PFC signs JPY 120 billion loan agreement with JBIC
Power Finance Corporation Limited (PFC) has signed a loan agreement worth JPY 120 billion with the Japan Bank for International Cooperation (JBIC). JBIC will contribute JPY 72 billion, with the remaining amount being provided by commercial banks. The loan is part of JBIC’s GREEN initiative, which supports projects that help reduce greenhouse gas emissions and protect the environment. PFC will use the funds to finance renewable energy projects, supporting India’s shift to clean energy sources.
Sterlite Grid raises Rs 24.5 billion for refinancing MUML project
Sterlite Grid 32 Limited has raised Rs 24.5 billion through listed non-convertible debentures to refinance its Mumbai Urja Transmission Limited (MUML) project. The project was secured in June 2020 through tariff-based competitive bidding and is being developed on a build-own-operate-maintain basis for a concession period of 35 years. It is part of the green energy corridor, encompassing Western Region Strengthening Scheme-XIX and Northeastern Region Strengthening Scheme-IX, spanning Maharashtra, Gujarat, Assam and Arunachal Pradesh.
JSW Energy secures LoI for KSK Mahanadi thermal plant
JSW Energy Limited has received a letter of intent (LoI) from a resolution professional for its resolution plan submitted for KSK Mahanadi Power Company Limited, as part of the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. KSK Mahanadi Power operates a 3,600 MW thermal power plant in Chhattisgarh, which uses domestic coal. Currently, the plant operates at a capacity of 1,800 MW (600 MWx3), primarily under long- and medium-term power purchase agreements. An additional 1,800 MW (600 MWx3) is under construction, with one unit being 40 per cent complete. In a separate development, JSW Energy Limited, through its subsidiary JSW Neo Energy Limited, has acquired a 4.7 GW renewable energy platform from O2 Power in a deal valued at $1.47 billion. O2 Power is backed by Singapore’s state-owned Temasek and EQT Infrastructure.
IREDA sanctions loan to GMR Power for smart meter project
The Indian Renewable Energy Development Agency (IREDA) has sanctioned a Rs 21.28 billion loan to GMR Power and Urban Infra Limited (GPUIL) for a smart meter project in Uttar Pradesh, which is estimated to cost Rs 34.67 billion. The project is being executed in partnership with Bosch Global Software Technologies Private Limited as the technical partner. The loan will be disbursed in tranches to three special purpose vehicles (SPVs) – GMR Agra Smart Meters Limited, GMR Kashi Smart Meters Limited, and GMR Triveni Smart Meters Limited – set up specifically for this project. GPUIL has provided corporate guarantees of Rs 4.4 billion each to the SPVs until the commercial operation date.
Sasan Power repays $150 million to IIFCL, UK
Sasan Power Limited, a subsidiary of Reliance Power Limited, repaid $150 million to India Infrastructure Finance Company Limited, UK on December 31, 2024, fulfilling its debt obligation. Sasan Power operates the 3,960 MW ultra mega power plant in Sasan, Madhya Pradesh, which is an integrated coal-based power plant with a captive coal mining capacity of 20 mtpa.
NHPC receives approval for merger of Lanco Teesta Hydro Power
NHPC Limited has received approval from the Ministry of Corporate Affairs for the merger of Lanco Teesta Hydro Power with itself. The company has also received a second payment of Rs 2.5 billion under its mega insurance policy. This payment is related to business interruption losses caused by the flash floods at the 510 MW Teesta-V power station on October 4, 2023.
Waaree Energies acquires Enel Green Power India
Waaree Energies Limited has signed an agreement to acquire 100 per cent of Enel Green Power India Private Limited (EGP India) from Enel Green Power Development S.R.L. The acquisition is valued at
Rs 7.92 billion. EGP India operates a renewable energy platform with a net capacity of approximately 640 MW AC (760 MW DC), consisting of solar and wind projects. It also has a project pipeline of 2,500 MW across multiple states in India.
Bharti Airtel acquires a 26 per cent stake in AMP Energy Green Three
Bharti Airtel Limited has acquired a 26 per cent equity stake in AMP Energy Green Three Private Limited, an SPV of AMP Energy Green Private Limited, for Rs 378.9 million. AMP Energy Green Three is developing a 50 MW hybrid wind-solar power plant in Jodh Singh ka Gaon, Barmer, Rajasthan.
EBRD to provide $66.4 million loan for Uzbekistan’s 500 kV line (Overseas)
The European Bank for Reconstruction and Development (EBRD) is providing a sovereign loan of up to $66.4 million to Uzbekistan’s grid developer, JSC National Electric Grid of Uzbekistan, for the construction of a new 500 kV transmission line that will stretch over 230 km, connecting Sarimay in the Khoresm region to Muruntau in the Navoi region. This project is crucial for addressing grid bottlenecks and reducing electricity outages, especially during peak demand periods. It will also play a key role in supporting Uzbekistan’s transition to renewable energy by facilitating the integration of clean energy sources.