Sterlite Power Acquires Beawar Transmission Ltd Project from REC

The project was awarded to Sterlite Power through the Tariff Based Competitive Bidding (TBCB) process in August 2023.

Sterlite Power, a leading power transmission developer and solutions provider in India and Brazil, announced the acquisition of Beawar Transmission Limited, a Special Purpose Vehicle (SPV) from REC Power Development and Consultancy Limited – a wholly owned subsidiary of Rural Electricity Corporation. The project was awarded to Sterlite Power through the Tariff Based Competitive Bidding (TBCB) process in August 2023.

Through the Beawar Transmission Limited SPV, the company will build the Green Energy Corridor project on BOOT (build, own, operate, transfer) basis, for a period of 35 years. This is Sterlite Power’s nineteenth power transmission project in India under the TBCB process. With this project, Sterlite Power has ~INR 12,000 cr of projects under management.

Speaking on the development, Pratik Agarwal, Managing Director, Sterlite Power said, “Sterlite Power is proud to be building the green energy corridor that will enable the flow of 20 GW of renewable energy. We are committed to delivering this critical infrastructure project on time and to the highest standards of quality and safety.”

1. Beawar Transmission Limited will entail construction of three integral components – a 350 km 765kV transmission corridor connecting the renewable energy zone of Fatehgarh III to the substation at Beawar,
2. Construction of a 3000 MVA 765/400kV Substation at Beawar, and 3) construction of two LILO lines, covering approximately 120 km. Sterlite Power will be the first private transmission infrastructure developer in the country to implement a STATCOM.

Earlier this year in March 2023, Sterlite Power won Part G Phase III of the project, titled Fatehgarh III Beawar Transmission Limited. With the completion of both Part F and G, the transmission line will be amongst the largest Green Energy Corridors to be built in the country.

About Sterlite Power:

Sterlite Power is a leading private sector power transmission infrastructure developer and solutions provider with a robust portfolio of 32 completed, sold and under construction projects covering approximately 15,350 circuit Kms of transmission lines across India and Brazil. Sterlite Power also has a robust portfolio of high-performance power conductors, extra-high voltage (EHV) cables and optical ground wires (OPGW). The Company provides bespoke solutions for the upgrade, uprate, and fiberization of existing transmission infrastructure projects. Advancing the carriage toward a green energy-efficient future, Sterlite Power has an increasing focus on integrating renewable energy into the grid. It is the first transmission player to launch InvIT in the power sector, listed on the BSE Limited and the National Stock Exchange of India Limited. The Company has been recognized as the ‘Power Transmission Company of the Year’ at The Economic Times Energy Leadership Summit 2023 and is a recipient of international awards from S&P Platts as well as International Project Management Association (IPMA).

For more details, please visit https://www.sterlitepower.com/

GreenCell Mobility Gets Rs 3,000 Cr Commitment from Govt's REC Ltd

Mumbai-based GreenCell Mobility, a pan-India shared electric mobility player, has signed a Memorandum of Understanding (MoU) with REC, a government of India Public-sector enterprise, for a commitment of Rs 3,000 crore, for sustainable transportation in the country.

The INR 3,000 Cr worth of MOU was signed with REC for financing of over 3,000 electric buses and catalyse investments in battery storage and charging infrastructure at the G20 Energy Transition Working Group, under the backdrop of India's G20 Presidency.

On the debt funding, the company said, "This significant investment will accelerate our mission towards sustainable and eco-friendly urban transportation in India."

REC will offer this financial assistance in the form of debt funding to support the company’s projects.

As part of the agreement, GreenCell Mobility along with its subsidiaries, or ventures that work in the business of electric mass mobility as a service, will be eligible to avail financial assistance from REC for their related activities during the next five years, up to March 2028.

Last year in August, GreenCell launched NueGo, a premium electric inter-city coach services brand.

A couple of days back, REC, along with Power Finance Corporation Ltd. (PFC), infused ₹64000 Crore ($7.8 billion) into Renew Power, a renewable energy company, to fund it's current and future solar & renewable energy projects in India.

Coming back to GreenCell Mobility, it has been promoted by Eversource Capital, India's leading climate impact investor. Eversource Capital is an equal joint venture between Everstone Group, one of Asia's premier investment manager with assets in excess of US$7, and Lightsource bp, a global leader in development and management of solar energy projects.

Eversource manages India's largest climate impact fund with anchor investments from India's National Investment & Infrastructure Fund and UK Government's Foreign, Commonwealth & Development Office (FCDO). The fund is focused on building a platform to provide Electric Mobility-as-a-Service (eMaaS), initially using electric buses and deliver the core value proposition of cheaper non-polluting on demand shared transportation, charging infrastructure and enabling products for e-mobility value chain.

ReNew Power Secures $7.8 Bn Funding for Green Energy Projects Across India

Gurugram-headquartered Renew Power, touted as India's largest renewable energy company by operational capacity, has secured funding of ₹64000 Crore ($7.8 billion) from two Government departments — PFC and REC — to develop renewable energy projects in the country.

ReNew on Friday said it has signed memorandums of understanding (MoUs) worth ₹64,000 crore, or $7.9 billion, with Central government’s power project financing arms PFC and REC, for its current and future green energy projects.

The funding will support ReNew in meeting its financing needs and enable the company to raise long-term financing for large-scale green energy projects.

At the Clean Energy Ministerial meeting held in Goa, the MoUs were signed with the lenders and according to these MoUs the NASDAQ-listed ReNew will receive ₹32,000 crore (around $3.9 billion) each from PFC and REC for financing its current and upcoming energy transition projects.

ReNew, which is aiming to increase its total solar capacity to 5.5GW, currently has three solar under construction projects in India, with a combined capacity of 110MW.

According to a media reports, projects of a total of 8 gigawatts (GW) have already been commissioned by ReNew.

In addition to these, another 6 GWs of projects are underway. ReNew has also won a 3 GW portfolio of projects. The funding is to be allocated toward this 9 GW of projects, which includes solar, wind power, green hydrogen, battery storage and cell manufacturing, said a media outlet citing one of the sources.

Power Finance Corporation Ltd. (PFC) is an Indian central public sector undertaking under the ownership of the Ministry of Power, Govt of India. It is the financial backbone of Indian power sector.

REC Limited (REC), formerly Rural Electrification Corporation Limited, of which PFC is holding company, finances and promotes power projects across India.

PFC is also one of the promoters in Energy Efficiency Services Limited (EESL), with NTPC, Powergrid and REC being the other promoters.