EnerGrid to raise $500 million for greenfield transmission and BESS projects (India)
Enerica Regrid Infra Private Limited (EnerGrid), a platform launched by IndiGrid, British International Investment (BII) and Norfund in November 2024, is set to raise $450 million-$500 million to scale up its greenfield portfolio. The funding will support the bidding and development of transmission and standalone battery energy storage system (BESS) projects across India. EnerGrid received an initial commitment of $300 million from its founding partners and now seeks additional capital from global infrastructure funds. Avendus Capital and the Ambit Group are leading the fundraising process.
BII and Blueleaf Energy to invest $75 million in India’s energy transition
BII and Blueleaf Energy have partnered to accelerate clean energy infrastructure in India, with BII committing a $75 million financing facility to support Blueleaf’s renewable energy expansion. The investment will contribute to nearly 2 GW of installed clean energy capacity through utility-scale solar, wind and battery storage projects. The portfolio is expected to generate over 3.2 GWh of clean energy annually.
Edelweiss Alternatives secures a $60 million commitment from the European Investment Bank for the India Energy Transition Fund
Edelweiss Alternatives has secured a commitment of $60 million from the European Investment Bank (EIB) for its India Energy Transition Fund, which has a total target corpus of $300 million. The fund aims to invest in renewable energy, energy storage, electric mobility, and other green infrastructure segments. The fund will channel equity and quasi-equity investments into greenfield infrastructure projects, as well as growth-stage enterprises in the clean energy space.
PFC extends Rs 57.79 billion financial assistance to KHPL for 600 MW Khorlochhu hydropower project in Bhutan
Power Finance Corporation Limited (PFC) has extended financial assistance to Khorlochhu Hydro Power Limited (KHPL) for the development of the 600 MW Khorlochhu Hydropower Project in Bhutan. PFC has sanctioned a term loan of Rs 48.29 billion, along with a standby credit facility of Rs 9.5 billion, to support the project’s implementation. KHPL is a joint venture between Druk Green Power Corporation Limited, which holds a 60 per cent equity stake, and Tata Power Company Limited, which holds the remaining 40 per cent.
CESC approves Rs 3 billion NCD issue on a private placement basis
CESC Limited has approved the issuance of 30,000 redeemable, senior, secured, unlisted and rated non-convertible debentures (NCDs) at Rs 100,000 each, aggregating Rs 3 billion, through private placement. The NCDs have a maturity of September 26, 2028. The coupon is linked to the three-month treasury bill rate plus 2.3 per cent per annum, payable quarterly.
Sterlite Electric files DRHP with SEBI to raise up to Rs 15 billion through an IPO
Sterlite Electric, a wholly owned subsidiary of the Vedanta Group, has reportedly filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) to raise up to Rs 15 billion. The IPO will comprise a fresh issue of 7.79 million equity shares and an offer for sale of up to 7.79 million equity shares, totalling 15.5 million shares. The proceeds from the fresh issue will be used for debt repayment or prepayment, as well as for capital expenditure and general corporate purposes.
Rays Power Infra files DRHP with SEBI for a Rs 11.5 billion IPO
Rays Power Infra has filed its DRHP with SEBI to raise up to Rs 11.5 billion through an IPO. The issue includes a fresh equity issue of Rs 9 billion and an offer for sale of up to Rs 2.5 billion by promoters and a shareholder. According to the DRHP, Rs 5 billion of the proceeds will be allocated to its subsidiary, Rays Green Energy Manufacturing, for part-funding a 1.5 GW solar cell manufacturing plant in Madhya Pradesh. An additional Rs 2 billion will be utilised for working capital, with the remaining earmarked for general corporate purposes. The IPO will be conducted via book-building, with allocations reserved for qualified institutional buyers (50 per cent), non-institutional investors (15 per cent) and retail investors (35 per cent). The company may also raise up to Rs 1.8 billion through a pre-IPO placement.
Sri Lanka secures a $52 million loan from the Asian Infrastructure Investment Bank for a for 220 kV underground transmission line project (Sri Lanka)
Sri Lanka has secured a $52 million loan from the Asian Infrastructure Investment Bank (AIIB) to implement the Kerawalapitiya-Port L Second Transmission Line Project. The project involves the design, supply, construction, testing and commissioning of a 220 kV single-circuit underground cable system connecting the Kerawalapitiya switching station to the Colombo Port L grid substation. It will serve as the second underground cable along this route, complementing an earlier line that had been commissioned in 2019. With this project, the Asian Infrastructure Investment Bank’s total commitments in the counry have reached $534 million across five projects in the energy and urban infrastructure sectors.