9OCTOBER 2024STANDARD CHARTERED SECURES GREEN LOAN FOR AMPIN ENERGY'S RENEWABLE EXPANSIONINDIAN OIL JOIN HANDS WITH EVERENVIRO TO LAUNCH COMPRESSED BIOGAS PLANStandard Chartered has secured green loan funding for Ampin Energy's project in Rajasthan that combines solar and wind energy. This accomplishment represents a major step in Ampin Energy Transition's dedication to sustainable energy transition solutions and also broadens its expanding renewable energy portfolio.The project's overall cost is estimated to be Rs 944 crores. After finishing construction, the solar-wind hybrid facility is projected to produce around 435 million units of renewable energy each year, supplying electricity to about 74,486 homes.Pinaki Bhattacharyya, MD & CEO, of Ampin Energy Transition, said, "This milestone reinforces our dedication to advancing India's clean energy goals and expanding Ampin's renewable energy portfolio. This collaboration with Standard Chartered Bank supports our vision of driving the renewable energy transition and transforming the energy landscape in India."The power produced by this facility will be provided to SECI through a Power Purchase Agreement (PPA) for a period of 25 years starting from when operations commence.Ampin Energy Transition is an important participant in tapping into Rajasthan's renewable energy potential and is working on large-scale projects in the state. Ampin currently runs a solar portfolio with a capacity of 410 MWp in the state, known for its extensive size and various types of customers, providing electricity to both utility and C&I customers.By incorporating this project, Ampin Energy Transition will increase its total solar and wind energy portfolio in Rajasthan to 1 GWp. Indian Oil and EverEnviro Resource Management will create a 50-50 joint venture to establish compressed biogas (CBG) plants.The nation's top refiner said in an announcement, "By leveraging their combined expertise, Indian Oil and EverEnviro aim to accelerate the deployment of CBG plants nationwide."Founded in 2019 by Eversource Capital, EverEnviro offers opportunities for handling diverse kinds of waste, such as agricultural waste, industrial agro waste, and urban waste.Indian Oil is the topmost oil and gas PSU in India, positioned 116th on the Fortune 'Global 500' list. For three years in a row, it has held the top place in the 'BW Top 500' rankings and has been addressed as the most honored Oil and Gas Company by Business World.At present, their aim is to attain operational Net-Zero Emissions by 2046, in line with India's global Net-Zero target by 2070. In spearheading India's shift towards clean energy, Indian Oil is directing to accomplish a value of 'One Trillion Dollar Giant' by 2047.
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