Powergrid projects a capex of Rs 1,900 billion by 2032 (India)
Power Grid Corporation of India Limited (Powergrid) has estimated a capital expenditure (capex) of Rs 1,880 billion by 2032. The company is looking to spend Rs 1,160 billion on interstate transmission projects, Rs 370 billion on intra-state transmission projects, Rs 100 billion on cross-border business and Rs 75 billion on international operations by 2032. The state-owned transmission company will also spend Rs 150 billion on smart metering infrastructure during the tenure. In the renewable energy space, the company will add solar power projects, for which it has kept a sum of Rs 10 billion in the same period. The company’s capital expenditure target for the ongoing fiscal is Rs 88 billion, which may extend to Rs 100 billion.
IndiGrid secures Rs 6.7 billion through institutional placement
IndiGrid has secured Rs 6.7 billion through a Securities and Exchange Board of India-compliant institutional placement (IP) process. Initiated on December 5, 2023, the IP process witnessed significant interest from both established and new institutional investors in India and around the world. In September 2023, InÂdiGrid successfully secured over Rs 4 billion through a preferential issue. With the recently finalised IP, the company has secured approximately Rs 10.7 billion in equity funds during fiscal year 2023-24.
Adani increases offer for Lanco Amarkantak Power
Adani Power Limited has submitted an enhanced bid of Rs 41 billion to the creditors of Lanco Amarkantak Power, which is currently undergoing insolvency proceedings. This revised offer comes after Adani Power’s initial bid of Rs 36.5 billion. The unsolicited proposal comes nearly 10-11 months post a 95 per cent majority vote by lenders in favour of a plan by the Power Finance Corporation-led consortium.
ONGC to invest Rs 350 billion for 5 GW solar and wind energy capacity by 2030
Reportedly, the Oil and Natural Gas CorpoÂration (ONGC) has revealed plaÂns to invest Rs 300 billion-Rs 350 billion to achieve a 5 GW capacity for solar and wind energy projects by the year 2030. The company aims to reach a total of 10 GW in renewable energy capacity by 2030, exploring options such as pumped storage (2 GW by 2030), offshore wind (1 GW by 2035), and additional solar and onshore wind capacity (about 5 GW by 2030). The investment will be phased, aligning with targets for 2030, 2035 and 2038 as ONGC works towards achieving net zero scope 1 and scope 2 emissions. As of March 31, 2023, ONGC’s existing reÂnewable energy capacity stands at 189.52 MW, with a focus on solar and solar-wind hybrid technologies in the coming years.
AGEL concludes construction financing framework at $3 billion
Adani Green Energy Limited (AGEL) has announced additional funding of $1.36 billion to expand its construction finanÂcing framework to a total of $3 billion. The funding, supported by a consortium of leading international banks, is crucial for advancing AGEL’s ambitious renewable energy park in Khavda, Gujarat. This financial injection will facilitate the development of 2,167 MW in the initial phase at Khavda.
ADB backs India’s power sector reform with $250 million loan
The Asian Development Bank (ADB) has given its approval for a $250 million policy-based loan aimed at enhancing the financial sustainability of India’s power sector and promoting the transition towards renewable energy. This loan will support India’s efforts to meet its climate change mitigation targets and help overcome obstacles to the expansion of commercial finance for clean energy. The Power Sector Reform Programme (sub-programme 1), is the first component of a two-part initiative focused on enhancing the establishment of markets for power trade and associated ancillary services.
REC signs Euro 200 million loan with KfW to drive reforms in the distribution segment
REC Limited has signed a Euro 200 million loan agreement with Germany’s KfW Bank to enhance the distribution segment. This agreement marks REC’s sixth line of credit under the Indo-GerÂman DeÂvelopment Cooperation and demonstrates the corporation’s commitment to enhance the distribution infrastructure of discoms, in line with the Revamped DisÂtribution Sector Scheme. The development signifies a forward stride in REC’s ongoing commitment to overhauling the distribution sector withÂin the country.
 ADB announces $10 billion climate finance for the Philippines (Philippines)
The ADB has announced $10 billion in climate financing for the Philippines between 2024 and 2029. The funds will help the Philippine government to implement its commitÂmeÂnts to climate action under the Paris Agreement. The funding is a part of the multilateral lender’s new programme being developed for the coÂuntry to support low-carbon transport, renewable energy, development of carbÂon markets, flood management, resiliÂent coastal deÂveÂlopment, food security, and health and social protection.