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Govt released Rs 509 crore for grid connected, small solar plans as on Jan 31: Piyush Goyal

According to reports, an amount of Rs 600 crore has been allocated for projects under Grid Connected Rooftop and Small Solar Power Plants Programme and Rs 508.84 crore has been released as on Jan 31, Piyush Goyal, power, coal, mines, renewable energy and mines minister today said in a written reply Lok Sabha. As per the figures given by the government, Tamil Nadu has been approved to set up the highest capacity of 312 Megawatt followed by Maharashtra at 100 ... Read More »

RBI faces dilemma on masala bonds over Goldman-backed ReNew Power issue

According to reports, Goldman Sachs Group Inc. is forcing the Reserve Bank of India (RBI) to make a choice. The central bank will have to decide whether to let the masala bond market die slowly or gain new life in a different form than was envisaged when it allowed Indian companies to raise debt in rupees overseas. ReNew Power Ventures Private Ltd, majority owned by Goldman, sold $475 million of five-year bonds at 6% using a structure that sidesteps RBI ... Read More »

Rural Electrification Corp provides Rs 6,890 crore assistance to Tamil Nadu

According to reports, State-run Rural Electrification Corp (REC) has given Rs 6,890 crore financial assistance to Tamil Nadu for implementation of power sector related works. “Loan agreements were signed between REC Ltd and TANGEDCO, TANTRANSCO for financial assistance of Rs 6,890 crore on January 28, 2017 in Chennai for implementation of 1×800 MW super critical thermal power plant at North Chennai, renovation and modernisation of TANGEDCO’s existing thermal power plants and establishment of new 765 KV, 400 KV sub-stations in and ... Read More »

IDFC Alternatives looks to exit Mytrah Energy

According to reports, IDFC Alternatives, the asset management arm of IDFC Ltd, is looking to exit its investment in Hyderabad-based renewable energy firm Mytrah Energy India Pvt. Ltd, ahead of the company’s proposed initial public offering (IPO), said two people aware of the development. In September, Mint reported that Mytrah had started preparations for an IPO to raise between $250 million and $300 million. Mytrah had hired investment banking firms Nomura Financial Advisory and Securities (India) Pvt. Ltd and IDFC Bank ... Read More »

ReNew Power raises $450 mn in green bonds

According to reports, ReNew Power Ventures on Monday raised $450 million from global investors. ReNew bond is rated B+, which is considered speculative grade. The bond has a maturity of five years, with a non-callable option of three years. According to bankers, the bond issue was launched with an initial guidance of 6.375 per cent, but underwriters managed to bring down the coupon to six per cent. The underwriters for the bonds were Goldman Sachs, JPMorgan, HSBC, Bank of America ... Read More »

Towards the next Milestone

According to reports,  the Indian renewable energy industry seems to have kicked off the new year on a positive note, with the announcement of an ₹850-crore investment by IFC, the PE arm of the World Bank, in Hero Future Energies, a company floated by the promoters of the Hero group. IFC pumped in $125 million for an undisclosed equity stake, making the investment a statement of investor confidence in the Indian clean energy sector at a time when the industry ... Read More »

Govt slashes IREDA’s borrowing target for 2017-18

According to reports, the government has lowered the estimated borrowing target of Indian Renewable Energy Development Agency (IREDA) — the key lender to clean energy sector and also called India’s green bank — by a massive 34 per cent to ₹8,043.31 crore in Budget 2017. The Revised Budgetary borrowing for financial year 2016-17 stood at ₹ 12,212.60 crore. The target for financial year 2017-18 is even lower than the ₹9,118.85-crore borrowing target set under Budget 2016-17. Vishal Jain, Chief Financial ... Read More »

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