ADB approves $650 million loan to accelerate rooftop solar adoption
The Asian Development Bank (ADB) has approved a $650 million policy-based loan to support the Indian government’s efforts to scale up rooftop solar deployment and provide clean electricity access to 10 million households by 2027. The financing includes $3 million in technical assistance for implementing reforms, institutional capacity-building and promoting gender-inclusive participation in the sector. The funding supports Subprogramme 1 of the Accelerating Affordable and Inclusive Rooftop Solar Systems Development Programme aligned with the PM Surya Ghar: Muft Bijli Yojana.
IndiGrid to acquire ReNew’s Gadag ISTS project for Rs 3.72 billion
IndiGrid has signed definitive agreements to acquire Gadag Transmission Limited (GTL), an interstate transmission system (ISTS) asset in Karnataka, from ReNew for a consideration of Rs 3.72 billion. The deal also includes an earn-out component linked to change-in-law claims, availability metrics and bilateral billing adjustments. GTL is a build-own-operate-maintain project developed as part of the first phase of the transmission scheme to evacuate 2,500 MW of solar power from the Gadag solar energy zone. The asset includes 187 ckt km of transmission lines and a 1,000 MVA substation.
Apraava secures $92 million from BII and Standard Chartered for smart meter roll-out
Apraava Energy has secured a total of $92 million in financing from British International Investment (BII) and Standard Chartered to expand its advanced metering infrastructure footprint in India. The transaction includes Rs 4.005 billion each from BII and Standard Chartered. The funding will support the installation of over 2 million smart meters across households and businesses, contributing to the government’s target of 250 million smart meters by 2026 under the Revamped Distribution Sector Scheme.
IFC invests $50 million in GFL EV for India’s first integrated battery materials facility
The International Finance Corporation (IFC) has invested approximately $50 million in GFCL EV Products Limited, a subsidiary of Gujarat Fluorochemicals Limited (GFL). The investment, through compulsorily convertible instruments, will support the development of India’s first integrated battery materials facility in Noida. The project will encompass backward-integrated manufacturing for battery chemicals such as lithium hexafluorophosphate, electrolyte formulations, additives, cathode active materials and binders.
AMPIN Energy raises $50 million from FMO for greenfield renewable energy expansion
AMPIN Energy Transition Private Limited has raised $50 million from FMO, a Dutch investment bank, to develop greenfield renewable energy projects across India. The long-term investment will support the company’s ongoing portfolio expansion in both commercial and industrial and utility-scale segments. The funding aligns with FMO’s strategy to scale climate mitigation investments and supports India’s target of achieving 500 GW of non-fossil fuel capacity by 2030.
ACME Solar secures Rs 47.2 billion financing for clean energy projects
ACME Solar Holdings has secured Rs 47.2 billion in financing from Indian financial institutions. Of the total financing, Rs 27.1 billion was secured from Power Finance Corporation for ACME’s 300 MW firm and despatchable energy (FDRE) project. The FDRE project combines renewables with four hours of battery energy storage. Furthermore, Rs 8 billion was secured from the National Bank for Financing Infrastructure Development. This financing will be used for ACME’s 150 MW solar-plus-storage project. The FDRE and solar-plus storage projects have grid connectivity in place and are at advanced stages of construction.
Tata Power to raise Rs 20 billion through non-convertible bond issuance
Tata Power Company Limited is set to raise Rs 20 billion through a bond issuance. The proposed fundraise will support the refinancing of existing debt, investments in renewable energy projects and general corporate purposes. The company plans to issue two tranches of non-convertible bonds, raising Rs 10 billion each with tenures of three and five years. The three-year bonds, maturing in December 2028, are expected to be priced at around 7.05 per cent, while the five-year bonds maturing in December 2030 may carry a coupon of about 7.25 per cent. ICICI Bank and Yes Bank are acting as arrangers for the issue, with institutional investors such as mutual funds, insurance companies and banks expected to participate.
Brookfield makes first renewable energy investments in Southeast Asia (Overseas)
Brookfield Asset Management has expanded its global renewable energy footprint by making its first investments in the Philippines, Vietnam and Thailand. The company has acquired Alba Renewables, a clean energy developer with a 1.8 GW pipeline comprising wind, solar and battery energy storage system projects, primarily located in the Philippines and Thailand. Additionally, Brookfield has taken ownership of a 100 MW operational wind project in central Vietnam under a long-term power purchase agreement. These transactions were executed through the firm’s Catalytic Transition Fund, providing a low-risk entry into Southeast Asia’s rapidly growing power markets with strong policy support and rising electricity demand.