M&A Prospects in Indian Power Generation Sector: Identifying Thermal, Wind, Solar and Biomass Power Plants Likely to be Up for Sale



Produced by: InfraInsights
Published:  March 1, 2014
Country:  India
Sector:  Energy
Pages: 180
Format: PDF


Companies that had acquired Indian land in the last few years, signed MoUs (memorandums of understanding), coal linkages, etc are now looking to sell and exit.  InfraInsights anticipated this well in advance and initiated research on this topic in 2013.  This report addresses the need of the industry to receive critical information on assets that are likely to be up for sale.  This report rates each and every asset and delineates them into buckets: valuation event asset, distressed asset, and strategic divestment asset.  This report is a must for both Indian and MNC’s looking for power assets in India in both the conventional and non-conventional space.


Table of Contents:


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. 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

8. Identifying Key Reasons for Exiting Power Generation Business

  • Private Indian Companies
  • MNCs Operational in India

9. Regulations Governing M&A in Indian Power Sector

10. InfraInsights Due Diligence of Shortlisted Attractive Assets

  • Distress Sales Vs Valuation Sales
  • Recommendation

11. Power Plants Asset Database

  • Thermal Power – Coal & Gas
  • Biomass Power
  • Wind Power
  • Solar Power


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