Sembcorp Industries announced that its wholly-owned subsidiary, Sembcorp Green Infra Limited has signed an agreement with India Infrastructure Fund II, a fund managed by Global Infrastructure Partners India Private Limited. This agreement intends to acquire 100 per cent interest in Vector Green Energy Private Limited for a base equity consideration of approximately Rs 27.8 billion.
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Interestingly, mergers and acquisitions (M&A) continue to dominate India’s renewable energy financing, as is the case in many other large markets worldwide. In 2021-22, acquisitions contributed to more than 40 per cent of the total major renewable energy investments in the country. The M&A surge looks likely to continue in 2022-23 as well, with a few big acquisitions already announced and at advanced stages of completion. This article takes a deep dive into some of these acquisitions and assesses the growing renewable energy M&A landscape.
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Indian conglomerate Reliance Industries Limited (RIL) has signed definitive agreements to obtain a significant stake in SenseHawk for a total transaction value of $32 million. The transaction includes funding for future growth, product commercialisation, and research and development. The transaction is subject to certain regulatory and other customary closing conditions and is expected to complete before end 2022.
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In a year in which both global and U.S. M&A activity in aggregate reached record levels, renewable energy M&A contributed to the mix in terms of high deal volume and landmark transactions. Robust demand in the sector was supported by persistently low interest rates, Environmental, Social and Governance (ESG) considerations, and aggressive renewable energy and decarbonization targets.
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Ordinances No. 32/GM/MME and No. 33/GM/MME, both in effect as of December 17, 2021, issued by the Brazilian Ministry of Mines and Energy, determined the schedule for generation and transmission auctions in 2022, 2023 and 2024. Among energy auctions, reserve of energy and reserve of power auctions, and supply of isolated systems auctions, eight auctions of power generation are planned in 2022, seven in 2023 and other seven in 2024.
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