Category: Generation

March 23, 2015

JAMSHEDPUR: Abhijeet Group of Industries has sought intervention of Jharkhand Chief Minister Raghuvar Das to ensure completion of its stalled 1,080 MW power plant project implemented by Corporate Power Ltd. at Chandwa in Jharkhand.Corporate Power Ltd (CPL) CEO Ravindra Kumar Singh said that the group’s chairman Manoj Jayaswal met Das last week and requested him to revive the project. Jayaswal had claimed that the promoter of the project (CPL) had agreed to sell its entire stake of Rs 1507 crore at a nominal value of Rs one only with clear understanding with the lending banks including SBI that they would select suitable promoter for commissioning of the project.Jayaswal hailed the chief minister’s recent initiative to commission the stalled project jointly with NTPC and the lender bank SBI stated that the project would add 1080 MW to power-starved Jharkhand.Phase I of the project was completed 95 per cent till September 2012 and Phase II 67 per cent as per lenders Independent Engineers Report (LIE).

The project was stalled after CBI filed an FIR in September 2012 in connection with coal gate scam against JAS Infrastructure, another unit of the group implementing 1,320 MW power plant at Banka, Bihar.Jayaswal said the lenders stopped disbursement to CPL due to fear amongst them, causing the project to stall.
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March 23, 2015

NEW DELHI: Wind turbine maker Suzlon Energy confirmed having received shareholders’ consent for sale of its German arm Senvion and issue up to 100 crore equity shares on preferential basis.

In a BSE filing, the company stated “Suzlon receives shareholders and CDR EG (Corporate Debt Restructuring Empowered Group) approval for Senvion sale and issue of up to 100 crore equity shares on preferential basis.”
Earlier, Suzlon had announced selling its German subsidiary Senvion to US-based Venture Capital fund Centrebridge Partners for a minor loss, mainly to cut debt.
 

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March 23, 2015

MUMBAI: According to sources, the three private equity funds, which own about 80% of solar power producer Kiran Energy, plan to sell their stake at a valuation of Rs 1,200 crore or $200 million.
Argonaut Ventures, New Silk Route and Bessemer Venture Partners jointly invested about $44.4 million in 2010 in the startup founded by Ardeshir Contractor, who headed KPMG’s investment banking unit before starting Kiran with smaller investments from former Tata Sons executive director Alan Rosling and two others. Contractor owns a 15% stake while the remaining 5% is with Rosling and the others.Sources say “Private equity investors are looking to exit and promoters will also sell out if they get good strategic value.”. Investors and promoters have appointed investment bank Citigroup Capital Markets to look for buyers.According to sources, local power producers such as Adani Power,Tata Power and JSW Energy have also been tapped.

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March 22, 2015

NEW DELHI: Prime Minister Narendra Modi  will inaugurate a mega energy conclave, Urja Sangam, on March 27th to mark Golden Jubilee of ONGC Videsh Ltd that has amassed assets worth USD 45 billion since its inception.OVL started as Hydrocarbons India Pvt Ltd on March 5, 1965 to carry out exploration and development of the Rostam and Raksh oil fields in Iran and undertaking a service contract in Iraq. OVL today has 36 projects in 17 countries.

The company was renamed ONGC Videsh Limited on June 15, 1989 with the objective of marketing the expertise of its parent Oil and Natural Gas Corp (ONGC) abroad; it owns reserves in excess of 600 million tonnes of oil and oil equivalent gas.Modi will inaugurate the Urja Sangam 2015 conference with the theme ‘Shaping India’s Energy Security’ is being held on March 27,”  and  Finance Minister Arun Jaitley will address the valedictory session.

Oil Minister Dharmendra Pradhan, Telecom Minister Ravi Shankar Prasad, Power and Coal Minister Piyush Goyal and Commerce and Industry Minister Nirmala Sitharaman besides hosts of CEOs, industry leaders, academia, technology innovators, policy makers and leaders will deliberate contemporary challenges and opportunities of shaping India’s energy security.Besides OVL, the conclave will also cel

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March 22, 2015

NEW DELHI: The government is planning to introduce a gas price pooling scheme shortly to salvage a number of power plants of companies such as Reliance Power, GMR Energy,GVK Power, Essar Power and Lanco Infratech that are idling due to fuel shortage.According to sources, total investments worth Rs 64,000 crore have been spent  setting up these plants that run on natural gas, but 14,000 mw of power remains idling due to fuel shortage.

According to a government official, there is also a proposal to provide tax relief to the plants.The new scheme, which the cabinet may consider in a few days, seeks about Rs 7,000 crore financial support from a fund made of penalties paid by distribution utilities and generators for grid indiscipline.Under the proposal, gas will be imported and supplied along with domestic gas at an average ‘pooled’ price to run stranded plants at 40% capacity to help them recover fixed cost. The scheme is proposed for three financial years beginning April 2015.

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March 22, 2015

PATNA: On the occasion of 103rd ‘Bihar Diwas,’ Chief Minister Nitish Kumar laid foundation stones and launched work of power projects worth Rs 3,241 crore and asserted that the state government was “determined” to improve the power scenario in the state.He also unveiled electricity projects worth Rs 106 crore, spread across the state, saying that all the schemes launched and inaugurated on the day were meant to improve the electricity transmission system.

Speaking on the occasion, Kumar said, “We have taken a pledge to improve power scenario in the state, and we are working continuously to fulfil it. Electricity is being supplied to wherever the distribution system has reached”.He added that “Urban areas are getting electricity for 22 to 24 hours, while rural areas are getting power supply for 16 to 20 hours.”

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March 21, 2015

HYDERABAD: Rural Electrical Corporation (REC) Limited, a Government of India Enterprise, would fund the Telangana State Power Generation Corporation (TSGENCO) power projects of 6,280 MW capacity to the tune of Rs 24,000 crore.According to a state government release, these projects are 800 MW at KTPS, 1,080 MW at Bhadradri in Manugur of Khammam District and 4,400 MW at Damaracherla in Nalgonda District.A Memorandum of Understanding (MoU) was signed between REC represented by its Chairman and Managing Director Rajeev Sharma and TSGENCO CMD D Prabhakar Rao in the presence of Chief Minister K Chandrashekhar Rao
 

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March 19, 2015

SHILLONG: According to Meghalaya Power Minister Clement Marak, the state government has projected to generate over 700 MW of power in the next ten years to meet the energy requirements of the state.He informed the Assembly that “The total availability of power in the state by 2023-24 is projected at 723 MW.”This was projected in view of the growth of demand for power which is at 8 per cent during the last 10 years,” he said while replying to motion moved by National Peoples’ Party legislator James K Sangma on the poor functioning of the power department.
He said that the state’s own generation will be at 462 MW from the Leshka stage II power project and 260.93 MW will be availed as the Central share.According to Power Minister, in 2014-15, the availability of power in the state is only 253 MW of which 159 MW is Central share while state’s own generation is only 94 MW in term of capacity from additional projects.However, the state is expecting to get 306 MW of power from four power projects during the current year 2015-16, out of which 95 MW is the state’s own generation and 210.93 MW as central share, he said.The four power projects include Pallatana GPP Unit II, Bongaigaon TPP, AGTPP combine cycle and Lakroh SHP.Projecting an increase of power supply to the state, the Minister said 356 MW is projected to be available in 2016-17 and this would

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March 12, 2015

NEW DELHI: Minister of State for Coal and Power Piyush Goyal said in a written reply in Lok Sabha that the improved supply of coal is set to bring down power generation loss in the country to a four-year low this year. The loss of generation to thermal power stations due to shortage of coal during the past three fiscal years stood at 11.6 billion unit (BU), 15.8 BU and 8.1 BU respectively. The Minister while quoting  figures from CEA said that till February in the current fiscal, the loss was to the tune of 2.7 BU. Coal to power firms is now supplied under a Fuel Supply Agreement (FSA) where supply of indigenous coal has been assured to the tune of 90 per cent and 65 per cent of committed quantity for plants commissioned up to March, 2009 and thereafter. The Minister said that the dispatch of 348.5 MT is 84 per cent of committed FSA quantity of 413.37 MT during the April-February period of the current fiscal is more than the assured level of supply. He said that coal stock of major thermal power projects (TPPs) in the country has improved from 7.23 MT as on October 19, 2014 to 21.21 MT as on March 4, 2015 resulting in the number of power plants with critical stock coming down from 66 to 13 during the same period.

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March 10, 2015

NEW DELHI: Monnet Ispat and Energy (MIEL)’s Chairman and Managing Director Sandeep Jajodia said MIEL is looking to sell some stake in its power generation subsidiary to fuel expansion plans and future growth. MIEL, which holds 87.5 per cent stake in Monnet Power, is currently engaged in preliminary discussions with five-six power utilities, including a foreign firm, for strategic part-stake sale. Rapid capacity expansion of Monnet Power, now setting up a 1,050 MW coal-based power plant at Angul in Odisha, is the primary objective for inducting the partner into the venture. There are some commercial reasons as well. Monnet Power is also adding another 660 MW power plant at the same site. The company has received the terms of reference relating to the environmental clearance for the additional capacity from Ministry of Environment and Forests.

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