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IFC ropes in JICA for power plant in Bangladesh

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KOLKATA: IFC (International Finance Corporation), a member of the World Bank Group, has roped in Japanese agency JICA to invest $30 million in Sembcorp North-West Power Company Ltd.

Sembcorp North-West Power Company Ltd is a joint venture between Sembcorp Utilities and Bangladesh government owned North-West Power Generation Company Ltd. It is building a 414MW dual-fuel combined-cycle power plant at Sirajganj in Bangladesh. The plant will significantly expand power-generation capacity in Bangladesh.

JICA's $30 million is part of the total financing package of $ 165 million that includes a loan from IFC’s own account as well as additional loans mobilised through partners. The total project cost is estimated at around $412 million.

"The project is expected to be one of the most efficient plants in the country that will help modernize Bangladesh's power sector," JICA's senior vice-president Kenichi Tomiyoshi said in a statement.

This transaction is IFC's first co-investment with JICA since the two organizations signed a master cooperation agreement in April 2015.

Tang Kin Fei, group president and CEO, Sembcorp Industries, said, "Sembcorp's commitment towards supporting Bangladesh's vision for continued growth and development is further strengthened with support from JICA, IFC, and other global investors. Sembcorp's Sirajganj power plant will provide cost-effective and reliable energy solutions to the country for more than 22.5 years after its completion.”

"Bangladesh is on an ambitious growth path. Addressing the electricity gap is an immediate need. With JICA’s first investment into the country, IFC is confident of making a positive impact on the economy and the quality of life of Bangladeshi people. The project will help address the electricity gap while lowering the cost of generation," said Hyun-Chan Cho, IFC's Asia-Pacific Head for Infrastructure.

Nearly 40% of Bangladesh’s 160 million population live without access to electricity. Citizens encounter frequent blackouts. Severe power shortages are a major bottleneck for the growth of the job-creating manufacturing sector, hampering economic growth and poverty-alleviation efforts.

The power plant will be the second largest power plant in the country and represents the largest foreign direct investment into this sector in recent years. The success of the project will demonstrate the profitability and sustainability of public and private-sector partnerships in Bangladesh’s power sector to international players, helping attract additional capital to the sector.

IFC promotes sustainable growth and private-sector development in Bangladesh by investing in critical infrastructure, boosting financial inclusion, enhancing textiles competitiveness, and supporting reforms to make doing business easier for the private sector.

IFC committed $635 million in Bangladesh, in own and mobilized funds across 13 projects, for the fiscal year ended June 30, 2016. IFC’s committed portfolio in Bangladesh is about $1 billion in 47 projects.

Source: economictimes.indiatimes.com

BHEL commissions 250 Mw coal-based power plant in Assam

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BHEL is executing the main plant package contract for setting up three coal-fired units of 250 MW each at NTPC’s Bongaigaon Thermal Power Station. This is the largest coal-based power plant in North East.

Kolkata: Bharat Heavy Electricals Ltd (BHEL), India's largest power equipment manufacturer, has commissioned a 250 MW coal-based thermal power unit at its Bongaigaon Thermal Power Station (TPS) of NTPC in Assam, the firm said in a statement.

BHEL is executing the main plant package contract for setting up three coal-fired units of 250 MW each at NTPC’s Bongaigaon Thermal Power Station. This is the largest coal-based power plant in North East.

The first unit of the power plant was commissioned earlier by BHEL and is presently operational while the third and final unit is in an advanced stage of commissioning.

The Bongaigaon TPS is located at Salakati near Bongaigaon in Kokrajhar district of Assam. Also known as the gateway to Lower Assam, Bongaigoan is one of the industrial towns of the state, which also has a major petrochemical industry. This project has been set up after demolishing an old 4x60 MW power station of Assam State Electricity Board.

The sets of this rating class, supplied by BHEL, are considered as the workhorse and backbone of the Indian power sector. These sets have been performing much above the national average as well as international benchmarks.

At present, in Assam, BHEL is also executing a gas-based combined cycle power project of 98.4 MW at Namrup. The plant is already commissioned in the open cycle mode and the commissioning in combined cycle mode is in the final stages.

BHEL is the market leader in the Indian Power Sector with a formidable installed base of over 1,70,000 MW of power plant equipment globally.

Source: energy.economictimes.indiatimes.com

Tata Metaliks shelves ₹15,000-cr integrated steel plant in Karnataka

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BENGALURU, MARCH 22: Tata Metaliks has informed the Karnataka government that it cannot implement its ₹15,000 crore 3-mtpa integrated steel plant at Haveri and because of non-availability of mines and iron ore.

“The company has informed the State government that the project cannot be implemented and has requested for refund of the amount paid for allotment of land,” RV Deshpande, Minister for Large and Medium Industries, told the Karnataka Legislative Assembly.

The Minister replying to a question by MLA from Haveri, Basavaraj Nilappa Shivannavar, on the status of Tata Metaliks project said the Supreme Court’s decision to allot mines only through auction and priority be given to state-owned enterprises in allotment of mines.

This is the reason given by the Minister for non-allotment of iron ore mines to the company.

Based on these developments, “the company on October 10, 2016, informed the government that the project has become unviable because of non-availability of mines and iron ore,” explained Deshpande.

Clearance, acreage

For Tata Metaliks, the Karnataka government had acquired 2,500 acres at various villages of Haveri taluk and the integrated steel plant was approved by the State High Level Clearance Committee (SHLCC).

Deshpande said after SHLCC clearance, the State government went about acquiring land through KIADB.

About 1,658 acres in Boodugatti and Agadi villages; and 608 acres in Devagiri and Devagiriyallapura villages totalling 2,266 acres were notified for acquisition.

Shivannavar requested the State government to take a suitable decision early and compensate the farmers who are waiting for nearly seven years.

“The decision to return the land will be taken after due examination by the government based on request of the company. We will again go to the SHLCC to take a suitable decision,” said Deshpande.

Source: thehindubusinessline.com

First Solar may sell about 200MW of assets in India

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Mumbai: American solar panel maker First Solar is exploring the sale of almost 190-200 megawatts (MW) of its solar power assets in India, two people aware of the development said.

First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems and has supplied solar panels worth over 17 gigawatts (GW), globally, according to the company’s website.

“First Solar India has been contemplating to monetize its solar power assets of around 190-200 MW and they are in the market, talking to various buyers, both strategic and financial,” said one of the two people cited above, requesting anonymity, as the talks are private.

A sale, if it goes through, could fetch around $200 million, (approximately Rs1,300 crore) in terms of enterprise valuation, he added.

“For First Solar, making solar panels is the main business globally and that is the focus area for them. Hence, they will look to monetize the assets that they build, as and when there is opportunity, given that the strategy is not to hold on to these assets for long periods of time,” said the second person cited above, also requesting anonymity.

A spokesperson for First Solar India declined to comment, stating the company does not comment on market rumours or speculation.

“First Solar continues to evaluate participating in the upcoming solar capacity auctions both at the central and state level to create utility scale PV assets using a combination of its strong balance sheet and its proven CdTe thin film module technology that has demonstrated a yield advantage of 6-9% over poly crystalline silicon module technologies in Indian conditions. India is one of the company’s key global markets, where we would continue to leverage upon our incumbent position to create further growth,” the spokesperson said in an email response.

First Solar India has a total portfolio of around 260 MW, located in Andhra Pradesh and Telangana. In India, the solar panel maker has supplied over 1GW worth of panels.

As part of its strategy, First Solar has developed and sold solar power assets in other geographies. According to the company’s website, in August it sold 11 MW solar plant in California, to D.E. Shaw Renewable Investments Llc.

Merger and acquisition (M&A) activity has been rising in the Indian renewable energy sector.

Earlier this month, renewable energy firm Inox Renewables Ltd said it had agreed to sell its operating wind power farms of 260 MW capacity to Chennai-based wind power company Leap Green Energy Pvt. Ltd.

Last month, renewable energy firm Orient Green Power Co. Ltd said that it was evaluating a merger of its wind power business with IL&FS Wind Energy. The merger of the wind assets of the two firms will create a company with 1.2 GW assets.

On 14 March, Mint reported that Greenko Group is looking to acquire hydro and wind power producer Bhoruka Power Corp. Ltd’s renewable energy portfolio of 310 MW.

In 2016, the sector had witnessed major M&A transactions such as Tata Power’s renewable arm acquiring Welspun’s 1.1 GW of renewable assets worth $1.4 billion and Greenko acquiring SunEdison’s India portfolio.

Source: livemint.com

M&A Conference and Investors Meet 2017 in Mumbai

TMC, CPI(M) oppose sale of PSUs

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NEW DELHI: TMC and CPI(M) today opposed the sale of India's first pharma company Bengal Chemicals and Pharmaceuticals Ltd and Alloy Steel Ltd, saying it will lead to job losses.

Amid slogan shouting by Congress over the issue of conduct of the Goa Governor in inviting BJP to form government after reportedly holding consultations with Finance Minister Arun Jaitley, Sukhendu Sekhar Roy (TMC) raised the issue of proposed sale of BCPL while Ritabrata Banerjee (CPI-M) opposed sale of Alloy Steel.

Roy said BCPL was set up in April 1901 and was the only unit to manufacture anti-venom serum. It made a profit of Rs 1 crore last year and any strategic sale will lead to loss of jobs of thousands of workers. He asked government to review its decision.

Banerjee raised the issue of planned outright sale of state-owned SAIL's three special steel units, including Alloy Steel Plant.

He sought stoppage of the strategic disinvestment of Alloy Steel saying it would lead to job losses and add to the industrial distress in Durgapur where several industrial units have closed down.

Source: economictimes.indiatimes.com

GOI Validates Strategic Divestment Route to Unburden Losses – SAIL to Sell 3 Steel Plants

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As we write and speak of steel slowdown, protection measures for the steel industry and of consolidations, Mergers & Acquisitions to cut losses, the GOI has announced strategic divestment of 3 steel plants of the Maharatna PSU SAIL. The government has approved sale of state-owned SAIL’s 3 special steel units viz Alloy Steels Plant (ASP), Salem Steel Plant (SSP) and Visvesvaraya Iron and Steel Plant (VISP).

The move underpins SAIL’s need for strategic divestment to cut losses. The government has budgeted to raise INR 15,000 crore from strategic disinvestment in 2017-18. The sale of these three units is likely to happen only in the next financial year beginning April.

In the run-up to the sale, SAIL has sought for advisors for transaction from professional consulting firms, investment bankers and financial institutions to provide advisory services and manage the disinvestment process.

“The government of India has ‘in-principle’ decided for strategic disinvestment of ASP, SSP and VISP of Steel Authority of India Ltd with transfer of management control,” SAIL said in the request for proposal (RFP) for appointing advisors.

The role of the transaction advisor will be crucial to the sale. The advisory firm will chart out the modalities of the disinvestment process of the three steel plants and prepare a detailed operational scheme to successfully implement the process, indicating tentative timelines for each activity.

Whether the sale will be carried out via bidding or auction will be decided by the advisory firm. The valuation of the plants will be carried out and the advisor will help SAIL in fixing the range of the fair reserve price thereafter. The reserve price will be based on valuation methods like discounted cash flow, relative valuation, and asset based valuation.

The government’s decision to divest the largest steel PSU comes at a time when steel industry losses are heavy and steelmakers are looking for various fund raising routes. Strategic divestment of an asset is one of such routes. Meanwhile, debt financing, equity based fund infusion are other routes to raise funds.

Source: events.steelmintgroup.com

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