News Briefs – Aug 2016
Haryana offers 90% subsidy to promote solar water pumps
Government is offering a 90% subsidy to promote solar water pumps of 2 HP, 5 HP and 10 HP during the current financial year in Haryana. Under the initiative, farmers will need to bear just 10% cost while the rest will be shared between the central and state governments as financial assistance for setting up 3,050 such pump sets.
Government extends subsidy scheme to solar-powered cold storages
India is the world’s second largest producer of fruits and vegetables. However, around 30% of the produce perishes due to lack of adequate cold storage facilities. To boost the use of solar powered cold storages, the Ministry of New and Renewable Energy has extended its subsidy scheme to solar refrigeration units as well. Most solar powered items, including solar lamps and solar heating systems, get 30% subsidy under different programmes. There are barely 10 solar cold storages being used in the country so far.
Axis Bank will raise at least $500 million through green bonds from the international market, the first such issue for the private lender, according to two bankers.
India’s third largest private bank would be the fifth issuer of green bonds ever since Yes Bank issued the first such bond in February 2015 to raise Rs.1,000 crore. Other lenders that have raised green bonds include IDBI Bank and Exim Bank.
“The initial pricing guidance for the Axis Bank issue is 175 basis points over the US Treasury note,” said one of the bankers cited above, asking not to be named. One basis point is one-hundredth of a percentage point. The bonds were to be priced late evening on Monday after assessing demand from US investors.
Greenko raises $500 million selling green bonds to international investors
The company, which is eyeing the India assets of the troubled US-based green power producer SunEdison, will be using the proceeds to retire a part of its costly debt and for other general corporate purposes. http://economictimes.indiatimes.com/markets/stocks/news/greenko-raises-500-million-via-indias-first-high-yield-green-bond-issuance/articleshow/53648517.cms
German wind turbine maker Senvion SA has agreed to acquire the assets and services business of Kenersys India Pvt. Ltd, part of Kalyani Group, as the company previously owned by Suzlon Energy Ltd looks to expand in the country. Senvion will get access to the wind turbine nacelle production facilities in Maharashtra’s Baramati, complete product portfolio suite, wind turbine inventory and the service operations of Kenersys as part of the acquisition, the company said in a statement. The company did not disclose the deal value but said it will complete the transaction with existing cash on its balance sheet.
Senvion was previously known as REpower Systems. In January 2015, Suzlon sold its entire stake in Senvion to US private equity firm Centerbridge Partners LP for up to $1.2 billion, or Rs 7,560 crore. Kalyani Group, led by chairman Baba Kalyani, is an industrial conglomerate based in Pune, Maharashtra. It has business interests in sectors such as engineering, auto components and defence manufacturing, and operates Bharat Forge Ltd, India’s largest forging company.