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Monthly Archives: July 2017

Piramal Finance sanctions Rs700 crore in second funding round to ACME Solar

According to reports, Piramal Finance Ltd, a subsidiary of Piramal Enterprises Ltd, has sanctioned an additional Rs700 crore to renewable energy firm ACME Solar Holdings Ltd through its non-real estate lending arm Corporate Finance Group (CFG). The financing has been done through a new “flexi line of credit” product which has been introduced for the renewable energy sector. It aims to make a line of funding available to the borrower on the basis of operational projects, with the flexibility to ... Read More »

Indian renewable firms plan $2.5 billion in offshore dollar bond issues

According to reports, Four Indian renewable power producers are planning to raise up to USD 2.5 billion via dollar bonds offshore because of caution among domestic lenders, banking sources said. In addition to the four solar and wind power firms, a fifth company that invests in renewable projects, Adani Group, has raised USD 250 million via a loan but has yet to publicly announce the borrowing, the sources told Reuters. A source working with one of the bond issues said foreign ... Read More »

India’s rooftop solar sector – A success story but challenges remain

According to reports, India has set a path to achieve 100 GW power capacity through grid-connected solar energy, out of which 40 GW is targeted to come through rooftop solar installations by 2022. Till date, considerable efforts have been put in place to develop the rooftop solar photovoltaic sector in India by the government, regulatory commissions and concerned agencies. Basic framework now exists in the country and implementation of rooftop solar power plants has started in true sense. However, considering ... Read More »

Plan to make Varanasi clean city with renewable energy

According to reports, the Centre is considering an ambitious plan to make PM Narendra Modi’s constituency, Varanasi, a “clean electricity city” where only renewable energy would be used. The proposal is being considered with power minister Piyush Goyal mooting the idea after visiting Munich in Germany, where the city authorities have targeted 100% clean electricity supply by 2025. Sources said this came up for brief discussion on Tuesday when urban development secretary Durga Shankar Mishra was taking a review meeting ... Read More »

GST shines on renewable energy sector

According to reports, The renewable energy sector is quite content with GST provisions. Contrary to earlier fears of sale of solar equipment – panels, modules and inverters – being taxed at high rates, the GST on such sales has been set at 5 per cent. “The net effect on solar projects will be 3.5-4.5 per cent,” said Raj Prabhu, co-founder and CEO of Mercom Capital Group, which tracks the segment. “There will be issues with power purchase agreements as they will ... Read More »

Orient Green Power receives nod to sell biomass operations

Orient Green Power receives an approval from the company’s board to sell the bulk of its biomass operations to its promoter company, SVL Ltd. The renewable energy-based power generation company had made an application in May 2016 to the Madras High Court for de-merger of the biomass business into a separate listed entity which is currently pending. Subsequent to its application for de-merger, OGPL has agreed to sell its 20 MW co-generation plant in Kolhapur, Maharashtra to the host Sugar Mill ... Read More »

GST rollout: Here is why rise in rate on coal poses a slight risk for solar, wind industry

According to reports, the GST council has reduced the tax burden on domestic coal by placing it under the 5% GST bracket from the current rate of 11-12% (6% central excise duty plus 5% state VAT). Imported coal, however, would attract basic customs duty (BCD) at 10%. Transportation from the coal mines to the factory/construction site (inter/intra state) is a costly affair due to the service tax charged at the rate of 15% on the transportation services, which is transferred onto ... Read More »

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