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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BSES Discoms ask for 25 perc hike in tariff for power being supplied in Delhi

 

BSES Discoms of Delhi, BSES Rajdhani Power Ltd (BRPL) & BSES Yamuna Power Ltd (BYPL), has submitted to the Supreme Court that they were in an unviable financial position and demanded for a 20-25% hike in power tariff to bridge their revenue gap.

 

 

According to BYPL & BRPL,

• major portion of the revenue was being spent in purchasing electricity from the government-owned power generating companies
• the firms were denied "cost reflective tariff" from the regulator (DERC).
• BSES Rajdhani Pvt Ltd started with opening overdues of Rs 2,847 crore in January 2014 and by January, 2015, the closing overdues went up to Rs 3,965 crore.
• Similarly, BSES Yamuna Power Pvt Ltd (BYPL) started with opening overdues of Rs 2,394 crore in January 2014 and by January 2015, the closing overdues was Rs 3,590 crore.

BSES Yamuna Power Pvt Ltd (BYPL) and BSES Rajdhani Pvt Ltd (BRPL), which owe money to various power generating PSUs including NTPC and NHPC, had moved the court seeking various reliefs including a direction that the power supply to them should not be cut by the PSUs for ensuring uninterrupted supply in Delhi.

However, Delhi Electricity Regulatory Commission (DERC), opposed the plea of the private discoms saying they have "buffered up" the losses.

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Inox Wind signs MoU for 700 MW Wind Power Project with Gujarat

 

Inox Wind has signed a Rs 4,500 crore preliminary agreement with Gujarat for setting up a 700 MW wind power plant in the state.

The MOU will be implemented over next 2 years in 3 districts of Gujarat - Rajkot, Amreli and Kutch.

According to the company, it had an order book of 1,258 MW as of December 31. Inox's customers include Green Infra, Continuum Wind Energy, Tata Power, Welspun Energy, Bhilwara Energy, ReNew Power Ventures, Hero Future Energies and a subsidiary of CESC.

In Madhya Pradesh, it is setting up an integrated wind turbine manufacturing facility.

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Mytrah Energy received contract for 220 MW Wind Power Project by AP Government

 

Mytrah Energy ltd has received a 220 MW Wind Power project from the Andhra Pradesh Government.

The project will be installed in Kurnool district and is expected to be commissioned in 18 months.

Mytrah energy currently has an operating portfolio of 543MW across seven wind rich states.

In addition, the company has 300MW projects under construction and 3,500MW of identified projects in the pipeline.

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Results of E-Auction for 8 Schedule II Coal Mines

 

The Tender Process for the Scheduled II 23 coal mines was started on December 27, 2014 with the release of Tender Documents. As a part of auction process, Technical Bids, both online bids and offline supporting documents were opened on 3^rd February 2015 in the presence of Bidders.

In the first stage of the tender process, bidders submitted their technical bids on MSTC portal created for the purpose. Bidders were also required to submit separately a sealed envelope containing bank guarantee, power of attorney and the affidavit. The cut-off date for submission of technical bids was 12:00 noon, February 03, 2015.

The electronic bids were decrypted and opened electronically in the presence of bidders. Entire process was displayed on the screen for the bidders. Subsequently, sealed envelopes containing bank guarantee, power of attorney and affidavit were also opened in the presence of bidders. These bids has been evaluated by a multi-disciplinary Technical Evaluation Committee to shortlist bidders for participation in the electronic auction conducted on MSTC portal from February 14, 2015.

Results of the E-Auction are as below:

1. Talabira I : Rs 478/MT by GMR Chhattisgarh Energy Limited
2. Sial Ghoghri : Rs 1402/MT by Reliance Cement Company Private Limited
3. Sarisatolli : Rs 470/MT by CESC Limited
4. Belgaon : Rs 1785/MT by Sunflag Iron and Steel Company Limited
5. Kathautia : Rs 2860/MT by Hindalco Industries Limited
6. Marki Mangli III: Rs 918/MT by BS Ispat Ltd
7. Mandla North : Rs 2505/MT by Jaiprakash Associates Limited
8. Trans Damodar : Rs 940/MT by The Durgapur Projects Limited

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NTPC to invest $10 billion for building renewable projects

 

National Thermal Power Corporation (NTPC) is planning to invest around Rs 60,000 Crs (USD 10 billion) for development of around 10,000 MW of Renewable Energy Projects in the next five years.

As per the statement issued by the company, it will add 10,000 MW to its existing capacity of 43,143 MW through solar projects in the next five years.

NTPC currently has around 110 MW of renewable power projects.

Recently, NTPC signed a term loan agreement of Rs 10,000 Crs and Rs 2,000 Crs with state-run SBI and Bank of Baroda, respectively, for partially funding its capital expenditure.

It has also floated Notice Inviting Tender (NITs) for four solar projects of 250 MW each in Andhra Pradesh, Madhya Pradesh, Telangana and Rajasthan and one 500 MW project in Andhra Pradesh.

The first 250 MW Solar project in Anantapur in Andhra Pradesh is expected to be awarded by the end of next month.

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