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IFC lending $14.3M to Azure Power’s solar energy arm


According to reports, International Finance Corporation (IFC), the private sector investment arm of the World Bank, is lending $14.3 million to PE-backed Azure Power India Private Limited’s renewable energy arm Azure Clean Energy Private Limited, as per a disclosure. IFC proposes to provide ‘A’ loan of up to $14.3 million (Rs 86 crore) equivalent for the development of a 40 MW solar power plant in Rajasthan. Azure Clean has been set up for the sole purposed of construction, operation and ... Read More »

Ming Yang expects India to be a huge overseas market


Ming Yang in their most recent earnings call noted that the DNV-GL certificate for Ming Yang 1.5 megawatt-89 meter WTGs was a driver to enter the India market and that it believed that India would  be a huge overseas revenue source  in the future. China Ming Yang Wind Power Group Ltd. (MY) won a 150-megawatt order in India last December, after becoming the first Chinese turbine maker to receive approval to sell machines in Asia’s second-biggest wind market as sales ... Read More »

Suzlon to raise Rs 4,000-crore from equity market this fiscal to pare debt


According to reports, with an estimated order book of $7 billion, the company expects revenues to touch Rs 2,700 crore by current fiscal end  . Suzlon Energy Ltd (SEL), after facing a rough weather including withdrawal of accelerated depreciation and non-extension of generation-based incentives (GBIs), has now turned the bend after eight quarters and reported positive EBITDA of Rs 73 crore in the first quarter of this fiscal (2014-15) with a strong order book of 4.9 GW. The order book ... Read More »

Hareon Solar China partners with Nereus Capital to develop 150 MW solar assets in India over two years


Hareon Solar Technology Co., Ltd., a leading manufacturer of solar panels, announced that it will partner with alternative asset manager, Nereus Capital (“Nereus”) to develop over 150MW of solar power projects in India over the next two years. “India is a compelling and growing market for solar PV projects,” said Dr. Jie Zhang, VP of Global Business Development of Hareon. “By partnering with a leading Indian private equity firm, we are able to apply leading technology and end-to-end financing to ... Read More »

Suzlon to rebalance capital structure by March


According to reports, wind turbine maker Suzlon Energy Ltd plans to partially replace high cost rupee debt worth about Rs.9,000 crore with less expensive foreign funds in the current fiscal to rebalance its capital structure. Suzlon, which has completed its operational restructuring efforts, is also betting on improved business conditions to bolster its fortunes. “We expect to complete financial restructuring this fiscal. We are looking to re-balance the capital structure,” Suzlon group head of finance Kirti Vagadia told reporters over ... Read More »

Tulsi Tanti plans $665 mn Senvion bond sale in Suzlon revamp bid


According to reports, Suzlon Energy Ltd’s Senvion SE unit is preparing to raise about €500 million ($665 million) in a bond sale this year to fund a takeover of the parent’s global business servicing wind turbines. The plan intends to make Hamburg-based Senvion, the third-biggest maker of offshore wind turbines, more attractive to investors ahead of a proposed listing, Suzlon Group chairman Tulsi Tanti said in an interview in Mumbai. Deutsche Bank AG and Royal Bank of Canada are arranging ... Read More »

Fate of solar projects hangs in balance; anti-dumping duty may hold key


According to reports, Sharad Saluja, 30-year-old director of the Rs 1,700 crore New Delhi-based Sterling Agro Industries, better known for its dairy brand Nova, belongs to a generation of entrepreneurs that is willing to risk diversifying into the renewable energy business. He has installed 50 MW of wind power projects and his plans to venture into solar energy will depend on a government decision expected later this week. Saluja is waiting for August 22, when the ministry of finance is ... Read More »

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