Page 11 - AsiaElec Week 08 2021

AsiaElec NEWS IN BRIEF AsiaElec

WIND disclosed, is with Corporacion Masaveu, last October.
Korys Group, Exus Management Partners and At a news conference Monday, a Tepco
ReNew Power to go public a group of Portuguese minority investors. official said that the company had planned to
install new seismometers after identifying the
The transaction is still pending on
with $8bn merger customary regulatory approvals and is causes of the malfunctions and implementing
preventive measures.
expected to be completed before the end of
India’s largest renewable energy firm ReNew the second quarter of 2021. Tecpo should have introduced substitutes
Power said on Wednesday it would go public CTGE said the move will enhance its hastily, before considering replacing them
through an $8bn merger with a blank-check presence in Europe in addition to investments with upgraded seismometers, the official
firm in the biggest deal in the fast-growing in Portugal, Germany, the UK and Greece, as added.
clean energy sector in the country, Reuters well as Spain.
reported. The projects are entitled to the Spanish
The deal will be financed with cash regulated remuneration regime.
proceeds of $1.2bn, including $855mn Law firm Allen & Overy advised the GRID
in investments from serial blank-check sellers, while Linklaters acted as the local legal
dealmaker Chamath Palihapitiya, funds firm for CTGE. India signs $304mn
managed by BlackRock and Sylebra Capital. FTI Capital Advisors acted as M&A
Founded in 2011, ReNew Power counts advisor to CTGE. pact with AIIB for power
Goldman Sachs and Canada Pension Plan
Investment Board (CPPIB) among its transmission network in
prominent investors. It owns and operates
solar energy projects for more than 150 NUCLEAR Assam
commercial and industrial customers across
India. Tepco admits not The Indian government has signed an
It is among a wave of clean-energy firms agreement with the Asian Infrastructure
poised to benefit from the country’s push into repairing Fukushima No. 1 Investment Bank (AIIB) to borrow $304mn
renewable energy. to improve power transmission network in
India, the world’s third-largest emitter of seismometers that broke Assam.
greenhouse gases, wants to raise its renewable According to an official release, the fund
energy capacity to 500 gigawatts (GW), or last year will be utilised for the ‘Assam Intra-State
40% of total capacity, by 2030. Transmission System Enhancement Project’,
ReNew Power’s total operational clean TEPCO left two broken seismometers aiming to improve reliability, capacity and
energy capacity is currently over 5 gigawatts unrepaired at the No. 3 reactor within its security of the power transmission network in
(GW) and it has an aggregate capacity of Fukushima No. 1 nuclear plant since 20201, the state.
about 10 GW. It also counts Abu Dhabi officials said this week. The total estimated cost of the project is
Investment Authority, Global Environment The instruments at the plant in Fukushima $365mn, of which $304mn will be financed
Fund and JERA Co Inc - a consortium of two Prefecture did not record the tremors caused by the AIIB and rest by the state government,
of the biggest Japanese utilities - as investors. by a powerful earthquake that rocked the it said.
Goldman Sachs and Morgan Stanley Tohoku region on Feb. 13 because they were “The loan from the AIIB has a five-year
are serving as financial advisers to ReNew, not functioning. In some locations in Tohoku grace period and a maturity of 24 years,” the
with Morgan Stanley also acting as a joint the quake measured upper 6, the second- release said.
placement agent to the blank check company highest level on the Japanese seismic intensity The project aims to strengthen Assam’s
RMG Acquisition Corporation II on the PIPE scale. electricity transmission system by
deal. The problem was reported during a constructing 10 transmission substations,
RMG Acquisition’s shares jumped about meeting of the Nuclear Regulation Authority laying transmission lines, upgrading 15
14% in New York before the start of regular on Monday. existing substations, transmission lines and
trading. The combined entity is expected to be According to Tepco, seismometers for the existing ground wire to optical power
listed on the Nasdaq under the ticker symbol the No. 1 to No. 4 reactors at the plant broke ground wire.
“RNW”. down during the March 2011 earthquake and “The programme will strengthen the
tsunami that hit the region and triggered a existing intrastate transmission network of
triple meltdown at the power plant. Assam by augmenting it with newer networks
The company currently measures the to achieve affordable, secure, efficient and
WIND strength of earthquakes using seismometers at reliable 247 power. This will, in turn, bring
the No. 5 and No. 6 reactors. the state closer to ensuring long-term
China Three Gorges Europe need to assess the seismic adequacy of the No. sustainability of its electricity supply,” it added.
In March last year, the NRA pointed to the
The northeastern state is currently
buys 400MW and solar in 3 reactor building, which was damaged in a witnessing energy deficit, especially in peak
hours, and one of the main reasons for this
hydrogen explosion that occurred during the
Spain early stage of the 2011 nuclear crisis. is congestion of electricity distribution and
Within that month, Tepco set up
transmission networks.
China Three Gorges Europe (CTGE) has seismometers on the first and fifth floors of The Assam Electricity Grid Corporation
reached an agreement to acquire operational the building. Ltd (AEGCL), the sole transmission utility
wind and solar farms in Spain with a The one on the first floor broke down after in Assam, is responsible for operation,
combined capacity over 400MW. being submerged due to heavy rain last July, maintenance and development of the
The deal, for which the price has not been while the one on the fifth floor malfunctioned transmission system in the state.

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