India's Power finance corp to launch units for 'green' PJT loans | Asia and Pacific | Energetica India

India's Power finance corp to launch units for 'green' PJT loans | Asia and Pacific | Energetica India
India's Power Finance Corp (PFC, BSE:532810) said it would launch two subsidiaries for consortium lending and funding green energy projects, which would help it in a more focused growth as well as diversification."PFC will be launching two subsidiaries by April. One is for consortium lending and the other will be to fund renewable energy projects. This will be known as PFC Green Energy," said PFC's chief managing director Satnam Singh."Though financial outlays for these two proposed arms are to be finalised, we hope to make them operational by the beginning of the next fiscal year," he added.Singh said PFC will raise additional capital, to the tune of 20 per cent, within a year through an FPO and it has already sought board and shareholders approval for that.The modalities and the issue size will be decided by the power and finance ministries, Singh added.The Indian government owns 89.78 per cent in PFC, with paid-up total capital of Rs 1,147 crore, as of September 30.The Power Ministry is mulling a follow-on public offer of PFC, which could raise around Rs 6,300 crore (US$1.41 billion) by this fiscal year-end. The issue will comprise a divestment of five per cent stake held by the government, along with 10 per cent issuance of fresh equity.
"It is being discussed...," Power Secretary P. Uma Shankar had told PTI earlier this week, adding that fresh equity may be 10 per cent, with five per cent government stake sale.He said the ministry is optimistic about bringing it (FPO) by the end of the current fiscal year."The proposal is on ...we hope to bring the offer by end of this (financial) year."Meanwhile, Singh said PFC has signed an MoU with Nuclear Power Corp for debt financing, consultancy services and equity financing to Nuclear Power Corporation of India Ltd to facilitate its large capacity addition programme, late last month.On the company's interest in getting into banking, he said it is in the process of appointing a consultant for this.Under the liberalised ECB norms, PFC can raise up to US$500 million from overseas, he said. Out of this, it has already raised yen-denominated loans worth Rs 240 million and the rest US$260 million will be mopped during the rest of the fiscal year year.

Solartys signs MOU with SESI

Solartys signs MOU with SESI | Asia and Pacific | Energetica India
With the purpose of entering into the Indian solar energy market, Solartys has benefited with a direct mission in the country and the signing of a Memorandum Of Understanding (MOU) with the Solar Energy Society of India (SESI). This agreement will allow both parties to establish close collaboration for the development of joint projects and to create synergies between the industries of Spain and India.
The recent direct mission realized by the Spanish Association for the Internationalization and Innovation of Solar Companies (Solartys) to India has borne its fruits. Besides leading the participation of 13 Spanish companies, - that, with financing of ICEX and CDTI, were able to pay for an interesting agenda of meetings and interviews with the leading companies of the sector. The association has reached an agreement of collaboration with SESI. This agreement materialized with the company/signature of an MOU, on the 28th of October, which means Solartys is able to enter more effectively in the Indian market of solar energy.
SESI is the Indian section of International Solar Energy Society (ISES), a nongovernmental universal organization, founded in 1954 and established in the country in 1976. SESI counts at the moment with more than 2,000 partners, most of which work in the areas of investigation, development, production and programming.
With the company/signature of this agreement by Carlos Vivas, Secretary General of Solartys and by Mr. Ajay Prakash Shrivastava, Chief of the main directorate of SESI, both organizations contribute in the development and the creation of the solar power industry. They are committed to this end, to the maintenance of the cooperation between both countries, for the projection of their industries and implementing joint activities.
Solartys thus consolidate its presence in the solar market of India. In May 2010, Solartys had already signed an agreement of collaboration with the Indian Federation of Chamber of Commerce and Industry (FICCI) by means of which both organizations were committed to work in a joint way to facilitate the relationships between companies of both countries.

CASE Neuberg signs MoU with two Cyprus companies

CASE Neuberg Solutions, the Delhi based Indian company has entered in to a memorandum of understanding with two Cyprus companies, NORASCO and Upturn Trading Limited (Owners of Dalco brand) for setting up turnkey solar energy plants in India. Cyprus is a leading country in the field of research and implementation of solar power.
As per the agreeement the Cyprus companies will be supplying solar photovoltaic (PV) systems, kits and technology for the projects to be set up. The investments is estimated of about Rs 350 crore. NORASCO will assist with project finance and investments and CASE will act as technology and engineering partner.

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