Suzlon secures $344m backing from investors
Indian renewables firm Suzlon has secured INR23 billion ($344 million) from existing investors to help it ramp up its operations.
The financing will be provided as working capital, in addition to the INR43 billion it already has in place with the same banks, to help it deal with its backlog and pursue its current pipeline.
"These facilities will be a catalyst to help Suzlon tap the growth opportunities in Indian and international markets," it said in a statement.
Enel Green Power makes German acquisition ahead of reintegration into parent
Enel Green Power has made a "very significant" acquisition, marking its entry into the German renewable energy market.
The firm acquired a 78.6% stake in the Erdwärme Oberland geothermal project, which was sold by developer Erdwärme Bayern. The acquisition was financed through the issue of €22 million ($24 million) of shares in the project. It is not yet under construction, but is expected to have a capacity of 26MW once operational.
"This acquisition is very significant because it opens the door for EGP to a major, stable renewable energy market such as Germany" said CEO Francesco Venturini. "We intend to build a solid platform for future investment opportunities in the country, both in geothermal power and in other sectors," he added.
EGP's shareholders this week approved its reintegration into its parent company, Enel. The firm said in a statement that this would involve Enel taking on EGP's renewables assets across the Americas, Europe, South Africa and India, with EGP retaining "all Italian operations and a small number of remaining foreign investments".
Appaloosa sues SunEdison to block Vivint acquisition
Billionaire David Tepper's Appaloosa Management has sued to block TerraForm Power's acquisition of a Vivint Solar portfolio from its parent, SunEdison.
The hedge fund is seeking "immediate injunctive relief," given SunEdison's acquisition of Vivint could close "at any time," the company said in a filing with a Delaware court.
The lawsuit comes after several open letters penned by Tepper voicing his concerns over the acquisition.
Appaloosa currently owns 9.5% of the Class A shares of TerraForm Power.
Spain completes first renewables auction in four years
Spain has held its first renewable energy auction in four years, under a revised support regime.
The auction held yesterday saw 500MW of wind and 200MW of biomass awarded, as planned.
"Applications have exceeded by more than five times the quantities auctioned allowances, which confirms the interest of investors by the renewable energy sector in Spain," the ministry of industry said in a statement.
The auction comes several years after its retroactive subsidy cuts sent shockwaves throughout the global renewables industry.
Portugal's EDP Renovaveis was awarded 93MW of capacity in the auction. Forestalia and Grupo Jorge – both owned by the Samper family – and biomass firm Ence, are also reported to have secured backing.
