Presidential approval granted for REC’s merger with PFC
The President of India has approved the proposed merger of REC Limited with Power Finance Corporation Limited (PFC). The merger proposal had earlier received approval from the boards of both companies and was awaiting Presidential consent. Following approval under the applicable legal provisions and upon the scheme becoming effective, all assets and liabilities of REC will be transferred to PFC, and REC will be dissolved in accordance with Sections 230-232 of the Companies Act, 2013.
Avaada secures $950 million debt financing for renewable energy projects
The Avaada Group has achieved the debt closure of nearly $950 million for three utility-scale renewable energy projects under development in Rajasthan and Gujarat. The financing covers a firm and despatchable renewable energy (FDRE) project in Bikaner, Rajasthan, along with two 300 MW solar power projects in Rajasthan and Gujarat. The FDRE project has a long-term power purchase agreement (PPA) with SJVN Limited. Meanwhile, the Rajasthan and Gujarat solar projects are backed by PPAs with NTPC Limited and the Solar Energy Corporation of India respectively.
CleanMax raises $575 million for 1 GW of renewable projects across Rajasthan and Karnataka
Clean Max Enviro Energy Solutions Limited has raised around $575 million to expand its solar and wind portfolio in India. The financing has been structured through multiple domestic and international lenders. It includes external commercial borrowings, INR loans and foreign currency non-resident (bank) facilities. The funds will support around 1 GW of Central Transmission Utility-connected renewable projects across Rajasthan and Karnataka.
PFC raises $300 million through five-year bond issue
PFC Limited has raised $300 million through a five-year bond issue in the international market. The bond was priced at 105 basis points above the US Treasury, tighter than the initial guidance of 130 basis points. Based on prevailing five-year US Treasury yield of 4.27 per cent, the bond was priced to yield 5.32 per cent. The issue marks the second such overseas bond transaction by an Indian entity following the Reserve Bank of India’s announcement of a special swap arrangement.
POWERGRID approves SCADA upgrade and JPY 80 billion loan facility
The board of directors of Power Grid Corporation of India Limited (POWERGRID) has approved the upgradation of supervisory control and data acquisition (SCADA) and associated systems at its National Transmission Asset Management Centre and regional transmission asset management centres at an estimated cost of Rs 4.85 billion. The board has also approved an unsecured term loan facility of JPY 80 billion from the Japan Bank for International Cooperation and participating financial institutions.
JSW Energy raises Rs 40 billion via QIP
JSW Energy has raised Rs 40 billion through the issuance of 76.19 million equity shares on a qualified institutional placement (QIP) basis. The company’s finance committee approved the closure of the issue after receiving application forms and funds in the escrow account from eligible qualified institutional buyers. The shares have been allotted at Rs 525 each, which includes a 1.69 per cent discount to the floor price of Rs 534.05.
AESL to acquire 100 per cent stake in IntelliSmart for Rs 30.5 billion
Adani Energy Solutions Limited (AESL) has executed a binding securities purchase and subscription agreement to acquire a 100 per cent stake in IntelliSmart Infrastructure Private Limited, a smart metering joint venture between the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Limited, for Rs 30.5 billion. The transaction includes the acquisition of the entire equity share capital of IntelliSmart and the redemption of optionally convertible debentures held by the NIIF. The transaction is subject to regulatory and customary approvals.
ACME Solar raises Rs 28 billion through QIP
ACME Solar Holdings Limited has raised Rs 28 billion through a QIP, marking its first equity capital raise since its listing in 2024. The issue witnessed participation from a mix of existing and new institutional investors, including domestic mutual funds, insurance companies and foreign institutional investors. The proceeds from the QIP will be used to reduce debt and strengthen the company’s balance sheet.
AIIB and World Bank back the Philippines’ energy transition reforms with $1 billion (Overseas)
The Asian Infrastructure Investment Bank (AIIB) is expected to provide a $200 million loan to co-finance a broader World Bank-led financing package supporting energy transition, electricity market reforms and water sector improvements in the Philippines. The proposed financing is part of the Philippines Energy Transition and Climate Resilience Program and will complement a $800 million World Bank loan, bringing the total financing to $1 billion. The programme is designed to support policy and institutional reforms aimed at accelerating renewable energy deployment, improving electricity market competition and stre