Inside cleantech India: Kal, Aaj aur Kal!

Email this page print

share

Public Markets

The founders of Pune, India-based Suzlon Energy (BOM:532667) raised $47 million by selling 30 million shares, or a 2 percent stake, at Rs 77 ($1.56) each (see Wind giant Suzlon sells off 2 percent stake). The world's fifth-largest wind turbine maker is expected to use the money to repay a loan and finance the purchase of a wind farm.

Other deals/events 

Public sector refiner Indian Oil completed a wind power project with the capacity to generate 21 MW near the port town of Kandla. Indian Oil (BOM:530965) invested Rs 1.3 billion ($26 million) in setting up the wind farm and commissioned Suzlon Energy to operate and maintain the project, which is to power Indian Oil's fuel plant and pipelines.

Europe’s Renewable Energy and Energy Efficiency Partnership supplied the seed funding for a project that has enabled 25,000 farmers in India to secure drip irrigation systems worth €15 million in the states of Maharashtra, Gujarat and Rajasthan (see REEEP coordinates €15M drip irrigation buy in India). India's largest drip irrigation company, Jain Irrigation, supplied the drip irrigation systems expected to save up to 70 percent of the water when compared with flood irrigation techniques, as well as 10 kilowatt-hours of electricity per day per acre (see IFC pumps up water focus in India with $45M for Jain Irrigation).

Capital expenditures

Dehradun, India's state-owned Oil & Natural Gas (ONGC) (BOM:500312) is planning to invest Rs 500 crore ($104.9 million) to develop new renewable energy projects, according to Business Line. ONGC is planning to develop coal bed methane, gas hydrates, coal gasification, wind, and solar energy sources. Oil & Natural Gas is also operating a 15 MW solar project in Mangalore. In February, Norway-based StatoilHydro (NYSE:STO) partnered with ONGC to develop carbon capture and storage and other environmentally friendly projects in India (see StatoilHydro, ONGC to look at carbon capture and storage).  

Elecon Engineering (BOM:505700)—based in Vallabh Vidyanagar, Gujarat—is investing Rs 100 crore ($21 million) in the windmill gear business. Because of the market uncertainty, the company doesn't aim to become a market leader, but Elecon is planning to manufacture wind mill gear boxes with the capacity to generate 1 MW to 2 MW, according to the Hindu Business Line. Elecon is also developing a wind farm at Narayan Sari in Kutch on land it recently purchased. Elecon is one of India’s largest providers of power transmission solutions, material handling equipment and alternate energy solutions. Elecon is the first company in India to have manufactured sophisticated equipment for bulk material handling.

Innovations

Andra Pradesh-based Sri Sresti Marketing Solutions launched a line of solar lights dubbed Kumar Light. The devices have high power solar panels and a battery backup system that can provide enough power for 24 hours. The systems use high power LEDs, which have the life expectancy of about 70,000 hours or five-to-six years when running 24 hours a day, seven days a week.

Students at Guru Nanak Dev Polytechnic College in Ludhiana, one of the oldest engineering institutions in northern India, invented a two-wheeled motorbike that runs on air pressure. It has engine capacity of 100 cubic centimeters (0.1 liter), helps to eliminate pollution and is equipped with two compressed air cylinders. The bike can go 11 miles per hour and does not require fuel. The students say the engine works underwater and can operate undetected by thermal radiation cameras, giving it potential applications for the military.