Adani Energy Solutions raises $1 billion in QIP
Adani Energy Solutions Limited has raised $1 billion through a qualified institutional placement (QIP) issue, which was oversubscribed three times, with demand reaching approximately Rs 260 billion. The QIP was closed at Rs 1,135 per share, a 14 per cent discount over the issue price of Rs 976 per share. The investors that participated in the issue include GQG, ADIA and domestic institutions such as Bandhan MF, Nomura and 360 India Infoline.
JBIC signs loan agreement with PFC for a renewable energy project in India
The Japan Bank for International Cooperation (JBIC) has signed a loan agreement of up to JPY 25.5 billion with Power Finance Corporation Limited (PFC). JBIC will contribute JPY 13.5 billion, with the remaining co-funded by Sumitomo Mitsui Banking Corporation, the Bank of Yokohama Limited, Shiga Bank Limited and Bank of Fukuoka Limited. The loan proceeds will be used to finance a 300.3 MW wind energy project by Ostro Kannada Power Private Limited in Karnataka. JBIC will also provide a guarantee for the portion co-financed by private financial institutions. This loan is part of a credit line established in July 2022 to
support renewable energy and energy-efficient projects.
Suzlon to acquire 76 per cent stake in Renom Energy Services
Suzlon Energy Limited’s board has approved the acquisition of a 76 per cent stake in Renom Energy Services Private Limited in two tranches from the Sanjay Ghodawat Group for Rs 6.6 billion. In the first tranche, Suzlon will acquire a 51 per cent stake for Rs 4 billion, while a 25 per cent stake will be acquired in the second tranche, 18 months from the acquisition under the first tranche, for Rs 2.6 billion.
Fourth Partner Energy secures $275 million equity investment from IFC, ADB and DEG
Fourth Partner Energy (FPEL) has secured funding worth $275 million from the International Finance Corporation (IFC), the Asian Development Bank (ADB) and the DEG. This investment is expected to fund FPEL’s business expansion including 3.5 GW of renewable energy assets by 2026. IFC, a member of the World Bank Group, has invested $125 million, ADB $100 million and DEG has contributed the remaining $50 million. Currently, FPEL has an installed capacity of 1.5 GW of green assets. It will also commission Phase I of its 575 MW wind-solar hybrid project under the interstate transmission system in Karnataka in the coming months. In addition, FPEL is developing 1.2 GW of open access projects across Maharashtra, Uttar Pradesh, Tamil Nadu and Gujarat.
Tata Power proposes to acquire 40 per cent stake in KHPL
Tata Power Company Limited has proposed to acquire a 40 per cent stake in Khorlochhu Hydro Power Limited (KHPL) for approximately Rs 8.3 billion to set up a 600 MW hydro project in Bhutan. Tata Power has partnered with Druk Green Power Corporation Limited to develop the project in Bhutan, with a total investment of around Rs 69 billion. As per the terms and conditions to be finalised in the share purchase agreement, the first tranche is expected to be completed within six months.
BluPine Energy secures Rs 2.39 billion funding from Tata Capital
BluPine Energy has secured Rs 2.39 billion in financial assistance from Tata Capital Limited for a solar power project in Chhattisgarh. The 75 MWp solar project will be developed in partnership with APL Apollo Building, which will also be the lead consumer of the power generated from the project. Upon completion, the solar plant is expected to generate approximately 117 MUs of energy annually. The project is estimated to offset over 107,000 tonnes of CO2 emissions yearly.
CCEA approves Rs 57.92 billion investment in SJVN’s 669 MW Lower Arun HEP
The Cabinet Committee on Economic Affairs (CCEA) has approved an investment of Rs 57.92 billion in SJVN Limited’s 669 MW Lower Arun hydroelectric project (HEP) at a tariff of Rs 4.99 per unit. The CCEA also granted retroactive approval for the special purpose vehicle and approved an equity investment of Rs 17.37 billion in SJVN Lower Arun Power Development Company Private Limited. The project, located in Nepal’s Sankhuwasabha district, will use four units of 167.25 MW each and is expected to generate 2,900 MUs of energy annually. The project is expected to be completed within a time frame of 60 months and will connect to a 217 km-long transmission line to Sitamarhi, Bihar, currently under construction.
Saudi Electricity Company signs $2 billion syndicated loan deal (Saudi Arabia)
The state-run Saudi Electricity Company (SEC) has signed a $2 billion, five-year syndicated loan deal led by the Bank of China (BOC). BOC served as the sole global coordinator and initial mandated lead arranger of the deal. The loan, initially envisioned at $1.5 billion, attracted significant investor interest. BOC’s effective distribution efforts across the Middle East and Asia-Pacific regions led to the loan being oversubscribed, resulting in an increase to $2 billion. The loan provides essential funding for SEC’s operations and potential future growth initiatives. Headquartered in Saudi Arabia, SEC generates 57 GW of power with a transmission circuit of 55,000 km and 7.5 million customers.
The company has been focused on the expansion and modernisation of the power supply network in the Middle East and North Africa region.