POWERGRID Signs USD 200 Million Green Loan Agreement with SMBC
POWERGRID has signed a USD 200 million green loan agreement with SMBC, with a greenshoe option of USD 150 million, to fund renewable energy infrastructure and has divested its remaining 26 percent stake in four associate companies to POWERGRID Infrastructure Investment Trust (PGInvIT) for INR 506.62 crore.
January 01, 2025. By Mrinmoy Dey
This strategic collaboration between POWERGRID and SMBC aims to support the development of critical infrastructure for renewable energy evacuation and its integration into the national grid, according to a company statement.
The agreement was signed in the presence of G. Ravisankar, Director (Finance), POWERGRID, L.K. Khajkumar, ED (Corporate Planning), POWERGRID and other senior officials of SMBC and POWERGRID. Ashwani K. Gupta, ED (Finance), POWERGRID and Sriram Kumondur, MD and Head, India Offshore Banking, SMBC and Manoj Kaushik, Branch Head, SMBC, Gift City signed the agreement on behalf of POWERGRID and SMBC.
The agreement, finalised on December 31, 2024, at GIFT City in Gandhinagar, Gujarat, highlights POWERGRID's pivotal role in driving India's renewable energy transformation. The funds raised through this landmark green loan will be instrumental in facilitating renewable energy projects, improving grid reliability, and promoting sustainable development across the country.
In another development, POWERGRID has transferred 26 percent residual equity shareholding in four associate companies viz. POWERGRID Kala Amb Transmission Ltd., POWERGRID Parli Transmission Ltd., POWERGRID Warora Transmission Ltd. and POWERGRID Jabalpur Transmission Ltd., to POWERGRID Infrastructure Investment Trust (PGInvIT) for an aggregate consideration of about INR 506.62 crore.
“With this, POWERGRID holds Nil shareholding in the Companies and accordingly, the Companies have ceased to be the associate companies of POWERGRID,” informed POWERGRID in a regulatory filing.
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