Tag:

SunEdison India

Greenko Energy Holdings Orders 616 Megawatts Solar Inverters From SMA

written by saurabh

Greenko Energy Holdings, which now controls solar power assets of SunEdison India, has given a large order of solar inverters.

SMA, one of India’s major solar inverters providers, has landed an order to supply 616 MW of inverters for Greenko’s solar power projects in the states of Karnataka and Andhra Pradesh. SMA shall supply Greenko with its ‘high-performance, cost-efficient’ Sunny Central 1000CP XT inverters.

The solar inverters are likely to be used at, perhaps, the largest solar power project being developed by a single company in India. SunEdison India had secured the rights to develop a 500 MW solar power project in Andhra Pradesh.

SunEdison had secured the project at a record-breaking tariff of ₹4.63 per kWh (US¢7.12/kWh) beating several leading project developers, including Trina Solar, SkyPower, ACME Solar, Aditya Birla, Azure Power, Welspun Energy, ReNew Power, and Suzlon Energy.

Greenko Energy Holdings seems to be progressing well with the project. Recently, the Solar Energy Corporation of India (SECI) received payment of $30 million as fees for the development of a 500 MW project. The project was secured by SunEdison India through competitive auction.

December 19, 2016 0 comment

India Receives $30 Million Fees For 500 MW SunEdison Project

written by saurabh

One of the largest solar power projects to be developed by a single company seems to be on-track for timely commissioning.

The Solar Energy Corporation of India (SECI) has received payment of $30 million as fees for the development of a 500 MW project. The project was secured by SunEdison India through competitive auction.

There were significant concerns about the various projects secured by SunEdison India through competitive auctions after SunEdison filed for bankruptcy.

Greenko Energy Holdings had acquired operational and under-development assets from SunEdison. Greenko took control of 500 MW operational assets and 900 MW of assets under development. The acquisition also includes 425 MW of solar assets that SunEdison India sold to Terraform Global last year.

Greenko Energy Holdings reportedly payed around Rs 670 crore (US$100 million) cash to SunEdison and also issued fresh bank guarantees worth Rs 200-250 crore (US$30-37.5 million) for the outstanding debt for these projects.

October 26, 2016 0 comment

India’s Adani Enterprises Moving Ahead With Solar Module Manufacturing Venture

written by saurabh

With an aim to become one of the largest private sector power generation companies in India, Adani Enterprises is speeding ahead with plans to manufacture solar power modules.

According to media reports, Adani Enterprises, which controls Adani Power and Adani Green Energy, recently submitted an application with the Ministry of Environment and Forest for approval to set up 1 million tonne/year copper smelter.

While the company did not specify the purpose of setting up the venture, media outlets quotes unnamed sources saying that the copper smelter would feed into the company’s solar module manufacturing units.

Adani Enterprises had signed an agreement with SunEdison last year to set up $4 billion solar modules manufacturing unit in India. The facility would have been the largest of its kind in the country. Following financial troubles of SunEdison, Adani is reportedly looking for new partners but remains firm on its plans.

The company has extensive plans to set up module and related equipment manufacturing units taking advantage of the incentives provided by the government under the ‘Make In India’ program. The company plans to set up a manufacturing facility to produce 1000MWp/yr of Silicon Ingots/ wafers, Silicon Solar Cells, Modules along with 3000 MWp support manufacturing facilities that includes EVA, Back-sheet, Glass, Junction box and Solar cell and string interconnect ribbon in 3 phases.

The company had pledged to set up solar power capacity of 6 GW over the next few years and has won several utility-scale power projects through competitive auctions. The company recently commission part of the largest solar power project developed by one company in India. The company commissioned 360 MW capacity of the 648 MW planned solar power park in the southern state of Tamil Nadu.

July 10, 2016 0 comment

India’s Adani Enterprises Wins Approval For 3 GW Solar Modules Factory

written by saurabh

Adani Enterprises recently won an initial approval to set up solar modules manufacturing facility in the western Indian state of Gujarat.

According to recent media reports, Adani Enterprises is planning to set up manufacturing facility to produce polysilicon, wafers, solar cells and modules. The company had last year signed an agreement with SunEdison to set up the largest solar module manufacturing facility in India. The two companies had agreed to invest $4 billion on the project.

SunEdison subsequently exited the project following failed negotiations. Adani Enterprises entered negotiations with Foxconn with no progress reported. The company is now reportedly going solo with the manufacturing facility which is expected to require an investment of $2 billion.

Work on the first phase of the facility is expected to start soon and with operations expected to start this year itself. The first phase will see annual production capacity of 1,200 MW cells and modules coming online. Production capacity will be increased to 3,000 MW per year after completion of the second phase. The facility will add polysilicon production upto 10,000 tonnes following the completion of third phase.

Modules manufactured at the facility are likely to be absorbed in the company’s own projects and may be sold to other developers in the country and even sold to other markets. Adani Enterprises signed an agreement with the government of Rajasthan to set up 10 GW solar power park. The company is reportedly in talks with SunEdison to buyout the latter’s solar power projects, operational and planned.

Adani Enterprises has participated and won projects in several solar power auctions and is expected to continue to do so in the future. As a result, ample capacity is expected to be available to absorb the modules manufactured at the facility.

April 21, 2016 0 comment

India Ready To Deal With SunEdison’s Possible India Exit

written by saurabh

Indian officials allayed any fears about the impact of a potential exit of SunEdison from the Indian solar power market.

With speculations rife about SunEdison selling some or all of its assets in India, government officials have clarified that they are prepared to offer such projects for tendering process again. Bidding rules for most solar power auctions in India allow governments and regulators to re-tender the projects if the original developer fails to implement the projects.

Officials have also clarified that other project developers may buyout projects from SunEdison and then go ahead with their implementation.

According to recent media reports, SunEdison may be planning to offload its 1,490 MW assets in India. reportedly has 410 MW of operational solar power capacity India while an additional 1,000 MW capacity is at various stages of development. The company also owns 80 MW of wind energy capacity, which was acquired from another foreign developer.

The 1,000 MW under-development capacity also includes the 500 MW project SunEdison won in the Andhra Pradesh auction. The project is among the cheapest projects in India, in terms of tariff. Media outlets had earlier reported that the company is looking to sell up to 49% equity stake in the project.

Few months back the company sold 425 MW capacity to its yieldco TerraForm Global for $231 million to retire some debt from the balance sheet.

Media outlets also reported that negotiations with Macquaire Capital had fallen through and now two Indian companies – Tata Power and Adani Power – are looking to buyout SunEdison’s projects.

April 17, 2016 0 comment

SkyPower May Sell Equity Stake In India Solar Power Projects

written by saurabh

After SunEdison, now another global renewable energy behemoth SkyPower is looking to sell equity stake in the solar power projects it had recently secured in some of the fiercest competitive auctions in India.

Subsidiary of SkyPower Global that secured 150 MW projects in the Madhya Pradesh solar power auction last year is now reportedly looking to sell equity stake in the projects. A report by Indian business daily Economic Times stated that the company may completely exit the Indian market by selling the entire equity stake in the projects.

Kerry Adler, President and CEO – SkyPower Global subsequently cleared the air on this report stating that while the company is indeed ‘looking for partners’ to execute the solar power parks India remains a ‘core market’ for the company.

The company had secured these projects with tariffs bids of just over Rs 5.00/kWh which are still among the lowest tariffs in the India.

SkyPower had also secured 200 MW solar power capacity at similar tariffs in the state of Telangana. Interestingly, the company has deposited bank guarantees and signed power purchase agreements for projects in both the states. The company had announced that construction on Madhya Pradesh projects shall start this year.

Recently, Indian media outlets had quoted SunEdison officials stating that the company is looking to sell up to 49% stake in a 500 MW solar power project that it had secured in an NTPC-backed auction last year. The project would be the largest in India to be developed by a single company.

April 17, 2016 0 comment

SunEdison Reportedly Planning To Sell 1.5 GW Of Indian Renewable Energy Assets

written by saurabh

SunEdison may be planning to a larger portion of India renewable energy projects pipeline in order to fight the huge debt on its balance sheet.

According to Indian media reports, SunEdison may be planning to offload its 1,490 MW assets in India. Initial discussions with Macquaire Capital have fallen through and now two Indian companies have entered negotiations with the US-based project developer.

SunEdison reportedly has 410 MW of operational solar power capacity India while an additional 1,000 MW capacity is at various stages of development. The company also owns 80 MW of wind energy capacity, acquired from another foreign developer.

The 1,000 MW under-development capacity also includes the 500 MW project SunEdison had won in Andhra Pradesh auction. The project is among the cheapest projects in India, in terms of tariff. Media outlets had earlier reported that the company is looking to sell up to 49% equity stake in the project.

The latest plans to offload Indian assets come just months after the company sold 425 MW capacity to its yieldco TerraForm Global for $231 million to retire some debt from the balance sheet.

SunEdison has had dealings with both the Indian companies said to be in negotiations to acquire the renewable energy assets. A subsidiary of Tata Power had last year signed a 180 MW power purchase agreement with a SunEdison project in Madhya Pradesh.

SunEdison and Adani Power had once announced plans to jointly develop India’s largest solar modules manufacturing facility at a cost of $4 billion. The current status and future of the facility remains unknown.

SunEdison’s financial condition seems grim to say the least. The company is looking to sell assets as fast as it once acquired several others few years back, which, perhaps, is the root cause of all the trouble.

March 28, 2016 0 comment