SMM April 21 Shanghai Nickel spot Daily Review

Canada Nickel Company Inc. has appointed SB1 Markets AS as its exclusive advisor to arrange debt financing of up to US$600 million. This facility will allow the company to monetize the Investment Tax Credits expected to be generated from the construction of its Crawford Nickel Project. Canada Nickel aims to finalize the financing arrangements by the end of 2026, ahead of a targeted final investment decision (FID) for the Crawford project in 2027. The company noted that there is no guarantee the proposed financing will be completed as planned.

Indian solar products maker and EPC contractor Swelect Energy Systems Ltd announced Thursday that it has signed a deal to acquire a 49% stake in Gridnex Solar Power Pvt Ltd, a newly established photovoltaic (PV) project developer and power producer. The interest will be purchased from engineering contractor Apollo Green Energy in an all-cash deal worth INR 4.31 billion (USD 45.6 million). Through its subsidiary Swelect SolarKraft Pvt Ltd, Swelect will acquire 4,900 equity shares, while Apollo retains a 51% majority stake. Gridnex Solar is currently developing eight grid-connected solar projects totaling 80 MW, which will supply electricity to Madhya Pradesh Power Management Company Ltd (MPPMCL). The move requires no regulatory clearance and aligns with Swelect's ambitions to enhance its presence in India’s renewable energy market.

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