Financial Briefs

India and overseas

TotalEnergies to acquire 25 per cent minority stake in Adani New Industries

TotalEnergies will acquire a 25 per cent minority stake from Adani Enterprises Li­mited in Adani New Industries Li­mi­ted. The partnership, centred on green hydrogen, is expected to transform the energy landscape in India as well as glo­bally, and fur­ther strengthen the en­vi­ron­mental, so­cial and governance commitments made by both companies. Adani New Industries aims to invest over $50 billion over the next 10 years in green hydrogen and the associated eco­system. In the initial phase, Adani New Industries will de­velop a green hydrogen producti­on capa­city of 1 million tonnes per annum by 2030.

Powergrid acquires Mohanlalganj Trans­mi­s­sion for over Rs 91.1 million

Power Grid Corporation of India Limited (Powergrid) has acquired Mohanlalganj Transmission Limited (MTL) in Uttar Pra­desh for over Rs 91.1 million. MTL is a special purpose vehicle formed to es­tab­li­sh an interstate transmission system, which involves the construction of a 400/220/132 kV gas insulated switchgear (GIS) substation in Mo­han­lalganj (Luck­now) with associated 400 kV lines, and 765 kV and 400 kV line-in line-out (LILO) lines at a 765 kV GIS substation in Ram­pur and 400 kV LILO (quad moose on mo­nopole) at a 400 kV GIS substation Sector 123 Noida. The project has been ac­quired via the tariff-based co­m­petitive bidding route from bid process coordinator PFC Consulting Limited, and will be developed on a build-own-operate-ma­in­­tain basis. The transmission system is to be completed in 18 months.

ATL to acquire Essar Mahan Sipat Transmi­ssion Project

Adani Transmission Limited (ATL) has si­gn­ed definitive agreements with Essar Po­­wer Limited to acquire the Essar Ma­han Sipat Transmission Project, an operational transmission project owned and operated by Essar Power Transmis­sion Li­mited, for an enterprise value of Rs 19.13 billion. The acquisition would add 673 ckt. km of 400 kV interstate transmission line length from Mahan in Madhya Pra­desh to the Sipat pooling substation in Chhattisgarh under the Central Elec­tri­city Regulatory Commission-regulated return framework.

Torrent Power acquires 50 MW solar plant in Telangana for Rs 4.16 billion

Torrent Power Limited has completed the acquisition of a 50 MW solar power plant in Telangana from the SkyPower Group for Rs 4.16 billion. The project has a long-term power purchase agreement (PPA) with Northern Power Distribution Com­pany of Telangana Limited for a pe­riod of 25 years at a fixed tariff of Rs 5.35 per kWh, with a remaining useful life of around 20 years.

ReNew to acquire 528 MW of renewable energy assets

ReNew Power has signed definitive ag­reements to acquire an operating wind and solar portfolio of 527.9 MW, spread across eight Indian states. The portfolio comprises 471.65 MW of wind and 56.25 MW of solar assets. The total en­terprise value of these agreements is ar­ound $388 million. The company has signed definitive agreements with state distribution companies in Gujarat, Ma­harashtra, Madhya Pradesh, Karna­ta­ka, Rajasthan, Telanga­na, Kerala and Tamil Nadu, and PPAs for 25 MW with corporate customers. The company has also signed a PPA with Ma­harashtra State Elec­tricity Distri­buti­on Company Limi­ted (MSEDCL) for a 200 MW solar project. For the MSEDCL PPA, ReNew will supply electricity at a tariff of Rs 2.43 per unit for 25 years from its asset in Rajasthan.

PFC’s Euro green bonds listed on Luxe­mb­ourg Stock Exchange

The Power Finance Corporation (PFC) has successfully listed its maiden 300 million 1.841 per cent Euro green bo­nds on the Luxembourg Stock Exchan­ge. The listing has been done under the co­operation agreement signed between In­dia International Exchange Limited and the Luxembourg Stock Exchange, in the areas of mutual interest such as green bo­n­ds and ESG (environmental, social and governance). The listing on the Lux-em­bourg Stock Exchange would give PFC a further opportunity to enhance its visibility amongst European investors and ease access to European markets for future issuances.

Government to monetise coal mining assets worth Rs 752.2 billion in 2022-23

The central government plans to monetise assets worth Rs 752.2 billion in the coal mining sector during 2022-23. The monetisation of coal blocks is likely to generate a revenue of Rs 522 billion, followed by Rs 203.2 billion from projects on the mine developer and operator model, Rs 20 billion from discontinued mines and Rs 7 billion from washeries. Mean­while, the asset monetisation target set by NITI Aayog for the Ministry of Coal for 2022-23 is Rs 60.6 billion.

YTL Power completes acquisition of 396 MW combined cycle gas plant in Singapore (Singapore)

YTL Power International Bhd has finalis­ed the purchase of Tuaspring Private Li­mited’s 396 MW combined cycle gas turbine power plant in Singapore throu­gh its wholly owned subsidiary, YTL Po­wer­­Seraya Private Limited. The purchase was concluded at SGD 270 million on a pure cash consideration. The Tuaspring combined cycle power plant was constructed as part of a desalination project under a private-public partnership with the Public Utilities Board (PUB), the na­tio­nal water agency, and was commissi­oned in 2016. The ownership of the water desalination facility was handed over to PUB in 2019, while the power station has now been transferred to YTL PowerSeraya.

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