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Havells India acquires majority stake in Promptec Renewable Energy

According to reports, Havells India on Monday said it has acquired a 51 per cent stake in Bangalore-based LED and solar lighting products maker Promptec Renewable Energy Solutions at an enterprise value of ₹65 crore. The company said this acquisition marks Havells India’s entry in the solar energy segment and will also help it grow aggressively in the LED space with short development cycles for new products. Post-acquisition, the promoter group of Promptec would continue to hold a 49 per ... Read More »

Power mantra: Blend thermal with solar plants

According to reports, developers of new coal-based power plants will have to set up renewable power units amounting to 10% of the total capacity, as the government integrated its commitment to reduce the emission intensity of the gross domestic product in a new tariff policy announced earlier this week. While the new thermal power units, for whom the new norm will be mandatory, will have their tariffs decided factoring in the (usually high) cost of renewable energy, developers of existing coal-based ... Read More »

Green energy potential remains untapped: Ministry

According to reports, India has 900 GW of commercially exploitable sources of renewable energy if 3 per cent of the country’s wasteland is made available, according to the Ministry for New and Renewable Energy. The renewable sources of energy include wind and solar power, biomass and waste-to-energy apart from small hydro power plants. The solar power potential of the country remains largely untapped with only 3 GW of installed power compared with 750 GW of potential. Wind power, on the ... Read More »

Merrill Lynch International, Aion invest $60 mn in Mytrah Energy

According to reports, Merrill Lynch International and Aion Direct Singapore Pvt Ltd have invested $60 million (Rs 350 crore) in Mytrah Energy Limited, the India-based renewable energy focused independent power producer, through non-convertible debenture. Together with the cash flow from its existing 543 Mw operating portfolio and the recently concluded $70 million financing, this new capital provides all of the equity required to take Mytrah Energy’s generating capacity beyond 1000 Mw, the company said in a statement. The new capital ... Read More »

Policy revamp key to boost renewable energy projects

According to reports, a policy revamp could help accelerate implementation of renewable energy projects such as solar and wind power, while lowering cost of implementation, the US-based Climate Policy Initiative and Indian School of Business say. Their report suggests the cost of support can be further reduced by accelerating wind deployment in the near term and gradually ramping up solar deployment. In an analytical study ‘Reaching India’s Renewable Energy Targets Cost-Effectively’ conducted by CPI and ISB, it observes that with ... Read More »

Rooftop solar projects, a good business opportunity: Ministry official

According to reports, grid connected rooftop solar power offers a major business opportunity, said Tarun Kapoor, Joint Secretary, Ministry of New and Renewable Energy, on Tuesday. “Grid connected rooftop solar power is the most important sector as far as renewables are concerned. This 40,000 MW project requires an investment of up to ₹4 lakh crore and is a big business opportunity for all,” said Kapoor, addressing a conference organised by The Energy Research Institute (TERI). Of the Government’s target of ... Read More »

Odisha seeks funds from NCEF for small hydro, solar projects

According to reports, the state government has made a plea to the Union ministry of power to allocate sufficient funds from the National Clean Energy Fund (NCEF) to help execute renewable energy projects in the state. “The NCEF corpus is estimated to have reached about Rs 11,000 crore by the end of 2014-15. The proceeds of the fund are from a cess levied at the rate of Rs 100 a tonne from coal mined in states like Odisha. So, we ... Read More »

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