M&A Prospects in Indian Power Generation Sector (Volume 2): Identifying Thermal, Wind, Solar and Biomass Power Plants likely to be up for Sale

Sep, 2015   |   178  Pages   |   Infrainsights   |   Format : PDF
Emerging Policy & Structural Dynamics in Power Sector is Tilting Towards Risk

Coal and Gas supply shortage has resulted in many power plants stranded or operating at a sub-optimal PLF levels, IPPs / MPPs are hardest hit
The fuel shortage threatens India's power expansion plan
Coal block auctions may have addressed fuel supply woes to some extent, but private power generators may have to face tariff under-recovery to the extent of 60-65 paise per unit.
Auctioning of coal linkages will only add to the worries of the power generators as competitive prices will put pressure on their already debt laden balance sheets

Growth by Acquisition

Recently, JSW Energy acquired the 1,391 MW hydroelectric power assets of Jaypee Group worth over Rs 9,700 crore.
NTPC wants to achieve the objective of 128 GW of power capacities by 2032 and it anticipates land acquisition bill to lead to more time for land acquisition and it tide over this it has adopted acquisition as integral part of growth strategy

Rupee Devaluation, Tariff under-recovery, Fuel Linkage Issue, Burgeoning Debt Burden to force companies with leveraged Balance Sheet to put assets on the block

As per an estimate, as many as 700 thermal plants across India applied for an environmental clearance between 2006 and 2010. Between them, they were looking to add 701,820 MW of capacity-about six times India's overall power capacity in 2011 and seven time
1. Executive Summary

2. Evaluating Factors Favoring Investments in Power Generation Sector in India
- Demand Supply Scenario
- Revenue Models (Merchant Sale, Open Access, PPA)
- Regulations & Policies
- Outlook
- Trends in Power Prices in India (Generation & Distribution Level)

3. Evaluating Factors Risking Viability & Sustainability of Power Generation Sector in India
- Widening Fuel Demand and Supply Gap
- Challenges in securing Fuel Linkage
- Impact of Land Acquisition Bill
- Rupee Devaluation
- Increasing Cost of Capital
- Leveraged Balance Sheet
- Restrictions on Importing BTG
- Water Shortage

4. Status Check on Upcoming & Planned Power Plants in India
- Thermal Power - Coal & Gas
- Wind Power
- Biomass Power
- Solar Power

5. Status Check on New Investment/Expansion Plans of Companies in Power Generation Sector
- Indian Companies likes of Adani, Reliance Power, Tata Power, CESC, Torrent, Lanco, GMR, Essar, NTPC
- MNCs likes of CLP, GDF Suez, E.ON, AES

6. Trends in M&A deals in Power Generation Sector
- Who's buying - Analyzing Strategy
- Who's selling - Analyzing Reasons for Exit(Distress Sale, Strategic Exit)
- Number of Deals in Value and Volume
- View of Investment Bankers
- Trends in Valuations

7. Coal Block Auction and Coal Linkage Auction
- Introduction t- Coal Block Auction
- Coal Blocks Auctioned and Blocks up for Auctioning
- Tariff Under-recovery due t- auctions
- Planned Coal Linkage Auction
- Analysis of Impact of Coal Linkage Auction on Tariff

8. Detailed Asset Profiling of Assets up for Sale - Primary Survey
- Project - Location, Name, Capacity Current Status, Size, Fuel, Project Type
- Technology Used
- Date of Start of Construction & Planned Date of Commission
- PPA Status, Fuel Linkage
- Capital Investment - Equity vs Debt
- Ownership Pattern
- Challenges Faced
- Looking for Stake Sale/Exit

9. Identifying Key Reasons for Exiting Power Generation Business
- Private Indian Companies
- MNCs Operational in India

10. Regulations Governing M&A in Indian Power Sector

11. InfraInsights Due Diligence of Shortlisted Attractive Assets
- Distress Sales vs Valuation Sales
- Recommendation

12. Power Plants Asset Database
- Thermal Power - Coal & Gas
- Biomass Power
- Wind Power
- Solar Power

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