Powergrid board approves plan to raise Rs 120 billion via bonds
Power Grid Corporation of India Limited’s (Powergrid) board has approved a proposal to raise up to Rs 120 billion through the issuance of bonds in 2024-25. The committee of directors for bonds has allowed the issuance of unsecured, non-convertible, non-cumulative, redeemable, taxable Powergrid bonds in one or more tranches/series of up to Rs 120 billion.
REC to extend term loan of Rs 18.69 billion for Kiru hydroelectric project in J&K
REC Limited has signed an agreement with Chenab Valley Power Project Private Limited to provide financial assistance of Rs 18.69 billion as term loan.
The loan will be utilised for development, construction and operation of the greenfield 4×156 MW Kiru hydroelectric project on the River Chenab, in Kishtwar district of Jammu & Kashmir. The 624 MW Kiru hydroelectric project is a run-of-river scheme, which entails the construction of a dam of 135 metres height and an underground power house with four units of 156 MW each.
JSW Energy raises Rs 50 billion equity through QIP
JSW Energy Limited has concluded its qualified institutions placement (QIP), raising Rs 50 billion through the sale of shares to institutional investors. Abu Dhabi Investment Authority, Blackrock, GQC, Nomura and Wellington are some of the notable investors. The funds will be instrumental in advancing JSW’s growth initiatives, strengthening its financial position and supporting its ambitious expansion plans.
AmpIn Energy secures Euro 25 million for 1 GW solar cell and module production facility
AmpIn Energy Transition has disclosed a long-term investment of Euro 25 million from OeEB, the Development Bank of Austria, to help it in advancing the renewable energy portfolio and setting up a domestic solar cell and module production facility with a capacity of 1,000 MW in Odisha. These investments not only align with the government’s objective of increasing clean energy capacities and decreasing carbon emissions, but also aim to promote local manufacturing to improve control over the supply chain for critical components essential for transition endeavours.
Avaada Energy secures Rs 44.71 billion in refinancing from Nabfid
Avaada Energy has announced the closure of a refinancing transaction worth Rs 44.71 billion.
The funding, obtained from the National Bank for Financing Infrastructure and Development (NaBFID), marks one of the largest refinancing deals in the country’s renewable energy sector. The transaction, executed under a restricted group structure, covers four inter-state transmission system-connected solar projects totalling 1,700 MWp in capacity in Rajasthan. The funds, sanctioned and disbursed as a 20-year rupee term loan facility, represent a significant commercial improvement over the previous prepaid facilities.
NGEL selects four investment banks for Rs 100 billion IPO
NTPC Green Energy Limited (NGEL) has finalised four investment banks to oversee its Rs 100 billion initial public offering (IPO). IDBI Capital Markets and Securities, HDFC Bank, IIFL Securities and Nuvama Wealth Management were shortlisted following evaluations of their financial and technical bids. The proceeds from the IPO have been earmarked for financing NTPC’s subsidiary’s ongoing and future projects in solar energy, green hydrogen and green ammonia.
Adani plans to invest Rs 2.3 trillion in renewable energy and manufacturing capacity
The Adani Group is reportedly planning to invest approximately Rs 2.3 trillion in India’s renewable energy sector, towards the expansion of solar and wind manufacturing capacities, by 2030. Adani Green Energy Limited intends to allocate around Rs 1.5 trillion towards increasing its capacity for generating solar and wind power, particularly at the Khavda site in Gujarat’s Kutch region, aiming to raise it from 2 GW to 30 GW. Additionally, an investment of Rs 500 billion has been earmarked for developing 6-7 GW of similar projects across the nation. Adani New Industries Limited plans to invest close to Rs 300 billion in expanding manufacturing capacities for solar cells and wind turbines in Mundra, Gujarat.
ADB, Buskowitz sign $12 million deal for solar development in the Philippines
The Asian Development Bank (ADB) and Buskowitz Solar Incorporation, a subsidiary of Buskowitz Energy Incorporation, have signed a $12 million deal to support solar energy for commercial and industrial consumers in the Philippines.
The project aims to generate 88 GWh of clean electricity annually and reduce 54,000 tonnes of CO2-equivalent emissions. The financing package includes a $12 million loan from ADB and a $24 million parallel loan from the Philippine National Bank. The financing will be used for developing, constructing and operating multiple solar panel systems on rooftops across provinces including Bacolod, Bulacan, Laguna, Misamis Oriental, Pampanga, Pangasinan and Zamboanga, as well as installing a total of 70 MW of solar power generation capacity.