REC and PFC sign Rs 268.5 billion loan agreement for 2,400 MW Meja thermal project (India)
REC Limited and Power Finance Corporation Limited (PFC) have signed a common loan agreement with Meja Urja Nigam Private Limited, a 50:50 joint venture between NTPC Limited and Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited, for financing the 2,400 MW Meja Thermal Power Project Stage II in Uttar Pradesh. The total loan amount is Rs 268.5 billion, with REC and PFC funding the project equally, while REC will act as the lead financier.
ADB approves $850 million loan for PM Surya Ghar rooftop solar programme
The Asian Development Bank (ADB) has approved an $850 million loan to support the second phase of the Accelerating Affordable and Inclusive Rooftop Solar Systems Development Program in India. The financing will support the implementation of the Pradhan Mantri Surya Ghar: Muft Bijli Yojana, which aims to install rooftop solar systems across 10 million households and add 30 GW of residential rooftop solar capacity by FY 2027.
Avaada Group secures $1.3 billion financing for 2.15 GW renewable portfolio
The Avaada Group has achieved financial closure of approximately $1.3 billion for its 2,150 MW renewable energy portfolio. The financing has been secured from the State Bank of India, REC Limited and Canara Bank across four special purpose vehicles (SPVs). The portfolio comprises 1.35 GW of hybrid renewable energy projects and 800 MW of utility-scale solar projects being developed for Maharashtra State Electricity Distribution Company Limited and Gujarat Urja Vikas Nigam Limited.
Inox Clean Energy completes Rs 60 billion acquisition of Vena Energy India
Inox Clean Energy Limited, part of the INOXGFL Group, has completed the acquisition of Vena Energy India Holdings Pte Limited, the Indian renewable energy platform of the Vena Group, which was owned by BlackRock-owned GIP. The transaction has a total value of approximately Rs 60 billion. The acquisition was funded entirely through internal equity and refinancing.
Purvah Green to acquire 1.4 GWp operating solar portfolio from ReNew
Purvah Green Power Private Limited, the renewable energy platform of CESC Limited, has agreed to acquire a 1.4 GWp operating solar portfolio from ReNew Solar Power Private Limited for an enterprise value of Rs 48.59 billion. The portfolio comprises six project-specific special purpose vehicles (SPVs) with assets in Rajasthan and Karnataka. The acquisition will be funded by CESC. Following the acquisition, Purvah Green’s total contracted capacity will increase to 4.8 GWp, including 1.8 GWp operational capacity and 3 GWp under various stages of construction.
Tata Power to raise up to Rs 45 billion through NCDs
The board of directors of Tata Power Company Limited has approved raising up to Rs 45 billion through the private placement of non-convertible debentures (NCDs) and other debt securities in one or more tranches. The securities will be non-cumulative, redeemable, taxable, listed and rated, and may be issued in one or more currencies to eligible investors, including banks, financial institutions and corporate entities.
Acme Solar secures Rs 34.05 billion funding from PFC for 250 MW FDRE project
ACME Solar Holdings Limited has secured Rs 34.05 billion in long-term project financing from PFC for its ACME Urja One Private Limited (Phase III) 250 MW firm and despatchable renewable energy (FDRE) project. PFC will be the sole lender for the project, with a loan repayment period of 19 years. The project integrates solar, wind and battery energy storage system technologies to provide reliable and despatchable renewable power.
ACME Solar completes Rs 21.47 billion refinancing
ACME Solar has completed a Rs 21.47 billion refinancing to redeem existing non-convertible debentures issued by 12 operational SPVs, representing a cumulative capacity of 450 MW. Concurrently, the underlying offshore dollar bonds under the orphan structure have also been fully redeemed. With this refinancing, the total financing raised so far during the current fiscal year has reached Rs 81.98 billion.
JSW Energy completes acquisition of Maruti Clean Coal and Power
JSW Energy Limited has completed the acquisition of 100 per cent equity in Maruti Clean Coal and Power Limited (MCCPL) at an enterprise value of Rs 14.1 billion. Following the transaction, MCCPL has become a wholly owned subsidiary of JSW Energy. MCCPL owns and operates a 300 MW thermal power plant at Korba, Chhattisgarh.
DEWA invests over AED 10 billion in transmission grid expansion in UAE (Overseas)
The Dubai Electricity and Water Authority (DEWA), the UAE’s state-owned electricity and water utility, has invested more than AED 10 billion in electricity transmission network projects as it continues to expand Dubai’s transmission infrastructure to meet rising electricity demand. During January 1-June 30, 2026, DEWA commissioned eight 132 kV substations with a combined transformation capacity of 1,200 MVA and 20 km of transmission cables, at an investment of AED 970 million.