Renewable Energy Projects and Finance

August 16 21, 2010

Solar Power
Blackstone to invest $300 million in Moser Baer projects Commonwealth Games to be solar powered Haryana shortlists players for solar power plants

Wind Power
Suzlon may sell RE power pie for $500 million Suzlon Energy's woes continue; focus on emerging markets to improve volumes Half of 11th Plan target of 9,000 MW wind power installation has been achieved India needs a national level revolution in the wind energy sector ABB opens wind power generator factory in Vadodara to meet domestic and overseas requirement

Small Hydro Power Projects

Priyadarshini Mills finalises plans to execute the 12 MW hydro-power project

Others
Orient Green ties up with Japanese co for biomass power project Bharti Infratel plans 2,000 renewable energy sites Orient Green to make capital investment of Rs 40 billion in the next three years

Solar Power
Blackstone to invest $300 million in Moser Baer projects - Blackstone is investing $300 million or Rs 1,350 crore in Moser Baer Projects Pvt Ltd. The company is into development of power generation facilities with assets in thermal, solar and hydroelectric power. New Delhi-based Moser Baer Projects plans to commission 5,000 MW by 2016 comprising of 4,000 MW of thermal, 500 MW of solar and 500 MW of hydro capacity. The PE firm is taking a significant minority stake in Moser Baer Projects. The deal follows Blackstone's Rs 275 crore (approximately $60 million) investment for a 12.5% equity stake in Monnet Power Company, which is developing a 1,050 MW coal fired power plant. The deal is also the largest by the private equity major since it made its first investment in India in 2006. Blackstone largest deal till now was the $260 million buyout of outsourcing services provider Intelenet Global Services in 2007. Commonwealth Games to be solar powered - The Commonwealth Games are a multi-national, multi-sport event that ranks third in the world in size and complexity, after the Olympics and the Asian Games. This year, the Commonwealth Games are being held in India, October 3 through 14, and will feature some sports that are played mainly in Commonwealth countries, including lawn bowls, rugby sevens and netball. Oh, and this year the Games will utilize electricity generated at least partially by the sun! The centerpiece of this year's Commonwealth Games will be Thyagaraj Stadium in New Delhi, a brand new facility developed by the Government of Delhi and designed as a model "green" stadium for the world. On top of the stadium will be a brand new one megawatt solar generating station built by RIL Solar Group, part of Reliance Industries. Haryana shortlists players for solar power plants The Haryana Government has shortlisted 22 proposals for generating 20 Mw of solar power in the State. The developers had applied for final online registration with Indian Renewable Energy Development Agency (IREDA). After the scrutiny of papers, IREDA would issue the shortlisted list of selected projects and thereafter the developers would enter into power purchase agreement with the utilities and execute the projects. The solar power plants of 20 Mw would be installed during the current financial year.

Wind Power
Suzlon may sell RE power pie for $500 million - Private equity fund TPG Capital and a US-based global energy fund are in separate talks with loss-making Suzlon to acquire up to 25% stake in its German wind energy subsidiary, REpower Systems, for $500 million. The transaction will be done through a mix of fresh issue of shares by REpower and stake sale by Suzlon. Suzlon owns 90.7% in REpower and the funds from the stake sale could be used by the Indian windturbine maker to pare its total debt of around `10,000 crore. Suzlon Energy's woes continue; focus on emerging markets to improve volumes - Suzlon Energy's consolidated net losses for the quarter ended June 2010 worsened to Rs 912 crore - almost double the losses it incurred a year ago. Higher foreign exchange losses - notional as well as incurred - and lower volumes, especially in subsidiaries, were the key reasons for losses. Consolidated revenues, too, declined 42 per cent even as the company's standalone sales grew 60 per cent year-on-year (y-o-y). Consolidated sales is not fully comparable with the year-ago numbers as the company's gearbox unit, Hansen Transmissions International, ceased to be a subsidiary and has become an associate company. The gearbox segment accounted for 15 per cent of the revenues in the June 2009 quarter. Half of 11th Plan target of 9,000 MW wind power installation has been achieved - More than half of the 11th Plan target of 9,000 MW wind power installation has already been achieved, New and Renewable Energy Minister Farooq Abdullah informed the Rajya Sabha. 5035 MW has already achieved and the balance would be done during the remaining period of the Five Year Plan (2007-2012), he said. Abdullah said the government is extending help in setting up more windmills in the country. "The total wind potential for the entire country is 48,500 MW and our ministry with the help of Centre for Wind Energy Technology (C-WET) has completed 12,000 MW till today," he said. India needs a national level revolution in the wind energy sector - The study conducted by the Global Wind Energy Council and the Indian Wind Turbine Manufacturers Association found that India needs a national level revolution in the wind energy sector similar to the National Solar Mission which aims at installing 20,000 MW of solar energy power plants by 2022.While wind energy is the most popular renewable energy resource in India and, at 12,010 MW, comprises of nearly 70 percent of the total renewable energy generation capacity installed in India. As far as installed capacity is concerned India is the fifth largest wind energy market however, there is a huge gap in the installed capacity and the actual generation. ABB opens wind power generator factory in Vadodara to meet domestic and overseas requirement Engineering company ABB said it has opened a wind power generator factory in Vadodara, fourth such plant in India, to meet both domestic and overseas requirement of the equipment. The factory will supply wind power generators, a crucial component in wind turbines, to growing Indian and global markets. The new factory, spread over 16,000 square metre, would produce up to 100 units per month with a rating of up to 2.5 MW.

Small Hydro Power Projects

Priyadarshini Mills finalises plans to execute the 12 MW hydro-power project - Priyadarshini Spinning Mills Ltd has finalised its plans to execute the 12 MW hydro-power project at Dummugudem on the Godavari river, in Andhra Pradesh. The company is also working on acquiring more licences for executing power projects based on hydro and natural gas, according to Mr Harish Cherukuri, Managing Director. The company earned a net profit of Rs 2.51 crore for the first quarter of the fiscal against a loss of Rs 2.95 crore for the corresponding period last year. The turnover was up 42 per cent at Rs 53.14 crore (Rs 37.45 crore).

Others
Orient Green ties up with Japanese co for biomass power project - Orient Green Power Company Ltd (OGPL), a part of the Chennai-based Shriram Group, has tied up with Nishi-Nippon Environmental Energy Co of Japan to set up a 7.5-MW biomass power project. According to a press release from Orient Green, the independent renewable energy-based power generation company, the joint venture is to set up a 7.5 MW poultry litter-based power generation project in Namakkal, Tamil Nadu. Orient Green will hold a 60 per cent stake and NEECO the balance in the joint venture called Orient Eco Energy Ltd (OEEL). While the press release does not disclose the size of investment, industry estimates say a project of this nature costs about Rs 6 crore a MW. Bharti Infratel plans 2,000 renewable energy sites - Bharti Infratel has set an initial target of deploying 2000 renewable energy sites. In the first phase, 500 sites were completed by March 2010 and balance of 1500 sites will be installed during next financial year 2010-11. This initiative, which is the first of its scale for an Indian Passive Telecom Infrastructure provider (tower sharing), would result in estimated savings of US$16.67 million per year. The project would also result in an estimated reduction of 58,170 tonnes of CO2 emissions per year, thus helping in the mitigation of global warming potential. Orient Green to make capital investment of Rs 40 billion in the next three years - Orient Green Power (OGPL), an associate company of Shriram EPC Group, will make capital investment of over Rs 4,000 crore in the next three years to achieve 1,000 Mw of renewable energy generation capacity. OGPL has underconstruction projects in Maharashtra, Tamil Nadu, Andhra Pradesh, Rajasthan and Madhya Pradesh for generation of 73.5 Mw using bio-mass as input, besides another 30 Mw of biomass power plant. The company has tiedup debt for 400 Mw of renewable power generation capacity, including 350 Mw of wind power. OGPL is expected to come out with a public issue to raise Rs 900 crore this fiscal.

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