AUGUST 20238TOP STORIESChief Marketing Officer William Brent announced at the 14th Clean Energy Ministerial (CEM14) and 8th Mission Innovation that Husk Power Systems, a US-based solar mini-grid firm, aims to close $100 million in equity and debt this year."We have been able to attract over $40 million in equity, and we anticipate closing another $100 million in equity and debt funding in Q3 of 2023 to finance the next stage of our growth," Brent added. He continued by saying that the business is now at a stage where it is aware of its business model and go-to-market strategy and is putting these plans into practise in India and sub-Saharan Africa."We are very close to finalising our equity round; we expect that to be in the neighbourhood of $40 million to $50 million including our existing investors and some new ones. He continued by saying that additional debt totaling more than $60 million will be used for project financing to expand a pipeline we created in India and sub-Saharan Africa.The business's most recent round of funding took place in 2016, with Shell Ventures, Engie, and two development finance institutions serving as lead investors. The company declared in January 2023 that it had achieved corporate profitability, making it the first minigrid company to do so. The CEM14 and MI8 were both officially opened. 'Advancing Clean Energy Together' is the event's theme. The event is slated to coincide with the G20 Energy Transitions Ministerial Meeting in July 2023 and will take place from July 19 to July 22. Torrent Solargen Limited, the business successfully launched a 115 MW wind power project in Gujarat's Devbhumi Dwarka District, according to an exchange filing from Torrent Power. A competitive bidding process for SECI Wind Tranche V resulted in the Company being awarded the project. The Company and SECI, which already has two Power Sale Agreements (PSAs) with the state of Haryana, entered into a Power Purchase Agreement (PPA) for a 25-year term.The project was successfully finished despite numerous obstacles like COVID-19, modifications to the land allocation policy, RoW difficulties, adverse weather conditions, etc. Another illustration of the company's outstanding execution abilities and capacity to build and run utility scale projects is the project's successful commissioning. GE is the source of the wind turbines for the project.Torrent Power's installed renewable energy capacity has increased to 1.18 GW and its overall generation to 4.2 GW with the installation of 115 MW of wind energy. Additionally, 0.6 GW of renewable energy capacity is in various phases of development. Torrent's expansion priority in Power Generation remains on Renewables in accordance with its sustainability goals and the Government's goal to build 500 GW of non-fossil fuel capacity by 2030. Along with a well-balanced portfolio of wind and solar energy, it is also pursuing pumped hydro and green hydrogen as additional green energy options. HUSK POWER SYSTEMS, PLANS TO COMPLETE $100 MILLION IN DEBT & EQUITY FINANCING THIS YEARTORRENT POWER COMMISSIONS 115 MW WIND ENERGY PROJECT IN GUJARAT
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