Daily News Wrap-Up: PFC Approves RDSS Projects Worth ₹1.17 Trillion for DISCOMs

Wind turbine manufacturer Nordex records 15.7% YoY surge in sales

November 23, 2023


Government-owned Power Finance Corporation (PFC) has approved projects worth over ₹1.17 trillion (~$14.04 billion) for various state distribution companies under the Revamped Distribution Sector Program as of September 2023. The public sector lender has also approved loans worth ₹70 billion (~$8.4 billion) and disbursed ₹31 billion (~$3.7 billion) under the Late Payment surcharge program, fetching the DISCOMs more than a 50% reduction in legacy dues.

Germany-based wind turbine manufacturer Nordex Group reported €4.48 billion (~$4.8 billion) in sales during the first nine months of 2023, a year-over-year increase of 15.7% from €3.87 billion (~$4.2 billion). Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) were recorded at a loss of €66.6 million (~$72.6 million), an improvement of 66.7% YoY. Nordex recorded a net loss of €334 million ($364.5 million), an improvement of roughly 10% from €372 million ($405.9 million) in 9M 2022.

Union Minister for Power and New & Renewable Energy R. K. Singh has said the government aims to add 80 GW of thermal power capacity by 2031-32, reiterating that renewables alone are insufficient to meet India’s surging power demands. He told a conference of energy sector stakeholders that since nuclear capacity cannot be added rapidly, coal-based thermal capacity must be augmented to meet the energy needs.

New Delhi-based electric vehicle company Baaz Bikes has announced the completion of its Series A funding round, raising $8 million. The funding round was led by Singapore-based BIG Capital with participation from Rakuten Capital, Japan-based Rakuten Group’s venture capital arm, along with existing investors like Kalaari Capital, 9Unicorns, and Sumant Sinha.

The Ministry of Power has amended the tariff-based competitive bidding process guidelines for power procurement from renewable sources, directing developers to give a 15-day notice to end and intermediary procurers for advance commissioning of power supply. The amendments were made to the recently issued bidding guidelines for grid-connected wind power projects, wind solar hybrid projects, solar PV power projects, and renewable energy power projects with energy storage systems.