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.