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					</table>The Cabinet Committee on Economic Affairs (CCEA) has raised the permissible equity investment limit for Power Grid Corporation of India (<a href="https://www.powergrid.in/en/" target="_blank" rel="noopener">POWERGRID</a>) in its subsidiaries to ₹75 billion (~$825.25 million) per subsidiary, up from ₹50 billion (~$550.17 million).
However, POWERGRID’s investments in its subsidiaries must not exceed 15% of its net worth.
POWERGRID’s equity investment threshold in subsidiaries was raised under the extant guidelines on the delegation of powers applicable to central public sector enterprises with ‘Maharatna’ status.
The change in the equity investment limit for POWERGRID’s subsidiaries will also enable it to participate in bids for capital-intensive transmission projects, such as ultra-high-voltage alternating-current and high-voltage direct-current transmission networks. The move is also expected to broaden POWERGRID’s participation in tariff-based competitive bidding for transmission projects.
POWERGRID develops large transmission projects to evacuate power for the country&#8217;s growing renewable energy sector.
Last year, POWERGRID <a href="https://mercomindia.com/powergrid-wins-auction-for-4-5-gw-renewable-energy-transmission-project" target="_blank" rel="noopener">won</a> PFC Consulting’s auction to augment the interstate transmission system (ISTS) capacity by 4.5 GW and construct line bays at the Mandsaur substation in Madhya Pradesh. The project would evacuate 2,998 MW of renewable energy from the Mandsaur power substation, with an additional 1,500 MW comprising 600 MW from Sprng Energy and 900 MW from NTPC Renewable Energy.
POWERGRID also <a href="https://www.mercomindia.com/powergrid-commissions-key-ists-to-evacuate-renewables-from-rajasthan" target="_blank" rel="noopener">commissioned</a> the 765 kV double-circuit Khetri–Narela ISTS project, part of the larger 8.1 GW transmission infrastructure to evacuate solar power from Rajasthan to Delhi and Northern India. The completion of the transmission project is expected to reduce curtailment woes reported by large-scale renewable energy projects in Rajasthan.
Last year, the government <a href="https://mercomindia.com/government-allows-ntpc-nlc-to-invest-%E2%82%B9270-billion-in-green-energy-arms" target="_blank" rel="noopener">allowed</a> two central public sector enterprises to invest up to ₹270 billion (~$3.14 billion) in their renewable energy subsidiaries. The CCEA authorized NTPC to invest up to ₹200 billion (~$2.32 billion) in NTPC Green Energy and NTPC Renewable Energy, as well as other joint ventures. It also allowed NLC India to invest ₹70 billion (~$815.16 million) in NLC India Renewables.

Government Approves Higher Equity Investment Cap for POWERGRID

The board of directors of Suzlon Energy Limited, a leading renewable energy company that has been in a financial rut over the past year, has put in place a plan for restructuring its debt.
According to the company’s filing at the National Stock Exchange of India Limited (NSE), the company plans to issue one billion equity shares at ₹2 (~$0.03) each and up to 410,000 0.1% secured optionally-convertible debentures worth ₹100,000 (~$1,394.62) each. The company also plans to issue 500 million warrants of ₹1 (~$0.01) each. Considering the company’s proposal, the board has approved the issuance of equity shares or equity-linked instruments to the extent of ₹10 billion (~$138 million).
The company had also approved the divestment or dilution of the company’s investments, assets, and undertakings if required. According to the NSE filing, the board has also approved the issuance of equity shares and concessional custom duties on a preferential basis to promoters or entities up to ₹4 billion (~$55.78 million).
Suzlon also announced the appointment of Sameer Shah as the additional director in the capacity for a term of five years.
In January 2020, <a href="https://mercomindia.com/suzlon-outstanding-debt/">Mercom</a> reported that Suzlon disclosed an outstanding debt of ₹127.85 billion (~$1.8 billion), according to the company’s Bombay Stock Exchange (BSE) filing. The company had filed the disclosure of defaults on payment of interest, repayment of principal amount on loans from banks and financial institutions in the filing.
The loans were given by a consortium of 18 banks led by the State Bank of India (SBI) along with the Indian Renewable Energy Development Agency (IREDA). The company took secured the loans for its subsidiaries, namely, Suzlon Global Services Limited, Suzlon Gujarat Wind Park Limited, Suzlon Generators Limited, and Suzlon Power Infrastructure Limited.
The revenue of the company for Q1 FY20 <a href="https://mercomindia.com/suzlon-net-loss-billion-first-quarter/">came</a> to ₹8.33 billion (~$117 million). According to the company’s statement, it continued to witness a sectoral slowdown, owing to the prolonged industry transition to reverse auctions and policy uncertainty in a few states.
In April 2019, Suzlon had <a href="https://mercomindia.com/suzlon-sells-solar-subsidiaries-renew/">announced</a> that it would sell two of its solar subsidiaries to Ostro Energy, a wholly-owned subsidiary of independent power producer, ReNew Power. The two subsidiaries are Shreyas Solarfarms Limited (Shreyas solar) and Aalok solar farms Limited (Aalok Solar).
Image credit: Suzlon

Suzlon’s Plan to Restructure its Debt

<a href="https://www.mahindra.com/contact-us" target="_blank" rel="noopener noreferrer">Mahindra &amp; Mahindra Limited</a> announced that its subsidiary, Mahindra Renewables Private Limited (MRPL), has agreed to sell its entire stake in three subsidiaries to CLP India Private Limited (CLP) for ~₹3.40 billion ($47.35 million).
The three subsidiaries include Cleansolar Renewable Energy Private Limited (CREPL), Divine Solren Private Limited (DSPL), and Neo Solren Private Limited (NSPL).
The expected date of completion of the sale is May 31, 2020.
According to the National Stock Exchange of India Limited (<a href="https://www.nseindia.com/" target="_blank" rel="noopener noreferrer">NSE</a>), the company said, “Following the sale, MRPL’s shareholding in CREPL, DSPL, and NSPL would come down to nil, and CREPL, DSPL, and NSPL, will cease to be the subsidiaries of MRPL and consequently of the company.”
According to the company, the share purchase agreement offered to sell 9,623,000 equity shares of ₹10 (~$0.14) each at a price of ₹113.11 (~$1.57)/share totaling ₹1.088 billion (~$15.16 million). The agreement was executed on February 21, 2020.
CLP will acquire 12,080,000 equity shares of ₹10 (~$0.14) each in DSLP at a price of ₹104.57 (~$1.45)/share amounting to ₹1.26 billion (~$17 million).
Similarly, the company has agreed to sell 9,315,000 equity shares of ₹10 (~$0.14) each in NSLP to CLP. The price has been agreed at ₹112.37 (~$1.56)/share aggregating to a total amount of  ₹1.046 billion (~$14.57 million).
The turnover of Cleansolar Renewable Energy for the financial year (FY) that ended on March 31, 2019, was ₹391.5 million ($5.455 million).  The net worth of CREPL for FY 2019, was ₹639.6 million ($8.91 million).
Likewise, the turnover of Divine Solren Private Limited for the fiscal year 2019 was ₹541.8 million ($7.55 million), and the net worth of the company was ₹857.8 million ($11.95 million).
Neo Solren Private Limited’s turnover of FY 2019 was ₹426.8 million ($5.94 million), while the net worth of the company was ₹729.6 million ($10.16 million).
According to Mercom’s <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener noreferrer">India Solar Project Tracker</a>, Mahindra has three solar projects in operation in Telangana worth 122 MW capacity. Of the company’s total portfolio of ~1.25 GW, 552 MW is operational, while 700 MW capacity is under development.
Last year, Japanese trading and investment company Mitsui announced that it entered into an agreement with Indian engineering, procurement, and construction company, <a href="https://www.mahindrasusten.com/" target="_blank" rel="noopener noreferrer">Mahindra Susten</a>, to develop and operate distributed solar projects in India jointly. Mitsui acquired a <a href="https://mercomindia.com/mitsui-acquire-mahindra-groups-cleantech-arm/" target="_blank" rel="noopener noreferrer">49% stake</a> in Marvel Solren Private Limited, a Mahindra company that had a portfolio of 16 MW of distributed solar. Mahindra Susten is the solar EPC arm of the Mahindra Group.

Mahindra Renewables to Sell Three Subsidiaries to CLP India for ₹3.4 Billion

<a href="https://www.adanigreenenergy.com/" target="_blank" rel="noopener">Adani Green Energy</a> has announced the acquisition of a 51 percent equity share capital in Kodangal Solar Parks Private Limited (KSPPL), comprising a 20 MW solar project which was incorporated back in August 2015.
In a filing to the Securities and Exchange Board of India (SEBI), Adani Renewables mentioned that it has acquired the remaining equity stake in the solar project from FS India Devco Private Limited.
“KSPPL stake is acquired with an object of consolidating the company&#8217;s interest in KSPPL and within the overall objective of the company. With this acquisition, KSPPL has become wholly-owned subsidiary of the company,” the company stated in the filing.
According to the document, the amount paid by Adani Green for the acquisition of the 107,100 equity shares is ₹158.04 (~$2.24) per share, which totals to approximately ₹16.9 million ($239,000). The project is located in Bagewadi, Bijapur district in Karnataka, and will supply power to the <a href="https://bescom.org/" target="_blank" rel="noopener">Bangalore Electricity Supply Company</a> (BESCOM) at a tariff of ₹5.48/kWh ($0.077/kWh) for a period of 25 years.
Adani Green Energy had acquired 49 percent stake in Kodangal Solar Park on March 22, 2018. Accordingly, KSPPL had became a joint venture of the company.
In February 2018, the renewable energy business of Adani Enterprises was demerged into Adani Green Energy. Adani Green was incorporated in January 2015 and operates with 22 subsidiaries and associates. In June 2018, Mercom <a href="https://mercomindia.com/adani-green-energy-trading-bse/" target="_blank" rel="noopener">reported</a> on the news of Adani Green being listed on the Indian stock exchanges.
In August 2018, Mercom also <a href="https://mercomindia.com/adani-green-solar-q1-fy19-report/" target="_blank" rel="noopener">reported</a> on the news of the huge jump in Adani Green’s Q1 FY19 revenue. The company had reported a 148 percent increase in its top line when compared to the same quarter in the previous financial year.
On Monday, January 14, 2019, the Adani Green’s share price opened at ₹40.50 ($0.57) around 1.5 percent higher than the previous session’s close. However, it is trading significantly below (44.5 percent) its 52-week high of ₹73 ($1.03).

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