PGInvIT board approves investment worth Rs 6.44 billion in acquisitions (India)
Powergrid Infrastructure Investment Trust (PGInvIT) will acquire stakes in various assets of Power Grid Corporation of India Limited (Powergrid) for Rs 6.44 billion. The board approved the acquisition of the balance 26 per cent equity shareholding of Powergrid Vizag Transmission Limited by PGInvIT from Powergrid at a consideration not exceeding Rs 3.4 billion. It also approved the acquisition by PGInvIT through its special purpose vehicles (SPVs) – Powergrid Parli Transmission Limited, Powergrid Warora Transmission Limited and Powergrid Jabalpur Transmission Limited – from Powergrid for a consideration not exceeding Rs 810.1 million, Rs 1.12 billion and Rs 1.11 billion respectively.
Sterlite Power secures Rs 4.4 billion funding from Tata Cleantech for a transmission project
Sterlite Power Transmission Limited has achieved financial closure for its Nangalbibra-Bongaigaon Transmission Limited (NBTL) project, securing the entire debt funding of Rs 4.4 billion from Tata Cleantech Capital Limited. The financial closure was achieved within two months of the SPV acquisition of the project in December 2021. The project involves the construction of 300 ckt. km of transmission lines and a greenfield substation with 320 MVA transformation capacity across Assam and Meghalaya. The NBTL project will transmit over 1,000 MW of power from Assam to western parts of Meghalaya.
Resurgent Power Ventures receives the LoI for South East UP Power Transmission
Resurgent Power Ventures Private Limited has been awarded a letter of intent (LoI) by the resolution professional of South East UP Power Transmission Company Limited (SEUPPTCL) under insolvency and bankruptcy code proceedings. The transaction is part of a stressed asset resolution process initiated by a resolution professional through a competitive bidding process. SEUPPTCL was incorporated as an SPV formed by Uttar Pradesh Power Transmission Company Limited (UPPTCL) to implement and operate the specified intra-state transmission system for a period of 35 years under the public-private partnership model. Resurgent will invest equity and raise debt in SEUPPTCL at a total enterprise value of over Rs 60 billion to implement and commission the project elements on time and turn around the asset in order to maximise value for the stakeholders.
Avaada Energy to issue green bonds for Rs 14.4 billion
Avaada Energy will raise green bonds worth Rs 14.4 billion in the Indian capital market at 6.75 per cent. The bonds, certified by the Climate Bonds Standard Board of the Climate Bonds Initiatives, will be listed on the Bombay Stock Exchange and have a tenor of three years. The bonds will help developers raise capital domestically, avoid foreign exchange currency risk exposure and achieve lower fundraising costs.
Torrent Power completes acquisition of 156 MW of wind plants from CESC Limited
Torrent Power Limited has completed the transaction to acquire 100 per cent equity share capital of Surya Vidyut Limited (SPV), a wholly owned subsidiary of CESC Limited. Surya Vidyut operates 156 MW of wind power plants spread across Gujarat, Rajasthan and Madhya Pradesh. Long-term power purchase agreements (PPAs) for the projects have been signed with the respective state discoms for a period of 25 years, with a weighted average PPA tariff of Rs 4.68 per kWh. With this acquisition, Torrent Power’s total generation capacity, including under-development projects, will reach around 4.6 GW with a renewable energy portfolio of more than 1.5 GW. The acquisition initiates Torrent’s renewable energy presence in Rajasthan and Madhya Pradesh and strengthens its position in the renewable energy sector.
Sterlite Power concludes refinancing of the Khargone transmission project for Rs 12 billion
Sterlite Power has successfully refinanced its project loan for the recently commissioned Khargone transmission project. The fresh financing from Aseem Infrastructure Finance Limited (Rs 5.25 billion), NIIF Infrastructure Finance Limited (Rs 4.5 billion) and Aditya Birla Finance Limited (Rs 2.25 billion) will enable the company to prepay the existing project loan of about Rs 11 billion. With this transaction, Sterlite Power has achieved a reduction of almost 400 basis points in the interest cost to be incurred by the project on a per annum basis. The project achieved successful commissioning in end-2021. The project evacuates 1,320 MW of power from the Khargone power plant to the 765 kV Khandwa substation to further distribute it downstream across western and central India.
Green Era acquires stake in Star Energy (Singapore)
Singapore-based Green Era Private Li-mited, a renewables investment firm, has completed the acquisition of a minority stake in Indonesia-based Star Energy Group Holdings Private Limited. The deal has been valued at $440 million. Green Era has purchased 250,801 sh-ares that represent 33.33 per cent interest in the company. The remaining 66.67 per cent stake is held by PT Barito Pacific Tbk. Star Energy owns geothermal energy plants in Indonesia with a combined capacity of 875 MW. The portfolio includes the Wayang Windu, Salak and Darajat geothermal power plants.