Deal Watch: Asia Pacific

Reports on major debt, equity and M&A deals from Asia Pacific

• Indian Rinfra sells entire stake in PKTCL for INR9 billion

  January 14, 2021
  Reliance Infrastructure Limited (Rinfra), part of the India-based conglomerate Reliance Group, and Power Grid Corporation of India Limited (POWERGRID) have recently signed a termination agreement for Parbati Koldam Transmission Company Limited (PKTCL), the special purpose vehicle (SPV) that was formed for executing an INR9.57 billion project in the Indian state of Himachal Pradesh.

• Nepal signs NPR18 billion loan agreement with ADB for grid modernisation

  December 30, 2020
  Nepal’s Ministry of Finance (MoF) has recently signed an NPR18.25 billion loan agreement with the Asian Development Bank (ADB) for the modernisation of electric grid in the country.

• ADB approves USD200 million additional loan for Bangladesh’s power project

  December 30, 2020
  The Asian Development Bank (ADB) and the government of Bangladesh have recently signed an agreement for USD200 million in additional loans, including USD130 million of concessional loans, for augmenting access to efficient and reliable electricity supply in rural areas of Bangladesh, by strengthening the transmission and distribution networks.

• Indian Sterlite and Australian AMP to strengthen grid infrastructure in India

  December 29, 2020
  India-based power transmission asset developer Sterlite Power Transmission Limited (SPTL) and Australia-based global investment manager AMP Capital have recently entered into a 50:50 partnership to develop energy transmission projects in India with a total equity investment of USD300 million.

• KPTL sells 49 per cent stake in Alipurduar Transmission to Adani

  December 3, 2020
  India's private transmission company, Adani Transmission Limited (ATL), has acquired a 49 per cent stake in Alipurduar Transmission Limited from the Indian engineering, procurement and construction (EPC) major Kalpataru Power Transmission Ltd (KPTL), with an agreement to acquire the balance 51 per cent after obtaining regulatory and other approvals.

• ADB approves USD156 million loan to Nepal for grid modernisation project

  December 1, 2020
  The Asian Development Bank (ADB) has approved a USD156 million concessional loan for the “Electricity Grid Modernisation Project” aimed at modernising power transmission and distribution systems in Nepal.

• Indonesia’s PLN receives USD600 million loan from ADB for grid development

  November 26, 2020
  Indonesia’s state-owned power company, PT PLN (Persero), has been granted a USD600 million loan from the Asian Development Bank (ADB) to help the utility in expanding electricity access and promoting renewable energy (RE) in eastern Indonesia.

• Afghanistan’s DABS signs multi-phase agreement with Siemens

  November 18, 2020
  The state-owned power utility, Da Afghanistan Breshna Sherkat (DABS) of Afghanistan, has recently signed a multi-phase agreement with the German multinational conglomerate, Siemens Energy, to establish Afghanistan as an energy hub in central Asia.

• World Bank offers USD1.15 billion financing for two power projects in Pakistan

  November 3, 2020
  The World Bank has signed agreements with the Government of Pakistan to provide concessional financing of USD1.15 billion for two power projects in the Khyber Pakhtunkhwa (KP) province.

• India’s Sterlite Power receives debt from PFC for transmission project

  October 19, 2020
  India-based power transmission asset developer, Sterlite Power Transmission Limited (SPTL), has received the entire debt funding of INR20.7 billion for its Vapi II North Lakhimpur Transmission Limited (VNLTL) project, from Power Finance Corporation (PFC).

• KPTL and Techno complete 100 per cent stake sale in JKTPL

  October 5, 2020
  India-based engineering, construction and procurement (EPC) company, Kalpataru Power Transmission Limited (KPTL), and Techno Electric and Engineering Company Limited have completed the sale of 100 per cent equity stakes in Jhajjar KT Transco Private Limited (JKTPL), to India’s leading infrastructure investment trust (InvIT), India Grid Trust (IndiGrid).

• ADB approves USD200 million loan to improve power sector in Uzbekistan

  September 30, 2020
  The Asian Development Bank (ADB) has approved a USD200 million policy-based loan to strengthen Uzbekistan’s power sector by improving its financial sustainability. As a first of its kind in Uzbekistan's energy sector, this policy-based loan will be critical to support complex reforms and deepen private investment in the sector.

• India’s KPTL completes sale of 74 per cent stake in JKTPL

  September 29, 2020
  India-based engineering, construction and procurement (EPC) company, Kalpataru Power Transmission Limited (KPTL), and its joint venture (JV) partner Techno Electric and Engineering Company Limited, have completed the sale of 74 per cent equity stake in Jhajjar KT Transco Private Limited (JKTPL) to India’s leading infrastructure investment trust (InvIT), India Grid Trust (IndiGrid).

• ADB approves USD128 million loan for power grid expansion in Cambodia

  September 11, 2020
  The Asian Development Bank (ADB) has approved a USD127.8 million loan to facilitate the construction of transmission lines and substations to help provide Phnom Penh and three other Cambodian provinces with stable and reliable electricity supply.

• Chinese, Lao firms sign shareholders' pact for grid joint venture

  September 3, 2020
  Lao People's Democratic Republic's (PDR) state-owned power company, Electricite du Laos (EDL), and Chinese grid developer, China Southern Power Grid (CSG), have signed the Shareholders' Agreement of Electricite du Laos Transmission Company Limited (EDLT) recently in the Lao capital Vientiane, for jointly establishing the EDLT.

• IndiGrid expands asset base with GPTL acquisition

  September 1, 2020
  India’s leading infrastructure investment trust (InvIT), India Grid Trust (IndiGrid), has completed the acquisition of Gurgaon─Palwal Transmission Limited (GPTL) from Sterlite Power Transmission Limited (SPTL), following the approval of the initial request in April 2020. The acquisition has an enterprise value of INR10.8 billion.

• L&T completes divestment of electrical and automation business to Schneider Electric

  September 1, 2020
  Indian engineering, procurement and construction (EPC) major, Larsen & Toubro (L&T), recently announced the complete divestment of its electrical and automation (E&A) business to French Schneider Electric (SE), a global player in energy management and automation.

• Indian KPTL to sell transmission asset to Adani

  July 6, 2020
  Indian engineering, construction and procurement (EPC) major, Kalpataru Power Transmission Limited (KPTL), has signed a definitive agreement to sell its transmission asset—Alipurduar Transmission Limited (ATL)—to India's private transmission company, Adani Transmission Limited, for a total enterprise value of INR12.86 billion.

• IndiGrid to acquire Jhajjar KT Transco for INR3.1 billion [free access]

  June 2, 2020
  India’s leading infrastructure investment trust (InvIT), India Grid Trust (IndiGrid)—owned by Sterlite Power Transmission Limited (SPTL)—has executed a share purchase agreement for the acquisition of the Indian transmission company, Jhajjar KT Transco Private Limited (JKTPL).

• Eurasian Development Bank acquires bonds of Kazakhstan’s KEGOC

  May 28, 2020
  The Eurasian Development Bank has acquired bonds worth more than KZT8 billion of Kazakhstan’s grid developer, JSC Kazakhstan Electricity Grid Management Company (KEGOC).