Amplus Energy Solutions will make an investment of Rs 500 crore for its second open access solar project of 100 MW in Deoria district of Uttar Pradesh. The Uttar Pradesh government will kick-off the project by performing groundbreaking ceremony in July 2019.
Prior to this, Amplus Energy Solutions had committed investment of Rs 250 crore for setting up 50 MW open access solar project in Mirzapur. The project is under construction and expected to be commissioned by September 2019. The Deoria plant will generate 700 jobs and supply green energy to many industries located in the state.

Crisis-ridden IL&FS on Monday said it has received approval from Justice (retd) D.K. Jain on the proposed sale of wind energy subsidiaries, held under IL&FS Wind Energy Ltd (IWEL), to ORIX Corporation of Japan.
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Justice Jain was appointed by the National Company Law Appellate Tribunal (NCLAT) to supervise the operation of resolution process of IL&FS Group companies.

"The approval has been granted on the conditions that the proposal will now be placed before the NCLT (National Company Law Tribunal) for its approval and the bid amount realized from the sale be kept in an escrow account," an IL&FS statement said.

The amount in escrow account will be disbursed in accordance with the directions in the proceedings, pending before the NCLT or the NCLAT, as applicable, it added.

ORIX, owner of 49 per cent stake in each of IL&FS group's seven operating wind power plants, had expressed its intent to buy out the remaining 51 per cent stake held by IWEL under the terms of an existing agreement wherein ORIX can match the price offered by the highest bidder for purchasing IWEL's stake in the wind special purpose vehicles.

ORIX decided to match the offer of the highest bidder, of around Rs 4,800 crore for 100 per cent of enterprise value, contemplating no haircut to the debt of the SPVs aggregating to around Rs 3,700 crore. Some of the major lenders in the SPVs include the Power Finance Corporation, Bank of Baroda (for working capital and project financing), and India Infra Debt Ltd, with debt aggregating to around Rs 3,700 crore (without interest).

The IL&FS statement said that sale to ORIX will lead to resolution of the following seven companies of the IL&FS Group - Lalpur Wind Energy Pvt LTD, Etesian Urja, Khandke Wind Energy, Retadi Wind Power, Wind Urja India, Tadas Wind Energy and Kaze Energy. The IL&FS Board approved the sale of these entities to ORIX Corporation on June 28. the contentions made in the appeal, and also look into the issues emerging from the Essar verdict. The top court will hear the matter at length after two weeks.

here is company details.

 

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