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BrightNight Announces Differentiated 100 MW Hybrid Wind-Solar Power Project in Maharashtra, India

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News provided by

BrightNight

Jan 29, 2023, 20:10 ET

Optima Project to Serve Commercial & Industrial Customers     

WEST PALM BEACH, Fla. & GURUGRAM, India, Jan. 29, 2023 /PRNewswire/ — BrightNight, the next generation and global renewable power producer built to deliver clean and dispatchable solutions, today announced plans for one of its inaugural projects in India: a differentiated 100 MW co-located, wind-solar hybrid renewable power project that will deliver clean, high-capacity factor power to commercial and industrial (C&I) customers in the State of Maharashtra.

The Optima project located in the State of Maharashtra has been developed by BrightNight’s India team using its proprietary software platform, which optimizes multiple renewable technologies to meet customers’ load requirements. The renewable power project will meet up to 80% of C&I customers’ power consumption and potentially save customers up to 25% annually on their energy bills while avoiding carbon emissions equivalent to up to 6 million tonnes for project life. The project will consist of co-located wind and solar components, making efficient utilization of grid infrastructure and enabling ease of operations for the grid operator.

“BrightNight is growing rapidly in its quest to globally deliver the next-generation of renewable power projects,” BrightNight CEO Martin Hermann said. “We are well capitalized and have a best-in-class leadership team developing a global portfolio. The Optima project is a great example of how we are using our experienced development team and cutting-edge technology to deliver solutions to our customers: affordable, reliable, and safe renewable power,” added Hermann. “India is a high-growth market with a strong demand for renewable power. I am proud of the India team’s progress and excited about the tremendous potential this market presents for BrightNight.”

Having secured the grid connectivity at the state grid substation, BrightNight is targeting to commission the project by 1Q 2024. BrightNight will work with C&I customers to sign long-term power offtake agreements for the project to meet the highest portion of their power load requirements.

BrightNight has identified India as a core market for its global platform and entered the market with a 1 GW+ portfolio under development led by India CEO Sajay KV and India COO & CFO Naveen Khandelwal, who with the team have collectively delivered more than 7 GW of in-country wind and solar projects.

“Our Optima project is customized to meet the maximum load requirements of our customers,” BrightNight India CEO Sajav KV said. “We’ve received a great response from our prospective customers, and we are actively adding to our portfolio to meet the growing demand for dispatchable renewable power in India.”

BrightNight has a global portfolio of 23 GW across the U.S. and Asia Pacific and is backed by some of the most respected investors in the global energy sector, including Cordelio, a subsidiary of the Canadian Pension Plan Investment Board (CPPIB), and Global Infrastructure Partners (GIP).

This project is BrightNight’s first step in its India build-out to serve C&I and utility customers. With its growing India team, BrightNight has established operations in Gurgaon and in Pune to support the execution of the project. It also has a senior Advisory Council consisting of leading business and energy leaders, including Ron Somers, CEO of India First Group and former President of the U.S.-India Business Council, and Gireesh Pradhan, former Chairman, CERC and former Secretary MNRE, Govt of India.

“Investment follows infrastructure, and BrightNight’s project will support businesses that need power with less carbon, greater reliability, and at lower costs. Such a match is beneficial for economic development, the environment, and communities in Maharashtra,” Advisory Council Member Ron Somers said.

ABOUT BRIGHTNIGHT
BrightNight is the first global renewable integrated power company designed to provide utility and commercial and industrial customers with clean, dispatchable renewable power solutions. BrightNight works with customers across the U.S. and Asia Pacific to design, develop, and operate safe, reliable, large-scale renewable power projects optimized to better manage the intermittent nature of renewable energy. Its deep customer engagement process, team of proven power experts, and industry-leading solutions enable customers to overcome challenging energy sustainability standards, rapidly changing grid dynamics, and the transition away from fossil fuel generation. To learn more, visit: www.brightnightpower.com

SOURCE BrightNight

https://www.prnewswire.com/news-releases/brightnight-announces-differentiated-100-mw-hybrid-wind-solar-power-project-in-maharashtra-india-301733084.html

Interest rates hit 8-year high while Mortgage applications drop to 4-year low

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According to the data released from the Mortgage Bankers Association Weekly Mortgage Applications Survey for the week ending November 2, 2018, the mortgage applications reduced 4.0 percent from a previous week.

The Market Composite Index, which is a gauge of mortgage loan application volume, reduced 4.0 percent on a seasonally regulated basis from one week earlier to the lowest point since December 2014. When checked on a basis not adjusted, the Index diminished two percent in comparison with the last week. On the other hand, the Refinance Index declined three percent from the preceding week. The seasonally adjusted Purchase Index reduced five percent from one week previously to the lowest point since November 2016. Based on a comparison with the previous week, the unadjusted Purchase Index cut one percent and was 0.2 percent lesser than the same week last year.

According to Joel Kan, MBA’s associate vice president of economic and industry forecasts, he said there was a slight increase of rates in the previous week, as several job market indicators revealed a quickening in wage growth and leap in job gains in October. He also confirmed that the MBA’s survey 30-year fixed rate placed at 5.15 percent was the peak since April 2010. The application activity dwindled over the week for the refinance and purchase applications, as the entire market index came down to its lowest point since November 2016, but lingered only somewhat beneath the same week a year ago. There is no doubt that the housing inventory shortages have continuously had its effects on the potential homebuyers this fall.

On the other hand, the activity of the refinance mortgage share has reduced to 39.1 percent of the entire applications from 39.4 percent the last week. The share of activity of the adjustable-rate mortgage (ARM) boosted to 7.8 percent of overall applications.

In the previous week, the FHA share of the overall applications diminished to 10.1 percent from 10.3 percent. However, the VA share of the entire applications improved from 9.8 percent to 10.1 percent in the previous week while the USDA share of the total applications maintained its position at 0.7 percent in the last week.

There is an increase in the average contract interest rate for 30-year fixed-rate mortgages with compliant loan balances of ($453,100 or less) from 5.11 percent to 5.15 percent, with an increment of points from 0.50 to 0.51, (not excluding the origination charges) for the 80 percent loan-to-value ratio (LTV) loans. There is an increase in the effective rate from the previous week.

There is an increase in the average contract interest rate for 30-year fixed-rate mortgages with more significant loan balances ranging above $453,100 from 4.94 percent to 4.97 percent, as there is a reduction in the points from 0.28 to 0.27 (in addition to the origination fee) for 80 percent LTV loans. There is an increment of the effective rate from the preceding week.

On the other hand, the average contract interest rate for 30-year fixed-rate mortgages supported by the FHA was boosted from 5.08 percent to 5.15 percent, as points rose from 0.62 to 0.64 (plus with the origination fee) for 80 percent LTV loans. It is on record that the effective rate grew from the previous week.

However, the average contract interest rate for 15-year fixed-rate mortgages remained stable at 4.55 percent, as well as the points at 0.51 (in addition to the origination fee) for 80 percent LTV loans. Like other factors, the effective rate also swelled from the preceding week.

There is an increase of the average contract interest rate for 5/1 ARMs from 4.33 percent to 4.36 percent, and the points reducing from 0.42 to 0.35 plus the origination fee for 80 percent loan-to-value (LTV) loans. The effective rate has not been altered from the previous week.

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