Taking its rooftop solar business division to the next level to tap the huge opportunities brought by the rapidly growing market for rooftop photovoltaic plants, the Hartek Group, one of India’s fastest growing concerns in the power sector, announced the launch of Hartek Solar Pvt Ltd with industry veteran Ravinder Shan at its helm as Chief Executive Officer (CEO).
The worldwide distribution and availability of the photovoltaic (PV) market is booming: according to the latest "Global Solar Demand Monitor” of GTM Research, analysts expect the demand in PV to be 85.4 giga watts this year. Thus, the PV market will have doubled since 2014. To continue this expansion in distribution and availability of solar energy, new financing models will be essential. PV is characterized by technology, which enables low operating costs, but, at the same time, implementation costs are relatively high.
From production directly to market
Merchant-PV power plants play an increasingly important role here: the produced PV electricity will be directly offered in the energy market. Important to note here: this energy must not be more expensive than conventional electricity in order to remain competitive.
Finance solar projects with eco-loans
Eco-loans are another lucrative opportunity through which solar projects are financed. The issuance of these bonds increased in 2016 by 120 percent to $93.4 billion. The ratings agency Moody's even predicts an increase to $206 billion in 2017. A more promising alternative is crowd funding through which investors become co-owners.
These and other financing models are presented at Intersolar Europe as well as Intersolar Europe Conference.
Intersolar Europe is the world’s leading exhibition for the solar industry and its partners and takes place annually at the Messe München.
Intersolar Europe is organized by Solar Promotion GmbH, Pforzheim, and Freiburg Wirtschaft Touristik and Messe GmbH & Co. KG (FWTM).
India’s State Government of Madhya Pradesh signed project agreements with solar power companies making Rewa Ultra Mega Solar Park a reality and helping India get closer to its 100 GW solar energy goal by 2022.
Prime Minister Lays Foundation Stone of Hydro Engineering College in Himachal
27th Apr, 2017
Prime Minister, Shri Narendra Modi, laid the foundation stone of Hydro Engineering College at Bilaspur, Himachal Pradesh today. The college being set up by NTPC, the largest power utility in the country and NHPC , will provide Btech courses in mechanical, electrical, civil and computer science disciplines of Engineering. The setting up of the college will go a long way in promoting hydro sector and exploring its potential in the state and country. This shall give boost to industrialization of the state and facilitate self employment amongst the youth.
Acharya Devvrat, Governor , Himachal Pradesh, Shri Virbhadra Singh, Chief Minister, Shri Jagat Prakash Nadda, Union Minister of Health and Family Welfare, Shri G.S. Bali, Minister of Transport, Food and Civil Supplies, Technical education, Himachal Pradesh and leading dignitaries from the state were present on the occasion.
« Back to Press Releases
One of the most successful, productive and outcome oriented State Power Ministers conference till date: Shri Piyush Goyal
Next State Power Ministers Conference to be held in Rajgir, Bihar
Informing about the outcomes of the conference, Shri Goyal stated that there was a wide consensus amongst all the Chief Ministers of States/UTs present to achieve the target of 24x7 affordable and quality power for all citizens of the country by December 2018, thereby reinforcing the Vadodara resolution.
Talking about conference as a forum for open minded discussion on issues of the respective sectors, Shri Goyal informed that certain new issues were also discussed during the conference. He informed that the issues included mandatory recycling of waste water from power plants for usage for drinking, better management of Dry Ash by encouraging setting up of cement plants in proximity of power plants for its consumption etc. The Minister said that all the states have collectively decided to work on deriving innovative solutions to the problems of the power and mining sectors.
Talking about discussions on power sector reforms, Shri Goyal informed that the Ministers agreed upon bringing about transparency in the Merit Order Dispatch and said that a mobile app would soon be launched in this regard by the Central Government. The session on Cyber Security included Government persuading the State Governments to encourage payment of electricity bills through the digital mode in order to increase transparency and better compliance.
While informing the media about the deliberations on environmental issues and their solutions through renewable energy, Shri Goyal said that the states have decided to encourage Renewable Power via grid integration, promotion of green energy corridors, energy efficient solar pumps for irrigation etc. The Minister also emphasised on ensuring seamless power to the industries so as to attract foreign investment in the sector. Further, the participants also discussed rationalisation of power tariff structure through better fuel linkages, transparent price discovery and promised to come up with a plan to benefit consumers soon.
Shri Goyal also announced that the next State Power Ministers Conference would be held in Rajgir, Bihar. Other dignitaries present on the occasion were Shri P.K. Pujari, Secretary Power, Shri Arun Kumar, Secretary Mines, Shri Rajeev Kapoor, Secretary MNRE along with other senior officers of State Governments and CPSUs.
Digital initiative begins in NTPC towards paperless office
01st May, 2017
In line with the “Digital India” initiative NTPC steps towards digitization by implementation of companywide paperless office to save on expensive office space and paper use. The initiative will cover all NTPC projects and offices and will be rolled out in phased manner, helping in optimum utilization of the available space, easy retrieval of old records and promote clean office environment. Digitizing records and printed literature makes it easy to share documents electronically and lowers the temptation to make photocopies.
Company has already introduced e-tender, invoice monitoring system, grievance management and digitized notice boards at all locations. The digitization process in Legal , Company Secretariat and Corporate Communication has been started in the first phase comprising more than 4 million documents. The NTPC house journal has been digitized and App being developed for internal communication.
NTPC is encouraging work environment in which the use of paper is eliminated or reduced by converting documents into digital form. "Going paperless" can save money, boost productivity, save space, make documentation and information sharing easier more secure, and help save the environment.
As a corporate citizen NTPC has taken several steps towards Sustainable Development with focus on bio-diversity, promotion of renewable energy, plantation of trees in and around NTPC Stations, installation of rooftop of Solar PV, rain water harvesting, rehabilitation of water bodies and installation of air quality monitoring systems in major cities. In 2016-17, NTPC created an additional carbon sink by planting 10 million trees apart from these Approx 22 million trees have been planted by the company in the vicinity of its various operating stations till date.
« Back to Press Releases
SolarEdge Technologies, Inc. (“SolarEdge”) , a global leader in PV inverters, power optimizers, and module-level monitoring services, is expanding its business in the Indian PV market with a new country manager, office, and recruitment of a local team.
As per MoAs the Discoms of UP to buy 449.9 MW, Bihar- 200 MW, Jharkhand – 200 MW, Delhi – 100 MW, Assam – 50 MW and Odisha – 50MW of wind power for meeting their non-solar RPO.
The Letter of Award (LoA) to the successful wind power developers under the first wind auction scheme have been issued by Solar Energy Corporation of India (SECI) on 5 April 2017 and the projects are to be commissioned within 18 months from the date of issue of LoA.
This was the first time such auction process was done in the country for wind power through e-reverse auction and its success can be seen from the fact that a record low tariffs of Rs. 3.46 per kWh was obtained.
With the success of first wind auction scheme, MNRE today launched Scheme for another round of wind auction for 1000 MW capacity wind power projects.
The Scheme is open for all obligated entities purchasing wind power for compliance of their non-solar RPO. The differentiation between windy and non-windy States has been done away with. The SECI will sign Power Purchase Agreements with selected wind developers and back-to-back Power Sale Agreements with buying utilities.
Further, provision of 10% additional capacity for Central Public Sector Entities (CPSEs) has been kept under the Scheme without participation in the bidding, however, they have to supply wind power at lowest discovered tariff through bidding process.
Ministry sanctioned a Scheme for setting up of 1000 MW ISTS connected Wind Power Project on 14 June 2016 with the objective to encourage competitiveness through scaling up of project sizes and introduction of efficient and transparent e-bidding and e-auctioning processes.
India Ratings and Research (Ind-Ra) has assigned Mundra Solar PV Limited (MSPVL) a Long-Term Issuer Rating of 'IND BBB'.
The Outlook is Stable. A full list of rating actions is at the end of this commentary.
MSPVL is setting up a 1.2GW solar photovoltaic (PV) cell and module manufacturing capacity at the Adani Ports & Special Economic Zone, at a total cost of INR19.95bn. The project is likely to achieve a commercial operations date in April 2017.
KEY RATING DRIVERS
Strong Sponsors: MSPVL is promoted by Adani Green Energy Ltd, which is held by Adani Enterprises Ltd and Adani Properties Private Ltd in the ratio of 51:49. The group has a decade-long experience in the successful execution of large size and complex projects. Adani Enterprises Ltd has also given corporate guarantees against MSPVL’s rupee term loan till the achievement of COD or the creation of a debt service reserve account, whichever is later.
Limited Off-stake Risk: Off-take risk is manageable given the government of India’s thrust on the development of solar power projects in the country. It has set a target to reach 100GW of installed solar power capacity in India by 2022 (rooftop: 40GW; solar park: 20GW; grid-connected: 40GW). Adani group has been actively bidding for solar projects under different government schemes. The group has around 2GW of solar power capacity (two-thirds is under development). A significant portion of the proposed capacity is likely to be supplied to group projects in the solar power space. MSPVL has obtained an order of 350MW from Adani Green Energy Ltd. Ind-Ra also expects counterparty risk to be manageable as demand for MSPVL’s products would emanate from solar power projects particularly those projects where funds are arranged through debt and equity.
Strong DSCR: Ind-Ra expects a base case average debt service coverage ratio (DSCR) of 1.40x (minimum DSCR: 1.30x) over the loan tenor. However, the DSCR working includes a capital subsidy of INR3.31bn (20% of plant & machinery costs), to be received in FY18 (nine months from COD), and a production subsidy of 10% on cell manufacturing. In case the subsidies are not approved, the base case average DSCR is likely to be around 1.08x. The DSCR calculation does not include the three-month debt service reserve account proposed under the sanctioned bank facility.
Moderate Technology Risk: The three prevalent PV module types – thin film, mono-crystalline and multi-crystalline - have been in use since 1980. The evaluation has been in terms of efficiency, which comes from improvements in silicon purity, improvements in the process, a reduction in wafer thickness, use of multi bars etc. Most of the innovation solutions in the entire value chain are provided at the cell production level. MSPVL has set up a strong managerial and operational team which has relevant experience in the solar industry. It has also entered into agreements with world’s leading organisations in solar technology for technology transfer and process consultancy. MSPVL will also have a dedicated team for research and development of its product.
Moderate Commodity Price Risk: Prices of solar PV modules have corrected significantly over FY12-FY16. This correction mirrors the correction in solar wafer/silicon prices which is the raw material for manufacturing solar cells. The correction in solar wafer prices is mainly on account of a significant increase in silicon production. Also, the consumption of wafer per watt of cell has reduced significantly over the last couple of years which also helped in reduction of module prices. Despite the correction in the module prices, global PV manufacturing players have generated sufficient delta (realisation/Wp less cost of goods sold/Wp). Thus, the margins in the solar PV manufacturing space have been more sensitive to technology efficiency than the price, which has moved in tandem of raw material prices.
Commodity price risk is also limited as the inventory days are likely to be around 30 (base case 45 days). However, if the company enters into long-term contracts for the supply of wafers at fixed costs, this may make MSPVL susceptible to higher-than envisaged commodity price risk.
Highly Competitive Industry: The solar module industry has many large global players, with majority of the installed capacity based in China and Taiwan. In India, solar PV cell and module manufacturers have not kept pace with global players as they find it difficult to match their performance efficiency and cost efficiency with them. Indian players are much smaller in size, and thus do not have economies of scale. Also, many of these players have installed capacities during 2009-2010 when the capex cycle was at its peak, which led to significantly high capital costs for them.
Adani is setting up a large capacity which is comparable with its global peers’. It has an added advantage of having latest technology and installing it at the bottom of the capex cycle. The large scale of operations would provide it a competitive advantage for the procurement of raw materials. Also, the government of India is trying to support domestic manufacturers through policy measures such as the domestic content requirement for some of the projects bidding under Jawaharlal Nehru National Solar Mission.
No Operational Track Record: The ratings are also constrained by the lack of an operating track record of the project.
Positive: Successful commissioning of the project within the envisaged time and cost and stabilisation of operations with DSCR above 1.4x could result in a positive rating action.
Negative: Any cost overrun or lower-than-envisaged capital and production subsidy could result in a negative rating action.
MSPVL is setting up a 1.2GW cell and module manufacturing capacity - 900MW multi-crystalline, 200MW mono-crystalline and 100MW bifacial-mono module. The plant is located at the Adani Ports & Special Economic Zone, and is being developed by Mundra Solar Techno Park Pvt Ltd which is a subsidiary of Adani Ports and Special Economic Zone Limited (‘IND AA+’/Stable). MSPVL is also likely to benefit from the strategic location of plant from the import/ export perspective and the electronic manufacturing cluster and the eco-system being developed around the location.
- Long Term Issuer Rating: assigned ‘IND BBB’/Stable
- INR13,970m term loan facility: assigned ‘IND BBB’/Stable
- *Proposed INR1,210m fund based limits: assigned ‘Provisional IND BBB’/Stable and ‘Provisional IND A3+’
*The above ratings are provisional and shall be confirmed upon the sanction and execution of loan documents for the above facilities by MSPVL to the satisfaction of Ind-Ra.|
ReNew Power Ventures Pvt. Ltd. (“ReNew Power”), India’s leading renewable energy Independent Power Producer, announced that the company has doubled its power generation capacity in a single year’s time to cross 2000 MW (2 GW).
“Power is the Fulcrum around which an Ecosystem can be created to give better quality of life to every citizen of India”: Shri Piyush Goyal
Minister Inaugurates State Power Ministers’ Conference in New Delhi
Addressing the august gathering, the Minister stressed that this conference is an ‘Outcome focussed gathering’ while reiterating the resolution taken in last State Power Ministers’ conference in Vadodara to provide electricity to every household in the country by December 2018. He also noted that the challenges in achieving 24x7 Power for all are not over yet and in the next 3-4 months, a final push is needed to electrify remaining 4141 un-electrified villages in the country.
Talking about the transparency and accountability that a number of mobile apps and web portals have brought in the energy sector in India, Shri Goyal said that transparency has been a hallmark of this government. The Minister encouraged the esteemed gathering to put forward a collective, collaborative and cooperative approach of State and Central Government which will help in creating a corruption free power sector in the country.
The conference was attended by Ministers and senior government officers from 23 State/UT governments. Also present on the occasion were Shri P.K. Pujari, Secretary, Power, Shri Arun Kumar, Secretary, Mines, Shri Rajeev Kapoor, Secretary, New & renewable Energy along with senior officials of the Ministries and the CPSUs under them.
HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, honoured 10 winners from 8 countries at the Mohammed bin Rashid Al Maktoum Global Award, which is worth USD 1 million. Also present was HH Mansoor bin Mohammed bin Rashid Al Maktoum. The Award was launched by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to encourage research centres, individuals and innovators from around the world to find innovative and sustainable solutions for clean-water scarcity around the world, using solar power. The award is overseen by the UAE Water Aid Foundation (Suqia), under the umbrella of the Mohammed bin Rashid Al Maktoum Global Initiatives. It has three main categories: Innovative Projects Award, Innovative Research and Development Award, and the Innovative Youth Award.
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170428005143/en/
Category Innovative Research & Development Award - National Institutions 3rd Place Petroleum Institute in Khalifa University, UAE (Photo: ME NewsWire)
The first place in the Innovative Research and Development Award – National Institutions category, was jointly-shared by Khalifa University for a dual-disinfection-modified biosand filter, coupled with a solar pasteuriser system, and Masdar Institute at Khalifa University for a solar desalination process using a perforated black fabric under a solar collector.
The first place in the Innovative Research and Development Award - International Institutions category, went to the Netherlands Organization for Applied Scientific Research (TNO), in cooperation with the Qatar General Electricity and Water Corporation (KAHRAMAA), for a solar-powered desalination technology based on TNO’s high-efficiency membrane distillation concept.
The first place in the Innovative Projects Award went to the Elemental Water Makers from the Netherlands, for a solar-powered Reverse Osmosis (RO) plant to produce drinking water.
Dr Marta Vivar from Spain won the Innovative Youth Award for a hybrid solar photovoltaic-photochemical system for water disinfection and electricity generation.
Al Tayer noted that hundreds of millions of children won’t have access to clean water in the future, and that girls now spend 200 million hours a day collecting water, which affects their education, according to UNICEF.
*Source: ME NewsWire
MULTIMEDIA AVAILABLE :
ReNew Power Ventures Pvt. Ltd. (“ReNew Power”), India’s leading renewable energy Independent Power Producer, announced the commissioning of its 143 MW solar farm in Dichpally, located in Nizamabad district of Telangana.