Mumbai: In a first, Karnataka has stopped the building of new solar energy projects, balancing its renewable power purchase obligations and concerns on the financial health of the state’s power distribution companies (discoms). Last month, the Karnataka Electricity Regulatory Commission said there will be no further bidding to procure solar energy from large-scale projects till […]
Category: Power
Power
KKR, GIC betting on India’s power sector with $400 million investment: Sources
HONG KONG: Global investment firm KKR & Co Inc is leading a deal to acquire a controlling stake in India Grid Trust (IndiGrid), in a bet on the country’s rapidly growing power sector, people familiar with the transaction told Reuters. KKR, together with Singaporean sovereign wealth fund GIC, will acquire up to 57% of IndiGrid […]
NTPC to raise ₹3,000 crore via bonds on Friday
New Delhi: State-owned power giant NTPC on Tuesday said it will raise Rs3,056.50 crore on Friday through issuance of bonds on a private placement basis. “NTPC has decided to raise ₹3,056.50 crore on 3 May 2019, (Friday) through private placement of secured non-convertible bonds in the nature of debentures at a coupon of 7.93% per […]
India’s power demand hit a record high on Friday night
New Delhi: India’s electricity demand touched an all time record high of 176.724 gigawatts (GW) on Friday night at a time when the general elections to elect the 17th Lok Sabha are on. This comes in the backdrop of mercury soaring in Central India on Wednesday, with the temperature reportedly touching 45 degrees Celsius in […]
Steady growth in electricity demand spells relief for stressed power plants
India’s electricity generation is growing at a tepid pace. In FY19, power generation rose just 3.6%. However, there has been a steady expansion in base and peak demand. In FY19, base and peak demand increased 5% and 7.9%, respectively, shows data compiled by Central Electricity Authority. Base demand is minimum electricity requirement in a day, […]
Volume recovery improves JSPL’s earnings outlook, debt reduction key
Mumbai: Jindal Steel and Power Ltd (JSPL) has emerged as the lowest bidder to supply 500 megawatts (MW) of electricity to a state-owned entity. The company is yet to sign the final agreement for the contract, scheduled to commence in the second half of FY20. If signed, the deal can make a material difference to […]
ICICI-Videocon case: ED summons Chanda Kochhar, husband Deepak Kochhar
Mumbai: The Enforcement Directorate (ED) this week has issued fresh summons to former CEO of ICICI Bank Chanda Kochhar, her husband Deepak Kochhar and brother-in-law Rajiv Kochhar to appear for questioning in a money laundering case. The agency is probing whether a part of the ₹300 crore loan that she allegedly received as illegal gratification […]
SECI postpones manufacturing-linked solar bid for 3 GW till May 14
NEW DELHI: State-run Solar Energy Corporation of India Monday extended bids submission deadline for the third time for manufacturing-linked 3GW solar power tender till May 14. “The RfS (request for selection) Selection of Solar Power Developers for Setting up of 3GW ISTS (inter state transmission system) Connected Solar PV Power Plant linked with setting up […]
What Power Grid Corp of India can do to rekindle interest among investors
After delivering handsome returns in 2016, shares of Power Grid Corp. of India Ltd began trailing the broader markets from mid-2017. Compared to a 15% rise in the Nifty 500 index, the stock lost 8% from July 2017. The underperformance coincides with the moderation in asset growth. Capitalization, which reflects the project addition, eased from […]
Canada’s Brookfield looks to acquire Mytrah Energy
Mumbai: Canada’s Brookfield Asset Management Inc. is in talks to buy a majority stake in Hyderabad-based Mytrah Energy as the alternative assets manager looks to make its first renewable investment of more than $1 billion in India, said three people aware of the development. “Brookfield has been engaged in talks to acquire a majority stake […]
Apple expects cooperation with China on clean energy
SAN FRANCISCO: Apple is expecting more cooperation with China on clean energy as it released its 2019 Environment Report that outlines its climate change solutions ahead of Earth Day, which falls on April 22. In the “Environmental Responsibility Report”, Apple has set an ambitious goal to “make products without taking from the Earth” and vowed […]
Mahindra Susten looks to sell around 160MW of solar power assets
Mumbai: Mahindra Susten, the renewable business arm of Mahindra group, has launched a formal process to sell around 160 megawatts (MW) of solar assets, two people aware of the development said. The company offers diversified services within the renewable energy and cleantech space, such as turnkey solar engineering, procurement and construction services, both utility-scale solar […]