POWERGRID board approves Rs 350 billion borrowing plan for 2027-28 (India)
The board of directors of Power Grid Corporation of India Limited (POWERGRID) has approved the enhancement of the company’s borrowing limit for 2026-27 from Rs 300 billion to Rs 350 billion. In addition, the board has approved a proposal to raise up to Rs 350 billion for 2027-28 through various sources, including domestic bonds. These may comprise secured or unsecured, non-convertible, cumulative or non-cumulative, redeemable, taxable or tax-free bonds issued through private placement.
Aditya Birla acquires Sprng Energy for Rs 172 billion
Aditya Birla Renewables Limited has entered into an agreement to acquire 100 per cent equity shares and securities of Solenergi Power Private Limited from Shell Overseas Investment B.V., a wholly owned subsidiary of Shell PLC. Solenergi Power Private Limited owns the Sprng Energy group of companies. The transaction has an enterprise value of Rs 172 billion. The acquisition will be financed through a combination of debt and equity infusion from Grasim and funds managed by Global Infrastructure Partners.
REC signs Rs 150 billion agreements for power and renewable projects in Tripura
REC Limited has signed two MoUs with the Tripura government totalling Rs 150 billion. The first MoU has been signed with the Tripura Renewable Energy Development Agency, through the Department of Power, Government of Tripura, to support renewable energy projects worth up to Rs 50 billion. The second MoU has been signed with the Department of Power, Government of Tripura, through Tripura State Electricity Corporation Limited, to facilitate power sector projects worth up to Rs 100 billion.
Adani Power board of directors approves Rs 150 billion QIP
The board of directors of Adani Power Limited has approved raising up to Rs 150 billion through a qualified institutions placement (QIP) or any other permissible mode. The board has also approved increasing the company’s borrowing limit from Rs 750 billion to Rs 1 trillion. The enhanced limit will enable the company to raise funds through loans, debt securities or other permitted instruments via private placement, public issue or other permissible modes, subject to the required approvals.
NTPC Limited to raise up to Rs 120 billion through NCDs
NTPC Limited’s board of directors has approved, subject to shareholders’ approval, raising up to Rs 120 billion through the private placement of non-convertible debentures (NCDs) in the domestic market. The funds may be raised in up to 12 tranches within one year from the date of passing of the special resolution or until the next annual general meeting in 2027-28, whichever is earlier. The size, tenor, coupon rate, security structure and listing details for each tranche will be decided at the time of issuance.
World Bank approves $890 million financing package for PM Surya Ghar programme
The World Bank has approved an $890 million financing package to support the implementation of India’s PM Surya Ghar: Muft Bijli Yojana, which targets rooftop solar installations across 10 million rural and urban households in India. The package includes an $820 million loan from the International Bank for Reconstruction and Development (IBRD), a $60 million concessional loan from the Clean Technology Fund and a $10 million grant from IBRD’s Livable Planet Fund. Additionally, the World Bank will mobilise $4.2 billion in private financing through commercial loans to facilitate rooftop solar installations by households.
ReNew and Mitsui secure $730 million green loan to refinance 320 MW RTC project
ReNew and Mitsui’s 320 MW round-the-clock (RTC) hybrid renewable energy project in India has secured a $730 million green loan to refinance its existing debt and support project-related capital expenditure. The financing has been arranged through a consortium of 12 banks. The transaction was led by Standard Chartered Bank, Société Générale (GIFT City), Sumitomo Mitsui Banking Corporation (Singapore) and Bank of America.
ACME Solar secures Rs 26.47 billion funding from REC for 450 MW peak power project
ACME Solar Holdings Limited has secured long-term project financing of Rs 26.47 billion from REC Limited for its ACME Greentech Seventh 450 MW/1,800 MWh assured peak power project. The funding will be used to develop and construct the project, with REC acting as the sole lender for a tenor of 20 years.
ADB approves $160 million loan to scale up Bhutan’s solar power and attract private investment (Bhutan)
Asian Development Bank (ADB) has approved a $160 million ordinary capital resources loan to scale up solar power generation in Bhutan. The project will deploy at least 310 MW of new solar generation capacity and attract private investment through the country’s first private-majority public-private partnership in the energy sector. The Wobthang (120 MW) and Pedseling (40 MW) solar power farms in Bumthang will be constructed by Druk Green Power Corporation (DGPC), while the Dramthang (150 MW) solar farm in Lhuentse is expected to be developed through a joint venture between DGPC and Tata Power Renewable Energy Limited.