Powergrid board approves investments worth Rs 6.56 billion (India)
The board of Power Grid Corporation of India Limited (Powergrid) has approved an investment of around Rs 6.56 billion for the execution of electricity transmission projects across the country. The approved projects include the implementation of unified load despatch and communication (ULDC) Phase III (supervisory control and data acquisition/electronics manufacturing service upgradation project – Northern Region state ULDC) at an estimated cost of Rs 5.15 billion, scheduled for commissioning by November 15, 2025. In addition, the committee of directors for investment in projects has sanctioned the augmentation of a 765/400 kV, 1500 MVA transformer (4th) at the Bhiwani substation, with an estimated cost of Rs 1.41 billion, expected to be commissioned by May 5, 2025.
REC and DVC sign agreements worth Rs 5.88 billion for development of tubed coal mines
REC Limited has signed agreements worth Rs 5.88 billion with Damodar Valley Corporation (DVC) to strengthen infrastructure and energy projects in the Damodar Valley region. The agreements entail the development of tubed coal mines, and comprise a term loan agreement, an escrow agreement and hypothecation deeds.
Cleantech Solar secures Rs 6.25 billion loan from Tata Capital
Cleantech Solar has secured a long-term senior secured loan facility amounting to Rs 6.25 billion from Tata Capital Limited to augment its open access portfolio in India. A part of the drawdown has been executed and the remaining will be completed in 2024 to fulfil Cleantech’s funding needs for its under-construction pipeline of open access projects.
Maharashtra government signs MoUs worth Rs 2,763 billion for green hydrogen projects
The Maharashtra government has signed MoUs worth over Rs 2,763 billion with seven companies for green hydrogen projects with the aim to produce 910 kilo tonnes per annum of clean energy. It will lead to an annual reduction of 5.11 billion kg in carbon emissions. NTPC Green Energy Limited has committed to investing Rs 800 billion, while ReNew eFuels has allocated Rs 664 billion, and Avaada Green Hydrogen and Bafna Solar & Infra Rs 500 billion. Other companies participating in green hydrogen investments in the state include JSW Energy with Rs 150 billion investment, Welspun Godavari GH2 with Rs 299 billion, INOX Air Products with Rs 250 billion, and L&T Green Energy with Rs 100 billion.
Adani Power secures bid for Lanco Amarkantak at Rs 41.01 billion
Adani Power has emerged as the successful bidder for Lanco Amarkantak Power Limited with a winning bid of Rs 41.01 billion in the auction. The lenders set Adani Power’s initial offer of Rs 41.01 billion as the base price for the auction, stipulating that the counter offers should be at least Rs 0.50 billion higher for the auction to proceed. Adani Power initially made an unsolicited improved offer of Rs 36.50 billion, which was later raised to Rs 41.01 billion, ultimately securing the bid.
Sterlite Power secures financial closure from REC for BTL project worth Rs 24 billion
Sterlite Power has achieved financial closure for its Beawar Transmission Limited (BTL) project. The project has secured funds worth Rs 24 billion from REC Power Development and Consultancy Limited. The project involves the construction of a 350 km, 765 kV transmission corridor that will connect the renewable energy zone at Fatehgarh III to a proposed substation at Beawar.
Gensol Engineering raises Rs 9 billion equity capital through convertible warrants
Gensol Engineering Limited has raised Rs 9 billion equity capital through warrants convertible into equity shares on a preferential basis. The equity fundraising attracted participation from both international and domestic investors.
Sterlite Power concludes refinancing of LVTPL green energy corridor project in Gujarat
Sterlite Power has announced the refinancing of the Lakadia-Vadodara Transmission project loan within 12 months of the project becoming fully operational in January 2023. The new financing from HDFC Bank Limited, India Infrastructure Finance Company Limited and Bank of Baroda will enable the prepayment of the existing project loan of around Rs 18.40 billion. The refinancing has been secured at a reduced interest rate of around 8.25 per cent per annum, payable monthly.
World Bank allocates $300 million for distributed renewable energy projects in eastern and southern Africa (Africa)
The World Bank has granted nearly $300 million to the Eastern and Southern African Trade and Development Bank (TDB) to enhance distributed renewable energy (DRE) and clean cooking ventures within the private sector in eligible countries under the World Bank’s International Development Association that are also members of TDB. This funding builds on TDB’s previous achievements in supporting pioneering off-grid solar initiatives in its region through a notable $415 million allocation from the World Bank’s Regional Infrastructure Financing Facility in 2020.