The Cabinet Committee on Economic Affairs has permitted the Initial Public Offer of the Indian Renewable Energy Development Agency Limited (IREDA).¬† Through the IPO the Committee has given its approval for the issuance of 13,90,00,000 fresh equity shares of IREDA of Rs.10 each, to the public on book-building basis.
This major step by the Indian Government is an attempt to enable IREDA to increase its equity base which will help the Agency raise more debt resources for funding RE projects.¬† The IPO will not only enable IREDA to explore its full potential, but will also enhance its visibility in domestic and international financial markets.
Daimler, the German automaker, is planning to run one of its largest commercial vehicle factories in India entirely on renewable energy by 2018.¬† The German automaker is best knows in the United States as the parent company of Mercedes-Benz.
Sources report, Daimler is working out plans to power its manufacturing plant in Oragadam, an industrial town of Chennai, exclusively utilizing power generated through renewable energy sources, by the end of next year.
According to the sources, for the first time ever the net capacity increase of renewable energy based power generation in India has exceeded than that of the conventional energy based power generation projects.
The Renewable Energy sources in India account for around 57.472 GW out of 329.4 GW of the overall capacity installed in the country, with wind power installations accounting for 56.2 % in the total renewables mix.¬† The figures have been impressive and reinstate India‚Äôs firm commitment towards renewable energy development.
The Russian state-controlled nuclear group Rosatom is planning to acquire wind power generation projects and assets in India.¬† Rosatom has already entered into wind business at home and is now actively looking to acquire wind energy assets in India, sources report.
Lei Zhang, the Founder and Managing Director of Envision Energy, China‚Äôs second largest wind turbine manufacturer, has mentioned in a recent statement that the company intends to sell its range of wind turbine models in the Indian wind turbine market, sources report.¬† He further said that the company will for sure set up manufacturing facilities in India under its long term business strategy.
Envision will be able to sell its wind turbines in India once it gets due approval from the Indian authorities.
A recent fire in the generator system of one of the units of Vallur thermal power units caused two of its units to go out of operation.¬† This resulted in around 800 MW of power supply loss to Tamil Nadu.¬† To meet the power demand for summer, Tangedco is now relying on wind power.¬†¬† It may not be able to service the power demand if a drop in wind power generation is observed in the State.
Gujarat Urja Vikas Nigam Ltd (GUVNL), the state-run power utility, will procure 1,000 MW of power generated through renewable sources by means of competitive bidding.¬† GUVNL will conduct an e-auction to reach for the lowest price, sources report.¬† The power utility has floated two separate tenders of 500 MW each, for procuring renewable power from solar and wind power generation projects.
The Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO) has recently floated tender for the procurement of 500 MW of renewable power generated through wind power projects.¬† The due date for bid submission is 18 July 2017.
TANGEDCO will acquire 500 MW of renewable power from wind power project developers at the rate to be determined through reverse bidding, considering the fixed tariff of Rs. 3.46 per unit as the upper limit.