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ReNew Power Ventures raises $50 million in debt from Yes Bank

According to reports, renewable energy company ReNew Power Ventures Pvt. Ltd has raised around $50 million in debt from Yes Bank Ltd to refinance the debt of one of its wind power projects, said two people aware of the development. “Yes Bank has lent approximately $50 million (Rs321 crore). The money will be used by ReNew to refinance the debt of its Amba wind power project in Madhya Pradesh, which has an installed capacity of around 44 megawatts (MW),” said ... Read More »

India Power in talks with 3 companies to acquire renewable projects

According to reports, India Power Corporation is in talks with three large non-power companies in Gujarat and West Bengal for acquiring renewable generation capacity totalling 110 mw, a top official said. “Having successfully acquired 1,000 mw thermal power capacity of Meenakshi Energy from French power company Engie in February last year, we are now looking at acquiring renewable assets from non-power companies that are not keen on maintaining these assets,” said Raghav Kanoria, managing director at the Kolkata-based power generation and utility ... Read More »

Greenko Solar to acquire stake in Pennar’s renewable energy unit

According to reports, Pennar Industries Ltd (PIL), a Hyderabad-based engineering company, on Monday said its board has agreed to sell a stake in its subsidiary Pennar Renewables Pvt. Ltd to Greenko Solar Energy Pvt. Ltd, the solar energy arm of Greenko Energy Holdings. Pennar Industries, established in 1988, is engaged in manufacturing precision engineering products such as cold rolled steel strips, precision tubes, railway coaches, pre-engineered building systems, sheet metal components and road safety systems. According to a statement issued by ... Read More »

Sanghvi warning may hit other wind firms

According to reports, Sanghvi Movers has cut its capex for FY18 and warned of a bleak outlook for wind energy equipment companies in the coming months due to tariff revisions being planned by various state governments. “Due to change in business conditions and more particularly government of India’s policies towards wind energy sector, we expect slowdown in our business volume and therefore expect decrease in the turnover and profitability of our company during the current financial year,” said Sanghvi Movers, in an ... Read More »

Nettlinx to pick up controlling stake in Sri Venkateswara Green Power

According to reports, Hyderabad-based internet infrastructure company Nettlinx Ltd said it is acquiring a 51% stake in Sri Venkateswara Green Power Projects, marking its entry into the growing renewable energy sector. The target firm is developing a Rs 192 crore renewable power project in Telangana state. As part of the transaction, Nettlinx will invest Rs 57.6 crore and Sri Venkateswara Green Power Projects will invest Rs 28.22 crore for the development of the project, Nettlinx said in a statement. The ... Read More »

Inox Wind consolidated net loss of Rs.39 crore in Q1FY18, vs net profit of Rs. 11.8 crore in Q1FY17

Inox Wind standalone revenue for the quarter came in at Rs. 105.9 crore, registering 75.6% yoy decline. EBITDA for the quarter reported loss of Rs. 13.42 crore vs EBITDA profit of Rs.45.5 crore in corresponding quarter previous year Further poor operating performance led to net loss of Rs.39 crore in Q1FY18 vs net profit of Rs.11.81 crore in Q1FY17. The company sees this as a temprory downtrurn caused due to change in FIT based market regime to auction based  market ... Read More »

Hinduja National Power looks to acquire Kiran Energy assets

According to reports, Hinduja National Power Corp. Ltd, part of the diversified Hinduja Group, is the latest company to express interest in acquiring the assets of Kiran Energy Solar Power Pvt. Ltd, according to two people aware of the development. Hinduja National Power has initiated discussions to acquire ownership of Kiran Energy, from private equity funds, the people said on condition of anonymity. PE funds Argonaut Ventures, New Silk Route (NSR) and Bessemer Venture Partners (BVP) India own nearly 80% of ... Read More »

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