REC raises about Rs 35 billion via yen-denominated green bonds
REC Limited has raised JPY 61.1 billion (about Rs 35 billion) by issuing green bonds under its $10 billion Global Medium Term Notes Programme. Proceeds from the issue of these bonds will be utilised to finance eligible green projects in accordance with the company’s green finance framework, the Reserve Bank of India’s external commercial borrowing (ECB) guidelines and approvals granted by it from time to time. These are 5-year, 5.25-year and 10-year bonds issued at a yield of 1.76 per cent, 1.79 per cent and 2.2 per cent respectively.
TPREL signs MoU with Tamil Nadu government to invest Rs 708 billion in renewable energy projects
Tata Power Renewable Energy Limited (TPREL) plans to invest Rs 708 billion in renewable energy projects in Tamil Nadu. The company has signed two MoUs with the Tamil Nadu government. Under the first MoU, TPREL will explore opportunities to develop 10,000 MW of renewable energy power projects across solar, wind, hybrid, round-the-clock, peak, firm and despatchable renewable energy over the next five to seven years. These will be located over 50,000 acres of land in Tamil Nadu with an investment potential of nearly Rs 700 billion. The second MoU will enhance the investment commitment to up to Rs 38 billion to set up a 4 GW solar cells and solar module plant in two phases at Gangaikondan in Tirunelveli, Tamil Nadu.
Adani Green Energy raises Rs 23.38 billion through warrant issue
Adani Green Energy Limited (AGEL) has raised Rs 23.38 billion through a private placement of warrants to Ardour Investment Holding. A total of 63,143,677 warrants, valued at Rs 1,480.75 each, were issued. On the conversion and exercise of the warrants to the company’s equity shares (which will rank pari passu to the existing fully paid-up equity shares), the warrant holder will hold a 3.83 per cent equity stake in the company on a fully diluted basis.
CCI approves acquisition of 100 per cent shareholding of GVK Power by PSPCL
The Competition Commission of India (CCI) has approved the proposed acquisition of 100 per cent shareholding of GVK Power (Goindwal Sahib) Limited by Punjab State Power Corporation Limited (PSPCL). The proposed combination is a resolution plan involving 100 per cent acquisition of GVK Power by PSPCL, once it is declared as the successful resolution applicant.
Serentica Renewables secures Rs 35 billion through ECBs
Serentica Renewables Private Limited has secured ECBs amounting to Rs 35 billion for the company’s round-the-clock renewable energy project. The financial transaction involves collaboration with a consortium of six prominent banks, including international players such as Rabobank, MUFG Bank and Société Générale, alongside Indian lenders YES Bank, Export-Import Bank of India and India Infrastructure Finance Company. The funding will support the development of Serentica’s upcoming 530 MW hybrid renewable energy project in Rajasthan and Maharashtra.
SJVN secures Rs 100 billion construction finance facility from banks
SJVN Limited has secured a Rs 100 billion construction finance facility to fund its upcoming renewable energy projects from a group of leading domestic and international lenders. SJVN Green Energy Limited (SGEL) collaborated with SBI Capital Markets Limited (SBI Caps) for this endeavour. On behalf of SGEL, SBI Caps served as the only adviser and transaction arranger. The proposals of five banks (Deutsche Bank, SBI, Punjab National Bank, Bank of India and MUFG Bank) were approved, following thorough discussions and deliberations.
Waaree Energies files for IPO to raise Rs 30 billion for financing solar module facility
Waaree Energies Limited has filed for an initial public offering (IPO), aiming to raise Rs 30 billion ($361 million), with the Securities and Exchange Board of India. The shares, with a face value of Rs 10 ($0.12) each, are intended to fund the establishment of a 6 GW ingot, wafer and solar cell and module manufacturing facility in Odisha.
AIIB invests $58.4 million in India’s largest renewable energy InvIT
The Asian Infrastructure Investment Bank (AIIB) has invested around $58.4 million in India’s largest renewable energy infrastructure investment trust (InvIT). The InvIT, Sustainable Energy Infra Trust (SEIT), has eight operating solar power generation assets with 1.54 GW of total peak capacity located across the country.
ADB approves $200 million loan for climate-resilient infra projects in the Philippines
The Asian Development Bank (ADB) has approved a $200 million loan for climate-resilient infrastructure projects in the Philippines. This is the second financing under the Infrastructure Preparation and Innovation Facility and will help in the implementation of early-stage projects through feasibility studies and detailed engineering design.