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Power Finance Corporation to revamp its lending portfolio

According to reports, Power sector’s key financier Power Finance Corporation (PFC) is looking to shift its focus from conventional energy to other upcoming sectors such as transmission, last mile distribution infrastructure and renewable energy. Lagging power demand and rising non-performing assets (NPAs) in the thermal power sector has pushed it to revamp its lending portfolio. “Our funding for last mile transmission and distribution projects in states is increasing. The ‘24X7 Power for all’ scheme alone envisages an investment of Rs ... Read More »

Eastspring to invest in Continuum Wind Energy unit

According to reports, Eastspring Investments, the Asian asset management arm of Prudential Plc, has agreed to invest in a subsidiary of Morgan Stanley-backed Continuum Wind Energy Ltd, as it seeks more opportunities for such investments across Asia. The investment in Watsun Infrabuild Pvt. Ltd will be Eastspring’s first bet on India’s infrastructure sector, the company said in a statement. The deal is likely to close this month. The statement didn’t disclose the amount Eastspring has committed but said that this ... Read More »

CCEA likely to approve IREDA IPO tomorrow

According to reports, the Cabinet Committee on Economic Affairs is likely to approve the initial public offer of state-run Indian Renewable Energy Development Agency (IREDA), a move aimed at mobilising more funds for clean energy. “The initial public offer proposal of IREDA is listed for the meeting of the Cabinet Cabinet Committee on Economic Affairs (CCEA) scheduled tomorrow,” a source said. The source said that under the listing proposal, the IREDA would issue fresh 13.90 crore shares, which would increase ... Read More »

Solar energy boom brings Indian manufacturers to financial collapse

According to reports, some of India’s biggest solar equipment makers are facing financial collapse, priced out by Chinese competitors as Prime Minister Narendra Modi’s government prioritises cheap power over local manufacturing despite his ‘Make in India’ push. Though President Donald Trump is pulling the United States out of the Paris accord on climate change, India is sticking to its huge renewable energy programme. That has created a multi-billion-dollar market for Chinese solar product makers, who are facing an overcapacity at ... Read More »

Hero Future Energies to set up solar charging stations for electric vehicles

According to reports,  Hero Future Energies Pvt. Ltd, a company promoted by the Munjal family, plans to enter the battery storage business and set up charging stations to tap India’s emerging electric vehicles (EV) market, chief executive officer Sunil Jain said. The plan comes at a time when the ‘Bharat Charger’ specifications for electric vehicles are being firmed up. The department of heavy industries (DHI) has submitted its report on these specifications for charging stations to a government committee on ... Read More »

Actis LLP eyeing profitable exit from renewables firm Ostro Energy

According to reports, global private equity fund Actis LLP is exploring the sale of Ostro Energy Pvt. Ltd, a successful renewable energy company it owns, at a premium. In February 2015, Actis committed $280 million to create renewable energy platform Ostro Energy in India to leverage the opportunities offered by the country’s emerging green economy. Ostro Energy adopted an aggressive approach, becoming one of the firms that bid a record low wind energy tariff of Rs3.46 per kWh in a 1 ... Read More »

SBI, World Bank finance ₹400-cr solar projects

According to reports, State Bank of India and the World Bank announced on Friday that they had financed 100 MW of rooftop solar projects worth ₹400 crore in India. The World Bank aid helped the public sector SBI lower the lending rate to project developers, according to SBI Deputy Managing Director Karnam Sekar. “The support from World Bank has helped lowering the interest rate by 3-3.5 per cent from the 11-12 per cent lending rate for a medium-sized solar roof ... Read More »

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