Powergrid gets board approval to raise Rs 60 billion
Power Grid Corporation of India Limited (Powergrid) has received approval from its committee of directors for bonds, to raise up to Rs 60 billion through private placement of bonds. The funds will be raised via Powergrid Bonds – LXXXI (81st Issue), which are unsecured, non-convertible, non-cumulative, redeemable and taxable. The issue includes a base size of Rs 15 billion with a green shoe option of Rs 45 billion. The bonds will have a 10-year tenure with annual interest payments.
REC raises Rs 50 billion through bond issuance
REC Limited has raised Rs 50 billion through the issuance of bonds via private placement to strengthen its funding base for power sector financing. The offering comprised Rs 30 billion through 5-year bonds carrying a coupon rate of 6.87 per cent and Rs 20 billion through 10-year bonds with a coupon rate of 6.86 per cent. The issue received strong demand from investors, reflecting confidence in REC’s financial strength and operational performance.
JSW Neo acquires 4.7 GW renewable energy platform from O2 Power
JSW Neo Energy Limited, a wholly-owned subsidiary of JSW Energy Limited, has acquired a 4.7 GW renewable energy platform from O2 Power Pooling Pte Limited, a joint venture (JV) between global investors, EQT and Temasek. The Rs 124.68 billion worth acquisition includes operational and under-construction assets. Of the total capacity, 2,259 MW is expected to become operational by June 2025, generating steady state earnings before interest taxes depreciation and amortisation of Rs 15 billion.
IREDA secures $172 million loan from SBI Tokyo for renewable energy expansion
Indian Renewable Energy Development Agency Limited (IREDA) has secured a loan facility from the State Bank of India (SBI) Tokyo amounting to approximately $172 million. This includes a greenshoe option of around $66.2 million through external commercial borrowings. The loan is structured as a five-year unsecured facility with a bullet repayment at maturity. Reportedly, the landed cost after hedging is expected to remain below 7 per cent.
ACME Solar secures Rs 24.91 billion refinancing for renewable energy projects
ACME Solar Holdings has secured a long-term refinancing facility worth Rs 24.91 billion for its operational renewable energy projects, totalling 490 MW across Andhra Pradesh, Rajasthan and Punjab. The refinancing has been secured from SBI and REC Limited for a tenure of 18–20 years. It will help restructure the existing debt and lower the financing cost to a weighted average interest rate of 8.8 per cent.
Havells signs a binding term sheet to invest Rs 6 billion in Goldi Solar
Havells India Limited has signed a binding term sheet for a minority investment of Rs 6 billion in Goldi Solar Private Limited. The investment is part of a larger fundraise of up to Rs 13 billion by Goldi Solar, and is expected to be completed within 75 days. Havells will acquire an 8.90 per cent–9.24 per cent stake, depending on the final round size and will receive customary shareholder rights, including a board seat and investor reserve matters.
Jupiter secures Rs 5 billion investment from ValueQuest SCALE Fund
Jupiter International Limited has secured an investment of Rs 5 billion from ValueQuest SCALE Fund and its affiliates. This marks ValueQuest’s second round of investment in the company. The funding will support Jupiter’s ongoing capital expenditure programme, as it scales up its solar manufacturing capacity. The company currently operates a 1 GW solar cell manufacturing facility in Baddi, Himachal Pradesh and plans to expand to 5.6 GW of solar cells and 2.4 GW of solar modules.
ONGPL completes acquisition of Ayana Renewable Power
ONGC NTPC Green Private Limited (ONGPL), a 50:50 JV, between NTPC Green Energy Limited and ONGC Green Limited, has completed the acquisition of 100 per cent equity stake in Ayana Renewable Power Private Limited. This follows the execution of a share purchase agreement with current stakeholders—the National Investment and Infrastructure Fund (51 per cent), the British International Investment Plc and its subsidiaries (32 per cent) and Eversource Capital (17 per cent).
Continuum Green Energy gets SEBI approval for Rs 36.5 billion IPO
Continuum Green Energy Limited has received approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO), amounting to Rs 36.5 billion. The proposed IPO comprises a fresh issue of equity shares worth Rs 12.5 billion and an offer-for-sale of shares valued at Rs 24 billion by the promoter entity, Continuum Green Energy Holdings Limited.
ADB signs an MoU with AIIB for Caspian green energy corridor project (Overseas)
The ADB has signed an MoU with the Asian Infrastructure Investment Bank (AIIB) and the energy ministries of Azerbaijan, Kazakhstan, and Uzbekistan. This MoU has been signed to support the feasibility study of the Caspian Green Energy Corridor Project. Furthermore, the MoU underlines a framework for cooperation, focusing on the development of an institutional and legal framework to support cross-border electricity trade among Azerbaijan, Kazakhstan and Uzbekistan.