
REC sanctions Rs 220 billion under new LPS Rules
REC Limited has provided financial assistance of around Rs 220 billion for clearing the outstanding dues of the distribution licensees of Jharkhand, Rajasthan, Chhattisgarh and Jammu & Kashmir under the Electricity (Late Payment Surcharge and Related Matters) Rules, 2022. States such as Rajasthan, Jharkhand, Tamil Nadu, Maharashtra, Jammu and Kashmir, Madhya Pradesh and Uttar Pradesh with pending power purchase dues of almost Rs 960 billion are complying with the rules.
Adani Power to buy DB Power for Rs 70 billion
Adani Power Limited has agreed to acquire DB Power Limited at an enterprise value of Rs 70.17 billion. DB Power owns and operates a running 2×600 MW thermal power plant in Janjgir Champa district, Chhattisgarh. The acquisition will help Adani expand its offerings and operations in the thermal power sector in Chhattisgarh. The initial term of the MoU will be till the completion of the acquisition on October 31, 2022, which may be extended by mutual agreement.
ReNew Power ties up $1 billion loan for renewable energy project funding
ReNew Power has tied up with 12 international lenders, led by Rabobank, for external commercial borrowing (ECB) project finance loan in the renewables sector. This $1 billion loan has been tied up through an SPV. ReNew will use the funding for its upcoming 1,300 MW hybrid round-the-clock battery-enabled project. It will set up wind and solar projects across the states of Karnataka, Rajasthan and Maharashtra.
Resurgent Power Ventures receives approval for takeover of SEUPPTCL
The Uttar Pradesh Electricity Regulatory Commission has reportedly approved the takeover of South East UP Power Transmission Company Limited (SEUPPTCL) by Resurgent Power Ventures. The joint venture company had emerged as the highest bidder in February 2022, quoting Rs 32.51 billion upfront payment for the stressed transmission asset under insolvency. The National Company Law Tribunal cleared the bid in June 2022.
Tata Power Renewable raises Rs 20 billion by issuing 83.6 million shares to BlackRock-backed firm
Tata Power Renewable Energy Limited has raised Rs 20 billion by issuing 83.6 million equity shares to BlackRock-backed GreenForest New Energies Bidco Limited. This completes Tranche 1 of the transaction. Tranche 2 infusion of Rs 20 billion will be concluded in accordance with the terms of the agreements. The proposed investment is expected to fund Tata Power Renewables’ growth plans.
SBI sells distressed KSK Mahanadi loans to Aditya Birla ARC for Rs 16.22 billion
The State Bank of India (SBI) and Varde Partners-backed Aditya Birla Asset Reconstruction Company Limited (Aditya Birla ARC) are finalising a renegotiated bid of Rs 16.22 billion, up from Rs 15.44 billion that ARC offered earlier for the non-performing loans of KSK Mahanadi Power Limited aggregating Rs 38.15 billion. The revised bid will result in a recovery of 42 per cent for SBI.
IndiGrid to acquire Raichur Sholapur Transmission Company for Rs 2.50 billion
India Grid Trust (IndiGrid) has signed a share purchase agreement for the acquisition of 100 per cent shareholding and economic interest, in one or more tranches, in Raichur Sholapur Transmission Company Private Limited (RSTCPL), for over Rs 2.5 billion. IndiGrid has acquired the shares from Patel Engineering Limited, Simplex Infrastructures Limited and BS Limited, each owning a 33.33 per cent stake. RSTCPL operates one single circuit 765 kV transmission line between Raichur and Sholapur, with a line length of around 208 ckt. km. The asset was fully commissioned in July 2014.
Torrent Power buys Wind Two Renergy for Rs 325 million
Torrent Power Limited has acquired 100 per cent equity share capital in Wind Two Renergy Private Limited (WTRPL) for Rs 325.1 million from Inox Green Energy Services Limited. The company has acquired 32.51 million equity shares of WTRPL at a face value of Rs 10 each. WTRPL was incorporated on April 20, 2017, with the objective of electricity generation from renewable energy. It has implemented a 50 MW wind power project in the Kutch district of Gujarat. The electricity generated from the project is supplied under a 25-year power purchase agreement with PTC India Limited. The acquisition supports Torrent’s focus area of sustainable growth through renewable energy.
Norwegian Climate Investment Fund to take up stake in solar power plant in Rajasthan
Norwegian Climate Investment Fund will take up a 49 per cent stake in a 420 MW solar power plant in Rajasthan, as part of the Norway-India global energy transition partnership. The new Norwegian Climate Investment Fund, managed by Norfund and KLP, Norway’s largest pension company, will take stake in the Thar Surya 1 solar energy project for around Rs 2.80 billion. The 420-MWDC (300-MWAC) solar power plant is being built in Rajasthan by Italian firm Enel Green Power. The project will deliver over 750 GWh per year upon commissioning.
Thai PTT sells coal business to Indonesia’s Astrindo for $471 million (Indonesia)
Thai state-owned energy firm PTT Pcl has agreed to sell its coal unit to Indonesia’s PT Astrindo Nusantara Infrastruktur Tbk for $471 million, as the company moves out of the coal business entirely. The sale was aligned with PTT’s strategy to move towards sustainability and clean energy.