250 MW solar projects awarded to 26 players by punjab government

 

Government of Punjab has awarded Solar Projects to 26 private players for 250 MW capacity which will be having investment requirement of around Rs. 2,500 to 3,000 Crorers. 

 

Some of the players to whom the projects awarded are Lanco Solar Energy, Punj Lloyd Infrastructure, Moser Baer Clean Energy, Essel Infra Projects, Asopus Infrastructure (an India Bulls company), Welspun Solar, Azure Urja etc.

 

These Projects are awarded in two categories (i) Category I having project capacity of 1 to 4 MW (ii) Category II having project capacity of 5 to 30 MW. Under Category 1, 50 MW capacity has been awarded to 18 companies and Under Category II, 200 MW capacity has been awarded to 11 companies.

Complete list of all the selected bidders are depicted below:

250 MW Solar Projects under Solar RfP
Developer's Name	Project	Capacity (MW)	Tariff (Rs./Unit)
Category II: 5 to 30 MW
Azure Urja Pvt Ltd	Project - 1	15	7.67
Azure Urja Pvt Ltd	Project - 2	15	7.97
Solairedirect Energy India Private Ltd		20	7.99
Welspun Solar Punjab Pvt. Ltd.	Project - 1	20	8.33
Welspun Solar Punjab Pvt. Ltd.	Project - 2	10	8.42
Punj Lloyd Infrastructure Ltd		20	8.49
Moserbaer Clean Energy Limited	Project - 1	15	8.52
Moserbaer Clean Energy Limited	Project - 2	15	8.63
Asopus Infrastructure Limited	Project - 1	10	8.58
Asopus Infrastructure Limited	Project - 2	20	8.66
Essel Infraprojects Ltd	Project - 1	10	8.65
Essel Infraprojects Ltd	Project - 2	20	8.70
Lanco Solar Energy Private Limited		10	8.74
Total		200	8.41
Category I: 1 to 4 MW
WAA Solar Pvt. Ltd	Project - 1	2	7.20
WAA Solar Pvt. Ltd	Project - 2	2	7.47
T R Energy & Agro Private Limited		2	7.75
International Switchgears Pvt. Ltd		1	7.75
Aditya Meda Sales Ltd.		4	7.85
Shan Solar Pvt. Ltd		1	7.89
Supreme Infrastructure India Ltd		4	8.25
Azure Urja Pvt. Ltd		4	8.28
SAR Capital Pvt. Ltd		4	8.29
Focal Energy Wind India Pvt. Ltd		4	8.30
Atma Powers Private Limited		2	8.41
Allianz Group LLC		2	8.45
Nexgen Solex Pvt. Ltd		1	8.45
I K Energy Pvt. Ltd		1	8.48
Asopus Infrastructure Limited		4	8.49
Abundant Ventures LLC		2	8.55
Welspun Solar Punjab Pvt. Ltd		2	8.56
Mokia Green Energy Pvt. Ltd		4	8.59
Earth Solar Pvt. Ltd		4	8.70
Josan Foods Private Limited		1	8.71
Total		51	8.22

 

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Additional Reading...

http://economictimes.indiatimes.com/news/news-by-industry/energy/power/250-mw-solar-power-projects-awarded-to-26-private-players/articleshow/21281755.cms

http://www.eai.in/360/news/pages/10360

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bhel received orders for 20 mw solar projects from ntpc

 

NTPC awarded contracts for executing two Solar Power Projects worth Rs. 132 Crores to BHEL.

The projects  will be having capacity of 10 MW each and  are proposed to be set in Uttar Pradesh at Unchahar and in Odisha at Talcher.

Scope of work for the BHEL will be to design, manufacture, supply, install, commission and operate & maintain the projects.

According to the sources the projects will be using Mono Crystalline modules (C-Si PV) which are manufactured at the BHEL's plant at Bengaluru.

 

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Additional Reading...

http://economictimes.indiatimes.com/news/news-by-industry/indl-goods/svs/engineering/bhel-bags-2-contracts-from-ntpc-for-setting-up-solar-plants/articleshow/21268887.cms

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India and nigeria signed deal for solar power plants

 

India and Nigeria have signed an agreement to locate sites for solar power plants in Niger state, the first of a series of power plant deals which would provide additional energy for African country's national grid.

The agreement was signed between Nigeria's permanent secretary in the Ministry of Power Godknows Igali and the secretary to the Government of India, Sutanu Behuria.

With this agreement, Bharat Heavy Electricals will begin preliminary studies ahead of siting independent solar-powered plants in selected locations in Niger, a Nigerian newspaper, Daily Trust reported.

"Nigeria's power sector will remain open to investment with the hope of unbundling the sector's potential," Igali said after the signing.

Behuria expressed India's interest in the provision of funds in various forms for the development of Nigeria's power sector.

 

Source

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RBI to allow treating the loans to the new umpps as secured debt...

 

Reserve Bank of India, has decided to allow the loans to the new Ultra Mega Power Projects (UMPPs) to be considered as secured debt even though the land and other plant assets will be owned by Distribution Utilities not the wining bidder.

As large nos of banks/financial institutions has raised concerns saying loans to the proposed UMPPs would be riskier in the absence of ownership by the borrower.

As per the newly proposed bidding guidelines by Ministry of Power, UMPPs and other such location specific plants will be owned by Distribution Utilities and the bidders will act as contractors for construction the project and operating them for 30 years.

However, the Bidder and Distribution Utilities can jointly mortgage the site and the plant with the banks during the tenure of the loan and post that the same will be transferred to the Distribution Utility for a cost.

Further, the guidelines also sought to make the norms stringent by barring all non-core sector companies from participating in the bidding. Also the Bidder cannot offload more than 51% equity in the project till commissioning of the project against the earlier mandate of 26%.

As per the proposal, bidders with required technical expertise will be asked to submit a fixed charge for the initial year unlike the earlier process of submitting levellised tariff for 25 years. The actual tariff payable to the concessionaire will be revised annually based on a pre-determined index. Fuel cost of the power projects will be passed on to the consumers.

The norms, known as standard bidding documents, will be taken to the cabinet committee on economic affairs for approval and a note has been circulated for consultation. Once approved, the norms will pave way for auction of two ultra mega power projects in Bedhabahal and Surguja in Chhattisgarh that have been put on hold.

The government has so far awarded three ultra mega power projects to Reliance Power and one to Tata Power. Sites for 10 more such projects have been identified in Tamil Nadu, Karnataka,Orissa, Andhra Pradesh, Gujarat, Bihar, Jharkhand and Maharashtra.

 

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Additional Reading...

http://articles.economictimes.indiatimes.com/2013-07-22/news/40727729_1_power-projects-umpps-distribution-utilities

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CERC asked Reliance power to quantify the financial impacts of rupee depreciation and change in inputs costs on the sasan umpp...

 

Central Electricity Regulatory Commission (CERC), has asked Reliance Power Ltd to submit a report on the financial impacts of weak rupee and escalation in cost of construction on the 4,000 MW Sasan Ultra Mega Power Project of the company.  

Earlier, Reliance Power Ltd, had submitted a petition to CERC seeking compensation under "Change in Law" clause.

RPower won the project in 2007 in a tariff based international competitive bidding after quoting the lowest levellised tariff of Rs. 1.19 per unit for 25 years.

However, after that the company had filed petitions with CERC seeking relief in terms of tariff increased considering " unprecedented, unforeseen and uncontrollable depreciation of the Indian rupee and Change in Law (mainly increase in taxes and input cost leading to an overall rise in construction cost of the plant) during the Construction period" 

As per the Power Purchase Agreement (PPA) between the developer of the project and procurer of electricity, the company can approach CERC for any "Change in Law" during the construction period and fluctuation in the value of the rupee.

CERC has asked the company to quantify the above and submit the details in terms of the overall financial impacts of these factors on the Project.

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Additional Reading...

http://economictimes.indiatimes.com/news/news-by-industry/energy/power/cerc-asks-reliance-power-to-submit-impact-of-weak-rupee-on-sasan-umpp/articleshow/21275797.cms

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Moody's confirms Baa2 corporate family & Baa3 issuer ratings for CR Power...

 

Moody's Investors Service has confirmed the Baa2 corporate family rating, the Baa3 issuer rating, as well as the debt ratings of China Resources Power Holdings Company Limited (CR Power). It also confirmed the Ba2 rating of the perpetual subordinated capital securities issued by China Resources Power East Foundation Co Ltd, which are guaranteed by CR Power.

Moody's has also removed these CR Power ratings from watchlist for possible upgrade and changed their rating outlook to stable.

These rating actions are the result of the cancellation of the planned merger between CR Gas and CR Power owing to a lack of sufficient support during a shareholder vote that took place on 22 July 2013.

RATINGS RATIONALE

Moody's placed the ratings of CR Power on review for upgrade on 13 May 2013 after announcement of the proposed merger because, if successful, it would lead to higher expected support for CR Power from its parent company and synergies in utilities operations combining power generation and gas distribution.

"As the merger will not proceed, we have changed the ratings outlook to stable," says Ivan Chung, a Moody's Vice President and Senior Credit Officer.

The stable outlook reflects Moody's expectation that CR Power will maintain its financial discipline as it continues to expand, as well as its strong access to bank funding to support growth.

Pressure for a ratings upgrade will be limited in the near team, given the lack of automatic cost-pass through in coal-fired generation. Upgrade rating pressure could emerge over time if there is improvement in regulated environment for coal-fired generation or if CR Power: (1) meets its business expansion plan; (2) stabilizes its fuel costs by securing substantial ownership in coal supply; (3) is able to improve its financial profile such that FFO/interest exceeds 4x-5x, Debt/Capitalization falls below 40%-50%, and RCF/Debt exceeds 15%-20% on a sustainable basis.

The rating could be downgraded if CR Power: (1) fails to meet its business plan and generate sufficient returns on its new capital expenditures and investments; (2) takes on aggressive debt-funded expansion projects or acquisitions; (3) suffers a decline in profitability, such that its EBITDA margin falls below 20%; or (4) suffers a material impact operationally due to environmental concerns or new regulatory measures.

Such deterioration in CR Power's fundamentals is expected to be accompanied by weakening credit metrics - FFO/interest below 2.5x, Debt/Capitalization above 60%-65%, and RCF/Debt below 10%.

Furthermore, a material deterioration in the credit profile of the parent or evidence of weakness in its support for CR Power will pressure the rating.

The principal methodology used in rating CR Gas and CR Power was "Regulated Electric and Gas Utilities," published in August 2009. Please refer to the Credit Policy page on www.moodys.com for a copy of this methodology.

CR Power is an independent power producer which invests in, develops, owns and operates power plants in China. It began constructing its first power plant in 1994 and was listed on the Hong Kong Exchange in November 2003. Its 63.51% shareholder, China Resources (Holdings) Co Ltd (unrated), is a major Chinese conglomerate, ultimately owned by China's State Council. As of 31 December 2012, CR Power had 64 power plants in commercial operation, with a total attributable installed capacity of 25,271 megawatts. About 92.2% of its attributed installed capacity is coal fired. The remainder is powered by wind, water and gas.

 

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Additional Reading...

http://www.indiainfoline.com/Markets/News/Moodys-confirms-CR-Powers-Baa2Baa3-ratings/5736976245

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tata power is developing 28.8 mw solar project in satara, maharashtra...

 

Tata Power Renewable Energy Limited (TPREL), a wholly owned subsidiary of Tata Power, is considering to develop a 28.8 MW Solar PV Project in the Satara District of Maharashtra.

The distribution arm of Tata Power, has signed a Power Purchase Agreement (PPA) to purchase power from the proposed Project which will assist the company in meetings its Renewable Purchase Obligation (RPO).

Company intends to complete the Project by December 2013.

The power will be evacuated using the EHV lines of Maharashtra State Electricity Transmission Limited (MSETCL).

Tata Power is currently having the portfolio of more than 30 MW Solar Projects.

• 25 MW at Mithapur (Gujarat)
• 3 MW at Mulsi (Maharashtra)
• 1 MW Grid Connected roof top project in Delhi (Commissioned by Tata Power Delhi Distribution Ltd)
• 60.48 kWp Grid Connected roof top project in Carnac Bunder, Mumbai
  

According to the Company's business plan, it intends to commission 50 MW of Solar Projects every year.

 

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Additional Reading...

http://economictimes.indiatimes.com/news/news-by-industry/energy/power/tata-power-to-set-up-28-8-mw-solar-plant-in-maharashtra/articleshow/21241714.cms

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Southern Region worst affected in terms of Power Deficit according to CEA Report...

 

According to the a provisional report submitted by CEA on the likely Power Supply Position of various states of India, the Southern Region of the country will be worst affected with the 9,000 MU's or 12.6%.

 

In the monthly Power Supply Position report (Provisional) report submitted by CEA for the month of June-13, the CEA has analysed and estimated provisional requirement and subsequent availability of Power for each of the states during the April to June 2013

According to the report,

• the Southern Region had highest deficit of 9,083 MU's (12.6%)
• Northern Region had second highest deficit of 4940 MU's (6.2%)
• North-Eastern Region had deficit of 252 MU's (8.4%)
• Eastern Region had deficit of 462 MU's (1.7%)
• Western Region had deficit of 761 MU's (1%)

In term of States, Uttar Pradesh topped the list with 14.5% deficit. While Gujarat and Chandigarh were having almost nil deficit. Deficits faced by some other states are:

• Maharashtra: 2%
• Kerala: 6.3%
• Karnataka: 14.7%
• Andhra Pradesh: 14.8%
• Tamil Nadu: 10.5%
• Bihar: 6.6%
• Jharkhand: 3.6%

On pan India basis the deficit was 15,498 MU's (6%)

The complete report is embedded below.

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Additional Reading...

http://economictimes.indiatimes.com/news/news-by-industry/energy/power/south-india-to-be-worst-affected-by-power-shortages-cea/articleshow/21210694.cms

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Tata power seeking local acquisition opportunities and land banks for solar and wind energy projects...

 

Tata Power, largest domestic private vertically integrated power utility seems to exploring local opportunities to acquired various generating assets.

Tata Power currently having installed generation base of over 8,500 MW and is pursuing to increase its portfolio of Renewable Energy (Wind and Solar) projects by way of new installations and acquisitions.

According to the company, due to the current stress in the power sector the generation assets are available for acquisition which shall assist the company in rapid development of its portfolio and thereby leveraging its existing businesses in the power value chain.

Further, Tata Power is actively pursuing opportunities to acquire land in strategic markets in the country such as Maharashtra, Rajasthan, Gujarat and Karnataka for Solar & Wind Projects.

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Additional Reading...

• http://www.tatapower.com/investor-relations/pdf/94Annual-report-2012-13.pdf
• http://economictimes.indiatimes.com/news/news-by-industry/energy/power/tata-power-eyes-local-acquisitions/articleshow/21210459.cms

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Green infra seems to be very close to acquired 59.5 MW Wind projects of tvs energy...

 

Delhi based, Renewable Energy Developer, Green Infra Ltd, seems to be quite close to acquire the 59.5 MW Wind Energy generating assets of TVS Energy.

Green Infra is Equity promoted by IDFC, an Infrastructure Finance Company has bided for the 59.5 MW Wind Energy Projects of TVS Energy. TVS Energy is a wholly-owned subsidiary of TVS Motor and was set up around three (3) years ago.

Apart from Green Infra, Mytrah Energy and Orient Green Power are also in the race of buying the Wind Energy Projects.

It seems that various Wind Energy Developers have started to consider the sale of Wind Projects. Many companies put up wind power capacity for the purpose of availing "Accelerated Depreciation" to get benefits of Tax Savings. 

Developers such as BP, DLF, VRL Logistics etc have closed deals to sell their Wind Energy Assets in recent past. Further, companies like Lanco Infra, Ashok Leyland and KS Oils etc have also announced their intentions to sell.

Thus the wind power assets are passing from the hands of companies for whom ‘wind’ is a non-core business activity, to the hands of ‘independent power producers’ whose very business is to generate power and sell it.

• JP Morgan-backed Leap Green, Mumbai-based Ushdev International, Bharat Light and Power, and Green Infra are among the companies that have announced plans to grow their wind businesses.
• Ushdev International, for instance, intends to raise its capacity from 90 MW to 350 MW this year, only through acquisitions. Even its existing capacity was acquired from Suzlon Energy.
• Leap Green and BLP have bought parts of DLF assets.
• Green Infra is among the earliest acquirers—in 2009, it bought a 100-MW wind farm from the British oil giant, BP, which then began the process of exiting wind business.

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Additional Readings

http://www.thehindubusinessline.com/companies/green-infra-close-to-acquiring-tvs-energys-wind-power-assets/article4935638.ece

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