ONGC Green Limited acquires PTC Energy
ONGC Green Limited, a wholly owned subsidiary of Oil and Natural Gas Corporation (ONGC) Limited, has acquired a 100 per cent equity stake in PTC Energy Limited for Rs 9.25 billion, making it a wholly owned subsidiary of OGL. The acquisition does not fall under related party transactions and was executed at arm’s length. The acquisition aligns with ONGC’s strategic goal of expanding its renewable energy portfolio to 10 GW by 2030 and achieving net zero (scope 1 and scope 2) by 2038.
CCI approves JSW Energy’s acquisition of KMPCL
The CCI has approved the proposed acquisition of a 100 per cent shareholding in KSK Mahanadi Power Company Limited (KMPCL) by JSW Energy Limited through its wholly owned subsidiary, JSW Thermal Energy One Limited. KMPCL operates a 3,600 MW (6×600 MW) thermal power plant in Janjgir-Champa, Chhattisgarh. The company is currently undergoing the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016.
AGEL secures $1.06 billion refinancing for Rajasthan hybrid renewable cluster
Adani Green Energy Limited (AGEL) has refinanced its maiden construction facility of $1.06 billion which was secured in 2021 to develop India’s largest solar-wind hybrid renewable cluster in Rajasthan. The long-term financing, structured with a door-to-door tenor of 19 years, follows a fully amortised debt model aligned with the asset’s lifecycle.
CCI approves ONGC NTPC Green’s acquisition of Ayana Renewable Power
The Competition Commission of India (CCI) has approved the proposed acquisition of a 100 per cent shareholding in Ayana Renewable Power Private Limited by ONGC NTPC Green Private Limited. ONGC NTPC Green is a joint venture between ONGC Green Limited and NTPC Green Energy Limited, which are wholly owned subsidiaries of Oil and Natural Gas Corporation Limited and NTPC Limited, respectively.
IRFC forays into power sector lending
Indian Railway Finance Corporation (IRFC) Limited, the dedicated funding arm of Indian Railways, has secured a bid to extend a rupee term loan of Rs 75 billion to NTPC Green Energy Limited. Additionally, it is lending Rs 31 billion to Patratu Vidyut Utpadan Nigam Limited, a thermal power generation subsidiary of NTPC Limited. IRFC has also partnered with Railway Energy Management Company Limited to finance renewable energy projects awarded for supplying power to the railways.
Sunsure Energy secures Rs 1.29 billion long-term debt finance from Tata Capital and ABFL
Sunsure Energy Limited has secured Rs 1.29 billion in long-term debt financing from Tata Capital and Aditya Birla Finance (ABFL) to fund the construction of its 49 MW open access solar plant in Augasi, Uttar Pradesh. The financing will support Sunsure Energy’s 145 MWp portfolio of commissioned open access solar power projects in the state. The company is also actively developing solar plants totalling 270 MWp across Uttar Pradesh.
Gensol Engineering approves fundraise of up to Rs 6 billion
Gensol Engineering Limited has approved a fundraise of up to Rs 6 billion to strengthen its balance sheet. The fundraise includes Rs 4 billion through foreign currency convertible bonds (FCCBs) and Rs 2 billion through the issuance of warrants to promoters. Additionally, the company is undertaking divestments, including vehicle sales and the sale of a subsidiary, to further enhance financial stability.
JSW Neo Energy signs SPA to acquire Virya Infrapower
JSW Neo Energy Limited has signed a share purchase agreement (SPA) for the acquisition of a 100 per cent equity stake in Virya Infrapower Private Limited for a total enterprise value of Rs 75.4 million. The acquisition provides JSW Neo Energy with the opportunity to acquire a ready renewable power site with necessary infrastructure to achieve accelerated project development. The transaction was closed on the same day as the signing of the SPA, and the acquisition was completed with 100 per cent cash consideration, subject to post-closing adjustments. Following the acquisition, Virya Infrapower has become a step-down subsidiary of JSW Neo Energy.
NEPCO secures EU-EBRD funding to enhance transmission grid (Overseas)
The National Electric Power Company (NEPCO), Jordan’s state-owned transmission system operator, has secured a financing package worth EUR67.1 million from the European Bank for Reconstruction and Development (EBRD) and the European Union (EU), to upgrade the country’s transmission infrastructure. The financing package includes a sovereign-guaranteed EBRD loan of up to EUR54.7 million and an EU investment grant of EUR12.4 million. These funds will be used to construct a high voltage electricity substation in northern Jordan and build four new overhead transmission lines. The project consists of two 400 kV lines connecting the existing Samra and Amman West substations as well as two 132 kV lines connected to the Hasan Industrial and Jerash substations. Additionally, the EU will provide a EUR2.2 million technical cooperation grant to appoint a project implementation consultant for NEPCO.