Key Financings: Major debt and equity moves

Over the past year, India’s power sector has witnessed a surge in finan­cing activity across loans, equity, multilateral partnerships, mergers and bond issuances. Backed by strong policy support, global investor interest and an expanding project pipeline, capital has flowed into renewable energy, transmission, distribution reforms, and emer­ging technologies such as storage and green hydrogen. From foreign currency loans and initial public offerings (IPOs) to green bonds and cross-border acquisitions, these developments underscore the power sector’s growing depth and position as a key destination for clean energy investment.

Major loan agreements

The past year witnessed the conclusion of some of the largest loan transactions in the sector, ranging from Sunsure ­Energy’s debt financing for open access solar projects in Uttar Pradesh to NTPC Limited’s $750 million external commercial borrowing (ECB). Financing support also came through landmark deals such as Power Finance Corporation Limited’s (PFC) record $1.26 billion foreign currency loan, State Bank of India’s (SBI) Rs 100.5 billion sanction to the Damodar Valley Corporation (DVC), and REC Limited’s term loans for firm and despatchable renewable energy (FDRE) projects.

• In September 2025, PFC signed a loan agreement of about Rs 32 billion with the Japan Bank for International Cooperation (JBIC) to finance a bamboo-based bioethanol and chemicals project in Assam. The loan was signed under JBIC’s Global Action for Reconciling Economic Growth and Environmental Preservation initiative and is co-financed by the Sumitomo Mitsui Banking Corporation along with other Japanese banks.
• In August 2025, Juniper Green Energy Limited raised approximately 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 financing will support the execution of large-scale renewable projects and enhancement of operational capacity.
• In August 2025, ACME Hybrid Urja Private Limited secured a long-term project financing of Rs 31.84 billion from REC Limited for the development and construction of a 280 MW FDRE project contracted with NHPC Limited. The project is backed by a 25-year power purchase agreement (PPA) with NHPC at a tariff of Rs 4.44 per unit.
• In June 2025, Serentica Renewables secured $100 million in debt financing from global financial institutions Rabobank and Société Générale to support the development of a 300 MW solar power project in Rajasthan. The project will supply green energy to Bharat Aluminium Company Limited under a long-term agreement.
• In April 2025, NTPC Limited raised an unsecured ECB syndicated term loan facility of $750 million to fund its capex and capacity expansion plans. The facility comprises a base issue of $500 million and a greenshoe option of $250 million, with a door-to-door tenor of 10 years and an average maturity of seven years.
• In March 2025, BluPine Energy Limited secured a structured financing of Rs 17.87 billion from the National Bank for Financing Infrastructure and Development to strengthen its renewable energy portfolio across India.
• In February 2025, the Small Industries Development Bank of India and Agence Française de Développement, France, signed a $100 million credit facility agreement to enhance green finance access for micro, small and medium enterprises in India.
• In February 2025, Juniper Green Energy secured $1 billion in phased debt finan­cing from a consortium of leading financial institutions, including PFC Limited, DBS Bank, Hongkong and Shanghai Banking Corporation and IREDA.
• In January 2025, PFC Limited signed a loan agreement worth JPY 120 billion with JBIC. Under the agreement, JBIC will contribute JPY 72 billion, with the remaining amount to be financed by participating commercial banks. The loan falls under JBIC’s “GREEN” initiative, aimed at supporting projects that contribute to greenhouse gas emission reduction and environmental protection.
• In January 2025, IREDA sanctioned a Rs 21.28 billion loan to GMR Power and Urban Infra Limited for the implementation of a smart meter project in Uttar Pradesh, 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.
• In November 2024, ACME Sun Power secured a term loan of Rs 37.53 billion from REC Limited to support the development and construction of a 320 MW FDRE project. The project is being developed in collaboration with SJVN Limited and will be located in Jaisalmer in Rajasthan, and Bhuj and Jam Khambhalia in Gujarat.
• In September 2024, SBI sanctioned a loan of Rs 100.5 billion to DVC for the development of a 1,600 MW ultra-supercritical thermal power project in Koderma, Jharkhand. The project, comprising two units of 800 MW each, is part of the Ministry of Power’s broader initiative to enhance national energy capacity by 2030.
• In September 2024, Zelestra concluded a Euro 132 million green financing deal for the development of a 435 MW solar PV project in Gorbea, Rajasthan. The financing has been secured from a consortium comprising HSBC, Crédit Agricole, MUFG, and Bank of America. The project funding has been designated as green financing under Zelestra’s Green Finan­cing Framework.

Multilateral finance deals

Over the past year, multilateral and bilateral institutions have stepped up their role in financing India’s energy transition by directing capital into renewables, distribution reforms and emerging clean technologies. Key deals included Asian Development Bank’s (ADB) $241.3 million loan to modernise West Bengal’s distribution network, International Finance Corporation’s (IFC) $55 million support for IndiGrid’s standalone battery storage project, and the launch of the India Green Finance Facility with $200 million from the Green Climate Fund (GCF).

• In August 2025, the Asian Infrastructure Investment Bank invested Rs 13.01 billion through the subscription of non-convertible debentures (NCDs) issued by Aditya Birla Capital Limited. The funds will be deployed to advance clean energy solutions, including solar, wind, hydrogen and energy storage technologies. In addition, the financing will support the development of e-mobility infrastructure.
• In July 2025, ADB partnered with GCF to establish the India Green Finance Facility with $200 million in concessional funding from the GCF. The facility is aimed at mobilising large-scale public and private investment in emerging clean energy sectors across India.
• In June 2025, IFC committed $55 million in long-term financing to IndiGrid for the development of a 180 MW/360 MWh standalone battery energy storage system project in Gujarat. The finan­cing package includes $38.5 million from IFC’s own account and $16.5 million in concessional funding from the Clean Technology Fund.
• In September 2024, IFC partnered with Axis Bank to arrange a $500 million loan aimed at expanding green finance and developing the blue finance market in India. The funding will be directed towards projects in offshore renewable energy, water and waste management, and other sustainable infrastructure sectors.

Equity moves

Equity fundraising has remained active over the past year, with companies tapping both the public markets and private placements to strengthen their balance sheets and finance growth. Key developments included IPOs by ACME Solar and NTPC Green Energy Limited (NGEL), as well as bond issuances by IREDA, REC Limited, NHPC Limited and Power Grid Corporation of India Limited (POWERGRID).

• In August 2025, Acme Solar Holdings’ board of directors approved a proposal to raise funds up to Rs 30 billion through the issuance of equity shares or other equity-linked instruments in one or more tranches. The proposed modes include qualified institutional placements (QIPs), further public offers, private placements or a combination, subject to regulatory and statutory approvals.
• In June 2025, IREDA raised Rs 20.06 billion through a QIP, issuing 121.5 million equity shares at Rs 165.14 per share. The issue, which was launched and closed in June 2025, was oversubscribed 1.34 times, and surpassed the base size of Rs 15 billion. The capital infusion was sourced from a diverse mix of domestic and foreign institutional investors and will enhance IREDA’s Tier I capital and capital adequacy ratio. This tranche forms part of IREDA’s broader plan to raise up to Rs 45 billion in equity capital approved by its board in September 2024.
• In August 2025, Clean Max Enviro Energy Solutions Limited filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) to raise Rs 52 billion through an 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.
• In April 2025, Continuum Green Energy Limited received approval from the SEBI to launch its 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.
• In November 2024, NGEL’s IPO received strong investor interest, with a subscription rate of 2.4 times on the final day of bidding. The IPO offered 593 million equity shares at a price band of Rs 102-Rs 108 and attracted bids for 1.43 billion shares, according to stock exchange data.
• In November 2024, ACME Solar launched its IPO worth Rs 29 billion. The offering comprised a fresh issue of Rs 23.95 billion and an offer for sale of Rs 5.05 billion by ACME Cleantech Solutions.

Mergers and acquisitions

The generation segment, particularly renewable energy projects, dominated the merger and acquisition activity in the past year, followed by the transmission segment. These acquisitions were led by key players such as Adani Power, JSW Energy and Waaree Energies Limited.

• In September 2025, Waaree Energies Limited’s board approved the acquisition of a 64 per cent stake in Kotsons Private Limited for Rs 1.92 billion. The board also approved the acquisition of 100 per cent equity in Impactgrid Renewables Private Limited from its wholly owned subsidiary, Waaree Forever Energies.
• In September 2025, Inox Neo Energies Limited signed definitive agreements with Evergreen Power Mauritius Private Limited and Evergreen Renewables Private Limited to acquire a 640 MW wind-solar hybrid portfolio. The portfolio includes five greenfield hybrid projects in Maharashtra awarded under NTPC and SJVN tenders. Earlier, in June 2025, the company completed the acquisition of Skypower Solar India Private Limited, which operates a 50 MW (AC) solar project in Madhya Pradesh. The project, valued at about Rs 2.65 billion, is backed by a 25-year PPA with Madhya Pradesh Power Management Company Limited.
• In August 2025, the Neo Infra Income Opportunities Fund (NIIOF) acquired SolarArise India Projects Private Limited from the ThomasLloyd Energy Impact Trust for Rs 14 billion. The acquisition adds 433.5 MWp of operational solar capacity across Maharashtra, Uttar Pradesh, Madhya Pradesh, Karnataka and Telangana, and marks NIIOF’s entry into the renewable energy sector.
• In June 2025, Enviro Infra Engineers Limited approved the acquisition of 100 per cent equity stake in Sunaxis Renewables Private Limited from its wholly owned subsidiary, EIE Renewables Private Limited. Following the transaction, Sunaxis Renewables became a step-down wholly owned subsidiary of Enviro Infra Engineers.
• In June 2025, Jindal Stainless Limited acquired a 33.64 per cent equity stake in Oyster Green Hybrid One Private Limited, a special purpose vehicle (SPV) set up in collaboration with Oyster Renewable Energy Private Limited. The SPV will develop a 282 MW hybrid renewable energy project to meet the power needs of Jindal’s plant.
• In May 2025, Waaree Energies Limited acquired 100 per cent equity stake in Kamath Transformers Private Limited and Green New Delhi Forever Energy Private Limited. The acquisition of Kamath Transformers, undertaken for approximately Rs 2.93 billion, expands Waaree’s operations into the transformer manufacturing segment.
• In April 2025, Kundan Green Energy acquired an 11.5 MW operational waste-to-energy plant from Jabalpur MSW Private Limited. The acquisition was carried out through proceedings under the Insolvency and Bankruptcy Code Initiated by SBI. The plant processes approximately 450 tonnes of municipal solid waste per day and supplies power to the Madhya Pradesh Electricity Regulatory Commission’s grid.
• In March 2025, Gentari Renewables India acquired a 1.6 GW portfolio of solar and wind assets from Brookfield Asset Management. The transaction is being executed in two phases. The first phase, involving the acquisition of 1 GW of operating assets, is already completed.
• In March 2025, TPG agreed to acquire a 90 per cent stake in Siemens Gamesa Renewable Energy’s onshore wind turbine generator manufacturing business in India and Sri Lanka. MAVCO Investments, Siemens Gamesa, and former JSW En­ergy CEO Prashant Jain will hold minority stakes. The deal includes the transfer of about 1,000 employees and existing manufacturing infrastructure in India.
• In March 2025, Actis acquired 100 per cent stake in Stride Climate Investments from a fund managed by Macquarie Asset Management. Stride’s portfolio includes 371 MW/414 MWp operational solar assets, spread across 21 projects in seven states. The portfolio is backed by a long-term PPA on a pay-as-produced basis.
• In March 2025, JSW Neo Energy, a wholly owned subsidiary of JSW Energy, acquired 100 per cent equity stake in Virya Infrapower Private Limited for Rs 75.4 million. The acquisition provides JSW Neo Energy a fully prepared renewable power site along with the infrastructure required to fast-track project development.
• In March 2025, Dalmia Bharat Limited announced the acquisition of a 34.52 per cent equity stake in Kilavikulam Raja­lakshmi Solar Power Developer Private Limited. The acquisition is aimed at strengthening the company’s renewable energy portfolio and securing captive power supply.
• In March 2025, JSW Energy Limited completed the acquisition of KSK Mahanadi Power Company Limited (KMPCL), securing 74 per cent equity ownership, with the remaining 26 per cent held by secured financial creditors. KMPCL operates a 3,600 MW (6×600 MW) thermal power plant in Janjgir-Champa, Chhattisgarh.
• In February 2025, Indus Towers entered into an agreement to acquire a 26 per cent stake in a 50 MW solar power pro­ject for captive use. The project is being developed by Amplus Tungabhadra, an SPV set up by Amplus Energy Solutions. The transaction involves an investment of about Rs 270 million. The facility will be owned and operated by the SPV to supply power to Indus Towers.
• In February 2025, Adani Power Limited received a letter of intent from the reso­lution professional to acquire Vidarbha Industries Power Limited (VIPL). In June 2025, the National Company Law Tribunal (NCLT), Mumbai, approved the acquisition, allowing Adani Power to acquire 100 per cent stake in VIPL for Rs 40 billion.
• In March 2025, ONGC NTPC Green Private Limited, a 50:50 joint venture between ONGC Green Limited and NGEL, completed the acquisition of 100 per cent equity stake in Ayana Renewable Power Private Limited for Rs 62.48 billion. The stake was previously held by the National Investment and Infrastructure Fund (51 per cent), British International Investment (32 per cent) and Eversource Capital (17 per cent).
• In January 2025, POWERGRID acquired 7,730,225 equity shares of IL&FS Energy Development Company Limited (IEDCL) in Cross Border Power Transmission Company Limited (CPTCL). This followed IEDCL’s divestment of its entire equity stake in CPTCL under the resolution framework approved by the NCLT.
• In January 2025, Waaree Energies Limited signed an agreement to acquire 100 per cent stake in Enel Green Power India Private Limited (EGP India) from Enel Green Power Development S.R.L. for Rs 7.92 billion. EGP India operates a renewable energy platform with a net capacity of around 640 MW AC (760 MW DC), including solar and wind projects. It also maintains a project pipeline of 2,500 MW across several states.
• In January 2025, JSW Neo Energy Limited completed the acquisition of three SPVs – Hetero Wind Power Limited, Hetero Wind Power (Pennar) Private Limited and Hetero Med Solutions Limited – from Hetero Labs Limited and Hetero Drugs Limited (Hetero Group). The acquisition, valued at around Rs 6.3 billion, adds 125 MW of wind energy capacity to the company’s portfolio.
• In January 2025, the Competition Commission of India (CCI) approved Gentari Renewables India’s plan to acquire the Brookfield Group’s entire stake in 21 SPVs and the holding companies of certain SPVs. The entities are engaged in wind and solar power generation. This acquisition, structured in two tranches, includes assets of TerraForm (15 SPVs), Axis and Electryone (three SPVs), and NTPC Limited and NHPC Limited (three SPVs).
• In December 2024, UltraTech Cement signed share subscription and shareholder rights agreements to acquire a 26 per cent equity stake in Clean Max Sapphire for Rs 457.6 million. Clean Max Sapphire, an SPV, was formed to develop a 55 MW wind-solar hybrid project at Honawad in Vijayapur district of Karnataka to supply power to UltraTech.
• In December 2024, Jindal Saw Limited signed a share purchase agreement (SPA) to acquire a 31.2 per cent equity stake in ReNew Green MHH One Private Limited. The target company is focused on renewable power generation.
• In November 2024, Surana Solar ­Limited acquired 100 per cent stake in Surana Technologies Private Limited, making it a wholly owned subsidiary. Surana Technologies, with an authorised, subscribed and paid-up capital of Rs 100,000, operates in the solar energy sector, focusing on trading, distribution, supply, generation, transmission and manufacturing solar-related products.
• In October 2024, Tata Power signed an SPA to acquire a 40 per cent stake in Khorlochhu Hydro Power Limited to develop a 600 MW hydropower pro­ject in Bhutan, with a total investment of Rs 69 billion. The company plans to invest around Rs 8.3 billion in multiple tranches over a five-year period. The first tranche was completed in July 2025, with Tata Power subscribing to 12 million equity shares at Rs 100 each.
• In October 2024, Purvah Green Power Private Limited signed an SPA to acquire 100 per cent stake in Deshraj Solar Energy Private Limited (DSEL), making it a stepdown subsidiary of CESC. DSEL is developing a 300 MW solar power plant.
• In October 2024, Adani Power Limited signed a business transfer agreement to acquire the 500 MW Adani Dahanu Thermal Power Station from North Maharashtra Power Limited for Rs 8.15 billion. The acquisition includes a commitment to invest an additional Rs 4.5 billion over the next five years for life extension capex. With this acquisition, Adani Power’s overall generation capacity will rise to 17,550 MW.
• In October 2024, Purvah Green Power entered into a binding term sheet agreement to acquire 100 per cent share of Bhojraj Renewables Energy. The deal is intended to support the development of a 300 MW wind energy project and a 150 MW solar energy project. Purvah Green committed up to Rs 1.08 billion for the cash transaction, subject to achieving key project milestones.

Bond issuances

It was a big year for the power sector in the bond market. Many key market players issued bonds over the past 12 months to refinance existing loans and raise funds. The bond issuances were led by POWERGRID, REC Limited and IREDA. Green bonds were also issued.

• In September 2025, IREDA issued its second tranche of perpetual bonds at a 7.7 per cent annual coupon, raising Rs 4.53 billion. The issue, with a base size of ­Rs 1 billion and a greenshoe option of Rs 4 billion, received bids worth Rs 13.43 billion, resulting in an oversubscription of 2.69 times.
• In August 2025, POWERGRID’s board approved a proposal aimed at raising up to Rs 50 billion through the private placement of bonds. The Committee of Directors approved the issuance of unsecured, non-convertible, non-cumulative, redeemable and taxable POWERGRID bonds – the LXXXII (82nd) Issue 2025-26. The base size of the issue is Rs 10 billion, with a greenshoe option of Rs 40 billion.
• In July 2025, Reliance Power Limited’s board approved the issuance of secured or unsecured, redeemable NCDs of up to Rs 30 billion on a private placement basis, in one or more tranches.
• In June 2025, Larsen & Toubro raised Rs 5 billion through the issuance of India’s first environmental, social and governance bonds. The funds were raised through NCDs at a coupon rate of 6.35 per cent with a three-year maturity period.
• In June 2025, NTPC Limited raised Rs 40 billion through the issuance of unsecured NCDs on a private placement basis. The debentures carry a coupon rate of 6.89 per cent per annum and have a tenor of 10 years and 1 day. The proceeds are intended for capex, refinancing of existing loans and other general corporate needs.
• In June 2025, REC Limited received approval from the Central Board of Direct Taxes, Ministry of Finance, for the issuance of zero-coupon bonds worth Rs 50 billion. These bonds have a tenor of 10 years and 6 months and will be issued at a deep discount. They are redeemable at face value on maturity.
• In May 2025, REC Limited raised Rs 56.35 billion through the issuance of bonds on a private placement basis. The issuance includes Rs 30 billion through bonds with a tenor of two years and eight months at a 6.52 per cent annual coupon. An additional Rs 26.35 billion was issued through bonds with a tenor of 10 years and 11 months, carrying a 6.81 per cent annual coupon.
• In May 2025, NHPC Limited raised Rs 19.45 billion through the issuance of unsecured, redeemable, nonconvertible, non-cumulative and taxable AF-Series bonds on a private placement basis. The bonds, carrying a 6.86 per cent coupon with a 15-year tenor, were allotted on May 6, 2025 and will mature on May 6, 2040.
• In April 2025, REC Limited raised Rs 50 billion through the issuance of bonds on a private placement basis to strengthen its funding for power sector financing. The issuance includes Rs 30 billion through five-year bonds at a 6.87 per cent coupon and Rs 20 billion through 10-year bonds at a 6.86 per cent coupon.
• In April 2025, NHPC Limited approved the private placement of unsecured, non-convertible, non-cumulative, redeemable, taxable AF-Series bonds in one or more tranches, as part of a fundraise of up to Rs 20 billion.
• In April 2025, POWERGRID’s board approved a proposal aimed at raising up to Rs 60 billion through the private placement of bonds. The Committee of Directors approved the issuance of unsecured, non-convertible, non-cumulative, redeemable and taxable POWERGRID bonds – LXXXI (81st) Issue. The base size of the issue is Rs 15 billion, with a greenshoe option of Rs 45 billion. The bonds have a 10-year tenor with interest paid annually.
• In March 2025, IREDA raised Rs 9.1 billion by issuing privately placed subordin­ated Tier II bonds with a 10-year maturity and an annual coupon of 7.74 per cent. The funds are intended to strengthen Tier II capital, improving net worth and the capital-to-risk-weighted-assets ratio.
• In March 2025, Gensol Engineering Limited approved the issuance of Rs 4 billion in foreign currency convertible bonds, along with Rs 2 billion through promoter warrants, as part of a total fundraise of up to Rs 6 billion. The fundraise is aimed at strengthening its balance sheet and accelerating its zero net-debt target.
• In March 2025, IREDA launched its first-ever perpetual bonds worth Rs 12.47 billion at an annual coupon rate of 8.4 per cent. The issuance is aimed at optimising the agency’s capital structure and leveraging favourable market conditions.
• In January 2025, Sterlite Grid 32 Limited raised Rs 24.5 billion through listed NCDs to refinance its Mumbai Urja Transmission Limited (MUML) project. The MUML project was awarded in June 2020 through tariff-based competitive bidding and is being developed on a build-own-operate-maintain basis for a 35-year concession period.
• In December 2024, Refex Renewables & Infrastructure Limited issued 105 senior, secured, unrated, unlisted and taxable NCDs, worth Rs 1.05 billion, through private placement. These NCDs were allotted to the Northern Arc Emerging Corporates Bond Trust and have a 20-month tenor, starting on December 23, 2024 and maturing on July 30, 2026.
• In December 2024, POWERGRID’s board approved a proposal aimed at raising up to Rs 42.5 billion through a bond issuance. The Committee of Directors approved the issuance of unsecured, non-convertible, non-cumulative, redeemable and taxable POWERGRID bonds – LXXX (80th) Issue. The base size of the issue is Rs 10 billion, with a greenshoe option of Rs 32.5 billion. The bonds have a 10-year tenor with interest paid annually.
• In November 2024, the Reserve Bank of India announced plans to issue Rs 200 billion in sovereign green bonds across four equal tranches during the second half of 2024-25. The proceeds are intended for renewable energy, clean transportation and climate change mitigation projects.
• In October 2024, POWERGRID’s Committee of Directors approved the 79th bond series (2024-25) to raise up to Rs 50 billion through private placement. The base size of the issue is Rs 10 billion, with a greenshoe option of Rs 40 billion. The bonds are unsecured, non-convertible, non-cumulative and taxable. They will be redeemable at par after 10 years, with interest paid annually.