$100 million for Evren: UAE-based climate investment vehicle ALTÉRRA has announced an investment of $100 million into Indian renewable energy company Evren. It will make the investment alongside Brookfield Asset Management and other investors. This is ALTÉRRA’s maiden direct investment in the Global South. It will enable Evren in the development and construction of up to 11 GW of solar, wind, and battery storage projects in Rajasthan and Andhra Pradesh. Evren says it works with domestic manufacturers for wind turbines and solar modules to contribute to the country’s supply chain resilience and economic growth. Evren is backed by Brookfield’s Global Transition Fund II (BGTF II) while ALTÉRRA is the fund’s largest 3rd party investor.
35 MW solar project: Enerparc Energy will set up a 35 MW solar power project in Gujarat with plans to commission it in August 2025. The project will serve commercial and industrial (C&I) consumers. Early offtakers of the project include companies operating in the space of recycling, automotive, packaging and plastics, and global mining sectors, according to a company statement reported by local media. The project is open to companies under the group captive open access model.
Goldi Solar bags Havells investment: Havells India Limited, the Indian electrical equipment manufacturer, has announced a strategic investment in solar module producer Goldi Solar Private Limited. It will invest INR 6 billion ($70 million) to acquire a stake of between 8.90% and 9.24% in the solar manufacturing company. The Havells investment is part of a proposed fund raise by Goldi of up to INR 13 billion ($156.6 million). Havells already caters to the solar ecosystem with the sale of inverters, modules, solar cables, and DC switchgears. “The increasing domestic reliance on modules through policy measures required Havells to either establish own manufacturing or strategically partner with module manufacturer(s),” explained Havells as the rationale behind the investment in Goldi. Investment in a large module manufacturer with a planned backward integration in domestic cells was the relatively de-risked approach it eventually decided on. Goldi currently operates an annual module manufacturing capacity of 10.7 GW, with plans to add another 4 GW by July 2025 while adding domestic cell manufacturing capacity over the next 18 months.
Inox Green enters solar O&M: Operations and maintenance (O&M) services provider for renewable energy systems, Inox Green Energy Services Ltd. (IGESL), has secured a contract for 675 MW of solar projects. The unidentified customer has these projects located at various sites in multiple states. Part of the INOXGFL Group, this marks IGESL’s foray into the solar O&M segment. With this contract, INOXGFL says it completes its presence across the entire renewable energy ecosystem. It recently ventured into solar manufacturing with plans to build a 4.8 GW solar cell and module factory each in Odisha (see INOX Solar Bags Land For 4.8 GW PV Factory In Odisha).
BPCL & Sembcorp JV: Bharat Petroleum Corporation Limited (BPCL) and Sembcorp Green Hydrogen India Private Limited have entered a joint venture (JV) agreement to explore renewable energy and green hydrogen projects across India. The JV will leverage Sembcorp’s renewables experience and BPCL’s expertise in the petroleum sector and infrastructure. Green ammonia production and bunkering, emissions reduction for port operations and other emerging green fuel technologies will also fall in the purview of the JV.
RenewSys secures EcoVadis rating: Indian integrated solar PV manufacturer RenewSys India Pvt Ltd has secured a Platinum rating by sustainability ratings company EcoVadis. The company claims that this makes it the 1st and the only solar manufacturer to join the global top 1% in sustainability. Out of over 150,000 companies assessed by EcoVadis annually on 21 sustainability criteria across the 4 pillars of environment, labor and human rights, sustainable procurement, and ethics, RenewSys says it secured an overall score of 86/100, in the 99th percentile. The company currently operates 9 GW of encapsulant production capacity, 4 GW of backsheet capacity, and will add a 5.5 GW solar PV module and 2.5 GW high-efficiency cell line by FY 2026-27.
