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Sale of renewable energy certificates dips 6.61% in July

According to reports, sale of renewable energy certificates (RECs) has declined 6.61 per cent to 1.73 lakh in July compared to 1.85 lakh in the previous month. India has two power exchanges approved by the Central Electricity Regulatory Commission – Indian Energy Exchange (IEX) and Power Exchange India Limited (PXIL) — which hold auction of RECs on the last Wednesday of every month. According to statements issued by two exchanges, sale of 1,73,223 RECs were recorded yesterday including 1,24,824 RECs ... Read More »

Munjal family led Hero Group looking to raise funds for renewable energy business

According to reports, the Modi government’s plans to make India one of the world’s largest renewable energy markets has not only attracted a bee-line of global investors but has also led to large Indian conglomerates re-looking at the space. ET NOW learns from multiple sources that the Munjal family led $5.6 bn Hero Group is looking to expand its footprint in the sunrise sector through its holding company for all renewable energy projects – Hero Future Energies which is headed ... Read More »

Cheap Power or Clean Energy? India’s $200 Billion Dilemma

According to reports, a weak link lurks in Indian Prime Minister Narendra Modi’s push for an unprecedented $200 billion expansion of clean energy: cash-starved state electricity distributors. The retailers have racked up more than 2.5 trillion rupees ($39 billion) of losses partly because they’re forced to sell below cost to keep energy affordable, Power Ministry data show. Reliant on loans and subsidies, their scope to embrace solar and wind over cheaper, dirtier coal-fired supplies is in question. That leaves Modi ... Read More »

Fitch affirms Greenko’s US$550mn Notes at ‘B’

According to reports, Fitch Ratings has affirmed the rating on Greenko Dutch B.V.’s (GBV) US$550mn notes at ‘B’. The Recovery Rating is ‘RR4′. GBV is a subsidiary of Greenko Plc, which is involved in hydro and wind power generation in India. GBV used the proceeds from the notes to refinance existing debt at operating entities within a restricted group of companies that is defined in the indenture to the note issue. The operating entities in turn issued Indian rupee-denominated bonds to ... Read More »

Odisha seeks green energy funds

According to reports, the state government has demanded funds from the National Clean Energy Fund (NCEF) to promote use of renewable energy in the state. The NCEF corpus, comprising central cess on the coal mined, is being spent for research and development of clean energy technology. According to official sources, the NCEF corpus has reached Rs 10,127 crore as on March 2014. The fund is expected to grow by another Rs 6,800 crore with doubling of the cess from Rs ... Read More »

Rajasthan cabinet approves Rs 1.56 lakh crore worth solar projects

According to reports, Rajasthan cabinet today cleared Rs 1.56 lakh crore worth investments in solar energy sector in the state, aimed at generating 26,000 MW of solar energy. Parliamentary affairs minister Rajendra Rathore said that solar parks aimed at generating 26,000 MW of solar energy under Rajasthan Solar Energy policy 2014, will be set up by four companies in the state. Read More »

Hareon, Dalmia partner for 160-MW PV factory in India

According to reports, Chinese firm Hareon Solar Technology Co Ltd will build a 160-MW photovoltaic (PV) cell production plant in India under a partnership with domestic industrial conglomerate Dalmia Group. The two companies inked a joint venture (JV) agreement through their respective units Hareon Solar Power Pvt Ltd and Keshav Power Pvt Ltd (KPL). Under the terms of the deal, Hareon Solar will invest roughly USD 40 million (EUR 36.2m) in the facility, it said in a statement on Thursday. ... Read More »

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