India Mulling Norms For Listing Renewable Energy Yieldcos

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Indian regulatory bodies are planning to allow the listing of yieldcos for renewable energy companies, as investment in the clean energy sector is set to increase rapidly.

The Securities and Exchange Board of India (SEBI) has reportedly prepared norms for listing renewable energy yieldcos on the country’s stock exchange. The draft regulations are expected to be discussed internally by SEBI soon, before being put out for public and stakeholder consultation.

A number of Indian and foreign renewable energy companies are already working to expand their footprint in-country. Additionally, several industrial conglomerates are also looking to enter the renewable energy market. Yet, very few pure renewable energy companies are listed on the leading Indian stock exchanges — the Bombay Stock Exchange and the National Stock Exchange.

Suzlon Energy, one of India’s leading integrated renewable energy solutions provider, and Inox Wind, a wind turbine manufacturer and wind energy project developer, are the only major renewable energy companies in the country listed on the exchanges.

Listing yieldcos will not only help unlock significant value for the stakeholders, but also open up avenues for investment for new investors buoyed by the government’s aggressive push in the renewable energy sector.

For the companies, listing yieldcos will also potentially help rejig their balance sheets by retiring some debt.

Yieldco action has only recently started in India. SunEdison sold 425 MW solar power projects in India to its yieldco TerraForm Global for $231 million to repay some debt. Tata Power, one of the largest private sector generators in the country, carved out Tata Power Renewable Energy Limited, a company that will hold all renewable energy assets. Tata Power Renewable Energy may be listed on the bourses or may look for equity investors in the near future.

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