Power Finance Corporation reaches out to NCLT
Power Finance Corp (PFC) has approached the National Company Law Tribunal (NCLT) to start insolvency proceedings against promoters of stressed power projects, officials said.
Kerala State Electricity Board buys costly power
For the first time this year, Kerala State Electricity Board (KSEB) has been forced to evacuate power from costly thermal and naphtha stations in the state. The utility was forced to purchase power from Brahmapuram and Kozhikode diesel power plants on March 9, the day that witnessed the highest power consumption of the year (77.5 million units).
NLC India to invest Rs 1.3 trillion
NLC India has lined up a capital expenditure of Rs 1.29 trillion in order to raise its capacity for mining and power generation. Of the total proposed investment, around 70 per cent would be funded through debt and the rest through equity, the company said.
Vikram Solar ties up with France’s CEA
Gyanesh Chaudhary, Vikram Solar’s managing director and CEO and Daniel Verwaerde, Chairman of the French Alternative Energies and Atomic Energy Commission (CEA), have signed a ollaboration Agreement at Vigyan Bhavan during French President, Emmanuel Macron’s India visit.
Solar sector raised over $10 billion in financing during 2017
Solar funding grew last year as approximately 9.6 GW of new solar installations were added to the Indian grid. In 2017, the country’s solar sector logged over $10 billion (~Rs.650 billion) in financing activity, according to Mercom Capital Group’s recently released 2017 Q4 and Annual India Solar Market Update. Financing activity in the sector totalled approximately $4 billion (~Rs.260 billion) in 2016.
Q4 2017 highlights VC/PE funding
ReNew Power Ventures - an Indian renewable energy project developer - secured ~$200 million (~Rs.13 billion) from the Canada Pension Plan Investment Board in the form of compulsory convertible preference shares (convertible debt) that will convert to equity shares at the time of an initial public offering.
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