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Greenko Bonds Plunge as India Bans Overseas Funding Method

According to reports, bonds of Greenko Group Plc fell to a record after India’s central bank banned the method used by the hydro and wind power company to raise funds from overseas. The company used an offshore entity to sell U.S. dollar notes at a spread higher than the limit set by the Reserve Bank of India’s external commercial borrowing rules. It then sold the same amount of rupee-denominated bonds onshore, and had the offshore unit buy the debt. The ... Read More »

Firms opt for alternate solutions to evacuate solar, wind power

According to reports, as companies continue to face the brunt of state electricity boards due to evacuation- related issues of renewable power produced in southern states, they have started using alternative solutions to evacuate solar and wind power. VK Midha, global business development advisor of Astonfield Solesa Solar Solutions, said that faced with power shortage, most commercial and industrial units have to use DG sets as back up. The non-availability of grid on a continuance basis also seriously limits the ... Read More »

Mytrah Energy raises $70m of new debt

Mytrah Energy has raised $70m of new debt from Merrill Lynch International and funds managed by affiliates of Apollo Global Management. The new finance takes the form of an INR 3,977m (about $65m) India-listed non-convertible bond issued by Mytrah Energy (India) Ltd., and a $5m loan to Mytrah Energy Ltd. The Bond is a long-term 5-year instrument with a cash coupon of 12% per annum. The proceeds from this issue will be used primarily to refinance an existing INR 900m ... Read More »

Proactive Government Policy Can Double Wind Energy Market Instantly: Gamesa

According to reports, Spanish energy major Gamesa has pointed out that a proactive government policy on Wind energy could instantly double the market for Wind energy generation, from 2500 MW to 5000 MW, in the country. The market leader in wind turbine manufacturing in the country is also planning to invest over 100 million Euros in India in the next five years. Speaking to reporters while inaugurating a new production line for their G114-2 MW turbine in Mamandur, Gamesa Group’s ... Read More »

Railways to set up 26 MW windfarm

According to reports,  Railways, one of the biggest consumers of energy, is moving towards harnessing green power with a 26 MW windmill proposed to be built in Rajasthan. The project, the biggest renewable energy initiative by the national transporter, is to be set up in Jaisalmer at a cost of Rs 150 crore and targeted to be completed in about nine months. “We.. Have to explore new and renewable sources of energy for our energy basket,” Railway Minister Suresh Prabhu ... Read More »

India is the second largest market for Gamesa: Ignacio Martin

According to reports, Spanish wind turbine maker Gamesa expects to reach a wind turbine output of about 700 MW in India this year, up from 400 MW in 2013. The company’s chairman Ignacio Martin was in Chennai to launch a new production line at the company’s plant in Mamandur, near Chennai to manufacture larger G114-2.0 MW machines, which are expected to be launched in 2015. He spoke about his company’s India plans with T E Narasimhan. Edited excerpts: How do ... Read More »

SunEdison to enter Indian wind energy market

According to reports, the US solar major, SunEdison, will enter the Indian wind energy market, Pashupathy Gopalan, who heads the company’s Asia-Pacific operations, told Business Line on Wednesday. He said this while answering a question on SunEdison’s possible wind foray in India, in the context of the announcement made by the company on Monday in the US that it had acquired First Wind, a company that is building a 521 MW wind farm in the country. “We are working on ... Read More »

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