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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.

Related News

Honeywell focuses on energy transition tech, eyes acquisitions in India

Livemint

Livemint · 1y ago

Honeywell focuses on energy transition tech, eyes acquisitions in India

Honeywell is focusing on energy transition technologies, particularly battery storage and green hydrogen. The company is open to acquisitions in the energy transition space as there are many challenges that require collaboration. They recently acquired Carrier Global Corp.’s global access solutions business and are exploring opportunities for inorganic growth in aviation and energy transition. Honeywell is involved in battery management systems, sensors for electric vehicles, and manufacturing catalyst-coated membranes for green hydrogen production. They are also working on sustainable aviation fuel and carbon capture technologies in India.

PFC inks MoU with Goa govt to fund climate projects

Livemint

Livemint · 1y ago

PFC inks MoU with Goa govt to fund climate projects

State-run Power Finance Corp (PFC) has signed a memorandum of understanding (MoU) with the Goa government to provide financial support for the state's green energy projects. PFC will fund initiatives in renewable energy, green hydrogen, electric vehicles, waste management, and nature-based solutions. The partnership aims to attract private sector investments and promote sustainable development in line with India's net-zero objectives. PFC will utilize its financial expertise to drive climate initiatives and catalyze the energy transition, while the Goa government will facilitate project implementation and collaboration among stakeholders.

Fitch assigns Tata Capital ‘BBB-’ rating with stable outlook

Thehindubusinessline

Thehindubusinessline · 1y ago

Fitch assigns Tata Capital ‘BBB-’ rating with stable outlook

Fitch Ratings has assigned Tata Capital a 'BBB-' long-term foreign and local currency issuer default rating, with a stable outlook. The rating is based on the belief that the parent company, Tata Sons, will provide extraordinary support to the non-banking finance company if needed. Fitch also assigned a 'bbb' shareholder support rating. Tata Capital is seen as a growth driver for the Tata Group and its default could have implications for future ventures. The company has a diversified loan book and a low non-performing loan ratio.

Gail, AM Green forge 350 KTPA e-methanol deal to drive clean energy growth | Mint

Livemint

Livemint · 10m ago

Gail, AM Green forge 350 KTPA e-methanol deal to drive clean energy growth | Mint

- Gail (India) Ltd and AM Green Group have joined forces to develop clean energy projects and supply 350 KTPA of carbon dioxide for e-methanol production. - The partnership aims to advance India's green energy transition and decarbonization efforts. - E-methanol, produced through the combination of green hydrogen and captured carbon dioxide, is a sustainable fuel that reduces carbon emissions in industries like shipping, steel, and cement. - The companies are also exploring solar and wind hybrid renewable projects of up to 2.5 GW across India, ensuring round-the-clock power supply. - Gail will supply the carbon dioxide from its gas processing plants, contributing to a circular economy and promoting sustainable energy solutions.

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.

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.

NTPC signs $750 billion foreign currency loan

Economic Times

Economic Times · 2m ago

NTPC signs $750 billion foreign currency loan

NTPC Ltd. has secured a $750 million foreign currency loan from Bank of Baroda and HDFC Bank's IFSC Banking Units in GIFT City, Gandhinagar. This syndicated External Commercial Borrowing (ECB) facility includes a base amount of $500 million and a $250 million greenshoe option. The funds will support NTPC's capital expenditure for capacity expansion, renewable energy, FGD projects, and refinance existing ECBs. This marks HDFC Bank's first foreign loan to the company and Bank of Baroda's largest foreign currency lending.

Sembcorp signs deal for green ammonia offtake from India

Livemint

Livemint · 1y ago

Sembcorp signs deal for green ammonia offtake from India

Sembcorp Green Hydrogen, a subsidiary of Sembcorp Industries, has partnered with Japanese firms Sojitz Corp. and Kyushu Electric Power to finalize a green ammonia offtake agreement in India. The collaboration aims to develop a low-carbon supply chain and accelerate the region's transition to a clean economy. Sembcorp will utilize renewable energy to produce 200,000 metric tons per year of green ammonia as the lead developer and operator of the project. Land has already been secured in India for the development of the facilities.

Indian Oil draws up green hydrogen fuel retail network plan

Livemint

Livemint · 1m ago

Indian Oil draws up green hydrogen fuel retail network plan

Indian Oil Corp. (IOC) plans to establish a nationwide green hydrogen fuel retail network as part of a $30 billion investment to achieve net zero emissions by 2046. The initiative will replace grey hydrogen with green hydrogen for internal use in refineries and cater to growing mobility demand for green hydrogen fuel cells in India. The strategy underscores Indian Oil's commitment to sustainable energy solutions and expanding its role in the green hydrogen market.

Sembcorp signs green ammonia export pact with Japan’s Kyushu Electric | Mint

Livemint

Livemint · 1y ago

Sembcorp signs green ammonia export pact with Japan’s Kyushu Electric | Mint

Singapore-based renewable energy company Sembcorp Industries has reached an agreement with Kyushu Electric Power to export green ammonia from its Indian facility to Japan. The ammonia will be used by Kyushu Electric to reduce coal consumption in its thermal power plants. This partnership marks the first collaboration between the two countries in the green energy sector and highlights India's growing prominence in the global renewable energy landscape. Sembcorp will produce green ammonia in Tamil Nadu using renewable energy sources, while Sojitz Corp will facilitate the ammonia's distribution, and NYK Line will oversee the transportation from India to Japan.

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