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The following theoretical concepts are applicable to the case and its learning objectives: Stakeholder Power-Interest Matrix and Carroll’s Pyramid of Corporate Social Responsibility.

Information was obtained in three separate interviews with PSEG. In February 2018, an introductory phone conference was conducted with a number of senior managers within PSEG, including the Director of Development and Strategic Issues, Kate Gerlach. In April 2018, an onsite interview was conducted with Gerlach, who connected the author with Scott Jennings. A phone interview was conducted with Scott Jennings in May 2018 and follow-up communication with him was handled via e-mail. The information obtained from these interviews was supplemented by material obtained from secondary sources. None of the information in the case has been disguised.

Scott Jennings, a Vice President at PSEG, the diversified New Jersey-based energy company, was the project leader for a large commercial wind farm that was to be built off the coast. The project, Garden State Offshore Energy, a joint venture between PSEG and Deepwater Wind, an experienced developer of offshore wind projects, had been announced over six years earlier, in late 2008. In the time that had passed, the Garden State Offshore Energy project team had waited for the New Jersey Bureau of Public Utilities, which had been tasked by Governor Chris Christie to evaluate the project costs before it could authorize the actual construction of the wind turbines. Justifying the project on a cost basis proved to be difficult; despite the growing public sentiment in favor of projects that utilized renewable energy sources such as wind power, the Garden State Offshore Energy team was unable to move the project forward. Scott needed to decide whether it made sense to continue to hold regular meetings with the Garden State Offshore Energy team. Scott’s colleagues suggested that Scott speak with senior management at PSEG to find out if the resources that had been dedicated to the Garden State Offshore Energy project could be shifted to other projects that might be more feasible.

This case is suitable for courses in Sustainability. It is appropriate to use the case in undergraduate courses to illustrate decision making in a regulated industry. Sufficient information is presented in the case to debate both sides of the offshore wind authorization issue.

Greenko, a renewable power generating company investing in biomass, small and medium hydro power and wind power projects, had projected to achieve 1GW (Giga Watt = 1000 Mega Watt) of installed capacity by March 2015. The company had been financing its projects with debt from Indian banks and financial institutions on a project finance basis and it had to now decide whether to refinance the project finance debt with an international bond issue of USD 550 million. The case provides an opportunity to discuss the public policy and financing aspects of renewable energy in India.

This case features a county planning director as he approves or turns down a permit application for the Harvest Wind Farm Project, located in Klickitat County on the Columbia Plateau in Washington State. The utilities involved and Klickitat County stood to benefit through new revenue generation and a favorable federal construction grant associated with the American Recovery and Reinvestment Act of 2009, and certain landowners stood to make substantial royalties. However, other landowners were also worried about declining property values, environmental groups had raised objections to the effect of turbines on the pristine Columbia River view, and uncertainty about health effects had recently become more of an issue. Nationally, “wind turbine syndrome” and “shadow-flicker” effects had been linked to wind farm operations. Given these concerns and the uncertainty, would the gains to stakeholders justify signing off on the project?

In February 2015, Suzlon had just completed its financial and asset restructuring, following financial default after rapid growth through debt financed acquisitions in the financial boom ending in 2008. The restructuring resulted in a significant decrease in the promoter's equity stake. Suzlon now has to decide how to respond to an offer by the DilipSanghvi Group, promoters of Sun Pharma, to acquire a large equity stake in Suzlon for Rs. 1,800 crore. If Suzlon were to accept the offer then both the existing promoters and the DilipSanghvigroup would have the same stake of about 22% each. The case will help students examine the need to align financing and business strategy on the same plane. It will also help them understand details about restructuring of financial and business strategy in the face of financial distress.

In the wake of the December 2015 Paris COP21 (Conference of Parties), and India's announced renewable energy commitments, Reliance Power is reviewing its renewable energy investments to arrive at a long term strategy for the role of renewable energy in its power generation portfolio and the financing of renewable projects. The case reviews the Indian government's policies to promote renewable energy; the evolution of the renewable energy sector; and Reliance Power's financing of renewable energy investments. The case requires identification of alternative long term strategies and their financing implications. This case serves as an introduction to renewable energy from the perspective of Reliance Power, a large private power generator of the country. These projects also provide a learning opportunity for Reliance Power to deal with fast evolving renewable technologies.

The case highlights the ambitious growth strategy of Suzlon, an Indian company specializing in non-conventional (wind) energy. In 2007, Suzlon announced the acquisition of REpower of Germany, one of the top wind power companies in the world. It issued zero coupon and coupon bearing foreign currency (US dollar) convertible bonds (FCCB) amounting to $760 million to finance the acquisition. These bonds were listed in Singapore. Due to deteriorating business conditions the company experienced a sharp decline in profitability and stock price resulting in a debt overhang. At the same time, the Indian rupee depreciated from INR44 to INR55 leading to losses on largely unhedged, foreign currency coupon payments. The company had to restructure its capital structure to escape bankruptcy. Since FCCB holders did not agree to restructure the terms of the instrument, the company had to turn to senior lenders to restructure debt. Eventually Suzlon had to sell-off REpower to reduce leverage.

The case is based on interviews of market intermediaries and published information. The information relating to the restructuring has been taken from the information statement filed with the Securities Exchange Board of India and the Stock Exchanges. The timeline of events were constructed from the information available in company press releases. Financial statements and other details are from the documents filed with the regulators and supplemented with the information available in Prowess database. The stock price and stock market index data are from the websites of Bombay Stock Exchange and the National Stock Exchange of India. Exchange rates, inflation and interest rates have been taken from Bloomberg and the Reserve Bank of India website. Valuation inputs like multiples are from Prowess database and security analyst reports. Sources of information are documented appropriately in the case and instructor’s manual. Although we interviewed the investment bankers involved in the restructuring we have not included any private information in the case to preserve confidentiality.

This case can be used in a corporate finance course or in a module on debt restructuring in a corporate restructuring course or in the financing module in an advanced corporate finance course or in an International Finance course. It can also be used to teach an integrated approach to valuation and financing in a valuation course.

The case highlights the rationale for issuing FX convertible debt, parity conditions in international finance and the use of alternate valuation models.

Cummins Generator Technologies India Limited (CGTIL) was in the process of setting up a world-class factory at Ranjangaon based on “lean” production principles. The project team, however, went a step ahead and married “green” with “lean”. While lean is about taking the system inefficiencies out, the green is about harmony with nature. The case is about CGTIL's journey of deriving synergies between seemingly conflicting objectives of lean and green.

This case deals with steps taken by NTPC in construction and project management in 500 MW power plant. The project have several innovative ways of managing challenges, in land acquisition, design, implementation, contract worker management, enforcement of safety rules, managing regulation iand in team building in leadership. A suitable case for site management, it shows in spite of being a public sector undertaking, how the project was constructed in record time of 42 months.

This case describes the growth of ReNew Power during its first decade of operation. Sumant Sinha, a first-generation entrepreneur and former banker, founded the company, which grew from a modest generator-cum-developer of wind energy-based electricity to one of India's largest companies in the renewable energy sector. With the entry of large, well-funded players such as Tata Power and Adani Green into the Indian renewable sector by the end of 2020, Sinha had to make a strategic decision: should ReNew continue to organically scale up its presence in an increasingly competitive yet expanding Indian renewable energy sector, should it diversify geographically, or should it pursue emerging opportunities for vertical or horizontal integration within the sector? The case provides an opportunity to discuss how alternative business models and competitive scenarios may facilitate or inhibit the growth of a player in the renewable energy sector.

Social entrepreneurship, Sustainability and Human Resource.

The case study is relevant for students of entrepreneurship and social entrepreneurship. This case can be used as a case in strategy (growth strategy), marketing and innovation subjects as well.

The case study revolves around Mr Harish Hande and his efforts to build a for–profit social enterprise Solar Electric Light Company (SELCO) to provide electricity to poor and under–served. Harish focused on providing cheap, clean and sustainable energy sources to rural customers at bottom of the pyramid of the society. From the conception of SELCO, Harish has been on a roller–coaster ride of success and failure. Harish has used the problems as a learning ground and improved his business model successfully. But, when Harish tried to scale his operations in 2005–2006 he failed miserably. Some errors in the decision coupled with external pressure had brought SELCO to a verge of collapse. Owing to the determination of Harish and his team, SELCO was able to revive from the difficult times to generate profits again. Harish now again wants to expand but this time he would not take any chances. He wants to analyze and discuss every possible issue, he might face during his expansion plans.

The key learning aspects of this case is to understand importance and practice of talent management. The case also highlights the best practices that SELCO uses to reach its clients and provide them complete solution.

Teaching note.