Second lot of coal auctions from Feb 25; Rs 8400 cr earned till now

 

On the seventh day of auction Friday of coal blocks whose allotments were cancelled by the Supreme Court, the government said it will start the second tranche of auctions by Feb 25. The government has till now raised nearly Rs.84,000 crore.

Around 27 blocks have been allocated for the unregulated sector, while 56 blocks will go to the regulated power sector.

As per the coal Ministry, around 83 blocks will be either auctioned or allocated by March 31.

Elaborating on the figures, Swarup said that states will be able to collect royalty of Rs.12,801 crore over the span of the blocks' lives.

 

Moreover, states like Jharkhand and Chattisgarh stand to gain valuable revenue via the e-auctions.

• Madhya Pradesh will get Rs 39,900 crore
• Chhattisgarh Rs.26,425 crore
• Jharkhand Rs.14,498 crore
• West Bengal Rs.13,210 crore
• Maharashtra Rs.1,819 crore
• Odisha Rs.607 crore

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Hindalco Industries wins one more coal block; total 3

Hindalco Industries has bagged another mine — Gare Palma 4/4 — in the coal blocks auction. The mine has extractable reserves of 12.30 million tonnes. Hindalco how has three mines in its kitty, including two in Chhattisgarh and one in Jharkhand. The company was the highest bidder at Rs 3,001 per tonne, according to a tweet by Coal Secretary Anil Swarup.

Hindalco, a subsidiary of Aditya Birla Group, had successfully bid for Kathautia mine in Jharkhand on February 15 and was also awarded Gare 4/5 mine in Chhattisgarh on February 19. The company won the latest bid in a process that went on for 12 hours on Friday. The block was previously held by Jayaswal Neco Ltd.

The states in which the 17 coal blocks sold in the ongoing auction are located will receive more than Rs 1 lakh crore, including royalty, over the next 30 years on account of the sale. Also, the reverse auction of coal blocks for power generation (valued at Rs 37,050 crore) will benefit end-users in the form of tariff reduction, Swarup has stated.

The government had placed 19 coal mines up for auction in the first tranche. Jindal Power, Hindalco and Ultratech were among the bidders which bagged 17 of them.

Sunday is the last day of the auction of the first tranche. The second lot of mines will go up for auction from February 25.

 

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India Signs Loan Agreement with ADB for $50 Million Loan To Boost Power Generation Capacity in Assam

The Asian Development Bank (ADB) and the Government of India signed a $50 million loan agreement for the second Assam Power Sector Investment Program which aims to build up the capacity of power generation and distribution systems to meet the growing energy demand in the state of Assam.

The first tranche loan of the $300 million multi-tranche financing facility will fund generation capacity enhancement and distribution efficiency improvement subprojects in the state. 

Shri Tarun Bajaj, Joint Secretary (Multilateral Institutions), Department of Economic Affairs, Ministry of Finance, who signed the agreement on behalf of Government of India said that more than a third of households in the State face daily electricity cuts of 5 to 6 hours, many important businesses, such as the tea gardens, still aren’t connected to the grid, and in peak periods Assam has to buy up to 15% of its power from independent producers at very high cost, said He added that the project will finance investments to augment and improve generation capacity through the replacement of an inefficient generating plant and construction of new hydropower plant. 

Ms. Teresa Kho, Country Director of ADB’s India Resident Mission, who signed the loan agreement for ADB said that ADB has supported Assam’s power sector since 2003 with five loans totaling $450 million, which have helped the State enact key reforms and improve transmission and distribution systems. She further said that the new loan will further support Assam to increase capacity and efficiency of power generation to meet growing local and national demand.The project agreements were signed by Sh. V. B. Pyarelal, Additional Chief Secretary (Power) on behalf of the Government of Assam and Shri K. V. Eapen, Chairman, Assam Power Generation Company Limited (APGCL). 

The project is expected to be completed by 31 December 2018.

 

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Coal India to Spend Rs 12,000 Crore for Capital Expenditure, Infrastructure

Coal India Limited is planning to invest about Rs 6000 Crs towards capital expenditure in the next fiscal and an equal amount on augmenting other infrastructure, including rail connectivity.

According to a filing to BSE, CIL and its subsidiaries are proposing to invest around Rs 6,000 crore in 2015-16 towards capital expenditure. Further, an amount of around Rs 6,000 crore has been earmarked by CIL for railway and other infrastructure development for 2015-16.

 

CIL also unveiled its roadmap, of strategies to be adopted, to attain the one billion tone coal production by 2019-20. 

With the projected coal demand of the country hovering around 1,200 million tonnes (MTs) by 2019-20, at an envisaged growth rate of 7 per cent, CIL is expected to chip in one billion tonnes, of which, 908 million tonnes is the expected contribution from the identified projects.

The two CIL subsidiaries---Mahanadi Coalfields Ltd and South Eastern Coalfields Ltd (SECL) are expected to play a pivotal role in its quest of attaining the one BT production with 250 million tonnes and 240 million tonnes respectively, he said.          

In the biggest ever disinvestment exercise, the government in January sold 10 per cent stake in Coal India for about Rs 22,600 crore.

 

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SunEdison planssolar parks for commercial & industrial establishments in Tamil Nadu

 

SunEdison is planning to establish a solar park of 18 MW capacity in Tiruneveli, Tamilnadu. It is also looking at more such parks in the State as more numbers of commercial establishments and industries are expected to go in for solar power systems.

With the option of open access, there is opportunity for more number of commercial and industrial electricity consumers to go in for solar power.

The company has installed over 12 MW solar energy systems in the State and solar pumpsets are a focus area. Farmers will be able to use the land during dry months too with solar power systems.

Regarding market for solar energy across the country, company said that Gujarat and Rajasthan lend more to solar energy because of the geographical advantages. Maharashtra, Karnataka, Andhra Pradesh and Telangana have favourable solar policies.

The company sees opportunities in rural electrification scheme. Off grid installations reduce grid power consumption in rural areas and these are small panels with battery. It has done these projects in about 100 sites in different States.

 

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Rays Power Experts looks to raise Rs 400 Crs

 

Rays Power Experts is planning to raise funds of Rs 400 Crs from private equity firms.

 

According to sources, company is in discussions with Blackstone & Gujarat Venture Finance among others.

 

Rays Power sets up solar parks and provides services ranging from land identification to acquisition, supplying of solar panels and accessories, site infrastructure and maintenance, as well as installation and commissioning of projects.

 

The company is now looking to build its own solar plants and has commissioned a 100-MW solar project at Bikaner in Rajasthan. Rays Power Experts reported profit after tax of Rs 10.7 crore and revenue of Rs 230 crore in the financial year ended March 31, 2014, according to documents filed with the Registrar of Companies.

 

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Government Approves INR 578 Crore FDI proposals for two renewable energy projects

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on 4 February 2015, Government has approved 11 proposals of Foreign Direct Investment amounting to INR 1075.91 crore approximately; out of which two projects are from the power and renewable energy sectors.

Solar Arise India Projects Pvt. Ltd. has sought approval for receiving FDI from overseas investors and investing downstream in various Special Purpose Vehicles (SPV) in solar power projects. The government has approved proposed FDI of Rs 216.01 Crs.

For another project that got FDI approval, BLP Wind Assets Holding Pvt. Ltd. has sought approval for setting up a joint venture firm for making downstream investments in the renewable energy sector. The government has approved proposed FDI of Rs 371 Crs.

The Foreign Investment Promotion Board (FIPB) is a government body that offers a single window clearance for proposals on Foreign Direct Investment (FDI) in India that are not allowed access through the automatic route.

The Minister of Finance, considers the recommendations of the FIPB on proposals for foreign investment up to Rs 1200 Crs. Proposals involving foreign investment of more than INR 1200 crore require the approval of the Cabinet Committee on Economic Affairs (CCEA).

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Coal Block auction results, winners are Hindalco, UltraTech & Jindal – Day 6

 

On the sixth day of the ongoing coal mine auctions, three companies Hindalco, UltraTech & Jindal Power has won coal blocks.

Hindalco & UltraTech bagged one mine each while Jindal Power won two blocks.

With this, number of mines allocated so far has reached to 16.

Reflecting aggressive bidding for coal mines, Hindalco and UltraTech bagged one mine each while Jindal Power won two blocks on the sixth day of the ongoing auction today, taking total number of mines sold to 16 so far.

UltraTech Cement has won the Bicharpur coal mine in Madhya Pradesh bidding Rs 3,003 per tonne. It has beaten companies like ACC, Hindalco Industries, Hindustan Zinc, Jaypee Cement Corp, Monnet Ispat & Energy and OCL India. The mine is having extractable reserves of 29.12 MT.

Jindal Power Ltd bagged Gare Palma IV-2 & 3 coal mines, having extractable coal reserves of 155.49 MT, in Chhattisgarh for an estimated Rs 1,679 crore. It beat the likes of Adani Power Maharashtra, D B Power, GMR Chhattisgarh Energy, Jindal India Thermal Power, JSW Energy, KSK Mahanadi Power Company, Reliance Geothermal Power and Sesa Sterlite.

Aditya Birla Group flagship Hindalco Industries won the Gare Palma IV-5 block for an estimated Rs 14,858.9 crore. Its winning bid was Rs 3,502 per tonne. The mine has estimated extractable reserves of 42.43 MT. It beat firms including Ambuja Cements, BALCO, Hindalco and Monnet Ispat & Energy.

In the previous five days of auction, companies including GMR Chhattisgarh Energy, Reliance Cement, Sunflag Iron and Steel, Jaiprakash Associates and BALCO won mines.

Tomorrow, a single mine on sale is Gare Palma IV-4 in Chhattisgarh. The companies in race for mine are ACC, BALCO, Godawari Power and Ispat, Hindalco Industries, Jayaswal Neco Industries, Rungta Mines and SKS Ispat and Power.

Meanwhile, Jaiprakash Power Ventures today said it has successfully bidded for a coal mine in MP and a formal communication vesting the said block in its favour is expected in due course of time. Jaiprakash had bagged the Amelia (North) mine in Madhya Pradesh quoting Rs 712 per tonne.

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Aditya Birla owned Hindalco won Gare Palma coal mine

 

Aditya Birla owned Hindalco Industries have won the Gare Palma IV/5 mine in Chhattisgarh.

It has beaten companies like Ambuja Cements, Sesa Sterlite, and Balco.

This is second mine won by the company out of the 13 put on offer so far.

The price-tag for the block is an estimated. Rs. 14,858.9 crore.

The price paid per tonne was Rs. 3,502. Gare Palma IV-5 mine has estimated extractable reserves of 42.43 MT.

The company is also in the race for another coal block of Bicharpur.

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Bid Results of 250 MW Punjab Solar Tender - Indiabulls, ACME, Solaire Direct, Azure bag contracts

 

Crocus Infra of the Indiabulls group, Delhi-based ACME, French company Solaire Direct, and the American firm, Azure Power, are among those to have won mandates to put up solar power projects in Punjab.

The Delhi-based ACME group has won rights to put up 74 MW solar power projects in a bidding process put through by the Punjab Electricity Development Agency (PEDA). It has won 24 MW bidding a tariff ofRs. 7.16 a kWhr and another 50 MW for Rs. 7.06 kWhr.

The group will put up these projects with an investment of Rs. 600 crore and the electricity will be sold to the state distribution company at these tariffs.

With this, ACME’s total solar projects under development in the country have crossed the 700-MW-mark.

• Crosus picked up 78 MW (24 MW for Rs. 7.42; 50 MW for Rs. 7.56 and 4 MW for Rs. 7.45).
• Solaire Direct got up 54 MW (for Rs. 6.88)
• Azure Power 28 MW (24 MW for Rs. 7.19 and 4 MW for Rs. 7.33)

PEDA had issued a tender to buy solar electricity from 250 MW of projects. The total capacity was divided into three categories, with maximum bid-able capacity of 24 MW, 50 MW and 5 MW by a single company under each category. ACME won the highest allowed in the first two categories.

This is the second tender of PEDA. The first was in 2013, when the state selected companies to build 300 MW of solar power projects. Then, 27 companies won mandates to put up solar plants of 251 MW and sell electricity at tariffs arrived at through the bidding process. Back then, all but four of the 27 quoted tariffs higher than Rs. 8.24. Of the four, only two, of 2 MW each, were below Rs. 7.50, one of them Rs.7.47 and the other Rs. 7.20.

Punjab is a state of 50,000 sq km land, home to 27.7 million Punjabis. The state enjoys solar radiation of 5-5.5 kWhr/metre square per day.

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