Powergrid to raise Rs 12 billion via bonds
Power Grid Corporation of India Limited’s (Powergrid) board has approved a proposal to raise up to Rs 12 billion through bond issuance. The committee of directors for bonds has approved the issuance of unsecured, non-convertible, non-cumulative, redeemable, taxable Powergrid bonds – LXXVI (76th) issue. The base size of the issue is Rs 4 billion, with an additional green shoe option of Rs 8 billion. The bonds will be redeemable at par at the end of the 10th year, with interest payments made on a yearly basis.
NTPC signs agreement with JBIC for JPY 30 billion funding
NTPC Limited has entered into a foreign currency loan agreement worth JPY 30 billion with the Japan Bank for International Cooperation (JBIC), the Japanese government’s policy-based financial institution. Under the agreement, JPY 15 billion each has been allocated to NTPC Limited and NTPC Renewables Energy Limited (NREL). JBIC has provided 60 per cent of the facility amount, with the remaining being provided by other commercial banks under JBIC guarantee. The loan proceeds will be utilised by NTPC to fund a portion of its capex requirements for flue gas desulphurisation, which significantly reduces sulphur oxide emissions in the flue gases of thermal power stations, marking a positive step towards environmental sustainability. Meanwhile, NREL will utilise the loan proceeds to fund its capex for renewable energy projects, advancing its mission to provide reliable, affordable and sustainable energy.
REC signs MoU with Rajasthan government to finance power and infrastructure projects worth Rs 200 billion
REC Limited has signed an MoU with the Rajasthan government to finance projects across power and non-power infrastructure sectors with an investment of up to Rs 200 billion per annum for a period of six years, extending up to 2030. Under the agreement, REC will extend loans to various departments, undertakings, institutions and schemes of the Rajasthan government. This collaboration is expected to expedite the implementation of projects related to the state’s infrastructure sector, including power projects, metro, roads and highways, airports, IT infrastructure, oil refineries, steel infra, ports and waterways, fiber optics, telecom, healthcare facilities, tourism infrastructure, agriculture and other infrastructure projects.
NTPC’s board approves investment for Singrauli STPP, Stage-III
NTPC’s board of directors has granted investment approval for the Singrauli super thermal power project (STTP), Stage III (2×800 MW) at an appraised current estimated cost of Rs 171.95 billion. The project is located in Sonebhadra district of Uttar Pradesh.
JSW Energy signs BTA with Reliance Power for purchase of 45 MW Vashpet wind project
JSW Renewable Energy (Coated) Limited, a wholly owned subsidiary of JSW Neo Energy, has signed a business transfer agreement (BTA) with Reliance Power Limited to acquire the 45 MW Vashpet wind project as a going concern on a slump sale basis. The purchase consideration for the transaction is Rs 1.32 billion adjusted for the net working capital as of the closing date. The transaction is subject to receiving the necessary regulatory and other customary approvals.
CCI approves 100 per cent acquisition of Lanco Amarkantak by Adani Power
The Competition Commission of India (CCI) has approved 100 per cent acquisition of Lanco Amarkantak Power Limited by Adani Power Limited. Adani Power is engaged in the business of thermal power generation in India. The company operates its thermal power plants across multiple states in India, including Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Jharkhand and Madhya Pradesh. Lanco Amarkantak, a part of the Lanco Group, is also engaged in the business of thermal power generation in India. It is currently undergoing corporate insolvency resolution under the Insolvency and Bankruptcy Code, 2016.
BluPine Energy secures financial closure of 198 MW wind project in Gujarat
BluPine Energy has announced the successful financial closure of its 198 MW wind project in Gujarat, secured under the Gujarat Urja Vikas Nigam Limited wind three tender. The company has achieved a significant milestone by securing green loan financing for its project through Standard Chartered Bank and TATA Capital. The total debt sanctioned for this ambitious project is Rs 12.6 billion ($151.88 million). After completion, the plant is expected to generate about 65 GWh of wind energy annually, which will offset an estimated 600,000 tonnes of carbon dioxide equivalent annually and provide power to approximately 130,000 households annually.
World Bank’s NEAT programme to support Zambia’s electricity sector (Zambia)
The World Bank has launched the National Energy Advancement and Transformation Program (NEAT) to enhance Zambia’s financial sustainability, reliability and resilience by 2033. The World Bank will extend financial assistance through its International Development Association grants. The $700 million NEAT programme will assist Zambia’s national power utility, ZESCO Limited, in achieving sustainability and attracting new private sector investment. The first phase of the programme, spanning from 2024 to 2026, will allocate a $100 million grant.