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Volume 2 Issue 11
02.2013
MONTHLY
INDUST
RY FO
CUS -
RENEW
ABLE
ENER
GY SE
CTOR
INDUST
RY FO
CUS -
RENEW
ABLE
ENER
GY SE
CTOR
LSI Financial Services is a leading provider of innovative financial solutions to corporate India for over a decade.
It has successfully raised funds for companies through structured financial products, spanning various sectors. With in depth domain knowledge, LSI strives to add value to the client's financial supply chain ensuring an effective and efficient capital structure.
Our services include:
Debt Syndication
Private Equity Advisory
Issue Management
Mergers and Acquisitions
Financial Restructuring
Project Advisory Services
Creatingpartners in
value, growth
From The Managing Director’s Desk
Dear Readers,
I hope that LSI's initiative of knowledge-sharing is adding value to our esteemed readers. In the current issue we dwell on the subject of Renewable Energy Sector of India.
India has more than 150GW of renewable energy potential of which about half is in the form of solar and rest is in the form of wind, small hydropower, biomass etc. Developing renewable energy is likely to help India increase its energy security, reduce the adverse impacts on the local environment, lower its carbon emission, contribute to more balanced regional development and enable its aspirations for leadership in high-technology usage for power generation.
Since 2005 the energy and climate change agenda has universally taken center stage in the domestic and international policy arena. India is well placed to build on this momentum. It has tripled its renewable energy generation capacity in the past five years and currently ranks fifth in the world in terms of total installed renewable energy capacity. The country has established a legal and regulatory framework for sector oversight and has created the Ministry of New and Renewable Energy - a first such Ministry in the world.
Hope you enjoy reading the series!
Raj Kajaria
Inflation on y-o-y basis (%)
All
com
modit
ies
Pri
mary
Art
icle
s
Min
era
ls
Fuel and P
ow
er
20.0
10.0
0.0
Petr
ol
Manufa
cture
d P
roduct
Food P
roduct
s
Basi
c M
eta
l A
lloys
& M
eta
l P
roduct
s
Mach
inery
&M
ach
inery
Tools
Dec '12Jan '13
3.4
MACROECONOMIC UPDATE
Highlights
l
of India increased by 12.49% y-o-y to ̀ 3.90 lakh crore as against `3.46 lakh crore in the corresponding period of the previous year.
lAccording to Dealogic, India's M&A deal volume
decreased by 84% y-o-y to $615 million in January 2013 compared to $3.8 billion in the same month of the previous year.
lIn December 2012, the cumulative value of
Participatory-Note investments in Indian markets decreased to ̀ 1.51 lakh crore from ̀ 1.77 lakh crore in the previous month.
lThe Finance Ministry has approved 4 FDI proposals in
single brand retailing, which include Decathlon and Fossil Inc worth ̀ 750 crore.
lFederal Bank announced a 0.25% reduction in its base
rate or the minimum rate of lending to 10.20%.
lIndia allows 4G holders to offer voice services with an
additional pay of $306 million.
lIn December 2012, India's FDI inflows declined by around
19% y-o-y to $1.10 billion as against $1.35 billion in the corresponding period of the previous year due to global economic uncertainties.
lThe Government would hold the third round of 2G GSM
spectrum auction for the airwaves, which were freed following cancellation of telecom licences by Supreme Court in February 2012 and were not put for auction earlier.
lAccording to Gartner, healthcare providers in India would
spend ̀ 5,700 crore on IT related products and services in 2013, an increase from ̀ 5,300 crore in the previous year.
lThe Finance Minister is considering the request of British
telecom major, Vodafone for amicable settlement of the over ̀ 11,217 crore tax dispute.
During April 2012-January 2013, net direct tax collection
lRBI announces final guidelines on new banking licences and fixes the deadline to apply for new banking licences as July 1, 2013. According to the guidelines, existing NBFCs are also eligible to apply for the licence.
lThe Government would sell minority stake in 4 more companies, which include SAIL and NALCO to achieve `30,000 crore disinvestment target for the FY2012-13.
lThe Madhya Pradesh Government has reduced entry tax on domestic LPG from 6.47% to 2%. The State budget proposes to make an expenditure of ̀ 91,946 crore in the FY2013-14.
lAccording to the Economic Survey, during April-December 2012 Indian companies raised `2.81 lakh crore through debt and equity, which include IPOs and private placement of debt and equity.
Source: Office of Economic Advisors
IIP sectorwise on y-o-y basis (%)
Min
ing
Manufa
cturi
ng
Capit
al G
oods
Inte
rmedia
te G
oods
Consu
mer
Dura
ble
s
Consu
mer
non-D
ura
ble
s
-4.0-0.7
0.30.3
-0.9 -0.1
-8.2-1.1
1.9
-7.7-1.4
-40
-20
0
20
Ele
ctri
city
Refi
nery
Cem
ent
Natu
ral G
as
Fert
iliz
ers
Source: Office of Economic Advisors
Dec '12Jan '13
Nov '12Dec '12
Source: RBI
Bank Credit ` croreas on 8th Feb 2013, previous 25th Jan 2013
Key Economic Indicators
Forex Reserve $mlnas on 15th Feb 2013, previous 8th Feb 2013
as on 25th Jan 2013, previous 11th Jan 2013Certificate of Deposits %
as on 31st Jan 2013, previous 15th Jan 2013Commercial Paper %
latest Dec 2012, previous Nov 2012IIP %
latest Jan 2013, previous Dec 2012Inflation %
latest Jan 2013, previous Dec 2012WPI for 'All Commodities'
latest Jan 2013, previous Dec 2012Export $bln
latest Jan 2013, previous Dec 2012Import $bln
-20
0
20
40
Coal
Cru
de
Ste
el
2.3 1.0
-16.8-14.9
10.55.0
-6.6
3.9
-3.8
9.43.65.2 5.9
-9.1
-0.2 -0.2
50,99,900
7.97-13.37
8.11-9.25
0.6
6.62
169.2
25.6
45.6
293,518.50
50,51,220
8.05-13.45
8.19-8.88
0.1
7.18
168.6
24.9
42.5
294,542.60
6.67.2
10.610.3
2.13.7
9.4
7.1
3.84.85.0
8.29.0
3.03.42.6 2.5
-5.5
COMMODITY UPDATE DEBT UPDATE
lDuring April 2012 to January 2013, India's Oilmeal export declined by 18% y-o-y to 36,78,861 tonnes as against 44,85,197 tonnes during the same period of the previous year due to decrease in demand from the overseas markets.
lThe Government has reduced the import tariff value of gold and silver to $535 per 10 gram and $1,003 per kg respectively, due to decline in global prices of precious metals.
lIn December 2012, India's mineral production increased by 7.9% m-o-m to `18,195 crore mainly on account of higher output of coal, iron ore, natural gas and petroleum.
lThe Government has increased the petrol and diesel prices by ̀ 1.50 per litre and 45 paise a litre respectively.
29-Jan
-13
16-F
eb-1
3
19-F
eb-1
3
1-Fe
b-13
4-
Feb-
13
10-F
eb-1
3
7-Fe
b-13
13-F
eb-1
3
22-F
eb-1
3
25-F
eb-1
3
Daily price movement of and in terms of$ € `
Source: www.oanda.com
DO
LLA
R
EU
RO
54.00
52.50
55.50
57.00
51.00
72.00
73.50
70.50
69.00
67.50
`/€`/$
29-Jan
-13
16-F
eb-1
3
19-F
eb-1
3
1-Fe
b-13
4-
Feb-
13
10-F
eb-1
3
7-Fe
b-13
13-F
eb-1
3
22-F
eb-1
3
25-F
eb-1
3
Daily Price Movement of Gold and Silver at Ahmedabad Exchange (`)
Source: MCX
SIL
VE
R
GO
LD
32000
28000
29000
51000
55000
53000
59000
5700031000
30000
29-Jan
-13
16-F
eb-1
3
19-F
eb-1
3
1-Fe
b-13
4-
Feb-
13
10-F
eb-1
3
7-Fe
b-13
13-F
eb-1
3
22-F
eb-1
3
25-F
eb-1
3
Source: MCX
Daily Price Movement of Copper and Crude Oil at Mumbai Exchange (`)
CO
PP
ER
490
470
430
410
450
CR
UD
E O
IL
5400
5200
5000
4600
4800
lDuring 2012, banks were approached for debt restructuring in 126 cases for a collective amount of ̀ 84,000 crore.
lThe Government has signed $60 million loan agreement with the World Bank to improve watershed operations in seven districts of Karnataka.
lIndian companies raised over `7,800 crore through retail issuance of NCDs during April 2012-February 11, 2013 in the FY2012-13. Most of the funds were raised to support financing activities and meet working capital requirements.
lThe Government has cancelled `12,000 crore bond auctions, lowering its market borrowing programme to ̀ 5.58 lakh crore from `5.70 lakh crore for the FY2012-13 to contain the fiscal deficit at 5.3%.
lThe RBI has allowed standalone primary dealers to trade in corporate bonds to further develop the debt market.
lAccording to the Economic Survey, during April-December 2012 Indian Inc's raised `4,974 crore in corporate debt, which is not even 10% of `35,611 crore raised in the FY2011-12.
CORPORATE UPDATE GLOBAL UPDATE
PRIVATE EQUITY UPDATE
EQUITY UPDATE
lThomas Cook has signed an agreement to acquire 74% stake in IKYA Human Capital Solutions Pvt Ltd for ̀ 256 crore.
lMa Foi Strategic Consultants has acquired 17.5% stake in Coimbatore-based company, Oviya MedSafe. The acquisition would mark company's foray in the
`90,000 crore pharmaceutical industry.
lShree Renuka Sugars Ltd has signed an agreement with Sri Lanka's State investment arm, Board of Investment to set up $220 million sugar refinery complex at Sri Lanka.
lBangalore-based IT company, Mphasi has acquired US-based Digital Risk LLC for $175 million.
lZensar Technologies has entered into `269 crore agreement with US-based Assurant Health to provide IT support for suite of business applications.
lGMR Group has signed an agreement with Macquarie SBI Infrastructure Investments and SBI Macquarie Infrastructure Trust to divest its 74% stake in highway project, GMR Jadcherla Expressways Ltd for ̀ 206 crore.
lTVS Logistics has acquired 85% stake in UK-based Rico Logistics for ̀ 100 crore.
lAirAsia would invest $50 million in a JV with Tata Sons Ltd and Telestra Tradeplace Pvt Ltd for the new proposed Indian airline.
lVedanta Group firm, Sterlite Industries Ltd is planning to double its smelter capacity to 8 lakh tonne p.a. with an investment of around ̀ 2,500 crore.
lEtihad Airways has concluded a deal to acquire three Jet Airways slots at London airport for $70 million.
lUS-based financial institution, Janus has acquired 5.16% stake in electrical goods maker, Havells India for around ̀ 420 crore.
lAccording to PwC, during the quarter ended December 2012 the investments by PE firms in India declined by 32% y-o-y to $1.01 billion across 82 deals.
lAccording to Grant Thornton, in January 2013 India's total M&A and PE deals decreased by over 48% y-o-y to $1.16 billion across 74 deals as compared to $2.26 billion across 93 deals in the corresponding period of the previous year.
lUS-based PE firm, Blackstone Group along with 2 other companies have agreed to buy a business park in South India for $367 million.
lUS-based PE firm, TPG Capital has raised $305 million by selling its 10% stake in Shriram Transport Finance Co Ltd.
lPE firm, Everstone Capital and Chrys Capital is eyeing to acquire about 10-12% stake in FMCG firm, CavinKare for around ̀ 350 crore.
lEverstone Capital has acquired a significant minority stake in Transpole Logistics for around ̀ 220 crore.
lDiliigent Power is planning to raise `800 crore through PE route to fund its thermal power projects.
lPE firm, Apax Partners LLP sold its 4.8% stake in Apollo Hospitals Enterprise Ltd to Oppenheimer Funds Inc for $97 million.
lPE firm, ChrysCapital has acquired 10% stake in NBFC, Au Financiers for `120 crore.
lJP Morgan is planning to raise $1-$1.5 billion for JP Morgan Asian Infrastructure & Related Resources Opportunity Fund II, which would focus to invest in core infrastructure assets across Asia.
lDuring the quarter ended December 2012, the German economy decreased by 0.6%.
lEurozone PMI declined to 47.3 in February 2013 as against 48.6 the previous month.
lSpain's public deficit surged to more than 10% of National output in 2012.
lIn 2012, Singapore's economy slowed down to 1.3% due to global economic slump.
lIn January 2013, China's HSBC PMI of 54 was at a four month high compared to 51.7 in December 2012.
lIndia has signed a MoU with Bangladesh for co-operation in the fields of health and medical sciences, which would include joint research in health and exchange of doctors and health professionals.
lCentral Bank of India is planning to raise up to `2,046 crore in March 2013 through preferential allotment route as part of the capital infusion by the Government.
lCatholic Syrian Bank Ltd is planning to raise over `200 crore through rights issue at a premium of `150 per share on a face value of `10 each and the ratio of issue would be 1:2.
lFIIs infused $3.95 billion in Indian equities in February 2013.
lLife Insurance Corp of India sold shares worth `12,600 crore in companies related to financial, auto and pharma sectors in the October-December quarter of the FY2012-13.
INDUSTRY FOCUS - INDIAN RENEWABLE ENERGY
l
of installed capacity of the renewable energy. At present, renewable energy with over 26 GW (gigawatt) installed capacity represents about 12% of the total installed power generation capacity in India and it aims to achieve about 55 GW by 2017.
lIndia is the most developed renewable energy market in South Asia with annual revenue of about $185 billion.
lAlthough, India was the first country in the world to set up a ministry of non-conventional energy resources in early 1980s, the same is still underdeveloped. In fact, the country is lagging behind other nations in the use of renewable energy.
India is among the top five countries of the world in terms
Source: CEA)Central Electricity Authority (
Source: Ministry of New and Renewable Energy (MNRE)
Break up of installed power generation capacity
Coal56%
Renewable12%
Hydro20%
Gas9%
Diesel1%
Nuclear2%
l
CAGR of 20.6% during the period FY2006-07 to FY2011-12 to 26 GW.
lAmong all the sources of renewable energy in India, wind energy contributes around 69.05% of the total renewable energy installed capacity followed by small hydro power at 13.11%.
The installed capacity of renewable energy has grown at a
Source: CEA
Growth of renewable energyinstalled capacity in India (GW)
0
30
25
20
15
10
5
FY07
10.212.3
14.416.8
20
26
FY08 FY09 FY10 FY11 FY12
CAGR20.6%
SmallHydro power
Solar energy
Major sources ofrenewable energy
in India
Wind energyBiomassenergy
Segmentation of renewable energyinstalled capacity in India
Wind Power69.05%
Others8.76%
Solar Power4.41%Biomass
Power4.68%
Small Hydro Power13.11%
Installed capacity by the end of the 11th five-year plan and capacity addition target for the 12th five-year plan in megawatt (MW)
Source
Wind Power
Small Hydro Power
Biomass Power
Bagasse Co-generation
Waste to Power
Solar Power
TOTAL
Estimatedpotential
49,000
15,000
17,000
5,000
3,900
>100,000
>1,89,900
11th planachievement ason 31.03.2012
Installed capacityby end of 11th plan
i.e.31.3.2012
Capacity additiontarget for12th plan
Target installedcapacity at the end
of 12th plan
10,260
1,419
2,042
NA
NA
938
14,659
17,353
3,395
1,150
1,985
90
941
24,914
15,000
2,100
500
1,400
500
10,000
29,500
32,353
5,495
1,650
3,385
590
10,941
54,414
Source: MNRE
Wind energy:
lWtechnology for generating grid connected power amongst various other sources. Total capacity of 17,353 MW wind power, which has been established up to March 31, 2012 in the country is about 70% of the cumulative deployment of the grid interactive renewable power.
ind energy is the fastest growing renewable energy
l
12th five-year plan is 15,000 MW, which will increase it to 32,353 MW by the end of the plan.
lFor the FY2012-13, a total outlay of 45 crore has been
approved, while the financial target proposed for the 12th five-year plan is ̀ 1,600 crore.
Further, the capacity addition target for wind energy in the
`
Source: MNRE
Growth of wind installed capacity in India (GW)
0
20
15
10
5
FY07
7.1 8.8 10.2 11.814.2
17.3
FY08 FY09 FY10 FY11 FY12
Solar energy:
lS
either using Photovoltaics (PV) or Concentrated Solar Power (CSP) / Thermal Power technologies. CSP/Thermal Power system uses lense or mirror and tracking system to focus a large area of sunlight into a small beam while PV converts light into electric current using the photoelectric effect.
lThe launch of the Jawaharlal Nehru National Solar Mission (JNNSM) in January 2010 has given a big impetus to the
olar power is the conversion of sunlight into electricity
l
specified the normative capital cost for wind energy projects at ̀ 5.96 crore/MW for the FY2013-14, an increase from ̀ 5.75 crore/MW in FY2012-13.
lWith 17,353 MW of installed capacity India ranks fifth in
the world following China (44,733 MW), USA (40,180 MW), Germany (27,215 MW) and Spain (20,676 MW). Wind power accounts for nearly 8% of India's total installed power capacity.
The Central Electricity Regulatory Commission (CERC) has
Small Hydro Power (SHP):
lHas small hydro projects (SHP). India has an estimated SHP potential of about 15,000 MW of which only 20% has been tapped.
lThe total installed capacity of SHP projects in India as on March 31, 2012 was 3,395 MW and projects of about 940 MW are in various stages of implementation.
lHydro power is obtained from the potential energy of water flowing from a height. The energy is converted into electricity by using a turbine attached to a generator. The hydro power potential of a site is dependent on the discharge and head of the water. These projects can be set up on rivers, canals or at dams.
ydro power projects up to 25 MW capacity are classified
Details of the physical target achievements duringthe 11th five-year plan
Source: MNRE
Year
2007-08
2008-09
2009-10
2010-11
2011-12
Total
Target (MW)
200
250
300
300
350
1,400
Achievement (MW)
204.75
248.93
305.27
307.21
352.00
1,418.20
Region
Himachal Pradesh,Uttarakhand andNorth EasternStates
Other States
Project size
Below 5 MW
5 MW to 25 MW
Below 5 MW
5 MW to 25 MW
FY 2012-13
7.7
7.0
6.0
5.5
Capital cost ( crore/MW)`
FY 2013-14
7.98
7.26
6.22
5.70
lWhile SHP projects on rivers involve higher costs of civil
works than those on canals, the cost of equipments for
canal based projects is relatively higher. SHP projects
generally cost between `7-8.5 crore per MW and have a
pay-back period of 5-7 years depending upon the capacity
utilization factor.
lThe financial requirement of `1,600 crore has been
projected for the proposed target of 2,100 MW in the 12th
five-year plan. For SHP grid interactive renewable power
project, ̀ 340 crore funds were required to achieve target of
350 MW for the FY2012-13. However, only `150 crore has
been allocated to achieve the target.
lThe CERC has specified the normative capital cost for SHP
in FY2012-13 and FY2013-14 as follows:
l
of 19.5% during the period FY2006-07 to FY2011-12.Installed wind energy capacity in India has grown at a CAGR
solar energy in India. The highlights of the mission are given below:
uInstalled capacity of 20 GW by 2022
uEnvisages an investment of ̀ 90,000 crore over the next 30 years
uInitial investment of `4,337 crore provided by the Government of India (GOI)
lNNSM adopted 3-phase approach, where upto FY2012-13 is phase 1, the remaining 4 years of the 12th Plan (2013–17) will be phase 2 and the 13th Plan (2017–22) will be phase 3.
J
Target for phase I(2010-2013)
Cumulative target forphase 2 (2013-17)
Application Segment
Grid solar power includingroof top
Off-grid solar applications(including rural solar lights)
1,000 MW
1,000 MW 200 MW
4,000-10,000 MW
Cumulative target forphase 3 (2017-22)
2,000 MW
20,000 MW
l
cost for PV and CSP at 8 crore/MW and 12 crore/MW for The CERC has decreased the specified normative capital
` `
the FY2013-14 from `10 crore/MW and `13 crore/MW for the FY2012-13 respectively.
l
p.a. over the last three years due to the fall in the prices of module based on economies of scale, technological &
The Solar PV has seen cost reduction of more than 20-22% manufacturing process advance and supply more than demand.
lThe details of the projects are given below:-
l
470 MW of Solar Thermal by January 10, 2011.
Out of the above, PPA's (Power Purchase Agreements) were signed with 36 solar power developers for 145 MW Solar PV and
l
bidders for 27 solar power projects (340 MW) by January 27, 2012.
Biomass energy:
lThe availability of biomass in India is estimated at about
540 million tonnes p.a. covering residues from agriculture, agro industries, forestry, and plantations.
lA cumulative capacity of 1,150 MW as on March 31, 2012
from biomass has so far been commissioned mainly in Tamil Nadu, Uttar Pradesh, Karnataka, Andhra Pradesh, Maharashtra, Chhattisgarh, Punjab and Rajasthan.
lThe Ministry has set a capacity addition target of
approximately 1,900 MW, including Bagasses Co-generation, during the 12th five-year plan with the proposed financial budget of ̀ 1,700 crore.
lThe CERC has increased the normative capital cost for
biomass power projects to ̀ 4.62 crore/MW for the FY2013-14 from ̀ 4.45 crore/MW in the FY2012-13.
Government Initiatives:
lThe GOI has permitted 100% FDI for renewable energy
sector.
Out of the above, PPA's were signed with 21 selected l
depreciation for renewable energy investments.
lPreferential income tax rate of 15% is charged instead of
the standard rate of 30%.
lThe sector has received an exemption from Central Sales
Tax.
lThe GOI has allowed customs duty concessions for the
import of material, components and equipment used in renewable energy projects.
lThe sector has also been permitted soft loans for setting up
renewable energy enterprises together with tax holiday of 10 years for biomass power projects.
In General:
lPrivate equity deal value in the renewable energy sector
was $325.1 million (`1,765 crore) across 12 deals in CY2012.
lAccording to CERC, the debt equity ratio of 70:30 has to be
maintained for the renewable energy projects.
lIndia and Switzerland have agreed to explore avenues to
increase cooperation in the field of renewable energy as the European country is appearing keen to invest in the sector.
The sector has been allowed up to 80% accelerated
State
State
Projects under Batch-I, Phase-I (Solar PV-150 MW, Solar Thermal-470 MW)
Rajasthan
Maharashtra
Andhra Pradesh
Karnataka
Gujarat
Odisha
Tamil Nadu
Uttar Pradesh
Total
State wise detail of selected capacity is as under:
New projects
Solar PV (MW)
105
5
15
10
NIL
5
5
5
150
Solar Thermal (MW)
400
NIL
50
NIL
20
NIL
NIL
NIL
470
Total (MW)
505
5
65
10
20
5
5
5
620
Projects under Batch-II, Phase-I (Solar PV-350 MW)
Project capacity (MW) * No. of projects
Rajasthan
Maharashtra
Andhra Pradesh
Tamil Nadu
Total
5 9 4 6
1 NIL NIL 1
NIL NIL NIL 1
NIL 1 NIL NIL
6 10 4 8
5 MW 10 MW 15 MW 20 MW
Solar PV (MW)
295
25
20
10
350
l
renewable energy sources. These attributes are unbundled from the physical electricity and the two products, the certificate and the electricity, are sold or traded separately.
lThere are two categories of RECs:
a. Solar certificate issued to eligible entities for generation of electricity based on solar as renewable energy source.
b. Non-solar certificate issued to eligible entities for generation of electricity based on renewable energy source other than solar.
lThe proposed 30 GW renewable energy generation
RECs represent the attributes of electricity generated from capacity addition during the 12th five-year plan is expected to attract an investment of `2.1 trillion across the value chain of all technologies.
lIntroduction of JNNSM for the promotion of solar power is
expected to drive huge investments in this field as the
Government has set a target to install 20 GW of solar
power by 2020.
lDeveloping renewable energy can help India to increase its
energy security, reduce adverse impacts on the local
environment, lower its carbon intensity, contribute to a
more balanced regional development and realise its
aspirations for leadership in high-technology industries.
Selling arrangement of the renewable energy project
Renewable EnergyCertificate (REC)
PPA
Power to be sold tothe State distribution
company (Discom)
Power component tobe sold to
the State ElectricityGRID/Discom/Third party
REC Component sold inthe power exchanges
like IEX & PXIL
Strengths
1.
2. Large amount of agricultural and
industrial biomass.3. High exploitation of hydroelectricity.
4. High value of natural heritage, which favours clean energies development.
High solar radiation.
Opportunities
1. Existence of industrial sectors suitable for installing cogeneration processes.
2. Suitable climate for the successful application of bioclimatic criteria.
3. Existence of susceptible areas for wind energy development.
4. Existence of subsidies to electricity production with renewable sources.
Weaknesses
1.
2. Limited installed power for electrical generation.
3. Low sensitiveness to energy saving.
4. There is no individual awareness for renewable energy utilisation.
Lack of fossil energy resources.
Threats
1.
2. Excessive dependency on fossil fuels.
3. Risk of energy resources price increase.
Progressive environmental deterioration.
SWOT ANALYSIS
Disclaimer: This report is based on publicly available data and other sources that we consider reliable. While every effort is made to ensure the accuracy and completeness of information contained, we do not represent that it is accurate or complete and do not take liability for errors or omission. LSI Financial Services Pvt Ltd shall not be liable for any direct or indirect damages that may arise due to any act or omission on the part of the user due to any reliance placed or guidance taken from any portion of this report.
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