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Daily Archives: June 18, 2017

Tata Sons may put Welspun deal under lens due to concerns over corporate governance

According to reports, Tata Sons is considering a forensic audit of last year’s purchase of Welspun Renewables Energy Pvt for Rs 9,249 crore by Tata Power Ltd because of concerns over corporate governance, allegedly inflated valuations and the unusual swiftness in execution, two persons with direct knowledge of the development told ET. The 2016 acquisition, which made Tata Power one of India’s largest renewable companies with a capacity of 2.3 gigawatts, was a key point of friction between former Tata Sons chairman ... Read More »

Clean energy firm Acme Group appoints banks to raise capital via InvIT

According to reports, Delhi-based renewable energy firm Acme Group has appointed two investment banks as it starts work on a plan to raise money via an infrastructure investment trust (InvIT), according to four people aware of the development. InvITs are trusts that manage income-generating infrastructure assets, offering investors regular yields and a liquid way to invest in infrastructure projects. “Acme has appointed investment banks Citigroup and Axis Capital Ltd to begin work on its InvIT plans. It also plans to ... Read More »

No occupancy certificate without solar power panel in Gurugram

According to reports, two years after making it mandatory for all buildings on plots of 500 square metres or more to install rooftop solar power systems, the state government has issued a notification directing all authorities to appoint nodal officers for strict implementation of the scheme in buildings, including residential ones. According to the new notification, Huda will issue occupancy certificate (OC) for a building on plot size 500 sq m and above only after seeing its certificate of installation ... Read More »

Bidders raise concerns over NTPC’s Andaman storage-linked solar project

According to reports, NTPC’s storage-linked solar project in the Andaman & Nicobar Islands is facing hiccups at the inception stage itself. The Centre wants to shift the power eco-system of the islands from diesel power to a 24-hour solar power. But, bidders interested in the project told BusinessLine that they are sceptical there are financial concerns in the project viability. Those interested in the project include Rays Power Infra, Hero Future Energies and Renew Power and Amplus Solar. Developers say that ... Read More »

Azure Power Taps IBRD (World Bank) Loan to Scale its Azure Roof Power Platform

Azure Power (NYSE: AZRE), a leading independent solar power producer in India, has been granted INR 678.3 (US$ ~10.5) million of low-cost debt financing through the SBI-World Bank: Grid Connected Rooftop Solar PV Program. The loan is for 15 years with an interest rate of 8.35% per annum, one of the lowest interest rates availed by a solar power developer in the Indian solar sector to date. The loan will be utilized to scale Azure Roof Power, Azure Power’s solar ... Read More »

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