A few developers accepted a 10 percent pay cut to gain certainty that their projects can move forward. Utility Pacific Gas & Electric said it would honor all existing power purchase agreements in a forthcoming plan to reorganize and emerge from bankruptcy. Whether or not legacy power contracts would survive has been a hot topic […]
IL&FS puts Rs 2,880 acre land parcels in Kutch for sale
In an attempt to its monetise assets, the bankrupt IL&FS group has put its 2,880-acres of non-contiguous land banks spread across seven villages in the Kutch region of Gujarat for sale. The company has invited expressions of interest from interested parties for selling the land parcels owned by three subsidiaries of IL&FS Group in the […]
Moser Baer Solar fails to get new investors, to go under liquidation
Moser Baer Solar is a subsidiary of optical storage media maker Moser Baer India Ltd (MBIL), which is also facing liquidation The National Company Law Tribunal (NCLT) has directed Moser Baer Solar Ltd to go under liquidation, as the debt-ridden company failed to get any resolution plan from any firm within the mandated 270 days. […]
PG&E’s Bankruptcy Judge Leaves Door Open to Shedding Renewables Contracts
The bankrupt California utility’s plan to renegotiate expensive legacy PPAs with developers wins a legal victory—but an appeal looks likely. Bankrupt California utility Pacific Gas & Electric won a victory Friday in the legal battle over whether it can shed billions of dollars’ worth of renewable energy contracts. But the ultimate fate of those contracts […]
Back from the Brink, ViZn Turns to China for Flow Battery Commercialization
The Montana-based startup will license its unconventional storage technology to a Chinese industrial consortium under a new deal. Flow battery maker ViZn Energy bounced back from a near-bankruptcy experience last year to land a deal with a Chinese industrial consortium. Many companies have failed in the quest to commercialize technological alternatives to lithium-ion batteries, which […]
Two More Failed Firms in Storage: Axion Power and Camborne Energy Storage
Neither could find the cash to continue operations. This August brought the collapse of two emblematic energy storage firms. In the U.S., lead-carbon battery maker Axion Power International filed for Chapter 7 bankruptcy. In the U.K., grid-scale storage system developer Camborne Energy Storage went into administration. Both firms ran aground after failing to secure cash […]