CCI approves acquisition of Lanco Amarkantak by PFC Projects, REC, SJVN and DVC
The Competition Commission of India (CCI) has approved the acquisition of 100 per cent shareholding of Lanco Amarkantak Power Limited by PFC Projects Limited, REC Limited, SJVN Limited and the Damodar Valley Corporation (DVC). Lanco Amarkantak Power, a special purpose vehicle (SPV) of Lanco Infratech Limited, is setting up the Amarkantak thermal power plant at Pathadi village in Chhattisgarh, in two phases. The first phase of the plant comprised two 300 MW units, which achieved commercial operation in April 2010. Phase II, comprising Unit 3 and Unit 4 of 660 MW each, is being developed at an investment of Rs 108.15 billion.
NIIF and JBIC unveils $600 million India-Japan fund
The National Investment and Infrastructure Fund (NIIF) and the Japan Bank for International Cooperation (JBIC) have partnered to unveil a $600 million India-Japan fund to promote collaboration and investment between Japan and India in the field of climate and environment. JBIC and the Indian government are the anchor investors in this fund. The announcement represents NIIF’s inaugural bilateral fund, with the Government of India contributing 49 per cent of the desired corpus, while JBIC contributes the remaining 51 per cent.
AESL acquires Sangod Transmission Service
Adani Energy Solutions Limited (AESL) has completed its acquisition of the entire equity shares of Sangod Transmission Service Limited (STSL) from Rajasthan Rajya Vidyut Prasaran Nigam Limited. STSL’s projects include the implementation of transmission project – RAJ/PPP – 11 – 2x 400/220 kV, 500 MVA grid substation in Sangod, in addition to a 220/132 kV, 160 MVA transformer and the associated transmission line.
Inox Green signs a term sheet to sell entire stake in Nani Virani Wind Energy SPV
Inox Green Energy Services Limited (IGESL) has entered into a term sheet agreement to sell its 100 per cent stake in Nani Virani Wind Energy Limited. Nani Virani Wind Energy is an SPV managing a 50 MW wind farm in Gujarat. The divestment is a part of the company’s strategic initiative to achieve a debt-free status, empowering IGESL to transform into an asset-light annuity operation and maintenance business.
REC signs MoU for two renewable hydrogen and conventional power projects worth Rs 403 billion in Odisha
REC has signed three MoUs totalling Rs 403.58 billion to support and finance various projects in Odisha, over the coming years. The first MoU involves a partnership with Odisha Power Generation Corporation to finance the development of Units 5 and 6, a 660 MW x 2 thermal power project in Jharsuguda, Odisha, with an investment of Rs 95.38 billion. The second MoU is a collaboration with Acme Group Limited, providing Rs 160 billion in funding for the green hydrogen and ammonia facility in Gopalpur, Odisha. In the third MoU, REC has entered into an agreement with the Avaada Group Limited, pledging Rs 150 billion for an upcoming green hydrogen and ammonia facility in Gopalpur, Odisha, promoting green energy initiatives in the state.
Indian Oil approves Rs 16.6 billion investment in NGEL
Indian Oil Corporation Limited’s board has approved a Rs 16.6 billion investment, securing a 50 per cent stake in the joint venture with NTPC Green Energy Limited (NGEL) for the development of renewable power plants. NGEL will set up clean energy-based power projects, including solar PV and wind, in order to fulfil round-the-clock power demands of Indian Oil’s upcoming projects.
Tata Steel to enter into agreement with TPREL to source 379 MW of renewable power
Tata Steel Limited (TSL) has completed negotiations to enter into definitive agreements with Tata Power Renewable Energy Limited (TPREL) and TP Vardhaman Surya Limited (TPVSL) for the acquisition of a 26 per cent stake in TPVSL, which is currently a fully owned subsidiary of TPREL. As part of this agreement, TSL will also establish a long-term fixed-tariff contract with TPVSL, allowing it to procure 379 MW of captive renewable power.
REC signs MoU with BoI to co-finance power and infrastructure projects worth Rs 300 billion
REC has signed an MoU with Bank of India (BoI) to explore the possibility of funding the power sector and infrastructure and logistics projects under the consortium arrangement. REC and BoI will partner to co-finance loans amounting to Rs 300 billion for projects implementable in five years, contributing significantly to power generation capacity and energy infrastructure.
EBRD approves loan for Egypt’s NWFE grid reinforcement project
The European Bank for Reconstruction and Development (EBRD) has approved a provision of a sovereign loan of up to Euro 165 million to the Arab Republic of Egypt, for the state-owned Egyptian Electricity Transmission Company, to finance the upgradation and reinforcement of the electricity transmission grid under Egypt’s Nexus Water, Food & Energy (NWFE) Grid Reinforcement project. The project will require a total financing of Euro 200 million split between an EBRD loan of EUR165 million and European Union (EU) grants (subject to EU approvals) of Euro 35 million.