ADB grants $434.25 million loan to boost renewable energy in Assam (India)
The Asian Development Bank (ADB) has sanctioned a $434.25 million loan to support renewable energy development and strengthen energy security in Assam. The Assam solar project will reportedly establish a 500 MW grid-connected solar photovoltaic (PV) facility in Karbi Anglong district. Additionally, a grid-connected battery energy storage system will be developed to stabilise the grid and meet peak
power demands.
NGEL IPO subscribed 2.4 times in three days
NTPC Green Energy Limited (NGEL)’s initial public offering (IPO) witnessed a subscription rate of 2.4 times on the final day of bidding. The IPO offered 593 million equity shares at a price band of Rs 102-108, and received bids for 1.43 billion shares, according to stock exchange data. The highest demand for the IPO came from retail individual investors, who subscribed to 3.44 times the quota reserved for them. This was followed by qualified institutional buyers, who bid for 3.32 times their allocated quota, and non-institutional investors, who subscribed to 0.81 times. Meanwhile, the portion reserved for employees and shareholders received subscriptions of 0.80 times and 1.60 times, respectively.
IndiGrid partners with BII and Norfund to launch EnerGrid
IndiGrid has partnered with British International Investment (BII) and the Norwegian Climate Investment Fund, managed by Norfund, to launch EnerGrid. This platform will focus on bidding for and developing new transmission and stand-alone battery energy storage system projects in India. IndiGrid, BII and Norfund, alongside Kommunal Landspensjonskasse, have committed about $300 million, with each partner contributing roughly $100 million. This funding is expected to help EnerGrid build projects worth around $1.2 billion in the coming years.
ACME Solar closes IPO
ACME Solar closed its IPO on November 8, 2024. The IPO was subscribed 2.75 times on its final day of bidding, led by institutional investors. In the investors’ category, the qualified institutional buyer portion was subscribed 3.54 times, while the retail individual investor part was subscribed 3.1 times. The issue had a price band of Rs 275-Rs 289 per equity share. The IPO was a combination of a fresh issue of Rs 23.95 billion and an offer for sale of Rs 5.05 billion by ACME Cleantech Solutions. The funds from the fresh issue will be utilised for investment in subsidiaries for repayment and prepayment, in full or in part, of outstanding borrowings and loans, as well as general corporate purposes.
ACME Sun Power secures Rs 37.53 billion term loan from REC
ACME Sun Power, a wholly-owned subsidiary of ACME Solar Holdings, has secured a term loan worth Rs 37.53 billion from REC Limited. The funds from the loan will be utilised for the development and construction of a 320 MW firm and despatchable renewable energy (FDRE) project in collaboration with SJVN Limited. The company has also signed a power purchase agreement with SJVN. Further, they have secured grid connectivity.
Rosa Power prepays Rs 4.85 billion to Varde Partners to become debt-free
Rosa Power Supply Company Limited, a subsidiary of Reliance Power Limited, has prepaid an additional Rs 4.85 billion loan to Varde Partners, bringing the company to a zero-debt status. With this recent payment, which completes a total debt prepayment of Rs 13.18 billion, Rosa Power has fully cleared its debt ahead
of schedule.
Tata Power signs MoU with ADB for $4.25 billion investment in clean energy
Tata Power Limited has signed an MoU with the Asian Development Bank (ADB) to evaluate financing for clean energy and power infrastructure projects worth $4.25 billion. The agreement focuses on funding key projects, including a 966 MW solar-wind hybrid project, a pumped hydro storage project and other initiatives aimed at energy transition, decarbonisation and battery storage. Additionally, the MoU includes capital expenditure for strengthening Tata Power’s distribution networks, ensuring improved power delivery.
ADB approves $311 million loan to upgrade Nepal’s T&D infrastructure (Nepal)
The Asian Development Bank (ADB) has approved a loan of $311 million to upgrade electricity transmission and distribution (T&D) infrastructure in Nepal. The South Asia Subregional Economic Cooperation Electricity T&D Strengthening Project aims to modernise energy infrastructure and solar PV generation facilities in Nepal. The project, which will be implemented by the Nepal Electricity Authority (NEA), will involve the construction of 290 km of transmission lines (Dailekh-Jumla, New Butwal-Lamahi, Nijgadh-Ramauli and Teenpiple-Okharpauwa), as well as expansion, reinforcement and rehabilitation of electricity distribution infrastructure in the Karnali and Lumbini provinces. Distributed grid-connected solar PV generation facilities aggregating 8 MW will be established in Karnali and other areas. The funding is also expected to help NEA upgrade its training centre, expand the smart meter roll-out programme, establish a data recovery centre and implement a supervisory control and data acquisition network. The ADB will also provide an additional $30 million in grants from its Asian Development Fund to support training and capacity building.