World Bank signs $200 million agreement to increase renewable energy penetration in Himachal Pradesh
The World Bank has signed a $200 million agreement with the Government of India and the Himachal Pradesh government to facilitate power sector reforms in Himachal Pradesh and increase the share of renewable energy in the state’s electricity generation. The funds will contribute to the state’s goal of adding 10,000 MW of additional renewable energy capacity to make the state’s power supply greener.
KPCL and THDCL sign MoU for power projects worth Rs 150 billion in Karnataka
Karnataka Power Corporation Limited (KPCL) and Tehri Hydro Development Corporation Limited (THDCL) have signed an MoU to develop various power projects. These projects, once finalised, will attract an investment of more than Rs 150 billion in Karnataka by THDCL. The MoU entails the development of a 100 MW floating solar photovoltaic (PV) plant at the Kadra Dam reservoir in Uttara Kannada district, a 170 MW ground-mounted rooftop solar PV plant on the premises of KPCL plants and a 1,500 MW pumped storage plant at Varahi, Shimoga district.
Powergrid acquires Beawar Dausa Transmission via TBCB route (India)
Power Grid Corporation of India Limited (Powergrid) has acquired Beawar Dausa Transmission Limited through tariff-based competitive bidding (TBCB). Powergrid will develop the project on a build, own, operate and transfer basis with an estimated completion period of 18 months from the special purpose vehicle acquisition date. The project entails setting up a new 765/400 kV substation at a suitable location near Dausa, and laying 400 kV and 765 kV double circuit transmission lines traversing Rajasthan, along with associated bay extension works.
Inox Wind Energy raises Rs 8 billion through sale of equity shares
Inox Wind Energy Limited (IWEL) has raised Rs 8 billion through the sale of equity shares of Inox Wind Limited (IWL) via block deals on the stock exchanges. The transaction witnessed strong participation from long-only domestic and foreign institutional investors. The funds raised by IWEL will be infused into IWL and utilised for the repayment of IWL’s external debt, a significant step towards achieving a net-debt free status.
Powergrid board approves investment worth Rs 3.67 billion in transmission projects
Powergrid’s board has approved a proposal to invest about Rs 3.67 billion in two electricity transmission projects. The first project is for the augmentation of transformation capacity by 1×1500 MVA (3rd), 765/400 kV ICT at the Maheshwaram substation in Telangana, at an estimated cost of Rs 1.43 billion. The board also approved the transmission system for the evacuation of power from the potential renewable energy zone in the Khavda area of Gujarat under Phase IV (7 GW)- Part E4, at an estimated cost of Rs 2.24 billion.
IREDA raises Rs 6.43 billion from anchor investors
Indian Renewable Energy Development Agency Limited (IREDA) has raised a total of Rs 6.43 billion from anchor investors ahead of the launch of its initial public offering (IPO). The company allotted 201,019,726 equity shares at Rs 32 each to the anchor investors. Some of the anchor investors in the IREDA IPO are Goldman Sachs, SBI Banking and Financial Services Fund, HDFC Mutual Fund, ICICI Prudential Midcap Fund, among others. The IREDA IPO price band has been fixed at Rs 30-Rs 32 per share. The company plans to raise Rs 21.50 billion from the public issue, which comprises a fresh issue of 403.2 million shares aggregating Rs 12.90 billion and an offer for sale of 268.8 million shares aggregating Rs 8.60 billion.
Radiance Renewables raises $90 million for 150 MW solar project
Radiance Renewables has secured a $90 million green loan for a 150 MW AC commercial and industrial solar project in Maharashtra. For this, the company has already signed a power supply agreement with a global data centre player to deliver solar power to its data centres in the state for a period of 25 years. The project will be completed in two stages. The first stage of 50 MW AC is close to completion. For both project phases, financial closure has already been reached through final agreements. The $90 million green credit project finance facility was jointly arranged by Axis Bank and Standard Chartered Bank.
World Bank approves $1 billion loan for South Africa’s energy reforms (South Africa)
The World Bank has sanctioned a development policy loan worth $1 billion for South Africa’s energy sector to advance its low-carbon transition and support ongoing electricity reforms. The funding, structured as a development policy loan, will be directed to the National Treasury. This marks the third policy loan following the establishment of the Just Energy Transition Partnership with several developed countries. The loan, a joint endeavour involving the World Bank, the African Development Bank, KfW, and the governments of Canada and South Africa, aligns with South Africa’s development priorities outlined in the Energy Action Plan.