Fortum Corporation has entered a joint venture (JV) with Numaligarh Refinery (NRL) and Chempolis Oy to set up and operate a biorefinery in Assam, India.
With an investment of €13.5m ($16.24m), Fortum gained a 28% stake in the JV.
The investment is a part of Fortum’s Bio2x research and development (R&D) programme, which is aimed to develop ways of efficient biomass utilisation.
The new biorefinery will use bamboo as a key raw material and will run on Chempolis’ formico-technology. Bio-ethanol produced from the bio-refinery will be sold to NRL.
Other products produced at the refinery will include biochemical and biocoal.
Biocoal will be used in a combined heat and power (CHP) plant at the refinery, and excess power will be sold to NRL’s oil refinery.
Based in Finland, Fortum is engaged in renewable energy generation, while Chempolis Oy develops biorefining technology. NRL is a state-owned oil refinery company based in India.
Sunsure Energy has raised Rs150m ($2.25m) in debt capital in a private placement.
Tata Cleantech Capital, L&T Finance, and cKers Finance subscribed to the placement.
The proceeds will be used as working capital for the construction of solar photovoltaic (PV) projects of up to 100MW in 2019.
Sunsure Energy is an Indian renewable power generating company.
Greenbriar Capital Corporation has reached an agreement with a major US investment fund to raise $50m in private equity investment.
The company has agreed to issue two million common share purchase warrants priced at C$1 ($ 0.78) a share to be exercised over a period of five years.
Proceeds from the transaction will be used to support the proposed $305m Montalva project.
Based in Canada, Greenbriar Capital is engaged in the development of renewable energy, green technology and sustainable investment projects.
Power Finance Corporation (PFC) plans to divest its stake in KSK Mahanadi Power, a 3.6GW thermal power plant in Chhattisgarh, India.
Promoted by KSK Energy Company, KSK Energy, and KSK Power Holdings, KSK Mahanadi Power currently has a debt of Rs185.5bn ($2.8bn).
PFC has engaged SBI Capital Markets to identify a strategic investor for the plant.
Based in India, Power Finance Corporation is a non-banking financial institution primarily focused on the power sector.
Element 1 has entered a partnership with Anderson Industries to develop and commercialise an integrated fuel-cell-powered industrial flameless heater system.
Based in the US, Element 1 is engaged in the development of hydrogen generation technology, while Anderson Industries provides metal fabrication services.
Indiana Michigan Power Company plans to raise $350m in gross proceeds through a public offering of series M senior notes.
Due May 2028, the notes carry a rate of 3.85%.
The company proposes to pay interest on the bonds semi-annually, on 15 May and 15 November. To be issued at 99.685% of the principle amount, the bonds are expected to yield 3.888% upon maturity.
Proceeds raised from the transaction will be used for corporate purposes and to clear outstanding advances from affiliates.
The company has engaged BNY Mellon Capital Markets, Credit Agricole Securities (USA), Credit Suisse Securities (USA) and PNC Capital Markets as joint book-running managers for the transaction.
Based in the US, Indiana Michigan Power is engaged in power generation and distribution.