ONGPL signs SPA to acquire 100 per cent stake in Ayana Renewable Power
ONGC NTPC Green Private Limited (ONGPL), a 50:50 joint venture between ONGC Green Limited and NTPC Green Energy Limited, has signed a share purchase agreement (SPA) for the acquisition of a 100 per cent equity stake in Ayana Renewable Power Private Limited for a total consideration of Rs 195 billion. The agreement was signed with the National Investment and Infrastructure Fund, British International Investment and Eversource Capital. Ayana, a leading renewable energy platform, has approximately 4.1 GW of operational and under-construction assets, strategically located across resource-rich states. This acquisition marks ONGPL’s first strategic investment since its inception in November 2024.
REC signs agreement with CVPPL for Rs 21.48 billion term loan for Pakal Dul HEP
REC Limited signed an agreement with Chenab Valley Power Project Limited (CVPPL) to provide a Rs 21.48 billion term loan for the development and construction of the greenfield Pakal Dul hydroelectric project (HEP). The capacity of the project is 1,000 MW and entails a total estimated cost of Rs 126.69 billion. The project is being developed on the Marusadar river in Kishtwar district of Jammu & Kashmir.
Powergrid approves investment for transmission projects
Power Grid Corporation of India Limited (Powergrid) has approved investments for two transmission projects under the Transmission System for Offshore Wind Zone Phase-1 (500 MW VGF off the coast of Gujarat for Subzone B3). The first project involves the creation of a 400 kV substation at Vataman with 2×1,500 MVA, 765/400 kV transformers and 2×125 MVAR (420 kV) bus reactors at an estimated cost of Rs 3.19 billion. The project is expected to be commissioned by February 19, 2026. The second project focuses on additional power supply to the Dholera area with a cost estimate of Rs 1.09 billion. It includes 2×1,500 MVA, 765/400 kV transformers at Vataman and is scheduled for commissioning by March 1, 2026.
JSW Energy receives approval from NCLT for KSK Mahanadi
JSW Energy Limited has received approval from the National Company Law Tribunal (NCLT) for its Rs 159.9 billion acquisition of KSK Mahanadi Power Company Limited, a 3,600 MW coal-fired plant in Chhattisgarh. The transaction, pending clearance from the Competition Commission of India, is set to significantly expand JSW Energy’s power generation capacity. To facilitate the deal, JSW Energy will offer lenders a 26 per cent equity stake, enabling a 90 per cent recovery of the outstanding claims totalling Rs 293.3 billion.
Juniper Green Energy secures $1 billion in debt financing for renewable expansion
Juniper Green Energy has secured $1 billion in phased debt financing from leading financial institutions, including Power Finance Corporation Limited, DBS Bank, Hongkong and Shanghai Banking Corporation and Indian Renewable Energy Development Agency Limited. This funding will support wind-solar hybrid and firm and despatchable renewable energy projects, strengthening Juniper Green Energy’s operational capacity and enabling the execution of large-scale renewable energy projects to meet India’s growing clean energy demand.
L&T acquires remaining 26 per cent stake in LTSSHF from NPCIL
Larsen & Toubro (L&T) has acquired the remaining 26 per cent stake in L&T Special Steels and Heavy Forgings Private Limited (LTSSHF) from Nuclear Power Corporation of India Limited (NPCIL), making it a wholly owned subsidiary of the company. The acquisition, classified as a related party transaction under SEBI Listing Regulations, was executed at arm’s length. Prior to this, L&T already held a 74 per cent stake in LTSSHF. LTSSHF operates in the special steel and heavy forgings industry.
Adani Power secures LoI for acquisition of VIPL
Adani Power Limited has received a letter of intent (LoI) from the resolution professional to acquire Vidarbha Industries Power Limited (VIPL). VIPL owns and operates a 2×300 MW thermal power plant located in MIDC Industrial Area, Butibori, Nagpur, Maharashtra. The acquisition is subject to the terms of the LoI and requisite approvals from the National Company Law Tribunal, Mumbai, along with any other regulatory authorities, courts, or tribunals as applicable under law.
Uganda-South Sudan interconnection receives funding from AfDB and EU (Overseas)
The governments of South Sudan and Uganda, in collaboration with the Nile Basin Initiative, have secured major funding from the African Development Fund (AfDB) and the European Union (EU) to advance the South Sudan-Uganda Power Interconnection Project. AfDB has committed $155 million in loans and grants, while the EU will provide an additional grant of $27.1 million. The project had been facing delays due to financial obstacles and logistical issues, pushing the completion date to 2028. The total project cost has also increased to approximately $260 million, which is higher than Uganda’s initial projection of $164.7 million.