India solar power developer draws $150 million investment
Solar power is hot around the world right now, and interested parties are looking for smart ways to invest. That’s good news for the industry, especially for developers who are able to attract the interest and funding of private equity investors. One such developer is Amplus Energy Solutions, a solar power project developer that offers rooftop solar options in India. This week infrastructure investment firm I Squared Capital announced that it will be investing $150 million in the growth of the solar company.
According to reports, Amplus aims to use this expand its operations in India, where the government has plans to drastically increase solar projects. In a statement to the press made earlier this week, Amplus CEO Sanjeev Aggarwal commented on the benefits that this investment from I Squared Capital will grant to the company’s solar goals:
Gautam Bhandari, partner at I Squared Capital, also weighed in on the equity firm’s investment in Amplus and the green energy potential it is bringing to Southeast Asia:
India’s government currently has plans to reach 40 GW of rooftop-based solar power by 2020. With investments like this, those are plans that can be achieved.
Drax advances biomass strategy with Pinnacle acquisition
The Group’s enlarged supply chain will have access to 4.9 million tonnes of operational capacity from 2022. Of this total, 2.9 million tonnes are available for Drax’s self-supply requirements in 2022, which will rise to 3.4 million tonnes in 2027.
The £424 million acquisition of the Canadian biomass pellet producer supports Drax' ambition to be carbon negative by 2030, using bioenergy with carbon capture and storage (BECCS) and will make a "significant contribution" in the UK cutting emissions by 78% by 2035 (click here).
This summer Drax will undertake maintenance on its CfD(2) biomass unit, including a high-pressure turbine upgrade to reduce maintenance costs and improve thermal efficiency, contributing to lower generation costs for Drax Power Station.
In March, Drax secured Capacity Market agreements for its hydro and pumped storage assets worth around £10 million for delivery October 2024-September 2025.
The limitations on BECCS are not technology but supply, with every gigatonne of CO2 stored per year requiring approximately 30-40 million hectares of BECCS feedstock, according to the Global CCS Institute. Nonetheless, BECCS should be seen as an essential complement to the required, wide-scale deployment of CCS to meet climate change targets, it concludes.