PFC signs MoU worth Rs 2.37 trillion with 20 companies in the clean energy space
Power Finance Corporation (PFC) Limited has signed MoUs worth over Rs 2.37 trillion with 20 public and private companies in the clean energy space. These MoUs have been signed with solar, wind power, green hydrogen, battery storage and electric vehicle companies as well as green energy equipment manufacturers. Some of these companies are Adani, Greenko, ReNew, Continuum, Avaada, JBM Auto, Megha Engineering & Infrastructure Limited and Rajasthan Renewable Energy. These MoUs highlight PFC’s commitment to increase its energy transition portfolio and contribute to the country’s energy transition goals.
ACME Group achieves financial closure of Rs 40 billion debt for the first phase of green hydrogen and ammonia project in Oman from REC
The ACME Group has secured a Rs 40 billion loan from REC Limited for its green hydrogen and green ammonia project in Oman. The loan will be utilised to commence the first phase of the green hydrogen and green ammonia project, to be established at the special economic zone in Duqm, Oman. The first phase of the facility is expected to produce 100,000 tonnes of green ammonia annually, which will be increased to 1.2 million tonnes per annum, with about 3.5 GW of electrolyser capacity, which will be powered by a 5.5 GWp solar PV plant.
Avaada Group announces $2.44 billion REC funding for energy transition projects
The Avaada Group has signed an MoU with REC Limited for an investment of around $2.44 billion to fund its multiple projects over the next five years. Avaada will utilise the REC investment to spearhead a range of renewable energy projects across India in the next five years. These include green hydrogen and its derivatives, solar PV manufacturing, and a mix of solar, wind and hybrid projects.
Hero Future Energies signs Rs 62 billion worth MoUs for renewable energy projects
Hero Future Energies (HFE) has signed two MoUs with REC Limited and PFC for an infusion of Rs 31 billion from each into HFE over the next five years. The funds will be used to develop renewable projects across the country. These include solar and wind projects for commercial and industrial customers, utility projects and green hydrogen derivatives. In addition, the funds will facilitate the financial closure of future projects.
The World Bank approves $1.5 billion in financing to aid India’s low-carbon transition
The World Bank has approved $1.5 billion in financing to accelerate India’s development of low-carbon energy. The financing will help India promote low-carbon energy by scaling up renewable energy, developing green hydrogen, and facilitating climate finance for low-carbon energy investments. The First Low Carbon Energy Programmatic Development Policy Operation – the first in a series of two envisaged operations – will support India in developing green hydrogen. This financing will help stimulate private financing and provide support by addressing viability funding gaps, reducing offtaker risks, enhancing grid integration of renewables, and increasing demand for renewable energy.
Genus Power Infrastructures and Gem View Investment to set up a platform to fund smart metering projects
Genus Power Infrastructures Limited has signed definitive agreements with Gem View Investment Private Limited, an affiliate of GIC, Singapore, for the setting up of a platform for undertaking advanced metering infrastructure service provider concessions. GIC will hold a 74 per cent stake in the platform while Genus will hold a 26 per cent stake. The partners have committed to an initial pipeline with a capital outlay of approximately $2 billion. Genus will be the exclusive supplier to the platform for smart meters and associated services. The transactions are subject to approval.
Adani Enterprises raises Rs 12.5 billion through NCDs
Adani Enterprises Limited (AEL) has raised Rs 12.5 billion through the allotment of 125,000 secured, unrated, unlisted, redeemable, non-convertible debentures (NCDs) with a face value of Rs 100,000 each on a private placement basis. In another development, GQG Partners has acquired additional equity shares in Adani Transmission Limited (ATL), Adani Green Energy Limited (AGEL) and AEL. With this, GQG Partners’ shareholding in AGEL and ATL has increased to 6.54 per cent while in AEL it has increased to 5.4 per cent of the paid-up capital of the company.
Angola secures EUR1.29 billion power loan
The Ministry of Finance in Angola has secured a loan of EUR1.29 billion from Standard Chartered Bank, UK, to implement 48 solar photovoltic and energy storage mini-grids as well as for grid expansion. The mini-grids will be deployed in various provinces including Moxico, Lunda Norte, Lunda Sul, Bie and Malanje, providing 100 per cent renewable energy access to 60 off-grid communities. The loan will also contribute to the expansion of the national grid in Malanje by facilitating the construction of new transmission lines and networks to connect other municipalities. Of the total EUR1.29 billion funding, the German Export Credit Agency, Euler Hermes is contributing EUR1.2 billion, while the remaining EUR0.09 billion is in the form of a commercial loan.