PFC files prospectus to raise up to Rs 50 billion through NCD issue
Power Finance Corporation Limited (PFC) has filed a prospectus to raise up to Rs 50 billion through the first tranche of a public issue of secured non-convertible debentures (NCDs). The tranche has a base issue size of Rs 5 billion with an option to retain oversubscription up to Rs 45 billion, which is within the shelf limit of Rs 100 billion.
The issue comprises secured, rated, listed, taxable and redeemable NCDs, with tenors of 5, 10 and 15 years, including a zero-coupon option. Coupon rates range between 6.85 per cent and 7.3 per cent per annum, depending on the investor category and series.
PIB clears Rs 260 billion Kamala hydro project in Arunachal Pradesh
The Public Investment Board (PIB) has cleared the 1,720 MW Kamala hydroelectric project in Arunachal Pradesh with an estimated investment of Rs 260 billion. The project is proposed on a tributary of the Subansiri river and will be implemented through a joint venture between NHPC Limited and the Government of Arunachal Pradesh. It is planned to be financed through a debt-equity ratio of 70:30, with central government support for enabling infrastructure worth Rs 13.4 billion and a flood moderation component estimated at Rs 47.44 billion.
The funding will also receive 100 per cent reimbursement of state goods and services tax. Some key benefits include flood moderation in the Brahmaputra basin with an allocation of 12 per cent free power to Arunachal Pradesh and an annual contribution of about Rs 400 million to the local area development fund and the regional infrastructure development.
NTPC and MAHAGENCO sign SHA to acquire 1,350 MW Sinnar thermal power plant
NTPC Limited and Maharashtra State Power Generation Company Limited (MAHAGENCO) have signed a shareholder agreement (SHA) to acquire the Sinnar thermal power plant with an installed capacity of 1,350 MW. The plant comprises five units of 270 MW each at Sinnar, in Nashik, Maharashtra. The acquisition is being undertaken by a consortium of NTPC and MAHAGENCO, with each partner holding an equal equity stake of 50 per cent in the target entity. The acquisition follows the National Company Law Tribunal’s approval of the Rs 38 billion resolution plan submitted by the NTPC-MAHAGENCO consortium.
Inox Clean Energy ties up Rs 31 billion in equity at Rs 500 billion valuation
Inox Clean Energy Limited, along with its subsidiary Inox Solar Limited, has tied up Rs 31 billion in equity at a pre-money valuation of around Rs 500 billion. The equity round saw participation from marquee global and domestic investors, such as CalPERS, SUN Group Global, and Authum Investments. The funds will be utilised for capacity expansion across its independent power producer (IPP) and solar manufacturing verticals. Inox Clean has recently acquired around 1.6 GW of renewable energy portfolios from Vibrant Energy and SunSource Energy, and is pursuing additional multi-gigawatt IPP and manufacturing assets in India and overseas.
Rays Power Infra secures Rs 13.5 billion investment from A.P. Moller Capital
Rays Power Infra Limited has secured an investment of Rs 13.5 billion from A.P. Moller Capital for the development of renewable energy projects. The investment will be made at the subsidiary and special purpose vehicle level, and will support projects that have already received letters of intent, with land acquisition and grid connectivity in place. The investment will translate into turnkey engineering, procurement and construction contract orders worth about Rs 57 billion for the parent entity as Rays Power Infra will execute the complete construction.
GreenTech raises Rs 300 million from Transition VC
GreenTech has raised Rs 300 million in a funding round led by Transition VC to support global expansion and strengthen the company’s predictive analytics and digital asset management platforms. The company plans to expand its presence in the Southeast Asian and North African markets as part of its international growth strategy.
Standard Chartered issues €1 billion green bonds (Overseas)
Standard Chartered Bank has completed its inaugural green bond issuance, raising approximately €1 billion to support sustainable projects across Asia, Africa and the Middle East. The proceeds will be deployed in line with the bank’s sustainability bond framework and will finance renewable energy, green buildings, circular economy solutions, climate-resilient infrastructure, energy efficiency initiatives, and sustainable water and natural resource management projects. The green bond proceeds are linked to Standard Chartered’s sustainable finance asset pool, which reportedly includes green assets valued at about $ 17.4 billion, with over 70 per cent located in Asia, Africa and the Middle East. The asset pool comprises exposure to 355 green projects across 10 thematic areas, including renewable energy, climate adaptation and resilience, eco-efficient manufacturing, waste and wastewater reduction, and natural resource management.