Research on India_Energy and Utilities Sector in India Monthly Update_January 2012

Energy and Utilities Sector

In India Monthly Update

January 2012

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GAIL to import natural gas from US at significantly lower prices Gas Authority of India Limited (GAIL) has struck a natural gas import deal with a US based company at a price that is much more competitive than the usual price for such deals. Under the contract, GAIL will receive 3.5 mn tonnes annually at a price known as the Henry Hub‐benchmarked price which is the pricing point for natural gas futures contracts traded on the New York Mercantile Exchange. The import deal signed by Indian companies till now were at a price calculated as a certain percentage f Japan Customs‐cleared Crude and was significantly higher than the Henry Hub oprice. The move from GAIL to look at the US gas market is being viewed as a good move because of the substantially lower price. It is expected to expand the source portfolio thereby making it more competitive. Gas production in the US is likely to increase in the coming years and this will exert pressure on global prices. At a time when India’s atural gas production has been falling, the new pricing will help domestic companies xpand. ne News Update

General IOC establishing countrywide LPG pipeline grid to cut down costs Indian Oil Corporation (IOC) has decided to establish a LPG pipeline grid across the country to cut down the cost of transporting LPG and make its business more efficient. The company is in the process of preparing a project to identify where it can ay the pipeline. The plan is to lay pipelines to various work centres where IOC is ltransporting LPG as well as in areas where the company has high consumption. IOC has already laid a pipeline from Tikri Kalan to Bhatinda and is in the process of building a pipeline from Kandla to Loni. Gas Authority of India Limited (GAIL) already as a pipeline in place and discussions are on between IOC and GAIL as to whether the ormer can use this facility. hf BG group scaling down India business, exiting KrishnaGodavari block The Indian subsidiary of UK based BG Group, British Gas Exploration and Production India (BGEPIL), has decided to exit from the Krishna‐Godavari (KG) offshore block that it holds jointly with Oil and Natural Gas Corporation (ONGC). The decision to exit the KG block comes soon after the group decided to divest its stake in Gujarat Gas

Energy and Utilities – Monthly Update

Company Limited (GGCL) in November last year. This move of the company is viewed as its strategy to scale down operations in India. After BGEPIL’s exit, ONGC will hold 100% stake in the block and its total financial liability will be more than INR 5.4 bn. ONGC will have to spend INR 4.9 bn to finish the remaining minimum work programme and incur an additional work programme expenditure of INR 0.5 bn. However, keeping in mind the potential of the block and iven the fact that monetisation of shallow water discovery is easier and faster, ONGC ants to retain the block even after BGEPIL’s exit.

gw Leap Green Energy receives INR 1 bn funding from JP Morgan JP Morgan Asset Management has invested INR 1 bn in Leap Green Energy Pvt. Ltd. Leap Green is a renewable energy producing company having an installed capacity of 100 MW of wind assets. JP Morgan had earlier invested INR 1.07 in Leap Green through both equity and convertible debt instruments, which, when converted would ive the former a majority stake. JP Morgan has thus invested over INR 2 bn in Leap gGreen. JP Morgan’s investment in Leap Green highlights the interest that private equity firms have been showing in renewable energy producing companies. In the past 6 months, a umber of deals have taken place in this sector with the biggest of them being an INR 0 bn investment by Goldman Sachs in ReNew Wind Power. n1 New Zealand company helping set up aviation bio jet fuel plant in India LanzaTech, a renewable energy company from New Zealand is in talks with Indian Oil Corporation (IOC) and Jindal Steel & Power Limited (JSPL) for setting up plants to produce commercial bio jet fuel from ethanol. To begin operations in India, LanzaTech will open an office in the country in the first half of 2012. IOC and JSPL are already in discussions for collaborating to produce fuel ethanol from industrial off‐gases using LanzaTech's technology. JSPL will supply the off‐gases while IOC will make, store and upply the fuel and a demonstration scale plant is expected to be set up within a year sand a half. The plan only includes sharing of technology and LanzaTech will not be making any investment in the plant and machinery. The company has the technology to convert carbon monoxide, syngas and steel mill off‐gases into ethanol and is holding discussions with a number of major steel producers in the country. The company elieves that even if 10% of the 5 mn barrels of aviation fuel used globally each day is ubstituted with its aviation bio jet fuel, it will be a huge market for LanzaTech. bs


State run companies bidding for BG Group’s controlling stake in GGCL State‐run oil companies and the Adani Group have signed non‐disclosure agreements with the BG Group for the controlling stake of the latter in Gujarat Gas Company Ltd (GGCL). State run companies that have signed agreements to bid for BG’s stake in

GGCL include Oil India Ltd and Gujarat State Petroleum Corporation. GAIL (India) Ltd is yet to receive approval to bid. GGCL was incorporated in 1980 and is the country’s largest private‐sector city gas distributor. The company distributes 3.5 mn metric standard cubic meters of natural gas to about 350,000 compressed natural gas consumers each day. It has a pipeline etwork of 3,900 km and 42 CNG stations. BG group holds 65.12% stake in the ompany while the rest is held by Indian and other foreign institutions. nc PE investors in BPCL and GAIL’s JV looking to exit Private equity investors are looking to exit their 3 year old investment in Bharat Petroleum Corporation Limited (BPCL) and GAIL (India) Limited’s joint venture, Central UP Gas Limited (CUGL). Private equity firms IL&FS Investment Managers Ltd and IDFC Private Equity own 15% stake each in the company while Asian Development bank (ADB) owns about 20%. Ernst & Young which has been appointed s the banker for the transaction is looking for potential buyers and has already ainvited bids from a few mid‐market private equity firms. CUGL was set up in 2005 for developing city gas distribution projects and operates in anpur and Bareilly. The company had revenues of INR 650 mn in FY 2011 which is xpected to go upto INR 800 mn in FY 2012. Ke Reliance gets government’s nod for INR 80 bn investment in its D6 gas block Reliance Industries’ INR 80 bn investment plan for developing 4 satellite fields in its D6 gas block off India’s east coast has received the government’s approval. The investment plan which was lying with authorities for two years, waiting for approval, ill help increase the falling output from the company’s gas field in the Krishna w

Godavari basin. The 4 satellite fields will have the capacity of producing 10 mn cubic metres of gas per day by 2016. This will be very useful to the company which has been witnessing a 35% drop in production at its D6 block in the past 15 months. Last year, Reliance had ied up with UK’s BP Plc. to further develop the D6 block due to lagging targets. The ritish company said that production from the block could rise from 2014. tB Tata Power secures project financing for Mithapur plant Tata Power has secured funds worth INR 3.65 bn for a 25 MW solar photovoltaic plant to be located in Mithapur, Gujarat. The project will be financed through a mix of debt and equity in the ratio 70:30. Tata Power will receive INR 1.1 bn in equity and 2.55 bn in INR‐termed loans. The company’s subsidiary, Tata Power Renewable Energy Ltd as completed the pre‐disbursement conditions and received the first loan isbursement in early December, last year. hd


The debt requirements of the company were secured from various lenders including the State Bank of India and Export Import Bank of India. Tata Power has also signed a ower purchase agreement with Gujarat's state distribution company for the output roduced in the plant. pp ONGC to takeover BG Group’s exploration blocks Oil and Natural Gas Corporation (ONGC) is taking over BG Group Plc’s stake in three offshore exploration blocks held by the latter. Though ONGC is buying BG’s stake, it will not make any payments. Instead it will receive INR 2.6 bn from BG on account of the group’s past liabilities. BG had decided to exit these blocks as a part of its strategy o align its global portfolio. It will now be left with only one exploration block, in the rishna Godavari basin, which it holds along with ONGC and Oil India.

tK India’s largest solar power plant being commissioned by Adani Group India’s largest solar power plant is being commissioned in Kutch, Gujarat by Adani Power. The plant has a capacity of 40 MW and marks Adani's first big foray in the renewable energy sector. The company claims to have commissioned the solar power plant in just 150 days and plans to expand its capacity to 100 MW in future. The plant s using solar PV technology. It has over 400,000 solar PV modules mounted on 21600 istructures. Power generated from the plant will be sent to a substation in Netra, situated 20 km from the project site, through a 66 kV line. Adani Power is currently operating 3300 MW at Mundra with 4 units of 330 MW each and 3 units of 660 MW each. It is in the rocess of commissioning two more units of 660 MW by March which will make undra the single largest thermal power plant in India.

pM INR 7.23 bn worth orders won by KEC International in transmission business Mumbai‐based infrastructure company KEC International Ltd has secured orders worth INR 7.23 bn in its transmission business from Saudi Arabia, United States and Afghanistan. The order from Saudi Electricity Company was for constructing 68 km 110 kV/132 kV double circuit overhead transmission lines and 13 km underground cable works on a turnkey basis. The order is worth INR 3.1 bn and the completion period is 21 months. The US order, worth INR 1.55 bn, was from Isolux Ingenieria S.A. for supplying 345 kV transmission towers and has to be completed within 12 months. The order from Afghanistan was from Da Afghanistan Breshna Sherkat and was procured under a consortium arrangement. The INR 1.04 bn order was for onstruction of 220 kV double circuit overhead transmission lines between Kunduz cand Taloqan substations on turnkey basis. The company’s wholly owned subsidiary SAE Towers has also secured orders worth INR 1.54 bn from US, Brazil and Mexican countries for supplying towers. KEC International has also bagged contracts in its other areas of business such as power


sIystems, water, cable and telecom. The total worth of orders won by the company is NR 12.53 bn. NPCC wins contract from ONGC to build offshore platforms in Mumbai High Abu Dhabi based National Petroleum Construction Company (NPCC) has won a contract worth INR 8.02 bn from Oil and Natural Gas Corporation (ONGC) for building offshore platforms in Mumbai High. According to the agreement signed between the companies, NPCC will build the WO‐16 cluster and SB‐14 wellhead platforms project at the offshore field. The work at the field involves engineering, procurement, fabrication, installation, hook‐up, pre‐commissioning and commissioning for five wellhead platforms. While the designing and engineering works will be carried out at PCC Engineering Limited in Mumbai, the fabrication work will be done in Abu Dhabi. N

The completion of the project has been scheduled for May 2013. NPCC and ONGC have executed several engineering and construction projects in the past. In April 2011, NPCC completed the B‐22 field development project and RS‐12 ell platform project, both of which took 18 months. Currently, it is involved in the evelopment of a 6 wellhead platforms project, scheduled to be completed in April. wd Spanish company setting up manufacturing unit for turbine blades in India Spanish wind turbine manufacturer Gamesa Corporacion has set up a plant at Vadodara, Gujarat to manufacture blades for its turbine systems. Gamesa has invested INR 1.75 bn for setting up the new facility which will be used to produce blades for the company’s 850 kW and 2 MW turbine systems. The plant has already manufactured its first blade for the 850 kW turbine and is scheduled to produce 390 lades by 2013. The blades produced in the facility will be primarily supplied to the bnorthern states including Gujarat, Rajasthan, Madhya Pradesh and Maharashtra. The new plant is part of the INR 3.8 bn investments Gamesa had announced in Mar 2011 for strengthening its manufacturing base in India. The company also intends to build a factory to produce nacelles in Tamil Nadu. It also operates as a wind farm eveloper in India and has wind farms with capacities exceeding 2100 MW in various tages of development in the country. ds First unit of CLP India’s Jhajjar project begins generation The first 660 MW unit of CLP India’s Mahatma Gandhi Thermal Power Project (MGTPP) in Jhajjar, Haryana has started generation. Haryana will receive 90% of the electricity produced in this power plant. This is expected to help the state which is currently suffering from a power shortage. The second of the two 660 MW unit is xpected to be ready for power generation within the next 5‐6 months. The project as started in Jan 2009 and its total cost is around INR 65 bn.

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Suzlon subsidiary wins order from US company Suzlon Group’s German subsidiary RE Power Systems SE has won an order to supply 73 turbines to a US wind power developer for a 150 MW project in Oklahoma. This is Suzlon’s second largest project in the US. The delivery and initial operation of the turbines has been planned for the second half of the year. This order from the US company once again highlights Suzlon’s strong competitive positioning in the US market. Suzlon, which is the fifth largest wind turbine maker in the world, along with ts subsidiaries had a collective order backlog of 4734 MW till October last year. The ompany has since gone on to announce additional orders worth 997.5 MW. ic Oil India studying possible purchase of Cove Energy India’s second largest state‐run energy explorer, Oil India Ltd., is considering a possible purchase of UK based Cove Energy Plc. which has assets in east Africa. Cove nergy put itself up for sale last week and Oil India has since been studying Edocuments related to it. The growing demand for gas in India and the resultant shortage in supply is forcing domestic companies to look outside the country for oil and gas deposits. Cove Energy is partial owner of a field in Mozambique that may have enough gas to be converted into liquid form and shipped to countries including India. The European company in hich BlackRock Inc. has a stake has a market value of INR 50 bn and bids for it may xceed INR 65 bn. we After Sabine, GAIL in talks with Macquarie for longterm LNG supplies GAIL (India) Ltd is expecting to sign a deal with Macquarie Energy to buy 2 mn tonnes of liquefied natural gas (LNG) annually for two decades from the Freeport LNG project in the US. The deal is expected to be signed within a month. Macquarie Group’s energy marketing and trading arm, Macquarie Energy, and Freeport LNG Expansion LP, are eveloping and marketing liquefaction capacity at the LNG import terminal in dFreeport from where GAIL will receive supplies. In Dec 2011, GAIL had entered into an agreement with Sabine Pass Liquefaction LLC to buy 3.5 mn tonnes of LNG annually for over 20 years at a price indexed to the Henry Hub price. This price is considerably lower than the global crude‐oil prices. The eal with Macquarie will also be linked to Henry Hub and will help GAIL to get LNG at ompetitive rates. dc Oil India in talks to buy stake in US firm’s shale gas reserves Oil India Ltd. (OIL) is in talks with a US company to buy around 25% stake in the latter’s shale gas acreage near Texas. The deal will cost OIL around INR 10.3 bn. This move will help OIL acquire expertise in the segment which may soon become mportant and lucrative in India with shale gas blocks expected to be auctioned in the ountry in coming years. ic


Indian companies are rapidly acquiring stakes in US shale gas assets. Many state‐run companies such as GAIL (India) Ltd, Hindustan Petroleum Corp. Ltd, Bharat Petroleum Corp. Ltd, Indian Oil Corp. Ltd and ONGC Videsh Ltd have shown a keen interest in investing in US shale gas assets. Although no exact figures are available egarding shale gas reserves in India, estimates vary from 300‐2100 trillion cubic feet tcf). r( Suzlon to develop 3000 MW wind projects in Andhra Pradesh Suzlon Energy Ltd., India’s largest wind turbine manufacturer has signed the memorandum of understanding (MoU) with the government of Andhra Pradesh for developing wind power projects in the state. The company will develop projects with a cumulative capacity of 3000 MW between 2012 and 2016 with an investment of around INR 180 bn. Under the MoU, the state government will assist Suzlon in obtaining the necessary permission, registrations, approvals and clearance for eveloping the wind farms. Suzlon in turn will help in bringing in investments into the dstate through its customers investing in wind energy. The MoU covers the development of wind farms across the state. The districts where wind farms are planned to be developed are Tallimadugula, Alankarayanipeta, Gandikota, Varjakarur and Tirumalayapalli. The state is a key emerging wind market n India and has a number of medium to low wind sites which suit Suzlon's new S9X uite of turbines. is RIL considers buying back shares to curb price fall Reliance Industries Ltd. (RIL) is considering buying back its shares after the stock slumped 35% in 2011. Discussions regarding this will be held at the company’s board meeting scheduled for 20th Jan. The company however has not divulged details on how many shares it plans to repurchase or given a timeframe. RIL has been struggling to increase its share price ever since output from its biggest field began declining. The INR 614.9 bn that the company held in cash and equivalents as on 30th Sep will be sed for buying back the shares. The last time RIL bought back shares were in Dec 004 when it spent INR 30 bn to purchase 10% of is equity at INR 570 each. u2 ConocoPhillips, ONGC partnership for developing India’s deepwater oilfields Oil and Natural Gas Corporation (ONGC) and US based ConocoPhillips are in early‐stage talks to forge a partnership to help develop India's deepwater oilfields. The deal which is still far away from completion could result in the US company taking stakes in as many as 19 deepwater oil and gas blocks of ONGC. The Indian company might in eturn ask ConocoPhillips for stakes in US shale gas projects so that it can gain r


expertise in this field and later use it to develop shale gas projects in India. Imports account for about 80% of India’s crude oil needs. The country is looking to expand production from its domestic fields in a bid to reduce its import dependence. ONGC is under pressure to bring in foreign partners who will help in boosting the

falling output by tapping new deepwater discoveries. For this reason, the company ad approached a number of Asian oil firms and opened a data room allowing them to tudy ONGC’s deepwater projects off India's eastern and western coasts. hs Captive power companies unhappy with CIL’s new pricing mechanism Indian Captive Power Producers Association (ICPPA) is opposing the move of Coal India Ltd. (CIL) to shift to a new pricing mechanism for thermal coal since the beginning of 2012. They feel that this move of CIL has caused price of certain grades of coal to go up by as much as 179%. The shift to the new mechanism has resulted in rices of ‘C’, ‘D’ and ‘E’ grades of coal to rise by over 100% although CIL has been pjustifying it as only a marginal hike. The new pricing mechanism is based on ‘Gross Calorific Value’ (GCV), where price is determined on the basis of the quality of the coal as against the earlier used ‘Useful Heat Value’ (UHV) system where price was determined after deducting ash and moisture content from the standard formula. The ICPPA has also accused CIL of discrimination by stating that the latter has been charging higher prices from captive ower producers (CPP) than from independent power producers (IPP). The prices harged from CPPs are up to 60% higher than those charged from IPPs. pc ONGC hoping to commission North Tapti and Bseries fields between Feb and May Oil and Natural Gas Corporation Ltd. (ONGC) is hoping to start production from its North Tapti and B‐series offshore marginal gas fields between Feb and Apr this year. he total cost of developing the two fields will be over INR 20 bn and the estimated

Tpeak production from them will be around 3.44 mn cubic metres a day (mcmd). The North Tapti field was initially scheduled to be commissioned in Mar 2011 but it failed due to technical complications. The technical issues have been resolved and the company is hopeful of starting production by Feb. Meanwhile, the development of the ‐series field is going on and production from a part of the field is expected to begin y Apr‐May. Bb Cairn India gets government’s nod to raise output from Rajasthan block The Rajasthan government has given Cairn India Ltd. approval to raise output from its field in Mangala. Production at the field can increase by 25000 barrels a day and total output from the field can now go up to 150000 barrels a day as against the earlier 25000. London based Vedanta Resources Plc which acquired Cairn India in Dec 2011 1


has plans to double capacity at the Cairn India assets. Cairn India has 70% stake in the Rajasthan block while the rest is owned by state‐run Oil and Natural Gas Corporation Ltd. Vedanta got approval from the Government of India to acquire Cairn India’s stake on condition that it pays a share of royalties from the fields. Vedanta and its unit Sesa Goa Ltd. acquired a 59% stake in Cairn India from

sahareholders, including Cairn Energy Plc for INR 460.36 bn in Dec 2011, 16 months fter the deal was announced in Aug 2010. Moser Baer adopts MIST technology in its PV business In order to improve its photovoltaic cell efficiency, Moser Baer India Limited is adopting MIST (Metal and Intrinsic layer Semiconductor Technology) in its PV business. Adopting this technology will help efficiency of PV cells to increase by up to 21%. This will be particularly useful for the company during a time when oversupply f PV modules, continuously falling prices and stiff competition from foreign players ois proving to be very challenging for it. Moser Baer is one of the few companies in the world which can manufacture both crystalline silicon and thin film modules. Both these technologies will be leveraged to anufacture the highly efficient MIST cells. Over the past few years, extensive R&D is eing carried out in Moser Baer’s labs in Netherlands and India. mb OVL looking for stake in OAO Novatek’s subsidiary A consortium of Indian firms led by Oil and Natural Gas Corporation Ltd’s overseas arm, ONGC Videsh Ltd (OVL) is holding discussions with Russia’s OAO Novatek for acquiring a 15% stake in its subsidiary OAO Yamal LNG for developing a natural gas field. The deal will also include collaboration for a natural gas liquefaction project and oint marketing of liquefied natural gas (LNG). The other members of the consortium jare GAIL (India) Ltd, Indian Oil Corporation Ltd and Petronet LNG Ltd. OAO Yamal LNG has the license for exploration and development of the South Tambeyskoye field. OAO Novatek which presently owns 80% of the unit is offering a 9% stake in the project. A stake purchase here would be beneficial for India as it ould add to the country’s energy security.

2w News Update

Regulatory


Gujarat government extends deadline for projects under its solar program The Gujarat state government has extended the deadline for completing all projects under the state’s solar program till Jan 28. Projects that are not completed within the stipulated time are set to lose their preferential payment rates. The Gujarat government is promoting these solar plants by providing sites, distribution infrastructure and quick approval to projects built in its designated solar park. The electricity regulator of the state has agreed to pay plants completed by the extended deadline INR 15 per kWh for 12 years. However, the rates will be lowered by up to 32% for projects completed after the mentioned date.

Gujarat was the first state in India to invite companies to build photovoltaic plants. More than 900 MW of plants were supposed to be built by the end of 2011 in the state. While some companies such as Azure Power, Welspun Energy Ltd and Green Infra Ltd have already completed their projects, others sought for an extension to the deadline due to factors such as delays in acquiring land and heavy rains that blocked access to sites. Some of the big companies that are building plants in Gujarat include Adani Power Ltd, Lanco Infratech Ltd, Tata Power and GMR Infrastructure Ltd. The companies had to deposit INR 5 mn for each MW of capacity they won, which would be forfeited on failure to complete the project on time. Ministry of Power to soon take decision on smart grid projects The Ministry of Power is likely to take a decision regarding 8 smart grid technologies‐related projects worth INR 5 bn in the next two months. Plans for smart grid technologies related pilot projects are likely to be submitted by around 14 state utilities this month. After the submission of the plans, the Ministry is likely to choose or 8 projects on a pilot basis. Each project is expected to cost between INR 0.5 to 0.6 7bn and will take 12 to 18 months for completion. The projects will focus on integrating the sources of renewable energy with the grid, reducing the aggregate technical & commercial losses and peak load management. round 50% of the total cost of the project will be borne by the Ministry while the est will be paid by the state utilities. Ar 150 MW to be added to India’s solar power by Feb 2012 The Ministry of New and Renewable Energy has said that around 150 MW of solar power projects under the Jawaharlal Nehru National Solar Mission (JNNSM) will be commissioned in the country within the first two months of the year. Around 80‐90 W of projects will be commissioned in January while the rest will be commissioned M

in February. India has more than 250 MW of operational solar power at present. The target under the first phase of JNNSM is to commission 1000 MW of grid‐connected solar power projects by 2013. Issues of financing and factors such as high cost of raw materials ike solar panels and modules are being carefully considered, thus paving the way for ndian banks to fund these projects. lI


Government directs RIL to sign gas supply deals with 16 firms on the priority list The Ministry of Petroleum & Natural Gas has directed Reliance Industries (RIL) to sign natural gas sale and purchase agreements with 16 leading consumers on the priority list. The decision was taken due to concerns that a further fall in investment could affect the economy very badly. The company had earlier explained to the ministry its inability to supply to these users because of the sharp dip in output from

its KG‐D6 block. RIL has been reluctant in committing supplies to more consumers as he likely supply cuts in future would put these customers in a tight spot once they tmake investments counting on these supply contracts. At present, the unmet allocation to the priority sector is just less than 4 million metric standard cubic metres a day (mmscmd) which is about a tenth of RIL’s 42 mmscmd gas output. The company needs around 52 mmscmd to meet its obligation to all priority consumers. The fertilizer sector gets about 15 mmscmd of RIL’s KG‐D6 block’s output. While output in the country has been steadily declining, demand has been on a rise. The country’s power ministry wants an extra 55 mmscmd gas for new projects of 14000 MW over the next five years, while the fertilizer ministry wants an extra 64 mmscmd over the same period. With imported gas being three to four times ostlier, the falling gas output is affecting the country’s investment prospects in the anufacturing and power sectors.

cm India invites Bangladesh to set up power projects in north eastern states The Indian Government has invited Bangladesh to set up power projects in the country, particularly in the north eastern regions saying such joint ventures would benefit both countries. Cooperation between the two countries will help in evacuation of power from the north eastern states to Bangladesh and from Bangladesh to various parts of India. The forthcoming meeting of the Steering Committee on Power to be held at the level of Secretaries between the two countries will be instrumental in discussing the details of such cooperation. India’s liberal policies, permitting 100% FDI in projects related to electricity generation, transmission and distribution will lso be beneficial for further development of such joint ventures between the two ountries. ac Wind farm tax breaks to end soon The Government of India has decided to discontinue a tax break for wind farms from the beginning of FY 2013, thus potentially stalling growth in the over INR 150 bn wind power market. New installations may fall by 15% and investments may decline by INR 28 bn if the government goes ahead with its decision. It has stated that the tax ncentive will be discontinued from 31st Mar 2012 or with the introduction of a new itaxation framework, depending on which comes first. At present, the wind power market is dominated by Suzlon Energy Ltd. which supplies about half of all new wind installations in India. A few big companies such as General Electric Co., Siemens AG, and Gamesa Corporacion Tecnologica SA are expanding their manufacturing capacity in India in an attempt to take away Suzlon’s market share. Meanwhile, the Ministry of New and Renewable Energy has said that it avors an alternate subsidy called generation‐based incentive. Under this system, ind power producers are paid INR 500 for every MWh fed to the grid.

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Indian government setting up solar firm to help achieve solar capacity target The Government of India is setting up a company with an initial capital of INR 20 bn to develop federal solar projects in the country. The aim of the company will be to help India achieve its target of 20 GW of solar energy capacity by 2022. The new ompany, Solar Energy Corporation, will gradually take over responsibility for federal csolar projects from NTPC Vidyut Vyapar Nigam Ltd., a subsidiary of NTPC Ltd. The government is also looking to infuse more capital in their renewable financing company, The Indian Renewable Energy Development Agency, which now has total reserves of about INR 13 bn. Also, road shows are being planned in the US and Europe to attract foreign investments in the renewable energy sector, especially solar energy, for the next phase of the solar program which will be launched at the beginning of FY 013. India is aiming to increase solar capacity by 4‐7 GW during this phase which nds in 2017. 2e News Update

Expansion Plans Shell’s LNG terminal at Hazira to be expanded Shell and Total which operate a liquefied natural gas (LNG) terminal at Hazira, Gujarat, have decided to increase the terminal's capacity to 10 mn tonnes per annum (mtpa). At present, the terminal’s capacity is 3.6 mtpa which will be expanded to 5 mtpa by 2013. With new gas pipelines being laid in the country and with LNG consumption being on the rise, the company intends to further increase capacity to 10 tpa. Increasing capacity from 5 mtpa to 10 mtpa may cost the company up to INR 40 m

bn depending on the technology which will be used for re‐gasifying LNG. The Hazira terminal began with a capacity of 2.5 mtpa and was expanded to 3.6 mtpa in Dec 2008. Shell uses the terminal only for re‐gasifying spot LNG and capacity utilization at the terminal has been fairly good. The anticipated deficit in domestic gas will cause many companies to rely on sourcing Re‐gasified Liquid Natural Gas. Shell as already initiated the process of seeking environmental approvals for the capacity xpansion. he Talma Chemical venturing into solar power business Talma Chemical Industries is planning to venture into the solar power business and is investing INR 17 bn for this purpose. The company has also launched a special purpose vehicle called Visual Percept Solar Projects to develop the solar projects. It ill have a generation capacity of 100 MW and will be based on photovoltaic echnology. wt


The company believes that the renewable energy segment, especially solar energy, provides good opportunity in the asset‐based investment business. With India aiming to increase its solar power generation capacity to 20000 MW by 2020, many power utilities such as Tata Power Company, Reliance Power, GMR Energy and Adani Power re expanding into renewable energy. The sector has also been very attractive for oreign companies to invest in. af Reliance and Shell setting up LNG terminal in the country Reliance Power and Royal Dutch Shell are in talks to set up a liquefied natural gas (LNG) terminal in the country. The terminal will be used by Reliance Power to secure supplies for its gas‐fired power plant. The two companies are in talks to form a joint enture in which both companies will hold equal stake and Kakinada port in Andhra vPradesh will own a minority stake. The LNG terminal is likely to be set up at Kakinada and will require an investment of NR 30 bn. It will be used to import and supply gas to Reliance Power's 2400 MW, gas‐ired plant in Andhra Pradesh which is set to become operational this year. If Azure Power sets up first 5 MW solar power plant under JNNSM Azure Power has commissioned a 5 MW solar power plant in Rajasthan’s Kathauti village. This is Azure’s third solar plant in the state in a span of 2 years and the first 5 MW plant under the Jawaharlal Nehru National Solar Mission (JNNSM). The company took only 11 months to commission the plant starting from signing of the power purchase agreement. The plant which is set up under Phase I Batch I of the JNNSM will upply power to Rajasthan Rajya Vidyut Utpadan Nigam Ltd and is expected to reduce scarbon emissions by up to 5500 metric tonnes per year. Apart from generating electricity, the plant will also help in boosting the local economy. The project has employed many locals thereby generating income for the community. Azure Power also plans to carry out community awareness programs in rder to make villagers aware of PV technology. The company has been allotted 40 W out of JNNSM's total allocation of 500 MW.

oM Mahindra Solar One commissions its first 5 MW solar power plant Mahindra Solar One has successfully commissioned its first 5 MW solar power plant. The plant is situated in Jodhpur, Rajasthan and is part of the Jawaharlal Nehru National Solar Mission (JNNSM) policy. The plant is unique in the sense that it generates the highest output per MW compared to any other solar plant in the country. It uses the tracker technology which maximizes the energy from the sun. It is lso the first solar power project to get non‐recourse financing, showing the banking a


sector’s confidence in the solar industry. The 5 MW plant was commissioned in a record time of just 100 days. It is expected to provide electricity to around 60000 rural homes and result in the reduction of 8000

tonnes of carbon dioxide emissions per year. Mahindra Solar plans to play a ignificant role in the country’s solar power generation. Along with their partner iran Energy, they have already won 50 MW of solar projects under the JNNSM.

sK Mahanadi Coalfields setting up 1600 MW power plant Mahanadi Coalfields Limited (MCL) is setting up a 1600 MW power plant with super critical technology in Sundargarh, Orissa. MCL is the only coal company in India to venture into power generation. The company wants to utilize its huge undespatchable oal reserve in the Basundhara area of Sundargarh as well as invest its surplus funds ccreatively. The coal based power plant which will have two units of 800 MW based on super critical technology is estimated to cost around INR 90 bn. The project will be funded through a debt‐equity ratio of 70:30 with MCL holding 26% of the stake. This may go up to 49% but the management will be under a private partner. The partner will be selected through competitive bidding and a prospective bidders’ meet was recently held in Bhubaneswar which saw participation from 42 interested parties. The Coal inistry has given approval to the project and the power plant is likely to be perational during the Twelfth Plan Period. Mo Bhilwara Energy setting up 120 MW hydro project in Nepal ndia’s Bhilwara Energy Limited (BEL), a part of the LNJ Bhilwara Group, is undertaking a 120 MW hydroelectric project in Nepal. A consortium of Indian and Nepali Banks is giving loans of about INR 6.63 bn which is required for the project. This project will be BEL’s first hydroelectric project outside India. The project is expected to not only help Nepal harness its hydro power potential, but will also help India in terms of power supplies. Over 90% of the land required for the project has lready been acquired by the company and preconstruction activities have already abegun. The total cost of the project is INR 10.2 bn. While IDBI Bank is the lead lender, other banks in the consortium include Oriental Bank of Commerce, Punjab & Sind Bank, Exim Bank, PTC Financial Services and Everest Bank of Nepal. Bhilwara Group currently has 300 MW of installed capacity and another 800 MW of hydro power project is under construction in Tawang, Arunachal Pradesh. The group is also oraying into wind power generation with a 50 MW wind farm in Maharashtra’s atara district which is likely to be commissioned by Mar 2012. fS Moser Baer sets up 5 MW solar farm in Rajasthan Moser Baer India Ltd. has installed a 5 MW solar farm in Jodhpur, Rajasthan. The solar farm which is spread across an area of 60 acres has a capacity equivalent to powering 70000 households. It is part of the INR 52 bn investment that the company has promised the states of Gujarat, Orissa, West Bengal and Rajasthan, for projects worth


300MW. The farm has been built under the Jawaharlal Nehru National Solar Mission (JNNSM). The solar farm was built using 13000 amorphous silicon thin‐film modules, delivering 380W. It will generate around 92 mn units of electricity per annum and save carbon missions equivalent to 8400 tonnes annually. Rajasthan is currently producing 0MW of solar energy and by Mar 2013 it aims to increase this to 150MW. e8 Abound Solar, Solarsis commission 1 MW solar plant in Andhra Pradesh Abound Solar and Solar Integration Systems India Private Limited (Solarsis) has commissioned a 1 MW solar photovoltaic plant in Kadiri, Andhra Pradesh. The plant has been commissioned less than a year after the two companies announced a partnership targeting the solar energy sector in India. The project was commissioned under the Rooftop and Other Small Solar Power Generation Plant (RPSSGP) scheme nder the Jawaharlal Nehru National Solar Mission (JNNSM) and is the first project in ndhra Pradesh to use Abound Solar Cadmium Telluride (CdTe) thin‐film modules. uA Industry Expert Speak GAIL to import natural gas from US at the much lower Henry Hub prices – A K Balyan, Managing Director & Chief Executive Oficer, Petronet LNG “It is a good effort by GAIL. It enlarges the source portfolio and impacts traditional gas uppliers, ushering in a more competitive environment. We will also look to source as from the US,” sg Mahindra Solar One commissions 5 MW solar power plant in Rajasthan – Dr. Farooq Abdullah, Union Cabinet Minister, Ministry of New and Renewable Energy “The New & Renewable Energy Ministry recognizes the important role Solar Energy plays for our country’s energy security. The JNNSM policy is crafted to create a robust and scalable solar industry and I am delighted to be launching one of the first solar lants commissioned under this scheme by a respected corporate like the Mahindra roup.” pG Rajasthan to be major hub for solar energy development – Ashok Gehlot, Minister, Rajasthan “The state of Rajasthan will be a frontrunner to produce electricity through solar energy. Presently, Rajasthan is producing 80MW of solar energy and by next March it aims to produce 150MW. Barmer, Jaisalmer and Phalodi is making history in the generation of Solar Energy and going forward we aim to make Rajasthan a solar hub of the country.”

Chief


Transaction Detail (November 2011 – January 2012)

Date Buyer Target Deal Size (INR mn)

% stake Deal Status Type of

Transaction

2 5th Jan2012

Zephyr Peacock Gadhia Solar 5000 NA Completed Private Equity

2 3rd Jan2012

Mitsubishi Electric

Corporation Messung Group NA NA Completed M&A

2 3rd Jan2012

Tata Power MEC Coal NA 15 Planned Private Equity

2 c 2nd De2011

Reliance Industries Ltd

Terra Power LLC NA NA Completed Private Equity

2 1st Dec2011

IL&FS Private Equity

IL&FS Energy Development Company Ltd

2300 NA Completed Private Equity

1 c 6th De2011

PTC India Financial Services

Mytrah Energy India Ltd


8 th Dec2011

Vedanta Resources Plc

Cairn India Ltd 211600 30 Completed Private Equity

1 v 8th No2011

Deutsche Investitions‐ und Entwicklungsgese

llschaft

Azure Power Ind td. ia Pvt. L


7 th Nov2011

Macquarie SBI Infrastructure

Fund

Soham Renewable

Energy India Pvt. Ltd.


4 th Nov2011

Sesa Goa Ltd Goa Energy

Private Limited 537 100 Completed Private Equity

3 rd Nov2011

Briggs & Stratton Corporation

Premier Power Equipments and Products Pvt. Ltd

149 NA Completed M&A


Annual Financial Results – Revenue (INR mn)

Company FY ‘08 FY ‘09 FY ‘10 FY ‘11

Accurate Transformers Ltd. 1,801.2 1,847.0 1,912.5 NA

Aditya Birla Nuvo Ltd. 119,039.7 138,939.7 157,699.4 183,529.9

Alfa Transformers Ltd. 347.29 317.334 198.347 199.634

Areva T&D India Ltd. 26,412.1 35,658.8 40,200.4 NA

Asian Electronics Ltd. 2,185.177 2,139.941 2,478.879 1,508.399

Best & Crompton Engineering Ltd. 1,942.2 2,510.6 2,411.0 NA

Bharat Bijlee Ltd. 5,623.9 5,447.0 6,551.4 6,970.4

Bharat Heavy Electricals Ltd. 194,013.4 265,477.1 331,991.9 418,975.5

Bharat Petroleum Corp. Ltd. 1,112,431.1 1,365,571.2 1,238,167.2 1,536,449.7

Birla Power Solutions Ltd. 2,167.1 2,247.7 2,381.3 3,583.3

C & C Constructions Ltd. 5,358.7 7,471.1 11,695.9 NA

Cairn India Ltd. 12,509.2 * 11,168.3 16,230.3 102,779.3

Crompton Greaves Ltd. 68,720.1 87,372.6 91,408.7 100,051.1

Cummins India Ltd. 27,261.0 36,162.5 28,509.2 39,537.3

Easun Reyrolle Ltd. 1,949.0 1,604.2 2,574.1 2,987.2

ECE Industries Ltd. 1,994.506 2,105.508 1,480.417 1,856.637

Emco Ltd. 9,442.5 9,962.6 11,059.0 10,618.5

Eon Electric Ltd 2,643.313 2,606.445 2,301.334 1,206.089



GAIL India Ltd. 188,379.1 247,818.0 270,353.0 351,066.5

Gammon India Ltd. 26,434.6 51,661.8 70,474.8 88,136.5

Genus Power Infrastructures Ltd. 4,675.9 5,581.1 6,541.3 7,141.8

Goldstone Infratech Ltd. 508.214 463.72 672.289 690.019

Greaves Cotton Ltd. 11,941.6 * 10,667.0 * 13,936.1 * 17,069.2

Gujarat Gas Co. Ltd. 13,012.5 14,196.7 18,493.3 NA

Havells India Ltd. 50,029.3 54,774.9 51,625.7 56,126.3

Honda Siel Power Products Ltd. 2,525.5 2,336.5 3,085.7 4,103.8

ICSA (India) Ltd. 6,728.5 11,222.4 12,379.1 14,048.7

IMP Powers Ltd. 1,342.9 1,906.6 1,927.0 2,491.5

Indian Oil Corporation Ltd 2,280,113.6 2,862,330.2 2,502,393.3 3,082,561.7

Indo Tech Transformers Ltd. 1,900.265 2,068.977 981.297 1,109.694

Indraprastha Gas Ltd. 7,059.8 8,527.7 10,781.2 17,440.7

IVRCL Ltd. 38,559.9 50,808.7 58,466.8 68,507.0

Jyoti Ltd. 2,080.2 2,533.3 2,911.0 3,838.3

Jyoti Structures Ltd. 13,737.9 18,393.6 21,297.7 23,996.2

Kalpataru Power Transmission Ltd. 26,757.6 32,517.5 40,371.7 43,586.4

Kaushalya Infrastructure Development Corporation Ltd.

700.528 822.804 830.331 920.489

KEC International Ltd. 28,144.7 34,290.9 39,077.5 44,765.0

Kirloskar Brothers Ltd. 20,590.4 24,633.3 26,697.5 26,517.2



Kirloskar Oil Engines Ltd. NA NA 17,783.0 23,701.0

KSB Pumps Ltd. 5,981.0 5,653.0 6,102.2 NA

Larsen & Toubro Ltd. 292,118.6 401,949.6 435,285.3 515,624.4

Mahindra & Mahindra Ltd. 244,452.9 269,197.6 316,879.2 370,254.4

Marsons Ltd. 533.268 394.106 724.529 1,057.08

Moser Baer India Ltd. 20,887.6 24,730.0 24,518.5 26,108.3

NCC Ltd. 36,581.3 47,864.6 58,973.1 62,298.7

NHPC Ltd. 29,329.1 34,937.7 51,680.0 51,472.8

NTPC Ltd. 386,930.0 427,197.0 483,115.9 574,831.7

Numeric Power Systems Ltd. 4,259.6 4,433.6 4,602.3 5,094.4

Oil and Natural Gas Corp. Ltd. 975,173.9 1,052,756.6 1,026,655.8 1,201,955.1

Oil India Ltd. 62,773.0 72,308.0 79,335.3 83,668.6

Petronet LNG Ltd. 65,553.1 84,287.0 106,490.9 131,972.9

Power Grid Corporation Of India Ltd. 46,232.1 56,900.3 71,276.6 86,520.0

PTC India Ltd. 39,101.5 65,337.2 78,043.1 91,069.8

Reliance Industries Ltd. 1,371,466.6 1,511,354.9 2,037,397.2 2,658,106.0

Roto Pumps Ltd. 400.153 500.996 498.557 594.367

Shakti Pumps (India) Ltd. 1,043.727 * 1,067.492 * 1,322.36 * 1,799.819

Shilchar Technologies Ltd. 700.03 471.296 710.833 934.709

Siemens Ltd. 96,858.4 93,070.2 96,272.4 NA



Suzlon Energy Ltd. 136,794.3 260,817.0 206,196.6 178,791.3

Transformers and Rectifiers (India) Ltd.

3,057.1 4,305.0 5,197.1 5,421.4

Triveni Engineering & Industries Ltd. 16,179.0 19,129.1 22,608.6 NA

Voltamp Transformers Ltd. 5,553.5 6,489.1 5,419.7 5,262.9

W.S. Industries (India) Ltd. 2,269.9 2,248.4 2,220.5 2,574.5

Websol Energy Systems Ltd. 1,006.3 1,391.2 1,169.1 * 2,255.5

*Change in financial year Annual Financial Results – Income (INR mn)


Accurate Transformers Ltd. 71.0 69.5 62.1 NA

Aditya Birla Nuvo Ltd. 1,507.8 (4,357.3) 1,545.6 8,221.0

Alfa Transformers Ltd. 26.888 34.99 7.369 (4.306)

Areva T&D India Ltd. 2,263.2 1,920.0 1,867.4 NA

Asian Electronics Ltd. (1,541.099) 50.277 (13.771) (925.583)

Best & Crompton Engineering Ltd. (23.3) 173.7 (191.3) NA

Bharat Bijlee Ltd. 724.9 475.3 412.2 735.3

Bharat Heavy Electricals Ltd. 28,593.4 31,151.7 43,269.2 60,533.6

Bharat Petroleum Corp. Ltd. 17,695.5 6,337.6 16,323.6 16,349.6

Birla Power Solutions Ltd. 55.3 31.7 13.5 98.7



C & C Constructions Ltd. 408.3 329.7 623.6 NA

Cairn India Ltd. 7,847.5 * 6,870.2 10,511.1 63,344.0

Crompton Greaves Ltd. 4,067.2 5,599.0 8,598.7 8,886.7

Cummins India Ltd. 3,249.1 4,629.1 4,438.7 5,909.9

Easun Reyrolle Ltd. 252.8 27.1 459.5 (36.6)

ECE Industries Ltd. 181.568 60.165 81.219 20.907

Emco Ltd. 643.6 523.8 1,280.5 (583.9)

Eon Electric Ltd 135.221 56.329 28.516 2,634.839

GAIL India Ltd. 27,829.0 28,263.5 33,278.3 40,209.7

Gammon India Ltd. 712.9 563.2 457.0 1,100.3

Genus Power Infrastructures Ltd. 477.8 132.0 263.9 610.8

Goldstone Infratech Ltd. 97.067 62.718 67.323 32.347

Greaves Cotton Ltd. 1,041.7 * 444.8 * 1,174.7 * 1,684.3

Gujarat Gas Co. Ltd. 1,606.5 1,741.7 2,577.5 NA

Havells India Ltd. 1,609.6 (1,601.6) 695.6 3,035.7

Honda Siel Power Products Ltd. 247.3 156.4 126.9 296.6

ICSA (India) Ltd. 1,092.9 1,512.1 1,215.1 1,254.3

IMP Powers Ltd. 93.6 157.2 45.9 27.8

Indian Oil Corporation Ltd 79,127.4 25,994.0 107,131.9 78,307.2

Indo Tech Transformers Ltd. 389.844 389.68 (83.868) (227.441)



Indraprastha Gas Ltd. 1,744.6 1,724.7 2,155.0 2,597.7

IVRCL Ltd. 2,834.4 2,279.0 2,155.6 506.0

Jyoti Ltd. 104.7 46.4 80.7 118.6

Jyoti Structures Ltd. 699.6 851.0 833.9 997.7

Kalpataru Power Transmission Ltd. 1,647.9 1,106.6 1,781.8 1,988.6

Kaushalya Infrastructure Development Corporation Ltd.

24.943 35.59 28.396 28.111

KEC International Ltd. 1,721.6 1,168.1 1,896.6 2,056.5

Kirloskar Brothers Ltd. 1,361.9 852.7 1,127.7 970.2

Kirloskar Oil Engines Ltd. NA NA 1,312.1 1,737.3

KSB Pumps Ltd. 715.1 707.9 583.9 NA

Larsen & Toubro Ltd. 23,253.6 37,894.6 54,507.4 44,561.7

Mahindra & Mahindra Ltd. 15,711.2 14,054.1 24,785.6 30,797.3

Marsons Ltd. 7.67 (7.354) 21.846 51.695

Moser Baer India Ltd. (2,022.9) (3,637.5) (3,939.3) (8,487.6)

NCC Ltd. 1,674.8 1,813.4 2,827.4 2,221.9

NHPC Ltd. 12,070.4 11,848.9 21,755.6 23,161.6

NTPC Ltd. 74,699.0 80,925.0 88,376.5 93,482.3

Numeric Power Systems Ltd. 426.2 384.7 379.3 409.5

Oil and Natural Gas Corp. Ltd. 198,722.6 197,953.4 194,035.3 224,559.3

Oil India Ltd. 17,796.0 21,616.8 26,104.4 28,837.3



Petronet LNG Ltd. 4,746.5 5,184.4 4,045.0 6,196.2

Power Grid Corporation Of India Ltd. 14,484.7 16,906.1 20,409.4 26,719.1

PTC India Ltd. 482.8 940.9 1,072.7 1,660.3

Reliance Industries Ltd. 195,678.3 149,713.0 245,033.7 192,940.1

Roto Pumps Ltd. 30.318 33.05 41.544 53.886

Shakti Pumps (India) Ltd. 71.443 * 78.073 * 107.549 * 178.909

Shilchar Technologies Ltd. 32.123 0.217 15.354 11.62

Siemens Ltd. 5,995.5 7,046.0 7,577.7 NA

Suzlon Energy Ltd. 10,301.0 2,364.8 (9,825.6) (13,239.7)

Transformers and Rectifiers (India) Ltd.

346.0 452.4 516.4 415.2

Triveni Engineering & Industries Ltd. 1,219.8 1,743.6 697.5 NA

Voltamp Transformers Ltd. 799.0 1,148.0 825.3 517.8

W.S. Industries (India) Ltd. 169.1 158.4 (115.7) (402.6)

Websol Energy Systems Ltd. 52.5 105.6 (57.2) * 24.2

*Change in financial year


Events Calendar

International Multi Disciplinary Conference on Solar Energy Date: 1st – 3rd February 2012 Venue: Chennai, Tamil Nadu

ararajan Organizer: Meenakshi SundEngineering College Website: www.imdcse.org Contact ID: [email protected] Contact No: +91 44 2480 1636

Trends in Renewable Energy, Sources, Applic tion & Technologiea s s (TRESAT2012) Date: 1st – 3rd February 2012 Venue: Chennai, Tamil Nadu Organizer: Centre for Nanoscience &

rsity y.com

Nanotechnology, Sathyabama univeWebsite: www.centrefornanotechnolog Contact ID: [email protected] Contact No: +91 44 2450 3065 / 3814

Fifth National Conference on Advances in Energy onversion Technol C ogies (AECT 2012) Date: 2nd – 4th February 2012

anipal, Karnataka y

Venue: MOrganizer: Manipal Institute of Technolog

12Website:

aect20www.conference.manipal.edu/ Contact ID: [email protected]/ Contact No: +91 9845282635

2012 International Conference on Product Develop ent nd Renewable m a Energy Resources (ICPDRE 2012) Date: 18th – 19th February 2012 Venue: Coimbatore, Tamil Nadu

of n Technology

Organizer: International Associationatio/

Computer Science and InformWebsite: www.iacsit.org/icpdre Contact ID: [email protected] Contact No: +86 28 8652 7868

National Conference on Emerging Technologies n Renewable En

REEi ergy &

E2012) Electrical Engineering (ETDate: 25th – 26th February 2012 Venue: Bhilwara, Rajasthan Organizer: Institute of Technology & Management, Bhilwara Website: www.itm‐bhilwara.ac.in/ETREEE‐2012.php Contact ID: conference@itm‐bhilwara.ac.in

The Solar Future: India II Date: 29th February – 1st March 2012 Venue: Jaipur, Rajasthan Organizer: Solarplaza

.inWebsite: www.thesolarfuture olarplaza.comContact ID: p.vanderlinden@s

Contact No: +31 10 280 9198


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Research on India_Energy and Utilities Sector in India Monthly Update_January 2012

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