Explainer: Application Process for ALMM Inclusion and Renewal

EU Member States Sign Solar Charter to Boost Domestic Manufacturing

Daily News Wrap-Up: NTPC’s 1 GW Wind-Solar Hybrid Auction

Sprng Energy, AMPIN, Juniper, ReNew, Avaada Win NTPC’s 1 GW Hybrid Auction

Biofuels Firm GPS Renewables Raises $50 Million in Debt Financing

Solar Auctions Surge by 229% in Q1 2024, Tender Activity Up 122%

Global Wind Installations Reached 1 TW Milestone in 2023

Funding and M&A Roundup: Nexamp Secures $520 Million

Project Finance Brief: Arevon Secures $352 Million for Posey Solar Project

Indian Oil Issues Empanelment Tender for Solar Power Projects


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="http://mercomindia.com/wp-content/uploads/2023/01/amazon_polly_47279.mp3?version=1672810633">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Norway’s development finance institution <a href="https://www.norfund.no/" target="_blank" rel="noopener">Norfund</a> and the country’s largest pension fund <a href="https://www.klp.no/en" target="_blank" rel="noopener">KLP</a> have announced an investment of NOK109 million (~$10.85 million) for a 49% ownership stake in <a href="https://renewpower.in/" target="_blank" rel="noopener">ReNew Power</a>’s transmission project in the Koppal district of Karnataka.</p>
<p>Norfund said that it was contributing to the connection of 2.5 GW of renewable power in South India being connected to the national grid.</p>
<p>The project comprises a 5*500 MVA 400/220 kV sub-station with a 400 kV D/C quad moose transmission line from the Koppal sub-station to the Narendra New substation and a 400 kV GIS extension at Narendra New at the project site at Koppal.</p>
<p>The project is scheduled for commercial operation by the first quarter of the financial year 2024.</p>
<p>“Investment in the transmission sector provides synergies with our core RE portfolio and demonstrates our success in capital recycling. As a leader in India’s energy transition, we are excited to partner with Norfund and KLP to support India’s green energy transition and look forward to strengthening this partnership in the future”, said Chairman and CEO of ReNew Power Sumant Sinha.</p>
<p>Bjørnar Baugerud, Vice President of Clean Energy, Norfund, said, “Norfund has identified potential investments for over NOK8 billion (~$794.2 million). Faced with the total needs, our contributions are moderate, but there are great possibilities for scaling up. Through this investment, we are contributing to the connection of 2.5 GW of planned renewable power in the south being connected to the national grid.”</p>
<p>The development comes months after Norway’s new Climate Investment Fund, managed by Norfund, made two significant investments in India.</p>
<p>In August last year, the fund and KLP inked a pact to <a href="https://mercomindia.com/norways-climate-investment-49-stake-solar-project-rajasthan/" target="_blank" rel="noopener">acquire</a> a 49% stake in a 420 MW solar power project in Rajasthan. The estimated cost of the project titled Thar Surya 1 is ₹2.8 billion (~$33.8 million) and is being developed by Italian gas and power utility company Enel Green Power.</p>
<p>In 2020, Enel <a href="https://mercomindia.com/enel-green-power-partners-with-norfund/" target="_blank" rel="noopener">entered</a> a long-term joint investment partnership with Norfund to set up renewable energy projects in India.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
</div>
<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
</div></div><div class="clearfix"></div></div></div>

Norfund, KLP to Acquire 49% Stake in ReNew’s Transmission Project

<p>The Power Finance Corp (<a href="http://www.pfcindia.com" target="_blank" rel="noopener">PFC</a>), a government of India enterprise, has approved a financial aid of ₹13.5 billion (~$212 million) to Bihar for a transmission line project.</p>
<p>The aid has been provided to the Bihar Grid Company Ltd (BGCL), which is a joint venture of the Power Grid Corporation of India and the Bihar State Power (Holding) Company Ltd. The funding for the project will be provided in debt-equity ratio of 80:20, according to a Press Trust of India (PTI) report.</p>
<p>The total cost of the project is estimated to be ₹1.69 billion (~$265 million) and it is expected to be commissioned by July 2021.</p>
<p>“The amount has been sanctioned for the construction of 16 400 kV, 220 kV and 132 kV transmission lines, 4 associated substations and 7 line bay extension works in Bihar,&#8221; the PFC said in a statement.</p>
<p>“The PFC has a long-standing relationship with Bihar state utilities and Power Grid and this upcoming transmission project is further expected to strengthen the bond as the entire debt component has been sanctioned by PFC as a sole lender,” it added.</p>
<p>In November 2017, the PFC made its first international bond issuance in more than two decades when it issued $400 million (~₹25.72 billion) of green bonds on the London Stock Exchange (LSE)’s new International Securities Market (ISM), as <a href="https://mercomindia.com/pfc-issues-green-bonds-lses/" target="_blank" rel="noopener">reported previously</a> by Mercom.</p>
<p>Of late, the PFC has been trying to shift its investments away from conventional energy in order to focus more on the country’s renewable energy projects, last-mile transmission and distribution projects in addition to making existing thermal units more energy efficient and refinancing of old projects.</p>
<p>In 2017, Mercom had <a href="https://mercomindia.com/power-finance-corporation-shift-investments-towards-renewables/" target="_blank" rel="noopener">reported</a> that the PFC is planning to finance power transmission projects awarded to private transmission project developers, through tariff based competitive bidding. Lagging power demand and rising Non-Performing Assets (NPAs) in the thermal power sector has pushed it to revamp its lending portfolio.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/ankita/" class="vcard author" rel="author"><span class="fn">Ankita Rajeshwari</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2018/03/ankita-edited-1.png" alt="Ankita Rajeshwari" /> Ankita is an editor at MercomIndia.com where she writes and edits clean energy news stories and features. With years of experience in the news business, Ankita has a nose for news and an eye for detail. Prior to Mercom, Ankita was associated with The Times of India as a copy editor for the organization’s digital news desk. She holds a Bachelor’s degree in Psychology from Delhi University and a Postgraduate Diploma in journalism. <a href="https://mercomindia.com/author/ankita/">More articles from Ankita Rajeshwari.</a></p>
</div></div><div class="clearfix"></div></div></div>

PFC Provides ₹13.5 Billion in Financial Aid to Bihar for Transmission Line Project

transmission-project

Get the most relevant India solar and clean energy news.

RECENT POSTS