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Green Globe: India's ReNew Power files for IPO

Solar and wind developer ReNew Power Ltd is planning to go public in India and raise at least $387 million from the initial offering, Reuters reported.

The IPO could attract more than $1 billion, with Global Environment Fund, Green Rock and a Goldman Sachs selling around 94.4 million shares, an unnamed source told Reuters. Raising that amount could make this one of the largest listings in the South Asian country in 2018.

The company, founded in 2011, counts Goldman Sachs and the Canada Pension Plan Investment Board among its backers. Both institutional investors have representatives on ReNew Power's board.

Early in April, CPPIB increased its holdings in the company to $391 million. Through this investment, ReNew will have more funds to acquire Ostro Energy Pvt. Ltd. and boost its capacity to more than 5,600 MW.

Canada-based SkyPower Ltd is set to become the first independent power producer in Uzbekistan, as it plans to build the country's first solar project. The 1,000-MW project represents C$1.3 billion in foreign direct investment to Uzbekistan.

In support of the project, the Uzbekistan government has granted sovereign guarantees in purchasing power from the project and is providing SkyPower with numerous benefits, including exemption from certain customs payments and corporate income taxes, according to AzerNews.

Designed to help the country achieve its commitments under the Paris climate agreement, the solar project is estimated to contribute $2.9 billion to Uzbekistan's gross domestic product and raise the country's renewable capacity to 10% of total generation. Uzbekistan currently relies mostly on fossil fuels for its energy needs.

Solar again accounted for the largest capacity allocation in Netherlands' SDE+ program for large-scale renewable energy projects, pv magazine reported. The Netherlands Enterprise Agency contracted 3,330 MW of renewable energy generation capacity in the second round of the program, including 1,910.8 MW of solar photovoltaic capacity and 1,137 MW of onshore wind capacity.

The latest round fell short of the 2,353 MW solar allocation in the first round, despite the program receiving applications for total solar capacity of 3,221 MW. Solar PV also did not get the largest financial commitment, receiving €2.32 billion of the €6 billion total compared to wind power at €2.76 billion, pv magazine said.


* A planned 1,500-MW solar farm will be the largest in Australia, dwarfing the next largest under construction, which will be 250 MW, The Queensland Times reported.

* Brazil is anticipated to reach 2 GW of installed solar photovoltaic capacity by the end of 2018, PV Tech reported.

* GE Renewable Energy won the turbine supply contract for its first wind energy project in Chile with Arroyo Energy Compañía de Energías Renovables.

* The final unit of the 330-MW Sarulla geothermal power plant in Indonesia has commenced commercial operation, Ormat Technologies Inc. said.

* Iran, Jordan and Saudi Arabia will be driving growth in the wind power market in Middle East, which is expected to add 12 GW of new capacity in the next 10 years, according to Windpower Engineering & Development.

* The EDF Group commissioned 200 MW of solar capacity, bringing online the first unit of the 800-MW Dewa III facility, in Dubai, United Arab Emirates.

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