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IFC, Axis Bank partner on $500 million blue finance loan to boost India’s green projects | Mint

Livemint

Livemint · 10m ago

IFC, Axis Bank partner on $500 million blue finance loan to boost India’s green projects | Mint

- International Finance Corporation (IFC) partners with Axis Bank to provide a $500 million loan for green project financing in India. - This collaboration marks the IFC's first-ever blue investment in India and the country's inaugural blue loan issued by a financial institution. - Blue finance focuses on investments in water management, marine ecosystem restoration, sustainable shipping, and renewable energy. - The loan will help Axis Bank expand its climate-focused lending and contribute to the growth of India's water and wastewater treatment market and green building sector. - Axis Bank's partnership with IFC aims to strengthen standards and lending practices to boost sustainable finance in India and address the impacts of climate change. - IFC will also provide Axis Bank with advisory services to expand its green building portfolio and build capacity for impact reporting.

Related News

Power Finance Corp. raises $1.27 billion foreign currency term loan to fuel its green energy transition | Mint

Livemint

Livemint · 10m ago

Power Finance Corp. raises $1.27 billion foreign currency term loan to fuel its green energy transition | Mint

- Power Finance Corporation (PFC) has raised a foreign currency term loan of $1.27 billion, the largest by a public sector undertaking, to finance its green energy transition. - The transaction was executed through a facility agreement with multiple banks in IFSC GIFT City, enabling PFC to expand operations, diversify funding, and maintain a competitive edge. - The loan has a 5-year tenor, a floating interest rate of 4.21% per annum, and is denominated in USD, EUR, and JPY. - SBI, IDBI, Axis, MUFG, Deutsche & SMBC were the bankers involved, with SBI acting as the largest lender and facility agent. - India's climate action targets include achieving net-zero emissions by 2070, raising non-fossil energy capacity to 500 GW by 2030, and meeting 50% of energy demand through renewables by 2030.

The energy firm in sights of a global consortium

Livemint

Livemint · 1y ago

The energy firm in sights of a global consortium

A consortium comprising the International Finance Corp (IFC), Asian Development Bank (ADB), and Asian Infrastructure Investment Bank (AIIB) is planning to invest approximately $250 million in Indian renewable energy company Fourth Partner Energy. The deal involves the sale of TPG Capital's 52% stake in the firm and a fresh equity investment of around $500 million. This investment comes as Fourth Partner Energy aims to expand its installed green energy capacity from 1.35 GW to 3.5 GW by 2025. India's commercial and industrial segment has attracted strong investor interest due to favorable regulations and the need for increased renewable energy capacity.

Mufin Green Finance raises $6.5M debt from DWM for EV and clean energy lending

YourStory

YourStory · 1m ago

Mufin Green Finance raises $6.5M debt from DWM for EV and clean energy lending

Mufin Green Finance, an Indian non-bank lender, secured $6.5 million from Developing World Markets (DWM) through non-convertible debentures. This investment aims to boost Mufin's lending for electric vehicles (EVs), battery financing, and solar projects, especially in underserved markets. This marks DWM’s first venture into India’s e-mobility sector. Mufin, established in 2016, focuses on sustainable finance, enhancing clean energy access in low-income and semi-urban areas, with intentions to further scale operations.

NCLT admits Essel Group company Primat Infrapower into insolvency | Mint

Livemint

Livemint · 1y ago

NCLT admits Essel Group company Primat Infrapower into insolvency | Mint

The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted Axis Finance's plea to initiate insolvency proceedings against Primat Infrapower and Multiventures Pvt. Ltd, an Essel Group company. Axis Finance had filed an application under the Insolvency and Bankruptcy Code as the company defaulted on dues of INR 100 crore. Axis Finance had sanctioned a term loan of INR 100 crore to Primat in 2018. The NCLT appointed Devarajan Raman as the interim resolution professional to oversee the company's affairs. In a separate case, Axis Finance was also allowed to recover dues from another Essel Group company, Cyquator Media.

Axis Bank taps overseas investor to raise $500 mn

VCCircle

VCCircle · 6m ago

Axis Bank taps overseas investor to raise $500 mn

Axis Bank, India's fourth-largest lender, plans to raise $500 million from a major global financial entity to expand its green energy portfolio and increase loans for water supply projects. The move aims to bolster Axis Bank's sustainable investment initiatives, leveraging funds from a prominent overseas investor. The bank already has notable investors like Singapore's sovereign wealth fund, GIC, and this fundraising aligns with its strategic growth and investment vision in eco-friendly sectors.

REC raises USD 500 million via green bond

YourStory

YourStory · 11m ago

REC raises USD 500 million via green bond

State-owned REC Ltd has successfully raised $500 million through green dollar bonds to finance renewable energy projects. The five-year bonds have a coupon rate of 4.75% per annum and will mature on September 27, 2029. This marks the first US dollar bond issuance by an Indian public sector enterprise in 2024. The funds will be used to support eligible green projects in accordance with REC's Green Finance Framework and the principles of the Climate Bond Initiative. The bonds will be rated Baa3/BBB- and listed on the Global Securities Market of India International Exchange.

Axis Bank to fast-track Axis Finance divestment amid regulatory pressures

Livemint

Livemint · 1y ago

Axis Bank to fast-track Axis Finance divestment amid regulatory pressures

Axis Bank is looking to divest its stake in non-banking subsidiary Axis Finance, either through a listing or by bringing in a strategic partner, as regulatory constraints require banks to maintain a clear separation from their subsidiaries. Managing Director and CEO Amitabh Chaudhry also revealed his vision to propel Axis Bank from its current third position to the top, focusing on improving customer service, expanding its rural loan portfolio, and driving digital innovation. The bank is also facing challenges including rising credit costs, sluggish deposit growth, and rising attrition.

Bombay HC asks Zee promoter to deposit ₹61.6 crore over default to Axis Finance

Livemint

Livemint · 1y ago

Bombay HC asks Zee promoter to deposit ₹61.6 crore over default to Axis Finance

The Bombay high court has directed Cyquator Media, a promoter company of Zee Entertainment Enterprises Ltd (ZEEL), to deposit ₹61.64 crore after it defaulted on loan repayments to Axis Finance. Axis Finance had granted a term loan of ₹100 crore to Cyquator Media in June 2018, but the company started defaulting on interest payments in September 2019. Zee Entertainment founder Subhash Chandra and his son Punit Goenka were also made parties to the suit. Axis Finance has filed a separate suit against the Goenkas for recovery of its dues.

Consortium of new investors backs TPG-owned green player Fourth Partner Energy

VCCircle

VCCircle · 1y ago

Consortium of new investors backs TPG-owned green player Fourth Partner Energy

Global investors have invested $275m in Fourth Partner Energy, a renewable energy company owned by TPG. The investment, led by the International Finance Corporation (IFC), will support Fourth Partner Energy's expansion plans and help it reach a portfolio of 3.5 GW by 2026. The company, which currently has an installed asset base of 1.5 GW, raised funding from IFC, the Asian Development Bank and DEG, a German development finance institution. Fourth Partner Energy provides end-to-end solutions for rooftop solar, wind and solar open access, hybrid renewable energy and battery storage in India and Southeast Asia.

REC signs ₹1.12 trillion worth MoUs to finance green energy projects | Mint

Livemint

Livemint · 11m ago

REC signs ₹1.12 trillion worth MoUs to finance green energy projects | Mint

State-owned REC Ltd has signed agreements worth INR 1.12 trillion with renewable energy companies to fund various green energy projects over the next five years. These projects include solar and wind hybrid projects, round-the-clock solar and wind power, firm and dispatchable renewable energy systems, floating solar plants, hydroelectric projects, battery energy storage systems, and more. REC intends to play a significant role in India's energy transition, aiming to increase the share of renewables in its loan portfolio to 30% by 2030.

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