India’s federal government has stepped in to mediate a dispute between the state of Gujarat and solar power developers over the province’s plan to backtrack on bids for a 700 megawatt project because of high tariffs and invite fresh ones. “Certainly it is creating some disturbance in the renewable energy market,” Amitesh Kumar Sinha, joint […]
Day: February 25, 2021
Tata Power raises ₹9,000 crore via NCDs
Tata Power has raised ₹9,000 crore through issuance of non-convertible debentures (NCDs) on a private placement basis. The company issued 9,000 unsecured, redeemable, taxable, listed, rated NCDs worth ₹900 crore on Tuesday, the company said in a regulatory filing. It will be fixed rate NCDs with annual coupon payment, Tata Power said. The series-I debentures […]
Essar Power to set up 90 MW solar plant in Madhya Pradesh for ₹300 crore
NEW DELHI : Ruia-family run Essar Power Ltd will foray into renewable energy, setting up a 90 MW solar plant in Madhya Pradesh at an investment of ₹300 crore, CEO Kush Singh said Wednesday. The entry into the renewable segment is part of a strategic decision to rebalance the power portfolio. “The board of Essar […]
Muted yields and higher fuel prices to delay smooth landing for airlines
Losses of Indian aviation firms InterGlobe Aviation Ltd and SpiceJet Ltd declined on a sequential basis for the quarter ended December. InterGlobe runs IndiGo, India’s largest airline by market share. For perspective, IndiGo’s net loss for the December quarter dropped to ₹626 crore from ₹1,195 crore in the September quarter. During the period under consideration, […]
ReNew Power to merge with RMG for US listing
Goldman Sachs backed ReNew Power Ventures Pvt. Ltd on Wednesday took a step closer to a US listing by announcing a merger agreement with RMG Acquisition Corp. II (RMG II), a Nasdaq-listed special purpose acquisition company (SPAC). The transaction puts an enterprise value of around $8 billion on ReNew Power, and is expected to close […]
Ghana first country to get Covid vaccines through Covax
Ghana became the first country to receive Covid-19 vaccines through the World Health Organization-backed Covax program, which aims to provide at least 2 billion doses to lower-income countries. The West African nation took delivery of 600,000 doses of the AstraZeneca Plc vaccines in the capital, Accra, the WHO and the United Nations Children’s Fund said […]
SHV, NIIF look to buy stake in Fourth Partner Energy
Netherlands’ SHV Energy and India’s quasi-sovereign wealth fund National Investment and Infrastructure Fund (NIIF) are separately looking to buy a stake in Hyderabad-based Fourth Partner Energy (4PEL) for about $150 million, two people aware of the development said. Fourth Partner Energy focuses on the commercial and industrial (C&I) segment and has an operational portfolio of […]
Oil hits one-year high with market eyeing tight global supplies
Oil surged to the highest in more than a year as the market looks ahead toward an accelerating decline in global inventories and a comeback in demand. Futures in New York climbed 2.5% Wednesday, rising to the highest since January 2020. Energy Information Administration data showed crude output fell to 9.7 million barrels a day […]