Tenth edition April 2013 Beyond sustainability - ey.com · increasing brand or investor value, and risk and supply chain management. ... INR32.6 billion, and Hyflux is expected to

Beyond sustainability

April 2013Tenth edition

India cleantech review

In this edition:

The future of global carbon markets 02

Quarterly review 04

References 12

Dear readers,

As we start the new financial year in India, amid the economic gloom, there is a broad view on the bottoming out of the Indian economic scenario. In the Indian renewable space, there is a far greater consensus on the fact that last year was indeed an aberration and India is set to regain its momentum. The roll out of the much awaited Phase 2 of the National Solar Mission, coupled with the aggressive solar drive across

states (including the recent addition of Uttar Pradesh, Bihar and Punjab), augurs well for India’s solar space. There is keen interest in understanding the fine print on the proposed viability gap funding as well as on domestic content requirements. Roof-top solar is on the verge of transforming from a “good to have” option to an economically preferred one, driven by the fall in tariffs as well as the dire power shortage situation in the country.

In the wind sector, OEMs continue to face the heat of the dramatic fall in demand after the disappearance of the retail segment, driven by the withdrawal of accelerated depreciation. On the flip side, the flow of funds into the wind IPP business has gained momentum with several recent transactions, including GIC’s investment in Greenko and Piramal’s in Green Infra, the Shiram Group’s capital infusion in Orient Green, the sale of the entire DLF portfolio as well as that of VRL assets. More such transactions are in the pipeline. The reintroduction of the Generation-based Incentive in the Union Budget provided a huge relief to the sector, although the fine print of how the funds will be disbursed is awaited. Overall, the space is interestingly poised for growth.

On the regulatory front, the industry is closely following the petitions filed by wind associations with the Appellate Tribunal against non-enforcement of the Renewable Purchase Obligation.

In this newsletter, we have reproduced the Executive summary from our recent global report, titled Future of the carbon market. This subject has been under the radar, given the pricing of carbon credits. However, the importance of this segment cannot be underestimated in the overall evolution of the renewable sector in a developing country such as India.

I hope our newsletter is useful for you. As always, I look forward to your suggestions.

Best regardsSanjay Chakrabarti Partner & Cleantech Sector Leader Ernst & Young LLP [email protected]

2 Beyond sustainability

The future of global carbon markets1

Carbon markets are fast becoming a key policy instrument to combat climate change around the world. Companies that are not already carbon constrained will need to prepare themselves for carbon legislation in the short to medium term, and a low-carbon economy in the long run. This will be challenging, but it will also bring a wealth of opportunities that proactive firms will be able to benefit from. Leading companies are already incorporating future expected carbon prices required for innovative and currently expensive technology into their decision-making process.

There has been a lack of clarity in recent years about a follow up to the Kyoto Protocol (KP), the legally binding international treaty, of which the first commitment period expires at the end of this year. In the absence of strong international policy drivers, individual nations and local authorities started a bottom-up process to develop low-carbon strategies of their own. For the first time since the signing of the United Nations Framework Convention on Climate Change (UNFCCC) in 1992, all countries, developed and developing alike, reached an international climate agreement when the Durban Platform was signed at the end of 2011. However, the scope and targets of the Platform are not yet defined. The objective of ongoing negotiations is agreement on the new future climate regime by 2015, which will apply to all parties from 2020.2

Despite the negative attention carbon markets have received in recent times (due to low prices, uncertain negotiations and lack of an international agreement), there is a real need for business to be aware and understand these markets as constant developments, particularly at a national level, will increasingly impact the private sector.3 Up until now, companies have been able to take advantage of carbon markets through flexible mechanisms such as the Clean Development Mechanism (CDM).4 Following the

negotiations that resulted in the Durban Platform, a number of new market mechanisms are now in the run-up to implementation such as sectoral mechanisms and credited Nationally Appropriate Mitigation Actions (NAMAs), which could also provide new opportunities for business. Systems and mechanisms such as these are part of what is known as “the carbon market.” All of these market elements will affect businesses in the future on an increasingly stringent and global scale.

The key findings of the EY report include the following:

The private sector will need to account for obligations in new carbon market systems and prepare for it in their bottom lines, regardless of developments at the international level.

Companies will have to keep track of, and anticipate, international, regional and local climate policies. In the best case, a global carbon market is created through an ambitious multilateral agreement. This would provide clarity, certainty and transparency, set a global carbon price and create a level playing field. In the worst case, no global agreement is achieved, and corporates around the world will have to get used to an expanding patchwork of local and regional regulations and a blurry set of weak carbon prices. In both cases, there will be challenges and opportunities for the private sector.

Developing countries, including China, are now introducing mandatory carbon markets for businesses.

Stimulated by the potentially harmful effects of climate change, developing countries are very actively implementing national climate strategies. Countries such as Brazil, Chile, India, Indonesia, Mexico and South Africa propose to reduce the growth of their emissions by 2020. China and South Korea plan national ETSs. A range of other developing countries are assessing such schemes under the World Bank’s Partnership for Market Readiness(PMR) fund.5

1 “The future of global carbon markets,” Ernst & Young, http://www.ey.com/Publication/vwLUAssets/The_future_of_global_carbon markets/$FILE/The_future_of_global_carbon_markets.pdf, 19 April 2013.

2 See also Into the unknown: cimate change post durban”, Ernst & Young, 2012.3 To learn more, please refer to How do companies do business in a carbon

constrained world: investment decisions and bottom line, Ernst & Young, 2012.4 Clean Development Mechanism, one of the flexible mechanisms of the KP

5 The Partnership for Market Readiness (PMR) is a grant-based, capacity building trust fund that provides funding and technical assistance for the collective innovation and piloting of market-based instruments for greenhouse gas emissions reduction. Source: http://wbcarbonfinance.org/Router.cfm?Page=PMR&ItemID=61218&FID=61218

3Beyond sustainability

Opportunities already exist for businesses to get involved in the design and trials of the scaled-up market mechanisms, with the aim to capitalize later.

The private sector can play an important role in the development and execution of NAMAs which can drive emissions-reduction in developing countries. Businesses should establish direct partnerships with developing countries within the scope of NAMAs. Incentives for private financiers include returns through carbon credits, opportunities to open up new markets and products, increasing brand or investor value, and risk and supply chain management.

After 2020, companies are likely to be carbon constrained in all the major emitting and emerging countries, and a global carbon market could appear.

After this date, all major emitters and industrialized countries could be carbon-constrained domestically, and developing countries could provide offsets on a large scale through efficient market

mechanisms. The linking up of these unilateral schemes combined with scaled-up market mechanisms would lead to a global carbon market.

Sectoral mechanisms may be a catalyst for a global carbon market in the longer term and some sectors may be more affected than others.

Global sectoral approaches will create a level playing field for the private sector. Sectoral crediting mechanisms will become important after 2020, and are potentially pilot schemes for sectoral trading mechanisms or domestic emissions trading systems (ETSs). Sectoral approaches in developing countries, along with linking of ETSs, could thus stimulate a global carbon market. This would not be a harmonized top-down system, but rather linked up unilateral schemes combined with scaled-up market mechanisms.


Quarterly reviewDomestic cleantech players

Investment announcements

Other updates2

Table 1.1. Major investments announcedi Company Key business activity Investment plans Amount

(INR billion)Investment horizon

Solar

Welspun Energy Wind and solar power generation

MoU with with Gujarat Energy Development Authority (GEDA), Renewable Energy Certificates (RECs) for 100 MW solar and 100 MW wind power generation with an estimated cost of INR12b

MoU with Government of Chhattisgarh to install an INR10 billion solar power project with a capacity of 100 MW

To set up INR8.8 billion solar project with a capacity of 130 MW at Neemuch, Madhya Pradesh

150.0* 2016

Aeon Renewable Energy Solutions

Solar panel and integrated PV manufacturer

To set up 25 MW solar power plants in Tamil Nadu 2.5 NA

PR Fonroche Development services for solar PV projects

To develop 100–150 MW solar power plants 8.0 2013

Vikram Solar Solar PV module manufacturing

To commission a 40 MW solar power project in Rajasthan 4 NA

Raasi Green Earth Energy

Solar farm developer To establish a 100 MW solar power park in Tamil Nadu 2 2013

Wind

Mytrah Energy Wind-based independent power producer

To set up 300 MW wind power farms in Andhra Pradesh 20.0 2014

Indowind Energy Wind farm developer To set up 25 MW of wind power projects in India 1.3 NA

Bioenergy

RDF Power Projects

Waste-to-energy To set up a 11 MW waste-to-energy project at Bibinagar, Andhra Pradesh

1.1 2013

Renewable energy

Green Infra Clean energy —independent power producer

To increase generation capacity to 1 GW from 295 MW 8.2 2015

Water

Xylem Water Solution

Water solutions, analytics and applied water systems

To commission its manufacturing facility at Savli-GIDC in Vadodara 0.8 2014

* Mentioned investments are a part of total investment plan of INR150b


Other updatesii

SolarTata Power Solar planning to shift its focus from being an export-oriented company to a domestic EPC provider: Tata Power Solar plans to increase its share of projects and solutions business with the opportunities offered by Phase II of the National Solar Mission. Currently, 80% of the company’s sales are from its export of solar modules and cells.

Kiran Energy commissions 55 MW solar plant in Rajasthan: Kiran Energy has commissioned a 55 MW DC solar photovoltaic power project in the Rawra village in Rajasthan’s Jodhpur district for three separate projects that have separate power purchase agreements (PPAs) with NTPC Vidyut Vyapar Nigam (NVVN). These projects were won under the second batch of Phase I of the Jawaharlal Nehru National Solar Mission (JNNSM). The plant is expected to produce an average of around 90,000 MWh of clean electricity every year.

T-Solar expands its operations in India with an investment of INR2.7 billion: The T-Solar Group has commissioned its second PV power plant in Nayaka, Gujarat. The plant has an installed capacity of 12.3 MWp, which will generate 19.4 GWh of solar power a year.

WaterDahejSpring to deliver desalinated water to Dahej’s Special Economic Zone: Swarnim DahejSpring Desalination (DahejSpring) has signed a 30-year water purchase agreement (WPA) to deliver desalinated water to the Dahej Special Economic Zone (Dahej SEZ) in Gujarat. The total cost of the project has been estimated at INR32.6 billion, and Hyflux is expected to invest around INR22.8 billion in the project, which will be funded through a combination of equity and non-recourse project investments.

BioenergyStandard Chartered-backed Ramky Enviro planning INR11 billion IPO: Ramky Enviro Engineers plans to opt for an IPO in May 2013 to raise around INR11 billion to finance its investment plans. Around INR5 billion from the proceeds of the IPO will be invested to set up a 48 MW waste-to-energy plant in Hyderabad.


Other updatesiv

SolarBMRCL to leverage solar energy potential on its property: Bangalore Metro Rail Corporation Limited (BMRCL) has invited private entrepreneurs to leverage solar energy potential on its property, to generate solar energy under the Public Private Partnership (PPP) mode. BMRCL will allow its private partners to put up a rooftop solar system and sell solar energy on commercial terms. The concession period is expected to be 15 years.

Wind NALCO commissions first wind power project in Andhra Pradesh’s Kadapa district: National Aluminium Company (NALCO) commissioned its first wind power project, with an investment of around INR2.75 billion, in Gandikota, Andhra Pradesh, in January 2013. The 50 MW project was executed by wind turbine maker Suzlon Energy. NALCO has begun providing power to the state grid under its power purchase agreement with Transco. The company is planning to set up a second 50 MW wind power project (at an estimated cost of around INR1.9 billion) in Rajasthan’s Jaisalmer district.

DLF sells wind turbine project in Gujarat for INR2.8 billion: DLF has sold its 150 MW wind turbine project in Gujarat to Bharat Light and Power (BLP) for INR2.8 billion as part of its initiative to exit from it non-core businesses. The company has signed a definitive business transfer agreement with BLP to transfer its assets in the condition they are at present.

Announcements about investments

Other Indian companies

Table 1.2. Major investments announcediii

Company Key business activity Investment plans Amount (INR billion)

Investment horizon

Solar

Mahanadi Coalfields (MCL) Coal mining To set up a 6000 metric ton silicon- manufacturing facility and a 1000 MW solar power plant

46.0 NA

Su-Kam Provider of power solutions To invest INR1 billion to acquire a manufacturer of solar panels and INR2 billion in the solar power sector

3.0 NA

THDC India Development, operation and maintenance of hydro projects

To set up a 100 MW solar power plant in Uttar Pradesh 8.0 NA

Indian Railways planning 75 MW of wind power in 2013–14: India’s railway budget for 2013–14 envisages the installation of around 75 MW of wind turbines and the use of solar panels to power certain railway crossings in the country. A railway energy-management company is to be established to tap the country’s wind and solar power potential, and help to protect the environment.

Renewable energyPossibility of Tata Power opting for an IPO or acquiring a partner for its renewable business: Tata Power has created a special purpose vehicle (SPV), Tata Power Renewable Energy, to build its renewable energy business. The company plans to invest INR45 billion in the SPV during the next three years and may look for an equity partner or opt for an IPO in the next three to five years. Its new renewable energy additions will be executed under the SPV and its existing projects will remain with the parent company.

Infosys and Wipro on a green drive: Infosys has reduced its per capita electricity consumption by 50% from its 2007–08 levels and plans to become totally carbon-neutral and meet all its electricity needs from renewable resources by the end of 2017. Wipro’s consumption of renewable energy has grown from 25 million units in 2010–11 to 65 million units in 2012–13. This accounts for 21% of its total electricity consumption. The company plans to increase its renewable energy consumption to 160 million units by 2015.


Foreign participation

Major tie-upsV

Table 1.3: Major tie-ups and agreements announcedvi

Foreign player Domestic player Type of partnership/agreement

Solar

Flisom (Switzerland) Tata Power (India)

The Tata Group has invested in Flisom, which has raised capital for the third time. Flisom will use the funds to set up a 15 MW solar plant in Switzerland

Ciel et Terre (France) Klystron Electronics (India)

Ciel et Terre and Klystron Electronics have recently signed an MoU to build solar power projects in east India.

Tokyo Engineering Corporation (Japan)

Rajiv Gandhi Technical University (RGPV) (India)

Tokyo Engineering Corporation seeks to install a solar-based futuristic power cross linear concentrated solar power (CL-CSP) plant at the RGPV. Construction of the plant will commence in April 2013 and RGPV will invest INR30 million in the INR100 million project

Other updatesvii

SolarPR Fonroche and Mahindra EPC commission Indo-French solar power investments in India: PR Fonroche has commissioned two solar photovoltaic-based power plants (with a capacity of 5 MWp and 15 MWp, respectively) in collaboration with Mahindra EPC at the Gajner Village in Bikaner, Rajasthan.

WindSinovel receives nod to market wind turbines in India: The Centre for Wind Energy Technology (C-WET) given its permission to the Chinese wind turbine manufacturer Sinovel Wind Group to sell the latter’s 1.5 MW turbines in India. Maharashtra’s state-owned company Ghodawat Energy’s facilities will be used by Sinovel to produce turbines in India.

BioenergyAbellon CleanEnergy and A2Z Maintenance to invest in waste-to-energy projects in India: Abellon CleanEnergy and A2Z Maintenance & Engineering Services plan to invest INR1.5 billion to INR2 billion to construct and develop four 15–20 MW waste-to-energy projects in Ahmedabad, India.


Table 1.4. Major investments announcedviii

Investor company/group Target/Investee company Amount (INR billion)

Mode of investment

Investment details/background

Solar

Swelect Energy Systems HHV Solar Technologies 0.2 Equity shares Acquired 49% stake and board control in HHV Solar to enter solar PV module business

Wind

Shriram Group Orient Green Power (OGPL) 6 Debt To support completion of OGPL’s 300 MW wind farm project; an additional investment of INR1.5b planned in the preference capital of OGPL

International Finance Corporation (IFC)

Bhilwara Energy 0.4 Debt To develop Bhilwara Energy’s 20 MW wind power project at an estimated cost of INR1.2b under LNJ Power Ventures in Jaisalmer, Rajasthan

Gujarat Venture Finance (GVFL)

SITAC RE 0.4 Equity shares To develop 36 MW Phase-I project out of the total 250 MW proposed for wind farms in Gujarat to be developed during 2013–2015

State Bank of India-led consortium

Continum Wind Energy 9.0 Debt To develop a 175 MW wind power project in Maharashtra

Renewable energy

Proparco RenewGen Enviro Ventures 0.5 Debt To allocate increased amounts of capital for debt-based funding in the renewable energy segment

Water

BS Enviro Skywater 0.3 Growth capital Has acquired a 51% stake in Skywater India to enter water management business

Investments (including PE/VC) Announcement of investments

Other updatesix

SolarMizuho to set up solar power plant in India: Mizuho will support a group of Japanese companies to build a 220 MW solar power plant in Gujarat, India, with an estimated investment of INR17.4 billion. The plant was to be set up through an MoU between Mizuho and the Gujarat Government in January 2013.

Renewable energyIIFCL planning to fund renewable energy projects: India Infrastructure Finance Company Ltd. (IIFCL) is looking at playing a bigger role in lending funds to India’s renewable energy sector, to cater to the funding needs of entrepreneurs setting up new projects in the country’s solar and wind power sector. IIFCL has a INR2.7 billion arrangement with German lending agency KFW, whose mandate is to only focus on the renewable energy sector. The company is also looking at offering additional funding to the domestic solar energy sector.


Government’s announcements/ initiatives

Sectoral updatesx

Solar INR132 billion worth solar projects to be bid for under the national mission: The Ministry of New and Renewable Energy (MNRE) is planning to award solar power projects worth 1,650 MW in 2013–14 (with an investment of around INR132 billion) under phase II of the Jawahar Lal Nehru National Solar Mission. Biddings will be conducted for 800 MW of solar power projects under the “bundling” route and 750 MW under the viability gap funding (VGF) route. Another 100 MW will be developed through rooftop and small solar programs. The bidding process is likely to commence in the first week of May 2013.

India’s content solar rules spark off US WTO complaint: The US has lodged a complaint at the World Trade Organization (WTO) against India’s restrictions on imports of solar equipment, emphasizing that the country’s domestic content requirements violate global commerce regulations. India compels solar-energy producers to use solar cells and modules that are manufactured in the country and offers subsidies to developers that use domestic equipment rather than imported ones.

WindWind bodies petition tribunal over non-enforcement of purchase obligations: The Indian Wind Energy Association and the Indian Wind Turbine Manufacturers Association have jointly petitioned the Appellate Tribunal for Electricity against state electricity regulatory commissions and the Central Electricity Regulatory Commission on the latter’s non-compliance with renewable purchase obligations (RPO). According to the petitioners, these entities are not discharging their obligations and the commissions, which are supposed to enforce the RPO, have not been doing so.

Offshore wind energy steering committee constituted: The Government of India has constituted an Offshore Wind Energy Steering Committee under the chairmanship of the Secretary, Ministry of New & Renewable Energy (MNRE). The committee will steer offshore wind energy development, along with associating stakeholder ministries and MNRE, in a directed and focused manner, including in the modalities for inter-agency coordination.

WaterMinistry moots water-efficiency bureau for conservation: The Ministry of Water Resources has proposed the establishment of an autonomous body, the National Bureau of Water Use Efficiency (NBWUE), which will be responsible for improving efficient usage of water across areas including irrigation, drinking water, industry and power generation.

Other updatesGovernment announces scheme for making renewable energy cheaper: In its Budget 2013, the Government has proposed schemes to reduce the cost of renewable energy. Waste-to-energy projects developed through PPPs with city municipalities will be given incentives such as VGF, repayable grants and low-cost capital from the Government. In addition, the Government will provide low interest-bearing funds from the National Clean Energy Fund (NCEF) to the Indian Renewable Energy Development Agency (IREDA) for renewable energy projects to reduce costs. The Budget has also reintroduced the “generation-based incentive” for wind energy projects and will provide INR8 billion to MNRE.

RECThe 25th trading session of Renewable Energy Certificates (RECs) was concluded on 28 March 2013 at Indian Energy Exchange Limited (IEX) in New Delhi and Power Exchange India Limited (PXIL) in Mumbai — 22.4% of the offered RECs were redeemed. The total transaction value of the exchanges increased by more than 265% from February 2013 to reach INR684.2 million. For non-solar RECs, the exchanges received the highest ever buying bids, which led to a record clearance of non-solar RECs.


Figure1.1. Solar REC trading on IEX

Source: India Energy Exchange (IEX)

931 2,105 1,924 2,632

12,62012,500 12,500

13,400

Dec-12 Jan-13 Feb-13 Mar-13

Cleared volume Cleared price (INR/REC)

Figure1.2. Non-solar REC trading on IEX

1,73,644 1,90,875 48,093 3,07,260

1,500 1,500 1,500 1,500

Dec-12 Jan-13 Feb-13 Mar-13

State level initiatives

During the trading session in March 2013, both the exchanges announced incentives to buyers and sellers in an attempt to increase trade. IEX increased its incentives from INR15 per REC to INR20 per REC for all buyers; PXIL announced an incentive of INR20 per REC for the intermediaries — Trading and Clearing Member (TCM) and Advisory Member — and waived transaction fees for Trading and Self Clearing Member (TSCM).

Table 1.5. Major state-level initiativesxi

State Measures/initiatives

Andhra Pradesh • The Andhra Pradesh Government has issued orders for seven packages of Phase III of the Krishna drinking water supply project (costing INR16.7 billion).

Bihar • The state government plans to develop solar photovoltaic (PV)-based projects with capacity of up to 150MW. Selected developers will sign a Power Purchase Agreement (PPA) with North and South Bihar Power Distribution Company.

Gujarat • The state’s budget includes plans for an offshore wind power project and a 20 MW solar power project on the River Narmada’s canals

• Surat Municipal Corporation (SMC) has passed the INR73.2 billion Surat solar city master plan

Himachal Pradesh

• The World Bank and the Department of Economic Affairs (DEA) of the Government of India have provided financial assistance of INR5.5 billion to the state to enable it to achieve inclusive green growth and sustainable development.


Bilateral cooperation

Table1.6. Major tie-ups announced with other countriesxii

Country Type of collaboration

United States • ► The Indian Institute of Science (IIS) and the National Renewable Energy Laboratories (NREL) have set up the Solar Energy Research Institute for India and the United States (SERIIUS). India and the US have made an investment of INR687.2 million each and the remaining funds will be obtained through industry bids

European Union • ► India and the European Union (EU) have signed a INR800 million agreement to recycle industrial and domestic waste water to address water issues faced by both. The Union Department of Bio Technology and six EU countries have contributed INR400 million each for the four-year project. The International Crops Research Institute for the Semi-Arid Tropics (ICRISAT) will lead one of the two consortia with 34 member companies, universities and research organizations.

State Measures/initiatives

Karnataka • The Karnataka Government has sanctioned INR50 million for the Solar City project in Hubli. The Centre will provide 30% of the financial assistance required through the MNRE, 20% will be provided by the state and the remaining 50% will be provided by local bodies,

Kerala • The Kerala State Electricity Regulatory Commission (KSERC) has introduced new feed-in tariffs (FITs) for hydropower and wind power projects, effective 1 January 2013.

• INR4.88 per kWh for owners of small hydropower projects with installed capacity of below 5 MW and INR4.16 per kWh for small hydropower projects with capacity of between 5 MW and 25 MW

• INR4.77 per kWh for wind farm owners

• The Kerala Water Authority (KWA) is planning to set up 19 mini-desalination plants with capacities ranging from 2,000 liters an hour to 10,000 liters an hour across the state

• KSEB is planning to develop solar energy capacity of 350 MW in the next four years. The initial 50 MW is expected to be installed by December 2013

Madhya Pradesh • India’s biggest solar power plant is to be set up in Neemuch, Madhya Pradesh. The plant will generate 130 MW of electricity

Uttar Pradesh • The Centre for Wind Energy Technology (C-WET) will install four wind-monitoring systems (at an estimated cost of between INR50 million and INR60 million per MW) in the Pilibhit, Sitapur, Shahjahanpur and Lakhimpur districts of Uttar Pradesh under a program to build wind farms across the state .

Notes:

• ► The Quarterly review section covers some of the significant developments in India’s cleantech sector between 15 December 2012 and 15 March 2013.

• ► Exchange rates used on day of reporting from www.xe.com/ucc/

• ► The figures have been rounded off to one decimal place.


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vii. “PR Fonroche and Mahindra EPC realize first Indo-French solar power investments in India,” ENP Newswire, 10 January 2013, via Factiva, (c) 2013, Electronic News Publishing.; “Sinovel receives nod to market wind turbines in India,” SeeNews Renewables, 2 January 2013, via Factiva, © 2013. SeeNews.; “Abellon CleanEnergy and A2Z Maintenance to invest in waste-to-energy projects in India,” Global Data Financial Deals Tracker, 26 February 2013, via Factiva, © 2013. GlobalData.


viii. “Swelect Energy acquires HHV Solar Tech,” Business Line, www.indiainfoline.com/Markets/News/SWELECT-Energy-acquires-49-percent-Equity-in-HHV-Solar-for-Rs.220mn/5591258596, 22 January 2013.; “Shriram group to inject INR6 billion into Shriram EPC, subsidiaries,” Business Line, 23 February 2013, via Factiva, (c) 2013 The Hindu Business Line.; “IFC to lend INR410m to Bhilwara Energy for wind power project,” Metis Energy Insider, 30 January 2013, via Factiva, Copyright 2013. Metis Business Solutions Pvt. Ltd.; “GVFL invests Rs 40 cr in UK’s SITAC group wind farm projects,” Business Line, www.thehindubusinessline.com/companies/gvfl-invests-rs-40-cr-in-uks-sitac-group-wind-farm-projects/article4357814.ece, 29 January 2013.; “State Bank of India consortium finances 175 MW wind project,” SeeNews Renewables, 12 February 2013, via Factiva, © 2013. SeeNews.; “Proparco in talks to invest INR540m in RenewGen,” Economic Times, http://articles.economictimes.indiatimes.com/2013-01-21/news/36463066_1_renewable-energy-investment-bank-continuum-energy, 21 January 2013.; “Proparco in talks to invest INR540m in RenewGen,” Proparco, www.proparco.fr/lang/en/Accueil_PROPARCO/Activite/Les-secteurs-d-intervention/Climate, 21 January 2013.; “BS Enviro acquires 51% stake in Skywater India for water solutions,” Business Line, www.thehindubusinessline.com/companies/bs-enviro-acquires-51-stake-in-skywater-india-for-water-solutions/article4474956.ece, 4 March 2013.

ix. “Mizuho to set-up solar power plant in India,” EFYTimes.com, 5 February 2013, via Factiva, Copyright © 2013. EFY Enterprises Pvt. Ltd.; “IIFCL keen to fund renewable energy projects,” Business Line, www.thehindubusinessline.com/companies/iifcl-keen-to-fund-renewable-energy-projects/article4218052.ece, 19 December 2012.

x. “INR132b worth solar projects to be bid under national mission,” Business Line, 19 January 2013, via Factiva, (c) 2013 The Hindu Business Line.; “India’s domestic content solar rules spark US WTO complaint,” Bloomberg, accessed on 6 February 2013.; “Wind bodies petition tribunal over non-enforcement of purchase obligations,” Business Line, 13 February 2013, via Factiva, (c) 2013 The Hindu Business Line.; “Offshore wind energy steering committee constituted,” Metis Energy Insider, 7 March 2013, via Factiva, Copyright 2013. Metis Business Solutions Pvt. Ltd.; “Ministry moots water efficiency bureau for conservation,” Indo-Asian News Service, 27 January 2013, via Factiva, Copyright 2013. Indo-Asian News Service.; “Government announces scheme for making renewable energy cheaper,” Economic Times, http://economictimes.indiatimes.com/news/news-by-industry/energy/oil-gas/budget-2013-government-announces-scheme-for-making-renewable-energy-cheaper/articleshow/18732667.cms, 28 February 2013.

xi. “Government approves 7 packages of Krishna project phase-III,” New Indian Express, 27 December 2012, via Factiva, (C)2012 The New Indian Express,; “Government plans solar power with pisciculture,” The Times of India, 19 February 2013, via Factiva, (c) 2013 The Times of India Group.; “7,320 crore solar city master plan gets SMC nod,” The Times of India, 23 February 2013, via Factiva, (c) 2013 The Times of India Group.; “Gujarat budget includes plans for India’s first offshore wind project,” SeeNews Renewables, 22 February 2013, via Factiva, © 2013. SeeNews.; “State receives INR5.5b for green growth and sustainable development,” Indian Government News, 6 February 2013, via Factiva, Copyright 2013. HT Media Limited.; “Hubli-Dharwad set to become solar cities,” Metis Energy Insider, 24 February 2013, via Factiva, Copyright 2013. Metis Business Solutions Pvt. Ltd.; “KSERC unveils FIT tariffs for hydro and wind power,” SeeNews Renewables, 18 January 2013, via Factiva, © 2013. SeeNews.; “Community-run drinking water plants soon,” The Hindu, 3 February 2013, via Factiva, (c) 2013 Kasturi & Sons Ltd.; “KSEB plans to create 350 MW solar power capacity in 4 years,” Business Line, www.thehindubusinessline.com/news/states/kseb-plans-to-create-350-mw-solar-power-capacity-in-4-years/article4505239.ece, 13 March 2013.; “India’s biggest solar power plant to be set up in MP,” The Times of India, http://articles.timesofindia.indiatimes.com/2013-02-26/bhopal/37308329_1_solar-power-renewable-energy-mw-electricity, 26 February 2013.; “Uttar Pradesh state sets up wind monitoring systems,” SeeNews Renewables, 2 January 2013, via Factiva, © 2013. SeeNews.

xii. “India, US fund INR2.7b project for solar research,” Deccan Chronicle, 19 December 2012, via Factiva, Deccan Chronicle © Copyright 2012.; “India and EU sign pact to recycle waste water,” Business Line, www.thehindubusinessline.com/industry-and-economy/agri-biz/india-eu-sign-pact-to-recycle-waste-water/article4357068.ece, 29 January 2013.

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