Powergrid approves private placement of Rs 38 billion in bonds
Power Grid Corporation of India Limited (Powergrid) has approved the raising of up to Rs 38 billion through the issuance of unsecured, non-convertible, non-cumulative, redeemable, taxable Powergrid Bonds – LXXXIII (83rd Issue) for 2025–26 via private placement. The bond issue comprises a base size of Rs 10 billion, with a green shoe option of Rs 28 billion. The tenure involves repayment in 10 equal annual instalments, with interest paid annually. The coupon rate will be determined via the electronic book provider platform at the time of bidding.
ADB sanctions $460 million for Maharashtra agricultural solarisation under MPDEP
The Asian Development Bank (ADB) has sanctioned a $460 million results-based loan that aims to modernise rural power infrastructure, promote distributed renewable energy generation and improve agricultural productivity by providing farmers with reliable daytime solar electricity for irrigation in Maharashtra. The Maharashtra Power Distribution Enhancement Programme (MPDEP) for Agricultural Solarisation aligns with the state’s power sector Vision 2030. An additional $40 million concessional loan from the Clean Technology Fund, administered by ADB, will complement the programme.
REC sanctions Rs 75 billion for Brookfield’s 1,040 MW hybrid renewable project in Kurnool
REC Limited has sanctioned Rs 75 billion funding for Brookfield’s 1,040 MW hybrid renewable energy project in Kurnool, Andhra Pradesh, comprising 640 MW of wind and 400 MW of solar capacity. This marks the single largest REC sanction ever extended to a private-sector project. The project is being developed by Evren, a clean-energy platform jointly launched by Brookfield and Axis Energy. With an estimated total cost of Rs 99.1 billion, the project forms part of Evren’s broader 3 GW renewable portfolio in Kurnool and Anantapur, within Brookfield’s 8,000 MW pipeline in Andhra Pradesh, involving total planned investments of Rs 500 billion.
SAEL files DRHP with SEBI to raise Rs 45.75 billion via IPO
Sustainable and Affordable Energy for Life Industries Limited (SAEL) has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise approximately Rs 45.75 billion through an initial public offering (IPO). The IPO comprises a fresh issue of equity shares worth around Rs 37.5 billion and an offer for sale of about Rs 8.25 billion by existing shareholders. The equity shares are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange.
BII and Blueleaf Energy to invest $75 million in India’s energy transition
The British International Investment (BII) has partnered with Blueleaf Energy 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.
ReNew to invest Rs 820 billion across full renewable value chain in Andhra Pradesh
ReNew is set to invest Rs 820 billion in Andhra Pradesh, covering the entire renewable energy value chain, including solar ingot and wafer manufacturing, project development, green hydrogen and associated technologies. Additionally, ReNew secured $331 million in debt financing from ADB as part of a $477 million package for a large-scale clean energy project in Andhra Pradesh. The remaining $146 million will be arranged by ADB through other lenders. The debt includes $291 million in local currency from ADB’s ordinary capital resources and $40 million from the ADB-administered Leading Asia’s Private Infrastructure Fund 2.
Niveshaay leads Rs 3.25 billion funding in Waaree Energy Storage Systems
Niveshaay has led a Rs 3.25 billion funding round in Waaree Energy Storage Systems, the battery-focused arm of the Waaree Group. Across its investment platforms, Niveshaay has contributed Rs 1.28 billion to the round. This includes commitments from the Category II Niveshaay Sambhav Fund, the Category III Niveshaay Hedgehogs Fund and the newly launched Niveshaay WESS Fund, one of the country’s first dedicated Collective Investment Vehicles for energy storage.
The World Bank approves $78 million project to strengthen Mongolia’s transmission grid (Overseas)
The World Bank has approved financing for Mongolia’s Fourth Energy Sector project, which aims to enhance the reliability and capacity of the country’s central energy system transmission grid. The project includes the construction of a 220 kV transmission line, linking the existing Mandal substation with the new Uvurkhangai substation, as well as expansion and development works at substations in Mandalgovi, Arvaikheer and Bayankhongor. It will also involve associated 110 kV connection lines to strengthen regional power delivery and resilience. The $78 million funding is provided through the World Bank’s International Bank for Reconstruction and Development and will add 590 MW of transmission capacity, reduce outages by 50 per cent in affected areas and facilitate the integration of approximately 150 MW of solar and wind power into the national grid.