Energetica India Magazine March 2022

Sterlite Power Secures Rs 440 Cr Debt Funding from Tata Cleantech for NBTL Transmission Project Greenland Partners with Princeton NuEnergy for Recycling of Li-Ion Batteries Global power transmission infrastruc- ture developerSterlite Power Transmis- sion Ltd has secured the entire debt funding of Rs 440 crore from Tata Cleantech Capital for its Nangalbibra - Bongaigaon Transmission Ltd (NBTL) project. Tata Cleantech Capital is the first pri - vate sector climate finance institution in the Green Banking Network. The New Delhi-headquartered compa- ny has achieved financial closure with - in two months timeframe of the spe- cial purpose vehicle (SPV) acquisition of the project. Commenting on achieving the finan - cial milestone, Pratik Agarwal, Man- aging Director of Sterlite Power said, “we are pleased to conclude this deal with Tata Cleantech Capital which is a first-of-its-kind climate finance insti - tution that is working towards climate change mitigation in India. Sterlite Power is an active proponent of green- ing the grid, and we are committed to India’s ambitious RE goal of 500 GW by 2030.” The company has acquired the NBTL SPV in December last year to execute the inter-state transmission system (ISTS) project, which involves the con- struction of ~300 ckt km of transmis- sion lines and a greenfield substation with 320 MVA transformation capacity across the North-Eastern terrain of Assam and Meghalaya. “India’s power transmission sector is playing a critical role in the country’s transition to a net-zero carbon future. Our objective at Tata Cleantech Cap- ital is to support and invest in green energy sectors and the long-term fi - nancing of this project is a step in that direction,” said Manish Chourasia, Managing Director of Tata Cleantech Capital Ltd. Sterlite Power has a strong track record of executing complex projects success- fully and has set new benchmarks in the industry by the use of cutting-edge technologies and innovative financing. Greenland Technologies Holding Corpo- ration announced it entered into an ex- citing new strategic partnership agree- ment with Princeton NuEnergy Inc. Under the strategic partnership, the two companies will collaborate to create a safe and sustainable recycling solution for end-of-life lithium-ion batteries used in Greenland’s electric industrial vehi- cles including electric forklifts, electric loaders and electric excavators to fur- ther minimize their environmental foot- print. Greenland and PNE will co-market and cross-promote to drive brand awareness, give each organization access to a larger audience, and demonstrate technology leadership for both Greenland and PNE. Greenland and PNE will collaborate in identifying, negotiating, and support- ing battery manufacturers by providing battery-grade recycled material with the aim of developing a revenue stream for PNE, while reducing the cost of bat- tery procurement for Greenland. Raymond Wang, CEO of Greenland, commented, “Incorporating environ- mentally friendly manufacturing pro- cesses makes sound business sense as we work to develop a sustainable, cir- cular supply chain. Battery supply and materials availability is an increasing concern as the proliferation of electric vehicles continues to accelerate, with the risk of becoming a gating factor in the manufacturing process a few years down the road. We have done extensive due diligence on options that could help us mitigate that potential supply chain bottleneck given our forecasts for accel- erating growth and product line expan- sion. We think Princeton NuEnergy’s innovative, proprietary process can be a real game changer for us and we are excited to be partnering together at this important juncture.” Dr. Yan, CEO of Princeton NuEnergy, added, “We know the Greenland team well and have been impressed with their strategy and execution. Our partner- ship gives us an invaluable opportunity to commercialize the advanced technol- ogies and recycling processes we have been developing over the past few years, as we seek to help the electric vehicle industry meet its ambitious growth tar- gets.” ENERGY UPDATES 60 energetica INDIA- Mar_2022