Suzlon Energy Ltd. is having problems selling part of its Repower AG unit, Handelsblatt reported, citing unidentified people in the industry.
Suzlon is said to have priced a 25 percent stake in its Repower Systems AG unit at about 500 million euros. The stock market currently values Repower at about 1 billion euros, the newspaper said.
India plans to install 20 gigawatts of solar capacity by 2022 in three phases. The country added 8 megawatts of solar power capacity that is fed to the grid as of Jan. 1, compared with a target of 50 megawatts for the five years ending March 2011, according to the Ministry of New and Renewable Energy.
India may need as much as $10 billion in investments to install 10 gigawatts of solar thermal power over the next 12 years, the head of an industry group said. “Raising funds will be a challenge,” Anil Kumar Lakhina, chairman of the Forum for the Advancement of Solar Thermal, said at a conference in New Delhi today.
While some funds will need to be raised overseas for equipment and components, India’s power industry overall has attracted foreign direct investment of $5 billion in the past 10 years, Lakhina said.
Wave Hub UK
The U.K. installed a wave-power test facility off the coast of Cornwall, southwest England, to allow developers including Ocean Power Technologies Inc. to gauge the viability of their equipment.
The 12-ton “Wave Hub” was placed in waters 55 meters (180 feet) deep on Sept. 3, and four lines of cable were attached over the past two days, according to a statement today from the South West England Regional Development Agency. The hub will act as a socket for devices that turn wave energy into electricity.
“This ground-breaking project will strengthen the U.K.’s position at the forefront of the wave energy sector,” U.K. Science Minister David Willetts said in the statement. “The U.K. is already leading the way, with 25 percent of the world’s wave and tidal technologies being developed here.”
The U.K. estimates that energy from the waves and tides could power 15 million homes by 2050 and create 16,000 jobs by the 2040s. The Wave Hub project overcame opposition from surfers who feared it might lower the height of waves along the Cornish coast. Wave Hub is located off the coast at Hayle, 20 miles from Newquay, Britain’s surf capital.
The 42 million-pound project has four berths, each allowing developers to test groups of wave-power equipment. The first devices are expected to be installed next year, and New Jersey-based Ocean Power agreed to take the first berth, according to today’s statement.
US Tax Relief
The White House will propose allowing companies to fully deduct the cost of equipment such as tractors. President Barack Obama will call for an expansion of a tax incentive designed to encourage businesses to invest in equipment, as part of a push to bolster economic growth before midterm congressional elections on Nov. 2.
The White House will propose allowing companies to fully deduct the cost of equipment such as tractors, wind turbines, computers and solar panels, said an administration official who spoke on condition of anonymity ahead of the president’s announcement this week.
In 2008 and 2009, companies could deduct 50 percent of their costs using so-called bonus deprecation. The latest proposal would increase the tax break to 100 percent through the end of 2011 and make it retroactive to Sept. 8, 2010, the official said.
Obama is planning to outline the $30 billion proposal in an economic speech on Sept. 8 in Cleveland, one of several ideas the White House plans to introduce to encourage job growth and boost the economy.