AESL completes 100 per cent acquisition of Essar Transco Limited
Adani Energy Solutions Limited (AESL) has acquired a 100 per cent stake in Essar Transco Limited, which houses operational Mahan-Sipat transmission assets, for an enterprise value of Rs 19 billion. The acquisition covers the fully operational 400 kV, 673 ckt. km interstate transmission line linking Mahan in Madhya Pradesh to the Sipat pooling substation in Chhattisgarh. The project operates under the Central Electricity Regulatory Commission-regulated return framework and was commissioned in September 2018. This acquisition will take the cumulative network of AESL to over 21,000 ckt. km.
Avaada Energy secures loan worth Rs 11.9 billion from SBI for solar project
Avaada Energy has secured a loan worth Rs 11.9 billion from the State Bank of India (SBI) to facilitate a new solar venture in Gujarat. The financing, structured as a 20-year project loan, will support the development of a 400 MWp utility-scale solar photovoltaic power project in Surendranagar district of Gujarat. The electricity generated by this project will be procured by Gujarat Urja Vikas Nigam Limited.
AGEL secures $400 million from international banks for 750 MW of power projects
Adani Green Energy Limited (AGEL) has secured $400 million for its under-construction solar projects aggregating 750 MW in Rajasthan and Gujarat from a consortium of five leading international banks. It will provide financing for projects that are expected to come online from November 2024 onwards. One of the projects, with a capacity of 500 MW, is being developed in Rajasthan, and has a long-term power purchase agreement with Solar Energy Corporation of India Limited. The second one, with 250 MW capacity, is a standalone merchant power project being implemented at the world’s largest renewable energy cluster at Khavda in Gujarat. The consortium of lenders comprises Cooperative Rabobank U.A., DBS Bank Limited, Intesa Sanpaolo S.p.A., MUFG Bank Limited and Sumitomo Mitsui Banking.
Grew Energy to invest Rs 45 billion in solar manufacturing unit in J&K
Grew Energy Private Limited has announced a substantial investment of Rs 45 billion for the establishment of a three-stage fully integrated manufacturing unit in Jammu & Kashmir. The facility, located in Kathua, will mark the company’s pioneering venture into renewable energy manufacturing in the region. Upon completion, the manufacturing unit will boast an annual capacity of 3.2 GW for high-efficiency modules and 2.8 GW for ingots, wafers and cells. The Kathua facility will adhere to international standards and feature automated machinery, positioning Grew Energy as the first solar company in India to incorporate such cutting-edge technology.
BluPine Energy secures Rs 4.18 billion loan from HDFC Bank for solar project in Gujarat
BluPine Energy has secured a Rs 4.18 billion loan from HDFC Bank for its 120 MW solar project in Sadla, Gujarat. The plant is expected to generate approximately 323,000 MWh of solar energy annually after completion. With the addition of this project, BluPine Energy’s cumulative solar and wind energy capacity in Gujarat will scale up to 750 MW across seven projects. Moreover, the overall renewable energy capacity will reach approximately 2.6 GW, with 730 MW currently operational.
Jakson Green to invest Rs 35 billion in renewable energy and green hydrogen expansion
Jakson Green has announced plans to invest Rs 35 billion through private equity investors and non-recourse financing to enhance its renewable energy portfolio, including green hydrogen. The investment will focus on solar utility projects and the development of green hydrogen, methanol and ethanol. The company has installed a global solar project capacity of 5 GWp, including 1 GWp of directly owned assets.
Ampin Energy secures Rs 2.92 billion from Swiss firm ResponsAbility
Ampin Energy Transition, formerly Amp Energy India, has secured Rs 2.92 billion from ResponsAbility Investments AG, a Swiss impact asset manager specialising in private market investments. The infusion of funds will bolster Amp Energy’s initiatives across various projects under its special purpose vehicles, primarily focusing on commercial and industrial solar ventures across multiple sectors in India, including manufacturing, automotive, pharmaceuticals, healthcare, hospitals and data centres.
NamPower secures funding from World Bank for infrastructure development
Namibia’s state-owned power utility, NamPower has secured a $138.5 million finance package from the World Bank for its energy project that will integrate renewable energy as well as a second utility-scale battery energy storage system (BESS) into the electricity system. The project aims to minimise outage risks, support load growth and enable power trade in the South African Power Pool. It has three components, namely, the development of the second Auas-Kokerboom transmission line, the development of a utility-scale BESS facility and technical assistance to support NamPower in developing bankable renewable energy projects and enhancing the socio-economic benefits of its projects.