Monthly Archives: August 2014

Enrich Energy to Set up 60MW Solar Power Project in Telangana

Pune, Maharashtra, India

Enrich Energy Private Limited, Pune based Renewable Energy Company, has got the approval for setting up 60 MW Solar Power Project under ‘Solar Park Concept’ in the newly formed state of Telangana. This would be the first renewable energy initiative by the newly formed state. The ‘Solar Park’ will be set up under Open Offer to supply power to meet the states renewable power obligations. TSTRANSCO (erstwhile APTRANSCO) has issued a `Letter of Intent’ for setting up a 60 MW capacity Solar Park to Enrich Energy under the power purchase agreement at preferential tariff of Rs 6.49 per kWh as per the Open Offer.

Mr. Kanchal, Director, Enrich Energy Said, “With growing urbanization there is an ever increasing need for energy, India can meet her energy requirements through the effective use of clean energy, particularly Solar since most parts of India has between 300 to 330 sunny days in a year (equivalent to over 5,000 trillion kWh per year of energy), which can be harnessed. We at Enrich Energy are committed towards developing the renewable energy sector in India and are happy to partner with the government of Telangana in their clean energy initiative. We are dedicated to providing world class solar energy solutions from concept to commissioning and further hand hold in operations and maintenance during the lifecycle of the project.”

Enrich Energy has developed and commissioned the first turnkey private Solar Park of India in Maharashtra at a single location with an installed capacity of 40 MW. The company has two ongoing projects of 25 MW and 80 MW in Maharashtra and Karnataka. Upon completion of the project, Enrich Energy would be India’s number one private solar energy company with an installed capacity of 205 MW. The company also provides innovative solutions for small retail investors for setting up private projects with the smallest 1 MW capacity.

The company also recently won the prestigious “Bharat Udyog Samman Puraskar” and Asia Pacific Achievers Award” from Global Achievers Foundation (GAF) at a function held last month in New Delhi for outstanding contribution to the nation in the space of renewable energy.

Presently power consumers across Andhra Pradesh and Telangana are battling long power cuts in the rural and urban areas alike. Andhra Pradesh is looking to add 1000 MW of solar power to meet its energy obligation.

The union government under the Jawaharlal Nehru National Solar Mission is targeting to achieve 20,000 MW by 2022. The government has also allotted Rs.500cr towards setting up solar ultra mega power projects. Currently 12% of energy is generated from renewable energy projects in the country.

About Enrich Energy

Enrich Energy Pvt. Ltd., headquartered at Pune, is an integrated solar energy solutions provider. Enrich Energy focuses on providing turnkey solar energy solutions from concept to commissioning of solar power projects and further operating and maintaining them throughout the life time of the project. Enrich Energy offers efficient and cost effective solar energy solutions starting from solar radiation mapping, land acquisition, infrastructure development, power evacuation, effective supply chain management, project EPC to completing the chain with operations & maintenance services and assistance in sale of power. Enrich Energy, through its subsidiary companies also provides support and consultation for Renewable Energy Certificates, Electricity portfolio management and Open Access electricity consumers’ management.

Media Contact Details
Jay Naduvath, Jefferiesandbain, +91-9768123923, Jay@jefferiesandbain.com

Infineon Technologies AG to Acquire International Rectifier Corporation for US-Dollar 40 per Share, Approximately US-Dollar 3 Billion in Cash

Munich, Germany and California, El Segundo, United States- Business Wire India

 

  • Acquisition creates a highly complementary and innovative semiconductor product portfolio, distribution strength and a stronger regional presence.
  • Integration complements Infineon’s expertise in power semiconductors and adds system know-how in power conversion, while expanding its expertise in compound semiconductors (Gallium Nitride on Silicon) and driving greater economies of scale in production.
  • US-Dollar 40 per share in cash to be paid for all International Rectifier outstanding shares, representing a premium of approximately 47,7 percent over the average share price of International Rectifier during the last three months and a premium of approximately 50,6 percent over the closing share price of International Rectifier on August 19, 2014.
  • Transaction expected to be accretive to pro-forma EPS within the first fiscal year of closing and margin contribution should be at least in line with Infineon’s average-cycle target of 15 percent at the latest within the second full fiscal year after closing.
  • Transaction will be financed by additional debt and cash-on-hand, further optimizing Infineon’s capital structure.

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Infineon Technologies AG (FSE: IFX / OTCQX: IFNNY) and International Rectifier Corporation (NYSE: IRF) today announced that they have signed a definitive agreement under which Infineon will acquire International Rectifier for US-Dollar 40 per share in an all-cash transaction valued at approximately US-Dollar 3 billion. The acquisition combines two semiconductor companies with leadership positions in power management technology. By the integration of International Rectifier, Infineon complements its offerings and will be able to provide customers with an even broader range of innovative products and services. Infineon will also benefit significantly from greater economies of scale as well as a larger regional footprint.

Dr. Reinhard Ploss, CEO of Infineon Technologies AG, says: “The acquisition of International Rectifier is a unique opportunity. With their great knowledge of specific customer needs and their application understanding, International Rectifier employees will contribute to Infineon’s strategic development from product thinking to system understanding and system solutions. The combination of Infineon’s and International Rectifier’s products, technological and innovative excellence, as well as distributional strength will unleash great potential.”

Oleg Khaykin, President and CEO of International Rectifier, says: “This transaction provides significant value to our stockholders and opens new strategic opportunities for both our customers and employees. By combining two complementary providers in power management solutions, International Rectifier will benefit from Infineon’s products and technologies, manufacturing and operational excellence and greater R&D scale.”

The International Rectifier Board of Directors and Infineon’s Supervisory Board have approved the transaction. The closing of the transaction is subject to regulatory approvals in various jurisdictions and customary closing conditions, as well as approval of International Rectifier stockholders. The transaction is expected to close late in the calendar year 2014 or early in the calendar year 2015 subject to regulatory approval.

The acquisition is expected to be accretive to pro-forma earnings per share (EPS) already in the fiscal year of closing. Synergies are expected to drive significant accretion going forward, building on International Rectifier’s existing successful operational restructuring. In the second full fiscal year of operation after closing, International Rectifier’s margin contribution is expected to be at least in line with Infineon’s target of 15 percent Segment Result margin over the cycle. As such, Infineon maintains its target of 15 percent average-cycle Segment Result margin.

Under the terms and conditions of the agreement, Infineon will pay US-Dollar 40 per share in cash for all of International Rectifier’s outstanding shares, representing a fully diluted enterprise value of approximately US-Dollar 2.4 billion. The transaction price represents a premium of approximately 47,7 percent over the average share price of International Rectifier during the last three months and a premium of approximately 50,6 percent over the closing share price of International Rectifier on August 19, 2014.

Infineon will fund the transaction using cash-on-hand and fully underwritten credit facilities of Euro 1.5 billion in total. Upon closing of the transaction, Infineon’s capital structure should stay well within the previously communicated targets of 30 to 40 percent gross cash-to-revenue, no more than 2x gross debt-to-EBITDA and a positive net cash position.

Infineon’s and International Rectifier’s product portfolios are highly complementary. International Rectifier’s expertise in low-power, energy-efficient IGBTs and Intelligent Power Modules, Power MOSFETs and Digital Power Management ICs will integrate well with Infineon’s offering in power devices and modules.

With International Rectifier, Infineon acquires an advanced manufacturer in Gallium Nitride on Silicon (GaN) based power semiconductors. This combination will accelerate and solidify Infineon’s position in GaN discretes and GaN system solutions, improving its ability to pursue this strategically important technology platform with significant future growth potential.

The transaction will result in a broad range of products creating a comprehensive provider in the market for silicon-, silicon-carbide- and gallium-nitride-based power devices and integrated circuits (ICs).

The integration of International Rectifier will generate economies of scale through optimization of the combined entity’s operating expense structure and through the acceleration of the ramp-up of Infineon’s leading 300-millimeter thin wafer manufacturing capability.

Infineon will also have a much broader and stronger regional scope. International Rectifier has a strong presence in the US, the important center of innovation especially in the Connected World, and will also help to improve Infineon’s position in Asia. The increase in exposure to the distribution channel will allow Infineon to meet the needs of a broader range of customers.

The Euro 1.5 billion of credit facilities for Infineon have been fully underwritten by Bank of America Merrill Lynch International Limited and Citigroup Global Markets Limited, who are also acting as financial advisors to Infineon. JPMorgan is acting as exclusive financial advisor to International Rectifier. Kirkland & Ellis and Freshfields Bruckhaus Deringer are acting as counsel for Infineon whilst Fried, Frank, Harris, Shriver & Jacobson is acting as counsel for International Rectifier.

About International Rectifier

International Rectifier Corporation (NYSE: IRF) is a world leader in power management technology. IR’s analog, digital, and mixed signal ICs, and other advanced power management products, enable high performance computing and save energy in a wide variety of business and consumer applications. Leading manufacturers of computers, energy efficient appliances, lighting, automobiles, satellites, aircraft, and defense systems rely on IR’s power management solutions to power their next generation products. For more information go to www.irf.com.

About Infineon

Infineon Technologies AG, Munich, Germany, offers semiconductor and system solutions addressing three central challenges to modern society: energy efficiencymobility, and security. In the 2013 fiscal year (ending September 30), the company reported sales of Euro 3.84 billion with close to 26,700 employees worldwide. Infineon is listed on the Frankfurt Stock Exchange (ticker symbol: IFX) and in the USA on the over-the-counter market OTCQX International Premier (ticker symbol: IFNNY).

Further information is available at www.infineon.com

This news release is available online at www.infineon.com/press

FORWARD-LOOKING STATEMENTS DISCLAIMER

Infineon Technologies AG

This press release contains forward-looking statements about the business, financial condition and earnings performance of the Infineon Group.

These statements are based on assumptions and projections resting upon currently available information and present estimates. They are subject to a multitude of uncertainties and risks. Actual business development may therefore differ materially from what has been expected.

Beyond disclosure requirements stipulated by law, Infineon does not undertake any obligation to update forward-looking statements.

International Rectifier Corporation

This document includes statements that constitute “forward-looking statements”, which may be identified by words such as ‘will’, ‘expect’, ‘should’, ‘could’, ‘shall’ and similar expressions. These statements are subject to risks and uncertainties concerning Infineon’s proposed acquisition of International Rectifier and actual results and events could differ materially from what presently is expected. The potential risks and uncertainties include the possibility that the transaction will not close or that the closing may be delayed; the possibility that the conditions to the closing of the transaction may not be satisfied; the risk that competing offers will be made; the transaction may involve unexpected costs, liabilities or delays; the outcome of any legal proceedings related to the transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; general economic conditions; conditions in the markets Infineon and International Rectifier are engaged in; behavior of customers, suppliers and competitors (including their reaction to the transaction); and specific risk factors discussed in other releases and public filings made by International Rectifier (including its filings with the SEC). This list of factors is not intended to be exhaustive. Such forward-looking statements only speak as of the date of this press release, and we assume no obligation to update any written or oral forward-looking statement made by us or on our behalf as a result of new information, future events, or other factors.

IMPORTANT ADDITIONAL INFORMATION WILL BE FILED WITH THE SEC

In connection with the proposed transaction, International Rectifier will file a proxy statement with the Securities and Exchange Commission (SEC). INTERNATIONAL RECTIFIER STOCKHOLDERS ARE ADVISED TO READ THE PROXY STATEMENT CAREFULLY WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Investors may obtain a free copy of the proxy statement (when it becomes available) and other relevant documents filed by International Rectifier with the SEC at the SEC’s Web site at http://www.sec.gov. The proxy statement and such other documents filed by International Rectifier with the SEC may also be obtained for free from the Investor Relations section of International Rectifier’s web site (www.irf.com) or by contacting International Rectifier investor relations by mail at Attn: Investor Relations, 101 North Sepulevda Boulevard, El Segundo, California 90245.

International Rectifier and its directors, executive officers and other members of its management may be deemed to be participants in the solicitation of proxies from International Rectifier’s stockholders in connection with the proposed transaction. Information concerning the interests of International Rectifier’s participants in the solicitation, which may be different than those of International Rectifier’s stockholders generally, is set forth in International Rectifier’s proxy statement relating to its 2013 annual meeting of stockholders filed with the SEC on September 25, 2013.

Additional information regarding the interests of those deemed participants in the proposed transaction will be included in the proxy statement in connection with the proposed transaction and other relevant documents to be filed with the SEC. These documents may be obtained free of charge from the SEC’s website at www.sec.gov and International Rectifier’s website at www.irf.com. 

Media Contact Details
Sian Cummings, United States, International Rectifier, +1 (310) 252-7148
Thomas Davies or Ruth Pachman, United States, Kekst and Company, +1 (212) 521-4800, tom-davies@kekst.com / ruth-pachman@kekst.com
Kay Laudien, Germany, Infineon Technologies AG, +49 (89) 234 28481, kay.laudien@infineon.com
Chris Toth, Investor Relations, International Rectifier, +1 (310) 252-7731, ctoth1@irf.com
Infineon Technologies , Investor Relations , +49 (89) 234 26655, Investor.relations@infineon.com
Chi Kang David Ong, Asia, Infineon Technologies AG, +65 6876 3070, david.ong@infineon.com

Top Energy Leaders to Share Views on ‘Building Energy Connectivity’ at SIEW 2014

Singapore

 The 7th Singapore International Energy Week (SIEW) will feature a line-up of esteemed speakers who will provide their insights on key energy issues facing Asia. They include energy thought leaders from industry, government, and international organisations.

Dr. Leonhard Birnbaum, who will be delivering the SIEW Opening Keynote Address, is a Member of the Board of Management, E.ON SE. He will share his views on this year’s SIEW theme “Building Energy Connections.” He will highlight how the increased integration of economies and energy markets, at both the global and regional level, will shape the energy future for the world.

Other speakers who will share their thoughts on pertinent issues in the energy landscape at the Singapore Energy Summit (SES) include Lord Ronald Oxburgh, Member of the House of Lords and Ex-Chairman of The Shell Transport and Trading Company; Tang Kin Fei, Group President & CEO, Sembcorp Industries; Arun Majumdar, Vice President, Google Energy; Peter P. Clarke, Vice President, ExxonMobil Gas & Power Marketing Company, and Masakazu Toyoda, Chairman & CEO of Institute of Energy Economics, Japan (IEEJ).

This year’s SES will also feature panel discussions on:

  • Shaping Asia’s Energy Connections - how building greater connectivity in Asia is opening up new market opportunities.
  • Balancing Tomorrow’s Energy Choices - how to strike the right balance of economic competitiveness, environmental sustainability, and energy security when determining the ideal fuel mix.
  • Maximising the Potential of Renewables - effective deployment of renewables into our energy system.
  • Energy Technologies and Sustainability - the game-changing role of technology in contributing towards a sustainable energy future.

The Keynote Lunch Address by Maria van der Hoeven, Executive Director, International Energy Agency (IEA) will address how energy connectivity can lead to improved energy security and economic benefits. The IEA will also be co-hosting the IEA Industry Dialogue, “Changing Gas Markets in ASEAN – Towards Regional LNG Trading Hubs?” with the Energy Market Authority (EMA). Featuring leading energy experts, this high-level dialogue will identify the next steps towards the creation of a competitive regional gas market.

Rounding out a comprehensive week-long programme, SIEW will once again host roundtables helmed by think-tanks and international organisations. Covering diverse topics such as renewables, transportation fuel choices, electricity market reform, cyber-security, the energy-food-water nexus and clean coal technology, these roundtables provide an ideal platform for the discussion of niche energy issues. Roundtables hosts include: Economic Research Institute for ASEAN and East Asia (ERIA), Energy Research Institute @ NTU (ERIAN), Energy Studies Institute (ESI), Institute of Energy Economics Japan (IEEJ), Institute for the Analysis and Global Security (IAGS) and the International Renewable Energy Agency (IRENA).

Downstream & Petrochemical Asia, the Gas Asia Summit and the Platts Top 250 Asia Awards Dinner will return as partner events at SIEW 2014 to offer fresh insights into current energy trends. New conferences and exhibitions - Asian Energy Financial and Investment ConferenceEuropean Union Business Avenues Clean Technologies ExhibitionRE@SIEW Exhibition and the Asia Clean Energy Summit will make their debut to contribute to a multi-faceted conversation for the growing audience at SIEW.

SIEW 2014 will be held at the Sands Expo and Convention Centre, Marina Bay Sands Singapore, from 27 to 31 October 2014. Registration is now open at www.siew.sg, with limited early registration discounts of up to S$700 available till 30 August 2013.

About Singapore International Energy Week (SIEW)

The 7th annual SIEW 2014 is the foremost platform for top policymakers, energy practitioners and commentators to discuss energy issues, strategies and solutions. SIEW brings together a robust line-up of world’s leading conferences, exhibitions, roundtables and networking events to provide insights and perspectives on the emerging trends and innovations across the energy spectrum of oil & gas, clean and renewable energy, and energy infrastructure financing – in one week, one location. Please visit www.siew.sg for further information.

About the Energy Market Authority

The Energy Market Authority (EMA) is a statutory board under the Ministry of Trade and Industry. Our main goals are to ensure a reliable and secure energy supply, promote effective competition in the energy market and develop a dynamic energy sector in Singapore. Through our work, we seek to forge a progressive energy landscape for sustained growth. Please visit www.ema.gov.sg for more information. 

For News Release background on Energy Market Authority click here
Media Contact Details
Wendy Lian, Energy Market Authority, +65 6376 7651, wendy_lian@ema.gov.sg
Chenny Wulandari, Edelman, +65 6494 1563, chenny.wulandari@edelman.com

Mindteck Reports Profit for Q1 2014-15

Bangalore, Karnataka, India

Mindteck (India) Limited (BSE: MINDTECK), a global technology company, today reported its unaudited financial results for the first quarter ended June 30, 2014.

The Company’s consolidated revenues for the quarter stood at Rs. 82.41 crore as against Rs. 76.30 crore for the corresponding quarter of the previous year ended June 30, 2013, registering a growth of 8%. Net profit for the quarter stood at Rs. 4.97 crore as against Rs. 3.26 crore for the corresponding quarter of the previous year, registering a growth of 53%.

Mindteck continues to focus on strategic investments in R&D, and product innovation will remain as one of its top priorities in the coming quarters. Through its recently formed R&D initiative, the company has launched two innovative systems: IGNITE, an Energy Management System which transforms office buildings into energy efficient smart buildings, and ProdXL, an Enterprise Productivity Improvement Solution designed to provide insightful quantitative feedback to drive employee behaviour towards organization productivity improvement. With these initiatives, Mindteck will further strengthen its global leadership position, continue to provide its existing and potential customers with competitive and cutting-edge products, and focus on investments in product innovation and business expansion.

Commenting on the financial performance, Mr. Yusuf Lanewala, Chairman and Managing Director, said, “I am very pleased to see the progress we are making toward sustained, predictable and profitable growth. What is most noteworthy is the significant improvements in profitability and operating margin for the quarter.”

About Mindteck (India) Limited

Mindteck, a global technology company established in 1991, provides Product Engineering services to medical device companies, the energy industry and equipment OEMs, and Information Technology services to government entities, analytical/scientific instrument manufacturers, top-tier semiconductor companies and financial services companies in the Global 2000. Its depth of knowledge and niche expertise in embedded systems and enterprise applications is complemented by dedicated Centers of Excellence in wireless design and storage testing. Mindteck has offices in the US and UK, Singapore, Malaysia, Netherlands, Germany, Bahrain and India. It also has four development centers (US, Singapore and India [Kolkata, Bangalore]). The company is listed on the Bombay Stock Exchange (BSE 517344) and is among a select group of global companies appraised at Maturity Level 5, Version 1.3 of the CMMI Institute’s Capability Maturity Model Integration (CMMI). www.mindteck.com

For News Release background on Mindteck India limited click here
Media Contact Details
Fouzia Asmath, Mindteck India limited, +91 (80) 41548000, fouzia.asmath@mindteck.com

CG Q1FY15 Consolidated Net Profit Up 7% at Rs 64 Crore Revenue Up 8% to Rs 3,442 Crore

Mumbai, Maharashtra, India- Business Wire India

Highlights for Q1FY15 Vs Q1FY14      

  • Order intake stood at Rs. 2,899 crore up 12.5%
  • Consolidated revenue for the quarter up 8 % to Rs. 3,442 crore
  • Net profit rose by 7% to Rs. 64 crore
  • Earnings per share (EPS) at Rs. 1.02 as against Rs 0.94
Avantha Group Company CG reported Consolidated Revenue of Rs. 3,442 crore for the quarter ended June 30th 2014 up 7.7 % as against Rs 3,195 crore on June 30th, 2013. The net profit for the period stood at Rs 64 crore up 6.6% as against Rs 60 crore in Q1FY14.

CG bagged orders worth Rs. 2,899 crore in Q1FY15 and the UEOB (Un-executed order backlog) stood at Rs. 9,585 crore.

Commenting on the results, Avantha Group Company CG’s CEO and Managing Director Laurent Demortier said, “The first quarter results have been in line with our expectations. CG’s Q1 FY15 performance is driven by turnaround of operations in Europe and Canada as planned and growth in automation and system activities. We are confident of our future performance with growing demand in the Indian electrical transportation and infrastructure sector.”

“We will continue to focus on operational efficiencies and strengthen our core competency to provide better value to our customers”. Mr. Demortier added.

BUSINESS HIGHLIGHTS

  • CG’s Power business segment recorded revenue of Rs. 2,019 crore up 10.4 % bagging orders worth Rs. 2,383 crore in Q1FY15. The turnaround operations of Hungary and Canada units yielded an improvement in EBIT registering an increase of 32.2 % over Q1FY14
  • Europe, Middle East and Africa have registered 95% growth with orders worth Rs. 1455 crore in Q1FY15 driven by smart grid and system orders
  • CG bagged a few marquee orders like the offshore wind project Gemini in Netherlands worth Rs. 402 crore and the Smart Grid order from Iberdrola Spain worth approximately Rs 250 crore
  • Export orders from India stood at Rs. 327 crore, up 30% as compared to Q1FY14. This is in line with our strategy of making India as CG’s manufacturing hub
  • Consumer business revenue stood at Rs. 861 crore registering a growth of 7% supported by fans division, which grew by 11% and lighting which grew by 9% in Q1FY15. A robust EBIT growth of 15.7% has put the consumer segment on a strong footing

About CG

Avantha Group Company CG is a global pioneering leader in the management and application of electrical energy. With more than 15,000 employees across its operations in around 85 countries, CG provides electrical products, systems and services for utilities, power generation, industries, and consumers. The company is organized into four business groups: Power, Industrial, Automation, and Consumer. CG clocks US$ 2.3 billion in revenues from product lines that cover the entire value chain of engineering offerings.

For more information on CG, please visit: www.cgglobal.com

About Avantha

The Rs. 25,000 crores (US$4bn) Avantha Group is one of India’s leading business conglomerates. Its successful entities in diversified sectors include Crompton Greaves (power transmission and distribution equipment and services), BILT (paper and pulp), The Global Green Company Limited (food processing), Biltech Building Elements Limited (infrastructure), Avantha Power (energy), Salient Business Solutions Limited (IT and ITES), Jg Glass (glass container).

With a global footprint, the Group operates in 90 countries with more than 25,000 employees worldwide. Led by GautamThapar, Avantha demonstrates strong leadership globally and emerges as a focused corporate, leveraging its knowledge, leadership and operations, adding lasting value for its stakeholders and investors.

For more information on Avantha, please visit: www.avanthagroup.com

For News Release background on Crompton Greaves Ltd click here
Media Contact Details
Paula Sengupta, Global Head – Communications, CG (Crompton Greaves Limited), +91 (22) 24237516 / 67558771, paula.sengupta@cgglobal.com
Shravani Dang, Vice President, Group Head – Corporate Communications, Avantha Group, +91 (11) 41699282 / +91 (11) 23368332, s.dang@avanthagroup.com

Madhya Pradesh plans India’s largest Solar Power Plant

Plans are afoot to set up the country’s largest ultra mega solar power plant (UMSPP) in Madhya Pradesh’s Rewa district, a senior official said today.

The plant, to produce 700 MW of electricity, would require an investment of Rs 4,000 crore, State’s Additional Chief Secretary for New and Renewable Energy SR Mohanty told PTI.

The electricity from the plant would be available at Rs 5.40 paise per unit, which would be the lowest in the country, Mohanty said.

The state government would set up the plant as a joint venture with the Ministry of New and Renewable Energy, Power Grip Corporation and the Solar Energy Corporation of India, he said.

Thirteen hectares of land spread over four villages of Barseta, Ramnagar, Latar and Badwaar has been chosen for locating the plant in Gurh tehsil of Rewa, which is the home district of state Energy Minister Rajendra Shukla.

The country’s biggest solar plant with a capacity of 130 MW is situated in Neemuch district of the state.

Minister of State for Renewable Energy Piyush Goyal told Lok Sabha last week that the government is promoting generation of renewable energy by providing various fiscal and financial incentives such as capital and interest subsidy, concessional excise and customs duties to encourage Indian and foreign investors to invest in new renewable energy sector.

“Ultra mega solar power projects have been planned in Rajasthan, Gujarat, Madhya Pradesh and Jammu and Kashmir. The capacity will depend upon availability of land. On an average 1 MW of solar photovoltaic power project generates about 1.6 million units of electricity per annum,” he said during Question Hour.

Source: DNA India

UP plans to auction 300 MW solar power

India’s Uttar Pradesh state has invited companies to bid for contracts to build 300 megawatts of solar photovoltaic capacity.

Companies must submit their bids by Sept. 8, the Uttar Pradesh New and Renewable Energy Development Agency said in a notice on its website. Separately, the agency is planning another auction of 20 megawatts aimed at developers seeking smaller projects of less than 5 megawatts, Namrata Kalra, a project officer at the agency, said by phone today.

The northern state targets building 500 megawatts of photovoltaic capacity by 2017 under astate solar policy released last year. It has signed power purchase agreements with six developers, including Moser Baer India Ltd. (MBI) and Azure Power India Pvt., for 130 megawatts of capacity, agreeing to buy photovoltaic power at tariffs ranging from 8,001 rupees ($133) a megawatt-hour to 9,330 rupees, according to the agency.

Uttar Pradesh is also negotiating forming a venture with state-run hydropower generator NHPC Ltd. to set up 50 megawatts of solar capacity, Kalra said.

Rs 100-crore tender for solar pumpsets smells like a scam

Top officials catch engineers of Krishna Bhagya Jala Nigam blatantly trying to favour certain firms

The process to award a solar pumpset supply contract worth Rs 100 crore by some engineers of the irrigation department has come under the scanner with top officials realising that it is a blatant attempt to favour particular companies. Officials have now issued a corrigendum and have changed the schedule pertaining to the tender.
The tender, published on July 19 (Saturday), called for bids from contractors to install 1,000 solar system and drip irrigation systems in seven districts in North Karnataka — Bidar, Gulbarga, Yadgir, Raichur, Koppal, Bijapur and Bagalkot — all of which draw water from the Almatti. The tender was floated by Thirumurthy Raju, executive engineer, Krishna Bhagya Jala Nigam Limited (KBJNL) ARBC Division, Almatti. Usually in a tender process, contractors are given a minimum 45 days to post queries and submit bids. But in this case, contractors were given only seven days.
There are more anomalies though. According to the tender document available with Bangalore Mirror , the tender was published at 5pm on July 19. The deadline for raising queries was July 20 (Sunday) — barely 24 hours later. And although the document was published on July 19, contractors new to the nitty-gritty of e-tendering were asked to submit requests for training in the processs, in writing before July 20. But the training was to be conducted on July 14 — five days before the tender was even published. It also called for bidders to submit all queries only through email on or before July 20 even though it was a Sunday.
When BM contacted C Anantharamu, chief engineer KBJNL Dam Zone, Almatti, he said none of the bidding contactors had raised a query in seven days “so why are you so bothered?” “If someone had raised an issue then tender date would have been extended,” he said.
When contacted Kapil Mohan, managing director, KBJNL and in-charge principal secretary of water resources department, refused to comment, but after BM faxed a list of questions to both Mohan and the office of M B Patil, the water resources minister, the tendering process dates were all pushed back. Thirumurthy Raju also called BM and regretted the errors. “The errors have been rectified and now we have extended the submission of tender date to August (initially it was published as July 26).”
However, when BM had a close look at the new tender regulations, the same problems surface: the last date for applying for training in e-tendering is August 1, but the training took place on July 24 itself. And bidders had just seven days to seek clarifications – accepted only up to July 26 – against the mandated 45 days.

Source: Bangalore Mirror

India has more than 1 lakh MW potential of wind energy

An assessment by the Ministry of New and Renewable Energy has estimated that the total wind power potential of India was over one lakh MW, the Lok Sabha was told today. 

In his written reply, Minister of State for Power, Coal & New and Renewable Energy (Independent charge) Piyush Goyal said, a wind resource assessment programme has been implemented by the ministry through the Centre for Wind Energy Technology ( C-WET) to estimate the wind potential in the country and identify suitable sites of installation of wind power programme.

“A total of 790 sites have so far been assessed in view of wind potential programme availability. A total wind power potential in the country has been estimated at 1,02,788 MW at 80 M hub height,” he said.

To another question, the Minister said the government has proposed to tap the country’s solar and wind energy potential lying unexplored in the deserts.

 

A study to identify the likely renewable power potential in desert regions in Rajasthan (Thar), Gujarat (Rann of Kutch), Himachal Pradesh (Lahul & Spiti) and Jammu and Kashmir (Ladakh) was also conducted in this regard. 

“The report has assessed a total available potential of 315.7 GW of solar and wind power in these regions. The report has further estimated that the investment requirement for harnessing the available potential upto 2050 would be Rs 43,74,550 crores,” the Minister added.

Replying to a question whether the Ministry fully utilised the allocation made during the 11th five-year plan, Goyal said an expenditure of Rs. 3798.72 crore was incurred against an allocation of Rs. 3898.20 crore during the 11th plan period.

Hence, the expenditure was about 97 per cent, he added.

 

Source: Economic Times

India 5th largest wind energy producer

India is the fifth largest producer of wind energy with the sector alone constituting 68 per cent of the total renewable energy produced in the country, India’s ambassador to the UAE T P Seetharam has said. 

Annual growth rate of renewable energy in India in the last decade has been about 22 per cent, said Seetharam, who was was earlier this month appointed India’s permanent representative to International Renewable Energy Agency (IRENA). 

India is one of the 21 members of the Abu Dhabi-based IRENA and the current vice-chairman of its council. 

Seetharam said hydropower, bio-energy and solar energy are other areas that have good potential and sharing experiences and international cooperation is the way forward to tap this potential. 

“There are plans during the 12th five-year plan (2012-17) to add an additional renewable capacity of 30 GigaWatts. This includes 15 GigaWatts of wind, 10 GigaWatts of solar, 2.7 GigaWatts of biomass and 2.1 GigaWatts of small hydro,” Seetharam told PTI.

Further, he said that all these require huge investment. According to him, during the 12th five-year plan, the projected investment into renewable is to be four times above the 11th five-year plan.

The 11th five-year plan had projected an investment of Rs 892 billion and for the current plan it has gone up to Rs 3,186 billion.

 

Seetharam said that renewable energy solutions are relevant to India as they can be generated in remote areas that are difficult to access from the central grid. Renewable energy allows you to produce energy where it is consumed even in remote areas where you can have wind, solar or biogas. 

India recently became the 19th member to designate a permanent representative to IRENA, an intergovernmental organisation that supports countries in their transition to a sustainable energy future, and serves as the principal platform for international cooperation.

IRENA promotes the widespread adoption and sustainable use of all forms of renewable energy in the pursuit of sustainable development.

 

Source: Economic Times

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