ADB to fund Reliance Power's solar plant

Under the government’s ambitious Jawaharlal Nehru National Solar Mission that started in January 2010, the country aims to have 2,000 MW of installed solar power generation capacity by 2013, which would be further increased to 10,000 MW by 2017 and to 20,000 MW by 2022

Jodhpur: To help boost private investment in renewable energy, multilateral lending agency ADB (Asian Development Bank) announced $103 million loan to Reliance Power for setting up a 100-MW solar plant in Jaisalmer district of Rajasthan, reports PTI.

“I would like to inform you that ADB has just agreed to extend financing for Reliance Power's 100-MW concentrated solar thermal plant which will be one of the largest solar power generation facilities in India and Asia as well,” ADB director general (regional and sustainable development department) S Chander said.

He was addressing the inaugural session of the fourth Asia Solar Energy Forum, which is being attended by several public and private sector experts, investors, and companies.

The plant, which is expected to be completed in May 2013, will cost around $415 million.

Besides ADB, other bilateral agencies and local lenders will provide funds for the project. It will be the first solar energy plant built by Reliance Power, which is a listed company of the Reliance ADA Group.

Under the government’s ambitious Jawaharlal Nehru National Solar Mission (NSM) that started in January, 2010, the country aims to have 2,000 MW of installed solar power generation capacity by 2013, which would be further increased to 10,000 MW by 2017 and to 20,000 MW by 2022.

Reliance Power was one of the successful bidders to develop 470 MW of concentrating solar power capacity under the first phase of the NSM.

The plant will be located near the village of Dhursar in the Jaisalmer district of Rajasthan, which is about 180 km from Jodhpur. The site has one of the highest levels of direct sunlight in the country.

The plant is estimated to avoid more than 2.5 lakh tonnes of carbon dioxide emissions every year, compared to the energy produced by a conventional fossil fuel plant.

The project will share a transmission line with Reliance Power’s existing 40 MW Dahanu solar power plant, which is also partly financed by the ADB.

“This 100-megawatt plant will help meet growing energy demand in India in a way that avoids emission of harmful greenhouse gases,” said Michael Barrow, director, ADB's private sector operations department.

He further said, “We hope that the success of this project will spur others to invest in the solar energy sector, which has massive potential in India.”

According to the Asian Development Bank, it will be one of the largest solar plants in India and the loan marks ADB's first-ever financing for a concentrating solar power project.

Concentrating solar power captures solar energy to convert water into steam, which in turn drives a steam turbine to produce energy. Photo-voltaic plants convert sunlight into electricity through solar panels using semiconductors.

ADB is supporting the development of solar energy in Asia, as part of its goal of promoting environmentally sustainable economic growth.

Under its Asia Solar Energy Initiative, announced in May 2010, ADB aims to commission or support 3,000 MW of solar power capacity in developing member countries by May 2013.

In late afternoon trade, Reliance Power was trading at around Rs109.25 per share on the Bombay Stock Exchange, 0.14% up from the previous close.

User

Rallis Q4 net profit Rs9.26 crore; acquires organic manure business

Rallis and ZWAOPL (Zero Waste Agro Organics Private Limited) are planning to launch GeoGreen, a carbon rich organic soil conditioner that will help restore soil health

Mumbai: Agrochemicals maker Rallis India, part of Tata Group, reported net profit at Rs9.26 crore during the fourth quarter of FY11-12, after an exceptional item of Rs17 crore, reports PTI.

“Overall, 2011-12, was a difficult year for plant protection industry with erratic rainfall and difficult agricultural conditions. Adverse rainfall, low productivity, poor crop economy and reduced acreage put pressure on the net profit,” Rallis India managing director and CEO V Shankar told reporters.

The revenue of the company during the quarter ending 31 March 2012 was Rs205.73 crore.

The company’s net profit stood at Rs100.69 crore during FY11-12 and its revenue for the year was Rs1,245.24 crore.

The company has said that the figures this year are not comparable with corresponding period of the previous year as Metahelix Life Science became its subsidiary in December 2010.

Meanwhile, the company entered into an agreement to acquire majority 51% in Maharashtra-based organic manure and soil conditioners manufacturing company Zero Waste Agro Organics Private Limited (ZWAOPL) for Rs29 crore in an all cash deal, Mr Shankar said.

Rallis will have exclusive sales and marketing arrangements with ZWAOPL for domestic and international markets.

With this acquisition, Rallis has strengthened its product portfolio with organic manure and soil conditioner products.

“We expect that the revenue from the business will exceed Rs100 crore in five years. The technology fits well with our strategy and supports sustainable agriculture,” he added.

Rallis and ZWAOPL are planning to launch GeoGreen, a carbon rich organic soil conditioner that will help restore soil health.

In late afternoon trade, Rallis was trading at around Rs125.05 per share on the Bombay Stock Exchange, 2.80% down from the previous close.

User

Bees Saal Baad: Markets at the Crossroads

In the past 20 years since the securities scam was exposed, radical transformation and...

Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital+Print Access

Subscribe

Moneylife Magazine Subscriber or MSSN member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)