New Delhi: India and the United Kingdom (UK) have made amendments to the convention on avoidance of double taxation, by signing a protocol. The pact will streamline the provisions on partnerships and dividends, besides enhancing the information flow between tax authorities of the two countries.
The pact was signed by Mr Jaimini Bhagwati, High Commissioner of India to the UK, and Mr David Gauke, Exchequer Secretary to the Treasury. The pact relates to the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains.
Firms partnering with UK would benefit from the amendment. Further, the withholding taxes on the dividends would be 10 per cent or 15 per cent and would be equally applicable in the UK and India.
Post the amendment, the convention will provide tax stability to the residents of India and the UK and will facilitate economic cooperation between the two nations. It will also encourage the flow of investment, technology and services.
The pact incorporates the provisions for effective exchange of information between the tax authorities of the two countries in line with latest international standards, including exchange of banking information and supplying of information irrespective of domestic interest. It also provides for sharing of information to other agencies with the consent of the supplying state.
The pact further includes the anti-abuse (limitation of benefits) provisions to ensure that the benefits of the convention are not misused.
Further, both the countries would enter into memorandums of understanding (MoUs) to expedite exchange of information and assistance in collection of taxes.
Success in my Habit
Friday, November 2, 2012
Voltech, NanoPV venture to build solar module plant near Chennai
Chennai: The Voltech group of Chennai and the US-based NanoPV have joined hands to put up a 100 MW solar module manufacturing plant near Chennai and a solar park near Tuticorin.
Voltech is a medium-sized group that is into the manufacture of transformers.
Setting up a cell and module manufacturing plant may appear foolhardy at a time when global majors are being toppled by the Chinese companies’ onslaught and the slowdown in the European economy. But NanoPV’s President and CTO, Dr Anna Selvan John, says that the company has unique and patented technology that enables it to be competitive even in this market.
“NanoPV has unique technology based on amorphous and nano-crystalline silicon and proprietary light-trapping and ‘transparent conductive light-trapping oxide’ technologies,” says the company’s Web site. Because of this, compared with conventional solar cells, NanoPV’s cell manufacturing involves one-third the process and takes one-third the cost, and “300 times less amount of material consumption.”
Voltech’s Managing Director, M. Umapathi, said that the group has near Chennai a factory building where it once produced textiles. NanoPV intends to bring in plant and machinery from the US and set up a production line here.
The initial capacity would be 10 MW and would gradually be ramped up. Umapathi estimates the cost of the project to be Rs 100 crore.
Solar farm near Tuticorin
Another joint venture of Voltech and NanoPV is putting up a 100 MW solar farm near Tuticorin. The project will be implemented in phases, and work has begun on the first 10 MW.
In this venture, a UAE-based company called Arab Gulf Pearl Trading is also participating. It has taken 50 per cent of the equity. This project too would cost Rs 100 crore.
Work has commenced on the first 2 MW, which will be completed by March 2013. The other 8 MW will be ready to produce power by the end of 2013, Umapathi said.
NanoPV says that its modules can generate 1.8 million units of electricity per MW each year.
The joint venture intends to enter into power purchase agreements with industrial consumers in the state, forming a ‘group-captive’ structure.
Voltech is a medium-sized group that is into the manufacture of transformers.
Setting up a cell and module manufacturing plant may appear foolhardy at a time when global majors are being toppled by the Chinese companies’ onslaught and the slowdown in the European economy. But NanoPV’s President and CTO, Dr Anna Selvan John, says that the company has unique and patented technology that enables it to be competitive even in this market.
“NanoPV has unique technology based on amorphous and nano-crystalline silicon and proprietary light-trapping and ‘transparent conductive light-trapping oxide’ technologies,” says the company’s Web site. Because of this, compared with conventional solar cells, NanoPV’s cell manufacturing involves one-third the process and takes one-third the cost, and “300 times less amount of material consumption.”
Voltech’s Managing Director, M. Umapathi, said that the group has near Chennai a factory building where it once produced textiles. NanoPV intends to bring in plant and machinery from the US and set up a production line here.
The initial capacity would be 10 MW and would gradually be ramped up. Umapathi estimates the cost of the project to be Rs 100 crore.
Solar farm near Tuticorin
Another joint venture of Voltech and NanoPV is putting up a 100 MW solar farm near Tuticorin. The project will be implemented in phases, and work has begun on the first 10 MW.
In this venture, a UAE-based company called Arab Gulf Pearl Trading is also participating. It has taken 50 per cent of the equity. This project too would cost Rs 100 crore.
Work has commenced on the first 2 MW, which will be completed by March 2013. The other 8 MW will be ready to produce power by the end of 2013, Umapathi said.
NanoPV says that its modules can generate 1.8 million units of electricity per MW each year.
The joint venture intends to enter into power purchase agreements with industrial consumers in the state, forming a ‘group-captive’ structure.
AkzoNobel sets up analytical centre
Kolkata: AkzoNobel India has set up a well-equipped ‘analytical centre” to provide better products and faster services to its customers.
The centre has been located at the company’s international research lab in Bangalore, according to AkzoNobel spokesperson.
Called India Analytical Centre (IAC), the centre will leverage AkzoNobel’s global and local resources to provide quality analytical services to meet the needs of AkzoNobel India’s coatings businesses.
The centre will have the ability to evaluate and certify raw materials, intermediates and products used within the country.
IAC will help in evaluating AkzoNobel products to meet local regulations and specifications. It will also support in making the company a leader in coatings industry in India by providing the right colour solutions.
Instrument technologies
The centre is equipped with instrument technologies like spectroscopy, critical in maintaining the quality standards in raw materials such as resins; rheology used to study the flow and viscosity profile of products in product development and application, and those for thermal analysis and corrosion studies which allow technicians to evaluate product durability under different conditions and over different substrates.
The centre has been located at the company’s international research lab in Bangalore, according to AkzoNobel spokesperson.
Called India Analytical Centre (IAC), the centre will leverage AkzoNobel’s global and local resources to provide quality analytical services to meet the needs of AkzoNobel India’s coatings businesses.
The centre will have the ability to evaluate and certify raw materials, intermediates and products used within the country.
IAC will help in evaluating AkzoNobel products to meet local regulations and specifications. It will also support in making the company a leader in coatings industry in India by providing the right colour solutions.
Instrument technologies
The centre is equipped with instrument technologies like spectroscopy, critical in maintaining the quality standards in raw materials such as resins; rheology used to study the flow and viscosity profile of products in product development and application, and those for thermal analysis and corrosion studies which allow technicians to evaluate product durability under different conditions and over different substrates.
SP Jain School to open its third international campus at Sydney
Mumbai: SP Jain School of Global Management on Monday announced the launch of its third international campus at the Sydney Olympic Park in Australia. "Business has gone global and business schools need to go global too," said Nitish Jain, president of SP Jain, at the launch.
Earlier, the global business school opened campuses in Dubai in 2004 and Singapore in 2006. The tri-city model of SP Jain will offer students an opportunity to understand global business at an early age, Jain said.
"We have chosen three of the most iconic cities for students, all of which are world-class and home to several multinational companies, but are different culturally. The choice of locations was based on the fact that it should give maximum diversity of learning to students."
The Sydney campus will be inaugurated on December 1, and will start with 150 students, including 50 undergrads. It will offer a four-year Bachelor of Business Administration (BBA), 12-month Master of Global Business (MGB) and 12-month Global MBA. A 12-month MBA programme will cost about $30,000 and a four-year BBA programme will cost around $16,000-17,000, and students will spend part of the course in each of the three global campuses.
Earlier, the global business school opened campuses in Dubai in 2004 and Singapore in 2006. The tri-city model of SP Jain will offer students an opportunity to understand global business at an early age, Jain said.
"We have chosen three of the most iconic cities for students, all of which are world-class and home to several multinational companies, but are different culturally. The choice of locations was based on the fact that it should give maximum diversity of learning to students."
The Sydney campus will be inaugurated on December 1, and will start with 150 students, including 50 undergrads. It will offer a four-year Bachelor of Business Administration (BBA), 12-month Master of Global Business (MGB) and 12-month Global MBA. A 12-month MBA programme will cost about $30,000 and a four-year BBA programme will cost around $16,000-17,000, and students will spend part of the course in each of the three global campuses.
L&T Infra inks Rs 100-cr deal with Australian software firm
Mumbai: L&T Infrastructure Development Projects (L&T IDPL) has signed an Rs 100-crore MoU with Australian software company Sensen Networks for implementing a closed circuit TV-based data analytics technology.
The technology uses optical character recognition to read (number plates of vehicles at a toll plaza) all fonts in various languages. The deal would be spread over three years and the technology would be implemented at 35 toll plazas that L&T IDPL handles.
The MoU was facilitated by the trade delegation of the state of Victoria, Australia. The delegation was led by Victoria’s Minister Louise Asher. The technology is expected to substantially bring down leakage in revenue for the concession holder of a toll plaza.
The technology uses optical character recognition to read (number plates of vehicles at a toll plaza) all fonts in various languages. The deal would be spread over three years and the technology would be implemented at 35 toll plazas that L&T IDPL handles.
The MoU was facilitated by the trade delegation of the state of Victoria, Australia. The delegation was led by Victoria’s Minister Louise Asher. The technology is expected to substantially bring down leakage in revenue for the concession holder of a toll plaza.
Sweden, India seek to share energy tech know-how
Hyderabad: Swedish energy technology companies are keen to collaborate and mutually share know-how with Indian companies apart from learning some of the best practices followed here.
Addressing the CII Green Business Congress here today, Marita Ljung, State Secretary, Ministry of Enterprise, Energy and Communication, Sweden, said that global warming continue to be a major challenge and there is immense pressure on natural resources.
The climate change poses a great challenge for all of us with the immediate target are to bring down by at least 2 per cent. We cannot go on this way. Innovation is key to address this and ensure sustainability. This will be possible only by research and development, she felt.
She said there is need to change norms and attitude of people towards conservation.
Later, speaking at the Swedish Energy Agency stall at the exposition, she said that there is heightened interest in cooperation between Indian and Swedish technology companies.
Ludvig Lindstorm, Senior Program Manager, Swedish Energy Agency, said that the potential for cooperation is huge following the National Innovation Council visit to Sweden last year. Apart from potential to work together by forming joint venture companies, there are opportunities for collaboration between companies in both the countries. This will also lead to investments as companies collaborate.
Referring to some of the companies which are keen to work with Indian companies, he said Absolicon Solar is into solar collectors, ClimaCheck is into tech for heating and cooling systems, Nlab Solar is focussing on due sensitised solar cells. Several others are also keen to learn from Indian companies, he said.
Addressing the CII Green Business Congress here today, Marita Ljung, State Secretary, Ministry of Enterprise, Energy and Communication, Sweden, said that global warming continue to be a major challenge and there is immense pressure on natural resources.
The climate change poses a great challenge for all of us with the immediate target are to bring down by at least 2 per cent. We cannot go on this way. Innovation is key to address this and ensure sustainability. This will be possible only by research and development, she felt.
She said there is need to change norms and attitude of people towards conservation.
Later, speaking at the Swedish Energy Agency stall at the exposition, she said that there is heightened interest in cooperation between Indian and Swedish technology companies.
Ludvig Lindstorm, Senior Program Manager, Swedish Energy Agency, said that the potential for cooperation is huge following the National Innovation Council visit to Sweden last year. Apart from potential to work together by forming joint venture companies, there are opportunities for collaboration between companies in both the countries. This will also lead to investments as companies collaborate.
Referring to some of the companies which are keen to work with Indian companies, he said Absolicon Solar is into solar collectors, ClimaCheck is into tech for heating and cooling systems, Nlab Solar is focussing on due sensitised solar cells. Several others are also keen to learn from Indian companies, he said.
TCS to set up software development campus in Indore
Mumbai/ Pune: IT services company Tata Consultancy Services has announced that it will set up operations in Madhya Pradesh by building a new integrated campus in Indore for IT and BPO.
The initial investment in the project will be Rs 550 crore in the first phase. The total development area of the campus is expected to be around 1.5 million square feet. Once all the applicable permissions are received, the construction of Phase I is expected to be completed by March 2016.
The campus will be located on a 100-acre property allotted by the Madhya Pradesh Government.
“Indore has the potential to become another big hub for knowledge-based industries like IT and BPO with its strong eco-system of universities and talented people. Our investment will help catalyse further development of the talent ecosystem as well as help upgrade the civic infrastructure in the area,” TCS Chief Financial Officer and Executive Director S. Mahalingam said.
“We remain committed to working in close collaboration with all stakeholders in the State to help the development of local talent and provide our customers with world-class IT and BPO solutions from this location,” it added.
On completion, the Tata group company expects to offer direct jobs to 10,000 associates in phase-I, it said in a statement.
There is an estimated indirect job opportunity for another 10,000 people in supporting functions and professions such as e-waste management, facilities management, transportation, hotels and hospitality, restaurants, utilities and financial, banking and other services.
Moreover, during the design and construction phase of about four years, there will be employment opportunities for about 2,500 construction workers.
The initial investment in the project will be Rs 550 crore in the first phase. The total development area of the campus is expected to be around 1.5 million square feet. Once all the applicable permissions are received, the construction of Phase I is expected to be completed by March 2016.
The campus will be located on a 100-acre property allotted by the Madhya Pradesh Government.
“Indore has the potential to become another big hub for knowledge-based industries like IT and BPO with its strong eco-system of universities and talented people. Our investment will help catalyse further development of the talent ecosystem as well as help upgrade the civic infrastructure in the area,” TCS Chief Financial Officer and Executive Director S. Mahalingam said.
“We remain committed to working in close collaboration with all stakeholders in the State to help the development of local talent and provide our customers with world-class IT and BPO solutions from this location,” it added.
On completion, the Tata group company expects to offer direct jobs to 10,000 associates in phase-I, it said in a statement.
There is an estimated indirect job opportunity for another 10,000 people in supporting functions and professions such as e-waste management, facilities management, transportation, hotels and hospitality, restaurants, utilities and financial, banking and other services.
Moreover, during the design and construction phase of about four years, there will be employment opportunities for about 2,500 construction workers.
MP signs deals worth Rs 35,936 crore
Indore: Participants at the Global Investors Summit here were pleasantly surprised at the “rocket-like” speed of the state administration to clear business proposals.
A five-star hotel has become the makeshift secretariat of the Madhya Pradesh government during the two-day summit. Work was on 24x7 to facilitate meetings between the government officials and investors.
On Sunday night, the officials, especially of the industries department, reviewed preparations for the inaugural function of the meet at Labh Ganga Convention Centre, situated close to the hotel. Hindustan Copper and SEL Manufacturing expressed surprise at the speed with which their proposals were scanned by the state government officials. The investors signed memoranda of understanding (MoUs) at 12 midnight.Hindustan Copper proposes to invest Rs 2,000 crore at Balaghat in Madhya Pradesh. SEL Manufacturing has firmed up plans to invest Rs 7,000 crore in the state. A visibly charged chief minister, Shivraj Singh Chouhan, and the additional chief secretary (industries), P Dash, said they were happy at the flow of investors and their confidence in the leadership and administration.
“There is a single-table model, where any investor can meet me on Monday with my officials to discuss investment proposals and the problems faced by them. There is no donation business. All decisions are taken in a transparent manner,” said Chouhan. During the first day of the summit, Reliance ADAG Chairman Anil Ambani announced an investment of Rs 20,000 crore in power and cement, in addition to the proposed Rs 30,000 crore in coal mining, power and cement sectors in the state. The company would soon enter into an MoU with the state government.
Similarly, Procter & Gamble CEO Shantanu Khosla also announced an investment of Rs 1,000 crore in health care. This is in addition to a plant in operation near Bhopal.
Further, the government signed MoUs worth Rs 24,370 crore in integrated steel, food processing, urea production, hospital and auto components sectors. Some of the agreements signed include Amtek Metal & Mining for an integrated steel plant and an auto park (Rs 9,000 crore); Future Ventures for an integrated food park (Rs 2,500 crore); SAIL for an iron ore beneficiation plant (Rs 5,000 crore); Zuari Fertilisers & Chemicals for urea production (Rs 5,150 crore); Bharat Forge for an auto component plant (Rs 1,880 crore); DMUL Asia Solar Energy for a 100-MW project (Rs 1,000 crore); Cadbury India (Rs 550 crore); TCS for an IT unit (Rs 410 crore); Hudco for infrastructure project (Rs 2,000 crore).
During the session on infrastructure development, the government signed facilitation MoUs worth Rs 11,566 crore, apart from Hudco’s investment to strengthen urban water supply and urban infrastructure.
A five-star hotel has become the makeshift secretariat of the Madhya Pradesh government during the two-day summit. Work was on 24x7 to facilitate meetings between the government officials and investors.
On Sunday night, the officials, especially of the industries department, reviewed preparations for the inaugural function of the meet at Labh Ganga Convention Centre, situated close to the hotel. Hindustan Copper and SEL Manufacturing expressed surprise at the speed with which their proposals were scanned by the state government officials. The investors signed memoranda of understanding (MoUs) at 12 midnight.Hindustan Copper proposes to invest Rs 2,000 crore at Balaghat in Madhya Pradesh. SEL Manufacturing has firmed up plans to invest Rs 7,000 crore in the state. A visibly charged chief minister, Shivraj Singh Chouhan, and the additional chief secretary (industries), P Dash, said they were happy at the flow of investors and their confidence in the leadership and administration.
“There is a single-table model, where any investor can meet me on Monday with my officials to discuss investment proposals and the problems faced by them. There is no donation business. All decisions are taken in a transparent manner,” said Chouhan. During the first day of the summit, Reliance ADAG Chairman Anil Ambani announced an investment of Rs 20,000 crore in power and cement, in addition to the proposed Rs 30,000 crore in coal mining, power and cement sectors in the state. The company would soon enter into an MoU with the state government.
Similarly, Procter & Gamble CEO Shantanu Khosla also announced an investment of Rs 1,000 crore in health care. This is in addition to a plant in operation near Bhopal.
Further, the government signed MoUs worth Rs 24,370 crore in integrated steel, food processing, urea production, hospital and auto components sectors. Some of the agreements signed include Amtek Metal & Mining for an integrated steel plant and an auto park (Rs 9,000 crore); Future Ventures for an integrated food park (Rs 2,500 crore); SAIL for an iron ore beneficiation plant (Rs 5,000 crore); Zuari Fertilisers & Chemicals for urea production (Rs 5,150 crore); Bharat Forge for an auto component plant (Rs 1,880 crore); DMUL Asia Solar Energy for a 100-MW project (Rs 1,000 crore); Cadbury India (Rs 550 crore); TCS for an IT unit (Rs 410 crore); Hudco for infrastructure project (Rs 2,000 crore).
During the session on infrastructure development, the government signed facilitation MoUs worth Rs 11,566 crore, apart from Hudco’s investment to strengthen urban water supply and urban infrastructure.
India to become teleport hub: I&B secy
New Delhi: The government is planning to make India a teleport hub, enabling it to become an up-linking/downlinking centre, such as Hong Kong and Singapore.
The Ministry of Information and Broadcasting (I&B) will hold consultations with industry very soon to explore modalities, challenges and finalise the road map for the same, said I&B secretary Uday Kumar Verma, at the CII Media & Entertainment Summit, here today.
“The initiative will bring on foreign investment, better technology and sustainable employment opportunities,” Verma said. The government’s recent decision to allow 74 per cent of foreign direct investment (FDI) in DTH, IPTV, mobile TV and so on are some of the steps that have been taken in this direction, he added.
Varma also said that the empowered group of ministers (EGoM) is looking into some of the grey areas in the auction of 839 new FM radio stations across over 290 towns and cities in the country. “We hope to complete the auction of the first tranche of stations by the end of the financial year,” he added.
The proposed National Film Heritage Mission (NFHM), which would undertake frame-by-frame picture and sound restore more than 2,500 important films, would have a budget of Rs 400 crore, and would also look at constructing preservation vaults to international standards for archiving the restored material and for conducting workshops and training, Verma said.
The ministry is also planning to set up a Film Commission that would enable institution of a single window clearance system for shooting in India. The ministry has already signed an agreement with the Ministry of Tourism to work towards promoting India as a global film shooting destination.
On digitization, Verma said that about 45,000-50,000 set top boxes are being installed every day, and the first phase of digitization would be completed within the stipulated dateline.
The Ministry of Information and Broadcasting (I&B) will hold consultations with industry very soon to explore modalities, challenges and finalise the road map for the same, said I&B secretary Uday Kumar Verma, at the CII Media & Entertainment Summit, here today.
“The initiative will bring on foreign investment, better technology and sustainable employment opportunities,” Verma said. The government’s recent decision to allow 74 per cent of foreign direct investment (FDI) in DTH, IPTV, mobile TV and so on are some of the steps that have been taken in this direction, he added.
Varma also said that the empowered group of ministers (EGoM) is looking into some of the grey areas in the auction of 839 new FM radio stations across over 290 towns and cities in the country. “We hope to complete the auction of the first tranche of stations by the end of the financial year,” he added.
The proposed National Film Heritage Mission (NFHM), which would undertake frame-by-frame picture and sound restore more than 2,500 important films, would have a budget of Rs 400 crore, and would also look at constructing preservation vaults to international standards for archiving the restored material and for conducting workshops and training, Verma said.
The ministry is also planning to set up a Film Commission that would enable institution of a single window clearance system for shooting in India. The ministry has already signed an agreement with the Ministry of Tourism to work towards promoting India as a global film shooting destination.
On digitization, Verma said that about 45,000-50,000 set top boxes are being installed every day, and the first phase of digitization would be completed within the stipulated dateline.
India sees deals of $437.3 million in Q3 in the wind energy sector
Kolkata: Amidst rough winds in the global wind energy sector and transition in Indian wind energy markets, deals of $437.3 million (Rs 2348.30 crore) struck during the third quarter.
According to Mercom Capital Group notable Indian transactions included a $15.3 million corporate venture capital funding raised by Trishe Developers, a Chennai-based renewable energy infrastructure company with a focus on wind-power infrastructure development: a $141 million large-scale project funding raised by NuPower Renewables for its 150 MW wind power project in Tamil Nadu: A $281 million debt funding raised by Suzlon EnergyBSE -0.32 % in short-term loans to repay holders of its foreign convertible bonds, signing an 18 month loan facility with 11 lenders.
It also saw acquisition of National Wind, a US-based wind project developer by the Chennai-based Trishe Wind Energy, an international wind energy project developer.
Venture Capital (VC) funding in the third quarter of 2012 amounted to $57 million in six deals compared to a weak second quarter where $17 million went into three deals. Disclosed VC deals this quarter included $21.5 million raised by Mainstream Renewable Power and $15.3 million raised by Trishe Developers, both wind project developers.
Announced large-scale project funding in Q3 2012 totaled $1.1 billion in 11 deals, all going to onshore projects.
Top large-scale project funding deals announced in the third quarter included $350 million raised by Nareva Renouvelables and Kharabel FZE for its 300 MW Tarfaya Wind Project in Morocco, $165 million raised by Alto Holding for its 120 MW Karaburun Wind Farm in Turkey, and $141 million raised by NuPower Renewables for its 150 MW onshore wind farm in India. Other top deals were $86 million raised by InfraVest and wpd for its 53 MW Tongyuan Wind Project in Taiwan and the $85 million loan to Newcom for its 50 MW Salkhit Wind Farm in Mongolia.
Only one of 18 large-scale project funding investors, KfW IPEX-Bank, was involved in multiple deals in Q3 2012. KfW IPEX-Bank was also involved in multiple deals in Q2 2012.
Corporate Merger and Acquisition (M&A) activity in Q3 2012 amounted to $53 million in 11 transactions compared to $93 million in five transactions in Q2 2012. Disclosed M&A transactions this quarter were the $33.2 million acquisition of Shear Wind, a developer of wind energy properties in Canada, by Sprott Power Corp, and the $20 million acquisition of certain assets of Otter Tail Corporation's DMI Industries, a manufacturer of wind towers, by Trinity Industries.
There were four debt funding deals announced in Q3 2012 totaling $359 million. Suzlon Energy raised $281 million in short-term loans to repay holders of its foreign convertible bonds, signing an 18 month loan facility with 11 lenders. Mainstream Renewable Power secured a credit facility of $51 million from Macquarie Group. Finally, Broad Wind Energy closed on a $20 million credit facility with AloStar Business Credit, and Wind Power Energia received a $7 million loan from Inter-American Investment Corporation
According to Mercom Capital Group notable Indian transactions included a $15.3 million corporate venture capital funding raised by Trishe Developers, a Chennai-based renewable energy infrastructure company with a focus on wind-power infrastructure development: a $141 million large-scale project funding raised by NuPower Renewables for its 150 MW wind power project in Tamil Nadu: A $281 million debt funding raised by Suzlon EnergyBSE -0.32 % in short-term loans to repay holders of its foreign convertible bonds, signing an 18 month loan facility with 11 lenders.
It also saw acquisition of National Wind, a US-based wind project developer by the Chennai-based Trishe Wind Energy, an international wind energy project developer.
Venture Capital (VC) funding in the third quarter of 2012 amounted to $57 million in six deals compared to a weak second quarter where $17 million went into three deals. Disclosed VC deals this quarter included $21.5 million raised by Mainstream Renewable Power and $15.3 million raised by Trishe Developers, both wind project developers.
Announced large-scale project funding in Q3 2012 totaled $1.1 billion in 11 deals, all going to onshore projects.
Top large-scale project funding deals announced in the third quarter included $350 million raised by Nareva Renouvelables and Kharabel FZE for its 300 MW Tarfaya Wind Project in Morocco, $165 million raised by Alto Holding for its 120 MW Karaburun Wind Farm in Turkey, and $141 million raised by NuPower Renewables for its 150 MW onshore wind farm in India. Other top deals were $86 million raised by InfraVest and wpd for its 53 MW Tongyuan Wind Project in Taiwan and the $85 million loan to Newcom for its 50 MW Salkhit Wind Farm in Mongolia.
Only one of 18 large-scale project funding investors, KfW IPEX-Bank, was involved in multiple deals in Q3 2012. KfW IPEX-Bank was also involved in multiple deals in Q2 2012.
Corporate Merger and Acquisition (M&A) activity in Q3 2012 amounted to $53 million in 11 transactions compared to $93 million in five transactions in Q2 2012. Disclosed M&A transactions this quarter were the $33.2 million acquisition of Shear Wind, a developer of wind energy properties in Canada, by Sprott Power Corp, and the $20 million acquisition of certain assets of Otter Tail Corporation's DMI Industries, a manufacturer of wind towers, by Trinity Industries.
There were four debt funding deals announced in Q3 2012 totaling $359 million. Suzlon Energy raised $281 million in short-term loans to repay holders of its foreign convertible bonds, signing an 18 month loan facility with 11 lenders. Mainstream Renewable Power secured a credit facility of $51 million from Macquarie Group. Finally, Broad Wind Energy closed on a $20 million credit facility with AloStar Business Credit, and Wind Power Energia received a $7 million loan from Inter-American Investment Corporation
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