ROUND-UP: UKCI invests in CleanMax, Solek Chile construction, Tata’s energy transition lead

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Credit: Solek

UKCI invests in CleanMax Solar

23 April: British-government backed firm UK Climate Investments (UKCI) will invest £30 million (INR2.75 billion) in India-based C&I solar specialist CleanMax Solar to help it scale operations and expand its network of private solar farms across the country.

CleanMax Solar operates 500MW of distributed generation capacity across 340 sites and it expects to expand its customer base from 120 corporate clients to 300 by 2022.

Richard Abel, MD of UKCI, said: “CleanMax Solar is helping businesses in one of the world’s fastest-growing economies rethink how they produce and consume electricity. Our partnership represents an exciting opportunity to help take their platform to the next level – underpinning investment in new renewable generation capacity whilst accelerating India’s transition to a low-carbon future.”

Kuldeep Jain, founder and MD of CleanMax Solar, said: “Corporates are quickly adopting renewables sourcing at scale to achieve the twin benefits of profit improvement and carbon footprint reduction. This investment, along with the know-how of Macquarie will enable CleanMax to continue being the market leader in B2B solar sector. We are excited with our aim to enhance our portfolio from 500MW to 2000MW in the next three years.”

Earlier this year, UKCI announced a £28 million cornerstone investment in a dedicated African renewable energy yieldco, Revego Africa Energy Limited. In 2018, UKCI completed the construction of a 60MW greenfield solar project in Maharashtra with Lightsource BP, and partnered with Fortum and Elite Alfred Berg to cornerstone India’s first unlisted renewables yieldco for international investors.

Solek starts building 16MW of solar in Chile

18 April: Solek has started construction of 16.64MW of solar power projects in the Maule and Valparaíso regions of Chile, as part of the firm's plans to build 250MW of PV in Chile over three years.

The projects include the 2.99MW Villa Seca and 10.66MW projects in Maule Region, and the 2.99MW Los Paltos in Valparaíso.

Tata Power exemplifies Indian energy transition – IEEFA

23 April: India’s largest private integrated power company Tata Power leads and exemplifies the country's energy transition, having recently withdrawn from building new coal-fired power stations, according to a report by the Institute for Energy Economics and Financial Analysis (IEEFA).

The report 'Tata Power: Renewables to Power Growth' highlights the company’s long-term strategy that will see renewable energy dominate its power capacity buildout going forward.

Report author Simon Nicholas, Energy Finance Analyst at IEEFA, said: “The company’s plan, ‘Strategic Intent 2025’ calls for up to 70% of new capacity additions to come from solar, wind and hydro through to 2025. This represents a significant departure from the accepted wisdom of just a few years ago that a major expansion of coal-fired power would be required to serve India’s growing electricity demand.”

Tim Buckley, IEEFA’s director of Energy Finance Studies, added: “The shift away from new coal-fired power is moving faster than anyone had predicted. The current Indian fiscal year has seen net coal-fired power additions come close to ceasing altogether. Peak coal-fired power capacity in India is on the horizon, and growing electricity demand will be served by current coal power capacity and rapidly growing renewable energy capacity. Tata Power encapsulates this rapid transition.”

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