by cecr | Jul 6, 2021 | News
The Ministry of New and Renewable Energy (MNRE) has extended the commissioning timelines for solar projects to be developed under Tranche III of the Central Public Sector Undertaking (CPSU) programme (Phase-II) by 6 months, that is, from the existing 24 months to 30 months. In addition, the MNRE has also increased the timeline for engineering, procurement and construction of solar projects under Tranche I and Tranche II by 6 months, that is from the existing 6 months to 12 months.
In May 2021, the MNRE has issued amendments to the CPSU Scheme (Phase-II) for setting up 12,000MW grid-connected solar power projects with viability gap funding (VGF) support. These projects would be set up by government producers for self-use or use by government entities, either directly or through distribution companies. As per the amendments, the power produced by these projects can be used on payment of mutually agreed usage charges of not more than ₹2.45 per unit, instead of the earlier ₹2.80 per unit.
by cecr | Jul 6, 2021 | News
Goldman Sachs-promoted ReNew Power commissioned a 300MW wind project in the Kutch district of Gujarat. It was executed by ReNew’s arm, ReNew Wind Energy (AP2), and has a power-purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) under wind power project bidding tranche-III. The project will supply power to districts in Haryana and Odisha at ₹2.44 per kWh.
“The commissioning is a significant achievement for everyone at ReNew Power since the team has worked hard to put together one of the largest wind farms in the state with 120 turbines and has put in place 73kms of EHV transmission lines and over 330kms of medium voltage transmission lines despite major disruptions due to the pandemic,” said Sumant Sinha, founder Chairman and Chief Executive of ReNew Power.
by cecr | Jul 6, 2021 | News
Norwegian renewables player Scatec has signed an agreement with domestic firm acme solar for a 50% stake in the latter’s upcoming 900mw power generation assets in Rajasthan. Though the financial details of the deal were not disclosed, Scatec said in a statement that “the project has an estimated total Capex of $400 million (around 2,921 crore), with 75% debt financing from an Indian state-owned lender”.
The deal marks Scatec’s foray in india’s renewable energy space and expects the country “to be a key market in the years to come”. “We see opportunities to offer various large-scale solutions across technologies in India as well as through entering into direct power purchase agreements with corporate off-takers,” Raymond Carlsen, CEO of Scatec, said.
According to Shailendra Mohan Bebortha, India country representative for Scatec solar, the assets include the plants being set up by acme’s subsidiaries — Acme Raisar and Acme Dhaulpur. Both the subsidiaries had quoted tariffs of ₹2.44/units in the first two tranches of auctions conducted by the Solar Energy Corporation of India (SECI) in 2018
by cecr | Jul 6, 2021 | News
India Cements plans to set up a new integrated cement factory in Madhya Pradesh and a grinding unit in Uttar Pradesh involving an investment in the range of ₹1,300-1,400 crore in preparation for the future demand in North and Central India. Its current capacity is about 16 million tonnes and the proposed expansion may take the total capacity to about 20 million tonnes in 2-3 years’ time. The move is also expected to make the company a pan-India player.
“We are in the process of buying all the lands privately in Madhya Pradesh and we hope to complete the land acquisition process in 3-4 months. After this, we will look into raising money for the project,” N. Srinivasan, Vice-Chairman & Managing Director of India Cements, said here.
by cecr | Jul 6, 2021 | News
Civil engineering and construction company J. Kumar Infraprojects Ltd. said it has bagged an order worth ₹1,307.88 crore from the Mumbai Metropolitan Region Development Authority.
In a regulatory filing the company said the order is for part design and construction of balance works of Mumbai Metro Rail project “The company has received a letter of acceptance from Mumbai Metropolitan Region Development Authority (MMRDA) for part design and construction of balance works of Mumbai Metro Rail project of MMRDA, amounting to ₹1,307.88 crore,” J. Kumar Infraprojects issued a statement in a regulatory filing.
