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INDIA NEWS Sungrow Receives Running Certificates from IBC Solar India for Two Projects Sungrow announces the receipt of running certificates from IBC Solar India for two projects. The first is a 5.5MW string inverter project,whilst the second is 11.68MW central container-solution project. The 5.5 megawatts string inverter project, is located in Bhadla, District of Jodhpur, Rajasthan, India.It utilizes Sungrow’sSG30KTL string inverter ground space system. “We wanted to use string inverter for this flat land based project. We were persuaded to try the SG30KTL and have found it to be an excellent product. Sungrow’s string inverter ground space system is the best we have used and the offer is very competitive. Another major attraction for us was the fact that Sungrow is a global brand,” said the CEO of LNB Renewables. The 11.68 megawatts project, located in Pokhran, Rajasthan, India, uses the 1000TS central inverter ground space system. Palimarwar Solar Project Private Limited, part of the LNB Group, are the owners of this project, and were focused on having a plug and play solution. After collaborating with them we were able to provide them with the 1000TS system. “With the power generationof 6500 units per day per inverter, the return on investment of this project is higher than we expected. Since the completion of construction in April.2015, it has kept running stably from the first day of operation,” said the CEO of LNB Renewables, which mainly develops solar farms and invests in wind energy assets. “The Indian market is increasingly important to Sungrow, particularly as there are supportive policies from the Indian government”, said Professor CaoRenxian, CEO of Sungrow. “Having opened an office in India last year, we are very committed to this country and look forward to long term success here. OST supports Solar in India OST Energy (OST) has announced that it has opened an office in New Delhi, India, to support its increasing work in the Indian renewable development market. OST incorporated its Indian business division in December 2015, and has already carried out a number of solar surveys with developer CLP. Under Prime Minister Modi’s reforms of the energy market in 2014, solar energy has been identified as the leading technology to bring power to 300 million people in the country currently without electricity. The strategy will also enable the country to meet a number of ambitious clean energy targets. However, in order to realise these goals and the wider potential of the Indian domestic solar market, developers must not only understand exactly where and how to deploy and install solar capacity, but also how to guarantee the longterm performance of projects and maintain the appetite of international investors. To support India’s move towards increasing its solar deployment and, aiming to bolster its technical advisory and due diligence offering to cater for demand in the region, international consultancy OST has hired a new country manager, Bihag Mehta, to lead the firm’s activities in India. From its new offices in New Delhi, OST has assisted CLP, amongst other developers, in surveying new utility scale solar capacity, and provided recommendations to bring international best practice and de-risk the projects. “There is huge potential behind the push for Indian solar development,” said Simon Turner, Director, OST Energy. “If the country is to reach its goals with the technology, however, there are a number of key challenges that need to be addressed throughout the development and implementation process.” “Given pressure to lower the levelised cost of energy for solar development in India, due to the high cost of domestic capital, we have to ensure that the projects that are developed are built according to industry best practice. Only investment grade assets will help the country meet its ambitious long term targets.” Brajesh Kumar, Senior Manager at CLP India commented: “Having worked with OST for a number of years, we are pleased that the firm is expanding its operations in the Indian market. We look forward to working with its technical due diligence team again in future.” Suzlon redeems FCCBs of US$ 28.8 million The Suzlon Group has announced that it has successfully repaid in cash, Foreign Currency Convertible Bonds (“FCCBs”) worth US$ 28.8 million (mn) in principal amount, along with the applicable 8.7% redemption premium. This was part of the 5% April 2016 FCCB series (ISIN: XS0614325156), which have now been redeemed in full and will cease to exist. The repayment has been made in accordance with the terms and conditions of the FCCBs. Mr. Kirti Vagadia, Chief Financial Officer, Suzlon Energy, said, “I am pleased to announce that we have redeemed, in cash, US$ 28.8 mn FCCBs through internal accruals. Further, most of our remaining debt maturity profile is back ended. This gives us sufficient headroom to meet our operations and growth requirements. 12 energetica INDIA · MAR | APR16


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