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 of Japan Customs‐cleared Crude and was significantly higher than the Henry Hub price. 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 natural gas production has been falling, the new pricing will help domestic companies expand.
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 lay the pipeline. The plan is to lay pipelines to various work centres where IOC is transporting 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 has a pipeline in place and discussions are on between IOC and GAIL as to whether the former can use this facility. 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
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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 given the fact that monetisation of shallow water discovery is easier and faster, ONGC wants to retain the block even after BGEPIL’s exit. 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 give the former a majority stake. JP Morgan has thus invested over INR 2 bn in Leap Green. 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 number of deals have taken place in this sector with the biggest of them being an INR 10 bn investment by Goldman Sachs in ReNew Wind Power. 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 supply the fuel and a demonstration scale plant is expected to be set up within a year and 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 believes that even if 10% of the 5 mn barrels of aviation fuel used globally each day is substituted with its aviation bio jet fuel, it will be a huge market for LanzaTech. 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 Energy and Utilities – Monthly Update
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 network of 3,900 km and 42 CNG stations. BG group holds 65.12% stake in the company while the rest is held by Indian and other foreign institutions. 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 as the banker for the transaction is looking for potential buyers and has already invited bids from a few mid‐market private equity firms. CUGL was set up in 2005 for developing city gas distribution projects and operates in Kanpur and Bareilly. The company had revenues of INR 650 mn in FY 2011 which is expected to go upto INR 800 mn in FY 2012. 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, will help increase the falling output from the company’s gas field in the Krishna 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 tied up with UK’s BP Plc. to further develop the D6 block due to lagging targets. The British company said that production from the block could rise from 2014. 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 has completed the pre‐disbursement conditions and received the first loan disbursement in early December, last year.
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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 power purchase agreement with Gujarat's state distribution company for the output produced in the plant. 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 to align its global portfolio. It will now be left with only one exploration block, in the Krishna Godavari basin, which it holds along with ONGC and Oil India. 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 is using solar PV technology. It has over 400,000 solar PV modules mounted on 21600 structures. 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 process of commissioning two more units of 660 MW by March which will make Mundra the single largest thermal power plant in India. 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 construction of 220 kV double circuit overhead transmission lines between Kunduz and 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
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systems, water, cable and telecom. The total worth of orders won by the company is INR 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 NPCC Engineering Limited in Mumbai, the fabrication work will be done in Abu Dhabi. 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 well platform project, both of which took 18 months. Currently, it is involved in the development of a 6 wellhead platforms project, scheduled to be completed in April. 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 blades by 2013. The blades produced in the facility will be primarily supplied to the northern 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 developer in India and has wind farms with capacities exceeding 2100 MW in various stages of development in the country. 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 expected to be ready for power generation within the next 5‐6 months. The project was started in Jan 2009 and its total cost is around INR 65 bn. Energy and Utilities – Monthly Update
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 its subsidiaries had a collective order backlog of 4734 MW till October last year. The company has since gone on to announce additional orders worth 997.5 MW. 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 Energy put itself up for sale last week and Oil India has since been studying documents 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 which BlackRock Inc. has a stake has a market value of INR 50 bn and bids for it may exceed INR 65 bn. 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 developing and marketing liquefaction capacity at the LNG import terminal in Freeport 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 deal with Macquarie will also be linked to Henry Hub and will help GAIL to get LNG at competitive rates. 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 important and lucrative in India with shale gas blocks expected to be auctioned in the country in coming years. Energy and Utilities – Monthly Update
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 regarding shale gas reserves in India, estimates vary from 300‐2100 trillion cubic feet (tcf). 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 developing the wind farms. Suzlon in turn will help in bringing in investments into the state 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 in India and has a number of medium to low wind sites which suit Suzlon's new S9X suite of turbines. 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 used for buying back the shares. The last time RIL bought back shares were in Dec 2004 when it spent INR 30 bn to purchase 10% of is equity at INR 570 each. 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 return ask ConocoPhillips for stakes in US shale gas projects so that it can gain 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 Energy and Utilities – Monthly Update
falling output by tapping new deepwater discoveries. For this reason, the company had approached a number of Asian oil firms and opened a data room allowing them to study ONGC’s deepwater projects off India's eastern and western coasts. 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 prices of ‘C’, ‘D’ and ‘E’ grades of coal to rise by over 100% although CIL has been justifying 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 power producers (CPP) than from independent power producers (IPP). The prices charged from CPPs are up to 60% higher than those charged from IPPs. 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. The total cost of developing the two fields will be over INR 20 bn and the estimated peak 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 B‐series field is going on and production from a part of the field is expected to begin by Apr‐May. 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 125000. London based Vedanta Resources Plc which acquired Cairn India in Dec 2011 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 Energy and Utilities – Monthly Update
shareholders, including Cairn Energy Plc for INR 460.36 bn in Dec 2011, 16 months after 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 of PV modules, continuously falling prices and stiff competition from foreign players is 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 manufacture the highly efficient MIST cells. Over the past few years, extensive R&D is being carried out in Moser Baer’s labs in Netherlands and India. 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 joint marketing of liquefied natural gas (LNG). The other members of the consortium are 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 29% stake in the project. A stake purchase here would be beneficial for India as it would add to the country’s energy security.
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. Energy and Utilities – Monthly Update
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 7 or 8 projects on a pilot basis. Each project is expected to cost between INR 0.5 to 0.6 bn 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. Around 50% of the total cost of the project will be borne by the Ministry while the rest will be paid by the state utilities. 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 MW of projects will be commissioned in January while the rest will be commissioned 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 like solar panels and modules are being carefully considered, thus paving the way for Indian banks to fund these projects. 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 Energy and Utilities – Monthly Update
its KG‐D6 block. RIL has been reluctant in committing supplies to more consumers as the likely supply cuts in future would put these customers in a tight spot once they make 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 costlier, the falling gas output is affecting the country’s investment prospects in the manufacturing and power sectors. 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 also be beneficial for further development of such joint ventures between the two countries. 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 incentive will be discontinued from 31st Mar 2012 or with the introduction of a new taxation 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 favors an alternate subsidy called generation‐based incentive. Under this system, wind power producers are paid INR 500 for every MWh fed to the grid. Energy and Utilities – Monthly Update
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 company, Solar Energy Corporation, will gradually take over responsibility for federal solar 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 2013. India is aiming to increase solar capacity by 4‐7 GW during this phase which ends in 2017.
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 mtpa. Increasing capacity from 5 mtpa to 10 mtpa may cost the company up to INR 40 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 has already initiated the process of seeking environmental approvals for the capacity expansion. 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 will have a generation capacity of 100 MW and will be based on photovoltaic technology. Energy and Utilities – Monthly Update
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 are expanding into renewable energy. The sector has also been very attractive for foreign companies to invest in. 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 venture in which both companies will hold equal stake and Kakinada port in Andhra Pradesh will own a minority stake. The LNG terminal is likely to be set up at Kakinada and will require an investment of INR 30 bn. It will be used to import and supply gas to Reliance Power's 2400 MW, gas‐ fired plant in Andhra Pradesh which is set to become operational this year. 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 supply power to Rajasthan Rajya Vidyut Utpadan Nigam Ltd and is expected to reduce carbon 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 order to make villagers aware of PV technology. The company has been allotted 40 MW out of JNNSM's total allocation of 500 MW. 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 also the first solar power project to get non‐recourse financing, showing the banking 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 Energy and Utilities – Monthly Update
tonnes of carbon dioxide emissions per year. Mahindra Solar plans to play a significant role in the country’s solar power generation. Along with their partner Kiran Energy, they have already won 50 MW of solar projects under the JNNSM. 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 coal reserve in the Basundhara area of Sundargarh as well as invest its surplus funds creatively. 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 Ministry has given approval to the project and the power plant is likely to be operational during the Twelfth Plan Period. 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 already been acquired by the company and preconstruction activities have already begun. 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 foraying into wind power generation with a 50 MW wind farm in Maharashtra’s Satara district which is likely to be commissioned by Mar 2012. 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
Energy and Utilities – Monthly Update
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 emissions equivalent to 8400 tonnes annually. Rajasthan is currently producing 80MW of solar energy and by Mar 2013 it aims to increase this to 150MW. 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 under the Jawaharlal Nehru National Solar Mission (JNNSM) and is the first project in Andhra Pradesh to use Abound Solar Cadmium Telluride (CdTe) thin‐film modules.
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 suppliers, ushering in a more competitive environment. We will also look to source gas from the US,” 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 plants commissioned under this scheme by a respected corporate like the Mahindra Group.” Rajasthan to be major hub for solar energy development – Ashok Gehlot, Chief 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.”
Energy and Utilities – Monthly Update
Transaction Detail (November 2011 – January 2012)
Date
Buyer
Target
Deal Size (INR mn)
% stake
Deal Status
Type of Transaction
25th Jan 2012
Zephyr Peacock
Gadhia Solar
5000
NA
Completed
Private Equity
23rd Jan 2012
Mitsubishi Electric Corporation
Messung Group
NA
NA
Completed
M&A
23rd Jan 2012
Tata Power
MEC Coal
NA
15
Planned
Private Equity
22nd Dec 2011
Reliance Industries Ltd
Terra Power LLC
NA
NA
Completed
Private Equity
21st Dec 2011
IL&FS Private Equity
IL&FS Energy Development Company Ltd
2300
NA
Completed
Private Equity
16th Dec 2011
PTC India Financial Services
Mytrah Energy India Ltd
1000
NA
Completed
Private Equity
8th Dec 2011
Vedanta Resources Plc
Cairn India Ltd
211600
30
Completed
Private Equity
18th Nov 2011
Deutsche Investitions‐ und Entwicklungsgese llschaft
Azure Power India Pvt. Ltd.
680
NA
Completed
Private Equity
7th Nov 2011
Macquarie SBI Infrastructure Fund
Soham Renewable Energy India Pvt. Ltd.
3750
NA
Completed
Private Equity
4th Nov 2011
Sesa Goa Ltd
Goa Energy Private Limited
537
100
Completed
Private Equity
3rd Nov 2011
Briggs & Stratton Corporation
Premier Power Equipments and Products Pvt. Ltd
149
NA
Completed
M&A
Energy and Utilities – Monthly Update
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
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
9,442.5
9,962.6
11,059.0
10,618.5
2,643.313
2,606.445
2,301.334
1,206.089
Cairn India Ltd.
Emco Ltd. Eon Electric Ltd
Energy and Utilities – Monthly Update
Company
FY ‘08
FY ‘09
FY ‘10
FY ‘11
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
2,280,113.6
2,862,330.2
2,502,393.3
3,082,561.7
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
Indian Oil Corporation Ltd Indo Tech Transformers Ltd.
Energy and Utilities – Monthly Update
Company
FY ‘08
FY ‘09
FY ‘10
FY ‘11
NA
NA
17,783.0
23,701.0
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
1,371,466.6
1,511,354.9
2,037,397.2
2,658,106.0
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
96,858.4
93,070.2
96,272.4
NA
Kirloskar Oil Engines Ltd. KSB Pumps Ltd.
Reliance Industries Ltd. Roto Pumps Ltd.
Siemens Ltd.
Energy and Utilities – Monthly Update
Company
FY ‘08
FY ‘09
FY ‘10
FY ‘11
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) Company
FY ‘08
FY ‘09
FY ‘10
FY ‘11
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
Accurate Transformers Ltd.
Energy and Utilities – Monthly Update
Company
FY ‘08
FY ‘09
FY ‘10
FY ‘11
408.3
329.7
623.6
NA
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
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
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)
C & C Constructions Ltd. Cairn India Ltd.
Emco Ltd.
Honda Siel Power Products Ltd.
Energy and Utilities – Monthly Update
Company
FY ‘08
FY ‘09
FY ‘10
FY ‘11
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
NA
NA
1,312.1
1,737.3
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
7.67
(7.354)
21.846
51.695
(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
Kirloskar Oil Engines Ltd. KSB Pumps Ltd.
Marsons Ltd. Moser Baer India Ltd.
Energy and Utilities – Monthly Update
Company
FY ‘08
FY ‘09
FY ‘10
FY ‘11
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
482.8
940.9
1,072.7
1,660.3
195,678.3
149,713.0
245,033.7
192,940.1
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)
346.0
452.4
516.4
415.2
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
PTC India Ltd. Reliance Industries Ltd. Roto Pumps Ltd.
Transformers and Rectifiers (India) Ltd. Triveni Engineering & Industries Ltd.
*Change in financial year
Energy and Utilities – Monthly Update
Events Calendar
International Multi Disciplinary Conference on Solar Energy Date: 1st – 3rd February 2012 Venue: Chennai, Tamil Nadu Organizer: Meenakshi Sundararajan Engineering College Website: www.imdcse.org Contact ID: convener@imdcse.org Contact No: +91 44 2480 1636
Trends in Renewable Energy, Sources, Applications & Technologies (TRESAT 2012) Date: 1st – 3rd February 2012 Venue: Chennai, Tamil Nadu Organizer: Centre for Nanoscience & Nanotechnology, Sathyabama university Website: www.centrefornanotechnology.com Contact ID: tresat2012@gmail.com Contact No: +91 44 2450 3065 / 3814
Fifth National Conference on Advances in Energy Conversion Technologies (AECT 2012) Date: 2nd – 4th February 2012 Venue: Manipal, Karnataka Organizer: Manipal Institute of Technology Website: www.conference.manipal.edu/aect2012 Contact ID: aect2012@manipal.edu/ Contact No: +91 9845282635
2012 International Conference on Product Development and Renewable Energy Resources (ICPDRE 2012) Date: 18th – 19th February 2012 Venue: Coimbatore, Tamil Nadu Organizer: International Association of Computer Science and Information Technology Website: www.iacsit.org/icpdre/ Contact ID: icpdre@iacsit.org Contact No: +86 28 8652 7868
National Conference on Emerging Technologies in Renewable Energy & Electrical Engineering (ETREEE2012) Date: 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 Website: www.thesolarfuture.in Contact ID: p.vanderlinden@solarplaza.com Contact No: +31 10 280 9198
Energy and Utilities – Monthly Update
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Energy and Utilities – Monthly Update