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Venwind Refex to Supply 148 MW of Wind Turbines to Jindal Steel

Germany Sets Price Ceilings for 2026 Onshore Wind and Rooftop Solar Auctions


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					</table><p>The board of directors of renewable energy solutions provider <a href="https://www.kpigreenenergy.com/" target="_blank" rel="noopener">KPI Green Energy</a> has approved a proposal to raise ₹4.75 billion by issuing 10.1 million fully convertible equity warrants to the promoter group entity Quyosh Energia.</p>
<p>Quyosh Energia holds 500 shares of KPI Green Energy, and after the full conversion of warrants, its shareholding in KPI Green would rise to 4.87%.</p>
<p>Quyosh Energia can subscribe to one equity share of face value of ₹5 (~$0.055) for each warrant at an issue price of ₹470.3 (~$5.19). The warrants are being issued at a premium of ₹465.3 (~$5.14) each.</p>
<p>A minimum of 25% of the warrant price must be paid at the time of allotment, and 75% must be paid when the warrant is converted into equity shares.</p>
<p>In September 2025, KPI Green Energy’s board of directors <a href="https://www.mercomindia.com/kpi-green-to-raise-%E2%82%B96-7-billion-through-green-bonds-issue" target="_blank" rel="noopener">approved</a> the issuance of ₹6.7 billion (~$76.05 million) in green bonds through a private placement to eligible investors.</p>
<p>In the same month, the company also <a href="https://www.mercomindia.com/kpi-green-secures-%E2%82%B932-billion-loan-from-sbi-for-1-gw-renewable-energy-projects" target="_blank" rel="noopener">secured</a> approval from the State Bank of India for a ₹32 billion (~$360.77 million) loan for its solar and hybrid independent power producer projects in Gujarat. The approval was for fund-based and non-fund-based facilities to part-finance the development of KPI Green’s 250 MW solar and 370 MW hybrid projects in Gujarat.</p>
<p>KPI recently <a href="https://www.mercomindia.com/kpi-green-epc-contract-110-mw-floating-solar-project-gujarat" target="_blank" rel="noopener">received</a> a work order from Gujarat State Electricity Corporation for the engineering, procurement, and construction (EPC) of a 110 MW floating solar project at the Kadana Dam reservoir in Mahisagar, Gujarat.</p>
<p>In November, the company <a href="https://www.mercomindia.com/kpi-green-bags-epc-contract-from-sjvn-for-200-mw-solar-project-in-gujarat" target="_blank" rel="noopener">signed</a> contracts with SJVN for the EPC of a 200 MW solar project at the Gujarat Industries Power Company Renewable Energy Park in Khavda.</p>
<p>In October, KPI Green Energy <a href="https://www.mercomindia.com/kpi-green-bags-600-mw-solar-plus-storage-fve-lifecare" target="_blank" rel="noopener">received</a> a letter of intent from UAE-based FVE Lifecare General Trading  to develop a 600 MW solar plus storage project in India at an estimated cost of ₹10.5 billion (~$119.02 million).</p>


KPI Green to Raise ₹4.75 Billion from Promoter Group Quyosh Energia


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					</table><p>Chennai-based <a href="https://refex.co.in/" target="_blank" rel="noopener">Refex Industries</a> has announced a preferential issue of shares worth ₹9.28 billion (~$110.4 million).</p>
<p>The preferential issue comprises equity shares of up to 8.65 million of equity shares worth ₹4.05 billion (~$48.2 million) to be issued to non-promoter category investors and warrants of up to 11.17 million of warrants worth ₹5.23 billion (~$62.2 million) to be issued to both promoter and non-promoter categories.</p>
<p>Refex Renewables &amp; Infrastructure, part of the Refex Industries group, offers rooftop solar solutions for the commercial and industrial sector.</p>
<p>The preferential issue by Refex Industries is structured into several categories. The promoter and promoter group will receive warrants amounting to ₹3.72 billion (~$44.2 million). Directors and key managerial personnel will be issued warrants totaling ₹257.4 million (~$3.06 million).</p>
<p>The warrants are convertible into an equal number of equity shares within 18 months from the date of allotment. If not exercised within this period, the warrants will lapse, and the company will forfeit the amount paid.</p>
<p>The Refex board of directors will offer the equity shares and warrants at ₹468 (~$5.57) each.</p>
<p>CARE Ratings has been appointed to monitor the use of proceeds from the preferential issue.</p>
<p>This preferential issue represents a significant capital infusion for Refex Industries, strengthening its financial position and supporting future growth initiatives.</p>
<p>Refex Renewables was one of the <a href="https://www.mercomindia.com/winners-of-mercoms-2024-renewable-industry-awards-announced" target="_blank" rel="noopener">winners</a> in the Best Standalone Storage Project category at the Mercom’s 2024 Renewable Industry Awards. The company was recognized for its 1 MW solar with 2 MWh battery energy storage system in Siachen’s challenging weather and terrain. The project was constructed under severe working conditions, with temperatures ranging from 10 degrees Celsius to -40 degrees Celsius and at an altitude of 11,713 feet.</p>
<p>Back in 2020, Refex was among the winners of a 97.5 MW rooftop solar tender issued by the Solar Energy Corporation of India.</p>


Refex Industries Announces ₹9.28 Billion Preferential Issue of Shares


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					</table><p>The Board of Directors of <a href="https://indowind.co.in/" target="_blank" rel="noopener">Indowind Energy</a>, a wind power project developer, has proposed to issue 22.5 million convertible warrants to eligible proposed allottees on a preferential basis.</p>
<p>These warrants will be made available at ₹17.5 (~$0.21)/ warrant, with each warrant being convertible into one equity share, having a face value of ₹10 (~$0.12), and being fully paid up at a premium of ₹7.5 (~$0.09) in cash. The aggregate consideration for this issuance is set at up to ₹393.75 million (~$4.73 million).</p>
<p>Upon successful allotment, it is anticipated that the promoters will maintain a 50.9% stake while the public will hold the remaining 49.1% of the post-issue paid-up capital. This assumption is based on the scenario where all the proposed warrants are subscribed to and subsequently converted into equity shares.</p>
<p>The convertible warrants are subject to conversion within 18 months from the date of warrant allotment. In the event of non-compliance with this timeline, the funds paid for such warrants, along with the warrants themselves that remain unconverted, will be forfeited.</p>
<p>The management is actively considering the development of wind and solar farms with a capital outlay of up to ₹4 billion (~$48.12 million), to be implemented over four years.</p>
<p>The strategy involves leveraging a combination of debt and equity capital to execute the project in multiple stages, acquiring the necessary funds through several tranches.</p>
<p>To kickstart this initiative, the management is proposing a rights issue totaling up to ₹50 million (~$601,500). In line with this, the Board has initiated the formation of a dedicated committee entrusted with the responsibility of presenting a comprehensive report.</p>
<p>Find the <a href="https://www.mercomindia.com/indias-top-five-solar-energy-funding-infographics/" target="_blank" rel="noopener">top five</a> funding deals in the solar sector in India during 2023, according to Mercom’s Q3 2023 India Solar Market Update report.</p>
<p>You can also read about some of the <a href="https://www.mercomindia.com/top-developments-wind-hybrid-market-2023/" target="_blank" rel="noopener">top developments</a> in the Wind Energy Sector in 2023.</p>


Indowind Energy to Issue Convertible Warrants to Raise ₹394 Million


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					</table><p>Renewable energy developer <a href="https://www.adanigreenenergy.com/" target="_blank" rel="noopener">Adani Green Energy</a> will raise ₹93.5 billion ($1.1 billion) through preferential issuance of warrants to its promoters, which include <a href="https://www.ardourcapital.com/" target="_blank" rel="noopener">Ardour Investment Holding</a> and <a href="https://www.adanirealty.com/" target="_blank" rel="noopener">Adani Properties</a>, at a share price of ₹1,480.75 (~$17.80) per share.</p>
<p>The company’s board of directors approved the issuance on December 26, 2023, to raise funds to help reduce the company debt and accelerate capital expenditure to achieve the 45 GW renewable capacity target by 2030.</p>
<p>The transaction will see the issuance of 63,143,677 warrants constituting up to 3.833% of the company&#8217;s share capital.</p>
<p>Each warrant will be convertible into or exchangeable for one full paid-up equity share of the company of the face value of ₹10 (~$0.120), which can be exercised in one or more tranches during the first 18 months after the date of allotment.</p>
<p>The issuance is pending approval from regulatory and statutory authorities and company shareholders, who are expected to convene on January 18, 2024, to discuss the same.</p>
<p>The transaction <a href="https://www.mercomindia.com/adani-green-secures-follow-on-funding-1-3-billion" target="_blank" rel="noopener">follows</a> the company’s senior debt facility of $1.36 billion from eight leading international banks earlier this month, taking the total capital raised to $3 billion. The financing is expected to be a key enabler in developing a 2,167 MW renewable energy park in Khavda, Gujarat.</p>
<p>The company has a total of 20.6 GW of pipeline capacity and has secured land of over 200,000 acres, equivalent to over 40 GW of additional capacity in resource-rich areas of the country.</p>
<p>In September 2023, TotalEnergies, a French oil and gas major, <a href="https://www.mercomindia.com/total-300-million-new-5050-joint-venture-adani-green" target="_blank" rel="noopener">announced</a> that it would invest $300 million to form a new 50:50 joint venture with Adani Green Energy. The new joint venture will comprise 1,050 MW of renewable assets, including 300 MW of operational assets, 500 MW of assets under construction, and 250 MW of assets under development with a blend of solar and wind power.</p>
<p>In August, INQ Holdings, a wholly-owned subsidiary of the Qatar Investment Authority, <a href="https://www.mercomindia.com/qatar-investment-authority-shares-adani-green" target="_blank" rel="noopener">acquired</a> a significant stake in Adani Green Energy by purchasing 42.6 million shares for ₹39.2 billion (~$472 million).</p>
<p>Adani Green Energy was ranked second in Mercom Capital’s <a href="https://mercomcapital.com/product/2023-leading-global-large-scale-solar-pv-developers-report/" target="_blank" rel="noopener">Leading Global Large-Scale Solar PV Developers Report</a> released recently. The company also emerged as India&#8217;s leading utility-scale solar project developer during the first half of 2023 in Mercom’s <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2023-market-shares-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 1H 2023</a>.</p>


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