CCEA raises POWERGRID’s equity investment limit per subsidiary to Rs 75 billion
The Cabinet Committee on Economic Affairs (CCEA) has approved enhanced delegation of powers to Power Grid Corporation of India Limited (POWERGRID) under the Department of Public Enterprises guidelines for Maharatna central public sector enterprises. The approval increases POWERGRID’s permissible equity investment threshold from Rs 50 billion per subsidiary to Rs 75 billion per subsidiary while retaining the overall cap of 15 per cent of the company’s net worth.
The enhanced limit is intended to enable POWERGRID to scale up investments in its core transmission business and support the evacuation of renewable energy as India targets 500 GW of non-fossil capacity. The approval will also allow POWERGRID to participate in capital-intensive transmission bids, including ultra-high-voltage alternating current and high-voltage direct current networks, and is expected to broaden competition under tariff-based competitive bidding for critical transmission projects.
Uttar Pradesh secures Rs 203 billion investment proposals across renewable energy and data centres
Uttar Pradesh has received investment proposals worth Rs 203 billion under its Fortune Global 500 and Fortune India 500 Investment Promotion Policy, 2023. Of the 21 proposals received so far, projects worth Rs 125 billion have already been approved, and letters of comfort have been issued to investors, while the remaining proposals are under review.
The key sectors attracting interest include electronics manufacturing, renewable energy and data centres.
AESL’s unit raises $500 million through 15-year private bond deal
Adani Energy Solutions Limited’s (AESL) unit has raised about $500 million through privately placed 15-year bonds with funds managed by Apollo Global Management. The proceeds from the transaction will be used to refinance existing dollar-denominated debt. The bonds carry a rupee-equivalent all-inclusive cost of about 8.5 per cent and reflect the Group’s continued use of alternative financing channels outside the public dollar bond market.
ACME Solar secures Rs 23 billion term loan from NaBFID
ACME Solar Holdings has secured long-term financing of Rs 23 billion from the National Bank for Financing Infrastructure and Development (NaBFID) to support the expansion of its renewable energy portfolio and strengthen its project pipeline in India. The funding has been structured as a 15-year term loan, providing long-tenure capital for the development, construction and refinancing of renewable energy assets. The transaction reflects continued institutional support for large-scale clean energy infrastructure in the country.
CleanMax Enviro Energy Solutions lists at discount to issue price after Rs 31 billion IPO
CleanMax Enviro Energy Solutions Limited has listed at a discount to its issue price of Rs 1,053 per share on the National Stock Exchange and Bombay Stock Exchange following its Rs 31 billion initial public offering (IPO). The IPO comprised a fresh issue of about Rs 12 billion and an offer for sale of about Rs 19 billion.
The issue saw stronger participation from qualified institutional buyers than from retail and non-institutional investors, and the stock declined below the issue price during early trading on listing day.
Bank of Baroda raises Rs 100 billion through green infrastructure bonds
Bank of Baroda has raised Rs 100 billion through its inaugural seven-year green infrastructure bond issuance, aimed at financing renewable energy and energy-efficient infrastructure projects.
The bonds were priced at 7.10 per cent and saw strong demand from domestic institutional investors, with bids reportedly amounting to Rs 160 billion against a base issue size of Rs 50 billion and a greenshoe option of Rs 50 billion. The proceeds will be used to finance projects across wind, solar, hydro and bioenergy, as well as energy-efficient infrastructure.
The World Bank signs $60 million grant agreement with Tajikistan for 500 kV transmission project (Overseas)
The World Bank Group and the Ministry of Finance of Tajikistan have signed a financing agreement under the Central Asia Regional Electricity Market Interconnectivity and Trade Programme, under which Tajikistan will receive a $60 million grant to strengthen high-voltage transmission infrastructure and support regional electricity market integration.
The project includes the construction of a 500 kV transmission line between the Dushanbe and Regar substations and the expansion of both substations to accommodate the new infrastructure. It also covers the preparation of a feasibility study and detailed design for the proposed 500 kV Rogun-Saykhun transmission line (South-North, Phase II), aimed at further strengthening Tajikistan’s backbone transmission network.