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Suzlon Energy Suffers 10% Drop as New Shares Trade

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According to reports, Suzlon Energy Ltd. (SUEL), India’s biggest wind-turbine maker, fell by its limit as new shares converted from the company’s bonds began to trade. The shares dropped 10 percent, the most since April 30 last year, to 20.35 rupees as of 10:30 a.m. local time. The benchmark S&P BSE Sensitive Index rose 0.1 percent. Investors approved a $547 million bond sale in July to replace four older notes after the Pune-based manufacturer committed India’s biggest convertible bond default ... Read More »

Rajasthan House passes bill allowing lease of land for renewable energy projects

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According to reports, the Rajasthan Assembly on Thursday passed an amendment bill enabling land owner to lease land for to power (solar and wind energy) producers for thirty years. The Rajasthan Land Laws (Amendment) Bill 2014, to amend the Rajasthan Tenancy Act 1955, and the Rajasthan Land Revenue Act 1956, was passed by a voice vote after rejecting ruling BJP MLAs and Independent member’s important suggestions. Defending the provisions of the Bill, Parliamentary Minsiter Rajendra Rathor said Rajasthan would emerge ... Read More »

India Power Coprn plans to augment renewable power procurement

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According to reports, India Power Corporation Ltd (IPCL), a power generation and distribution company, is augmenting its renewable power procurement plans. It has also planned to add 200 MW wind power capacity by the end of 2015. IPCL aimed to make mandatory renewable and cogeneration purchase obligation (RPO) an in-built process, said Hemant Kanoria, Chairman, at the company’s 94th annual general meeting on Saturday. In 2013-14, IPCL procured 0.727 million units of solar power from Seebpore unit of West Bengal ... Read More »

India Offshore Wind Policy to Target 1 Gigawatt by 2020

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According to reports, India is set to introduce an offshore wind policy targeting 1 gigawatt by 2020, seeking to mimic Europe’s success in generating power at sea. The Ministry of New and Renewable Energy will seek cabinet approval for the policy shortly, according to Joint Secretary Alok Srivastava. “Development of the technology has made offshore wind projects viable now,” Srivastava said by phone yesterday. By 2018, the cost of electricity from offshore windmills will equal that of land-based projects in ... Read More »

IFC, Yes Bank to lend USD 150 million to Continuum Wind Energy

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According to reports, Continuum Wind Energy, in which Morgan Stanley Infrastructure Partners owns a majority stake, would receive a USD 150-million loan from two lenders for a 170-MW project in Madhya Pradesh. World Bank Group member International Finance Corporation (IFC) said it would lend USD 50 million and has helped arrange an additional USD 100-million loan from private sector lender Yes Bank for the wind power plant in Madhya Pradesh. The World Bank Group’s impact investment and lending body would ... Read More »

USD 100 bn investment likely in renewable energy in 4 years

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According to reports, the government is expecting USD 100 billion investment in the renewable energy sector in the next four years as it firms up a new policy framework for the same. “We expect USD 100 billion in the renewable energy sector in the next four years,” Power, Coal and Renewable Energy Minister Piyush Goyal said today at Economist India summit. He also said the government expects USD 50-60 billion investment in power transmission and distribution in the next four ... Read More »

Suzlon to float subsidiary in London

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According to reports, Suzlon Energy, India’s largest wind power company by sales, plans to push ahead with a $600m London flotation of its German subsidiary in the next six months, in spite of concerns about the record of London-listed companies based in emerging markets. The initial public offering forms part of a new capital-raising push by the once high-flying renewables group, which also plans to raise $600m in fresh US dollar-denominated debt, founder Tulsi Tanti said. “Our plan is to ... Read More »

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