Monday, May 23, 2022

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Ticker Tape - International

Reliance New Energy Solar Ltd to acquire REC Solar Holdings AS for $771 mn

Reliance New Energy Solar Ltd (RNESL), a wholly owned subsidiary of Reliance Industries Ltd (RIL), has announced acquisition of 100% shareholding of REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co Ltd., for an Enterprise Value of USD 771 million.

REC is headquartered in Norway and has its operational headquarters in Singapore and regional hubs in North America, Europe, Australia, and Asia-Pacific. REC Group is an international pioneering solar energy company leading the industry through its technological innovations and superior, high efficiency and long-life solar cells and panels for clean and affordable solar power. The 25-year-old company has three manufacturing facilities - two in Norway for making solar grade polysilicon and one in Singapore making PV cells and modules.

REC’s Alpha and Alpha Pure range of solar modules are recognized as among industry leaders in efficiency, reliability and long guaranteed life. The hetero junction (HJT) technology used by REC helps its modules surpass the performance of other commonly used technologies in the industry.

REC has over 600 utility and design patents, of which 446 are granted and balance are under evaluation. It always had strong focus on research and development and now, coupled with Reliance’s world-class innovation, scale, and operational excellence, will further accelerate path breaking technological developments and introduction of new products.

REC is a trusted brand globally known for pioneering innovations. REC was the first to introduce half cut Passivated Emitter and Rear Cell (PERC) technology, which is adopted by all major manufacturers today, while REC has moved on to its, next generation HJT technology. REC’s Norway operation is distinguished by its low carbon footprint in the manufacture of polysilicon.

REC has more than 1,300 employees globally. They will become proud members of the Reliance Family after the successful completion of the transaction and become an integral part of the team that is driving one of the world’s most ambitious mission to drive green energy transition.

Reliance will strongly support for REC’s planned expansions including 2-3 GW Cells and Module capacity in Singapore, brand new 2 GW Cells and Module unit in France and another 1 GW Modules plant in the US.

In India, Reliance plans to use this industry leading technology in their fully integrated, metallic Silicon to PV Panel manufacturing giga factory at Dhirubhai Ambani Green Energy Giga Complex, Jamnagar initially starting with 4 GW per annum capacity and eventually growing to 10 GW per annum. Reliance’s deep expertise of scale, project execution and operational excellence coupled with REC’s technology will facilitate the establishment of state-of-the-art next-generation fully integrated PV manufacturing facility at Dhirubhai Ambani Green Energy Giga Complex and subsequently replicate such complexes around the world. The acquisition of REC will help Reliance with a ready global platform and the opportunity to expand and grow in key green energy markets globally, including in the US, Europe, Australia and elsewhere in Asia.

Goldman Sachs is acting as the exclusive financial advisor and Davis Polk & Wardwell LLP are acting as the legal advisor to Reliance in this transaction.

 

 

NTPC in pact with Électricité de France S.A. for cooperation in international power sector

In a significant development for the global power sector, Électricité de France S.A. (EDF), one of the world’s leading power sector companies headquartered in Paris, France, and NTPC Ltd., India’s largest energy integrated company signed a Memorandum of Understanding (MoU) to explore potential power project development opportunities in the Middle East, Asia, Europe and Africa. NTPC is ranked as the number 2 Independent Power Producer (IPP) in Platts Top 250 Global Energy Company Rankings.

The two companies will also collaborate for knowledge sharing, R&D, technical services and consultancy assignments globally.

NTPC expressed optimism about its collaboration with EDF and mentioned  NTPC’s collaboration with EDF will further increase our competitiveness in the international markets. NTPC aims to expand its portfolio of power generation assets globally. This MoU supports our roadmap for the development of clean energy projects worldwide. We believe this alliance will bring multiple mutually constructive investment opportunities in the global markets.

On the same note, EDF mentioned ‘We are excited to join forces with NTPC and work on low-carbon energy opportunities in India and other growth markets. Now operating in around 25 countries, EDF has a global track record, and we look forward to unlocking further collaboration opportunities with NTPC.’

EDF and NTPC will jointly explore the possibility of power project development in the countries of mutual interest, as well as exchange knowledge and technical expertise. The parties will also explore collaboration around technical services, including international consultancy assignments and will consider the possibility of pursuing pilot programmes in the clean energy sector together.

 

 

 

Adani seals deal to develop Western Container Terminal at Colombo Port

India’s Adani Group recently sealed a deal with the state-owned Sri Lanka Ports Authority (SLPA) to develop and run the strategic Colombo Port’s Western Container Terminal.

As the first-ever Indian port operator in Sri Lanka, Adani Group will have a 51 per cent stake at the port’s Western Container Terminal (WCT). Adani Group signed a build-operate-transfer (BOT) agreement with its local partner John Keells Holdings and the SLPA to develop the WCT at the Colombo Port.

The two local entities would hold 34 and 15 per cent stakes of the new joint company titled the West Container International Terminal. The Colombo Port is one of the most preferred regional hubs for transhipment of Indian containers and mainline ship operators with 45 per cent of Colombo’s transhipment volumes originating from or destined to an Adani Ports and Special Economic Zone (APSEZ) terminal in India.

APSEZ is the largest port developer and operator in India and represents 24 per cent of the country’s total port capacity.

The WCT proposal came after Sri Lanka decided to retract the previous memorandum of understanding signed in 2019 with India and Japan on the Eastern Container Terminal (ECT).

The state-owned SLPA signed a memorandum of cooperation in May 2019 with India and Japan to develop the ECT during the previous Sirisena government.

The Colombo Port trade unions opposed the proposal of investors from India and Japan buying 49 per cent stake in the ETC. They demanded the ECT to remain 100 per cent owned by the SLPA as opposed to the 51 per cent.

Under pressure from trade unions, Prime Minister Mahinda Rajapaksa agreed to scrap the deal, prompting India to demand Sri Lanka to abide by its commitment to the trilateral deal with it and Japan. Both India and Japan found fault with Sri Lanka for reneging on an international agreement unilaterally. Japan had also conveyed its unhappiness with the Sri Lankan government.

India and Japan are members of Quad or the Quadrilateral coalition of four Indo-Pacific nations that also includes the US and Australia. The four countries had in 2017 given shape to the long-pending proposal of setting up the Quad’ to counter China’s aggressive behaviour in the Indo-Pacific region.

China’s influence is growing in various infrastructure projects in Sri Lanka as part of its ambitious Belt and Road Initiative. China has invested over USD 8 billion in infrastructure projects in Sri Lanka. Colombo handed over its Hambantota port to Beijing in 2017 as a debt swap.

 

 

IRCON hands over Jaynagar - Kurtha cross border rail section between India and Nepal

IRCON on behalf of Government of India (GoI), has handed over the newly commissioned cross-border rail section from Jaynagar (Km. 0.00) to Kurtha (Km. 34.90) to Government of Nepal (GoN) on 22nd October, 2021. Under the grant assistance from Government of India and MoU signed between GoI and GoN to undertake Indo-Nepal Cross Border Railway Projects, the work of Jaynagar (India) to Bardibas (Nepal) rail line project was entrusted to Ircon International Limited.

The 1st phase of 34.9 Km Jaynagar (India) - Kurtha (Nepal) section is part of 68.72 Km Jaynagar-Bijalpura-Bardibas rail link being built under Government of India grant assistance of NPR 8.77 billion. This section was earlier a narrow-gauge rail link between Jayanagar and Bijalpura. There are 8 stations and halts on the Jaynagar-Kurtha section, which includes the historically important station of Janakpur.

This cross-border rail link is a significant milestone, which will take Indo-Nepal cooperation to a new level. Soon to be operationalized, this would be the first broad gauge (BG) cross-border rail link between India and Nepal which would further boost relations between the two neighboring countries.

 

 

J&K signs MoU with Dubai to develop real estate, industrial parks

The signing of the MoU is a “strong signal” that J&K was playing a significant role in the transformation of India into a global power. The Jammu and Kashmir administration has signed a Memorandum of Understanding (MoU) with the Government of Dubai for development of real estate, industrial parks, IT towers, multipurpose towers, logistics, medical college and super specialty hospitals. This MoU is a milestone following which investment are likely to pour in from other countries across the globe.




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