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July 7, 2020

Coronavirus company news summary – Pakistan commissions hydro project – SBG Cleantech up for sale

By Matt Farmer

7 July

Pakistan has signed a $1.5bn agreement with China Gezhouba to set up a hydropower project as a part of China-Pakistan Economic Corridor. The companies plan to complete the 700.7 MW project in the Sadhanoti district on the Jhelum river by 2026.

Japan’s SoftBank Group is negotiating with various companies to divest its entire 80% stake in Indian green energy firm SBG Cleantech. This company has invested around $800m in its 7.7GW solar portfolio in India. Companies interested in buying stakes include Canada Pension Plan Investment Board, Mubadala Investment and Brookfield Asset Management.

Solar-panel installer Sunrun has agreed to purchase Vivint Solar in an all-stock deal valued at approximately $3.2bn, including debt. As per the terms of the agreement, Sunrun’s shareholders will hold a nearly 64% stake in the merged entity, while Vivint Solar’s stockholders will own the remaining stake.

US Government data has suggested power companies in the country received at least $676m in coronavirus-related small business loans. The funding went to more than 3,800 electric utilities, and generators of wind, solar, hydroelectric and fossil fuel power. Small electric co-operatives took the largest share of the money, receiving a total of $318m. Coal mining companies received about $170m, while firms offering other electric power generation received nearly $162m in assistance. Solar power firms alone received $113m and $28m was offered to transmission providers.

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