CCEA approves Rs 81.46 billion investment for 700 MW Tato-II hydroelectric project in Arunachal Pradesh
The Cabinet Committee on Economic Affairs (CCEA) has approved an investment of Rs 81.46 billion for the construction of the 700 MW Tato-II hydroelectric project in Shi Yomi district, Arunachal Pradesh. The project will be implemented by a joint venture between North Eastern Electric Power Corporation Limited and the Government of Arunachal Pradesh, with a scheduled completion period of 72 months. The project will generate 2,738.06 MUs of electricity annually, improve power supply in the state and support grid balancing at the national level.
Powergrid to raise up to Rs 50 billion through private placement of bonds
Power Grid Corporation of India Limited’s (Powergrid) committee of directors for bonds has approved the issuance of unsecured, non-convertible, non-cumulative, redeemable, taxable bonds (82nd issue) for 2025-26 on a private placement basis. The issue will have a base size of Rs 10 billion with a green-shoe option of Rs 40 billion, aggregating up to Rs 50 billion. The bonds will be listed with a tenor of 10 years and be redeemable at par at the end of the term. Interest will be paid annually, with the coupon rate to be determined via bidding on the electronic book provider platform.
ACME Solar secures Rs 31.84 billion funding from REC for 280 MW FDRE project
ACME Hybrid Urja Private Limited has secured long-term project financing of Rs 31.84 billion from REC Limited for the development and construction of a 280 MW firm and despatchable renewable energy (FDRE) project in contract with NHPC Limited. REC Limited will act as the sole lender, providing financing for 18 years. The project is backed by a 25-year power purchase agreement with NHPC Limited at a tariff of Rs 4.44 per unit.
Juniper Green Energy secures Rs 17.39 billion debt financing from IREDA
Juniper Green Energy Limited has raised about Rs 17.39 billion in debt financing from the Indian Renewable Energy Development Agency (IREDA) to fund the growth and development of the company and its subsidiaries. The funding will support the execution of large-scale renewable projects and strengthen operational capacity. The financing follows the company’s $1 billion fund raise last year from leading financial institutions, including Power Finance Corporation Limited, DBS Bank, HSBC Bank and IREDA.
AIIB invests Rs 13.01 billion in ABCL
The Asian Infrastructure Investment Bank (AIIB) has invested Rs 13.01 billion by subscribing to non-convertible debentures issued by Aditya Birla Capital Limited (ABCL), the financial flagship of the Aditya Birla Group. The funding will accelerate renewable energy financing and electric mobility initiatives in India. The funds will be utilised towards advancing clean energy solutions, including solar, wind, hydrogen and energy storage technologies.
Inox Wind sells Rs 1.75 billion stake in subsidiary for Rs 74 billion valuation
Inox Wind Limited has sold a stake worth Rs 1.75 billion in its engineering, procurement and construction subsidiary, Inox Renewable Solutions Limited, to investors at a valuation of Rs 74 billion. The transaction follows the approval by the National Company Law Tribunal of the merger of Inox Wind Energy Limited. The merger has strengthened the company’s balance sheet by reducing liabilities by about Rs 20.5 billion.
CleanMax files DRHP with SEBI for Rs 52 billion IPO
CleanMax Enviro Energy Solutions Limited has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 52 billion through an initial public offering (IPO). The IPO has a face value of Re 1 per share and consists of a fresh issue of shares worth up to Rs 15 billion and an offer for sale of up to Rs 37 billion by promoters, investors and selling shareholders. Of the fresh issue proceeds, Rs 11.25 billion will be utilised for the repayment or prepayment (in part or in full) of certain outstanding borrowings of the company and its subsidiaries, with the balance allocated towards general corporate purposes.
Vikram Solar raises Rs 6.21 billion from anchor investors ahead of IPO
Vikram Solar Limited has raised Rs 6.21 billion from anchor investors ahead of its IPO. The company allotted 18.7 million equity shares at Rs 332 a piece to 43 institutional investors. The anchor book saw participation from Goldman Sachs Fund, Morgan Stanley India Investment Fund, BNP Paribas, HSBC, Citigroup, ICICI Prudential Life Insurance Company and SBI General Insurance Company, among others.
CIMB Group raises sustainable finance target to $70.59 billion by 2030 (Overseas)
CIMB Group Holdings Berhad has announced an enhanced sustainable finance target of $70.59 billion by 2030 to support green projects across the Association of Southeast Asian Nations (ASEAN). The bank had introduced its sustainable finance roadmap in 2021, with an initial target of $7.06 billion for 2021-24, which was subsequently raised to $23.53 billion. The expanded target will support regional and national energy transition priorities, including the ASEAN Power Grid, the National Energy Transition Roadmap and the Johor-Singapore Special Economic Zone.