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ReNew Power Ventures raises $50 million in debt from Yes Bank

According to reports, renewable energy company ReNew Power Ventures Pvt. Ltd has raised around $50 million in debt from Yes Bank Ltd to refinance the debt of one of its wind power projects, said two people aware of the development. “Yes Bank has lent approximately $50 million (Rs321 crore). The money will be used by ReNew to refinance the debt of its Amba wind power project in Madhya Pradesh, which has an installed capacity of around 44 megawatts (MW),” said ... Read More »

SECI MD selection: PESB asks MNRE for appropriate action

According to reports, Government head-hunter PESB has asked the renewable energy ministry to choose proper course of action for the selection of SECI MD as three candidates interviewed earlier were found unsuitable for the post. The Public Enterprises Selection Board (PESB) had interviewed three candidates – PTC India Director (Marketing) and Business Development Rajib Kumar Mishra, Konkan Railway Corporation Ltd Director (Finance) Amitabh Banerjee and SECI Director (Finance) C Kannan – for the post, PESB said on its website. However, ... Read More »

India added more solar power in first half of 2017 than in all of 2016

According to reports, the Indian solar market added 1,869 megawatt (Mw) in the second quarter of 2017, bringing installations in the first half of the year to 4,765 Mw. This figure surpasses the 4,313 Mw installed in all of 2016. Mercom India Research shows that in the first half of 2017, large-scale solar installations made up 4,290 Mw (90 per cent) and rooftop installations constituted 475 MW (10 per cent) of total installations. Cumulative solar rooftop installations crossed a significant ... Read More »

Will low tariffs eclipse India’s solar run?

According to reports, from boom to gloom, the narrative is fast changing for India’s solar sector. Even as the record low tariffs of Rs2.44 per unit in May stamped India’s moment under the sun, states are now looking to renege on their offtake commitments for projects awarded at a comparatively higher tariff. Experts say that this trend, if left unchecked, will precipitate a crisis in the Indian green energy space which has been attracting investors in droves. Foreign investment holds a ... Read More »

Economic Survey: Renewable energy push may lead to increase in bad loans

According to reports, India’s focus on increasing its renewable energy capacity may further exacerbate banks’ bad loan woes, according to the second volume of the Economic Survey 2016-17, released on Friday. The Survey said the social cost of producing renewable energy is around three times that of producing coal-fuelled electricity at Rs11 per kilowatt-hour (kWh). Although solar and wind power tariffs have dipped to Rs2.44 per kWh and Rs3.30 per kWh, respectively, making renewable energy cheaper than coal-fuelled electricity, these ... Read More »

Sembcorp increases stake in India renewable energy business to 72%

According to reports,  SEMBCORP Utilities, a wholly owned subsidiary of Sembcorp Industries, announced on Thursday that it is increasing its stake in its India renewable energy business Sembcorp Green Infra, to 72 per cent for one billion rupees (approximately S$21.4 million). Sembcorp Utilities has subscribed to an entire rights issuance by Sembcorp Green Infra to fund the company’s growth in the renewable sector in India, including the portion of the rights issuance that was not subscribed to by its partner ... Read More »

India Power in talks with 3 companies to acquire renewable projects

According to reports, India Power Corporation is in talks with three large non-power companies in Gujarat and West Bengal for acquiring renewable generation capacity totalling 110 mw, a top official said. “Having successfully acquired 1,000 mw thermal power capacity of Meenakshi Energy from French power company Engie in February last year, we are now looking at acquiring renewable assets from non-power companies that are not keen on maintaining these assets,” said Raghav Kanoria, managing director at the Kolkata-based power generation and utility ... Read More »

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