Daily News Wrap-Up: Assam Approves ₹52 Billion Transmission Modernization Project

The Assam government has approved a ₹51.97 billion ($624.4 million) project to modernize the state’s power distribution system. The approved project, funded under the revamped distribution sector program, seeks to augment the distribution system by March 31, 2026 and is expected to benefit around 6.7 million electricity consumers across Assam. The program also involves the procurement of 100 MW of renewable energy through a power purchase agreement with a tariff determined by the Solar Energy Corporation of India.

The Central Electricity Regulatory Commission recently issued an order clarifying issues raised by the Central Transmission Utility of India (CTUIL) and renewable developers under the GNA Regulations. CTUIL, in its submission, highlighted the difficulties of implementing GNA Regulations and requested clarification on a few aspects.

The government of India will seek to raise ₹200 billion (~$2.2 billion) by issuing Sovereign Green Bonds in the second half of the current financial year 2023-24. The government had raised ₹160 billion (~$1.9 billion) worth of sovereign green bonds in two equal tranches in January and February this year. Both the tranches comprised ₹40 billion (~$485.56 million) worth of bonds with a five-year tenor and a like amount of bonds with a ten-year tenor each. This time around, the government plans to issue green bonds in tenors of up to 30 years. The auctions would be carried out in equal tranches of ₹50 billion (~600.85 million). The first auction will be held between November 6 and 10 for a tenor of five years, and the second between December 4 and 8 for a tenor of 10 years.

Madrid-based green energy group Bruc has signed a financing agreement with seven prominent entities, securing €600 million (~$633.8 million), which will be utilized in developing and operating an 8.5 GW portfolio of solar and wind power projects in Spain. The projects will be in various regions of Spain, including Aragón, Andalusia, Extremadura, Castilla-La Mancha, and Castilla y León. Additionally, the company said it is actively involved in developing renewable energy storage projects. The entities participating in this corporate financing initiative include Santander, ING, Instituto de Credito Oficial, BNP Paribas, and Intesa Sanpaolo, who have taken on roles as bookrunners and mandated lead arrangers.

Lithium-ion storage solutions provider Flux Power Holdings’ net loss for the fourth quarter of the fiscal year (FY) ended June 30, 2023, was $1.5 million as compared with a net loss of $2.7 million in the Q4 of FY22, a year-over-year improvement of 44%. The improvement was principally driven by increased gross profit and slightly offset by increased operating and interest expenses. In Q4, there was a 7.2% increase in revenue, rising to $16.3 million from $15.2 million in the same quarter of 2022. This growth was attributed to higher unit sales at increased average prices, including a greater proportion of Airport Ground Support Equipment sales.

San Antonio Municipal Utility company CPS Energy has invited bids to purchase power from 500 MW of standalone energy storage systems in the United States. Existing as well as upcoming projects are eligible to bid. The last day to submit the bids is October 18, 2023. Bidders must post and maintain a security amount equal to $40,000 per MW of contract storage capacity within ten days of receiving the work order but in any event before commencing the facility’s construction.

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