, 74% of employees said they would consider changing jobs if their company did not meet their requirements for a healthy and sustainable office environment, added Emmett.