GMR & Reliance Cement have received one mine each in the first coal mine auction

 

In the first coal mines auction conducted today, GMR & Reliance Cement have received one mine each for an estimated amount of Rs 1,375 Crs & Rs 798 Crs respectively.

GMR Mine

• GMR Chhattisgarh Energy won the Talabira-1 coal block in Odisha,
• Adani Power, Essar Power, Sesa Sterlite and others were in race for this mine
• GMR received the mine by reverse bidding at Rs 478 per tonne.
• The mine has extractable reserves of 28.77 million tonnes.
• The mine was reserved for the Power Sector.

Reliance Cement Mine

• Reliance Cement won the Sial Ghoghri coal mine in Chhindwara district of Madhya Pradesh.
• Hindustan Zinc and OCL Iron & Steel were in reace for this mine
• Reliance Cement received the mine by reverse bidding at 1,402 per tonne
• The mine has total reserves of 29.38 million tonnes and extractable reserves of 5.69 million tonnes.
• The block was allotted to Prism Cement earlier. This mine is earmarked for the non-power sector.

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Welspun Renewables Makes a Green Energy Commitment of 11,001 MW

 

Welspun Renewables, India’s leading renewable energy generator has pledged to set up mega 11 GW solar and wind projects across the country.

The 11001 MW capacity will be developed as 8660 MW of solar and 2341 MW of wind power projects. . In line with supporting Prime Minister Narendra Modi’s vision of 100 GW, Welspun Renewables will be formally announcing this commitment in the presence of Honorable Shri Modiji and other prominent global and national policymakers tomorrow morning at RE-INVEST.

Statement made by Mr. Mittal on this occasion: “We believe in Honorable Prime Minister Modi’s vision and are committed to doing our utmost in exponentially increasing India’s green energy capacities. Under the aegis of Shri Modiji India has emerged as one of the most conducive regions for renewable energy development. Our 11001 MW commitment is a direct reflection of how the solar and wind energy industries will be growing in the future. We would like to thank both the MNRE and the state governments for giving us their support in developing our current and previous projects.”

Welspun Renewables will be commissioning over 1 GW of solar and wind capacities well within this calendar year - December 2015.

Source: Welspun Press Release

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JSW Energy plans to raise Rs 5,000 crore via QIP

 

JSW Energy is planning to raise Rs 4,000 crore to Rs 5,000 crore in several tranches through a qualified institutional placement or QIP programme, according to reports.

 

Report said that the money will help fund acquisitions after the company completes the purchase of three hydro power plants.

Earlier, the board approved a fresh fund-raising plan of up to Rs 5,000 crore to meet growth opportunities, capital expenditure requirements and general corporate purposes.

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2,66,000 MW Renewable Energy Projects commitment given by 293 companies

 

During the first Renewable Energy Global Investors Meet (RE-Invest), commitment to develop as much as 2,66,000 MW of Renewable Energy Projects has been given by around 293 companies. 

Some of them have also assured to put up equipment manufacturing plants as well.

 

• Renewable energy companies including Suzlon and Gamesa have committed to manufacture equipment to help generate 11,000 MW and 7,500 MW of power respectively to be used in the non conventional energy side.
• Country's largest power producer NTPC has also said it would generate 10,000 MW of power through green sources in the next five years.
• Among others are Welspun Energy with a target to generate 11,000 MW renewable energy, followed by ReNew Power 11,500 MW capacity, Reliance Power 6,000 MW, Hindustan Powerprojects 10,000 MW and Sun Edison 15,000 MW.

Country's biggest lender SBI has said it will finance 15,000 mw renewable energy over the next five years.

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SBI commit Rs 75,000 Crs loan for 15,000 MW of Renewable Energy Projects

 

State Bank of India (SBI) committed Rs 75,000 Crs for the 15,000 MW capacity of Renewable Energy Projects to be executed in next 5 years.

Current exposure of SBI is Rs 1,78,000 Crs in the power sector including conventional energy projects as well as Distribution Utilities.

However, SBI has denied any concessional rate of interest for the Renewable Energy Projects as per the current norms. According to it the rate be reduced provided RBI classifies the renewable energy in the priority sector lending category which would provide incentives to banks for lending to this segment.

As per RBI norms, banks have to necessarily lend 40 per cent of the total loans towards priority sector category.

 

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